Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share

Earnings Per Share

Note 3 – Earnings Per Share

Basic earnings per share is derived by dividing net income available to shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). There were no anti-dilutive shares outstanding at March 31, 2026 or 2025.

The following table sets forth the calculation of basic and diluted earnings per common share for the three-month periods ended March 31, 2026 and 2025:

	Three months ended March 31,
	2026					2025
			Weighted					Weighted
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic Earnings Per Share:
Net income	$	6,663	6,483	$	1.03	$	5,806	6,474	$	0.90
Diluted Earnings Per Share:
Restricted stock units			11					16
Net income	$	6,663	6,494	$	1.03	$	5,806	6,490	$	0.89