Earnings per Share

9 Months Ended

Sep. 30, 2026

Note 3 - Earnings per Share

The following table sets forth the computation of earnings per share.

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Net income applicable to common stock	$	11,921,000	$	10,005,000	$	32,484,000	$	26,089,000

Basic earnings per share computation
Weighted average common shares outstanding		4,800,757		4,796,946		4,798,879		4,797,335
Earnings per share - basic	$	2.48	$	2.09	$	6.77	$	5.44

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		4,800,757		4,796,946		4,798,879		4,797,335
Add: Dilutive effects of restricted stock		1,650		1,105		2,435		2,131
Weighted average common shares outstanding for dilutive earnings per share		4,802,407		4,798,051		4,801,314		4,799,466
Earnings per share - diluted	$	2.48	$	2.09	$	6.77	$	5.44

For the three months ended September 30, 2026 and 2025, there were 74 and 1,372 shares, respectively, related to the restricted stock plan that were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had per share prices of $61.98 for the three month period ended September 30, 2026 and per share prices ranging from $61.98-$83.38 for the three month period ended September 30, 2025. For the nine months ended September 30, 2026 and 2025, 459 and 1,372 shares, respectively, related to the restricted stock plan were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $60.96-$69.19 for the nine month period ended September 30, 2026 and prices ranging from $61.98-$83.38 for the nine month period ended September 30, 2025.