Earnings per Share

3 Months Ended

Mar. 31, 2025

Note 4:

Earnings Per Share

Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the period.

Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and nonqualified stock options, calculated using the treasury stock method.

The following table shows the computation of basic and diluted earnings per share:

	As of and for the three months ended March 31,
	2025		2024
(Dollars in thousands, except per share amounts)
Numerator
Net income	$	10,336	$	11,288

Denominator
Weighted-average shares outstanding for basic earnings per share		9,421,534		9,220,154
Dilutive effect of stock compensation⁽¹⁾		130,739		97,659
Denominator for diluted earnings per share		9,552,273		9,317,813

Earnings per common share
Basic	$	1.10	$	1.22
Diluted	$	1.08	$	1.21

(1)

The following have not been included in diluted earnings per share because to do so would have been antidilutive for the periods presented: Nonqualified stock options outstanding of 0 and 5,000 for the three month periods ended March 31, 2025 and 2024, respectively; Restricted stock units outstanding of 69,589 and 50,000 for the three month periods ended March 31, 2025 and 2024, respectively.