EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 22 – EARNINGS PER SHARE

The calculation of earnings per share is as follows:

Years ended December 31, (in thousands, except per share amounts)		2015			2014			2013
Net income	$	8,457		$	2,521		$	4,083
Less: Preferred stock dividends declared		(158	)		(166	)		(161	)
Net income available to common shareholders		8,299			2,355			3,922
Less: Undistributed earnings allocated to participating securities		(72	)		(27	)		(39	)
Net income allocated to common stock	$	8,227		$	2,328		$	3,883
Weighted average common shares issued		2,730			1,785			1,710
Less: Unvested restricted stock awards		(24	)		(21	)		(19	)
Weighted average common shares outstanding used to calculate basic earnings per common share		2,706			1,764			1,691
Add: Dilutive effect of unvested restricted stock awards		17			1			—
Weighted average common shares outstanding used to calculate diluted earnings per common share		2,723			1,765			1,691
Earnings per common share (basic)	$	3.04		$	1.32		$	2.30
Earnings per common share (diluted)	$	3.02		$	1.32		$	2.30