Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

Note 13 — Earnings per Common Share

Earnings per common share are computed using the two-class method. Basic earnings per common share are computed by dividing net income allocated to common shares by the weighted-average number of shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include unvested restricted shares. Unvested restricted shares are considered participating securities because holders of these securities receive non-forfeitable dividends, or dividend equivalents, at the same rate as holders of the Corporation’s common stock. Diluted earnings per share are computed by dividing net income allocated to common shares adjusted for reallocation of undistributed earnings of unvested restricted shares by the weighted average number of

shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method.


	For the Year Ended December 31,
	2024		2023		2022
	(Dollars in Thousands, Except Share Data)
Basic earnings per common share
Net income	$	44,245	$	37,027	$	40,858
Less: preferred stock dividends		875		875		683
Less: earnings allocated to participating securities		1,033		938		1,106
Basic earnings allocated to common shareholders	$	42,337	$	35,214	$	39,069
Weighted-average common shares outstanding, excluding participating securities		8,148,259		8,131,251		8,226,943
Basic earnings per common share	$	5.20	$	4.33	$	4.75
Diluted earnings per common share
Earnings allocated to common shareholders, diluted	$	42,337	$	35,214	$	39,069
Weighted-average diluted common shares outstanding, excluding participating securities		8,148,259		8,131,251		8,226,943
Diluted earnings per common share	$	5.20	$	4.33	$	4.75