Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Employee Benefits

Schedule of employee stock ownership plan

Shares held by the ESOP include the following:

	Year ended December 31,
	2023	2022
Allocated	87,286	65,463
Committed to be allocated	21,821	21,821
Unallocated	327,318	349,141
Paid out to participants	(10,988)	(4,376)
Total shares	425,437	432,049

Schedule of assumptions used and fair value for options granted

The Company followed SEC safe-harbor guidelines when determining the expected term of the options granted. The weighted average assumptions used and fair value for options granted under the EIP as of the grant date were as follows:

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

A summary of options under the EIP as of December 31, 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 December 31, 2023	436,263	$	6.62	6.64
Options exercisable at December 31, 2023	436,263	$	6.62	6.64

Summary of Company's restricted stock activity

The following table summarizes the Company’s restricted stock activity for the year ended December 31, 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 December 31, 2023	-	$	-

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:

	December 31,
	2023		2022
Projected and accumulated benefit obligation	$	(17,868)	$	(17,138)
Plan assets at fair value		18,062		16,906
Funded status included in accrued expenses and other liabilities	$	194	$	(232)

Schedule of plan's funded status

The following table details the plan’s funded status:

	2023		2022
Change in benefit projected obligation:
Projected benefit obligation at beginning of year	$	17,138	$	23,055
Service cost		-		-
Interest cost		861		634
Actuarial loss (gain)		570		(5,874)
Benefits paid		(701)		(677)
Projected benefit obligation at end of year		17,868		17,138
Change in plan assets:
Fair value of plan assets at beginning of year		16,906		22,839
Actual return on plan assets		1,857		(5,256)
Contributions		-		-
Benefits paid		(701)		(677)
Fair value of plan assets at end of year		18,062		16,906
Funded status	$	194	$	(232)

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

The weighted-average assumptions used by the Company to determine the pension benefit obligation consisted of the following:

	Years ended December 31,
	2023		2022
Discount rate	4.90	%	5.15	%
Rate of compensation increase	N/A		N/A

Weighted-average assumptions used by the Company to determine the net periodic pension cost consisted of the following:

	Years ended December 31,
	2023		2022
Discount rate	5.15	%	2.80	%
Expected long-term return on plan assets	6.00	%	4.75	%
Rate of compensation increase	N/A		N/A

Schedule of amounts recognized in accumulated other comprehensive loss

Amounts recognized in accumulated other comprehensive loss consisted of the following:

	Years ended December 31,
	2023		2022
Net actuarial loss	$	4,330	$	5,060

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

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

	Years ended December 31,
	2023		2022
Interest cost	$	861	$	634
Expected return on plan assets		(932)		(1,007)
Amortization of unrecognized loss		374		267
Net periodic cost (benefit)	$	303	$	(106)

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:

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	12,293	$	—	$	—	$	12,293
Equity		5,769		—		—		5,769
Total assets at fair value	$	18,062	$	—	$	—	$	18,062

	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 employer contributions and benefit payments

Benefit payments are as follows:

	Year ended December 31,
	2023		2022
Benefits paid	$	701	$	677

Schedule of benefit payments, which reflect expected future service

As of December 31, 2023, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Fiscal Year Ending	Pension Benefits
2024	$	930
2025		970
2026		990
2027		1,040
2028		1,090
2029 – 2033		6,050