Employee Benefit Plans

9 Months Ended

Mar. 31, 2022

Employee Benefit Plans [Abstract]

Employee Benefit Plans

(10)        Employee Benefit Plans

Defined Benefit Plan

The components of net periodic pension cost related to the defined benefit pension plan for the three and nine months ended March 31, 2022 and 2021 were as follows:

	Three months ended March 31,						Nine months ended March 31,
(In thousands)	2022			2021			2022			2021
Interest cost	$	42		$	41		$	126		$	122
Expected return on plan assets		(70	)		(64	)		(210	)		(191	)
Amortization of net loss		32			52			96			157
Net periodic pension cost	$	4		$	29		$	12		$	88

The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during fiscal 2022.

SERP

The Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP”), effective as of July 1, 2010. The SERP benefits certain key senior executives of the Bank who have been selected by the Board to participate.  The SERP is intended to provide a benefit from the Bank upon vested retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”).  The SERP is more fully described in Note 9 of the consolidated financial statements and notes thereto for the year ended June 30, 2021.

The net periodic pension costs related to the SERP for the three and nine months ended March 31, 2022 were $333,000 and $976,000, respectively.  The net periodic pension costs related to the SERP Plan for the three and nine months ended March 31, 2021 were $267,000 and $793,000.  The total liability for the SERP was $9.6 million at March 31, 2022 and $8.2 million at June 30, 2021, respectively, and is included in accrued expenses and other liabilities.  The total liability for the SERP includes both accumulated net periodic pension costs and participant contributions.