EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Earnings per share for the years ended December 31 were calculated as follows (in thousands, except share and per share data):


	2022		2021	2020
Net income	$	22,128	20,974	20,075
Less allocation of earnings and dividends to participating securities	114		75	45
Net income allocated to common shareholders	$	22,014	20,899	20,030

Weighted average common shares outstanding, gross	11,469,676		12,635,013	12,943,622
Less average participating securities	58,695		45,408	29,345
Weighted average number of shares outstanding used in the calculation of basic earnings per common share	11,410,981		12,589,605	12,914,277
Add dilutive effect of:
Stock options	—		8	307

Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share	11,410,981		12,589,613	12,914,584

Earnings per common share:
Basic	$	1.93	1.66	1.55
Diluted	1.93		1.66	1.55