Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

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 is 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 months ended March 31, 2021, stock options for 75,410 shares of the Company’s common stock 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 March 31,
(Dollars in thousands, except per share data)	2021			2020
Net income	$	4,237		$	841
Net income attributable to noncontrolling interest		(9	)		(9	)
Net income available to common shareholders	$	4,228		$	832
Weighted average common shares outstanding, basic		15,137,446			8,496,581
Effect of dilutive securities		16,533			—
Weighted average common shares outstanding, dilutive		15,153,979			8,496,581
Basic and diluted earnings per common share	$	0.28		$	0.10