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Employee Stock Ownership Plan | 6 Months Ended
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Jun. 30, 2023
Employee Stock Ownership Plan [Abstract] |
Employee Stock Ownership Plan | (12) Employee Stock Ownership Plan The Bank established an employee stock ownership plan (the “ESOP”) to provide eligible employees the opportunity to own Company stock. The plan is a tax-qualified plan for the benefit of all Bank employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax law limits. The ESOP acquired 1,538,868 shares between the initial and second-step stock offerings with the proceeds of a loan totaling $11.8 million. The loan is payable over 15 years at a rate per annum equal to 5.00%. Shares used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. The number of shares committed to be released per year through 2033 is 89,758. Shares held by the ESOP include the following:
| June 30, 2023 |  | December 31, 2022
Allocated |  | 551,530 |  |  | 461,772
Committed to be released |  | 44,879 |  |  | 89,758
Unallocated |  | 942,459 |  |  | 987,338
Total |  | 1,538,868 |  |  | 1,538,868
The fair value of unallocated shares was approximately $7.8 million at June 30, 2023. Total compensation expense recognized in connection with the ESOP for the three months ended June 30, 2023 and 2022 was $169,000 and $349,000, respectively. Total compensation expense recognized for the six months ended June 30, 2023 and 2022 was $356,000 and $732,000, respectively.

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- Definition Employee Stock Ownership Plan [Abstract] + References No definition available. + Details
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- Definition Disclosure of the details pertaining to each employee stock ownership plan. + References No definition available. + Details
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