XML 45 R35.htm IDEA: XBRL DOCUMENT v3.23.2
Stock Based Compensation (Tables)
 6 Months Ended
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