Employee Benefits

3 Months Ended

Mar. 31, 2017

Employee Benefits [Abstract]

Employee Benefits

8.     EMPLOYEE BENEFITS

ESOP

In connection with our conversion and public offering, we establish 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 shareholder’s 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, the ESOP uses funds it receiveds to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. Nocontributions to the ESOP were made during the three months ended March 31, 2017.

A compensation expense charge is booked ratably during each year for the shares committed to be allocated to particpants 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 three months ended March 31, 2017, we recognized compensation expense of $22,111 related to 1,433 shares of our common stock that were committed to be released to partipants’ accounts at December 31, 2017. The committment to release these shares was recognized on March 31, 2017 and had no impact on the weighted average common shares outstanding for the three months ended March 31, 2017.