Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefits

Schedule of employee stock ownership plan

	2020	2019
Allocated	21,821	—
Committed to be allocated	21,821	21,821
Unallocated	392,783	414,604
Paid out to participants	(68)	—
Total shares	436,357	436,425

Schedule of assumptions used and fair value for options granted

	December 31, 2020
Expected term (years)	6
Expected dividend yield	0%
Weighted-average expected volatility	25.45%
Weighted-average risk-free interest rate	0.29%
Weighted-average fair value of options granted	$ 1.67

Summary of options

		Weighted -		Weighted-Average
	Number of	Average		Contractual Term
	Shares	Exercise Price		(in Years)
Options outstanding at beginning of year	-	$	-	-
Options granted	448,385		6.61	6.00
Options exercised	-		-	-
Forfeited	-		-	-
Options outstanding at December 31, 2020	448,385	$	6.61	6.00
Options exercisable at December 31, 2020	-		-	-

Summary of Company’s restricted stock activity

			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

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

	December 31,		December 31,
	2020		2019
Projected and accumulated benefit obligation	$	(23,964)	$	(20,953)
Plan assets at fair value		22,634		20,628
Funded status included in accrued expenses and other liabilities	$	(1,330)	$	(325)

Schedule of amounts recognized in accumulated other comprehensive loss

	Years ended December 31,
	2020		2019
Net actuarial loss	$	6,055	$	4,948

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

	Year ended		Year ended
	December 31,		December 31,
	2020		2019
Interest cost	$	670	$	734
Expected return on plan assets		(1,058)		(868)
Amortization of unrecognized loss		285		345
Net periodic (benefit) cost	$	(103)	$	211

Schedule of weighted-average assumptions used to determine the pension benefit obligation

	Years ended December 31,
	2020		2019
Discount rate	2.50	%	3.25	%
Rate of compensation increase	N/A		N/A

	Years ended December 31,
	2020		2019
Discount rate	3.25	%	4.20	%
Expected long-term return on plan assets	5.50	%	5.50	%
Rate of compensation increase	N/A		N/A

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

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	15,189	$	—	$	—	$	15,189
Equity		6,206		—		—		6,206
Other		1,239		—		—		1,239
Total assets at fair value	$	22,634	$	—	$	—	$	22,634

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	14,143	$	—	$	—	$	14,143
Equity		5,256		—		—		5,256
Other		1,229		—		—		1,229
Total assets at fair value	$	20,628	$	—	$	—	$	20,628

Schedule of employer contributions and benefit payments

	Year ended December 31,
	2020		2019
Benefits paid	$	600	$	503

Schedule of benefit payments, which reflect expected future service

Fiscal Year Ending	Pension Benefits
2021	$	780
2022		790
2023		810
2024		890
2025		920
2026 – 2030		5,290