EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS

12 Months Ended

Sep. 30, 2019

EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract]

EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS

The Company maintains an Employee Stock Ownership Plan (“ESOP”) for eligible employees who have 1,000 hours of employment with the Bank, have worked at least one year at the Bank and who have attained age 21. ESOP expense of $2.9 million, $2.1 million and $1.7 million was recorded for the fiscal years ended September 30, 2019, 2018 and 2017, respectively. Contributions of $3.2 million, $2.0 million and $1.6 million were made to the ESOP during the fiscal years ended September 30, 2019, 2018 and 2017, respectively.

Contributions to the ESOP and shares released from suspense are allocated among ESOP participants on the basis of compensation in the year of allocation. Benefits generally become 100% vested after seven years of credited service. Prior to the completion of seven years of credited service, a participant who terminates employment for reasons other than death or disability receives a reduced benefit based on the ESOP’s vesting schedule. Forfeitures are reallocated among remaining participating employees in the same proportion as contributions. Benefits are payable in the form of stock upon termination of employment. The Company’s contributions to the ESOP are not fixed, so benefits payable under the ESOP cannot be estimated.

For the fiscal years ended September 30, 2019, 2018 and 2017, 98,753 shares, 72,996 shares and 61,458 shares, from the suspense account, with a fair value of $32.61, $27.55 and $26.13 per share, respectively, were released. For the fiscal years ended September 30, 2019, 2018 and 2017, allocated shares and total ESOP shares reflect 79,926 shares, 6,687 shares and 42,378 shares, respectively, withdrawn from the ESOP by participants who were no longer with the Company or by participants diversifying their holdings. At September 30, 2019, 2018 and 2017, there were 5,336, 3,987 and 4,437 shares purchased, respectively, for dividend reinvestment.

Fiscal year-end ESOP shares are as follows:



At September 30,	2019		2018		2017
(Dollars in Thousands)
Allocated shares	778,088		812,346		768,657
Unearned shares	—		—		—
Total ESOP shares	778,088		812,346		768,657
Fair value of unearned shares	$	—	$	—	$	—

The Company also has a profit sharing plan covering substantially all full-time employees. Contribution expense to the profit sharing plan, included in compensation and benefits, for the fiscal years ended September 30, 2019, 2018 and 2017 was $3.3 million, $2.2 million and $1.6 million, respectively.