Benefit Plans	12 Months Ended
Dec. 31, 2021
Benefit Plans [Abstract]
Benefit Plans	Note 12- Benefits Plans Pension Plan The Company acquired, through the merger with Pamrapo Bancorp, Inc. a non-contributory defined benefit pension plan (“Pension Plan”) covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the Pension Plan was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees. The following tables set forth the Pension Plan's funded status at December 31, 2021 and 2020 and components of net periodic pension cost for the years ended December 31, 2021 and 2020: Change in Benefit Obligation: December 31, 2021 2020 (In Thousands)Benefit obligation, beginning of year$8,194 $7,834Interest cost 201 245Actuarial (gain) loss (929) 773Benefits paid (459) (459)Lump sum distributions (515) (199)Benefit obligation, ending$6,492 $8,194Change in Plan Assets: Fair value of assets, beginning of year$7,112 $7,576Actual return on plan assets 1,006 194Benefits paid (459) (459)Lump sum distributions (515) (199)Fair value of assets, ending$7,144 $7,112Reconciliation of Funded Status: Projected benefit obligation$6,492 $8,194Fair value of assets 7,144 7,112Funded (unfunded) status, included in other liabilities, net$652 $(1,082)Valuation assumptions used to determine benefit obligation at period end: Discount rate 2.83% 2.52%Salary increase rate N/A N/A Net Periodic Pension Expense: December 31, 2021 2020 (In Thousands)Interest cost $201 $245Expected return on assets (413) (441)Amortization of net loss 635 316Net Periodic Pension Cost and Settlements$423 $120Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 2.52% 3.22%Long term rate of return on plan assets 6.00% 6.00%Salary increase rate N/A N/A At December 31, 2021 and December 31, 2020, unrecognized net losses of ($912,000) and ($3,095,000), respectively, were included, net of deferred income tax, in accumulated other comprehensive loss in accordance with ASC 715-20 and ASC 715-30.‎ Note 12 - Benefits Plan (continued) Plan Assets Investment Policies and Strategies The primary long-term objective for the Pension Plan is to maintain assets at a level that will sufficiently cover future beneficiary obligations. The Pension Plan is structured to include a volatility reducing component (the fixed income commitment) and a growth component (the equity commitment). To achieve the Bank’s long-term investment objectives, the trustee invests the assets of the Pension Plan in a diversified combination of asset classes, investment strategies, and pooled vehicles. The asset allocation guidelines in the table below reflect the Bank’s risk tolerance and long-term objectives for the Pension Plan. These parameters will be reviewed on a regular basis and subject to change following discussions between the Bank and the trustee. The following asset allocation targets and ranges guides the trustee in structuring the overall allocation in the Pension Plan’s investment portfolio. The Bank or the trustee may amend these allocations to reflect the most appropriate standards consistent with changing circumstances. Any such fundamental amendments in strategy will be discussed between the Bank and the trustee prior to implementation. Based on the above considerations, the following asset allocation ranges will be implemented: Asset Allocation Parameters by Asset Class MinimumTargetMaximumEquity Large-Cap U.S. 47% Mid/Small-Cap U.S. 11% Non-U.S. 3% Total-Equity40%61%60% Fixed Income Long/Short Duration 38% Money Market/Certificates of Deposit 1% Total-Fixed Income40%39%60% The parameters for each asset class provide the trustee with the latitude for managing the Pension Plan within a minimum and maximum range. The trustee has full discretion to buy, sell, invest and reinvest in these asset segments based on these guidelines which includes allowing the underlying investments to fluctuate within the stated policy ranges. The Pension Plan maintains a cash equivalents component (not to exceed 3 percent under normal circumstances) within the fixed income allocation for liquidity purposes. The trustee monitors the actual asset segment exposures of the Pension Plan on a regular basis and, periodically, may adjust the asset allocation within the ranges set forth above as it deems appropriate. Periodic reallocations of assets are based on the trustee’s perception of the changing risk/return opportunities of the respective asset classes. Determination of Long-Term Rate of Return The long-term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Pension Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6.0 to 10.0 percent and 2.0 to 6.0 percent, respectively. The long-term inflation rate was estimated to be 3.0 percent. When these overall return expectations are applied to the Pension Plan’s target allocation, the result is an expected rate of return of 4.0 to 7.0 percent.‎ Note 12 - Benefits Plan (continued) The fair values of the 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 $ - $ - The fair values of the Company’s pension plan assets at December 31, 2020, 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)$954 $954 $ - $ -Diversified Emerging Markets (f) 323 323 - -Large Blend (d) 1,592 1,592 - -Technology (g) 314 314 Mutual Funds-Fixed Income Long Government (h) 252 252 - -Multi-Sector Bond (c) 1,192 1,192 - -High Yield Bond (e) 818 818 - -Intermediate Core Bond (i) 878 878 BCB Common Stock 574 574 - -Cash Equivalents Money Market$215 $215 $ - $ -Total$ 7,112 $ 7,112 $ - $ - 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. Note 12 - Benefits Plan (continued) The Company does not expect to contribute, based upon actuarial estimates, to the Pension Plan in 2022. Benefit payments are expected to be paid for the years ended December 31 as follows (In thousands): 2022$ 4502023 4322024 4132025 4142026 4092027-2031 1,912 Equity Incentive Plans The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options were granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. On February 10, 2021, awards of 26,400 shares of restricted stock, in aggregate, were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4-year period, commencing on the anniversary of the award date. On February 19, 2021, an award of 300 shares of restricted stock was declared for an officer of the Bank and the Company, which vests over a 2-year period, commencing on the anniversary of the award date. The following table presents the share-based compensation expense for the years ended December 31, 2021 and 2020 (Dollars in Thousands). Years Ended December 31, 2021 2020Stock Option Expense$ 230 $ 558Restricted Stock Expense 187 636Total share-based compensation expense$ 417 $ 1,194 The following is a summary of the status of the Company’s restricted shares as of December 31, 2021. Number of Shares Awarded Weighted Average Grant Date Fair ValueNon-vested at December 31, 2020 22,304 $ 12.46 Granted 26,700 12.89 Vested (22,304) 12.46 Forfeited - -Non-vested at December 31, 2021 26,700 $ 12.89 The remaining non-vested restricted shares outstanding as of December 31, 2021 will be charged to expense in 2022-2025, totaling $247,864. Note 12 - Benefits Plan (continued) A summary of stock option activity, follows: 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, 2020 1,200,975 $8.93-13.32 $11.45 7.05 $ 2,806Options forfeited (8,127) 11.26-12.46 11.68 Options exercised (500) 10.55 10.55 Options granted - - - Options expired - - - Outstanding at December 31, 2020 1,192,348 $8.93-13.32 $11.45 6.04 $ 333Options forfeited - Options exercised (1) (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 $ 4,528Exercisable at December 31, 2021 860,625 __________(1) Includes 31,432 cashless exercise of options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 333,800 shares of unvested options outstanding as of December 31, 2021, is $573,000 and will be recognized over a weighted average period of 4.5 years. Under the 2018 Equity Incentive Plan, on February 10, 2021, grants of 66,000 options, in aggregate, were declared for members of the Board of Directors of the Bank and the Company which vest over a 5-year period, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on February 10, 2021. Further, on April 26, 2021, grants of 6,800 options, in aggregate, were declared for certain officers of the Bank and the Company, which vest over a 5-year period commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on April 26, 2021. The key valuation assumptions and fair value of stock options granted during the twelve months ended December 31, 2021 were: Expected life7.12 yearsRisk-free interest rate0.86%Volatility28.40%Dividend yield4.32%Fair value$2.04 Supplemental Executive Retirement Plan The Bank entered into a Supplemental Executive Retirement Agreement (the “SERP Agreement”) with its Chief Executive Officer (“the CEO”) in December 2021, payable in the form of a life annuity. In the event the CEO experiences a separation from service for cause, the CEO will forfeit his entire SERP benefit, regardless of vesting. In the event the CEO dies while in active service with the Bank, his beneficiary will receive a lump sum payment equal to his account balance (the liability accrued by the Bank under generally accepted accounting principles as of such date) at the time of death in a single lump sum. In the event the CEO dies after a separation from service but before receiving 180 monthly payments, his beneficiary will receive the monthly benefit payments that CEO was entitled to at the time of his death until 180 monthly payments have been made. If the CEO has already received 180 monthly payments at the time of his death, his beneficiary will not be entitled to a death benefit. The SERP Agreement is an unfunded arrangement maintained primarily to provide supplemental retirement benefits and comply with Section 409A of the Internal Revenue Code. The cost of the benefit is being amortized over a three-year vesting period beginning in 2021. In 2021, the Bank recorded compensation expense of $597,000 related to the Plan. The anticipated expense for the years ended December 31, 2022 and December 31, 2023 is $309,000 and $320,000, respectively. The Bank has elected to fund the retirement benefit by purchasing annuities that have been designed to provide a future source of funds for the lifetime retirement benefits of the SERP Agreement, totaling $1.79 million, which is included in other assets.

Benefit Plans

12 Months Ended

Dec. 31, 2021

Note 12- Benefits Plans Pension Plan The Company acquired, through the merger with Pamrapo Bancorp, Inc. a non-contributory defined benefit pension plan (“Pension Plan”) covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the Pension Plan was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees. The following tables set forth the Pension Plan's funded status at December 31, 2021 and 2020 and components of net periodic pension cost for the years ended December 31, 2021 and 2020: Change in Benefit Obligation: December 31, 2021 2020 (In Thousands)Benefit obligation, beginning of year$8,194 $7,834Interest cost 201 245Actuarial (gain) loss (929) 773Benefits paid (459) (459)Lump sum distributions (515) (199)Benefit obligation, ending$6,492 $8,194Change in Plan Assets: Fair value of assets, beginning of year$7,112 $7,576Actual return on plan assets 1,006 194Benefits paid (459) (459)Lump sum distributions (515) (199)Fair value of assets, ending$7,144 $7,112Reconciliation of Funded Status: Projected benefit obligation$6,492 $8,194Fair value of assets 7,144 7,112Funded (unfunded) status, included in other liabilities, net$652 $(1,082)Valuation assumptions used to determine benefit obligation at period end: Discount rate 2.83% 2.52%Salary increase rate N/A N/A Net Periodic Pension Expense: December 31, 2021 2020 (In Thousands)Interest cost $201 $245Expected return on assets (413) (441)Amortization of net loss 635 316Net Periodic Pension Cost and Settlements$423 $120Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 2.52% 3.22%Long term rate of return on plan assets 6.00% 6.00%Salary increase rate N/A N/A At December 31, 2021 and December 31, 2020, unrecognized net losses of ($912,000) and ($3,095,000), respectively, were included, net of deferred income tax, in accumulated other comprehensive loss in accordance with ASC 715-20 and ASC 715-30.‎ Note 12 - Benefits Plan (continued) Plan Assets Investment Policies and Strategies The primary long-term objective for the Pension Plan is to maintain assets at a level that will sufficiently cover future beneficiary obligations. The Pension Plan is structured to include a volatility reducing component (the fixed income commitment) and a growth component (the equity commitment). To achieve the Bank’s long-term investment objectives, the trustee invests the assets of the Pension Plan in a diversified combination of asset classes, investment strategies, and pooled vehicles. The asset allocation guidelines in the table below reflect the Bank’s risk tolerance and long-term objectives for the Pension Plan. These parameters will be reviewed on a regular basis and subject to change following discussions between the Bank and the trustee. The following asset allocation targets and ranges guides the trustee in structuring the overall allocation in the Pension Plan’s investment portfolio. The Bank or the trustee may amend these allocations to reflect the most appropriate standards consistent with changing circumstances. Any such fundamental amendments in strategy will be discussed between the Bank and the trustee prior to implementation. Based on the above considerations, the following asset allocation ranges will be implemented: Asset Allocation Parameters by Asset Class MinimumTargetMaximumEquity Large-Cap U.S. 47% Mid/Small-Cap U.S. 11% Non-U.S. 3% Total-Equity40%61%60% Fixed Income Long/Short Duration 38% Money Market/Certificates of Deposit 1% Total-Fixed Income40%39%60% The parameters for each asset class provide the trustee with the latitude for managing the Pension Plan within a minimum and maximum range. The trustee has full discretion to buy, sell, invest and reinvest in these asset segments based on these guidelines which includes allowing the underlying investments to fluctuate within the stated policy ranges. The Pension Plan maintains a cash equivalents component (not to exceed 3 percent under normal circumstances) within the fixed income allocation for liquidity purposes. The trustee monitors the actual asset segment exposures of the Pension Plan on a regular basis and, periodically, may adjust the asset allocation within the ranges set forth above as it deems appropriate. Periodic reallocations of assets are based on the trustee’s perception of the changing risk/return opportunities of the respective asset classes. Determination of Long-Term Rate of Return The long-term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Pension Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6.0 to 10.0 percent and 2.0 to 6.0 percent, respectively. The long-term inflation rate was estimated to be 3.0 percent. When these overall return expectations are applied to the Pension Plan’s target allocation, the result is an expected rate of return of 4.0 to 7.0 percent.‎ Note 12 - Benefits Plan (continued) The fair values of the 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 $ - $ - The fair values of the Company’s pension plan assets at December 31, 2020, 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)$954 $954 $ - $ -Diversified Emerging Markets (f) 323 323 - -Large Blend (d) 1,592 1,592 - -Technology (g) 314 314 Mutual Funds-Fixed Income Long Government (h) 252 252 - -Multi-Sector Bond (c) 1,192 1,192 - -High Yield Bond (e) 818 818 - -Intermediate Core Bond (i) 878 878 BCB Common Stock 574 574 - -Cash Equivalents Money Market$215 $215 $ - $ -Total$ 7,112 $ 7,112 $ - $ - 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. Note 12 - Benefits Plan (continued) The Company does not expect to contribute, based upon actuarial estimates, to the Pension Plan in 2022. Benefit payments are expected to be paid for the years ended December 31 as follows (In thousands): 2022$ 4502023 4322024 4132025 4142026 4092027-2031 1,912 Equity Incentive Plans The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options were granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. On February 10, 2021, awards of 26,400 shares of restricted stock, in aggregate, were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4-year period, commencing on the anniversary of the award date. On February 19, 2021, an award of 300 shares of restricted stock was declared for an officer of the Bank and the Company, which vests over a 2-year period, commencing on the anniversary of the award date. The following table presents the share-based compensation expense for the years ended December 31, 2021 and 2020 (Dollars in Thousands). Years Ended December 31, 2021 2020Stock Option Expense$ 230 $ 558Restricted Stock Expense 187 636Total share-based compensation expense$ 417 $ 1,194 The following is a summary of the status of the Company’s restricted shares as of December 31, 2021. Number of Shares Awarded Weighted Average Grant Date Fair ValueNon-vested at December 31, 2020 22,304 $ 12.46 Granted 26,700 12.89 Vested (22,304) 12.46 Forfeited - -Non-vested at December 31, 2021 26,700 $ 12.89 The remaining non-vested restricted shares outstanding as of December 31, 2021 will be charged to expense in 2022-2025, totaling $247,864. Note 12 - Benefits Plan (continued) A summary of stock option activity, follows: 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, 2020 1,200,975 $8.93-13.32 $11.45 7.05 $ 2,806Options forfeited (8,127) 11.26-12.46 11.68 Options exercised (500) 10.55 10.55 Options granted - - - Options expired - - - Outstanding at December 31, 2020 1,192,348 $8.93-13.32 $11.45 6.04 $ 333Options forfeited - Options exercised (1) (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 $ 4,528Exercisable at December 31, 2021 860,625 __________(1) Includes 31,432 cashless exercise of options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 333,800 shares of unvested options outstanding as of December 31, 2021, is $573,000 and will be recognized over a weighted average period of 4.5 years. Under the 2018 Equity Incentive Plan, on February 10, 2021, grants of 66,000 options, in aggregate, were declared for members of the Board of Directors of the Bank and the Company which vest over a 5-year period, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on February 10, 2021. Further, on April 26, 2021, grants of 6,800 options, in aggregate, were declared for certain officers of the Bank and the Company, which vest over a 5-year period commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on April 26, 2021. The key valuation assumptions and fair value of stock options granted during the twelve months ended December 31, 2021 were: Expected life7.12 yearsRisk-free interest rate0.86%Volatility28.40%Dividend yield4.32%Fair value$2.04 Supplemental Executive Retirement Plan The Bank entered into a Supplemental Executive Retirement Agreement (the “SERP Agreement”) with its Chief Executive Officer (“the CEO”) in December 2021, payable in the form of a life annuity. In the event the CEO experiences a separation from service for cause, the CEO will forfeit his entire SERP benefit, regardless of vesting. In the event the CEO dies while in active service with the Bank, his beneficiary will receive a lump sum payment equal to his account balance (the liability accrued by the Bank under generally accepted accounting principles as of such date) at the time of death in a single lump sum. In the event the CEO dies after a separation from service but before receiving 180 monthly payments, his beneficiary will receive the monthly benefit payments that CEO was entitled to at the time of his death until 180 monthly payments have been made. If the CEO has already received 180 monthly payments at the time of his death, his beneficiary will not be entitled to a death benefit. The SERP Agreement is an unfunded arrangement maintained primarily to provide supplemental retirement benefits and comply with Section 409A of the Internal Revenue Code. The cost of the benefit is being amortized over a three-year vesting period beginning in 2021. In 2021, the Bank recorded compensation expense of $597,000 related to the Plan. The anticipated expense for the years ended December 31, 2022 and December 31, 2023 is $309,000 and $320,000, respectively. The Bank has elected to fund the retirement benefit by purchasing annuities that have been designed to provide a future source of funds for the lifetime retirement benefits of the SERP Agreement, totaling $1.79 million, which is included in other assets.