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Stock Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Company Compensation Expense for the ESOP | At June 30, 2023 and December 31, 2022, total unearned compensation for the ESOP was $4.1 million and $1.9 million, respectively.
|  | June 30, 2023 |  |  | December 31, 2022(1) |
Shares held by the ESOP include the following: |  |  |  |  |  |
Allocated |  |  | 39,864 |  |  |  | 29,898 |
Committed to be allocated |  |  | 7,678 |  |  |  | 9,966 |
Unallocated |  |  | 376,173 |  |  |  | 159,451 |
Total |  |  | 423,715 |  |  |  | 199,315 |
(1) Adjusted for conversion of First Seacoast Bancorp, Inc.
Summary of Stock Options Outstanding | A summary of stock options outstanding as of June 30, 2023 and changes during the period then ended is presented below:
| June 30, 2023 |
| Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value |
Stock options: |  |  |  |  |  |  |  |  |  | (In Thousands) |
Balance at beginning of period |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Granted |  | 249,144 |  |  |  | 8.06 |  |  |  | 9.9 |  |  |  | 748 |
Vested |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  | 249,144 |  |  | $ | 8.06 |  |  |  | 9.9 |  |  | $ | 748 |
Date of grant | 5/25/2023 |  |  |  |  |  |  |  |  |  |
Options granted |  | 249,144 |  |  |  |  |  |  |  |  |  |
Exercise price | $ | 8.06 |  |  |  |  |  |  |  |  |  |
Vesting period(1) | 3 years |  |  |  |  |  |  |  |  |  |
Expiration date | 5/25/2033 |  |  |  |  |  |  |  |  |  |
Expected volatility |  | 27.8 | % |  |  |  |  |  |  |  |  |
Expected term | 6.5 years |  |  |  |  |  |  |  |  |  |
Expected dividend yield |  | 0 | % |  |  |  |  |  |  |  |  |
Expected forfeiture rate |  | 0 | % |  |  |  |  |  |  |  |  |
Risk free interest rate |  | 3.9 | % |  |  |  |  |  |  |  |  |
Fair value per option | $ | 3.00 |  |  |  |  |  |  |  |  |  |
(1) Vesting is ratably and the period begins on the date of the grant. |  |  |  |  |  |  |  |  |  |  |
Summary of Non-vested Restricted Shares Outstanding | A summary of non-vested restricted shares outstanding as of June 30, 2023 and December 31, 2022 and changes during the periods then ended is presented below:
| June 30, 2023 |
| Number of Shares |  |  | Weighted Average Grant Value |
Restricted stock: |  |  |  |  |
Non-vested at beginning of period |  | 64,785 |  |  | $ | 11.95 |
Granted |  | 2,478 |  |  |  | 7.99 |
Vested |  | — |  |  |  | — |
Forfeited |  | — |  |  |  | — |
Non-vested at end of period |  | 67,263 |  |  | $ | 11.80 |
| December 31, 2022 |
| Number of Shares |  |  | Weighted Average Grant Value |
Restricted stock: |  |  |  |  |  |  |
Non-vested at beginning of period |  | 98,850 |  |  | $ | 11.95 |
Granted |  | — |  |  |  | — |
Vested |  | (32,393) |  |  |  | 11.95 |
Forfeited |  | (1,672) |  |  |  | 11.95 |
Non-vested at end of period |  | 64,785 |  |  | $ | 11.95 |

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