Note 5 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

Note 5. Earnings per Common Share

Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance.

The following table presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (dollars in thousands, except per share data):

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
(Numerator):
Net income	$	5,051	$	2,442	$	6,649	$	5,651
(Denominator):
Weighted average shares outstanding – basic		8,987,179		6,278,113		8,983,374		6,273,952
Potentially dilutive common shares – restricted stock units		14,793		11,292		20,594		12,018
Weighted average shares outstanding – diluted		9,001,972		6,289,405		9,003,968		6,285,970
Income per common share
Basic	$	0.56	$	0.39	$	0.74	$	0.90
Diluted	$	0.56	$	0.39	$	0.74	$	0.90

There were no antidilutive shares of common stock for the six months ended June 30, 2025 and 2024.

FIRST NATIONAL CORP /VA/ 10-Q