v3.26.1
Earnings Per Share ("EPS")
6 Months Ended
Jun. 30, 2026
Earnings Per Share ("EPS")  
Earnings Per Share ("EPS")

Note 12 – Earnings Per Share (“EPS”)

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

Diluted EPS has 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 shares of common stock (such as those resulting from the vesting of RSAs) were issued during the period, computed using the treasury stock method.

The Company has RSAs that had a dilutive effect during the three and six months ended June 30, 2026 and 2025. Unallocated ESOP shares and unvested RSAs are not deemed outstanding for earnings per share calculations.

For the three and six months ended June 30, 2026 and 2025, there were no anti-dilutive shares.

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

For the Three Months Ended

For the Six Months Ended

  ​ ​ ​

June 30, 2026

  ​ ​ ​

June 30, 2025

  ​ ​ ​

June 30, 2026

  ​ ​ ​

June 30, 2025

(Dollars in thousands, except per share data)

Net income applicable to common shares

$

21,123

$

14,579

$

36,107

$

27,234

Average number of common shares outstanding

44,144,063

41,396,960

44,309,997

41,396,960

Less: average unallocated ESOP shares

(3,074,812)

(3,245,635)

(3,074,347)

(3,245,635)

Less: average unvested restricted stock awards

(1,376,111)

(959,865)

(1,354,391)

(482,584)

Average number of common shares outstanding used to calculate basic EPS

39,693,140

37,191,460

39,881,259

37,668,741

Common stock equivalents

307,165

358,949

379,210

179,474

Average number of common shares outstanding used to calculate diluted EPS

40,000,305

37,550,409

40,260,469

37,848,215

Earnings per common share - basic

$

0.53

$

0.39

$

0.91

$

0.72

Earnings per common share - diluted

$

0.53

$

0.39

$

0.90

$

0.72