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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | NOTE 2 – EARNINGS PER SHARE Earnings per share (“EPS”) have been computed based on the weighted average number of common shares outstanding during the periods presented. The average number of common shares used in the computation of basic and diluted earnings per share are set forth in the table below. There were no anti-dilutive shares in 2024 or 2023. Participating securities in the table reflect nonvested restricted shares that participate in dividends declared and paid by the Company on its common shares prior to vesting of the restricted shares.
|  | Three Months Ended Sep. 30, |
($ and outstanding shares in thousands - except per share data) |  | 2024 |  |  | 2023 |
Distributed earnings allocated to common shares |  | $ | 943 |  |  | $ | 891 |
Undistributed earnings allocated to common shares |  |  | 1,403 |  |  |  | 1,789 |
Net earnings allocated to common shares |  |  | 2,346 |  |  |  | 2,680 |
Net earnings allocated to participating securities |  |  | 8 |  |  |  | 7 |
Net Income allocated to common shares and participating securities |  | $ | 2,354 |  |  | $ | 2,687 |
Weighted average shares outstanding for basic earnings per share |  |  | 6,660 |  |  |  | 6,791 |
Dilutive effect of stock compensation |  |  | 15 |  |  |  | 87 |
Weighted average shares outstanding for diluted earnings per share |  |  | 6,675 |  |  |  | 6,878 |
Basic earnings per common share |  | $ | 0.35 |  |  | $ | 0.40 |
Diluted earnings per common share |  | $ | 0.35 |  |  | $ | 0.39 |
|  | Nine Months Ended Sep. 30, |
($ and outstanding shares in thousands - except per share data) |  | 2024 |  |  | 2023 |
Distributed earnings allocated to common shares |  | $ | 2,805 |  |  | $ | 2,666 |
Undistributed earnings allocated to common shares |  |  | 5,004 |  |  |  | 5,523 |
Net earnings allocated to common shares |  |  | 7,809 |  |  |  | 8,189 |
Net earnings allocated to participating securities |  |  | 26 |  |  |  | 23 |
Net Income allocated to common shares and participating securities |  | $ | 7,835 |  |  | $ | 8,212 |
Weighted average shares outstanding for basic earnings per share |  |  | 6,689 |  |  |  | 6,857 |
Dilutive effect of stock compensation |  |  | 15 |  |  |  | 87 |
Weighted average shares outstanding for diluted earnings per share |  |  | 6,704 |  |  |  | 6,944 |
Basic earnings per common share |  | $ | 1.17 |  |  | $ | 1.20 |
Diluted earnings per common share |  | $ | 1.17 |  |  | $ | 1.18 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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