Earnings per Share

3 Months Ended

Mar. 31, 2023

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, which have been restated for all stock dividends:


	Three Months Ended March 31,
(dollars in thousands, except per share data)		2023		2022
Basic earnings per share:
Net income available to shareholders		$	3,271	$	6,609
Average shares outstanding		6,768,581		6,864,823
Basic earnings per share		$	0.48	$	0.97
Diluted earnings per share		$	0.48	$	0.97

Repurchase Program

Pursuant to the Company's 2019 Repurchase Plan, management is 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 did not repurchase any shares during the current quarter. As of March 31, 2023, $2.1 million remained available for share repurchases pursuant to the plan.