Earnings Per Share ("EPS)

12 Months Ended

Dec. 31, 2025

Earnings Per Share ("EPS)

Earnings Per Share ("EPS)

Note 18 – Earnings Per Share (“EPS”)

Basic EPS represents net income available to common shareholders divided by the weighted-average number of common shares outstanding during the year.

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 attributable to common shareholders by the weighted-average number of common shares outstanding for the year, plus the effect of potential dilutive common share equivalents computed using the treasury stock method.

The Company has restricted stock awards that had a dilutive effect during the year ended December 31, 2025. There were no securities that had a dilutive effect during the years ended December 31, 2024 and 2023, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same during the years ended December 31, 2024 and 2023. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. For the years ended December 31, 2025, 2024 and 2023, there were no anti-dilutive shares.

	For the Year Ended December 31,
	2025		2024		2023
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	50,302	$	42,149	$	9,825
Average number of common shares outstanding		41,541,239		42,705,729		42,705,729
Less: average unvested restricted stock awards		(886,850)		—		—
Less: average unallocated ESOP shares		(3,245,170)		(3,315,900)		(687,500)
Average number of common shares outstanding used to calculate basic EPS		37,409,219		39,389,829		42,018,229
Add: dilutive non-participating unvested restricted stock awards		216,969		—		—
Average number of common shares outstanding used to calculate dilutive EPS		37,626,188		39,389,829		42,018,229
Earnings per common share:
Basic	$	1.34	$	1.07	$	0.23
Diluted	$	1.34	$	1.07	$	0.23