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Retirement Plans
12 Months Ended
Dec. 31, 2017
Compensation And Retirement Disclosure [Abstract]  
Retirement Plans

10. Retirement Plans

We began a 401(k) plan for qualified employees on April 1, 2006. The plan is subject to “safe harbor” provisions which require 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” provisions. Contributions to the plan for the years ended December 31, 2017, 2016, and 2015 were $67,273, $63,944 and $40,768, respectively.

The Company adopted an Employee Stock Ownership Plan (“ESOP”) 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:

 

 

December 31, 2017

 

December 31, 2016

 

Number of Shares

Fair Value

 

Number of Shares

Fair Value

Allocated shares

            9,473

$      64,321

 

-

$              —

Committed-to-be released shares

          24,359

       157,117

 

-

                 —

Total allocated and committed-to-be-released

          33,832

$    221,438

 

-

$              —

 

 

 

 

 

 

Unallocated shares

        648,668

    4,183,908

 

-

                 —

 

 

 

 

 

 

Total ESOP shares

        682,500

$ 4,405,346

 

                 -  

$              —