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Benefit Plans Benefit Plans | 12 Months Ended
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Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract] |
Benefit Plans | Benefit Plans The Corporation has a 401(k) defined-contribution plan covering all employees meeting specific age and service requirements. Under the plan, employees may contribute to the plan from their pretax compensation up to the limits set by the Internal Revenue Service. The Corporation makes matching contributions up to 3% of a participants’ pretax compensation. Participants vest immediately in their own contributions with 100% vesting in the Corporation’s contributions occurring after six years of credited service. The Corporation’s expense for the plan was approximately $707,000, $852,000 and $563,000 for the years ended June 30, 2014, 2013 and 2012, respectively. The Corporation has a multi-year employment agreement and a post-retirement compensation agreement with one executive officer and a post-retirement compensation agreement with another executive officer, which requires payments of certain benefits upon retirement. At June 30, 2014 and 2013, the accrued liability of the post-retirement compensation agreements was $4.7 million and $4.4 million, respectively; costs are being accrued and expensed annually. For fiscal 2014 and 2013, the accrued expense for these liabilities was $351,000 and $471,000, respectively. The current obligation for these post-retirement benefits was fully funded consistent with contractual requirements and actuarially determined estimates of the total future obligation. The Corporation invests in BOLI to provide sufficient funding for these post-retirement obligations. As of June 30, 2014 and 2013, the total outstanding cash surrender value of the BOLI was $6.7 million and $6.5 million, respectively. For fiscal 2014, 2013 and 2012, the total net non-taxable income from the BOLI was $190,000, $182,000 and $189,000, respectively. Employee Stock Ownership Plan The Corporation established an ESOP on June 27, 1996 for all employees who are age 21 or older and have completed one year of service with the Corporation during which they have served a minimum of 1,000 hours. Initially the Corporation had a leveraged ESOP plan, but subsequent to March 31, 2011, the Corporation elected an unleveraged ESOP plan which recognizes compensation expense when the Corporation contributes funds to the ESOP for the purchase of the Corporation’s common stock to be allocated to the ESOP participants. The Corporation's contribution to the ESOP plan is discretionary. During fiscal 2014, there were 20,000 shares and 15,781 shares that were purchased in the open market to fulfill the annual discretionary allocation for calendar 2014 and 2013, respectively. This compares to fiscal 2013 when the Corporation purchased 44,219 shares and 60,000 shares in the open market to fulfill the annual discretionary allocation for calendar 2013 and 2012, respectively. Since the annual contributions are discretionary, the benefits payable under the ESOP cannot be estimated. Benefits generally become 100% vested after six years of credited service. Vesting accelerates upon retirement, death or disability of the participant or in the event of a change in control of the Corporation. Forfeitures are reallocated among remaining participating employees in the same proportion as contributions. Benefits are payable upon death, retirement, early retirement, disability or separation from service. The net expense related to the ESOP for the years ended June 30, 2014, 2013 and 2012 was $558,000, $1.4 million and $375,000, respectively. Available ESOP shares are allocated every calendar year end and the total shares allocated at December 31, 2013, 2012 and 2011 were 60,000 shares each year.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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- Details
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