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Employee Benefit Plans (Tables) | 12 Months Ended
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Jun. 30, 2025
Employee Benefit Plans [Abstract] |
Information Regarding Pension Plan | Information regarding the Pension Plan at June 30, 2025 and 2024 is as follows:
(In thousands) |  |  |  |  |  |  |
Change in projected benefit obligation: |  | 2025 |  |  |  | 2024 |
Benefit obligation at beginning of period | $ | 4,119 |  |  | $ | 4,351 |
Interest cost |  | 213 |  |  |  | 207 |
Actuarial loss |  | (1 | ) |  |  | (198 | )
Benefits paid |  | (256 | ) |  |  | (241 | )
Benefit obligation at June 30 |  | 4,075 |  |  |  | 4,119 |
Change in fair value of plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | 4,654 |  |  |  | 4,474 |
Actual return on plan assets |  | 348 |  |  |  | 421 |
Employer contributions |  | - |  |  |  | - |
Benefits paid |  | (256 | ) |  |  | (241 | )
Fair value of plan assets at June 30 |  | 4,746 |  |  |  | 4,654 |
Overfunded status at June 30 included in other liabilities | $ | (671 | ) |  | $ | (535 | )
Components of Net Periodic Pension Costs | The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2025 and 2024 were as follows:
(In thousands) |  | 2025 |  |  |  | 2024 |
Interest cost | $ | 213 |  |  | $ | 207 |
Expected return on plan assets |  | (228 | ) |  |  | (219 | )
Amortization of net loss |  | 30 |  |  |  | 77 |
Effect of settlement |  | - |  |  |  | - |
Net periodic pension expense | $ | 15 |  |  | $ | 65 |
Amounts Recognized in Other Comprehensive Income | Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2025 and 2024 consisted of the following:
(In thousands) |  | 2025 |  |  |  | 2024 |
Actuarial loss on plan assets and benefit obligations | $ | 152 |  |  | $ | 476 |
Deferred tax expense |  | 41 |  |  |  | 127 |
Net change in plan assets and benefit obligations recognized in other comprehensive income | $ | 111 |  |  | $ | 349 |
Amounts Recognized in Financial Condition | Amounts recognized in our consolidated statements of financial condition related to our pension plan for the years ended June 30, 2025 and 2024 are as follows:
(In thousands) |  |  |  |  |  |  |
Other liabilities: |  | 2025 |  |  |  | 2024 |
Projected benefit obligation in (surplus) of fair value of pension plan | $ | (671 | ) |  | $ | (535 | )
Accumulated other comprehensive loss, net of taxes: |  |  |  |  |  |  |
Net losses and past service liability | $ | (417 | ) |  | $ | (528 | )
Assumptions Used | The principal actuarial assumptions used were as follows:
Projected benefit obligation: |  | 2025 |  |  |  | 2024 |
Discount rate |  | 5.37 | % |  |  | 5.30 | %
Net periodic pension expense: |  |  |  |  |  |  |
Amortization period, in years |  | 11 |  |  |  | 11 |
Discount rate |  | 5.30 | % |  |  | 4.90 | %
Expected long-term rate of return on plan assets |  | 5.00 | % |  |  | 5.00 | %
Allocation of Plan Assets | The weighted average asset allocation and fair value of our pension plan assets at June 30, 2025 and 2024 was as follows:
| 2025 |  | 2024
(Dollars in thousands) | Fair Value |  | Fair Value
Money market | $ | 1,382 |  |  | 29.1 | % |  | $ | - |  |  | - | %
Mutual funds – fixed income |  | 3,364 |  |  | 70.9 |  |  |  | 2,743 |  |  | 58.9 |
Mutual funds – equity |  | - |  |  | - |  |  |  | 1,911 |  |  | 41.1 |
Total plan assets | $ | 4,746 |  |  | 100.0 | % |  | $ | 4,654 |  |  | 100.0 | %
Expected Benefit Payments | Expected benefit payments under the pension plan over the next ten years at June 30, 2025 are as follows:
(In thousands) |  |
2026 | $ | 248
2027 |  | 246
2028 |  | 243
2029 |  | 246
2030 |  | 264
2031-2035 |  | 1,404

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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (j) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-4 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-2 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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