Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2025

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,
	2025		2024
Projected and accumulated benefit obligation	$	(17,859)	$	(16,652)
Plan assets at fair value		18,387		17,916
Funded status included in accrued expenses and other liabilities	$	528	$	1,264

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,
	2025		2024
Interest cost	$	445	$	426
Expected return on plan assets		(491)		(499)
Amortization of unrecognized loss		74		149
Net periodic cost	$	28	$	76

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, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	12,840	$	—	$	—	$	12,840
Equity		5,547		—		—		5,547
Total assets at fair value	$	18,387	$	—	$	—	$	18,387

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	12,489	$	—	$	—	$	12,489
Equity		5,427		—		—		5,427
Total assets at fair value	$	17,916	$	—	$	—	$	17,916

Schedule of employee stock ownership plan

Shares held by the ESOP include the following:

	June 30,	December 31,
	2025	2024
Allocated	130,926	109,105
Committed to be allocated	10,908	21,821
Unallocated	294,591	305,499
Paid out to participants	(23,622)	(23,622)
Total shares	412,803	412,803

Summary of options

A summary of options under the 2020 EIP as of June 30, 2025 is presented below:

		Weighted -		Weighted-Average
	Number of	Average		Remaining Contractual
	Shares	Exercise Price		Term (in Years)
Options outstanding at beginning of year	412,930	$	6.62	5.23
Exercised	(37,000)		6.57	-
Options outstanding at June 30, 2025	375,930	$	6.62	4.70
Options exercisable at June 30, 2025	375,930	$	6.62	4.70

Summary of Company's restricted stock activity

The following table summarizes the Company’s restricted stock activity for the six months ended June 30, 2025:

			Weighted-Average
	Number		Grant Date
	of Shares		Fair Value per Share
Non-vested restricted stock at beginning of year	15,000	$	7.94
Non-vested restricted stock at June 30, 2025	15,000	$	7.94