Stockholders' Equity and Earnings per Common Share

3 Months Ended

Mar. 31, 2023

Stockholders' Equity and Earnings Per Common Share [Abstract]

Stockholders' Equity and Earnings per Common Share

Note 9. Stockholders’ Equity and Earnings per Common Share

Stockholders’ Equity – Accumulated Other Comprehensive Income (Loss)

There were no amounts reclassified out of accumulated other comprehensive income (loss), by category, during the three month periods ended March 31, 2023 or 2022, respectively.

The following tables present the changes in accumulated other comprehensive income (loss), by category, net of tax, for the periods indicated:

(dollars in thousands)	Unrealized Gains (Losses) on Available-for-Sale Securities			Accumulated Other Comprehensive (Loss) Income
Three Months Ended March 31, 2023
Balance at beginning of period	$	(20,767	)	$	(20,767	)
Net other comprehensive income		2,332			2,332
Balance at end of period	$	(18,435	)	$	(18,435	)
Three Months Ended March 31, 2022
Balance at beginning of period	$	1,675		$	1,675
Net other comprehensive loss		(11,133	)		(11,133	)
Balance at end of period	$	(9,458	)	$	(9,458	)

The following tables present the change in each component of accumulated other comprehensive income (loss) on a pre-tax and after-tax basis for the periods indicated:

	Three Months Ended March 31, 2023
(dollars in thousands)	Pretax		Tax		Net-of-Tax
Unrealized gains on available-for-sale securities:
Unrealized holding gains arising during the period	$	2,952	$	620	$	2,332
Total change in accumulated other comprehensive income, net	$	2,952	$	620	$	2,332

	Three Months Ended March 31, 2022
(dollars in thousands)	Pretax			Tax			Net-of-Tax
Unrealized losses on available-for-sale securities:
Unrealized holding losses arising during the period	$	(14,093	)	$	(2,960	)	$	(11,133	)
Total change in accumulated other comprehensive loss, net	$	(14,093	)	$	(2,960	)	$	(11,133	)

Earnings Per Common Share

Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares attributable to the ESPP.

The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three months ended March 31, 2023 and 2022:

(dollars in thousands except per share data)	Net Income Available to Common Shareholders (Numerator)		Weighted Average Common Shares (Denominator)		Per Share Amount
Three Months Ended March 31, 2023
Net income, basic	$	3,083		5,000	$	0.62
Potentially dilutive common shares - employee stock purchase program		-		-		-
Diluted	$	3,083		5,000	$	0.62
Three Months Ended March 31, 2022
Net income, basic	$	2,031		5,186	$	0.39
Potentially dilutive common shares - employee stock purchase program		-		-		-
Diluted	$	2,031		5,186	$	0.39

The Company had no antidilutive shares outstanding in the three months ended March 31, 2023 and 2022, respectively. Nonvested restricted common shares, which carry all rights and privileges of a common share with respect to the stock, including the right to vote, were included in the basic and diluted per common share calculations.