Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Shareholders' Equity

Shareholders' Equity

10.  Shareholders’ Equity

Shareholders’ equity increased $33.5 million to $239.2 million at December 31, 2022 compared to $205.7 million at December 31, 2021, primarily due to net income of $38.5 million. Other items impacting shareholders’ equity included $4.4 million in cash dividends paid on common stock, and $3.6 million in accumulated other comprehensive loss, net of tax, $3.0 million from the issuance of common stock under employee benefit plans and treasury stock purchases of $42 thousand. 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. A total of 1,572 shares were repurchased at an average price of $26.49 during 2022, leaving 570 thousand shares available for repurchase. A total of 199 thousand shares were repurchased at an average price of $21.04 during 2021, of which 20 thousand shares were repurchased under the prior repurchase plan, leaving 571 thousand shares available for repurchase.

					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
January 1, 2022 through March 31, 2022	0	$	0	0	571,716
April 1, 2022 through June 30, 2022	0		0	0	571,716
July 1, 2022 through September 30, 2022	0		0	0	571,716
October 1, 2022 through December 31, 2022	1,572		26.49	1,572	570,144