Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Securities
As previously announced, effective January 27, 2023, the Corporation’s Board of Directors authorized the repurchase by the Corporation of shares of its common stock with a maximum aggregate purchase price of $5.0 million, effective January 31, 2023 through January 31, 2024. As of September 30, 2023, the Company had repurchased a total of 65,112 shares for approximately $2.0 million at an average cost of $30.72 per share.
Under the share repurchase program, the Corporation is authorized to repurchase shares from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. In connection with the share repurchase program, the Corporation implemented a 10b5-1 trading plan. The trading plan allows the Corporation to repurchase shares of its common stock at times when it otherwise might be prevented from doing so under insider trading laws by requiring that an agent selected by the Corporation repurchase shares of common stock on the Corporation’s behalf on pre-determined terms.
The following table sets forth information about the Corporation's purchases of its common stock during the three months ended September 30, 2023.
Period Total Number of Shares Purchased (1)
Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Total Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
July 1, 2023 - July 31, 2023 — $ — — —
August 1, 2023 - August 31, 2023 711 32.10 — —
September 1, 2023 - September 30, 2023 — — — —
Total 711 32.10 — 99,967
(1) During the third quarter of 2023, the Corporation repurchased an aggregate 711 shares of the Corporation’s common stock in open-market transactions, of which 0 shares were purchased pursuant to the repurchase program publicly announced on January 27, 2023, and of which 711 shares were surrendered to us to satisfy income tax withholding obligations in connection with the vesting of restricted awards.
(2) Number of shares available to be purchased under the January 27, 2023 share repurchase program was calculated by dividing the closing stock price on September 30, 2023 of $30.01 by the $3.0 million remaining capacity.
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