| Schedule of earnings per common share |
The following table presents the factors used in the earnings per share computations for the period indicated: | | | | | | | | | Three Months Ended March 31, | | | 2025 | | 2024 | Basic | | | | | | | Net income available to common shareholders | | $ | 18,241 | | $ | 15,412 | Less: Earnings allocated to participating securities | | | (91) | | | (84) | Net income allocated to common shareholders | | $ | 18,150 | | $ | 15,328 | | | | | | | | Weighted average common shares outstanding including participating securities | | | 10,001,009 | | | 10,233,347 | Less: Participating securities (1) | | | (50,039) | | | (55,415) | Average shares | | | 9,950,970 | | | 10,177,932 | | | | | | | | Basic earnings per common share | | $ | 1.82 | | $ | 1.51 | | | | | | | | Diluted | | | | | | | Net income available to common shareholders | | $ | 18,241 | | $ | 15,412 | | | | | | | | Weighted average common shares outstanding for basic earnings per common share | | | 9,950,970 | | | 10,177,932 | Add: Dilutive effects of stock-based compensation awards | | | 21,182 | | | 23,441 | Average shares and dilutive potential common shares | | | 9,972,152 | | | 10,201,373 | Diluted earnings per common share | | $ | 1.82 | | $ | 1.51 |
| (1) | Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
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