XML 31 R20.htm IDEA: XBRL DOCUMENT v3.25.2
Retirement Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [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. Those provisions include a matching employer contribution consisting of 100.0% of the first 3.0% of employee contributions and 50.0% of the next 2.0% of employee contributions. In addition, all employer matching funds vest immediately. Employer matching contributions to the plan totaled $28,950 and $27,757, for the three months ended June 30, 2025 and 2024, respectively, and for the six months ended June 30, 2025 and 2024, totaled $66,384 and $60,049, respectively.

Employee Stock Ownership Plan - The Company adopted an Employee Stock Ownership Plan in December 2016, effective January 1, 2016, which 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, and February 28, 2017, the Company’s ESOP had purchased 682,500 shares of the Company’s common stock in the open market at a cost of approximately $4.9 million. Shares purchased by the ESOP are held in a suspense account for allocation among participants as contributions are made to the ESOP by the Company. The share allocations are accounted for at fair value at the date of allocation.

A total of 659,212 shares with a fair value of $626,251 remained allocated or committed to be released from the suspense account, as of June 30, 2025. We recognized as compensation cost of $40,989 and $6,059 for the three months ended June 30, 2025 and 2024, respectively, and $81,085 and $12,818 during the six months ended June 30, 2025 and 2024, respectively. The were no remaining unallocated shares as of June 30, 2025. As of June 30, 2025, the ESOP held a total of 538,511 allocated shares, 120,701 committed-to-be-released shares and zero suspense shares. Dividends on allocated and unallocated shares are used to pay down the ESOP loan from the Operating Partnership.

The share allocations are accounted for at fair value on the date of allocation as follows:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Number of Shares

 

 

Fair Value

 

 

Number of Shares

 

 

Fair Value

 

Allocated shares

 

 

538,511

 

 

$

511,585

 

 

 

538,511

 

 

$

501,569

 

Committed to be released shares

 

 

120,701

 

 

$

114,666

 

 

 

—

 

 

 

—

 

Total Allocated and Committed-to-be-Released

 

 

659,212

 

 

$

626,251

 

 

 

538,511

 

 

$

501,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated shares

 

 

—

 

 

 

—

 

 

 

120,701

 

 

 

112,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total ESOP Shares

 

 

659,212

 

 

$

626,251

 

 

 

659,212

 

 

$

613,990