EMPLOYEE STOCK OWNERSHIP PLAN

12 Months Ended

Mar. 31, 2018

Employee Stock Ownership Plan [Abstract]

EMPLOYEE STOCK OWNERSHIP PLAN

14. EMPLOYEE STOCK OWNERSHIP PLAN

The Company sponsors an ESOP that covers all employees with at least one year and 1,000 hours of service who are over the age of 21. Shares were released and allocated to participant accounts on or about December 31 of each year through December 2017, at which point all available shares had been released and allocated. ESOP compensation expense included in salaries and employee benefits was $148,000, $143,000 and $110,000 for the years ended March 31, 2018, 2017 and 2016, respectively. Shares held by the ESOP at March 31, 2018 totaled 498,365.

ESOP share activity is summarized in the following table:

	Estimated Fair Value of Unreleased Shares		Unreleased ESOP Shares			Allocated and Released Shares		Total
Balance, March 31, 2015	$	332,500		73,899			888,685		962,584
Allocation December 31, 2015				(24,633	)		24,633		-
Balance, March 31, 2016	$	207,000		49,266			913,318		962,584
Allocation December 31, 2016				(24,633	)		24,633		-
Balance, March 31, 2017	$	176,000		24,633			937,951		962,584
Allocation December 31, 2017				(24,633	)		24,633		-
Balance, March 31, 2018	$	-		-			962,584		962,584