Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2024

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:

	June 30,		December 31,
	2024		2023
Projected and accumulated benefit obligation	$	(17,830)	$	(17,868)
Plan assets at fair value		17,983		18,062
Funded status included in accrued expenses and other liabilities	$	153	$	194

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

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

	Six months ended June 30,
	2024		2023
Interest cost	$	426	$	430
Expected return on plan assets		(499)		(465)
Amortization of unrecognized loss		149		187
Net periodic cost	$	76	$	152

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, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	12,377	$	—	$	—	$	12,377
Equity		5,606		—		—		5,606
Total assets at fair value	$	17,983	$	—	$	—	$	17,983

	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

Schedule of employee stock ownership plan

Shares held by the ESOP include the following:

	June 30,	December 31,
	2024	2023
Allocated	109,107	87,286
Committed to be allocated	10,908	21,821
Unallocated	316,410	327,318
Paid out to participants	(10,988)	(10,988)
Total shares	425,437	425,437

Summary of options

A summary of options under the 2020 EIP as of June 30, 2024 is presented below:

		Weighted -		Weighted-Average
	Number of	Average		Remaining Contractual
	Shares	Exercise Price		Term (in Years)
Options outstanding at beginning of year	436,263	$	6.62	6.64
Expired	(1,333)		6.57	-
Options outstanding at June 30, 2024	434,930	$	6.62	5.83
Options exercisable at June 30, 2024	434,930	$	6.62	5.83