EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS

The Company maintains an Employee Stock Ownership Plan (“ESOP”) for eligible employees who have 1000 hours of employment with the Bank, have worked one year at the Bank and who have attained age 21. ESOP expense of $1,150,000, $994,000 and $703,000 was recorded for the years ended September 30, 2016, 2015 and 2014, respectively. Contributions of $1,174,682, $992,038 and $850,406 were made to the ESOP during the years ended September 30, 2016, 2015 and 2014, 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 years ended September 30, 2016, 2015 and 2014, 19,381 shares, 23,750 shares and 24,125 shares with a fair value of $60.61, $41.77 and $35.25 per share, respectively, were released. For the years ended September 30, 2016, 2015 and 2014, allocated shares and total ESOP shares reflect 15,502 shares, 10,294 shares and 10,643 shares, respectively, withdrawn from the ESOP by participants who are no longer with the Company or by participants diversifying their holdings. At September 30, 2016, 2015 and 2014, there were 2,710, 2,974 and 2,529 shares purchased, respectively, for dividend reinvestment.

Year-end ESOP shares are as follows:



At September 30,	2016		2015		2014
	(Dollars in Thousands)

Allocated shares	262,872		256,283		239,879
Unearned shares	—		—		—
Total ESOP shares	262,872		256,283		239,879
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 years ended September 30, 2016, 2015 and 2014 was $1.26 million, $1.1 million and $0.9 million, respectively.