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EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

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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- References

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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

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