Employee and Director Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Employee and Director Benefits

Schedule of Employee Stock Ownership Plan (ESOP)

A summary of the ESOP shares as of December 31, 2019 and 2018 are as follows:

	December 31,		December 31,
	2019		2018
Shares released to participants		17,972		13,479
Share allocated to participants		4,493		4,493
Unreleased shares		44,932		49,425
Total		67,397		67,397
Fair value of unreleased shares	$	745,871	$	605,456

Schedule of Information About Plan's Funded Status

The Company uses a December 31 measurement date for the plan. Information about the plan’s funded status and pension cost follows:

	2019		2018
Change in benefit obligation:
Beginning of year	$	487,077	$	440,630
Service cost		10,114		11,965
Interest cost		22,557		12,687
Loss/(gain)		69,547		36,795
Benefits paid		(30,000)		(15,000)
End of year	$	559,295	$	487,077

Schedule of Amounts Recognized in Accumulated Other Comprehensive loss Not Yet Recognized

Amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost consist of:

	2019		2018
Prior service cost	$	25,280	$	25,280
Net loss	$	7,676	$	3,622

Schedule of Net Periodic Benefit Cost

The estimated prior service credit for the plan that will be amortized from accumulated other comprehensive income sinto net periodic benefit cost over the next fiscal year is approximately $25,280.

	2019		2018
Components of net periodic benefit cost:
Service cost	$	10,114	$	11,965
Interest Cost		22,557		12,687
Loss recognized		3,622		860
Prior service cost		25,280		25,280
	$	61,573	$	50,792

Schedule of Retiree Accrued Liability

The retiree accrued liability expected to be reversed from the plan as of December 31, 2019 and December 31, 2018 is as follows:

	2019		2018
One year or less	$	30,000	$	30,000
Over one year to two years		30,000		30,000
Over two years to three years		30,000		30,000
Over three years to four years		30,000		30,000
Over four years to five years		15,000		30,000
Thereafter		135,000		126,000
	$	270,000	$	276,000

Schedule of Significant Assumptions for the Benefit Plan Liability

Significant assumptions for the benefit plan liability include the following as of December 31, 2019 and 2018:

	2019		2018
Weighted average assumptions used to determine benefit cost obligation:
Discount Rate	4.14	%	3.47	%