Stockholders' Equity and Earnings per Common Share

9 Months Ended

Sep. 30, 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)

The following tables present amounts reclassified out of accumulated other comprehensive income (loss), by category, during the periods indicated:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,					Affected Line Item on Consolidated Statement of Income
(dollars in thousands)	2023		2022		2023			2022
Sale of securities
Realized gain (loss) on sale of securities	$	30	$	-	$	(134	)	$	-	Gain (loss) on sale of securities, net
Tax effect		6		-		(28	)		-	Income tax (benefit) expense
	$	24	$	-	$	(106	)	$	-

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 September 30, 2023
Balance at beginning of period	$	(19,757	)	$	(19,757	)
Net other comprehensive loss		(3,883	)		(3,883	)
Balance at end of period	$	(23,640	)	$	(23,640	)
Three Months Ended September 30, 2022
Balance at beginning of period	$	(15,850	)	$	(15,850	)
Net other comprehensive loss		(7,997	)		(7,997	)
Balance at end of period	$	(23,847	)	$	(23,847	)

(dollars in thousands)	Unrealized Gains (Losses) on Available-for-Sale Securities			Accumulated Other Comprehensive (Loss) Income
Nine Months Ended September 30, 2023
Balance at beginning of period	$	(20,767	)	$	(20,767	)
Net other comprehensive loss		(2,873	)		(2,873	)
Balance at end of period	$	(23,640	)	$	(23,640	)
Nine Months Ended September 30, 2022
Balance at beginning of period	$	1,675		$	1,675
Net other comprehensive loss		(25,522	)		(25,522	)
Balance at end of period	$	(23,847	)	$	(23,847	)

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 September 30, 2023
(dollars in thousands)	Pretax			Tax			Net-of-Tax
Unrealized losses on available-for-sale securities:
Unrealized holding losses arising during the period	$	(4,885	)	$	(1,026	)	$	(3,859	)
Reclassification adjustment for gains recognized in income		(30	)		6			(24	)
		(4,915	)		(1,020	)		(3,883	)
Total change in accumulated other comprehensive loss, net	$	(4,915	)	$	(1,020	)	$	(3,883	)

	Three Months Ended September 30, 2022
(dollars in thousands)	Pretax			Tax			Net-of-Tax
Unrealized losses on available-for-sale securities:
Unrealized holding losses arising during the period	$	(10,124	)	$	(2,127	)	$	(7,997	)
Total change in accumulated other comprehensive loss, net	$	(10,124	)	$	(2,127	)	$	(7,997	)

	Nine Months Ended September 30, 2023
(dollars in thousands)	Pretax			Tax			Net-of-Tax
Unrealized losses on available-for-sale securities:
Unrealized holding losses arising during the period	$	(3,771	)	$	(792	)	$	(2,979	)
Reclassification adjustment for losses recognized in income		134			(28	)		106
		(3,637	)		(820	)		(2,873	)
Total change in accumulated other comprehensive income, net	$	(3,637	)	$	(820	)	$	(2,873	)

	Nine Months Ended September 30, 2022
(dollars in thousands)	Pretax			Tax			Net-of-Tax
Unrealized losses on available-for-sale securities:
Unrealized holding losses arising during the period	$	(32,307	)	$	(6,785	)	$	(25,522	)
Total change in accumulated other comprehensive loss, net	$	(32,307	)	$	(6,785	)	$	(25,522	)

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 potentially dilutive common shares attributable to the ESPP. The Company had no antidilutive shares outstanding in the three and nine months ended September 30, 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.