v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Changes in Non-Vested Performance-Based Shares

Changes in non-vested shares dependent on performance criteria for the three months ended March 31, 2025 were as follows:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance, January 1, 2025

 

 

135,477

 

 

$

33.35

 

Granted during 2025

 

 

66,252

 

 

 

29.55

 

Vested during 2025

 

 

(65,515

)

 

 

36.80

 

Forfeited during 2025

 

 

 

 

 

 

Balance, March 31, 2025

 

 

136,214

 

 

$

30.38

 

 

Schedule of Changes in Service-Based Restricted Stock Awards/Units

Changes in service-based restricted stock awards/units for the three months ended March 31, 2025 were as follows:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance, January 1, 2025

 

 

247,905

 

 

$

33.00

 

Granted during 2025

 

 

88,101

 

 

 

29.55

 

Vested during 2025

 

 

(109,004

)

 

 

33.54

 

Forfeited during 2025

 

 

(582

)

 

 

30.96

 

Balance, March 31, 2025

 

 

226,420

 

 

$

31.40

 

 

Schedule of Calculation of Basic and Diluted Earnings per Share The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period.

 

 

Three Months Ended

 

 

March 31,

 

(Dollars in thousands, except per share data)

2025

 

 

2024

 

Net income available to common shareholders

$

7,595

 

 

$

8,631

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

17,610,917

 

 

 

17,711,639

 

Plus: common stock equivalents

 

201,305

 

 

 

93,708

 

Diluted weighted average shares outstanding

 

17,812,222

 

 

 

17,805,347

 

Net income per share

 

 

 

 

 

Basic

$

0.43

 

 

$

0.49

 

Diluted

 

0.43

 

 

 

0.48