(15)	DEFERRED COMPENSATION PLANS

The Bank has deferred compensation agreements with former officers who are receiving benefits under these agreements. The agreements provide for the payment of specific benefits following retirement. The balance of the accrued benefit for this plan was $3,000 and $39,000 at September 30, 2016 and 2015, respectively. Deferred compensation expense was $2,000 and $5,000 for the years ended September 30, 2016 and 2015, respectively.

The Company has a directors’ deferred compensation plan whereby a director, at his or her election on an annual basis, may defer all or a portion of the director fees into an account with the Company. The Company accrues interest on the deferred obligation at an annual rate equal to the prime rate for the immediately preceding calendar quarter plus 2%, but in no event at a rate in excess of 8%. The deferral period extends until separation from service by the director. The benefits under the plan are payable in a lump sum or in monthly installments over a period of up to ten years following the separation from service; however, the agreements provide for payment of benefits in the event of disability, early retirement, termination of service or death. The balance of the accrued benefit for the director plan was $1.2 million and $1.0 million at September 30, 2016 and 2015, respectively. Deferred compensation expense for this plan was $195,000 and $164,000 for the years ended September 30, 2016 and 2015, respectively.