Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computations of Earnings per Common Share

Earnings per share for the three and nine months ended September 30, 2022 and 2021 were calculated as follows (dollars in thousands, except share and per share data):

	Three Months Ended September 30,			Nine Months Ended  September 30,
	2022		2021	2022	2021
Net income	$	5,579	4,817	15,720	15,347
Less allocation of earnings and dividends to participating securities	28		18	81	56
Net income allocated to common shareholders	$	5,551	4,799	15,639	15,291
Weighted average common shares outstanding, gross	11,342,539		12,501,234	11,537,078	12,709,326
Less average participating securities	58,314		45,958	58,822	45,958
Weighted average number of shares outstanding used in the calculation of basic earnings per common share	11,284,225		12,455,276	11,478,256	12,663,368
Add dilutive effect of:
Stock options	—		—	—	10
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share	11,284,225		12,455,276	11,478,256	12,663,378
Earnings per common share:
Basic	$	0.49	0.39	1.36	1.21
Diluted	0.49		0.39	1.36	1.21