v3.26.3
Earnings Per Share ("EPS")
9 Months Ended
Sep. 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.

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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.

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

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For the three and nine months ended September 30, 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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For the Three Months Ended

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For the Nine Months Ended

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September 30, 2026

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September 30, 2025

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September 30, 2026

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September 30, 2025

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(Dollars in thousands, except per share data)

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Net income applicable to common shares

$

23,133

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$

15,362

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$

59,240

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$

42,596

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Average number of common shares outstanding

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43,818,490

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39,902,365

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44,474,428

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41,099,086

Less: weighted average unallocated ESOP shares

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(1,311,179)

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(3,245,635)

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(1,368,848)

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(3,245,635)

Less: weighted average unvested restricted stock awards

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(3,074,812)

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(1,284,525)

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(3,074,812)

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(752,835)

Weighted average number of common shares outstanding used to calculate basic EPS

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39,432,499

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35,372,205

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40,030,768

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37,100,616

Common stock equivalents

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401,465

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207,251

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386,628

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188,733

Weighted average number of common shares outstanding used to calculate diluted EPS

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39,833,964

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35,579,456

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40,417,396

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37,289,349

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Earnings per common share - basic

$

0.59

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$

0.43

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$

1.48

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$

1.15

Earnings per common share - diluted

$

0.58

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$

0.43

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$

1.47

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$

1.14

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