BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of changes in projected benefit obligations, fair value of plan assets and funded status

The following table sets forth the change in benefit obligation, change in plan assets and a reconciliation of the unfunded status and the assumptions used in determining the net periodic cost included in the accompanying consolidated financial statements for the Company’s post retirement plans. The measurement date for the post retirement plans were December 31 for each year presented.

	SERP and DRP				Post Retirement
	2022		2021		2022		2021
	(In thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	3,941	$	4,102	$	1,613	$	1,881
Service cost	98		201		1		1
Interest cost	87		79		39		38
Actuarial (gain) loss	(469)		(100)		(488)		(215)
Benefits paid	(339)		(341)		(93)		(92)
Plan amendments	(504)		—		—		—
Projected benefit obligation at end of year	2,814		3,941		1,072		1,613
Reconciliation of plan assets:
Fair value of plan assets at beginning of year	—		—		—		—
Actual return on plan assets	—		—		—		—
Employer contributions	339		341		93		92
Benefits and Settlements paid	(339)		(341)		(93)		(92)
Fair value of plan assets at end of year	—		—		—		—
Unfunded status	$	2,814	$	3,941	$	1,072	$	1,613

Schedule of amount recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income at December 31, ignoring tax effects, consist of:

	SERP and DRP				Post Retirement
	2022		2021		2022		2021
	(In thousands)
Unrecognized net actuarial loss (gain)	$	279	$	1,073	$	(671)	$	(189)
Unrecognized prior service cost	20		333		—		—
Total accumulated other comprehensive loss (gain)	$	299	$	1,406	$	(671)	$	(189)

Schedule of plan assumptions

The weighted average assumptions used in the determination of benefit obligations as of December 31 were as follows:

	SERP and DRP						Post Retirement
	2022			2021 (1)			2022			2021
Discount rate		4.81	%		2.31	%		4.91	%		2.53	%
Rate of compensation increase*		N/A			6.25	%		N/A			N/A

(1) Rate of compensation increase applicable to DRP only.

The weighted-average assumptions used in the determination of net periodic benefit cost were as follows:

	SERP and DRP						Post Retirement
	2022			2021 (1)			2022			2021
Discount rate		2.31	%		1.82	%		2.59	%		2.18	%
Expected rate of return on plan assets		N/A			N/A			N/A			N/A
Rate of compensation increase*		N/A			6.25	%		N/A			N/A

(1) Rate of compensation increase applicable to DRP only.

Schedule of net periodic benefit cost and other amounts recognized in OCI

The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended December 31, 2022 and 2021:

	SERP and DRP				Post Retirement
	2022		2021		2022		2021
	(In thousands)
Service cost	$	98	$	201	$	1	$	1
Interest cost	87		79		39		38
Amortization:
Past service liability	—		—		—		—
Net loss (gain)	134		213		(6)		(3)
Net periodic benefit cost	$	319	$	493	$	34	$	36

Schedule of expected benefit payments

The benefits expected to be paid in each of the next five years and the aggregate for the five years thereafter are as follows:

	SERP and DRP		Post- Retirement
	(In thousands)
2023	$	272	$	77
2024	255		79
2025	257		80
2026	241		80
2027	227		81
Years 2028 - 2032	996		399

Schedule of shares held by ESOP

Shares held by the ESOP were as follows:

	December 31, 2022		December 31, 2021
	(Dollars in thousands)
Shares allocated to participants	182,544		91,272
Unallocated shares	2,099,256		2,190,528
Total ESOP shares	2,281,800		2,281,800
Fair value of unallocated shares	$	26,975	$	32,047

Schedule of share-based compensation expense

The following table presents the share-based compensation expense for the year ended December 31, 2022. There was no share-based compensation expense for the year ended December 31, 2021.

	Year ended December 31, 2022
	(In thousands)
Stock option expense	$	422
Restricted stock expense	242
Total share-based compensation expense	$	664

Schedule of stock option activity

The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2022:

	Number of Stock Options	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Outstanding - December 31, 2021	—	$	—	$	—	—
Granted	2,610,563	4.12		11.65		9.8
Forfeited	(19,500)	4.25		11.69		9.8
Outstanding -December 31, 2022	2,591,063	$	4.12	$	11.65	9.8
Exercisable - December 31, 2022	—

Schedule of restricted shares activity

The following is a summary of the Company’s restricted stock shares activity and related information for the year ended December 31, 2022:

	Number of Shares Awarded	Weighted Average Grant Date Fair Value
Outstanding - December 31, 2021	—	$	—
Granted	299,481	11.54
Outstanding - December 31, 2022	299,481	$	11.54