EMPLOYEE LOANS AND ALLOWANCE FOR LOAN LOSSES

12 Months Ended

Dec. 31, 2016

Loans and Leases Receivable, Related Parties Disclosure [Abstract]

EMPLOYEE LOANS AND ALLOWANCE FOR LOAN LOSSES

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 outstanding 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, 2016, 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, 2016 and December 31, 2015, categories of employee loans included in the loan portfolio were as follows:

	December 31, 2016		December 31, 2015
Housing loans	$	5,448	$	5,654
Relocation and other loans	530		684
Total employee loans	5,978		6,338
Less:
Allowance for loan losses	—		—
Total loans, net of allowance for loan losses	$	5,978	$	6,338

During the years ended December 31, 2016 and 2015, the Company issued a total of $2,960 and $3,427 of loans to its employees, respectively, and received $3,273 and $3,547 in loan repayments during the same periods, respectively. No loans were written-off during the year ended December 31, 2016. There was one loan written-off during the year ended December 31, 2015.

There were no loans issued to principal officers, directors, or their affiliates during the years ended December 31, 2016, 2015 and 2014.

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, 2016 and December 31, 2015, 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, 2016 and December 31, 2015 and there were no movements in the provision for loan losses during the years ended December 31, 2016, 2015 and 2014.