Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 or  March 31, 2016.

The following tables set forth the calculation of basic and diluted earnings per common share for the three-month periods ended March 31, 2017 and 2016:

	Three months ended March 31,
	2017					2016
			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	$	1,980				$	1,871
Preferred stock dividends		(540)					(675)
Net income available to common shareholders	$	1,440	6,530	$	0.22	$	1,196	6,255	$	0.19