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Basis of Presentation | 3 Months Ended
--- | ---
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation | 2. BASIS OF PRESENTATION Reclassification Certain amounts in the prior period consolidated financial statements and the notes to the prior period consolidated financial statements have been reclassified to conform to the 2024 presentation. These reclassifications had no effect on the Company’s results of operations, financial position or net cash flow. Summary of Significant Accounting Policies Certain significant accounting policies followed by the Company are set forth in Note 2, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in the Company’s 2023 Form 10-K. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding ("basic shares"). Included in basic shares are stock equivalent shares that have been accrued as of the balance sheet date as deferred compensation for members of Bancshares’ Board of Directors under the Non-Employee Directors' Deferred Compensation Plan (as defined below and discussed further in Note 9). Diluted net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding, adjusted for the effect of potentially dilutive stock awards outstanding during the period ("dilutive shares"). The dilutive shares consist of unexercised nonqualified stock option grants issued to employees and members of Bancshares’ Board of Directors pursuant to the Company's Incentive Plan (as defined below and discussed further in Note 10). The following table reflects the weighted average shares used to calculate basic and diluted net income per share for the periods presented.
|  | Three Months Ended |
|  | March 31, |
|  | 2024 |  |  | 2023 |
Weighted average shares outstanding |  |  | 5,760,962 |  |  |  | 5,839,562 |
Weighted average director stock equivalent shares |  |  | 113,519 |  |  |  | 114,783 |
Basic shares |  |  | 5,874,481 |  |  |  | 5,954,345 |
Dilutive shares |  |  | 402,650 |  |  |  | 419,650 |
Diluted shares |  |  | 6,277,131 |  |  |  | 6,373,995 |
|  | Three Months Ended |
|  | March 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in Thousands, Except Per Share Data) |
Net income |  | $ | 2,107 |  |  | $ | 2,072 |
Basic net income per share |  | $ | 0.36 |  |  | $ | 0.35 |
Diluted net income per share |  | $ | 0.34 |  |  | $ | 0.33 |
Comprehensive Income Comprehensive income consists of net income, as well as unrealized holding gains and losses that arise during the period associated with the Company’s available-for-sale securities portfolio and the effective portion of cash flow hedge derivatives. In the calculation of comprehensive income, reclassification adjustments are made for gains or losses realized in the statement of operations associated with the sale of available-for-sale securities or settlement of derivative contracts. Accounting Standards Not Yet Adopted The following table provides a description of recent accounting standards that have not yet been adopted as of March 31, 2024.
Standard | Description | Required Date of Adoption | Effect on Financial Statements or other significant matters
ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative | This Update incorporates into the Codification 14 of the 27 disclosures referred by the SEC in Release No. 33-10532, Disclosure Update and Simplification. This update clarifies and improves the disclosure and presentation requirements of a variety of Topics in the Codification to align with the SEC's regulations. | The date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. | The adoption of this guidance is not likely to have a material impact. Management will continue to evaluate through date of adoption.
ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures | The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. | January 1, 2025 | The adoption of this guidance is not likely to have a material impact. Management will continue to evaluate through date of adoption.

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