Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of the Components of the Net Periodic Post-Retirement Benefit Cost

The following is a summary of the components of the net periodic post-retirement benefit cost (benefit) during 2022 and 2021:

	2022			2021
Interest cost	$	318,035		$	300,973
Expected return on assets		(648,348	)		(710,539	)
Amortization of unrecognized loss		83,081			219,288
Periodic post-retirement cost (benefit)	$	(247,232	)	$	(190,278	)

Schedule of Estimated Benefit Payments

The Bank expects to make contributions to the plan in 2023 totaling $27,000. The following table presents the estimated benefit payments for each of the next five years and in the aggregate for the five years thereafter as of December 31, 2022:

2023	$	588,005
2024		591,598
2025		590,780
2026		590,647
2027		584,585
2027-2031		2,801,054
	$	5,746,669

Reconciliation of the Accumulated Post-Retirement Benefit Obligation

The following is a reconciliation of the accumulated post-retirement benefit obligation as of December 31, 2022 and 2021:

	2022			2021
Projected benefit obligation at beginning of year	$	12,159,755		$	13,209,019
Interest cost		318,035			300,973
Actuarial gain		(3,034,835	)		(766,993	)
Benefits paid		(587,833	)		(583,244	)
Projected benefit obligation at end of year	$	8,855,122		$	12,159,755

Summary of the Change in Plan Assets

The following is a summary of the change in plan assets during 2022 and 2021:

	2022			2021
Fair value of plan assets at beginning of year	$	9,587,893		$	9,168,583
Actual (loss) return on assets		(1,570,382	)		1,068,427
Employer contributions		—			—
Administrative expenses		(60,041	)		(65,873	)
Benefits paid, net		(587,833	)		(583,244	)
Fair value of plan assets at end of year	$	7,369,637		$	9,587,893

Schedule of Fair Values of the Bank’s Pension Plan Assets

The fair values of the Bank’s pension plan assets at December 31, 2022 and 2021, by asset category, are as follows:

			Fair Value Measurements
	Assets Measured at Fair Value		Level 1		Level 2		Level 3
December 31, 2022:
Cash and cash equivalents	$	13,488	$	13,488	$	—	$	—
Debt securities mutual funds		2,410,250		2,410,250		—		—
Equity securities mutual funds		4,945,899		4,945,899		—		—
	$	7,369,637	$	7,369,637	$	—	$	—
December 31, 2021:
Cash and cash equivalents	$	14,881	$	14,881	$	—	$	—
Debt securities mutual funds		3,059,854		3,059,854		—		—
Equity securities mutual funds		6,513,158		6,513,158		—		—
	$	9,587,893	$	9,587,893	$	—	$	—

Summary of the Amount Recognized in Other Liabilities

The following is a summary of the amount recognized in other liabilities as of December 31, 2022 and 2021:

	2022			2021
Projected benefit obligation at end of year	$	8,855,122		$	12,159,755
Fair value of plan assets at end of year		(7,369,637	)		(9,587,893	)
	$	1,485,485		$	2,571,862

Schedule of Accumulated Other Comprehensive Loss, Net of Tax

Amounts recognized in accumulated other comprehensive loss, net of tax, as of December 31, 2022 and 2021 were:

	2022			2021
Net loss	$	(1,111,263	)	$	(1,950,408	)
Total accumulated other comprehensive loss	$	(1,111,263	)	$	(1,950,408	)

Schedule of Accumulated Post-Retirement Benefit Obligation and Other Comprehensive Income (loss)

Amounts recognized in the accumulated post-retirement benefit obligation and other comprehensive income (loss) for the years ended December 31, 2022 and 2021 were:

	2022			2021
Net loss	$	(756,064	)	$	(1,059,008	)
Amortization of net unrecognized gain		(83,081	)		(219,288	)
Total accumulated other comprehensive loss	$	(839,145	)	$	(1,278,296	)

Employee Stock Ownership Plan (ESOP) Disclosures

	2022		2021
Shares held by the ESOP include the following:
Allocated		—		—
Committed to be allocated		39,186		19,593
Unallocated		352,682		372,275
Total		391,868		391,868

Summary of Stock Options

A summary of stock option activity for the year ended December 31, 2022 is presented below:

	2022
	Number of Options		Weighted Average Grant Date Fair Value
Stock Options
Outstanding at beginning of year		—		—
Granted		357,510	$	5.06
Exercised		—		—
Forfeited		—		—
Outstanding at end of year		359,532	$	5.06

Summary of Estimated Fair Value of Stock Options Granted

The estimated fair value of stock options granted during the year ended December 31, 2022 was determined as of the date of the grant, using the Black-Scholes options pricing model, under the following assumptions:

	2022
Average-risk-free interest rate		3.77	%
Expected life in years		7.50
Expected dividend yield		0.05	%
Expected stock volatility		20.89	%

Summary of Restricted Stock Activity

A summary of restricted stock activity for the year ended December 31, 2022 is presented below:

	2022
	Number of shares			Weighted Average Grant Date Fair Value
Restricted Stock Awards
Outstanding at beginning of year		—			—
Granted		156,590		$	14.85
Vested		(32,598	)		14.85
Forfeited		—			—
Outstanding at end of year		123,992		$	14.85