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Benefit Plans
12 Months Ended
Dec. 31, 2014
Benefit Plans [Abstract]  
Benefit Plans

Note 12. Benefit Plans

 

Employee stock ownership plan

 

The Company sponsors an employee stock ownership plan (“ESOP”) that covers substantially all employees who work 1,000 or more hours during the year. The ESOP has, at various times, secured financing from the Company to purchase the Company’s shares on the open market. When the Plan purchases shares with the proceeds of the Company loans, the shares are pledged as collateral for these loans. The shares are maintained in a suspense account until released and allocated to participant accounts. The Plan owns 164,382 shares of the Company’s stock at December 31, 2014. All shares held by the Plan have been released and allocated. The dividends paid by the Company on shares held by the Plan are allocated to participant accounts. The Plan had no debt to the Company at December 31, 2014 or 2013.

 

The Company recognized compensation expense for contributions of $18 to the ESOP plan for both 2014 and 2013.

 

In the event a terminated ESOP participant desires to sell his or her shares of the Company’s stock and the shares are not readily tradable, the Company may be required to purchase the shares from the participant at their fair market value.  In addition, the Company may distribute the ESOP’s shares to the terminated participant at the Company’s election.  At December 31, 2014, 164,382 shares of the Company’s stock, with an aggregate fair market value of approximately $653, are held by ESOP participants who, if terminated, would have rights under the repurchase provisions.  The Company believes that the market for its shares meets the ESOP requirements and that there would not be a current obligation to repurchase shares.

 

Profit sharing plan and savings plan

 

The Company has a salary reduction and profit sharing plan that conforms to IRS provisions for 401(k) plans. The Company may make profit sharing contributions with the approval of the Board of Directors. There were no profit sharing contributions by the Company in 2014 or 2013.