Employee Benefits	6 Months Ended
Jun. 30, 2021
Employee Benefits [Abstract]
Employee Benefits	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. No contributions to the ESOP were made during the six months ended June 30, 2021 and 2020, 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 six months ended June 30, 2021, we recognized compensation expense of $174,613 related to 11,622 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2021. Of the 11,622 shares committed to be released, 1,926 shares were committed on June 30, 2021 and had no impact on the weighted average common shares outstanding for the six months ended June 30, 2021. For the six months ended June 30, 2020, we recognized compensation expense of $138,936 related to 11,654 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2020. Of the 11,654 shares committed to be released at December 31, 2020, 1,921 shares were committed on June 30, 2020 and had no impact on the weighted average common shares outstanding for the six months ended June 30, 2020. RESTRICTED STOCK UNITS Restricted stock units (RSUs) were granted for the first time in February 2018 with additional RSUs granted in March 2019, April 2020, and April 2021. 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. As of June 30, 2021, 15,000, 18,040, 13,071, and 11,700 RSUs have been granted at a fair market value of $14.78, $11.03, $13.70, and $15.10, respectively. We recognized $87,214 and $81,421 of expense on these units in the six months ended June 30, 2021 and 2020, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $354,520 as of June 30, 2021, which will be recognized over the remainder of their respective three years of vesting.

Employee Benefits

6 Months Ended

Jun. 30, 2021

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. No contributions to the ESOP were made during the six months ended June 30, 2021 and 2020, 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 six months ended June 30, 2021, we recognized compensation expense of $174,613 related to 11,622 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2021. Of the 11,622 shares committed to be released, 1,926 shares were committed on June 30, 2021 and had no impact on the weighted average common shares outstanding for the six months ended June 30, 2021. For the six months ended June 30, 2020, we recognized compensation expense of $138,936 related to 11,654 shares of our common stock that were committed to be

released to participants’ accounts at December 31, 2020. Of the 11,654 shares committed to be released at December 31, 2020, 1,921 shares were committed on June 30, 2020 and had no impact on the weighted average common shares outstanding for the six months ended June 30, 2020.

RESTRICTED STOCK UNITS

Restricted stock units (RSUs) were granted for the first time in February 2018 with additional RSUs granted in March 2019, April 2020, and April 2021. 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.

As of June 30, 2021, 15,000, 18,040, 13,071, and 11,700 RSUs have been granted at a fair market value of $14.78, $11.03, $13.70, and $15.10, respectively. We recognized $87,214 and $81,421 of expense on these units in the six months ended June 30, 2021 and 2020, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $354,520 as of June 30, 2021, which will be recognized over the remainder of their respective three years of vesting.