Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Employee Benefits

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

	September 30,		December 31,
	2023		2022
Projected and accumulated benefit obligation	$	(17,342)	$	(17,138)
Plan assets at fair value		16,501		16,906
Funded status included in accrued expenses and other liabilities	$	(841)	$	(232)

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

	Nine months ended September 30,
	2023		2022
Interest cost	$	646	$	476
Expected return on plan assets		(698)		(755)
Amortization of unrecognized loss		280		200
Net periodic cost (benefit)	$	228	$	(79)

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, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	11,309	$	—	$	—	$	11,309
Equity		5,192		—		—		5,192
Total assets at fair value	$	16,501	$	—	$	—	$	16,501

	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

	September 30,	December 31,
	2023	2022
Allocated	87,284	65,463
Committed to be allocated	16,362	21,821
Unallocated	332,779	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 September 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
Expired	(666)		6.57	-
Forfeited	(1,001)		6.57	-
Options outstanding at September 30, 2023	436,263	$	6.62	6.90
Options exercisable at September 30, 2023	431,263	$	6.60	6.89

Summary of Company's restricted stock activity

The following table summarizes the Company’s restricted stock activity for the nine months ended September 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
Vested	(55,598)		6.57
Forfeited	(668)		6.57
Non-vested restricted stock at September 30, 2023	-	$	-