Earnings per Share

9 Months Ended

Sep. 30, 2022

Stock Dividend

On July 1, 2022, the Company paid a special stock dividend of 4.0% to common shareholders of record at the close of business on June 15, 2022. 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 shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential shares that were outstanding during the period.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands, except per share data)	2022		2021		2022		2021
Basic earnings per share:
Net income available to shareholders	$	4,927	$	5,796	$	16,025	$	16,527
Average shares outstanding	6,768,581		6,877,305		6,800,309		6,877,435
Basic earnings per share	$	0.73	$	0.84	$	2.36	$	2.40
Diluted earnings per share:
Net income available to shareholders	$	4,927	$	5,796	$	16,025	$	16,527
Average shares outstanding	6,768,581		6,877,305		6,800,309		6,877,435
Diluted earnings per share	$	0.73	0.84		$	2.36	$	2.40

Repurchase Program

The Company's 2019 Repurchase Plan was amended during the second quarter of 2021 to authorize the purchase of up to an additional $5.0 million in 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 108,724 common shares under the plan during the nine months ended September 30, 2022, at an average cost of $26.60 per share totaling $2.9 million. As of September 30, 2022, $2.1 million remained available for share repurchases pursuant to the plan.