Deferred Compensation Agreements

12 Months Ended

Jun. 30, 2020

The Company’s Director Emeritus Plans (“Plans”) provide certain benefits to Emeritus Directors for providing current advisory services to the Company. The Plans are unfunded and are not qualified under the IRC. Plan benefits vary by participant and are payable to a designated beneficiary in the event of death. The Company records an expense based on the present value of expected future benefits. Plan expenses for the years ended June 30, 2020, 2019, and 2018 were $398, $410, and $417, respectively. Total accrued expenses related to these plans included in other liabilities were $7,895 and $8,268, respectively, as of June 30, 2020 and 2019.

The Company has deferred compensation agreements with certain members of the Company’s Board of Directors. The future payments related to these agreements are to be funded with life insurance contracts which are payable to the Company at the time of the director’s death. For the years ended June 30, 2020, 2019, and 2018 deferred compensation expense was $21, $28, and $32, respectively.

The net cash surrender value of the related life insurance policies and deferred compensation liability as of the dates indicated are detailed below:



	June 30,
	2020		2019
Net cash surrender value of life insurance, related to deferred compensation	$	7,463	$	7,413
Deferred compensation liability, included in other liabilities	$	771	$	956

Long term deferred compensation and supplemental retirement plans are provided to certain key current and former officers. These plans are unfunded and are not qualified under the IRC. The benefits will vary by participant and are payable to a designated beneficiary in the event of death. Plan expenses for the years ended June 30, 2020, 2019, and 2018 were $783, $771, and $519, respectively. Total accrued expenses related to these plans included in other liabilities were $18,743 and $19,499, as of June 30, 2020 and 2019, respectively.

In addition, the Company has a deferred compensation plan provided to certain officers and directors. The plan allows the participants to defer any of their annual compensation, including bonus payments, up to the maximum allowed for each participant. The plan is unfunded and is not qualified under the IRC. Plan expenses for the years ended June 30, 2020, 2019, and 2018 were $208, $223, and $205, respectively. The total deferred compensation plan payable included in other liabilities was $4,779 and $4,966, respectively as of June 30, 2020 and 2019.