v3.25.2
Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2025
Employee Benefit Plans [Abstract]  
Information Regarding Pension Plan
Information regarding the Pension Plan at June 30, 2025 and 2024 is as follows:
 
        
(In thousands)         
Change in projected benefit obligation:   2025      2024  
Benefit obligation at beginning of period $4,119   $4,351 
Interest cost  213    207 
Actuarial loss  (1   (198
Benefits paid  (256   (241
Benefit obligation at June 30  4,075    4,119 
          
Change in fair value of plan assets:         
Fair value of plan assets at beginning of period  4,654    4,474 
Actual return on plan assets  348    421 
Employer contributions   -      -  
Benefits paid  (256   (241
Fair value of plan assets at June 30  4,746    4,654 
Overfunded status at June 30 included in other liabilities $(671  $(535
Components of Net Periodic Pension Costs
The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2025 and 2024 were as follows:
 
        
(In thousands)
 
2025
    
2024
 
Interest cost
$
213
   $
207
 
Expected return on plan assets
 
(228
  
(219
Amortization of net loss
 
30
    
77
 
Effect of settlement
 
-
    
-
 
Net periodic pension expense
$15   $65 
Amounts Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2025 and 2024 consisted of the following:
 
        
(In thousands)   2025      2024  
Actuarial loss on plan assets and benefit obligations $152   $476 
Deferred tax expense  41    127 
Net change in plan assets and benefit obligations recognized in other comprehensive income $111   $349 
Amounts Recognized in Financial Condition
Amounts recognized in our consolidated statements of financial condition related to our pension plan for the years ended June 30, 2025 and 2024 are as follows:
 
        
(In thousands)
        
Other liabilities:
 
2025
    
2024
 
Projected benefit obligation in (surplus) of fair value of pension plan
$(671  $(535
Accumulated other comprehensive loss, net of taxes:
        
Net losses and past service liability
$(417  $(528
Assumptions Used
The principal actuarial assumptions used were as follows:
 
        
Projected benefit obligation:
 
2025
    
2024
 
Discount rate
 5.37%   5.30%
Net periodic pension expense:
        
Amortization period, in years
 11    11 
Discount rate
 5.30%   4.90%
Expected long-term rate of return on plan assets
 5.00%   5.00%
Allocation of Plan Assets
The weighted average asset allocation and fair value of our pension plan assets at June 30, 2025 and 2024 was as follows:
 
                   
  2025   2024
(Dollars in thousands)
Fair Value   Fair Value
Money market
$1,382   29.1%   $ -    
-
%
Mutual funds – fixed income
 3,364   70.9     2,743   58.9 
Mutual funds – equity
  -     -      1,911   41.1 
Total plan assets
$4,746   100.0%   $4,654   100.0%
Expected Benefit Payments
Expected benefit payments under the pension plan over the next ten years at June 30, 2025 are as follows:
 
   
(In thousands)
  
2026
$
 248
2027
 
246
2028
 
243
2029
 
246
2030
 
264
2031-2035
 
1,404