XML 33 R17.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Retirement Plans | 3 Months Ended
--- | ---
Mar. 31, 2018
Compensation And Retirement Disclosure [Abstract] |
Retirement Plans | 10. Retirement Plans 401(k) Plan - We maintain a 401(k) plan for qualified employees which is subject to “safe harbor” provisions and which requires that we match 100.0% of the first 3.0% of employee contributions and 50.0% of the next 2.0% of employee contributions. All employer matching funds vest immediately in accordance with the “safe harbor” provision. Contributions to the plan totaled $26,898 and $24,238 for the three months ended March 31, 2018 and 2017, respectively. Employee Stock Ownership Plan - The Company adopted an Employee Stock Ownership Plan in December 2016, effective January 1, 2016. The ESOP is a non-contributory defined contribution plan covering all employees of the Company. The Company sponsors and maintains the ESOP and related trust for the benefit of its eligible employees. The ESOP is a leveraged ESOP, meaning funds are loaned to the ESOP from the Company. The Company entered into a loan agreement with the ESOP on December 29, 2016, pursuant to which the ESOP may borrow up to $5.0 million to purchase shares of the Company’s common stock on the open market, which serve as collateral for the loan. Between January 3, 2017 and February 28, 2017, the Company’s ESOP purchased 682,500 shares of the Company’s common stock of an aggregate cost of $4.9 million. Shares purchased by the ESOP are held in a suspense account for allocation among participants. The share allocations are accounted for at fair value on the date of allocation as follows:
|  | March 31, 2018 |  |  | December 31, 2017 |
|  | Number of Shares |  |  | Fair Value |  |  | Number of Shares |  |  | Fair Value |
Allocated shares |  |  | 35,725 |  |  | $ | 242,576 |  |  |  | 9,473 |  |  | $ | 64,320 |
Committed to be released shares |  |  | 6,531 |  |  |  | 41,208 |  |  |  | 24,359 |  |  |  | 157,118 |
Total Allocated and Committed-to-be-Released |  |  | 42,256 |  |  | $ | 283,784 |  |  |  | 33,832 |  |  | $ | 221,438 |
Unallocated shares |  |  | 640,244 |  |  |  | 4,039,939 |  |  |  | 648,668 |  |  |  | 4,183,908 |
Total ESOP Shares |  |  | 682,500 |  |  | $ | 4,323,723 |  |  |  | 682,500 |  |  | $ | 4,405,346 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration