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Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2021
Employee Benefit Plans [Abstract]  
Information Regarding Pension Plan
Information regarding the Pension Plan at June 30, 2021 and 2020 is as follows:

(In thousands)
      
Change in projected benefit obligation:
 
2021
  
2020
 
Benefit obligation at beginning of period
 
$
6,504
  
$
5,865
 
Interest cost
  
163
   
196
 
Actuarial loss
  
(120
)
  
706
 
Benefits paid
  
(269
)
  
(263
)
Benefit obligation at June 30
  
6,278
   
6,504
 
         
Change in fair value of plan assets:
        
Fair value of plan assets at beginning of period
  
5,214
   
5,139
 
Actual return on plan assets
  
814
   
338
 
Employer contributions
  
-
   
-
 
Benefits paid
  
(269
)
  
(263
)
Fair value of plan assets at June 30
  
5,759
   
5,214
 
Underfunded status at June 30 included in other liabilities
 
$
519
  
$
1,290
 
Components of Net Periodic Pension Costs
The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2021 and 2020 were as follows:

(In thousands)
 
2021
  
2020
 
Interest cost
 
$
163
  
$
196
 
Expected return on plan assets
  
(254
)
  
(251
)
Amortization of net loss
  
209
   
158
 
Net periodic pension expense
 
$
118
  
$
103
 
Amounts Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2021 and 2020 consisted of the following:

(In thousands)
 
2021
           2020 
Actuarial loss on plan assets and benefit obligations
 
$
889
  
$
461
 
Deferred tax expense
  
220
   
121
 
Net change in plan assets and benefit obligations recognized in other comprehensive income
 
$
669
  
$
340
 
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, 2021 and 2020 are as follows:

(In thousands)
      
Other liabilities:
2021
  
2020
 
Projected benefit obligation in excess of fair value of pension plan
 
$
519
  
$
1,290
 
Accumulated other comprehensive loss, net of taxes:
        
Net losses and past service liability
 
$
(1,509
)
 
$
(2,178
)
Assumptions Used
The principal actuarial assumptions used were as follows:

Projected benefit obligation:
 
2021
  
2020
 
Discount rate
  
2.71
%
  
2.56
%
Net periodic pension expense:
        
Amortization period, in years
  
11
   
11
 
Discount rate
  
2.56
%
  
3.41
%
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, 2021 and 2020 was as follows:

(Dollars in thousands)
 
2021
  
2020
 
  
Fair Value
  
Fair Value
 
       
Cash and cash equivalents
 
$
57
   
1.0
%
 
$
-
   
0.0
%
Mutual funds – balanced
 
  
1,035
   
18.0
   
902
   
17.3
 
Mutual funds – fixed income
 
  
2,983
   
51.8
   
2,809
   
53.9
 
Mutual funds – equity
 
  
1,684
   
29.2
   
1,503
   
28.8
 
Total plan assets
 
$
5,759
   
100.0
%
 
$
5,214
   
100.0
%
Expected Benefit Payments
Expected benefit payments under the pension plan over the next ten years at June 30, 2021 are as follows:

(In thousands)
   
2022
 
$
248
 
2023
  
247
 
2024
  
244
 
2025
  
245
 
2026
  
242
 
2027-2031
  
1,247