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EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS
12 Months Ended
Sep. 30, 2017
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract]  
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS
 
The Company maintains an Employee Stock Ownership Plan (“ESOP”) for eligible employees who have 1000 hours of employment with the Bank, have worked at least one year at the Bank and who have attained age 21.  ESOP expense of $1,668,000, $1,150,000 and $994,000 was recorded for the years ended September 30, 2017, 2016 and 2015, respectively.  Contributions of $1,606,102, $1,174,682 and $992,038 were made to the ESOP during the years ended September 30, 2017, 2016 and 2015, respectively.
 
Contributions to the ESOP and shares released from suspense are allocated among ESOP participants on the basis of compensation in the year of allocation.  Benefits generally become 100% vested after seven years of credited service.  Prior to the completion of seven years of credited service, a participant who terminates employment for reasons other than death or disability receives a reduced benefit based on the ESOP’s vesting schedule.  Forfeitures are reallocated among remaining participating employees in the same proportion as contributions.  Benefits are payable in the form of stock upon termination of employment.  The Company’s contributions to the ESOP are not fixed, so benefits payable under the ESOP cannot be estimated.
 
For the years ended September 30, 2017, 2016 and 2015, 20,486 shares, 19,381 shares and 23,750 shares, from the suspense account, with a fair value of $78.40, $60.61 and $41.77 per share, respectively, were released. For the years ended September 30, 2017, 2016 and 2015, allocated shares and total ESOP shares reflect 14,126 shares, 15,502 shares and 10,294 shares, respectively, withdrawn from the ESOP by participants who were no longer with the Company or by participants diversifying their holdings.  At September 30, 2017, 2016 and 2015, there were 1,479, 2,710 and 2,974 shares purchased, respectively, for dividend reinvestment.

Year-end ESOP shares are as follows:
 
At September 30,
2017
 
2016
 
2015
 
(Dollars in Thousands)
 
 
 
 
 
 
Allocated shares
256,219

 
262,872

 
256,283

Unearned shares

 

 

Total ESOP shares
256,219

 
262,872

 
256,283

Fair value of unearned shares
$

 
$

 
$



The Company also has a profit sharing plan covering substantially all full-time employees.  Contribution expense to the profit sharing plan, included in compensation and benefits, for the years ended September 30, 2017, 2016 and 2015 was $1.61 million, $1.26 million and $1.10 million, respectively.