Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Computations of Earnings per Common Share

Earnings per share for the three and nine months ended September 30, 2019 and 2018 were calculated as follows (dollars in thousands, except share and per share data):

	Three Months Ended   September 30,			Nine Months Ended   September 30,
	2019		2018	2019		2018
Net income	$	4,727	4,201	14,082		9,652
Less allocation of earnings and dividends to participating securities	7		5	24		12
Net income allocated to common shareholders	$	4,720	4,196	14,058		9,640
Weighted average common shares outstanding, gross	12,951,701		13,300,463	13,157,538		11,495,650
Less average participating securities	18,751		15,260	22,404		15,260
Weighted average number of shares outstanding used in the calculation of basic earnings per common share	12,932,950		13,285,203	13,135,134		11,480,390
Add dilutive effect of:
Stock options	4,195		5,462	3,966		5,661
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share	12,937,145		13,290,665	13,139,100		11,486,051
Earnings per common share:
Basic	$	0.36	0.32	$	1.07	0.84
Diluted	0.36		0.32	1.07		0.84