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Earnings Per Share (Tables)
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Summary of Computation of Basic and Diluted EPS

The following table shows the calculation of basic and diluted EPS and the weighted average number of shares outstanding used in computing EPS and the effect on the weighted average number of shares outstanding of dilutive potential common stock. Basic EPS amounts are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted EPS amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect would be to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options, including those converted and assumed in the Bay Banks Merger. For the three and nine months ended September 30, 2021, stock options for 0 and 433 shares of the Company’s common stock, respectively, were not included in the computation of diluted earnings per share because their effects would have been anti-dilutive. Weighted average common shares outstanding, basic and dilutive, for all periods presented are presented on a post Stock Split basis.

 

 

For the three months ended

 

 

For the nine months ended

 

(Dollars in thousands, except per share data)

 

September 30, 2021

 

 

September 30, 2020

 

 

September 30, 2021

 

 

September 30, 2020

 

Net income

 

$

6,806

 

 

$

5,059

 

 

$

39,685

 

 

$

12,117

 

Net loss (income) attributable to noncontrolling interest

 

 

4

 

 

 

4

 

 

 

(1

)

 

 

(1

)

Net income available to common shareholders

 

$

6,810

 

 

$

5,063

 

 

$

39,684

 

 

$

12,116

 

Weighted average common shares outstanding, basic

 

 

18,776,014

 

 

 

8,577,932

 

 

 

17,526,055

 

 

 

8,521,395

 

Effect of dilutive securities

 

 

22,711

 

 

 

 

 

 

9,341

 

 

 

 

Weighted average common shares outstanding, dilutive

 

 

18,798,725

 

 

 

8,577,932

 

 

 

17,535,396

 

 

 

8,521,395

 

Basic and diluted earnings per common share

 

$

0.36

 

 

$

0.59

 

 

$

2.26

 

 

$

1.42