8.	EMPLOYEE BENEFITS

ESOP

In connection with our conversion and public offering, we established an ESOP. The ESOP borrowed from the Company to purchase

350,000

shares in the offering. The issuance of the shares to the ESOP resulted in a contra account established in the equity section of the balance sheet for the unallocated shares at an amount equal to their

$10.00

per share purchase price.

The Company

may

make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP. ICC makes annual contributions to the ESOP sufficient to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation.

contributions to the ESOP were made during the

nine

months ended

September 30, 2020

and

2019

, respectively.

A compensation expense charge is booked monthly during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For the

nine

months ended

September 30, 2020

, we

recognized compensation expense

of $

206,535

related to

17,546

shares of our common stock that are committed to be released to participants' accounts at

December 31, 2020.

Of the

17,546

shares committed to be released,

1,921

shares were committed on

September 30, 2020

and had

impact on the weighted average common shares outstanding for the

three

and

nine

months ended

September 30, 2020

. For the

nine

months ended

September 30, 2019

, we recognized compensation expense of $

233,135

related to

17,530

shares of our common stock that were committed to be released to participants' accounts at

December 31, 2019

. Of the

17,530

shares committed to be released at

December 31, 2019

1,926

shares were committed on

September 30, 2019

and had

impact on the weighted average common shares outstanding for the

three

and

nine

months ended

September 30, 2019

RESTRICTED STOCK UNITS

Restricted stock units (RSUs) were granted for the

first

time in

February 2018

with additional RSUs granted in

March 2019

and

April 2020.

RSUs have a grant date value equal to the closing price of the Company's stock on the dates the shares are granted. The RSUs vest

1/3

over

three

years from the date of grant.

As of

September 30, 2020

18,040,

13,071,

and

11,700

RSUs have been granted

at a fair market value of

$11.03,

$13.70,

and

$15.10,

respectively. We recognized $

126,588

and $

78,226

of expense on these units in the

nine

months ended

September 30, 2020

and

September 30, 2019

, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $

269,359

as of

September 30, 2020

, which will be recognized over the remainder of the

three

-year vesting periods.