EMPLOYEE LOANS AND ALLOWANCE FOR LOAN LOSSES

12 Months Ended

Dec. 31, 2015

Loans and Leases Receivable, Related Parties Disclosure [Abstract]

EMPLOYEE LOANS AND ALLOWANCE FOR LOAN LOSSES

In 2012, the Board of Directors of the Company approved the Employee Housing Program (the “Housing Program”), which provides employees with loans to purchase housing in Belarus. The housing is sold directly to employees by independent third parties. The Housing Program was designed as a retention mechanism for the Company’s employees in Belarus and is available to full-time qualified employees who have been with the Company for at least three years. The aggregate maximum lending limit of the program is $10,000, with no individual loans exceeding $50. In addition to the housing loans, the Company issues relocation loans in connection with intra-company transfers, as well as certain other individual loans.

During the year ended December 31, 2015, loans issued by the Company under the Housing Program were denominated in U.S. Dollars with a 5-year term and carried an interest rate of 7.5%.

At December 31, 2015 and December 31, 2014, categories of employee loans included in the loan portfolio were as follows:



	December 31, 2015		December 31, 2014
Housing loans	$	5,654	$	5,848
Relocation and other loans	684		667
Total employee loans	6,338		6,515
Less:
Allowance for loan losses	—		—
Total loans, net of allowance for loan losses	$	6,338	$	6,515

During the years ended December 31, 2015 and 2014, the Company issued a total of $3,427 and $3,162 of loans to its employees, respectively, and received $3,547 and $3,025 in loan repayments during the same periods, respectively. One of the loans in the amount of $7 was written-off during the year ended December 31, 2015. There were no loans written-off during the year ended December 31, 2014.

There were no loans issued to principal officers, directors, or their affiliates during the years ended December 31, 2015, 2014 and 2013.

On a quarterly basis, the Company reviews the aging of its loan portfolio and evaluates the ability of employees to repay their debt on schedule. Factors considered in the review include historical payment experience, reasons for payment delays and shortfalls, if any, as well as probability of collecting scheduled principal and interest payments. As of December 31, 2015 and December 31, 2014, there were no material past due or non-accrual employee loans. The Company determined no allowance for loan losses was required regarding its employee loans as of December 31, 2015 and December 31, 2014 and there were no movements in provision for loan losses during the years ended December 31, 2015, 2014 and 2013.