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Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2019
Employee Benefit Plans [Abstract]  
Information Regarding Single-Employer Defined Benefit Pension Plan
Information regarding the single-employer defined benefit pension plan at June 30, 2019 and 2018 is as follows:

(In thousands)
      
Change in projected benefit obligation:
 
2019
  
2018
 
Benefit obligation at beginning of period
 
$
5,410
  
$
5,867
 
Interest cost
  
215
   
219
 
Actuarial gain (loss)
  
579
   
(250
)
Benefits paid
  
(339
)
  
(426
)
Benefit obligation at June 30
  
5,865
   
5,410
 
         
Change in fair value of plan assets:
        
Fair value of plan assets at beginning of period
  
4,851
   
5,058
 
Actual return on plan assets
  
397
   
219
 
Employer contributions
  
230
   
-
 
Benefits paid
  
(339
)
  
(426
)
Fair value of plan assets at June 30
  
5,139
   
4,851
 
Underfunded status at June 30 included in other liabilities
 
$
726
  
$
559
 
Net Periodic Pension Costs
The components of net periodic pension costs related to the defined benefit pension plan for the years ended June 30, 2019 and 2018 were as follows:

(In thousands)
 
2019
  
2018
 
Interest cost
 
$
215
  
$
219
 
Expected return on plan assets
  
(235
)
  
(247
)
Amortization of net loss
  
139
   
168
 
Net periodic pension expense
 
$
119
  
$
140
 
Amounts Recognized in Other Comprehensive Loss
Changes in plan assets and benefit obligations recognized in other comprehensive loss during the years ended June 30, 2019 and 2018 consisted of the following:

(In thousands)
 
2019
  
2018
 
Actuarial loss (gain) on plan assets and benefit obligations
 
$
277
  
$
(389
)
Deferred tax expense
  
72
   
(102
)
Net change in plan assets and benefit obligations recognized in other comprehensive income
 
$
205
  
$
(287
)
Amounts Recognized in Financial Condition
Amounts recognized in our consolidated statements of financial condition related to our pension plan for the years ended June 30, 2019 and 2018 are as follows:

(In thousands)
      
Other liabilities:

 2019 

 
2018
 
Projected benefit obligation in excess of fair value of pension plan
 
$
726
  
$
559
 
Accumulated other comprehensive loss, net of taxes:
        
Net losses and past service liability
 
$
(1,838
)
 
$
(1,633
)
Assumptions Used
The principal actuarial assumptions used were as follows:

Projected benefit obligation:
 
2019
  
2018
 
Discount rate
  
3.41
%
  
4.09
%
Net periodic pension expense:
        
Amortization period, in years
  
12
   
12
 
Discount rate
  
4.09
%
  
3.81
%
Expected long-term rate of return on plan assets
  
5.00
%
  
5.00
%
Allocation of Plan Assets
The weighted average asset allocation and fair value of our pension plan assets at June 30, 2019 and 2018 was as follows:

(Dollars in thousands)

2019
Fair Value


2018
Fair Value

 
Money market accounts
 
$
-
   
-
%
 
$
-
   
-
%
Mutual funds
  
5,139
   
100.0
   
4,851
   
100.0
 
Total plan assets
 
$
5,139
   
100.0
%
 
$
4,851
   
100.0
%
Expected Benefit Payments
Expected benefit payments under the pension plan over the next ten years at June 30, 2019 are as follows:

(In thousands)
   
2020
 
$
221
 
2021
  
227
 
2022
  
230
 
2023
  
230
 
2024
  
230
 
2025-2029
  
1,225