Earnings Per Share

12 Months Ended

Dec. 31, 2025

Note 11—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. There were no outstanding restricted stock awards prior to 2025. Shares are excluded from the computations of diluted earnings per share when their inclusion has an anti-dilutive effect. For the year ended December 31, 2025, there were no potential common shares that were anti-dilutive.

The following table presents the factors used in the earnings per share computation for the periods indicated:

	Year Ended December 31,
(Dollars in thousands, except share and per share amounts)	2025		2024		2023

Net income	$	93,605	$	88,457	$	88,314

Weighted average common shares outstanding for basic earnings per common share		693,589		730,914		757,336
Dilutive potential common shares		5,179		-		-
Shares used in computing diluted earnings per common share		698,768		730,914		757,336

Basic earnings per common share	$	134.96	$	121.02	$	116.61
Diluted earnings per commons share	$	133.96	$	121.02	$	116.61