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Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2020
Employee Benefit Plans [Abstract]  
Information Regarding Pension Plan
Information regarding the Pension Plan at June 30, 2020 and 2019 is as follows:

(In thousands)      
Change in projected benefit obligation:
 
2020
  
2019
 
Benefit obligation at beginning of period
 
$
5,865
  
$
5,410
 
Interest cost
  
196
   
215
 
Actuarial loss
  
706
   
579
 
Benefits paid
  
(263
)
  
(339
)
Benefit obligation at June 30
  
6,504
   
5,865
 
         
Change in fair value of plan assets:
        
Fair value of plan assets at beginning of period
  
5,139
   
4,851
 
Actual return on plan assets
  
338
   
397
 
Employer contributions
  
-
   
230
 
Benefits paid
  
(263
)
  
(339
)
Fair value of plan assets at June 30
  
5,214
   
5,139
 
Underfunded status at June 30 included in other liabilities
 
$
1,290
  
$
726
 
Components of Net Periodic Pension Costs
The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2020 and 2019 were as follows:

(In thousands)
 
2020
  
2019
 
Interest cost
 
$
196
  
$
215
 
Expected return on plan assets
  
(251
)
  
(235
)
Amortization of net loss
  
158
   
139
 
Net periodic pension expense
 
$
103
  
$
119
 
Amounts Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2020 and 2019 consisted of the following:

(In thousands)
 
2020
  
2019
 
Actuarial loss (gain) on plan assets and benefit obligations
 
$
461
  
$
277
 
Deferred tax expense
  
121
   
72
 
Net change in plan assets and benefit obligations recognized in other comprehensive income
 
$
340
  
$
205
 
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, 2020 and 2019 are as follows:

(In thousands)
      
Other liabilities:

2020  
2019
 
Projected benefit obligation in excess of fair value of pension plan
 
$
1,290
  
$
726
 
Accumulated other comprehensive loss, net of taxes:
        
Net losses and past service liability
 
$
(2,178
)
 
$
(1,838
)
Assumptions Used
The principal actuarial assumptions used were as follows:

Projected benefit obligation:
 
2020
  
2019
 
Discount rate
  
2.56
%
  
3.41
%
Net periodic pension expense:
        
Amortization period, in years
  
11
   
12
 
Discount rate
  
3.41
%
  
4.09
%
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, 2020 and 2019 was as follows:

(Dollars in thousands)
 
2020
  
2019
 
  
Fair Value
  
Fair Value
 
       
Mutual funds
 
$
5,214
   
100.0
%
 
$
5,139
   
100.0
%
Total plan assets
 
$
5,214
   
100.0
%
 
$
5,139
   
100.0
%
Expected Benefit Payments
Expected benefit payments under the pension plan over the next ten years at June 30, 2020 are as follows:

(In thousands)
   
2021
 
$
242
 
2022
  
245
 
2023
  
244
 
2024
  
244
 
2025
  
246
 
2026-2030
  
1,225