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Earnings per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Basic earnings per share is computed by dividing income available to shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential shares that were outstanding during the period.
Presented below is a summary of the components used to calculate basic and diluted earnings per common share, which have been restated for all stock dividends:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2024202320242023
Basic and Diluted Earnings Per Share:
Net income available to shareholders$4,574$2,579$13,659$8,399
Basic weighted-average shares outstanding6,986,7237,039,3237,004,8837,039,323
Effect of dilutive equity-based awards————
Diluted weighted-average shares outstanding6,986,7237,039,3237,004,8837,039,323
Basic earnings per share$0.66$0.36$1.95$1.19
Diluted earnings per share$0.66$0.36$1.95$1.19
The dilutive effect of RSUs is reflected in diluted earnings per share unless the impact is anti-dilutive, by application of the treasury stock method.
Repurchase Program
Pursuant to the Company's 2019 Repurchase Plan, management is given discretion to determine the number and pricing of the shares to be repurchased, as well as the timing of any such repurchases. The Company repurchased 56,692 common
shares under the repurchase plan during the first nine months of 2024 at an average cost of $19.51 per share totaling $1.1 million. As of September 30, 2024, $3.9 million remained available for share repurchases pursuant to the plan.