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EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Basic and Diluted Earnings per Common Share | Presented below are the calculations for basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands, except per share data) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net income | $ | 18,476 |  |  | $ | 11,402 |  |  | $ | 39,111 |  |  | $ | 54,749 |  |  |
Preferred dividends declared | (2,229) |  |  | (2,229) |  |  | (6,685) |  |  | (6,685) |  |  |
Net income available to common shareholders | 16,247 |  |  | 9,173 |  |  | 32,426 |  |  | 48,064 |  |  |
Common shareholder dividends | (6,632) |  |  | (6,524) |  |  | (19,959) |  |  | (19,772) |  |  |
Unvested restricted stock award dividends | (115) |  |  | (76) |  |  | (324) |  |  | (236) |  |  |
Undistributed earnings to unvested restricted stock awards | (147) |  |  | (105) |  |  | (187) |  |  | (405) |  |  |
Undistributed earnings to common shareholders | $ | 9,353 |  |  | $ | 2,468 |  |  | $ | 11,956 |  |  | $ | 27,651 |  |  |
Basic |  |  |  |  |  |  |  |  |
Distributed earnings to common shareholders | $ | 6,632 |  |  | $ | 6,524 |  |  | $ | 19,959 |  |  | $ | 19,772 |  |  |
Undistributed earnings to common shareholders | 9,353 |  |  | 2,468 |  |  | 11,956 |  |  | 27,651 |  |  |
Total common shareholders earnings, basic | $ | 15,985 |  |  | $ | 8,992 |  |  | $ | 31,915 |  |  | $ | 47,423 |  |  |
Diluted |  |  |  |  |  |  |  |  |
Distributed earnings to common shareholders | $ | 6,632 |  |  | $ | 6,524 |  |  | $ | 19,959 |  |  | $ | 19,772 |  |  |
Undistributed earnings to common shareholders | 9,353 |  |  | 2,468 |  |  | 11,956 |  |  | 27,651 |  |  |
Total common shareholders earnings | 15,985 |  |  | 8,992 |  |  | 31,915 |  |  | 47,423 |  |  |
Total common shareholders earnings, diluted | $ | 15,985 |  |  | $ | 8,992 |  |  | $ | 31,915 |  |  | $ | 47,423 |  |  |
Weighted average common shares outstanding, basic | 21,675,818 |  |  | 21,970,372 |  |  | 21,726,143 |  |  | 22,214,862 |  |  |
Dilutive effect of options | 2,424 |  |  | 6,824 |  |  | 5,950 |  |  | 9,124 |  |  |
Weighted average common shares outstanding, diluted | 21,678,242 |  |  | 21,977,196 |  |  | 21,732,093 |  |  | 22,223,986 |  |  |
Basic earnings per common share | $ | 0.74 |  |  | $ | 0.41 |  |  | $ | 1.47 |  |  | $ | 2.14 |  |  |
Diluted earnings per common share | 0.74 |  |  | 0.41 |  |  | 1.47 |  |  | 2.14 |  |  |
Antidilutive stock options(1) | 279,163 |  |  | 305,051 |  |  | 231,120 |  |  | 305,051 |  |  |
(1)The diluted earnings per common share computation excludes antidilutive stock options because the exercise prices of these stock options exceeded the average market prices of the Company's common shares for those respective periods.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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