Earnings per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common Share

The following table presents the calculation of EPS:

(Dollars and shares in thousands, except per share amounts)
	Three Months		Nine Months
Periods ended September 30,	2024	2023	2024	2023
Earnings for basic and diluted earnings per common share:
Net income	$10,981	$11,161	$32,732	$35,229
Less: dividends and undistributed earnings allocated to participating securities	(8)	(21)	—	(69)
Net income available to common shareholders	$10,973	$11,140	$32,732	$35,160
Shares:
Weighted average common shares outstanding for basic EPS	17,058	17,019	17,048	17,034
Dilutive effect of common stock equivalents	82	22	67	29
Weighted average common shares outstanding for diluted EPS	17,140	17,041	17,115	17,063
Earnings per common share:
Basic EPS	$0.64	$0.65	$1.92	$2.06
Diluted EPS	$0.64	$0.65	$1.91	$2.06

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 403,995 and 450,943, respectively, for the three and nine months ended September 30, 2024, compared to 468,524 and 452,472, respectively, for the same periods in 2023.