XML 46 R34.htm IDEA: XBRL DOCUMENT v3.22.1
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