June 30,

(dollars in thousands except per share data)

2022

2021

2020

Net income

$

47,169

$

47,180

$

27,545

Less: distributed earnings allocated to participating securities

(30)

(18)

—

Less: undistributed earnings allocated to participating securities

(165)

(135)

—

Net income available to common shareholders

$

46,974

$

47,027

$

27,545

Denominator for basic earnings per share -

Weighted-average shares outstanding

8,994,022

9,007,814

9,189,876

Effect of dilutive securities stock options or awards

17,122

2,923

9,293

Denominator for diluted earnings per share

9,011,144

9,010,737

9,199,169

Basic earnings per share available to common stockholders

$

5.22

$

5.22

$

3.00

Diluted earnings per share available to common stockholders

$

5.21

$

5.22

$

2.99