Earnings per Common Share

9 Months Ended

Sep. 30, 2014

Earnings per Common Share

Earnings per Common Share

(5)Earnings per Common Share

Basic earnings (loss) per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period.  Diluted earnings (loss) per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income (loss) that would result from the assumed issuance.  There were no potentially dilutive common stock equivalents as of September 30, 2014.  Earnings (loss) per share is not presented for the nine months ended September 30, 2014 or for any period in 2013 as common shares had not been outstanding during the entire period.  Unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

Earnings (loss) per common share have been computed as follows:

	Three months ended					Nine Months Ended
	September 30,					September 30,
(Dollars in thousands except per share amounts)	2014			2013		2014			2013
Net income (loss) applicable to common stock	$	(111	)	$	8	$	(1,177	)	$	253
Average number of common shares outstanding	4,949,179			N/A		N/A			N/A
Less: Average unallocated ESOP shares	(386,014		)	N/A		N/A			N/A
Average number of common shares outstanding used to calculate basic and fully diluted earnings per common share	4,563,165			N/A		N/A			N/A
Earnings (loss) per share	$	(0.02	)	N/A		N/A			N/A
N/A = not applicable