EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

The following table presents the calculation of basic and diluted earnings per common share for the periods indicated:

	Year Ended December 31,
(dollars in thousands, except share and per share amounts)	2024		2023
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	8,473	$	5,225
Denominator:
Basic weighted average shares	9,649,433		9,541,050
Earnings per common share - basic	$	0.88	$	0.55
Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	8,473	$	5,225
Denominator:
Basic weighted average shares	9,649,433		9,541,050
Diluted effect of common stock equivalents:
Stock options	—		4,006
Time Vesting Units	29,624		67,740
Financial Performance Units	76,747		113,114
Total diluted effect of common stock equivalents	106,371		184,860
Diluted weighted average shares	9,755,804		9,725,910
Earnings per common share - diluted	$	0.87	$	0.54

Diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti-dilutive.

The following table presents potentially dilutive securities excluded from the diluted earnings per share calculation during the periods presented:

	Year Ended December 31,
	2024	2023
Stock options	94,474	133,464
Time Vesting Units	96,056	120,653
Financial Performance Units	2,273	6,818
Total potentially dilutive securities	192,803	260,935