Earnings Per Share

9 Months Ended

Sep. 30, 2025

Note 8—Earnings Per Share

Basic earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per common share is computed using the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effects of outstanding restricted stock awards using the treasury stock method. Shares are excluded from the computations of diluted earnings per share when their inclusion has an anti-dilutive effect. For the three and nine months ended September 30, 2025, there were no potential common shares that were anti-dilutive.

The following tables present the factors used in the earnings per share computation for the periods indicated:

	Three Months Ended September 30,
(Dollars in thousands, except share and per share amounts)	2025		2024

Net income	$	23,718	$	22,121

Weighted average common shares outstanding for basic earnings per common share		692,727		738,421
Dilutive potential common shares		6,484		-
Shares used in computing diluted earnings per common share		699,211		738,421

Basic earnings per common share	$	34.24	$	29.96
Diluted earnings per common share	$	33.92	$	29.96

	Nine Months Ended September 30,
(Dollars in thousands, except share and per share amounts)	2025		2024

Net income	$	69,782	$	66,611

Weighted average common shares outstanding for basic earnings per common share		696,572		740,898
Dilutive potential common shares		3,556		-
Shares used in computing diluted earnings per common share		700,128		740,898

Basic earnings per common share	$	100.18	$	89.91
Diluted earnings per common share	$	99.67	$	89.91