Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

NOTE 11 – EARNINGS PER COMMON SHARE

The factors used in the earnings per common share computation follow:

	For the Three Months Ended March 31,
	2022			2021 (1)
Earnings per share
Net Income	$	1,010		$	785
Less: Distributed earning allocated to participating    securities		—			—
Less: Earnings allocated to participating securities		(3	)		(2	)
Net earnings allocated to common stock		1,007			783
Weighted common shares outstanding    including participating securities		7,405,893			6,734,092
Less: Participating securities		(181,811	)		(227,272	)
Less: Average unearned ESOP shares		(355,826	)		(16,060	)
Weighted average shares		6,868,256			6,490,760
Basic earnings (loss) per share	$	0.15		$	0.12
Dilutive
Net earnings allocated to common stock		1,007			783
Weighted average shares		6,868,256			6,490,760
Add: dilutive effects of assumed exercises of stock    options		109,460			321,121
Average shares and dilutive potential common shares		6,977,716			6,811,881
Dilutive earnings per share	$	0.14		$	0.11

(1) Share amounts related to the periods prior to the July 15, 2021 closing of the conversion offering have been restated to give retroactive recognition to the 2.8409 exchange ratio applied in the conversion offering (see Note 1).