Earnings Per Common Share

9 Months Ended

Sep. 30, 2025

Note 2 — 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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in Thousands, Except Share Data)
Basic earnings per common share
Net income	$	14,393	$	10,526	$	36,986	$	29,830
Less: preferred stock dividends		218		218		656		656
Less: earnings allocated to participating securities		259		228		719		682
Basic earnings allocated to common shareholders	$	13,916	$	10,080	$	35,611	$	28,492
Weighted-average common shares outstanding, excluding participating securities		8,171,404		8,111,215		8,153,181		8,149,949
Basic earnings per common share	$	1.70	$	1.24	$	4.37	$	3.50
Diluted earnings per common share
Earnings allocated to common shareholders, diluted	$	13,916	$	10,080	$	35,611	$	28,492
Weighted-average diluted common shares outstanding, excluding participating securities		8,171,404		8,111,215		8,153,181		8,149,949
Diluted earnings per common share	$	1.70	$	1.24	$	4.37	$	3.50