Earnings per Share

6 Months Ended

Jun. 30, 2026

Note 3 - Earnings per Share

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

	Three months ended				Six months ended
	June 30,				June 30,
	2026		2025		2026		2025
Net income applicable to common stock	$	10,187,000	$	8,463,000	$	20,563,000	$	16,084,000

Basic earnings per share computation
Weighted average common shares outstanding		4,797,940		4,797,716		4,798,104		4,797,642
Earnings per share - basic	$	2.12	$	1.76	$	4.29	$	3.35

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		4,797,940		4,797,716		4,798,104		4,797,642
Add: Dilutive effects of restricted stock		4,253		2,668		3,847		3,220
Weighted average common shares outstanding for dilutive earnings per share		4,802,193		4,800,384		4,801,951		4,800,862
Earnings per share - diluted	$	2.12	$	1.76	$	4.28	$	3.35

For the three months ended June 30, 2026 and 2025, there were 266 and 2,668 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-$81.94 for the three month period ended June 30, 2026 and per share prices ranging from $61.98-$83.38 for the three month period ended June 30, 2025. For the six months ended June 30, 2026 and 2025, 609 and 3,219 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 $60.96-$81.94 for the six month period ended June 30, 2026 and prices ranging from $61.98-$83.38 for the six month period ended June 30, 2025.