Employee Benefits	3 Months Ended
Mar. 31, 2022
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 three months ended March 31, 2022 and 2021, 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 three months ended March 31, 2022, we recognized compensation expense of $96,594 related to 5,779 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2022. Of the 5,779 shares committed to be released, 1,926 shares were committed on March 31, 2022 and had no impact on the weighted average common shares outstanding for the three months ended March 31, 2022. For the three months ended March 31, 2021, we recognized compensation expense of $82,750 related to 5,779 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2021. Of the 5,779 shares committed to be released at December 31, 2021, 1,991 shares were committed on March 31, 2021 and had no impact on the weighted average common shares outstanding for the three months ended March 31, 2021. 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 March 31, 2022, 11,700, 13,071, 18,040, and 15,000 RSUs have been granted at a fair market value of $15.10, $13.70, $11.03, and $14.78 per share, respectively. As of March 31, 2021, 11,700, 13,071, and 18,040 RSUs have been granted at a fair market value of $15.10, $13.70, and $11.03 per share, respectively. We recognized $44,504 and $38,116 of expense on these units in the three months ended March 31, 2022 and 2021, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $214,555 as of March 31, 2022, which will be recognized over the remainder of their respective three years of vesting.

Employee Benefits

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022 and 2021, 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 three months ended March 31, 2022, we recognized compensation expense of $96,594 related to 5,779 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2022. Of the 5,779 shares committed to be released, 1,926 shares were committed on March 31, 2022 and had no impact on the weighted average common shares outstanding for the three months ended March 31, 2022. For the three months ended March 31, 2021, we recognized compensation expense of $82,750 related to 5,779 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2021. Of the 5,779 shares committed to be released at December 31, 2021, 1,991 shares were committed on March 31, 2021 and had no impact on the weighted average common shares outstanding for the three months ended March 31, 2021.

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 March 31, 2022, 11,700, 13,071, 18,040, and 15,000 RSUs have been granted at a fair market value of $15.10, $13.70, $11.03, and $14.78 per share, respectively. As of March 31, 2021, 11,700, 13,071, and 18,040 RSUs have been granted at a fair market value of $15.10, $13.70, and $11.03 per share, respectively. We recognized $44,504 and $38,116 of expense on these units in the three months ended March 31, 2022 and 2021, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $214,555 as of March 31, 2022, which will be recognized over the remainder of their respective three years of vesting.