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Employee Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2024
Employee Benefit Plans [Abstract]  
Information Regarding Pension Plan
Information regarding the Pension Plan at June 30, 2024 and 2023 is as follows:

(In thousands)
            
Change in projected benefit obligation:
  
2024
    
2023
  
Benefit obligation at beginning of period
  
$
4,351
    
$
4,617
  
Interest cost
    
207
      
199
  
Actuarial loss
    
(198
)
    
(225
)
Benefits paid
    
(241
)
    
(240
)
Benefit obligation at June 30
    
4,119
      
4,351
  
                 
Change in fair value of plan assets:
                
Fair value of plan assets at beginning of period
    
4,474
      
4,502
  
Actual return on plan assets
    
421
      
212
  
Employer contributions
    
-
      
-
  
Benefits paid
    
(241
)
    
(240
)
Fair value of plan assets at June 30
    
4,654
      
4,474
  
Overfunded status at June 30 included in other liabilities
  
$
(535
)
  
$
(123
)
Components of Net Periodic Pension Costs
The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2024 and 2023 were as follows:

(In thousands)
  
2024
    
2023
  
Interest cost
  
$
207
    
$
199
  
Expected return on plan assets
    
(219
)
    
(219
)
Amortization of net loss
    
77
      
106
  
Effect of settlement     -       -  
Net periodic pension expense
  
$
65
    
$
86
  
Amounts Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2024 and 2023 consisted of the following:

(In thousands)
  
2024
     2023
  
Actuarial loss on plan assets and benefit obligations
  
$
476
    
$
324
  
Deferred tax expense
    
127
      
86
  
Net change in plan assets and benefit obligations recognized in other comprehensive income
  
$
349
    
$
238
  
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, 2024 and 2023 are as follows:

(In thousands)
            
Other liabilities:
  
2024
    
2023
  
Projected benefit obligation in (surplus) excess of fair value of pension plan
  
$
(535
)
  
$
(123
)
Accumulated other comprehensive loss, net of taxes:
                
Net losses and past service liability
  
$
(528
)
  
$
(877
)
Assumptions Used
The principal actuarial assumptions used were as follows:

Projected benefit obligation:
  
2024
    
2023
  
Discount rate
    
5.30
%
    
4.90
%
Net periodic pension expense:
                
Amortization period, in years
    
11
      
11
  
Discount rate
    
4.90
%
    
4.43
%
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, 2024 and 2023 was as follows:

(Dollars in thousands)
  
2024
    
2023
  
   
Fair Value
    
Fair Value
  
             
Mutual funds – fixed income
  
$
2,743
      
58.9
%
  
$
2,600
      
58.1
%
Mutual funds – equity
    
1,911
      
41.1
      
1,874
      
41.9
  
Total plan assets
  
$
4,654
      
100
%
  
$
4,474
      
100
%
Expected Benefit Payments
Expected benefit payments under the pension plan over the next ten years at June 30, 2024 are as follows:

(In thousands)
      
2025
  
$
248
  
2026
    
245
  
2027
    
243
  
2028
    
239
  
2029
    
242
  
2030-2034
    
1,369