Employee Benefit Plans

9 Months Ended

Mar. 31, 2024

Employee Benefit Plans [Abstract]

Employee Benefit Plans

(9)        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, 2024 and 2023 were as follows:

	Three months ended March 31,						Nine months ended March 31,
(In thousands)	2024			2023			2024			2023
Interest cost	$	52		$	50		$	156		$	150
Expected return on plan assets		(55	)		(55	)		(165	)		(165	)
Amortization of net loss		19			27			57			81
Net periodic pension cost	$	16		$	22		$	48		$	66

The interest cost, expected return on plan assets and amortization of net loss components are included in other noninterest expense on the consolidated statements of income. On an annual basis, upon the completion of the third-party actuarial valuation related to the defined benefit pension plan, the Company records adjustments to accumulated other comprehensive income. The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during fiscal 2024.

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 for the year ended June 30, 2023.

The net periodic pension costs related to the SERP for the three and nine months ended March 31, 2024 was $507,000 and $1.5 million, respectively, included within salaries and benefits expense on the consolidated statements of income. The total liability for the SERP was $14.3 million at March 31, 2024 and $12.3 million at June 30, 2023, 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.