Earnings (Loss) Per Share (“EPS”)

6 Months Ended

Jun. 30, 2025

Basic EPS represents income/(loss) allocable to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the Company. Diluted EPS is computed by dividing net income/(loss) allocable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents computed using the treasury stock method. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations. For the six month period ended June 30, 2025, which ended in a net loss, anti-dilutive common stock equivalents have been excluded from the calculation of diluted earnings per share. The following are the components and results of the Company’s earnings per common share calculations for the periods presented:


	For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2025
	(Dollars in thousands, except per share data)
Net income (loss) applicable to common shares	$	100,233	$	(117,433)

Average number of common shares outstanding	211,124,150		211,931,274
Less: Average unallocated ESOP shares	(12,593,096)		(12,655,838)
Average number of common shares outstanding used to calculate basic earnings per common share	198,531,054		199,275,436
Common stock equivalents	461,057		—
Average number of common shares outstanding used to calculate diluted earnings per common share	198,992,111		199,275,436

Earnings (loss) per common share:
Basic	$	0.50	$	(0.59)
Diluted	$	0.50	$	(0.59)


	For the Three Months Ended June 30, 2024		For the Six Months Ended June 30, 2024
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	26,331	$	64,978

Average number of common shares outstanding	176,235,507		176,155,197
Less: Average unallocated ESOP shares	(13,090,252)		(13,151,104)
Average number of common shares outstanding used to calculate basic earnings per common share	163,145,255		163,004,093
Common stock equivalents	354,041		386,328
Average number of common shares outstanding used to calculate diluted earnings per common share	163,499,296		163,390,421

Earnings per common share:
Basic	$	0.16	$	0.40
Diluted	$	0.16	$	0.40