v3.26.1
Note 10 - Earnings Per Share ("EPS")
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 10 - EARNINGS PER SHARE ("EPS")

 

Basic earnings per share is calculated by dividing the income available to common shares by the weighted-average number of common shares outstanding during the period. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options) were issued during the period, computed using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

 

  

Three months ended

 
  

March 31,

 
  

2026

  

2025

 
  

(Dollars in thousands, except per share data)

 

Net income allocated to common stock

 $3,122  $1,297 
         

Weighted-average common shares outstanding used to calculate basic earnings per common share

  8,026,026   8,210,782 

Add: Dilutive effect of restricted stock awards

  82,022   132,989 

Add: Dilutive effect of stock options

  191,662   — 

Weighted-average common shares outstanding used to calculate diluted earnings per common share

  8,299,710   8,343,771 
         

Earnings per common share

        

Basic

 $0.39  $0.16 

Diluted

 $0.38  $0.16 

 

For the three months ended March 31, 2026, there were no anti-dilutive shares. For the three months ended March 31, 2025, the shares that were anti-dilutive, and therefore excluded from the calculation of diluted earnings per share, included options to purchase 169,128 shares of common stock.