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Employee Benefits (Tables)

12 Months Ended

Sep. 30, 2017

The following table presents the components of the ESOP shares:

	2017		2016

Allocated shares		359,711		361,308

Shares committed to be released		33,962		33,962

Unreleased shares		871,686		916,968

Total ESOP shares		1,265,359		1,312,238

Fair value of unreleased shares (in thousands)	$	13,685	$	12,682

Schedule of Stock Option Activity

The following is a summary of the Company’s stock option activity and related information for its option plan for the year ended September 30, 2017.

	Number of Stock Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, September 30, 2016		905,987	$	12.35		1.67	$	1,341
Granted		-		-		-		-
Exercised		611,341		12.35		0.67		-
Forfeited		-		-		-		-

Outstanding, September 30, 2017		294,646		12.35		0.67		987

Exercisable at year-end		294,646		12.35		0.67		987

Schedule of Nonvested Restricted Stock Option Activity

The following is a summary of the status of the Company’s nonvested restricted stock as of September 30, 2017, and changes therein during the year then ended:

	Number of Restricted Stock			Weighted- Average Grant Date Fair Value
Nonvested at September 30, 2016		31,896		$	13.01
Granted		23,971			16.28
Vested		(21,175	)		13.62
Forfeited		-			-

Nonvested at September 30, 2017		34,692		$	14.89

Summary of Change in Plan Assets and Benefit Obligation

The following table sets forth the change in plan assets and benefit obligation at September 30 (in thousands):

	2017			2016

Change in benefit projected obligation:
Projected benefit obligation at beginning of year	$	25,470		$	22,093
Service cost		516			987
Interest cost		859			972
Actuarial (gains) losses		(2,857	)		2,012
Curtailment (Plan Freeze)		(4,579	)		-
Benefits paid		(811	)		(594	)
Projected benefit obligation at end of year		18,598			25,470
Change in plan assets:
Fair value of plan assets at beginning of year		19,188			17,507
Actual return on plan assets		1,986			1,644
Contributions		-			631
Benefits paid		(811	)		(594	)
Fair value of plan assets at end of year		20,363			19,188
Funded status	$	1,765		$	(6,282	)

Summary of the Components of Net Periodic Pension Cost

Amounts not yet recognized as a component of net periodic pension cost (in thousands):

2017

2016

2015

Amounts recognized in accumulated other comprehensive

loss consist of:

Net loss

953

9,216

8,068

Summary of the Components of Net Periodic Benefit Cost

The following table comprises the components of net periodic benefit cost for the years ended September 30 (in thousands):

	2017			2016			2015

Service cost	$	516		$	987		$	873
Interest cost		859			972			826
Expected return on plan assets		(1,385	)		(1,244	)		(1,233	)
Amortization of unrecognized loss		226			463			241
Net periodic benefit cost	$	216		$	1,178		$	707

Schedule of Weighted-Average Assumptions

Weighted-average assumptions used to determine benefit obligations:

	2017			2016

Discount rate		3.85	%		3.70	%
Rate of compensation increase	N/A				3.00

Schedule of Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost for the years ended:

	2017			2016			2015

Discount rate		4.10	%		4.45	%		4.45	%
Expected long-term return on plan assets		7.00			7.00			7.00
Rate of compensation increase	N/A				4.00			4.00

Summary of the Plan's Financial Assets at Fair Value, within the Fair Value Hierarchy

The following tables set forth by level, within the fair value hierarchy, the plan’s financial assets at fair value as of September 30, 2017 and 2016 (in thousands):

	September 30, 2017
	Level I		Level II		Level III		Total
Assets:
Investment in collective trusts
Fixed income	$	-	$	7,999	$	-	$	7,999
Equity		-		12,353		-		12,353
Investment in short-term investments		-		11		-		11

Total assets at fair value	$	-	$	20,363	$	-	$	20,363

	September 30, 2016
	Level I		Level II		Level III		Total
Assets:
Investment in collective trusts
Fixed income	$	-	$	7,654	$	-	$	7,654
Equity		-		11,502		-		11,502
Investment in short-term investments		-		32		-		32

Total assets at fair value	$	-	$	19,188	$	-	$	19,188

The Bank's Defined Benefit Pension Plan Weighted-Average Asset Allocations

The Bank’s defined benefit pension plan weighted-average asset allocations at September 30, 2017 and 2016 by asset category, are as follows:

	September 30,
Asset Category	2017			2016

Fixed income securities		39.3	%		39.9	%
Equity securities		60.7			59.9
Other		0.0			0.2

Total		100.0	%		100.0	%

Summary of Estimated Future Benefit Payments

Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands):

2018	$	1,109
2019		851
2020		2,949
2021		3,181
2022		556
2023-2027		5,691