Note 12 – Earnings Per Share (“EPS”)

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

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Diluted EPS have been calculated in a manner similar to that of basic EPS 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.

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The Company has restricted stock awards that had a dilutive effect during the three months ended March 31, 2026. There were no securities 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 during the three months ended March 31, 2025. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

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For the three months ended March 31, 2026 and 2025, there were no anti-dilutive shares.

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The table below sets forth our earnings per share for the periods indicated:

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