Employee Stock Ownership Plan

9 Months Ended

Jun. 30, 2024

Employee Stock Ownership Plan

Employee Stock Ownership Plan

7. Employee Stock Ownership Plan

On October 6, 2008, the Company established a leveraged employee stock ownership plan (“ESOP”) covering substantially all employees. The ESOP trust acquired 203,363 shares of Company common stock at a cost of $10.00 per share financed by a term loan with the Company. The ESOP loan was repaid in full during the quarter ended December 31, 2015 and all shares have been allocated to participants in the plan; therefore, no compensation expense was recognized for the three – and nine - month periods ended June 30, 2024 and 2023. The ESOP trust held 262,176 and 293,695 shares of Company common stock at June 30, 2024 and September 30, 2023, respectively.