Year Ended December 31,

2023

2022

Net income applicable to common stock

$

4,395

$

6,997

Average number of common shares outstanding

11,127,247

11,199,387

Less: Average unearned ESOP shares

338,238

360,052

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

10,789,009

10,839,335

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

25,652

49,650

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

40,891

115,612

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

10,855,552

11,004,597

Earnings per Common share:

Basic

$

0.41

$

0.65

Diluted

$

0.40

$

0.64