Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2022

Employee Benefits

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

The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of financial condition:

	September 30,		December 31,
	2022		2021
Projected and accumulated benefit obligation	$	(17,299)	$	(23,055)
Plan assets at fair value		16,444		22,839
Funded status included in accrued expenses and other liabilities	$	(855)	$	(216)

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

The net periodic pension cost and amounts recognized in other comprehensive income are as follows:

	Nine months ended September 30,
	2022		2021
Interest cost	$	476	$	442
Expected return on plan assets		(755)		(708)
Amortization of unrecognized loss		200		269
Net periodic (benefit) cost	$	(79)	$	3

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

The fair value of the Company’s pension plan assets, by fair value hierarchy, are as follows:

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	11,487	$	—	$	—	$	11,487
Equity		4,957		—		—		4,957
Total assets at fair value	$	16,444	$	—	$	—	$	16,444

	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

Schedule of employee stock ownership plan

Shares held by the ESOP include the following:

	Nine months ended	Year ended
	September 30,	December 31,
	2022	2021
Allocated	65,463	43,642
Committed to be allocated	16,362	21,821
Unallocated	354,600	370,962
Paid out to participants	(1,252)	(1,252)
Total shares	435,173	435,173

Summary of options

A summary of options under the 2020 EIP as of September 30, 2022 is presented below:

		Weighted -		Weighted-Average
	Number of	Average		Remaining Contractual
	Shares	Exercise Price		Term (in Years)
Options outstanding at beginning of year	439,596	$	6.62	8.63
Options granted	-		-	-
Options exercised	-		-	-
Options Expired	(1,666)		6.57	-
Options outstanding at September 30, 2022	437,930	$	6.62	7.92
Options exercisable at September 30, 2022	285,126	$	6.59	7.91

Summary of Company's restricted stock activity

The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2022:

			Weighted-Average
	Number		Grant Date
	of Shares		Fair Value per Share
Non-vested restricted stock at beginning of year	112,520	$	6.57
Granted	-		-
Vested	(56,254)		6.57
Forfeited	-		-
Non-vested restricted stock at September 30, 2022	56,266	$	6.57