Earnings per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

Stock Dividend On July 1, 2021, the Company paid a stock dividend of four percent to common shareholders of record at the close of business on June 15, 2021. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change.

Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares that were outstanding during the year.

Presented below is a summary of the components used to calculate basic and diluted earnings per common share, which have been restated for all stock dividends.

(dollars in thousands, except per share data)	2021		2020		2019
Basic earnings per share:
Net income available to shareholders	$	22,517	$	14,293	$	16,114
Average shares outstanding	6,617,072		6,744,299		6,780,183
Basic earnings per share	$	3.40	$	2.12	$	2.38
Diluted earnings per share:
Net income available to shareholders	$	22,517	$	14,293	$	16,114
Average shares outstanding	6,617,072		6,744,299		6,780,183
Diluted earnings per share	$	3.40	$	2.12	$	2.38

Repurchase Program

In 2019, the Company's Board of Directors authorized the purchase of up to $5.0 million market value of the Company's common stock. Management was given discretion to determine the number and pricing of the shares to be purchased, as well as, the timing of any such purchases. The Company repurchased 117,632 shares at an average cost of $18.26 per share totaling $2.1 million during the first quarter of 2021.

During the second quarter of 2021, the Company's Board of Directors reauthorized the purchase of up to $5.0 million market value of the Company's common stock under the 2019 authorization. There were no shares repurchased during the third and fourth quarter of 2021. As of December 31, 2021, $5.0 million remained for share repurchase pursuant to that authorization.