Employee Benefits (Tables)

9 Months Ended

Sep. 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:  

	September 30,		December 31,
	2024		2023
Projected and accumulated benefit obligation	$	(18,615)	$	(17,868)
Plan assets at fair value		19,033		18,062
Funded status included in accrued expenses and other liabilities	$	418	$	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:

	Nine months ended September 30,
	2024		2023
Interest cost	$	640	$	646
Expected return on plan assets		(748)		(698)
Amortization of unrecognized loss		223		280
Net periodic cost	$	115	$	228

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, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	13,085	$	—	$	—	$	13,085
Equity		5,948		—		—		5,948
Total assets at fair value	$	19,033	$	—	$	—	$	19,033

	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:

	September 30,	December 31,
	2024	2023
Allocated	109,107	87,286
Committed to be allocated	16,362	21,821
Unallocated	310,956	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 September 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 September 30, 2024	434,930	$	6.62	5.58
Options exercisable at September 30, 2024	434,930	$	6.62	5.58

Summary of Company's restricted stock activity

The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2024:

			Weighted-Average
	Number		Grant Date
	of Shares		Fair Value per Share
Non-vested restricted stock at beginning of year	-	$	-
Granted	15,000		7.94
Non-vested restricted stock at September 30, 2024	15,000	$	7.94