Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Computations of Earnings per Common Share

Earnings per share for the three and nine months ended September 30, 2020 and 2019 were calculated as follows (dollars in thousands, except share and per share data):

	Three Months Ended September 30,			Nine Months Ended  September 30,
	2020		2019	2020	2019
Net income	$	4,250	4,727	14,333	14,082
Less allocation of earnings and dividends to participating securities	10		7	33	24
Net income allocated to common shareholders	$	4,240	4,720	14,300	14,058
Weighted average common shares outstanding, gross	12,967,460		12,951,701	12,964,582	13,157,538
Less average participating securities	29,595		18,751	29,595	22,404
Weighted average number of shares outstanding used in the calculation of basic earnings per common share	12,937,865		12,932,950	12,934,987	13,135,134
Add dilutive effect of:
Stock options	36		4,195	401	3,966
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share	12,937,901		12,937,145	12,935,388	13,139,100
Earnings per common share:
Basic	$	0.33	0.36	1.11	1.07
Diluted	0.33		0.36	1.11	1.07