Earnings Per Share

12 Months Ended

Dec. 31, 2019

17. 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 December 31, 2019. Earnings per share data is not applicable for the year ended December 31, 2018 because the Company had not yet been formed and had no shares outstanding.


	Year ended
	December 31, 2019
Net income applicable to common stock	$	5,963

Average number of common shares outstanding		11,133,290
Less: Average unallocated ESOP shares		425,515
Average number of common shares outstanding used to calculate basic and diluted earnings per common share		10,707,776

Earnings per Common share:
Basic	$	0.56
Diluted	$	0.56