Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Employee Benefits

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

	June 30,		December 31,
	2023		2022
Projected and accumulated benefit obligation	$	(18,700)	$	(17,138)
Plan assets at fair value		17,741		16,906
Funded status included in accrued expenses and other liabilities	$	(959)	$	(232)

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

	Six months ended June 30,
	2023		2022
Interest cost	$	430	$	317
Expected return on plan assets		(465)		(503)
Amortization of unrecognized loss		187		133
Net periodic cost (benefit)	$	152	$	(53)

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:

	June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	12,349	$	—	$	—	$	12,349
Equity		5,392		—		—		5,392
Total assets at fair value	$	17,741	$	—	$	—	$	17,741

	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

Schedule of employee stock ownership plan

	June 30,	December 31,
	2023	2022
Allocated	87,284	65,463
Committed to be allocated	10,908	21,821
Unallocated	338,233	349,141
Paid out to participants	(4,376)	(4,376)
Total shares	432,049	432,049

Summary of options

A summary of options under the 2020 EIP as of June 30, 2023 is presented below:

		Weighted -		Weighted-Average
	Number of	Average		Remaining Contractual
	Shares	Exercise Price		Term (in Years)
Options outstanding at beginning of year	437,930	$	6.62	7.66
Granted	-		-	-
Exercised	-		-	-
Forfeited	(1,001)		6.57	-
Options outstanding at June 30, 2023	436,929	$	6.62	7.14
Options exercisable at June 30, 2023	290,126	$	6.62	7.12

Summary of Company's restricted stock activity

The following table summarizes the Company’s restricted stock activity for the six months ended June 30, 2023:

			Weighted-Average
	Number		Grant Date
	of Shares		Fair Value per Share
Non-vested restricted stock at beginning of year	56,266	$	6.57
Granted	-		-
Vested	-		-
Forfeited	(668)		6.57
Non-vested restricted stock at June 30, 2023	55,598	$	6.57