Benefits Plans (Tables)

12 Months Ended

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.