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Employee Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2022
Employee Benefit Plans [Abstract]  
Information Regarding Pension Plan
Information regarding the Pension Plan at June 30, 2022 and 2021 is as follows:

(In thousands)
            
Change in projected benefit obligation:
  
2022
    
2021
  
Benefit obligation at beginning of period
  
$
6,278
    
$
6,504
  
Interest cost
    
166
      
163
  
Actuarial loss
    
(1,235
)
    
(120
)
Benefits paid
    
(592
)
    
(269
)
Benefit obligation at June 30
    
4,617
      
6,278
  
                 
Change in fair value of plan assets:
                
Fair value of plan assets at beginning of period
    
5,759
      
5,214
  
Actual (loss) return on plan assets
    
(665
)
    
814
  
Employer contributions
    
-
      
-
  
Benefits paid
    
(592
)
    
(269
)
Fair value of plan assets at June 30
    
4,502
      
5,759
  
Underfunded status at June 30 included in other liabilities
  
$
115
    
$
519
  
Components of Net Periodic Pension Costs
The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2022 and 2021 were as follows:

(In thousands)
  
2022
    
2021
  
Interest cost
  
$
166
    
$
163
  
Expected return on plan assets
    
(281
)
    
(254
)
Amortization of net loss
    
130
      
209
  
Effect of settlement     118       -  
Net periodic pension expense
  
$
133
    
$
118
  
Amounts Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2022 and 2021 consisted of the following:

(In thousands)
  
2022
     2021
  
Actuarial loss on plan assets and benefit obligations
  
$
538
    
$
889
  
Deferred tax expense
    
144
      
220
  
Net change in plan assets and benefit obligations recognized in other comprehensive income
  
$
394
    
$
669
  
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, 2022 and 2021 are as follows:

(In thousands)
            
Other liabilities:
  
2022
    
2021
  
Projected benefit obligation in excess of fair value of pension plan
  
$
115
    
$
519
  
Accumulated other comprehensive loss, net of taxes:
                
Net losses and past service liability
  
$
(1,115
)
  
$
(1,509
)
Assumptions Used
The principal actuarial assumptions used were as follows:

Projected benefit obligation:
  
2022
    
2021
  
Discount rate
    
4.43
%
    
2.71
%
Net periodic pension expense:
                
Amortization period, in years
    
11
      
11
  
Discount rate
    
2.71
%
    
2.56
%
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, 2022 and 2021 was as follows:

(Dollars in thousands)
  
2022
    
2021
  
   
Fair Value
    
Fair Value
  
             
Cash and cash equivalents   $ -       - %   $ 57       1.0 %
Mutual funds – balanced
    
850
      
18.9
      
1,035
      
18.0
  
Mutual funds – fixed income
    
2,366
      
52.6
      
2,983
      
51.8
  
Mutual funds – equity
    
1,286
      
28.5
      
1,684
      
29.2
  
Total plan assets
  
$
4,502
      
100
%
  
$
5,759
      
100.0
%
Expected Benefit Payments
Expected benefit payments under the pension plan over the next ten years at June 30, 2022 are as follows:

(In thousands)
      
2023
  
$
244
  
2024
    
241
  
2025
    
242
  
2026
    
239
  
2027
    
237
  
2028-2032
    
1,268