v3.25.2
EARNINGS PER COMMON SHARE (Tables)
12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Common Share Presented below are the calculations for basic and diluted earnings per common share for the years ended 2024, 2023, and 2022:
Years Ended December 31,
(dollars in thousands, except per share data)2024
2023
(Restated)
2022
(Restated)
Net income$38,044 $61,155 $100,237 
Preferred dividends declared(8,913)(8,913)(3,169)
Net income available to common shareholders29,131 52,242 97,068 
Common shareholder dividends(26,622)(26,234)(25,628)
Unvested restricted stock award dividends(450)(339)(295)
Undistributed earnings to unvested restricted stock awards(33)(311)(823)
Undistributed earnings to common shareholders$2,026 $25,358 $70,322 
Basic
Distributed earnings to common shareholders$26,622 $26,234 $25,628 
Undistributed earnings to common shareholders2,026 25,358 70,322 
Total common shareholders earnings, basic$28,648 $51,592 $95,950 
Diluted
Distributed earnings to common shareholders$26,622 $26,234 $25,628 
Undistributed earnings to common shareholders2,026 25,358 70,322 
Total common shareholders earnings28,648 51,592 95,950 
Add back:
Undistributed earnings reallocated from unvested restricted stock awards— — 
Total common shareholders earnings, diluted$28,648 $51,592 $95,952 
Weighted average common shares outstanding, basic21,731,689 22,115,869 22,341,498 
Dilutive effect of options6,269 8,533 54,200 
Weighted average common shares outstanding, diluted21,737,958 22,124,402 22,395,698 
Basic earnings per common share$1.32 $2.33 $4.29 
Diluted earnings per common share1.32 2.33 4.28 
Antidilutive stock options(1)
274,861 302,020 265,831 
(1)The diluted earnings per common share computation excludes antidilutive stock options because the exercise prices of these stock options exceeded the average market prices of the Company's common shares for those respective periods.