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Employee Benefits
 12 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Employee Benefits
Note 15:
Employee Benefits
The Company sponsors a noncontributory postretirement health benefit plan (postretirement plan). The postretirement plan provides medical coverage benefits for former employees and their spouses upon retirement. The postretirement plan has no assets to offset the future liabilities incurred under the postretirement plan. The Company’s funding policy is to make the minimum annual contribution that is required by applicable regulations, plus such amounts as the Company may determine to be appropriate from time to time. The Company expects to contribute $146,000 to the plan in fiscal year 2023.

The Company uses a June 30 measurement date for the plan. Information about the plan’s funded status and pension cost follows:
 
    
2022
     
2021
  
Change in benefit obligation
                  
Beginning of year
    $ 3,065      $ 3,306  
Service cost
      48        56  
Interest cost
      79        75  
Actuarial gain (loss)
      (449 )       (268 ) 
Benefits paid
      (123 )       (104 ) 
    
 
 
     
 
 
  
End of year
    $ 2,620      $ 3,065  
    
 
 
     
 
 
  
Significant balances, costs and assumptions are:
 
    
Postretirement Plan
  
    
2022
     
2021
  
Benefit obligation
    $ 2,620      $ 3,065  
Fair value of plan assets
      —          —    
    
 
 
     
 
 
  
Funded status
    $ (2,620 )     $ (3,065 ) 
    
 
 
     
 
 
  
Accumulated benefit obligation
    $ 2,620      $ 3,065  
    
 
 
     
 
 
  
Amounts recognized in the consolidated balance sheets:
 
Accrued postretirement benefit obligation
    $ 2,620      $ 3,065  
    
 
 
     
 
 
  
Components of net periodic benefit cost:
 
    
2022
     
2021
  
Service cost
    $ 48      $ 56  
Interest cost
      79        75  
Amortization of Loss
      27        60  
    
 
 
     
 
 
  
     $ 154      $ 191  
    
 
 
     
 
 
  
Amounts recognized in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost consist of:
 
    
2022
     
2021
  
Net loss
    $ 57      $ 532  
Other significant balances and costs are:
 
    
2022
     
2021
  
Employer contribution
    $ 124      $ 104  
Benefits paid
      124        104  
Benefit costs
      154        191  
Other changes in benefit obligations recognized in other comprehensive income are described in Note 12.
The estimated net loss, prior service cost and transition obligation for the postretirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost of the next fiscal year are $59,000, $0, and $0, respectively.
Discount rates of 4.02% and 2.65% were used for 2022 and 2021, respectively, to determine the benefit obligations, and 2.65% and 2.32%, respectively, for benefit costs.
Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A
one-percentage-point
change in assumed health care cost trend rates would have the following effects:
 
    
One-
Percentage-
Point
Increase
     
One-
Percentage-
Point
Decrease
  
Effect on total of service and interest cost components
    $ 5      $ (4 ) 
Effect on postretirement benefit obligation
      32        (30 ) 
For measurement purposes, 9.0%, 8.5% and 8.5% annual rates of increase in the per capita cost of covered health care benefits were assumed for 2022, 2023 and 2024, respectively. The rate was assumed to decrease gradually to 5.0% by the year 2033 and remain at that level thereafter.
The following postretirement plan benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of June 30, 2022:
 
2023
    $ 140,193  
2024
      157,981  
2025
      170,530  
2026
      189,114  
2027
      190,643  
2028-2032
      958,561  
The Company has a 401(k) plan covering substantially all employees. The Company matches 25% of the first 5% of compensation that a participant defers. Employer contributions charged to expense for 2022 and 2021 were $90,000 and $88,000, respectively. The plan also includes an Employer Profit Sharing contribution which allows all eligible participants to receive at least 5% of their Plan year salary. The Company’s contributions for the plan years ended June 30, 2022 and 2021 were $676,000 and $650,000, respectively.
The Company has deferred compensation agreements for directors, which provides benefits payable upon normal retirement age of 72. The present value of the estimated liability under the agreement is being accrued using a discount rate of 6 percent. The deferred compensation charged to expense totaled $278,000 and $251,000 for the years ended June 30, 2022 and 2021, respectively. The agreements’ accrued liability of $2.0 million and $1.8 million as of June 30, 2022 and 2021, respectively, is included in other liabilities in the consolidated balance sheets. The following benefit payments are expected to be paid for these agreements:​​​​​​​
 
2023
    $ 104  
2024
      137  
2025
      137  
2026
      227  
2027
      240  
Thereafter
      4,289  
    
 
 
  
     $ 5,134