v3.26.3
Earnings per Common Share
9 Months Ended
Sep. 30, 2026
Earnings per Common Share  
Earnings per Common Share

Note 3. Earnings per Common Share

 

Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends, if any), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury.

 

The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock. All remaining outstanding shares of preferred stock were redeemed during the fourth quarter of 2025.

 

Three Months Ended September 30,

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Net income, as reported

 

$5,090,615

 

 

$4,746,787

 

Less: dividends to preferred shareholders

 

 

0

 

 

 

28,125

 

Net income available to common shareholders

 

$5,090,615

 

 

$4,718,662

 

Weighted average number of common shares

 

 

 

 

 

 

 

 

used in calculating earnings per share

 

 

5,604,048

 

 

 

5,607,086

 

Earnings per common share

 

$0.91

 

 

$0.84

 

 

Nine Months Ended September 30,

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Net income, as reported

 

$14,147,501

 

 

$12,332,018

 

Less: dividends to preferred shareholders

 

 

0

 

 

 

84,375

 

Net income available to common shareholders

 

$14,147,501

 

 

$12,247,643

 

Weighted average number of common shares

 

 

 

 

 

 

 

 

used in calculating earnings per share

 

 

5,595,042

 

 

 

5,608,353

 

Earnings per common share

 

$2.53

 

 

$2.18