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EARNINGS PER COMMON SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
Earnings per common share is calculated utilizing the two-class method. Basic earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards. Presented below are the calculations for basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share data)2025202420252024
Net income (loss)$12,024 $25,719 $(128,950)$48,382 
Preferred dividends declared(2,228)(2,228)(4,456)(4,456)
Net income (loss) available to common shareholders9,796 23,491 (133,406)43,926 
Common shareholder dividends(6,670)(6,661)(13,336)(13,327)
Unvested restricted stock award dividends(115)(103)(231)(209)
Undistributed earnings to unvested restricted stock awards(48)(250)— (460)
Undistributed earnings (loss) to common shareholders$2,963 $16,477 $(146,973)$29,930 
Basic
Distributed earnings to common shareholders$6,670 $6,661 $13,336 $13,327 
Undistributed earnings (loss) to common shareholders2,963 16,477 (146,973)29,930 
Total common shareholders earnings (loss), basic$9,633 $23,138 $(133,637)$43,257 
Diluted
Distributed earnings to common shareholders$6,670 $6,661 $13,336 $13,327 
Undistributed earnings (loss) to common shareholders2,963 16,477 (146,973)29,930 
Total common shareholders earnings (loss)9,633 23,138 (133,637)43,257 
Add back:
Undistributed earnings reallocated from unvested restricted stock awards— — — — 
Total common shareholders earnings (loss), diluted$9,633 $23,138 $(133,637)$43,257 
Weighted average common shares outstanding, basic21,820,190 21,731,195 21,808,475 21,753,056 
Dilutive effect of options— 3,654 — 8,436 
Weighted average common shares outstanding, diluted21,820,190 21,734,849 21,808,475 21,761,492 
Basic earnings (loss) per common share$0.44 $1.06 $(6.13)$1.99 
Diluted earnings (loss) per common share0.44 1.06 (6.13)1.99 
Antidilutive stock options(1)
249,277 235,652 249,277 235,652 
(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.