Earnings per Share

3 Months Ended

Mar. 31, 2024

Stock Dividend

On July 1, 2023, the Company paid a special stock dividend of 4.0% to common shareholders of record at the close of business on June 15, 2023. 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)		2024		2023
Basic and Diluted Earnings Per Share:
Net income available to shareholders		$	4,456	$	3,271
Basic weighted-average shares outstanding		7,032,171		7,039,323



Effect of dilutive equity-based awards		—		—
Diluted weighted-average shares outstanding		7,032,171		7,039,323
Basic earnings per share		$	0.63	$	0.47
Diluted earnings per share		$	0.63	$	0.47

The dilutive effect of restricted share units is reflected in diluted earnings per share unless the impact is anti-dilutive, by application of the treasury stock method.

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 by the Company from time to time, as well as the timing of any such purchases. The Company repurchased 20,995 common shares under the repurchase plan during the first quarter at an average cost of $19.73 per share totaling $0.4 million. As of March 31, 2024, $4.6 million remained available for share repurchases pursuant to the plan.