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Note 8 - Earnings (Loss) Per Common Share
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 8 - Earnings (Loss) per Common Share

 

The two-class method is used for computing basic and diluted earnings per share. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participating rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities.

 

The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods shown:

 

  

Three Months Ended March 31,

 

(dollars in thousands, except share data)

 

2026

  

2025

 

Net income (loss):

        

Net income (loss) available to common shareholders

 $6  $(9,036)

Dividends and undistributed earnings allocated to participating securities

  —   — 

Earnings (loss) allocated to common shareholders

 $6  $(9,036)

Basic:

        

Weighted average common shares outstanding

  9,468,679   9,380,951 

Weighted average unvested restricted stock awards

  (153,793)  (112,987)

Weighted average unallocated ESOP shares

  (467,677)  (520,542)

Total basic weighted average common shares outstanding

  8,847,209   8,747,422 

Diluted:

        

Basic weighted average common shares outstanding

  8,847,209   8,747,422 

Dilutive restricted stock awards

  47,789   — 

Total diluted weighted average common shares outstanding

  8,894,998   8,747,422 

Basic earnings (loss) per common share

 $—  $(1.03)

Diluted earnings (loss) per common share

 $—  $(1.03)

 

 

Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. At  March 31, 2026 and 2025, antidilutive shares as calculated under the treasury stock method totaled 872 and 28,364, respectively.