Earnings Per Share (EPS)

12 Months Ended

Dec. 31, 2024

Note 19: Earnings Per Share (EPS)

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period. Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

Earnings per common share for the years ended December 31, 2024 and 2023 is presented in the following table.


	Year Ended December 31,
	2024		2023

	(dollars in thousands, except per share amounts)
Net income	$	905	$	1,008
Weighted shares outstanding for basic EPS
Weighted average shares outstanding		1,725,000		1,725,000
Less: Weighted average unallocated ESOP shares		(129,030)		(132,480)
Less: Weighted average Treasury shares		(41,423)		(40,000)
Add: Weighted average shares in Rabbi Trust for Deferred Compensation Plan		40,000		40,000
Weighted average shares outstanding for basic EPS		1,594,547		1,592,520
Additional dilutive shares		—		—
Weighted average shares outstanding for dilutive EPS		1,594,547		1,592,520
Basic income per share	$	0.57	$	0.63
Diluted income per share	$	0.57	$	0.63