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Employee Stock Ownership Plan
3 Months Ended
Mar. 31, 2020
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 $21,000 for the three month period ended March 31, 2020.

The stock price when issued was $10 per share.  The fair value of the 110,000 unallocated shares was $1.1 million based on the average price of our common stock for the quarter ended March 31, 2020, of $10.30 per share.