Earnings per share was calculated for the years ended December 31, 2025 and 2024, in accordance with ASC 260 - Earnings Per Share, which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Basic earnings per share is based upon the weighted average number of common shares outstanding, exclusive of unearned shares held by the ESOP. Unvested shares of restricted stock which have voting rights and are eligible to receive dividends are included in the calculation of the weighted average number of common shares outstanding. Diluted earnings per share is based upon the weighted average number of common shares outstanding and common share equivalents that would arise from the exercise of dilutive securities. Stock options are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would be dilutive and computed using the treasury stock method.

The calculated basic and diluted earnings per share are as follows. Share and per share amounts related to periods prior to the date of Conversion (July 18, 2025) have been adjusted to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3549).



	Years Ended December 31,
	2025		2024
Numerator – net income	$	7,269,000	$	4,931,000
Denominator:
Basic weighted average shares outstanding		7,510,235		7,617,009
Increase in weighted average shares outstanding due to:
Stock options(1)		9,180		—
Diluted weighted average shares outstanding(1)		7,519,415		7,617,009

Earnings per share:
Basic	$	0.97	$	0.65
Diluted	$	0.97	$	0.65

(1)

Weighted average stock options to purchase 2,721 shares under the Company's 2025 Equity Incentive Plan ("2025 EIP") at $14.85 were outstanding during the year ended December 31, 2025 and were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. Weighted average stock options to purchase 47,069 shares under the Company's 2006 Stock Option Plan and 23,795 shares under the Company's 2012 Equity Incentive Plan ("2012 EIP") at $10.61 and $7.89, respectively, were outstanding during the year ended December 31, 2024 and were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive.