Employee Benefits (Tables)

6 Months Ended

Jun. 30, 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:  

	June 30,		December 31,
	2026		2025
Projected and accumulated benefit obligation	$	(16,435)	$	(16,707)
Plan assets at fair value		18,550		18,902
Funded status included in accrued expenses and other liabilities	$	2,115	$	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:

	Six months ended June 30,
	2026		2025
Interest cost	$	443	$	445
Expected return on plan assets		(563)		(491)
Amortization of unrecognized loss		13		74
Net periodic (benefit) cost	$	(107)	$	28

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, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Investment in separate accounts
Fixed income	$	18,550	$	—	$	—	$	18,550
Total assets at fair value	$	18,550	$	—	$	—	$	18,550

	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:

	June 30,	December 31,
	2026	2025
Allocated	152,747	130,926
Committed to be allocated	10,908	21,821
Unallocated	272,770	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 June 30, 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	(69,730)		6.57	-
Expired	(2,000)		6.57	-
Options outstanding at June 30, 2026	187,100	$	6.57	4.16
Options exercisable at June 30, 2026	187,100	$	6.57	4.16

Summary of Company's restricted stock activity

The following table summarizes the Company’s restricted stock activity for the six months ended June 30, 2026:

			Weighted-Average
	Number		Grant Date
	of Shares		Fair Value per Share
Non-vested restricted stock at beginning of year	10,000	$	7.94
Granted	100,878		15.40
Non-vested restricted stock at June 30, 2026	110,878	$	14.73