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Employee Stock Ownership and 401(k) Plan | 12 Months Ended
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Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract] |
Employee Stock Ownership and 401(k) Plan | Employee Stock Ownership and 401(k) Plan Effective October 3, 2007, the Bank established the Timberland Bank Employee Stock Ownership and 401(k) Plan (“KSOP”) by combining the existing Timberland Bank Employee Stock Ownership Plan and the Timberland Bank 401(k) Plan. The KSOP is comprised of two components, the ESOP and the 401(k) Plan. The KSOP benefits employees with at least one year of service who are 21 years of age or older. The Bank may fund the ESOP with contributions of cash or stock, and may fund the 401(k) Plan with contributions of cash. Employee vesting occurs over six years. ESOP In January 1998, the ESOP borrowed $7,930,000 from the Company to purchase 1,058,000 shares of common stock of the Company. The loan is being repaid primarily from the Bank’s contributions to the ESOP and is scheduled to be fully repaid by March 31, 2019. The interest rate on the loan is 8.5%. Interest expense on the ESOP debt was $136,000, $173,000 and $206,000 for the years ended September 30, 2016, 2015 and 2014, respectively. The balance of the loan at September 30, 2016 was $1,314,000. The amount of the Bank's annual contribution is discretionary, except that it must be sufficient to enable the ESOP to service its debt. All dividends received by the ESOP are used to pay debt service. Dividends of $243,000, $170,000 and $120,000 were used to service the debt during the years ended September 30, 2016, 2015 and 2014, respectively. As the Plan makes each payment of principal and interest, an appropriate percentage of stock is released and allocated annually to eligible employee accounts, in accordance with applicable regulations. As of September 30, 2016, 433,902 ESOP shares, which were previously released for allocation to participants, had been distributed to participants. Shares held by the ESOP as of September 30, 2016, 2015 and 2014 were classified as follows:
| 2016 |  |  | 2015 |  |  | 2014 |
Unallocated shares | 88,171 |  |  | 123,436 |  |  | 158,702 |
Shares released for allocation | 535,927 |  |  | 554,745 |  |  | 564,111 |
Total ESOP shares | 624,098 |  |  | 678,181 |  |  | 722,813 |
The approximate fair market value of the ESOP’s unallocated shares at September 30, 2016, 2015 and 2014 was $1,389,000, $1,344,000 and $1,673,000, respectively. Compensation expense recognized under the ESOP for the years ended September 30, 2016, 2015 and 2014 was $233,000, $203,000, and $242,000, respectively. 401(k) Plan Eligible employees may contribute a portion of their wages to the 401(k) Plan up to the maximum established under the Internal Revenue Code. Contributions by the Bank are at the discretion of the Board except for a safe harbor contribution of 3% of eligible employees' wages, which is mandatory according to the plan document. Bank contributions totaled $333,000, $313,000 and $302,000 for the years ended September 30, 2016, 2015 and 2014, respectively.

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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 No definition available. + Details
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