v3.26.1
Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2026
Employee Benefit Plans [Abstract]  
Information Regarding Pension Plan
Information regarding the Pension Plan at June 30, 2026 and 2025 is as follows:
 
         
(In thousands)
           
Change in projected benefit obligation:

 2026 

 2025 
Benefit obligation at beginning of period
 $ 4,075   $ 4,119 
Interest cost
   115     213 
Actuarial loss
   250     (1
Benefits paid
   (4,440    (256
Benefit obligation at June 30
      -      4,075 
             
Change in fair value of plan assets:
           
Fair value of plan assets at beginning of period
   4,746     4,654 
Actual return on plan assets
   28     348 
Employer contributions
      -         -  
Benefits paid
   (4,440    (256
Assets transferred to a qualified replacement plan
   (334      -  
Fair value of plan assets at June 30
      -      4,746 
Over funded status at June 30 included in other liabilities
 $  -    $ (671
Components of Net Periodic Pension Costs
The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2026 and 2025 were as follows:
 
             
(In thousands)
 2026 
 2025 
Interest cost  $
115
   $
213
 
Expected return on plan assets   
(126
  
(228
Amortization of net loss   
13
    
30
 
Effect of settlement   
905
    
  -
 
Net periodic pension expense  $ 907   $ 15 
Amounts Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2026 and 2025 consisted of the following:
 
             
(In thousands)

 2026 
 2025 
Actuarial loss on plan assets and benefit obligations
 $ 569   $ 152 
Deferred tax expense
   152     41 
Net change in plan assets and benefit obligations recognized in other comprehensive income
 $ 417   $ 111 
Amounts Recognized in Financial Condition
Amounts recognized in our consolidated statements of financial condition related to the Pension Plan for the year 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 June 30, 2025 was as follows:
 
         
             
(Dollars in thousands)
   Fair Value
 
Money market
 $ 1,382    29.1 %
Mutual funds – fixed income
   3,364    70.9  
Total plan assets
 $ 4,746    100.0 %