Employee Stock Ownership Plan

12 Months Ended

Jun. 30, 2019

Employee Stock Ownership Plan [Abstract]

Employee Stock Ownership Plan

Note 11. Employee Stock Ownership Plan

The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion 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 $390,369 and $387,882 for the years ended June 30, 2019 and 2018, respectively. The ESOP shares as of June 30, 2019 and 2018 were as follows:

	2019		2018
Allocated shares		454,943		459,032
Unreleased shares		14,166		29,166
Total shares held by the ESOP		469,109		488,198
Fair value of unreleased shares	$	350,609	$	782,524

The Company may at times be required to repurchase shares at the ESOP participants’ request at the fair market value. During the twelve months ended June 30, 2019, the Company repurchased 1,810 shares previously held in the ESOP for $44,888. During the twelve months ended June 30, 2018 the Company repurchased 4,798 shares previously held by the ESOP for $109,694.

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 twelve months ended June 30, 2019 and 2018 totaled 17,279 shares and 8,103 shares, respectively.