EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Common Share

Presented

below are the calculations for basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
(dollars in thousands, except per share data)	2024		2023
Net income	$	13,885	$	21,772
Preferred dividends declared	(2,228)		(2,228)
Net income available to common shareholders	11,657		19,544
Common shareholder dividends	(6,666)		(6,669)
Unvested restricted stock award dividends	(106)		(80)
Undistributed earnings to unvested restricted stock awards	(75)		(151)
Undistributed earnings to common shareholders	$	4,810	$	12,644
Basic
Distributed earnings to common shareholders	$	6,666	$	6,669
Undistributed earnings to common shareholders	4,810		12,644
Total common shareholders earnings, basic	$	11,476	$	19,313
Diluted
Distributed earnings to common shareholders	$	6,666	$	6,669
Undistributed earnings to common shareholders	4,810		12,644
Total common shareholders earnings	11,476		19,313
Add back:
Undistributed earnings reallocated from unvested restricted stock awards	—		—
Total common shareholders earnings, diluted	$	11,476	$	19,313
Weighted average common shares outstanding, basic	21,774,647		22,478,808
Options	13,044		23,162
Weighted average common shares outstanding, diluted	21,787,691		22,501,970
Basic earnings per common share	$	0.53	$	0.86
Diluted earnings per common share	0.53		0.86
Antidilutive stock options(1)	235,652		265,831

(1)The diluted earnings per common share computation excludes antidilutive stock options because the exercise prices of these stock options exceeded the average market prices of the Company's common shares for those respective periods.