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Compensation and Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

Compensation And Retirement Disclosure [Abstract]

Note 10.

Compensation and Benefit Plans (Continued)

A summary of the ESOP shares as of June 30, 2022 and December 31, 2021 are as follows:

	June 30, 2022		December 31, 2021
	(Dollars in thousands)
Shares committed-to-be released		70,238		96,500
Shares allocated to participants		368,960		170,145
Unallocated shares		1,632,982		434,251
Total		2,072,180		700,896
Fair value of unallocated shares	$	15,089	$	6,297

Schedule of Restricted Stock Units Awards Activity and Related Information

A summary of the Company’s restricted stock unit awards activity and related information for six months ended June 30, 2022 and year ended December 31, 2021 are as follows:

	June 30, 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		—			—
Vested		(12,440	)		9.27
Forfeited		—			—
Non-vested at March 31		319,180		$	9.06
Granted		63,715			10.44
Forfeited		—			—
Vested		—			—
Non-vested at June 30		382,895		$	9.29

	December 31, 2021
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year ⁽¹⁾		335,919		$	12.66
Granted		—			—
Vested		(98,232	)		12.69
Forfeited		—			—
Non-vested at December 31		237,687		$	12.65

Schedule of Stock Option Awards Activity and Related Information

Note 10. Compensation and Benefit Plans (Continued)

A summary of the Company’s stock option awards activity and related information for six months ended June 30, 2022 and year ended December 31, 2021 are as follows:

	June 30, 2022
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		203,766	$	12.02
Conversion and reorganization		80,526		—
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding at March 31 ⁽¹⁾		284,292		8.62
Granted		68,329		10.44
Exercised		—		—
Forfeited		—		—
Outstanding at June 30 ⁽¹⁾		352,621	$	8.97
Exercisable at June 30 ⁽¹⁾		147,301	$	8.74

	December 31, 2021
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		203,766	$	12.02
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding at December 31 ⁽¹⁾		203,766	$	12.02
Exercisable at December 31 ⁽¹⁾		94,904	$	12.45

(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 $96,000 for outstanding options and $74,000 for exercisable options at June 30, 2022 and was $505,000 for outstanding options and $195,000 or exercisable options December 31, 2021.

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 Three Months Ended June 30,
	2022			2021
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		41.34	%		38.51	%
Risk-free interest rate		2.65	%		0.48	%
Weighted average grant date fair value	$	3.85		$	3.77