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Employee Stock Ownership Plan

12 Months Ended

Mar. 31, 2015

14. EMPLOYEE STOCK OWNERSHIP PLAN

The Company sponsors an ESOP that covers all employees with at least one year and 1,000 hours of service who are over the age of 21. Shares are released and allocated to participant accounts on December 31 of each year until 2017. ESOP compensation expense included in salaries and employee benefits was $102,000, $68,000 and $42,000 for the years ended March 31, 2015, 2014 and 2013, respectively.

ESOP share activity is summarized in the following table:

	Fair Value of Unreleased Shares		Unreleased ESOP Shares		Allocated and Released Shares	Total

Balance, March 31, 2012	$	334,000	147,798		814,786	962,584
Allocation December 31, 2012			(24,633	)	24,633	-
Balance, March 31, 2013	$	325,000	123,165		839,419	962,584
Allocation December 31, 2013			(24,633	)	24,633	-
Balance, March 31, 2014	$	338,000	98,532		864,052	962,584
Allocation December 31, 2014			(24,633	)	24,633	-
Balance, March 31, 2015	$	332,500	73,899		888,685	962,584

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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