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Benefit Plans | 12 Months Ended
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Jun. 30, 2023
Benefit Plans |
Benefit Plans | Note 10: 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 $306,000 and $297,000 for the fiscal years ended June 30, 2023 and 2022, 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, 2023 and 2022, the accrued liability of the post-retirement compensation agreements was $5.7 million and $6.8 million, respectively; costs are being accrued and expensed quarterly. The decline in the accrued liability was due to an increase in the discount rate and a lower life expectancy, partly offset by a higher current compensation. For fiscal 2023 and 2022, the accrued (recovery) expense for these liabilities was $(1.1 million) and $217,000, 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, 2023 and 2022, the total outstanding cash surrender value of the BOLI was $8.4 million and $8.2 million, respectively. For fiscal 2023 and 2022, the total BOLI non-taxable income, net of mortality cost was $186,000 and $188,000, 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 2023, there were 40,000 shares that were purchased in the open market to fulfill the annual discretionary allocation. This compares to fiscal 2022 when the Corporation purchased 20,000 shares in the open market and made $317,000 in cash contributions 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 fiscal years ended June 30, 2023 and 2022 was $563,000 and $659,000, respectively. Available shares and cash contributions, if any, are allocated every calendar year end. The total ESOP allocation for calendar 2022 was 20,000 shares and $317,000 of cash contributions, as compared to 40,000 shares for calendar 2021. ​ ​

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI https://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI https://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI https://asc.fasb.org/topic&trid=2235017 + Details
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