Employee Benefits |
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| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits |
The Company sponsors a noncontributory post-retirement health benefit plan (post-retirement plan). The post-retirement plan provides medical coverage benefits for former employees and their spouses upon retirement. The post-retirement plan has no assets to offset the future liabilities incurred under the post-retirement plan. The Company’s funding policy is to make the minimum annual contribution that is required by applicable regulations, plus such amounts as the Company may determine to be appropriate from time to time. The Company expects to contribute $113,000 to the plan in fiscal year 2026. The Company uses a June 30 measurement date for the plan. Information about the plan’s funded status and pension cost follows:
Significant balances, costs and assumptions are:
Amounts recognized in the consolidated balance sheets:
Components of net periodic benefit cost:
Amounts recognized in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost consist of:
Other significant balances and costs are:
Other changes in benefit obligations recognized in other comprehensive income are described in Note 10. The estimated net loss (gain), prior service cost and transition obligation for the post-retirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost of the next fiscal year are $(29), $0, and $0, respectively. Discount rates of 5.42% and 5.31% were used for 2025 and 2024, respectively, to determine the benefit obligations, and 5.31% and 4.76%, respectively, for benefit costs. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:
For measurement purposes, 8.0%, 7.0% and 7.0% annual rates of increase in the per capita cost of covered health care benefits were assumed for 2025, 2026 and 2027, respectively. The rate was assumed to decrease gradually to 5.0% by the year 2036 and remain at that level thereafter. The following post-retirement plan benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of June 30, 2025:
The Company has a 401(k) plan covering substantially all employees. The Company matches 25% of the first 5% of compensation that a participant defers. Employer contributions charged to expense for 2025 and 2024 were $86,000 and $96,000, respectively. The plan also includes an Employer Profit Sharing contribution which allows all eligible participants to receive at least 4% of their Plan year salary. The Company’s contributions for the plan years ended June 30, 2025 and 2024 were $374,000 and $402,000, respectively. The Company has deferred compensation agreements for directors, which provides benefits payable upon normal retirement age of 72. The present value of the estimated liability under the agreement is being accrued using a discount rate of 6 percent. The deferred compensation charged to expense totaled $294,000 and $271,000 for the years ended June 30, 2025 and 2024, respectively. The agreements’ accrued liability of $2.6 million and $2.4 million as of June 30, 2025 and 2024, respectively, is included in other liabilities in the consolidated balance sheets. The following benefit payments are expected to be paid for these agreements:
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