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Compensation and Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Summary of ESOP Shares

A summary of the ESOP shares as of September 30, 2023 and December 31, 2022 are as follows:

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(Dollars in thousands)

 

Shares committed-to-be released

 

 

100,308

 

 

 

133,744

 

Shares allocated to participants

 

 

448,746

 

 

 

354,227

 

Unallocated shares

 

 

1,469,167

 

 

 

1,569,475

 

Total

 

 

2,018,221

 

 

 

2,057,446

 

Fair value of unallocated shares

 

$

11,489

 

 

$

14,628

 
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 nine months ended September 30, 2023 and year ended December 31, 2022 are as follows:

 

 

 

September 30, 2023

 

 

Number
of Shares

 

 

Weighted-
Average
Grant Date
Fair Value
Per Share

 

Non-vested, beginning of year

 

 

245,840

 

 

$

9.40

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(4,147

)

 

 

9.27

 

Forfeited

 

 

—

 

 

 

—

 

Non-vested at March 31

 

 

241,693

 

 

$

9.40

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(21,235

)

 

 

10.44

 

Forfeited

 

 

(697

)

 

 

9.15

 

Non-vested at June 30

 

 

219,761

 

 

$

9.30

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(4,186

)

 

 

7.20

 

Forfeited

 

 

—

 

 

 

—

 

Non-vested at September 30

 

 

215,575

 

 

$

9.34

 

 

 

 

 

 

 

 

 

 

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 Awards Activity and Related Information

A summary of the Company’s stock option awards activity and related information for nine months ended September 30, 2023 and year ended December 31, 2022 are as follows:

 

 

 

September 30, 2023

 

 

 

Options

 

 

Weighted-
Average
Exercise
Price
Per Share

 

Outstanding, beginning of year

 

 

352,621

 

 

$

8.97

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at March 31 (1)

 

 

352,621

 

 

 

8.97

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at June 30

 

 

352,621

 

 

 

8.97

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at September 30 (1)

 

 

352,621

 

 

$

8.97

 

Exercisable at September 30 (1)

 

 

218,433

 

 

$

8.82

 

 

 

 

 

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 for exercisable options at September 30, 2023 and was $0.1 million for outstanding options and $0.1 million for exercisable options 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 Nine Months Ended September 30,

 

 

 

2023

 

2022

 

Dividend yield

 

N/A

 

 

0.00

%

Expected life

 

N/A

 

6.5 years

 

Expected volatility

 

N/A

 

 

41.34

%

Risk-free interest rate

 

N/A

 

 

2.65

%

Weighted average grant date fair value

 

N/A

 

$

3.85