v3.26.1
Earnings Per Share
6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 15. EARNINGS PER SHARE

Basic earnings per share ("EPS") represents net income available to common stockholders divided by the weighted-average number of common shares outstanding during the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the year, plus the effect of potential dilutive common share equivalents computed using the treasury stock method. There were no securities that had a dilutive effect during the three and six months ended June 30, 2026, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Earnings per share data is not applicable for the three and six months ended June 30, 2025, as the Company had no shares outstanding.

 

(Dollars in thousands, except per share data)

Three Months Ended
June 30, 2026

 

 

Six Months Ended
June 30, 2026

 

Net income

$

7,170

 

 

$

13,165

 

 

 

 

 

 

Average number of common shares outstanding

 

20,076,250

 

 

 

20,076,250

 

Less: average unallocated ESOP shares

 

1,498,806

 

 

 

1,508,788

 

Average number of basic and diluted shares outstanding

 

18,577,444

 

 

 

18,567,462

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

Basic

$

0.39

 

 

$

0.71

 

Diluted

$

0.39

 

 

$

0.71