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401(k) Retirement Plan | 6 Months Ended
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Dec. 31, 2021
401(k) Retirement Plan |
401(k) Retirement Plan | Note 9: 401(k) Retirement Plan The Bank has a 401(k) retirement plan that covers substantially all eligible employees. The Bank made “safe harbor” matching contributions to the Plan of up to 4% of eligible compensation, depending upon the percentage of eligible pay deferred into the plan by the employee, and also made additional, discretionary profit-sharing contributions for fiscal 2021. For fiscal 2022, the Company has maintained the safe harbor matching contribution of up to 4%, and expects to continue to make additional, discretionary profit-sharing contributions. During the three- and six- month periods ended December 31, 2021, retirement plan expenses recognized for the Plan totaled approximately $428,000 and $918,000, respectively, as compared to $413,000 and $869,000, respectively, for the same periods of the prior fiscal year. Employee deferrals and safe harbor contributions are fully vested. Profit-sharing or other contributions vest over a period of five years.

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