Schedule of Impact of Retrospective Application to Consolidated Statement of Income

The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan:


										Affected Line Item in the Consolidated
	Years Ended June 30,									Statements of Income
		2019			2018			2017
	(In Thousands)
Service cost	$	54		$	48		$	31		Salaries and employee benefits
Interest cost		378			373			379		Miscellaneous non-interest expense
Amortization of unrecognized loss		43			45			66		Miscellaneous non-interest expense
Expected return on assets		(112	)		(120	)		(248	)	Miscellaneous non-interest expense
Net periodic benefit cost	$	363		$	346		$	228

Note 14 – Benefit Plans (continued)

The following table summarizes the impact of retrospective application to the Consolidated Statements of Income for the years ended June 30, 2018 and 2017:

	Years Ended June 30,
		2018		2017
	(In Thousands)
Miscellaneous non-interest expense:
As previously reported	$	11,117	$	10,990
As reported under the new guidance		11,415		11,187

Salaries and employee benefits:
As previously reported	$	54,034	$	47,818
As reported under the new guidance		53,736		47,621

Condensed Statements of Income and Comprehensive Income

	Years Ended June 30,
		2019			2018		2017
	(In Thousands)
Dividends from subsidiary	$	255,117		$	-	$	-
Interest income		2,162			2,292		2,318
Equity in undistributed (loss) earnings of subsidiaries		(212,868	)		19,420		18,427
Total income		44,411			21,712		20,745

Directors' compensation		340			283		265
Other expenses		1,922			1,740		1,755
Total expense		2,262			2,023		2,020
Income before income taxes		42,149			19,689		18,725
Income tax expense		7			93		122
Net income	$	42,142		$	19,596	$	18,603
Comprehensive income	$	26,446		$	35,706	$	36,434

Employee Stock Ownership Plan (ESOP) Disclosures

Note 14 – Benefit Plans (continued)

At June 30, 2019 and 2018, the ESOP shares were as follows:

	June 30,
		2019		2018
	(In Thousands)
Allocated shares		1,862		1,806
Total shares distributed to employees		899		754
Shares committed to be released		100		100
Unearned shares		3,161		3,362
Total ESOP shares		6,022		6,022

Fair value of unearned ESOP shares	$	42,010	$	45,219

Schedule of Fair Value of ABRIP's Assets

Note 14 – Benefit Plans (continued)

The fair values of the ABRIP’s assets at June 30, 2019 and 2018 by asset category (see Note 18 for the definitions of levels), are as follows:

	June 30, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Prudential Guaranteed Deposit Fund	$	-	$	3,223	$	-	$	3,223

	June 30, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Prudential Guaranteed Deposit Fund	$	-	$	3,440	$	-	$	3,440

Schedule of Assumptions to Estimate the Fair Value of the Options Granted

The fair value of stock options granted as part of the 2016 Plan was estimated utilizing the Black-Scholes option pricing model using the following assumptions for the periods presented below:

	Years Ended June 30,
		2019	2018		2017
Weighted average risk-free interest rate	2.09%		-	2.16%
Expected dividend yield	1.77%		-	0.75%
Weighted average volatility factor of the expected market price of the Company's stock	14.03%		-	16.08%
Weighted average expected life of the options (in years)		4.9	-		6.5
Weighted average fair value of options granted	$	2.54	-	$	2.98

Summary of the Company's Stock Option Activity

The following is a summary of the Company's stock option activity and related information for its option plans for the year ended June 30, 2019:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(In Thousands)						(In Thousands)
Outstanding at June 30, 2018		3,398		$	14.99	8.2 years	$	795
Granted		300			13.44	9.4 years
Exercised		(48	)		8.77	4.0 years
Forfeited		(202	)		15.35
Outstanding at June 30, 2019		3,448		$	14.92	7.5 years	$	540

Exercisable at June 30, 2019		1,423		$	14.76	7.1 years	$	497

Summary of the Status of the Company's Non-vested Restricted Share Awards

The following is a summary of the status of the Company's non-vested restricted share awards as of June 30, 2019 and changes during the year ended June 30, 2019:

	Vesting Contingent on Service Conditions					Vesting Contingent on Performance and Service Conditions
	Restricted Shares			Weighted Average Grant Date Fair Value		Restricted Shares			Weighted Average Grant Date Fair Value
	(In Thousands)					(In Thousands)
Non-vested at June 30, 2018		701		$	15.24		356		$	15.35
Granted		134			13.43		99			13.45
Vested		(184	)		15.02		(89	)		15.35
Forfeited		(41	)		15.35		(41	)		15.35
Non-vested at June 30, 2019		610		$	14.90		325		$	14.77

Atlas Bank Retirement Income Plan ("ABRIP") [Member]

	Years Ended June 30,
		2019			2018			2017
	(In Thousands)
Net periodic benefit cost/(credit):
Interest cost	$	108		$	109		$	108
Expected return on assets		(112	)		(120	)		(248	)
Amortization of net loss		57			52			53
Total benefit cost (credit)	$	53		$	41		$	(87	)

Valuation assumptions
Discount rate		4.25	%		4.00	%		3.75	%
Long term rate of return on plan assets		3.50	%		3.50	%		7.00	%

The following tables set forth the ABRIP’s funded status and net periodic benefit cost:

	June 30,
		2019			2018
	(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning	$	2,716		$	2,896
Interest cost		108			109
Actuarial (gain) loss		(58	)		(85	)
Benefit payments		(213	)		(204	)
Projected benefit obligation - ending	$	2,553		$	2,716

Change in plan assets:
Fair value of assets - beginning	$	3,440		$	3,692
Actual return on assets		(4	)		(48	)
Benefit payments		(213	)		(204	)
Fair value of assets - ending	$	3,223		$	3,440

Reconciliation of funded status:
Projected benefit obligation	$	(2,553	)	$	(2,716	)
Fair value of assets		3,223			3,440
Funded status included in other assets	$	670		$	724

Accumulated benefit obligation	$	(2,553	)	$	(2,716	)

Valuation assumptions
Discount rate		3.75	%		4.25	%
Salary increase rate	N/A			N/A

Benefit Equalization Plan ("BEP") [Member]

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Benefit Payments
	(In Thousands)
Years ending June 30:
2020	$	142
2021		142
2022		142
2023		140
2024		138
2025-2029		679

	Years Ended June 30,
		2019			2018			2017
	(In Thousands)
Net periodic benefit cost:
Interest cost	$	125		$	124		$	134
Amortization of net actuarial loss		44			48			72
Total expense	$	169		$	172		$	206

Valuation assumptions
Discount rate		4.25	%		4.00	%		3.75	%
Salary increase rate	N/A			N/A			N/A

The following tables set forth the BEP’s funded status and components of net periodic benefit cost:

	June 30,
		2019			2018
	(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning	$	3,053		$	3,223
Interest cost		125			124
Actuarial loss/(gain)		162			(61	)
Benefit payments		(235	)		(233	)
Projected benefit obligation - ending	$	3,105		$	3,053

Change in plan assets:
Fair value of assets - beginning	$	-		$	-
Contributions		235			233
Benefit payments		(235	)		(233	)
Fair value of assets - ending	$	-		$	-

Reconciliation of funded status:
Accumulated benefit obligation	$	(3,105	)	$	(3,053	)

Projected benefit obligation	$	(3,105	)	$	(3,053	)
Fair value of assets		-			-
Funded status included in other liabilities	$	(3,105	)	$	(3,053	)

Valuation assumptions
Discount rate		3.75	%		4.25	%
Salary increase rate	N/A			N/A

Postretirement Welfare Plan [Member]

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Benefit Payments
	(In Thousands)
Years ending June 30:
2020	$	234
2021		233
2022		231
2023		228
2024		226
2025-2029		1,071

	Years Ended June 30,
		2019			2018			2017
	(In Thousands)
Net periodic benefit cost:
Service cost	$	54		$	48		$	31
Interest cost		26			23			21
Amortization of net actuarial gain		(49	)		(55	)		(59	)
Total expense (benefit)	$	31		$	16		$	(7	)

Valuation assumptions
Discount rate		4.25	%		4.00	%		3.75	%
Salary increase rate		3.25	%		3.25	%		3.25	%

The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost:

	June 30,
		2019			2018
	(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning	$	617		$	586
Service cost		54			48
Interest cost		26			23
Actuarial loss/(gain)		19			(33	)
Premiums/claims paid		(6	)		(7	)
Projected benefit obligation - ending	$	710		$	617

Change in plan assets:
Fair value of assets - beginning	$	-		$	-
Contributions		6			7
Premiums/claims paid		(6	)		(7	)
Fair value of assets - ending	$	-		$	-

Reconciliation of funded status:
Projected benefit obligation	$	(710	)	$	(617	)
Fair value of assets		-			-
Funded status included in other liabilities	$	(710	)	$	(617	)

Valuation assumptions
Discount rate		3.75	%		4.25	%
Salary increase rate		3.25	%		3.25	%

Directors' Consultation and Retirement Plan ("DCRP") [Member]

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Benefit Payments
	(In Thousands)
Years ending June 30:
2020	$	30
2021		29
2022		37
2023		44
2024		53
2025-2029		336

	Years Ended June 30,
		2019			2018			2017
	(In Thousands)
Net periodic benefit cost:
Service cost	$	-		$	-		$	-
Interest cost		119			118			116
Amortization of net actuarial gain		(9	)		-			-
Total expense (benefit)	$	110		$	118		$	116

Valuation assumptions
Discount rate		4.25	%		4.00	%		3.75	%
Salary increase rate	N/A			N/A			N/A

The following table sets forth the DCRP’s funded status and components of net periodic cost:

	June 30,
		2019			2018
	(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning	$	2,843		$	2,978
Interest cost		119			118
Actuarial loss/(gain)		73			(193	)
Benefit payments		(60	)		(60	)
Projected benefit obligation - ending	$	2,975		$	2,843

Change in plan assets:
Fair value of assets - beginning	$	-		$	-
Contributions		60			60
Benefit payments		(60	)		(60	)
Fair value of assets - ending	$	-		$	-

Reconciliation of funded status:
Accumulated benefit obligation	$	(2,975	)	$	(2,843	)

Projected benefit obligation	$	(2,975	)	$	(2,843	)
Fair value of assets		-			-
Funded status included in other liabilities	$	(2,975	)	$	(2,843	)

Valuation assumptions
Discount rate		3.75	%		4.25	%
Salary increase rate	N/A			N/A