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Employee Stock Ownership Plan
9 Months Ended
Sep. 30, 2019
Employee Stock Ownership Plan  
Employee Stock Ownership Plan

Note 10 – Employee Stock Ownership Plan -

As part of the stock conversion, shares were purchased by the ESOP with a loan from Eureka Homestead Bancorp, Inc. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP. Compensation expense related to the ESOP was $41,000 for the three month period ended September 30, 2019. 

The stock price when issued was $10 per share.  The fair value of the 112,000 unallocated shares was $1.4 million based on the average price of our common stock for the quarter ended September 30, 2019, of $12.13 per share.