EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 4. EARNINGS PER SHARE

Earnings per common share was computed based on the following:

	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands, except per share data)	2022		2022
Numerator
Net income available to common shareholders	$	139	$	26
Denominator
Weighted average common shares outstanding		5,290		5,290
Weighted average unallocated ESOP shares		(405)		(410)
Weighted average shares		4,885		4,880
Effect of dilutive shares:
Restricted stock		-		-
Stock options		-		-
Weighted average shares - assuming dilution		4,885		4,880
Basic earnings per common share	$	0.03	$	0.01
Diluted earnings per common share	$	0.03	$	0.01

During the three and nine months ended September 30, 2022, the number of convertible securities or other contracts to issue common stock outstanding that if converted or exercised would result in potential dilution of earnings per share was immaterial. At and during the three and nine months ended September 30, 2021, the Company did not have any common shares outstanding. The Company completed its IPO of stock in connection with the Bank’s Conversion from the mutual to the stock form of organization on October 12, 2021.