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EMPLOYEE BENEFIT PLANS | 6 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | 10. EMPLOYEE BENEFIT PLANS Employee Stock Ownership Plan As part of the stock offering, the Bank established the Colonial Federal Savings Bank Employee Stock Ownership Plan to provide eligible employees of the Bank the opportunity to own Company stock. The ESOP is a tax-qualified retirement plan for the benefit of Bank employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal limits. The number of shares committed to be released per year is 10,226. The ESOP funded its purchase of 255,648 shares through a loan from the Company equal to 100% of the purchase price of the common stock. The ESOP trustee will repay the loan principally through the Bank's contributions to the ESOP over the loan term of 25 years. At December 31, 2022, the principal balance on the ESOP loan was $2.5 million.
|  | December 31, 2022 |
Shares held by the ESOP include the following: |  |  |
Committed to be allocated |  |  | 10,226 |
Unallocated |  |  | 245,422 |
Total |  |  | 255,648 |
Defined benefit plan The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (the "Pentegra DB Plan"), a tax-qualified defined benefit pension plan. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. Pension expense under the Pentegra DB Plan amounted to $130,000 and $325,000 for the three and six months ended December 31, 2022, respectively. Pension expense under the Pentegra DB Plan amounted to $180,000 and $375,000 for the three and six months ended December 31, 2021, respectively. Contributions made to the Pentegra DB Plan during the three and six months ended December 31, 2022 amounted to $675,000. Contributions made to the Pentegra DB Plan during the three and six months ended December 31, 2021 amounted to $715,000. 401(k) plan The Bank has a savings plan which is intended to qualify under Section 401(k) of the Internal Revenue Code. The plan provides for voluntary contributions by participating employees ranging from 2% to 15% of their compensation, subject to certain limitations. The Bank matches 10% of the employee’s voluntary contributions up to 3% of their compensation. Employer 401(k) contribution expense amounted to $4,000 and $10,000 for the three and six months ended December 31, 2022, respectively. Employer 401(k) contribution expense amounted to $9,000 and $20,000 for the three and six months ended December 31, 2021, respectively. Supplemental compensation plan The Bank has entered into a Supplemental Executive Retirement Plan (the “SERP”) with certain officers, which provides for payments upon attaining the retirement age noted in the SERP. The present value of these future payments is provided over the remaining terms of the officers’ employment and at December 31, 2022 and June 30, 2022, the accrued liability amounted to $845,000 and $814,000, respectively. SERP expense amounted to $16,000 and $31,000 for the three and six months ended December 31, 2022, respectively. SERP expense amounted to $19,000 and $35,000 for the three and six months ended December 31, 2021, respectively. In connection with these SERPs, the Bank purchased life insurance policies, which had a cash surrender value of $5.8 million and $5.7 million at December 31, 2022 and June 30, 2022, respectively. In addition, the Bank provides death benefits for officers and directors of the Bank under the terms of Split Dollar Agreements. The Bank has purchased life insurance contracts in connection with these agreements and the cash surrender value of the policies at December 31, 2022 and June 30, 2022 amounted to $4.5 million and $4.4 million, respectively. For the three and six months ended December 31, 2022, post-retirement expense related to these obligations amounted to $29,000 and $58,000, respectively, and $14,000 and $27,000 for the three and six months ended December 31, 2021, respectively.

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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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