Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 2024

Note 12 – Earnings Per Share (“EPS”)

Basic earnings per common share represent income available to common shareholders, divided by the weighted average number of common shares outstanding during the period. As a result of the Conversion, previously outstanding shares held by public stockholders were adjusted to reflect the 1.5309-to-1 exchange ratio. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may have been issued by the Company related to outstanding unvested restricted stock awards were determined using the treasury stock method and included in the calculation of dilutive common stock equivalents.

As of three and nine months ended September 30, 2024, and 2023, there were no, unvested restricted stock awards which were excluded from the calculation as their effect would be anti-dilutive. Basic and diluted earnings per share have been computed based on weighted-average common and common equivalent shares outstanding as follows:


	Three Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2024				2023				2024				2023
(dollars in thousands, except per share data)	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted

Net income	$	3,798	$	3,798	$	3,684	$	3,684	$	9,771	$	9,771	$	10,698	$	10,698
Weighted average common shares outstanding		10,752		10,752		10,600		10,600		10,686		10,686		8,858		8,858
Dilutive securities
Stock options		—		30		—		30		—		33		—		40
Adjusted weighted average shares outstanding		10,752		10,782		10,600		10,630		10,686		10,719		8,858		8,898
Earnings -per share amount	$	0.35	$	0.35	$	0.35	$	0.35	$	0.91	$	0.91	$	1.21	$	1.20