2021 Annual Report

modifications must be applied consistently for all eligible contracts or eligible transactions. The expedients and exceptions in this update are available to all entities starting March 12, 2020 through December 31, 2022. The Company is in the process of evaluating the impact of this pronouncement on those financial assets and liabilities where LIBOR is used as an index rate. Subsequent Events Subsequent events have been evaluated through March 8, 2022, which is the date the consolidated financial statements were available to be issued. Note 2: Earnings Per Share Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares adjusted for the dilutive effect of stock compensation. For the years ended December 31, 2021, 2020 and 2019, 222,107, 732,433, and 303,000, respectively, of stock options, restricted stock awards and restricted stock units were excluded from the calculation because they were deemed to be antidilutive. The following table presents the numerators and denominators for basic and diluted earnings per share computations for the years ended December 31, 2021, 2020 and 2019: 2019 Net Income Available to Common Shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44,516 $ 27,194 $ 31,403 Weighted Average Common Stock Outstanding: Weighted Average Common Stock Outstanding (Basic) . . . . . . . . . . . . . . . . . . . . . . 28,027,454 28,582,064 29,358,644 Dilutive Effect of Stock Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 940,832 588,156 638,132 Weighted Average Common Stock Outstanding (Dilutive) . . . . . . . . . . . . . . . . . . . . 28,968,286 29,170,220 29,996,776 Year Ended December 31, (dollars in thousands, except per share data) 2021 2020

Basic Earnings per Common Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Diluted Earnings per Common Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.59 $

0.95 $

1.07 1.05

1.54

0.93

Note 3: Bank-Owned Certificates of Deposit

Certificates of deposit in other financial institutions by maturity are as follows:

Year Ended December 31,

(dollars in thousands)

2021

2020

Certificates of Deposit at Cost Maturing in: One Year or Less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ After One Year Through Five Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

935 $

980

941

1,880 2,860

$

1,876 $

100