Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Employee Benefits

Schedule of employee stock ownership plan

	Year ended December 31,
	2022	2021
Allocated	65,463	43,642
Committed to be allocated	21,821	21,821
Unallocated	349,141	370,962
Paid out to participants	(4,376)	(1,252)
Total shares	432,049	435,173

Schedule of assumptions used and fair value for options granted

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	439,596	$	6.62	8.63
Options granted	-		-	-
Options exercised	-		-	-
Options Expired	(1,666)		6.57	-
Options outstanding at December 31, 2022	437,930	$	6.62	7.66
Options exercisable at December 31, 2022	290,126	$	6.62	7.66

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	112,520	$	6.57
Granted	-		-
Vested	(56,254)		6.57
Forfeited	-		-
Non-vested restricted stock at December 31, 2022	56,266	$	6.57

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

	December 31,
	2022		2021
Projected and accumulated benefit obligation	$	(17,138)	$	(23,055)
Plan assets at fair value		16,906		22,839
Funded status included in accrued expenses and other liabilities	$	(232)	$	(216)

Schedule of plan's funded status

	2022		2021
Change in benefit projected obligation:
Projected benefit obligation at beginning of year	$	23,055	$	23,964
Service cost		-		-
Interest cost		634		589
Actuarial gain		(5,874)		(842)
Benefits paid		(677)		(656)
Projected benefit obligation at end of year		17,138		23,055
Change in plan assets:
Fair value of plan assets at beginning of year		22,839		22,634
Actual return on plan assets		(5,256)		861
Contributions		-		-
Benefits paid		(677)		(656)
Fair value of plan assets at end of year		16,906		22,839
Funded status	$	(232)	$	(216)

Schedule of amounts recognized in accumulated other comprehensive loss

	Years ended December 31,
	2022		2021
Net actuarial loss	$	5,060	$	4,938

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

	Years ended December 31,
	2022		2021
Interest cost	$	634	$	589
Expected return on plan assets		(1,007)		(944)
Amortization of unrecognized loss		267		359
Net periodic (benefit) cost	$	(106)	$	4

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

	Years ended December 31,
	2022		2021
Discount rate	5.15	%	2.80	%
Rate of compensation increase	N/A		N/A

	Years ended December 31,
	2022		2021
Discount rate	2.80	%	2.50	%
Expected long-term return on plan assets	4.75	%	4.50	%
Rate of compensation increase	N/A		N/A

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

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	11,600	$	—	$	—	$	11,600
Equity		5,306		—		—		5,306
Total assets at fair value	$	16,906	$	—	$	—	$	16,906

	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 employer contributions and benefit payments

	Year ended December 31,
	2022		2021
Benefits paid	$	677	$	656

Schedule of benefit payments, which reflect expected future service

Fiscal Year Ending	Pension Benefits
2023	$	850
2024		920
2025		960
2026		980
2027		1,020
2028 – 2032		5,830