Employee Stock Ownership Plan

9 Months Ended

Mar. 31, 2018

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 $100,464 and $103,959 for the three-month periods ended March 31, 2018 and 2017, respectively. ESOP compensation expense was $279,502 and $320,835 for the nine-month periods ended March 31, 2018 and 2017, respectively.

The ESOP shares as of March 31, 2018 and 2017 were as follows:

	March 31, 2018		March 31, 2017
Allocated shares		443,198		439,432
Committed-to-be-released shares		11,875		12,500
Unreleased shares		33,125		49,167
Total shares held by the ESOP		488,198		501,099
Fair value of unreleased shares	$	867,875	$	1,130,841

During the three and nine months ended March 31, 2018 the Company repurchased 0 and 4,798 shares previously held in the ESOP for $0 and $109,694. During the three and nine months ended March 31, 2017 the Company repurchased 0 and 1,663 shares previously held in the ESOP for $0 and $44,335.

The ESOP allows for eligible participants to take whole share distributions from the plan on specific dates in accordance with the provision of the plan. Share distributions from the ESOP during the three and nine months ended March 31, 2018 totaled 0 and 8,103 shares, respectively. During the three and nine month period ended March 31, 2017 the ESOP did not distribute any shares from the plan.