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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

ESOP expense for the years ended December 31, 2022 and 2021 was $799,000 and $796,000, respectively.


	December 31, 2022		December 31, 2021

Earned ESOP shares	184,882		130,775
Unearned ESOP shares	897,248		951,355
Total ESOP shares	1,082,130		1,082,130

Quoted per share price	$	13.01	$	16.05
Fair value of earned shares (in thousands)	$	2,405	$	2,099
Fair value of unearned shares (in thousands)	$	11,673	$	15,269

The following table summarizes the restricted stock awards activity in the 2020 EIP for the year ended December 31, 2022.


	Year Ended December 31, 2022
	Number of Restricted Shares	Weighted Average Grant Date Fair Value

Non-vested, beginning of year	348,395	$	10.56
Granted	—	—
Vested	(87,104)	10.56
Forfeited	—	—
Non-vested, end of year	261,291	$	10.56

The following table summarizes the stock option activity in the 2020 EIP during the year ended December 31, 2022.


	2022
	Number of Shares	Weighted-Average Exercise Price

Balance at beginning of year	1,050,961	$	10.56
Granted	—	—
Exercised	—	—
Forfeited/expired	—	—
Balance at end of year	1,050,961	10.56
Exercisable at end of year	413,120	$	10.56

The fair value of options granted is estimated on the date of grant using a Black Scholes model with the following assumptions:


	April 1, 2021

Dividend yields	1.90	%
Volatility factors of expected market price of common stock	26.98	%
Risk-free interest rates	1.16	%
Expected life of options	6.1 years

A summary of the status of the Company stock option shares as of December 31, 2022 is presented below.


	Shares	Weighted Average Grant Date Fair Value

Non-vested, beginning of year	850,458	$	2.91
Vested	(212,617)	2.91
Granted	—	—
Forfeited	—	—
Non-vested, end of year	637,841	$	2.91