Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

16.Earnings Per Common Share

Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per common share is computed by using the net earnings allocated to common stock plus dividends on dilutive convertible preferred stock, divided by the sum of 1) the weighted-average number

of shares determined for the basic earnings per common share computation, 2) the dilutive effect of stock compensation using the treasury stock method, and 3) the dilutive effect of convertible preferred stock using the if-converted method.

The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share shown on the consolidated statements of income:

	For the Three Months Ended June 30,				For the Six Months Ended  June 30,
(Dollars in thousands, except share and per share data)	2024		2023		2024		2023
Net income	$	10,796	$	8,891	$	21,163	$	18,134
Less dividends declared, Series A Preferred Stock		1,184		1,184		2,355		2,355
Net income available to common shareholders	$	9,612	$	7,707	$	18,808	$	15,779
Weighted-average shares outstanding for basic earnings per common share		13,657,223		13,588,747		13,631,740		13,560,802
Dilutive effect of stock compensation and other dilutive securities		3,361,457		3,267,075		3,345,602		3,268,172
Weighted-average shares outstanding for diluted earnings per common share		17,018,680		16,855,822		16,977,342		16,828,974
Basic earnings per share	$	0.70	$	0.57	$	1.38	$	1.16
Diluted earnings per share	$	0.63	$	0.53	$	1.25	$	1.08