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Compensation and Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

A summary of the ESOP shares as of September 30, 2020 and December 31, 2019 are as follows:

	September 30, 2020		December 31, 2019
Shares committed-to-be released		36,189		48,250
Shares to be allocated to participants		144,750		96,500
Unallocated shares		542,812		579,001
Total		723,751		723,751
Fair value of unearned shares	$	4,788	$	8,511

Schedule of Restricted Stock Units Awards Activity and Related Information

A summary of the Company’s restricted stock unit awards activity and related information for the nine months ended September 30, 2020 and year ended December 31, 2019 are as follows:

	September 30, 2020
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		420,744		$	12.78
Granted		15,000			10.05
Forfeited		—			—
Vested		—			—
Non-vested at September 30		435,744		$	12.69

	December 31, 2019
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		510,879		$	12.77
Granted		29,725			12.93
Forfeited		(29,725	)		12.77
Vested		(90,135	)		12.77
Non-vested at December 31		420,744		$	12.78

Schedule of Stock Option Awards Activity and Related Information

A summary of the Company’s stock option awards activity and related information for the nine months ended September 30, 2020 and year ended December 31, 2019 are as follows:

	September 30, 2020
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		163,766	$	12.78
Granted		40,000		8.93
Exercised		—		—
Forfeited		—		—
Outstanding at September 30 (1)		203,766	$	12.02
Exercisable at September 30 (1)		24,788	$	12.77

Note 10. Compensation and Benefit Plans (Continued)

	December 31, 2019
	Options			Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		163,766		$	12.77
Granted		8,918			12.93
Exercised		—			—
Forfeited		(8,918	)		12.77
Outstanding at December 31 (1)		163,766		$	12.78
Exercisable at December 31 (1)		24,788		$	12.77

(1)

The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $0 and $315 for outstanding options and $0 and $48 for exercisable options at September 30, 2020 and December 31, 2019, respectively.

Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions:

	For the Nine Months Ended September 30,
	2020			2019
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		38.51	%		16.94	%
Risk-free interest rate		0.48	%		2.51	%
Weighted average grant date fair value		$ 3.77			$ 4.01