Employee Benefits (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Employee Benefits |
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| 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 | |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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