Annual report [Section 13 and 15(d), not S-K Item 405]

Shareholders' Equity

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Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Authorized shares of common stock were $24.0 million ($1.00 par value) at December 31, 2024 and 2023.
Share Repurchase Program
The Company's previous share repurchase program allowed for repurchase of up to 790,383 shares of the Company's outstanding common stock and expired on February 17, 2025. On February 17, 2025, the Board of Directors authorized a new share repurchase program allowing for repurchase of up to 1.0 million shares of the Company's outstanding common stock over 24 months. See Note 16 for additional information. The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be returned to the status of authorized, but unissued shares of common stock or held in treasury. There is no guarantee as to the exact number of shares that will be repurchased by the Company, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of December 31, 2024, the Company had 435,608 shares of its previous share repurchase authorization remaining.
Shares repurchased for the year ended December 31, 2024 and 2023 were as follows:
Year Ended December 31,
2024 2023
Number of shares repurchased 101,263  143,108 
Average price per share $ 10.21  $ 8.97 
Total cost of shares repurchased1
$ 1,037,346  $ 1,287,416 
1Includes broker fees incurred as part of repurchase transactions
Dividends
At the end of each fiscal year the Board reviews the financial performance and capital needed to support future growth to determine the amount of cash dividend, if any, which is appropriate. In 2024 and 2023, no dividends were declared or paid by the Company.