Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Shareholders’ Equity

Shareholders’ Equity

Shareholders’ equity increased$22.2 million to $160.7 million at December 31, 2019 compared to $138.5 million at December 31, 2018, primarily due to net income of $23.7 million. Other items impacting shareholders’ equity included $3.3 million in dividends paid on common stock, $1.5 million from the issuance of common stock under employee benefit plans and $311 thousand in accumulated other comprehensive income net of tax. The issuance of common stock under employee benefit plans includes nonqualified stock options and restricted stock expense related entries, employee option exercises and the tax benefit of options exercised.

Repurchase Plan

On July 16, 2019, the Company authorized the repurchase of up to 525 thousand shares, or approximately 5 percent of its outstanding common stock.  The amount and timing of purchases is dependent upon a number of factors, including the price and availability of the Company’s shares, general market conditions and competing alternate uses of funds. The new plan replaces the Company's prior share repurchase program, which has since been terminated.  There were no shares repurchased for the years ended December 31, 2019, 2018 and 2017.