Note 8 - Employee Benefits

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

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. The Company repurchases shares from participants that have left our employment. ICC Holdings contributed $62,075 and $92,080 to the ESOP for the nine months ended September 30, 2023 and 2022, respectively. No other contributions were made to the ESOP during these time periods.

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, 2023, we recognized compensation expense of $341,987 related to 17,530 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2023. For the nine months ended September 30, 2022, we recognized compensation expense of $384,300 related to 17,530 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2022.

RESTRICTED STOCK UNITS

Restricted stock units (RSUs) were granted for the first time in February 2018 and more recently in April of each year. 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 one third over three years beginning the first anniversary of the date of grant. The Company recognized $172,253 and $151,575 in RSU expense for the nine months ended  September 30, 2023 and  September 30, 2022, respectfully.

	RSUs			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022	$	273,591		$	15.72
Granted		272,802			15.50
Vested		(172,253	)		15.11
Nonvested at September 30, 2023	$	374,140		$	15.85