Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Employee Benefits

Schedule of employee stock ownership plan

	Year ended	Year ended
	December 31,	December 31,
	2021	2020
Allocated	43,642	21,821
Committed to be allocated	21,821	21,821
Unallocated	370,962	392,783
Paid out to participants	(1,252)	(68)
Total shares	435,173	436,357

Schedule of assumptions used and fair value for options granted

	December 31, 2021
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		Remaining Contractual
	Shares	Exercise Price		Term (in Years)
Options outstanding at beginning of year	448,385	$	6.61	9.66
Options granted	-		-	-
Options exercised	(5,455)		6.57	-
Forfeited	(3,334)		6.57	-
Options outstanding at December 31, 2021	439,596	$	6.62	8.63
Options exercisable at December 31, 2021	143,997		6.62	8.56

Summary of Company's restricted stock activity

			Weighted-Average
	Number		Grant Date
	of Shares		Fair Value per Share
Non-vested restricted stock at beginning of year	169,769	$	6.57
Granted	-		-
Vested	(56,582)		6.57
Forfeited	(667)		6.57
Non-vested restricted stock at December 31, 2021	112,520	$	6.57

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

	December 31,		December 31,
	2021		2020
Projected and accumulated benefit obligation	$	(23,055)	$	(23,964)
Plan assets at fair value		22,839		22,634
Funded status included in accrued expenses and other liabilities	$	(216)	$	(1,330)

Schedule of plan's funded status

	2021		2020
Change in benefit projected obligation:
Projected benefit obligation at beginning of year	$	23,964	$	20,953
Service cost		-		-
Interest cost		589		670
Actuarial (gain) loss		(842)		2,941
Benefits paid		(656)		(600)
Projected benefit obligation at end of year		23,055		23,964
Change in plan assets:
Fair value of plan assets at beginning of year		22,634		20,628
Actual return on plan assets		861		2,606
Contributions		-		-
Benefits paid		(656)		(600)
Fair value of plan assets at end of year		22,839		22,634
Funded status	$	(216)	$	(1,330)

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

	Years ended December 31,
	2021		2020
Discount rate	2.80	%	2.50	%
Rate of compensation increase	N/A		N/A

	Years ended December 31,
	2021		2020
Discount rate	2.50	%	3.25	%
Expected long-term return on plan assets	4.50	%	5.50	%
Rate of compensation increase	N/A		N/A

Schedule of amounts recognized in accumulated other comprehensive loss

	Years ended December 31,
	2021		2020
Net actuarial loss	$	4,938	$	6,055

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

	Years ended December 31,
	2021		2020
Interest cost	$	589	$	670
Expected return on plan assets		(944)		(1,058)
Amortization of unrecognized loss		359		285
Net periodic cost (benefit)	$	4	$	(103)

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

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	15,689	$	—	$	—	$	15,689
Equity		7,150		—		—		7,150
Total assets at fair value	$	22,839	$	—	$	—	$	22,839

	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

Schedule of employer contributions and benefit payments

	Year ended December 31,
	2021		2020
Benefits paid	$	656	$	600

Schedule of benefit payments, which reflect expected future service

Fiscal Year Ending	Pension Benefits
2022	$	820
2023		840
2024		910
2025		940
2026		960
2027 – 2031		5,560