Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share

Earnings Per Share

14.  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. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. For the three months ended June 30, 2024, there were 15,000 options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive. There were no anti-dilutive options for the three and six months ended June 30, 2025 and for the six months ended June 30, 2024. Options with an exercise price greater than the average market price of the common shares are considered anti-dilutive. Unearned ESOP shares are not deemed outstanding for earnings per share calculations.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income applicable to common stock	$	2,726	$	975	$	5,014	$	2,096
Average number of common shares outstanding		11,084,776		11,072,607		11,082,316		11,072,607
Less: Average unearned ESOP shares		297,330		319,147		300,057		321,874
Average number of common shares outstanding used to calculate basic earnings per common share		10,787,446		10,753,460		10,782,259		10,750,733
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share		7,297		—		6,467		—
Additional common stock equivalents (stock options) used to calculate diluted earnings per share		159,381		66,291		151,116		81,570
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		10,954,124		10,819,751		10,939,842		10,832,303
Earnings per Common share:
Basic	$	0.25	$	0.09	$	0.47	$	0.19
Diluted	$	0.25	$	0.09	$	0.46	$	0.19