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Benefit Plans Benefit Plans | 12 Months Ended
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Jun. 30, 2017
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 $843,000, $860,000 and $880,000 for the years ended June 30, 2017, 2016 and 2015, 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, 2017 and 2016, the accrued liability of the post-retirement compensation agreements was $5.2 million and $4.9 million, respectively; costs are being accrued and expensed annually. For fiscal 2017 and 2016, the accrued expense for these liabilities was $290,000 and $170,000, respectively, net of recovery of $73,000 and $119,000, 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, 2017 and 2016, the total outstanding cash surrender value of the BOLI was $7.3 million and $7.1 million, respectively. For fiscal 2017, 2016 and 2015, the total net non-taxable income from the BOLI was $262,000, $258,000 and $252,000, respectively; while the BOLI mortality cost was $94,000, $73,000 and $62,000, 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. The Corporation 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 2017, there were 60,000 shares that were purchased in the open market to fulfill the annual discretionary allocation. This compares to fiscal 2016 when the Corporation purchased 60,000 shares in the open market to fulfill the annual discretionary allocation. 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, 2017, 2016 and 2015 was $1.1 million, $1.0 million and $1.1 million, respectively. Available ESOP shares are allocated every calendar year end and the total shares allocated at December 31, 2016, 2015 and 2014 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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- References No definition available. + Details
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