Earnings Per Share

9 Months Ended

Sep. 30, 2019

16. Earnings Per Share

Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. There were no potentially dilutive common stock equivalents as of September 30, 2019. Earnings per share data is not applicable for the period ended September 30, 2018 because the Company had not yet been formed and had no shares outstanding.


	Three months ended		Nine months ended
(Dollars in thousands, except for per share data)	September 30, 2019		September 30, 2019
Net income applicable to common stock	$	2,091	$	4,223

Average number of common shares outstanding		11,133,290		11,133,290
Less: Average unallocated ESOP shares		422,790		428,244
Average number of common shares outstanding used to calculate basic and diluted earnings per common share		10,710,500		10,705,046

Earnings per Common share:
Basic	$	0.20	$	0.39
Diluted	$	0.20	$	0.39