Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' Equity

13.  Shareholders’ Equity

Shareholders’ equity increased $31.8 million to $205.7 million at December 31, 2021 compared to $173.9 million at December 31, 2020, primarily due to net income of $36.1 million. Other items impacting shareholders’ equity included treasury stock purchases of $4.2 million, $3.6 million in dividends paid on common stock, $2.0 million from the issuance of common stock under employee benefit plans and $1.5 million 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 February 4, 2021, the Company authorized the repurchase of up to 750 thousand shares, or approximately 7.5 percent of its outstanding common stock. The new plan took effect after the Company’s prior share repurchase program was completed and all authorized shares were repurchased on February 16, 2021. A total of 199 thousand shares were repurchased at an average price of $21.04 during 2021, of which 20 thousand shares were repurchased from the prior repurchase plan, leaving 571 thousand shares available for repurchase. The amount and timing of additional purchases, if any, will be dependent upon a number of factors including the Company’s capital needs, the performance of its loan portfolio, the need for additional provisions for loan losses, whether related to the COVID-19 pandemic or otherwise, the market price of the Company’s stock and the general impact of the COVID-19 pandemic on the economy. There were 504 thousand shares repurchased during 2020 and no shares repurchased during 2019. The table below sets forth information regarding our repurchases during the year:

					Maximum
				Total Number of	Number of
	Total			Shares Purchased	Shares that May
	Number of			as Part of Publicly	Yet be Purchased
	Shares	Average Price		Announced Plans	Under the Plans
Period	Purchased	Paid per Share		or Programs	or Programs
Jan 1, 2021 through March 31, 2021	69,787	$	19.29	69,787	700,688
April 1, 2021 through June 30, 2021	40,434		21.60	40,434	660,254
July 1, 2021 through September 30, 2021	85,055		22.06	85,055	575,199
October 1, 2021 through December 31, 2021	3,483		24.93	3,483	571,716