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Stock Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Company Compensation Expense for the ESOP | At June 30, 2025 and December 31, 2024, total unearned compensation for the ESOP was $3.8 million.
|  | June 30, 2025 |  |  | December 31, 2024 |
Shares held by the ESOP include the following: |  |  |  |  |  |
Allocated |  |  | 70,572 |  |  |  | 55,218 |
Committed to be allocated |  |  | 7,678 |  |  |  | 15,354 |
Unallocated |  |  | 345,465 |  |  |  | 353,143 |
Total |  |  | 423,715 |  |  |  | 423,715 |
Summary of Non-vested Stock Options Outstanding | A summary of non-vested stock options outstanding as of June 30, 2025 and December 31, 2024 and changes during the periods then ended is presented below:
| Three and Six Months Ended June 30, 2025 |
| Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value |
Stock options: |  |  |  |  |  |  |  |  |  | (In Thousands) |
Outstanding at beginning of period |  | 519,644 |  |  | $ | 8.72 |  |  |  | 8.9 |  |  | $ | 684 |
Granted |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  | (2,750 | ) |  |  | 9.29 |  |  |  | — |  |  |  | — |
Outstanding at end of period |  | 516,894 |  |  | $ | 8.72 |  |  |  | 8.3 |  |  | $ | 1,380 |
Fully vested and expected to vest |  | 159,430 |  |  | $ | 8.06 |  |  |  | 7.8 |  |  | $ | 531 |
Exercisable at end of period |  | 159,430 |  |  | $ | 8.06 |  |  |  | 7.8 |  |  | $ | 531 |
| Year Ended December 31, 2024 |
| Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value |
Stock options: |  |  |  |  |  |  |  |  |  | (In Thousands) |
Outstanding at beginning of year |  | 249,144 |  |  | $ | 8.06 |  |  |  | 9.4 |  |  | $ | — |
Granted |  | 280,500 |  |  |  | 9.29 |  |  |  | — |  |  |  | — |
Exercised |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  | (10,000 | ) |  |  | 8.06 |  |  |  | — |  |  |  | — |
Outstanding at end of year |  | 519,644 |  |  | $ | 8.72 |  |  |  | 8.9 |  |  | $ | 684 |
Fully vested and expected to vest |  | 79,715 |  |  | $ | 8.06 |  |  |  | 8.4 |  |  | $ | 158 |
Exercisable at end of year |  | 79,715 |  |  | $ | 8.06 |  |  |  | 8.4 |  |  | $ | 158 |
Date of grant | 5/25/2023 |  |  | 12/2/2024 |  |  |  |  |  |  |
Options granted |  | 249,144 |  |  |  | 280,500 |  |  |  |  |  |  |
Exercise price | $ | 8.06 |  |  | $ | 9.29 |  |  |  |  |  |  |
Vesting period(1) | 3 years |  |  | 3 years |  |  |  |  |  |  |
Expiration date | 5/25/2033 |  |  | 12/2/2034 |  |  |  |  |  |  |
Expected volatility |  | 27.8 | % |  |  | 31.5 | % |  |  |  |  |  |
Expected term | 6.5 years |  |  | 6.5 years |  |  |  |  |  |  |
Expected dividend yield |  | 0 | % |  |  | 0 | % |  |  |  |  |  |
Expected forfeiture rate |  | 0 | % |  |  | 0 | % |  |  |  |  |  |
Risk free interest rate |  | 3.9 | % |  |  | 4.1 | % |  |  |  |  |  |
Fair value per option | $ | 3.00 |  |  | $ | 3.78 |  |  |  |  |  |  |
(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, 2025 and December 31, 2024 and changes during the periods then ended is presented below:
| Three and Six Months Ended June 30, 2025 |
| Number of Shares |  |  | Weighted Average Grant Value |
Restricted stock: |  |  |  |  |
Non-vested at beginning of period |  | 112,200 |  |  | $ | 9.29 |
Granted |  | — |  |  |  | — |
Vested |  | — |  |  |  | — |
Forfeited |  | — |  |  |  | — |
Non-vested at end of period |  | 112,200 |  |  | $ | 9.29 |
| Year Ended December 31, 2024 |
Restricted stock: |  |  |  |  |
Non-vested at beginning of year |  | 33,629 |  |  | $ | 11.80 |
Granted |  | 112,200 |  |  |  | 9.29 |
Vested |  | (33,629 | ) |  |  | 11.80 |
Forfeited |  | — |  |  |  | — |
Non-vested at end of year |  | 112,200 |  |  | $ | 9.29 |

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