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Earnings Per Share ("EPS)

9 Months Ended

Sep. 30, 2025

Earnings Per Share ("EPS)

Earnings Per Share ("EPS)

Note 11 – 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. Diluted EPS have 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 common shares (such as those resulting from the vesting of restricted stock awards) were issued during the period, computed using the treasury stock method. There were 207,251 and 188,733 securities that had a dilutive effect during the three and nine months ended September 30, 2025, respectively. There were no securities that had a dilutive effect during the three and nine months ended September 30, 2024. Unallocated ESOP shares and unallocated restricted stock awards are not deemed outstanding for EPS calculations.


		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
		2025			2024			2025			2024

		(Dollars in thousands, except per share data)

Net income applicable to common shares		$	15,362		$	8,383		$	42,596		$	26,537

Average number of common shares outstanding			39,902,365			42,705,729			41,099,086			42,705,729
Less: average unallocated ESOP shares			(3,245,635)			(3,416,458)			(3,245,635)			(3,282,515)
Less: average unallocated restricted stock awards			(1,284,525)			—			(752,835)			—
Average number of common shares outstanding used to calculate basic EPS			35,372,205			39,289,271			37,100,616			39,423,214
Common stock equivalents			207,251			—			188,733			—
Average number of common shares outstanding used to calculate diluted EPS			35,579,456			39,289,271			37,289,349			39,423,214

Earnings per common share - basic		$	0.43		$	0.21		$	1.15		$	0.67
Earnings per common share - diluted		$	0.43		$	0.21		$	1.14		$	0.67

For the three and nine months ended September 30, 2025 and 2024, there were no anti-dilutive shares.