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Benefits Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Benefits Plans [Abstract] |
Pension Plan's Funded Status and Components of Net Periodic Pension Cost |
Change in Benefit Obligation: |  | December 31,
|  | 2022 |  |  | 2021
|  | (In Thousands)
Benefit obligation, beginning of year | $ | 6,492 |  | $ | 8,194
Interest cost |  | 178 |  |  | 201
Actuarial (gain) loss |  | (1,362) |  |  | (929)
Benefits paid |  | (363) |  |  | (459)
Lump sum distributions |  | (10) |  |  | (515)
Benefit obligation, ending | $ | 4,935 |  | $ | 6,492
Change in Plan Assets: |  |  |  |  |
Fair value of assets, beginning of year | $ | 7,144 |  | $ | 7,112
Actual return on plan assets |  | (806) |  |  | 1,006
Benefits paid |  | (363) |  |  | (459)
Lump sum distributions |  | (10) |  |  | (515)
Fair value of assets, ending | $ | 5,965 |  | $ | 7,144
Reconciliation of Funded Status: |  |  |  |  |
Projected benefit obligation | $ | 4,935 |  | $ | 6,492
Fair value of assets |  | 5,965 |  |  | 7,144
Funded (unfunded) status, included in other liabilities, net | $ | 1,030 |  | $ | 652
Valuation assumptions used to determine benefit obligation at period end: |  |  |  |  |
Discount rate |  | 5.02% |  |  | 2.83%
Salary increase rate |  | N/A |  |  | N/A
Net Periodic Pension and SERP Expense |
Net Periodic Pension Expense: |  | December 31,
|  | 2022 |  |  | 2021
|  | (In Thousands)
Interest cost | $ | 178 |  | $ | 201
Expected return on assets |  | (417) |  |  | (413)
Amortization of net loss |  | 66 |  |  | 635
Net Periodic Pension Cost and Settlements | $ | (173) |  | $ | 423
Valuation assumptions used to determine net periodic benefit cost for the year: |  |  |  |  |
Discount rate |  | 2.83% |  |  | 2.52%
Long term rate of return on plan assets |  | 6.00% |  |  | 6.00%
Salary increase rate |  | N/A |  |  | N/A
Asset Allocation Parameters by Asset Class |
Asset Allocation Parameters by Asset Class
| Minimum | Target | Maximum
Equity |  |  |
Large-Cap U.S. |  | 38% |
Mid/Small-Cap U.S. |  | 16% |
Non-U.S. |  | 1% |
Total-Equity | 40% | 55% | 60%
Fixed Income |  |  |
Long/Short Duration |  | 44% |
Money Market/Certificates of Deposit |  | 1% |
Total-Fixed Income | 40% | 45% | 60%
Schedule of Fair Value of Plan Assets | The fair values of the Pension Plan assets at December 31, 2022, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):
Asset Category |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3)
Mutual funds-Equity |  |  |  |  |  |  |  |  |  |  |
Large-Cap Value (a) | $ | 1,052 |  | $ | 1,052 |  | $ | - |  | $ | -
Large-Cap Growth (b) |  | 170 |  |  | 170 |  |  | - |  |  | -
Diversified Emerging Markets (f) |  | 96 |  |  | 96 |  |  | - |  |  | -
Large Blend (d) |  | 957 |  |  | 957 |  |  | - |  |  | -
Technology (g) |  | 96 |  |  | 96 |  |  | - |  |  | -
Mutual Funds-Fixed Income |  |  |  |  |  |  |  |  |  |  |
Long Government (h) |  | 48 |  |  | 48 |  |  | - |  |  | -
Multi-Sector Bond (c) |  | 1,244 |  |  | 1,244 |  |  | - |  |  | -
High Yield Bond (e) |  | 622 |  |  | 622 |  |  | - |  |  | -
Intermediate Core Bond (i) |  | 670 |  |  | 670 |  |  |  |  |  |
BCB Common Stock |  | 932 |  |  | 932 |  |  | - |  |  | -
Cash Equivalents |  |  |  |  |  |  |  |  |  |  |
Money Market | $ | 78 |  | $ | 78 |  | $ | - |  | $ | -
Total | $ | 5,965 |  | $ | 5,965 |  | $ | - |  | $ | -
The fair values of the Company’s pension plan assets at December 31, 2021, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):
Asset Category |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3)
Mutual funds-Equity |  |  |  |  |  |  |  |  |  |  |
Large-Cap Value (a) | $ | 1,021 |  | $ | 1,021 |  | $ | - |  | $ | -
Large-Cap Growth (b) |  | 259 |  |  | 259 |  |  | - |  |  | -
Diversified Emerging Markets (f) |  | 247 |  |  | 247 |  |  | - |  |  | -
Large Blend (d) |  | 1,748 |  |  | 1,748 |  |  | - |  |  | -
Technology (g) |  | 305 |  |  | 305 |  |  | - |  |  | -
Mutual Funds-Fixed Income |  |  |  |  |  |  |  |  |  |  |
Long Government (h) |  | 204 |  |  | 204 |  |  | - |  |  | -
Multi-Sector Bond (c) |  | 1,047 |  |  | 1,047 |  |  | - |  |  | -
High Yield Bond (e) |  | 732 |  |  | 732 |  |  | - |  |  | -
Intermediate Core Bond (i) |  | 737 |  |  | 737 |  |  | - |  |  | -
BCB Common Stock |  | 800 |  |  | 800 |  |  | - |  |  | -
Cash Equivalents |  |  |  |  |  |  |  |  |  |  |
Money Market | $ | 44 |  |  | 44 |  | $ | - |  | $ | -
Total | $ | 7,144 |  | $ | 7,144 |  | $ | - |  | $ | -
a)Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70 percent of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). b)Large Cap Growth Stocks of large cap companies that are projected to grow faster than other large cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). c)Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities. d)This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value. e)High Yield Bond funds invest at least 65 percent of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective. f)The fund invests at least 80% of the value of its assets in equity securities and equity related instruments that are tied economically to emerging markets. g)The fund normally invests at least 80% of the fund’s net assets in securities of issuers principally engaged in offering, using or developing products, processes or services that will provide or benefit significantly from technological advances and improvements. h)The fund normally invests at least 80% of assets in securities included in the Bloomberg Barclays U.S. Long Treasury Bond Index. i)Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures.
Expected Benefit Payments |
2023 | $ | 409
2024 |  | 395
2025 |  | 399
2026 |  | 398
2027 |  | 398
2028-2032 |  | 1,835
Schedule of Share-Based Compensation Expense |
|  | Years Ended December 31,
|  | 2022 |  |  | 2021
Stock Option Expense | $ | 216 |  | $ | 230
Restricted Stock Expense |  | 916 |  |  | 187
Total share-based compensation expense | $ | 1,132 |  | $ | 417
Summary of Status of Restricted Shares |
| Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021 | 24,300 |  |  | $ 12.89
Granted | 69,000 |  |  | 13.05
Vested | (45,150) |  |  | 13.18
Forfeited | - |  |  | -
Non-vested at December 31, 2022 | 48,150 |  |  | $ 14.83
Summary of Stock Option Activity |
|  | Number of Options |  |  | Range of Exercise Price |  |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value (000's)
Outstanding at January 1, 2021 |  | 1,192,348 |  | $ | 8.93-13.32 |  | $ | 11.45 |  | 6.04 |  | $ | 333
Options forfeited |  | - |  |  | - |  |  | - |  | - |  |  | -
Options exercised |  | (70,723) |  |  | 8.93-12.46 |  |  | 9.87 |  | - |  |  | -
Options granted |  | 72,800 |  |  | 12.89-13.68 |  |  | 12.96 |  | - |  |  | -
Options expired |  | - |  |  | - |  |  | - |  | - |  |  | -
Outstanding at December 31, 2021 |  | 1,194,425 |  | $ | 9.02-13.68 |  | $ | 11.64 |  | 5.44 |  | $ | 4,528
Options forfeited |  | - |  |  | - |  |  | - |  | - |  |  | -
Options exercised (1) |  | (157,450) |  |  | 9.03-13.68 |  |  | 11.10 |  | - |  |  | -
Options granted |  | - |  |  | - |  |  | - |  | - |  |  | -
Options expired |  | - |  |  | - |  |  | - |  | - |  |  | -
Outstanding at December 31, 2022 |  | 1,036,975 |  | $ | 9.03-13.68 |  | $ | 11.72 |  | 4.47 |  | $ | 6,502
Exercisable at December 31, 2022 |  | 806,535 |  |  |  |  |  |  |  |  |  |  |
__________ (1) Includes 84,604 and 31,432 cashless exercise of options during 2022 and 2021, respectively.

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