Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2026

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:  

	March 31,		December 31,
	2026		2025
Projected and accumulated benefit obligation	$	(16,317)	$	(16,707)
Plan assets at fair value		18,565		18,902
Funded status included in accrued expenses and other liabilities	$	2,248	$	2,195

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

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

	Three months ended March 31,
	2026		2025
Interest cost	$	221	$	222
Expected return on plan assets		(282)		(245)
Amortization of unrecognized loss		7		37
Net periodic (benefit) cost	$	(54)	$	14

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:

	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	18,565	$	—	$	—	$	18,565
Total assets at fair value	$	18,565	$	—	$	—	$	18,565

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	12,732	$	—	$	—	$	12,732
Equity		6,170		—		—		6,170
Total assets at fair value	$	18,902	$	—	$	—	$	18,902

Schedule of employee stock ownership plan

Shares held by the ESOP include the following:

	March 31,	December 31,
	2026	2025
Allocated	152,747	130,926
Committed to be allocated	5,454	21,821
Unallocated	278,224	283,678
Paid out to participants	(28,945)	(28,945)
Total shares	407,480	407,480

Summary of options

A summary of options under the 2020 EIP as of March 31, 2026 is presented below:

		Weighted -		Weighted-Average
	Number of	Average		Remaining Contractual
	Shares	Exercise Price		Term (in Years)
Options outstanding at beginning of year	258,830	$	6.57	4.15
Exercised	(38,365)		6.57	-
Options outstanding at March 31, 2026	220,465	$	6.57	4.05
Options exercisable at March 31, 2026	220,465	$	6.57	4.05

Summary of Company's restricted stock activity

The following table summarizes the Company’s restricted stock activity for the three months ended March 31, 2026:

			Weighted-Average
	Number		Grant Date
	of Shares		Fair Value per Share
Non-vested restricted stock at beginning of year	10,000	$	7.94
Non-vested restricted stock at March 31, 2026	10,000	$	7.94