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STOCK-BASED COMPENSATION

12 Months Ended

Sep. 30, 2018

Share-based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE C – STOCK-BASED COMPENSATION

The Company follows FASB Accounting Standards Codification (“ASC”) Section 718, Compensation-Stock Compensation, which covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. ASC 718 requires that compensation cost relating to share-based payment transactions be recognized in financial statements. The cost is measured based on the fair value of the equity or liability instruments issued.

Stock options generally vest over a five-year service period and expire ten years from issuance. The fair values of all option grants were estimated using the Black-Scholes option-pricing model. Management recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the vesting period of the awards. Once vested, these awards are irrevocable.

There was no activity for the Company’s stock option plan for the year ended September 30, 2018.

The following is a summary of the status of the Company’s stock option activity and related information for its option plan for the year ended September 30, 2017 and 2018.

										Weighted
						Weighted				Average				Aggregate
		Number of				Average				Remaining				Intrinsic
		Stock Options				Exercise Price				Contractual Life				Value
Balance at September 30, 2016			188,276			$	14.61				0.4 years			$	—
Granted			—				—
Exercised			—				—
Forfeited			—				—
Expired			(188,276	)			14.61
Balance at September 30, 2017			—			$	—			$	—			$	—
Granted			—				—
Exercised			—				—
Forfeited			—				—
Expired			—				—
Balance at September 30, 2018			—			$	—			$	—			$	—
Exercisable at September 30, 2018			—			$	—			$	—			$	—

There were no grants, vested shares or forfeitures of non-vested restricted stock awards as of or during the twelve months ended September 30, 2018 and 2017.

There were no stock option and stock award expenses included with compensation expense for the years ended September 30, 2018 and 2017.

The Company has an Employee Stock Ownership Plan ("ESOP") for the benefit of employees who meet the eligibility requirements as defined in the plan. The ESOP trust purchased 217,863 shares of common stock in the open market using proceeds of a loan from the Company. The total cost of shares purchased by the ESOP trust was $2.3 million, reflecting an average cost per share of $10.58. The Bank will make cash contributions to the ESOP on an annual basis sufficient to enable the ESOP to make the required loan payments to the Company. The loan bears a variable interest rate that adjusts annually to Prime Rate (4.50% at January 1, 2018) with principal and interest payable annually in equal installments over thirty years. The loan is secured by shares of the Company’s stock.

As the debt is repaid, shares are released as collateral and allocated to qualified employees. Accordingly, the shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Balance Sheets. The Company accounts for its ESOP in accordance with FASB ASC Topic 718, “Employer’s Accounting for Employee Stock Ownership Plans”. As shares are released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. The Company's contribution expense for the ESOP was $157,000 and $154,000 for years ended September 30, 2018 and 2017, respectively.

The following table presents the components of the ESOP shares as of September 30, 2018:

Unreleased shares at September 30, 2017			52,092
Shares released for allocation during the year ended September 30, 2018			(12,445	)
Unreleased shares at September 30, 2018			39,647
Total released shares			178,216
Total ESOP shares			217,863

The aggregate fair value of the unreleased shares at September 30, 2018 was approximately $482,000.

X

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-URI http://asc.fasb.org/subtopic&trid=2208855

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- References

No definition available.

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