Compensation and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Summary of ESOP Shares

A summary of the ESOP shares as of December 31, 2023 and 2022 are as follows:

	2023		2022
	(Dollars in thousands)
Shares committed-to-be released		133,744		133,744
Shares allocated to participants		437,880		354,227
Unallocated shares		1,435,732		1,569,475
Total		2,007,356		2,057,446
Fair value of unallocated shares	$	14,013	$	14,628

Schedule of Restricted Stock Units Activity and Related Information

A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2023 and 2022 are as follows:

	December 31, 2023
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		245,840		$	9.40
Granted		662,464			9.50
Vested		(161,734	)		9.27
Forfeited		(697	)		9.15
Non-vested at December 31		745,873		$	9.52

	December 31, 2022
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		237,687		$	12.65
Conversion and reorganization		93,933			—
Granted		63,715			10.44
Vested		(149,495	)		9.11
Forfeited		—			—
Non-vested at December 31		245,840		$	9.40

Schedule of Stock Option Activity and Related Information

A summary of the Company’s stock options awards activity and related information for the years ended December 31, 2023 and 2022 are as follows:

	December 31, 2023
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		352,621	$	8.97
Granted		440,000		10.65
Exercised		—		—
Forfeited		—		—
Outstanding at December 31		792,621		9.90
Exercisable at December 31 (1)		261,648	$	8.88

	December 31, 2022
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		203,766	$	12.02
Conversion and reorganization		80,526		—
Granted		68,329		10.44
Exercised		—		—
Forfeited		—		—
Outstanding at December 31 (1)		352,621	$	8.97
Exercisable at December 31 (1)		190,508	$	8.83

(1)The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $0 for outstanding options and $0.2 million for exercisable options at December 31, 2023 and $0.1 million for outstanding options and $0.1 million for exercisable options at December 31, 2022.

Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions:

	For the Years Ended December 31,
	2023			2022
Dividend yield		0.00	%		0.00	%
Expected life	5.5-7.5 years			6.5 years
Expected volatility		37.19	%		41.34	%
Risk-free interest rate		4.71	%		2.65	%
Weighted average grant date fair value		4.04		$	3.85