EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings per share for the years ended December 31 were calculated as follows (in thousands, except share and per share data):


	2021		2020	2019
Net income	$	20,974	20,075	18,912
Less allocation of earnings and dividends to participating securities	75		45	31
Net income allocated to common shareholders	$	20,899	20,030	18,881

Weighted average common shares outstanding, gross	12,635,013		12,943,622	13,100,161
Less average participating securities	45,408		29,345	21,241
Weighted average number of shares outstanding used in the calculation of basic earnings per common share	12,589,605		12,914,277	13,078,920
Add dilutive effect of:
Stock options	8		307	3,973

Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share	12,589,613		12,914,584	13,082,893

Earnings per common share:
Basic	$	1.66	1.55	1.44
Diluted	1.66		1.55	1.44