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Employee Stock Ownership Plan
 12 Months Ended
Mar. 31, 2016
Notes  
Employee Stock Ownership Plan

13.   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 $110,000, $102,000 and $68,000 for the years ended March 31, 2016, 2015 and 2014, respectively. Shares held by the ESOP at March 31, 2016 totaled 573,853.

 

ESOP share activity is summarized in the following table:

 

 

Estimated Fair Value of Unreleased

Shares

 

Unreleased

ESOP

Shares

 

Allocated

and Released

Shares

 

Total

 

 

 

 

 

 

 

 

 

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

Allocation December 31, 2015

 

 

 

(24,633

)

24,633

 

-

Balance, March 31, 2016

$

207,000

 

49,266

 

913,318

 

962,584