Shareholders' Equity

9 Months Ended

Sep. 30, 2018

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 9—Shareholders’ Equity

Authorized Shares

At the May 15, 2018 annual shareholder meeting, the shareholders of the Corporation approved a change in the Articles of Incorporation to increase the number of authorized shares of common stock from 15,000,000 to 30,000,000.

Stock Dividend

Periodically, the Corporation distributes stock dividends on its stock.  On October 9, 2018, the Corporation declared a 5 percent stock dividend payable on December 11, 2018, to shareholders of record at close of business on October 23, 2018. Distribution of this stock dividend will result in the issuance of approximately 447,700 additional shares.  The Corporation distributed a 5 percent stock dividend on December 12, 2017 which resulted in the issuance of 422,439 additional shares.