Earnings per Share

9 Months Ended

Sep. 30, 2025

Note 3 - Earnings per Share

The following table sets forth the computation of earnings per share.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income applicable to common stock	$	10,005,000	$	7,536,000	$	26,089,000	$	19,835,000

Basic earnings per share computation
Weighted average common shares outstanding		4,796,946		4,796,752		4,797,335		4,796,061
Earnings per share - basic	$	2.09	$	1.57	$	5.44	$	4.14

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		4,796,946		4,796,752		4,797,335		4,796,061
Add: Dilutive effects of restricted stock		1,105		1,545		2,131		4,939
Weighted average common shares outstanding for dilutive earnings per share		4,798,051		4,798,297		4,799,466		4,801,000
Earnings per share - diluted	$	2.09	$	1.57	$	5.44	$	4.13

For the three months ended September 30, 2025 and 2024, there were 1,372 and 3,025 shares, respectively, related to the restricted stock plan that were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had per share prices ranging from $61.98-$83.38 for the three month period ended September 30, 2025 and per share prices ranging from $60.16-$83.38 for the three month period ended September 30, 2024. For the nine months ended September 30, 2025 and 2024, 1,372 and 3,025 shares, respectively, related to the restricted stock plan were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $61.98-$83.38 for the nine month period ended September 30, 2025 and prices ranging from $60.16-$83.38 for the nine month period ended September 30, 2024.