NOTE 25 – EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

NOTE 25 – EARNINGS PER SHARE

NOTE 25 – EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options, restricted stock and stock units, and other potentially dilutive securities outstanding. Earnings per share are restated for stock splits and dividends through the date of issuance of the financial statements.

The calculation of earnings per share is as follows:

Years ended December 31, (in thousands, except per share amounts)		2022			2021			2020
Net income	$	15,874		$	16,473		$	11,940
Less: Undistributed earnings allocated to participating securities		(276	)		(248	)		(165	)
Net income allocated to common shareholders	$	15,598		$	16,225		$	11,775
Weighted average common shares issued		5,770			5,710			5,674
Less: Unvested restricted stock awards		(100	)		(86	)		(78	)
Weighted average common shares outstanding used to calculate basic earnings per common share		5,670			5,624			5,596
Add: Dilutive effect of performance based restricted stock awards and stock options		26			48			16
Weighted average common shares outstanding used to calculate diluted earnings per common share		5,696			5,672			5,612
Earnings per common share (basic)	$	2.75		$	2.88		$	2.11
Earnings per common share (diluted)	$	2.74		$	2.86		$	2.10