Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Note 9: Earnings Per Share (“EPS”)

Basic EPS represents income available to common stockholders divided by 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 should then share in the earnings of the Company. Diluted EPS is computed by dividing net income attributed to common stockholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents.

	Three Months Ended March 31, 2025
Net income (loss) applicable to common shares outstanding	$	(568,641)
Average number of common shares outstanding		752,538
Less: Average unallocated ESOP shares		49,715
Average number of common shares outstanding used to calculate basic earnings per share		702,823
Earnings per common share basic and diluted	$	(0.81)

There were no securities or other contracts that had a dilutive effect during the three months ended March 31, 2025, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same.

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 EPS calculations. All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS. Earnings per share for the three months ended March 31, 2025, was calculated using 702,823 weighted average shares outstanding. EPS data is not applicable for the three months ended March 31, 2024, as the Company had no shares outstanding.