v3.26.1
EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2026
Earnings per common share:  
EARNINGS PER SHARE

2. EARNINGS PER SHARE

 

Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. If rights to dividends on unvested awards are non-forfeitable, these unvested awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by us relate to stock options and certain performance-based restricted stock awards and are determined using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. There were no anti-dilutive shares outstanding during the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025.

 

 

Earnings per common share for the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025 have been computed based on the following:

 

                         
   Three Months Ended June 30,   Six Months Ended June 30, 
   2026   2025   2026   2025 
   (Dollars and shares in thousands, except per share data) 
                 
Net income applicable to common stock  $3,598   $4,590   $8,375   $6,893 
                     
Average number of common shares issued   20,109    20,612    20,211    20,703 
Less: Average unallocated ESOP Shares   (137)   (203)   (145)   (211)
Less: Average unvested performance-based equity incentive plan shares   (190)   (198)   (177)   (194)
                     
Average number of common shares outstanding used to calculate basic earnings per common share   19,782    20,211    19,889    20,298 
Effect of dilutive performance-based equity incentive plan shares   112    102    90    115 
Average number of common shares outstanding used to calculate diluted earnings per share   19,894    20,313    19,979    20,413 
                     
Net income per common share:                    
Basic earnings per share  $0.18   $0.23   $0.42   $0.34 
Diluted earnings per share  $0.18   $0.23   $0.42   $0.34