Employee Stock Ownership Plan

6 Months Ended

Dec. 31, 2017

Employee Stock Ownership Plan [Abstract]

Employee Stock Ownership Plan

Note 7. Employee Stock Ownership Plan

The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all non-union employees who work 1,000 or more hours per year and are employed on June 30. The Company makes annual contributions to the ESOP equal to the ESOP's debt service less dividends on unallocated shares received by the ESOP. All dividends on unallocated shares received by the ESOP are used to pay debt service. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. As the debt is repaid, shares are released and allocated to active employees, based on the proportion of debt service paid in the year. The Company accounts for its ESOP in accordance with FASB ASC 718-40. Accordingly, the shares purchased by the ESOP are reported as Unearned ESOP shares in the statement of financial position. As shares are released or committed-to-be-released, the Company reports compensation expense equal to the current average market price of the shares, and the shares become outstanding for earnings-per-share (EPS) computations. ESOP compensation expense was $89,578 and $108,167 for the three-month periods ended December 31, 2017 and 2016, respectively. ESOP compensation expense was $179,038 and $216,876 for the six-month periods ended December 31, 2017 and 2016, respectively.

The ESOP shares as of December 31, 2017 and 2016 were as follows:

	December 31, 2017		December 31, 2016
Allocated shares		443,198		439,432
Committed-to-be-released shares		7,917		8,333
Unreleased shares		37,083		53,334
Total shares held by the ESOP		488,198		501,099
Fair value of unreleased shares	$	888,509	$	1,389,884

During the three and six months ended December 31, 2017 the Company repurchased 4,798 shares previously held in the ESOP for $109,694. During the three and six months ended December 31, 2016 the Company repurchased 1,663 shares previously held in the ESOP for $44,335.