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Note 10: Employee Benefits | 12 Months Ended
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Jun. 30, 2017
Notes |
Note 10: Employee Benefits | NOTE 10: Employee Benefits 401(k) Retirement Plan. The Bank has a 401(k) retirement plan that covers substantially all eligible employees. The Bank makes “safe harbor” matching contributions of up to 4% of eligible compensation, depending upon the percentage of eligible pay deferred into the plan by the employee. Additional profit-sharing contributions of 4% of eligible salary have been accrued for the plan year ended June 30, 2017, which the board of directors authorizes based on management recommendations and financial performance for fiscal 2017. Total 401(k) expense for fiscal 2017, 2016, and 2015 was $877,000, $834,000, and $752,000. At June 30, 2017, 401(k) plan participants held approximately 403,000 shares of the Company’s stock in the plan. Employee deferrals and safe harbor contributions are fully vested. Profit-sharing or other contributions vest over a period of five years. Management Recognition Plan (MRP). The Bank adopted an MRP for the benefit of non-employee directors and two MRPs for officers and key employees (who may also be directors) in April 1994. During fiscal 2012, the Bank granted 6,072 shares (split-adjusted) to employees. The shares granted are in the form of restricted stock vested at the rate of 20% of such shares per year. For fiscal 2017, 2016, and 2015, there were 1,214 shares vested each year. Compensation expense, in the amount of the fair market value of the common stock at the date of grant, is recognized pro-rata over the five years during which the shares vest. The Board of Directors can terminate the MRP plan at any time, and if it does so, any shares not allocated will revert to the Company. The MRP expense for fiscal 2017, 2016, and 2015 was $13,000 for each year. At June 30, 2017, there was no unvested compensation expense related to the MRP, and no shares remained available for award. . Equity Incentive Plan. The Company adopted an Equity Incentive Plan (EIP) in 2008, reserving for awards of 132,000 shares (split-adjusted). EIP shares are available for award to directors, officers, and employees of the Company and its affiliates by a committee of outside directors. The committee has the power to set vesting requirements for each award under the EIP. During fiscal 2012, the Company awarded 73,928 shares (split-adjusted); during fiscal 2014, the Company awarded 24,000 shares (split-adjusted); during fiscal 2015, the Company awarded 8,000 shares (split-adjusted); during fiscal 2016, the Company awarded 3,750 shares; and during fiscal 2017, the Company awarded 13,125 shares. All awards have been in the form of restricted stock, and all will vest at the rate of 20% of such shares per year. Additionally, among the shares awarded during fiscal 2017, there were 8,750 shares which vest only if the Company meets certain profitability targets. During fiscal 2017, 2016, and 2015, there were 21,200, 19,786, and 21,186 EIP shares (split-adjusted), respectively, vested each year. Compensation expense, in the amount of the fair market value of the common stock at the date of grant, is recognized pro-rata over the five years during which the shares vest. The Board of Directors can terminate the EIP plan at any time, and if it does so, any shares not allocated will revert to the Company. The EIP expense for fiscal 2017, 2016, and 2015 was $284,000, $260,000, and $275,000, respectively. At June 30, 2017, unvested compensation expense related to the EIP was approximately $615,000. Stock Option Plans. The Company adopted a stock option plan in October 2003. Under the plan, the Company has granted options to purchase 242,000 shares (split-adjusted) to employees and directors, of which, options to purchase 153,000 shares (split-adjusted) have been exercised, options to purchase 45,000 shares (split-adjusted) have been forfeited, and 44,000 remain outstanding. Under the 2003 Plan, exercised options may be issued from either authorized but unissued shares, or treasury shares. As of June 30, 2017, there was $19,000 in remaining unrecognized compensation expense related to nonvested stock options, which will be recognized over the remaining weighted average vesting period. The aggregate intrinsic value of stock options outstanding at June 30, 2017, was $1.0 million, and the aggregate intrinsic value of stock options exercisable at June 30, 2017, was $920,000. During fiscal 2017, options to purchase 10,000 shares were exercised. The intrinsic value of these options, based on the Company’s closing stock price of $32.26, was $262,000. The intrinsic value of options vested in fiscal 2017, 2016, and 2015 was $262,000, $37,000, and $115,000, respectively. Changes in options outstanding were as follows:
|  | 2017 | 2016 | 2015
|  | Weighted |  | Weighted |  | Weighted |
|  | Average |  | Average |  | Average |
|  | Price | Number | Price | Number | Price | Number
Outstanding at beginning of year |  | $ 8.74 | 54,000 | $ 8.28 | 69,000 | $ 7.29 | 100,000
Granted |  | - | - | - | - | 17.55 | 10,000
Exercised |  | 6.08 | (10,000) | 6.38 | (15,000) | 8.10 | (41,000)
Forfeited |  | - | - | - | - | - | -
Outstanding at year-end |  | $ 9.35 | 44,000 | $ 8.74 | 54,000 | $ 8.28 | 69,000
Options exercisable at year-end |  | $ 8.06 | 38,000 | $ 7.03 | 44,000 | $ 6.39 | 55,000
The following is a summary of the assumptions used in the Black-Scholes pricing model in determining the fair values of options granted during fiscal year 2015. (No options were granted in fiscal 2017 or 2016.):
|  | 2017 | 2016 | 2015
Assumptions: |  |  |  |  |  |  |
Expected dividend yield |  |  | - |  | - |  | 1.94%
Expected volatility |  |  | - |  | - |  | 22.48%
Risk-free interest rate |  |  | - |  | - |  | 2.46%
Weighted-average expected life (years) |  |  | - |  | - |  | 10.00
Weighted average fair value of options granted during the year |  |  | - |  | - |  | $ 4.29
The table below summarizes information about stock options outstanding under the plan at June 30, 2017:
| Options Outstanding | Options Exercisable
Weighted |  |  |  |
Average |  | Weighted |  | Weighted
Remaining |  | Average |  | Average
Contractual | Number | Exercise | Number | Exercise
Life | Outstanding | Price | Exercisable | Price
30.5 mo. | 30,000 | 6.38 | 30,000 | 6.38
52.7 mo. | 4,000 | 11.18 | 4,000 | 11.18
86.3 mo. | 10,000 | 17.55 | 4,000 | 17.55

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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