Earnings Per Share

3 Months Ended

Mar. 31, 2026

Note 7—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 three months ended March 31, 2026, 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:

	Three Months Ended March 31,
(Dollars in thousands, except per share amounts)	2026		2025

Net income	$	24,071	$	23,009

Weighted average common shares outstanding
For basic earnings per common share		670,265		699,736
Dilutive potential common shares		10,914		479
Shares used in computing diluted earnings per common share		681,179		700,215

Basic earnings per share	$	35.91	$	32.88
Diluted earnings per share	$	35.34	$	32.86