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(f) Stock Repurchases
The Company’s current stock repurchase plan became effective July 1, 2003 and has no expiration date. The plan
was effectively dormant from April 2008 until January 2013, at which time the Company’s Board decided to
reactivate the stock repurchase plan and increase the number of shares authorized and available for repurchase to a
total of 700,000 shares. The reactivation does not provide assurance that a specific quantity of shares will be
repurchased.
While the Company generally has ultimate discretion with regard to potential share repurchases based upon market
conditions and any other relevant considerations, all of the Company’s repurchases of its common stock during 2014
were executed pursuant to plans established by the Company in accordance with SEC Rule 10b5-1. This has enabled
us to continue to repurchase stock through the trading blackout for insiders, but imposed volume restrictions and
limited our ability to change pricing and other parameters outlined in our 10b5-1 plans. The following table provides
information concerning the Company’s stock repurchase transactions during the fourth quarter of 2014:
October
November
December
Total shares purchased
64,155
65,732
42,114
Average per share price
$16.88
$17.05
$16.49
Number of shares purchased as part of
publicly announced plan or program
64,155
65,732
42,114
Maximum number of shares remaining
for purchase under a plan or program
184,498
118,766
76,652
ITEM 6. SELECTED FINANCIAL DATA
The following table presents selected historical financial information concerning the Company, which should be read
in conjunction with our audited consolidated financial statements, including the related notes and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” included elsewhere herein. The selected
financial data as of December 31, 2014 and 2013, and for each of the years in the three year period ended December
31, 2014, is derived from our audited consolidated financial statements and related notes which are included in this
Annual Report. The selected financial data presented for earlier years is derived from our audited financial state-
ments which are not included in this Annual Report. Throughout this Annual Report, information is for the consoli-
dated Company unless otherwise stated.
