v3.26.1
Employee Benefit Plans (Tables)
 9 Months Ended
Mar. 31, 2026
Employee Benefit Plans [Abstract]  
Information Regarding Pension Plan
Information regarding the Pension Plan at period end are as follows:
 
         
(In thousands)          
Change in projected benefit obligation:   March 31, 2026    June 30, 2025 
Benefit obligation at beginning of period  $3,994   $4,119 
Interest cost   8    213 
Actuarial loss   (450)    (1) 
Benefits paid   (3,552)    (256) 
Benefit obligation at end of period    -     4,075 
           
Change in fair value of plan assets:          
Fair value of plan assets at beginning of period   3,990    4,654 
Actual return on plan assets   (104)    348 
Employer contributions    -      -  
Benefits paid   (3,552)    (256) 
Fair value of plan assets at end of period   334    4,746 
Over funded status at end of period included in other liabilities  $(334)   $(671) 
Components of Net Periodic Pension Costs
The components of net periodic pension cost related to the Pension Plan during the three and nine months ended March 31, 2026 and 2025 were as follows:
 
         
  For the three months ended March 31,  
(In thousands)    2026      2025  
Interest cost  $
8
   $
53
 
Expected return on plan assets   
(10
)    
(57
) 
Amortization of net loss   
8
    
8
 
Effect of settlement   
706
    
-
 
Net periodic pension expense  $712   $4 
 
         
  For the nine months ended March 31,  
(In thousands)    2026      2025  
Interest cost  $
115
   $
159
 
Expected return on plan assets   
(126
)    
(171
) 
Amortization of net loss   
13
    
24
 
Effect of settlement   
905
    
-
 
Net periodic pension expense  $907   $12 
Amounts Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in other comprehensive income during the three and nine months ended March 31, 2026 consisted of the following:
 
         
(In thousands)   Three months ended
March 31, 2026		     Nine months ended
March 31, 2026		  
Actuarial loss on plan assets and benefit obligations
 $ 1,048   $ 569 
Deferred tax expense
   280     152 
Net change in plan assets and benefit obligations recognized in other comprehensive income
 $ 768   $ 417 
Amounts Recognized in Financial Condition
Amounts recognized in the consolidated statements of financial condition related to the Pension Plan for the period ended, presented as follows:
 
       
(In thousands)
 
Other liabilities:   June 30, 2025  
Projected benefit obligation in surplus of fair value of pension plan
 $ (671) 
Accumulated other comprehensive loss, net of taxes:
     
Net losses and past service liability
 $ (417) 
Assumptions Used
The principal actuarial assumptions used at June 30, 2025:
 
       
Projected benefit obligation:   June 30, 2025  
Discount rate   5.37 %
Net periodic pension expense:      
Amortization period, in years   11  
Discount rate   5.30 %
Expected long-term rate of return on plan assets   5.00 %
Allocation of Plan Assets
The weighted average asset allocation and fair value of our pension plan assets at March 31, 2026 and June 30, 2025 was as follows:
 
                         
    March 31, 2026     June 30, 2025  
(Dollars in thousands)    Fair Value      Fair Value  
Money market  $ 334    100.0 %  $ 1,382    29.1 %
Mutual funds – fixed income       -     0.00      3,364    70.9  
Total plan assets  $ 334    100.0 %  $ 4,746    100.0 %