Benefit Plans	12 Months Ended
Jun. 30, 2024
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 $303,000 and $306,000 for the fiscal years ended June 30, 2024 and 2023, respectively. The Corporation has a multi-year employment agreement and a post-retirement compensation agreement with one executive officer. In addition, the Corporation has a transition agreement and a post-retirement compensation agreement with the previous executive officer (currently the Chairman of the Board of Directors). At June 30, 2024 and 2023, the accrued liability of the post-retirement compensation agreements was $5.7 million at both dates; any costs (recoveries) are being accrued and expensed quarterly. In fiscal 2024, the increase in the discount rate and a lower life expectancy was offset by a higher current compensation. For fiscal 2024 and 2023, the accrued expense (recovery) for these liabilities was $85,000 and $(1.1 million), 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, 2024 and 2023, the total outstanding cash surrender value of the BOLI was $8.6 million and $8.4 million, respectively. For fiscal 2024 and 2023, total BOLI non-taxable income, net of mortality cost, was $186,000 for both periods. 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 2024 and 2023, there were 40,000 shares for each year that were purchased 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 fiscal years ended June 30, 2024 and 2023 was $540,000 and $563,000, respectively. Available shares and cash contributions, if any, are allocated every calendar year end. The total ESOP allocation for calendar 2023 was 40,000 shares, as compared to 20,000 shares and $317,000 of cash contributions for calendar 2022.

Benefit Plans

12 Months Ended

Jun. 30, 2024

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 $303,000 and $306,000 for the fiscal years ended June 30, 2024 and 2023, respectively.

The Corporation has a multi-year employment agreement and a post-retirement compensation agreement with one executive officer. In addition, the Corporation has a transition agreement and a post-retirement compensation agreement with the previous executive officer (currently the Chairman of the Board of Directors). At June 30, 2024 and 2023, the accrued liability of the post-retirement compensation agreements was $5.7 million at both dates; any costs (recoveries) are being accrued and expensed quarterly. In fiscal 2024, the increase in the discount rate and a lower life expectancy was offset by a higher current compensation. For fiscal 2024 and 2023, the accrued expense (recovery) for these liabilities was $85,000 and $(1.1 million), 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, 2024 and 2023, the total outstanding cash surrender value of the BOLI was $8.6 million and $8.4 million, respectively. For fiscal 2024 and 2023, total BOLI non-taxable income, net of mortality cost, was $186,000 for both periods.

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 2024 and 2023, there were 40,000 shares for each year that were purchased 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 fiscal years ended June 30, 2024 and 2023 was $540,000 and $563,000, respectively. Available shares and cash contributions, if any, are allocated every calendar year end. The total ESOP allocation for calendar 2023 was 40,000 shares, as compared to 20,000 shares and $317,000 of cash contributions for calendar 2022.