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Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

Note 10. Earnings Per Share

The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share:

 

 

 

For the Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(Dollars in thousands except share data)

 

 

 

 

 

 

 

 

Net income

 

$

2,414

 

 

$

331

 

 

 

 

 

 

 

 

Common shares outstanding for basic EPS:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

23,788,856

 

 

 

24,862,118

 

Less: Weighted average unallocated Employee Stock
   Ownership Plan (ESOP) shares

 

 

1,435,364

 

 

 

1,569,105

 

Basic weighted average common shares outstanding

 

 

22,353,492

 

 

 

23,293,013

 

Basic earnings per common share

 

$

0.11

 

 

$

0.01

 

Potential dilutive common shares:

 

 

 

 

 

 

Add: Dilutive effect of restricted stock awards and stock options

 

 

13,236

 

 

 

31,519

 

Diluted weighted average common shares outstanding

 

 

22,366,728

 

 

 

23,324,532

 

Diluted earnings per common share

 

$

0.11

 

 

$

0.01