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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Earnings per common share  
Earnings Per Common Share

NOTE 13 – Earnings Per Common Share

The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the years ended December 31, 2024, 2023, and 2022. Dilutive common shares arise from the potentially dilutive effect of the Company’s outstanding stock options and unvested restricted stock. The assumed conversion of stock options and warrants can create a difference between basic and dilutive net income per common share.

At December 31, 2024, 2023, and 2022, options totaling 153,755, 269,072, and 131,433, respectively, were anti-dilutive in the calculation of earnings per share as their exercise price exceeded the fair market value. These options were therefore excluded from the diluted earnings per share calculation.

            
     
   For the years ended December 31, 
(dollars in thousands, except share data)  2024   2023   2022 
Numerator:            
Net income  $15,530    13,426    29,115 
Net income available to common shareholders  $15,530    13,426    29,115 
Denominator:               
Weighted-average common shares outstanding - basic   8,080,623    8,046,633    7,958,294 
Common stock equivalents   36,434    31,821    113,396 
Weighted-average common shares outstanding - diluted   8,117,057    8,078,454    8,071,690 
Earnings per common share:               
Basic  $1.92    1.67    3.66 
Diluted  $1.91    1.66    3.61