Employee Benefit Plans

3 Months Ended

Sep. 30, 2025

Employee Benefit Plans [Abstract]

Employee Benefit Plans

(9)

Employee Benefit Plans

Defined Benefit Plan

The Bank maintains a single-employer defined benefit pension plan (the “Pension Plan”). Effective January 1, 2006, the Board of Directors of the Bank resolved to exclude from membership in the Pension Plan employees hired on or after January 1, 2006 and elected to cease additional benefit accruals to existing Pension Plan participants effective July 1, 2006. Substantially all Bank employees who were hired before January 1, 2006 and attained the age of 21 are covered by the Pension Plan. Under the Pension Plan, retirement benefits are primarily a function of both years of service and level of compensation, at July 1, 2006. The Pension Plan is frozen, however, the Bank continues to credit participants’ existing account balances for interest until they receive their plan benefits.

During the fiscal year ended 2025, the Bank evaluated the strategic options related to the Pension Plan. This included financial modeling to assess the feasibility and timing of a plan termination. On September 16, 2025, the Board of Directors approved the termination of the Pension Plan effective as of September 30, 2025.

The components of net periodic pension cost related to the defined benefit pension plan were as follows:

	Three months ended September 30,
(In thousands)		2025			2024
Interest cost	$	53		$	53
Expected return on plan assets		(58	)		(57	)
Amortization of net loss		3			8
Net periodic pension expense	$	(2	)	$	4

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 (loss). The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during fiscal 2026.

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, Employee Benefits Plans of the consolidated financial statements presented in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

The net periodic pension costs related to the SERP for the three months ended September 30, 2025 was $549,000, consisting primarily of service and interest costs, included within salaries and benefits expense on the consolidated statements of income. The total liability for the SERP was $18.4 million at September 30, 2025, and $17.6 million at June 30, 2025, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition. The total liability for the SERP includes both accumulated net periodic pension costs and participant contributions.