Year Ended December 31,

2021

2020

Net income applicable to common stock

$

11,558

$

5,917

Average number of common shares outstanding

11,151,064

11,133,290

Less: Average unearned ESOP shares

381,873

403,694

Average number of common shares outstanding used to calculate basic earnings per common share

10,769,191

10,729,596

Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share

73,235

10,245

Additional common stock equivalents (stock options) used to calculate diluted earnings per share

111,940

—

Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share

10,954,366

10,739,841

Earnings per Common share:

Basic

$

1.07

$

0.55

Diluted

$

1.06

$

0.55