Note 14. Share Repurchase Plans

During 2007, the Corporation’s Board of Directors approved a share repurchase program for the repurchase of up to 643,782 shares of common stock. During the three and nine months ended September 30, 2013, the Corporation repurchased 395,000 shares at a cost of $7.4 million and 540,285 shares at a cost of $9.9 million, respectively. At September 30, 2013, this share repurchase plan was substantially completed and is closed. Total shares outstanding at September 30, 2013 were 16,288,597.

On October 23, 2013, the Corporation’s Board of Directors approved a new stock repurchase plan for the repurchase of up to 800,000 shares, or approximately 5% of the shares outstanding.

Under the new plan:

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the aggregate number of shares purchased will not exceed 800,000 shares of the Corporation’s common stock;

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the Corporation will repurchase shares of its common stock from time to time through open market purchases, tender offers, privately negotiated purchases or other means;

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the share repurchase program does not obligate the Corporation to acquire any particular amount of common stock; and

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the program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time.