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v3.23.2

Benefit Plans (Tables) | 12 Months Ended
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Jun. 30, 2023
Retirement Benefits [Abstract] |
Schedule of Net Periodic Benefit Expense | The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan:
| Year Ended June 30, |  | Affected Line Item in the Consolidated Statements of Income
| 2023 |  | 2022 |  | 2021 |
| (In Thousands) |  |
Service cost | $ | 281 |  |  | $ | 547 |  |  | $ | 106 |  |  | Salaries and employee benefits
Interest cost | 369 |  |  | 279 |  |  | 262 |  |  | Other expense
(Accretion) amortization of unrecognized (gain) loss | (24) |  |  | 80 |  |  | 83 |  |  | Other expense
Expected return on assets | (99) |  |  | (110) |  |  | (113) |  |  | Other expense
Net periodic benefit cost | $ | 527 |  |  | $ | 796 |  |  | $ | 338 |  |  |
| Years Ended June 30,
| 2023 |  | 2022 |  | 2021
| (In Thousands)
Net periodic benefit cost: |  |  |  |  |
Interest cost | $ | 78 |  |  | $ | 62 |  |  | $ | 61 |
Expected return on assets | (99) |  |  | (110) |  |  | (113) |
Amortization of net loss | 28 |  |  | 21 |  |  | 22 |
Total expense (benefit) | $ | 7 |  |  | $ | (27) |  |  | $ | (30) |
Valuation assumptions |  |  |  |  |
Discount rate | 4.50 | % |  | 3.00 | % |  | 2.75 | %
Long term rate of return on plan assets | 3.50 | % |  | 3.50 | % |  | 3.50 | %
| Years Ended June 30,
| 2023 |  | 2022 |  | 2021
| (In Thousands)
Net periodic benefit cost: |  |  |  |  |
Interest cost | $ | 111 |  |  | $ | 86 |  |  | $ | 85 |
Amortization of net actuarial loss | 46 |  |  | 71 |  |  | 75 |
Total expense | $ | 157 |  |  | $ | 157 |  |  | $ | 160 |
Valuation assumptions |  |  |  |  |
Discount rate | 4.50 | % |  | 3.00 | % |  | 2.75 | %
Salary increase rate | N/A |  | N/A |  | N/A
| Years Ended June 30,
| 2023 |  | 2022 |  | 2021
| (In Thousands)
Net periodic benefit cost: |  |  |  |  |
Service cost | $ | 95 |  |  | $ | 116 |  |  | $ | 106 |
Interest cost | 48 |  |  | 33 |  |  | 27 |
Amortization of net actuarial gain | (28) |  |  | (12) |  |  | (14) |
Total expense | $ | 115 |  |  | $ | 137 |  |  | $ | 119 |
Valuation assumptions |  |  |  |  |
Discount rate | 4.50 | % |  | 3.00 | % |  | 2.75 | %
Salary increase rate | 3.25 | % |  | 3.25 | % |  | 3.25 | %
| Years Ended June 30,
| 2023 |  | 2022 |  | 2021
| (In Thousands)
Net periodic benefit cost: |  |  |  |  |
Interest cost | $ | 117 |  |  | $ | 92 |  |  | $ | 89 |
Amortization of net actuarial gain | (69) |  |  | — |  |  | — |
Total expense | $ | 48 |  |  | $ | 92 |  |  | $ | 89 |
Valuation assumptions |  |  |  |  |
Discount rate | 4.50 | % |  | 3.00 | % |  | 2.75 | %
Salary increase rate | N/A |  | N/A |  | N/A
| Year Ended June 30,
| 2023 |  | 2022 |  |
| (In Thousands)
Net periodic benefit cost: |  |  |  |  |
Service cost | $ | 185 |  |  | $ | 431 |  |  |
Interest cost | 11 |  |  | 6 |  |  |
Total expense | $ | 196 |  |  | $ | 437 |  |  |
Valuation assumptions |  |  |  |  |
Discount rate | 3.00 | % |  | 3.00 | % |  |
Salary increase rate | 4.00 | % |  | 4.00 | % |  |
Employee Stock Ownership Plan (ESOP) Disclosures | At June 30, 2023 and 2022, the ESOP shares were as follows:
| June 30,
| 2023 |  | 2022
| (In Thousands)
Shares purchased by ESOP | 6,022 |  |  | 6,022 |
Less: Shares allocated | 3,564 |  |  | 3,363 |
Less: Shares committed to be released | 100 |  |  | 100 |
Remaining unearned ESOP shares | 2,358 |  |  | 2,559 |
Fair value of unearned ESOP shares | $ | 16,624 |  |  | $ | 28,430 |
Schedule of Net Funded Status | The following tables set forth the ABRIP’s funded status and net periodic benefit cost:
| June 30,
| 2023 |  | 2022
| (In Thousands)
Change in benefit obligation: |  |  |
Projected benefit obligation - beginning | $ | 1,816 |  |  | $ | 2,149 |
Interest cost | 78 |  |  | 62 |
Actuarial gain | (46) |  |  | (247) |
Benefit payments | (148) |  |  | (148) |
Projected benefit obligation - ending | $ | 1,700 |  |  | $ | 1,816 |
Change in plan assets: |  |  |
Fair value of assets - beginning | $ | 2,907 |  |  | $ | 3,220 |
Actual return on assets | (42) |  |  | (165) |
Benefit payments | (148) |  |  | (148) |
Fair value of assets - ending | $ | 2,717 |  |  | $ | 2,907 |
Reconciliation of funded status: |  |  |
Projected benefit obligation | $ | (1,700) |  |  | $ | (1,816) |
Fair value of assets | 2,717 |  |  | 2,907 |
Funded status included in other assets | $ | 1,017 |  |  | $ | 1,091 |
Accumulated benefit obligation | $ | (1,700) |  |  | $ | (1,816) |
Valuation assumptions |  |  |
Discount rate | 5.00 | % |  | 4.50 | %
Salary increase rate | N/A |  | N/A
The following tables set forth the BEP’s funded status and components of net periodic benefit cost:
| June 30,
| 2023 |  | 2022
| (In Thousands)
Change in benefit obligation: |  |  |
Projected benefit obligation - beginning | $ | 2,592 |  |  | $ | 2,999 |
Interest cost | 111 |  |  | 86 |
Actuarial gain | (34) |  |  | (252) |
Benefit payments | (244) |  |  | (241) |
Projected benefit obligation - ending | $ | 2,425 |  |  | $ | 2,592 |
Change in plan assets: |  |  |
Fair value of assets - beginning | $ | — |  |  | $ | — |
Contributions | 244 |  |  | 241 |
Benefit payments | (244) |  |  | (241) |
Fair value of assets - ending | $ | — |  |  | $ | — |
Reconciliation of funded status: |  |  |
Accumulated benefit obligation | $ | (2,425) |  |  | $ | (2,592) |
Projected benefit obligation | $ | (2,425) |  |  | $ | (2,592) |
Fair value of assets | — |  |  | — |
Funded status included in other liabilities | $ | (2,425) |  |  | $ | (2,592) |
Valuation assumptions |  |  |
Discount rate | 5.00 | % |  | 4.50 | %
Salary increase rate | N/A |  | N/A
The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost:
| June 30,
| 2023 |  | 2022
| (In Thousands)
Change in benefit obligation: |  |  |
Projected benefit obligation - beginning | $ | 1,085 |  |  | $ | 1,108 |
Service cost | 95 |  |  | 116 |
Interest cost | 48 |  |  | 33 |
Actuarial gain | (214) |  |  | (160) |
Premiums/claims paid | (13) |  |  | (12) |
Plan amendments | 35 |  |  | — |
Projected benefit obligation - ending | $ | 1,036 |  |  | $ | 1,085 |
Change in plan assets: |  |  |
Fair value of assets - beginning | $ | — |  |  | $ | — |
Contributions | 13 |  |  | 12 |
Premiums/claims paid | (13) |  |  | (12) |
Fair value of assets - ending | $ | — |  |  | $ | — |
Reconciliation of funded status: |  |  |
Projected benefit obligation | $ | (1,036) |  |  | $ | (1,085) |
Fair value of assets | — |  |  | — |
Funded status included in other liabilities | $ | (1,036) |  |  | $ | (1,085) |
Valuation assumptions |  |  |
Discount rate | 5.00 | % |  | 4.50 | %
Salary increase rate | 3.25 | % |  | 3.25 | %
The following table sets forth the DCRP’s funded status and components of net periodic cost:
| June 30,
| 2023 |  | 2022
| (In Thousands)
Change in benefit obligation: |  |  |
Projected benefit obligation - beginning | $ | 2,646 |  |  | $ | 3,116 |
Interest cost | 117 |  |  | 92 |
Actuarial gain | (194) |  |  | (513) |
Benefit payments | (49) |  |  | (49) |
Projected benefit obligation - ending | $ | 2,520 |  |  | $ | 2,646 |
Change in plan assets: |  |  |
Fair value of assets - beginning | $ | — |  |  | $ | — |
Contributions | 49 |  |  | 49 |
Benefit payments | (49) |  |  | (49) |
Fair value of assets - ending | $ | — |  |  | $ | — |
Reconciliation of funded status: |  |  |
Accumulated benefit obligation | $ | (2,520) |  |  | $ | (2,646) |
Projected benefit obligation | $ | (2,520) |  |  | $ | (2,646) |
Fair value of assets | — |  |  | — |
Funded status included in other liabilities | $ | (2,520) |  |  | $ | (2,646) |
Valuation assumptions |  |  |
Discount rate | 5.00 | % |  | 4.50 | %
Salary increase rate | N/A |  | N/A
The following tables set forth the SERP’s funded status and net periodic benefit cost:
| June 30,
| 2023 |  | 2022
| (In Thousands)
Change in benefit obligation: |  |  |
Projected benefit obligation - beginning | $ | 437 |  |  | $ | — |
Service cost | 185 |  |  | 431 |
Interest cost | 11 |  |  | 6 |
Projected benefit obligation - ending | $ | 633 |  |  | $ | 437 |
Reconciliation of funded status: |  |  |
Projected benefit obligation | $ | (633) |  |  | $ | (437) |
Fair value of assets | — |  |  | — |
Funded status included in other liabilities | $ | (633) |  |  | $ | (437) |
Valuation assumptions |  |  |
Discount rate | 3.00 | % |  | 3.00 | %
Salary increase rate | N/A |  | 4.00 | %
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
| Benefit Payments
| (In Thousands)
Years ending June 30: |
2024 | $ | 146 |
2025 | 147 |
2026 | 148 |
2027 | 145 |
2028 | 140 |
2029-2033 | 637 |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
| Benefit Payments
| (In Thousands)
Years ending June 30: |
2024 | $ | 241 |
2025 | 237 |
2026 | 232 |
2027 | 227 |
2028 | 221 |
2029-2033 | 999 |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
| Benefit Payments
| (In Thousands)
Years ending June 30: |
2024 | $ | 54 |
2025 | 62 |
2026 | 74 |
2027 | 82 |
2028 | 99 |
2029-2033 | 580 |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
| Benefit Payments
| (In Thousands)
Years ending June 30: |
2024 | $ | 72 |
2025 | 118 |
2026 | 138 |
2027 | 157 |
2028 | 176 |
2029-2033 | 1,301 |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
| Benefit Payments
| (In Thousands)
Years ending June 30: |
2024 | $ | — |
2025 | — |
2026 | — |
2027 | — |
2028 | — |
2029-2033 | 633 |
Schedule of Fair Value of ABRIP's Assets | The fair value of the ABRIP’s assets at June 30, 2023 and 2022 by asset category (see Note 18 for the definitions of levels), are as follows:
| June 30, 2023
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (In Thousands)
Prudential Guaranteed Deposit Fund | $ | — |  |  | $ | 2,717 |  |  | $ | — |  |  | $ | 2,717 |
| June 30, 2022
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (In Thousands)
Prudential Guaranteed Deposit Fund | $ | — |  |  | $ | 2,907 |  |  | $ | — |  |  | $ | 2,907 |

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