Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2020

Employee Benefits

Schedule of plan's funded status and amounts recognized in consolidated statement of financial condition

	September 30,		December 31,
	2020		2019
Projected and accumulated benefit obligation	$	(22,160)	$	(20,953)
Plan assets at fair value		21,835		20,628
Funded status included in accrued expenses and other liabilities	$	(325)	$	(325)

Schedule of net periodic pension cost and amounts recognized in other comprehensive income (loss)

	Nine months ended		Nine months ended
	September 30,		September 30,
	2020		2019
Interest cost	$	502	$	555
Expected return on plan assets		(1,691)		(705)
Amortization of unrecognized loss		1,266		328
Net periodic cost	$	77	$	178

Schedule of fair value of pension plan assets, by fair value hierarchy

	September 30, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	16,423	$	—	$	—	$	16,423
Equity		5,412		—		—		5,412
Total assets at fair value	$	21,835	$	—	$	—	$	21,835

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	15,372	$	—	$	—	$	15,372
Equity		5,256		—		—		5,256
Total assets at fair value	$	20,628	$	—	$	—	$	20,628

Schedule of employee stock ownership plan

	September 30, 2020
Allocated	21,821
Committed to be allocated	16,362
Unallocated	398,242
Total shares	436,425

Schedule of assumptions used and fair value for options granted

The Company follows SEC safe-harbor guidelines when determining the expected term of the options granted. The assumptions used and fair value for options granted as of September 30, 2020 are as follows:

	September 30, 2020
Expected term (years)	6
Expected dividend yield	0%
Expected volatility	25.7%
Risk-free interest rate	0.28%
Fair value of options granted	$ 1.67

Summary of options

A summary of options under the 2020 EIP as of September 30, 2020, is presented below:

		Weighted -		Weighted-Average
	Number of	Average		Contractual Term
	Shares	Exercise Price		(in Years)
Options outstanding at beginning of year	-	$	-	-
Options granted	433,385		6.57	6.00
Options exercised	-		-	-
Forfeited	-		-	-
Options outstanding at September 30, 2020	433,385	$	6.57	6.00
Options exercisable at September 30, 2020	-		-	-

Summary of Company’s restricted stock activity

The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2020:

			Weighted-Average
	Number		Grant Date
	of Shares		Fair Value
Non-vested restricted stock at beginning of year	-	$	-
Granted	169,769		6.57
Vested	-		-
Forfeited	-		-
Non-vested restricted stock at end of year	169,769	$	6.57