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EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS | 12 Months Ended
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Sep. 30, 2020
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract] |
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS | 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 $3.0 million, $2.9 million and $2.1 million was recorded for the fiscal years ended September 30, 2020, 2019 and 2018, 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, 2020, 2019 and 2018, 157,909 shares, 98,753 shares and 72,996 shares, from the suspense account, with a fair value of $19.22, $32.61 and $27.55 per share, respectively, were released. For the fiscal years ended September 30, 2020, 2019 and 2018, allocated shares and total ESOP shares reflect 59,865 shares, 79,926 shares and 6,687 shares, respectively, withdrawn from the ESOP by participants who were no longer with the Company or by participants diversifying their holdings. At September 30, 2020, 2019 and 2018, there were 5,662, 5,336 and 3,987 shares purchased, respectively, for dividend reinvestment. Fiscal year-end ESOP shares are as follows:
At September 30, | 2020 |  | 2019 |  | 2018
(Dollars in Thousands) |  |  |  |  |
Allocated shares | 809,116 |  |  | 778,088 |  |  | 812,346 |
Unearned shares | — |  |  | — |  |  | — |
Total ESOP shares | 809,116 |  |  | 778,088 |  |  | 812,346 |
Fair value of unearned shares | $ | — |  |  | $ | — |  |  | $ | — |
The Company also has a profit sharing plan covering substantially all full-time employees. Profit sharing expense included in compensation and benefits, for the fiscal years ended September 30, 2020, 2019 and 2018 was $3.1 million, $3.0 million and $2.2 million, respectively. As of October 1, 2020, the Company modified its profit sharing plan to incorporate a Qualified Automatic Contribution Arrangement (QACA) safe harbor provision, whereby employee contributions are matched at 100% of the first 4% of eligible compensation contributed.

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- Definition Disclosure of the description of the plan, the basis for determining contributions, including the employee groups covered, and the nature and effect of significant matters affecting comparability of information for all periods presented. + References No definition available. + Details
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