SOP 93-6 definition
SOP 93-6 requires the measure of compensation expense recorded by employers to equal the fair value of ESOP shares allocated to participants during a fiscal year. Expense related to the ESOP totaled approximately $202,000, $191,000 and $167,000 for the fiscal years ended June 30, 2005, 2004 and 2003, respectively. Additionally, during fiscal 1997, the Bank adopted a Recognition and Retention Plan ("RRP"). The Bank funded the RRP through the purchase of 40,600 shares of the Corporation's common stock in the open market. The Bank had previously awarded 30,871 shares under the RRP which vested over a five year period. A provision of $3,000, $7,000 and $10,000 related to the RRP was charged to expense for the fiscal years ended June 30, 2005, 2004 and 2003, respectively.