Net income

$

4,609

1,915

Less allocation of earnings and dividends to participating securities

28

12

Net income allocated to common shareholders

$

4,581

1,903

Weighted average common shares outstanding, gross

14,136,855

13,196,895

Less average participating securities

85,545

84,593

Adjusted weighted average number of shares outstanding used in the calculation of basic and diluted earnings per common share

14,051,310

13,112,302

Earnings per common share:

Basic

$

0.33

0.15

Diluted

0.33

0.15