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EARNINGS PER COMMON SHARE | 3 Months Ended
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Mar. 31, 2025
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic earnings per share is calculated using the two-class method, which is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding participating securities. All outstanding unvested share-based payment awards, including those related to directors' and employee stock awards, contain rights to non-forfeitable dividends and are considered participating securities for this calculation. Restricted stock awards are grants of participating securities and are considered outstanding at grant date. There were no dilutive securities issuable or outstanding for the three month periods ended March 31, 2025 and 2024, respectively. The calculation of basic earnings per share for the three month periods ended March 31, 2025 and 2024 is shown below (in thousands, except share and per share data):
| For the Three Months Ended
| March 31, 2025 |  | March 31, 2024
Net income | $ | 6,023 |  |  | $ | 7,050 |
(Less) allocation of earnings & dividends to participating securities | (70) |  |  | (92) |
Net income available to common shareholders | $ | 5,953 |  |  | $ | 6,958 |
Weighted average common shares outstanding | 4,790,880 |  |  | 4,763,896 |
(Less) participating securities | (55,787) |  |  | (62,214) |
Weighted average number of shares outstanding used in the calculation of basic earnings per shares | 4,735,093 |  |  | 4,701,682 |
Basic earnings per common share | $ | 1.26 |  |  | $ | 1.48 |

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