Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 2 – Earnings Per Common Share

Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents.  Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents.  There were no common stock equivalents at June 30, 2016 or June 30, 2015.

The following tables set forth the calculation of basic and diluted earnings per common share for the six- and three-month periods ended June 30, 2016 and 2015:

	Six months ended June 30,
	2016					2015
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic and Diluted Earnings Per Share:
Net income	$	3,575				$	2,543
Preferred stock dividends		(1,125)					(1,350)
Net income available to common shareholders	$	2,450	6,259	$	0.39	$	1,193	6,243	$	0.19

	Three months ended June 30,
	2016					2015
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic and Diluted Earnings Per Share:
Net income	$	1,704				$	1,175
Preferred stock dividends		(450)					(675)
Net income available to common shareholders	$	1,254	6,264	$	0.20	$	500	6,249	$	0.08