Year Ended December 31,

2022

2021

Net income applicable to common stock

$

6,997

$

11,558

Average number of common shares outstanding

11,199,387

11,151,064

Less: Average unearned ESOP shares

360,052

381,873

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

10,839,335

10,769,191

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

49,650

73,235

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

115,612

111,940

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

11,004,597

10,954,366

Earnings per Common share:

Basic

$

0.65

$

1.07

Diluted

$

0.64

$

1.06