Note 16 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 16 - Earnings per Common Share

The two-class method is used for computing basic and diluted earnings per share. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participating rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities.

The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods shown.

	For the Year Ended December 31,
(dollars in thousands, except share data)	2025			2024
Net loss:
Net loss available to common shareholders	$	(4,191	)	$	(6,613	)
Dividends and undistributed earnings allocated to participating securities		—			(4	)
Loss allocated to common shareholders	$	(4,191	)	$	(6,617	)
Basic:
Weighted average common shares outstanding		9,426,374			9,443,885
Weighted average unvested restricted stock awards		(135,101	)		(105,460	)
Weighted average unallocated ESOP shares		(500,554	)		(553,576	)
Total basic weighted average common shares outstanding		8,790,719			8,784,849
Diluted:
Basic weighted average common shares outstanding		8,790,719			8,784,849
Dilutive restricted stock awards		—			—
Total diluted weighted average common shares outstanding		8,790,719			8,784,849
Basic loss per common share	$	(0.48	)	$	(0.75	)
Diluted loss per common share	$	(0.48	)	$	(0.75	)

Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. For the years ended December 31, 2025 and 2024, anti-dilutive shares as calculated under the treasury stock method totaled 27,365 and 20,468, respectively. All potentially dilutive shares are anti-dilutive when a loss per share is recorded and, as a result, are excluded from the diluted earnings per share calculation.