The Company maintains a non-contributory defined benefit pension plan that covers employees meeting specific requirements as to age and length of service. The Company’s contributions to this qualified plan are determined on the basis of (i) the maximum amount that can be deducted for federal income tax purposes, and (ii) the amount determined by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974 (“ERISA”). Contributions are intended to provide for benefits attributed to service to date but also those expected to be earned in the future. On February 15, 2017, the Board of Directors approved the freezing of the defined benefit pension plan effective May 1, 2017.

The Company also maintains unfunded and non-qualified supplemental executive retirement plans ("SERP") to provide pension benefits in addition to those provided under the qualified pension plan.

Net periodic benefit cost and other amounts recognized in other comprehensive income for the three and nine months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended					Three Months Ended
	March 31, 2020					March 31, 2019
	Defined Benefit Plan			Supplemental Retirement Plans		Defined Benefit Plan			Supplemental Retirement Plans
Service cost	$	-		$	90	$	-		$	78
Interest cost		180			28		250			36
Expected return on plan assets		(479	)		-		(513	)		-
Amortization of prior net loss		132			11		145			9
Net periodic cost (benefit)	$	(167	)	$	129	$	(118	)	$	123

	Nine Months Ended					Nine Months Ended
	March 31, 2020					March 31, 2019
	Defined Benefit Plan			Supplemental Retirement Plan		Defined Benefit Plan			Supplemental Retirement Plan
Service cost	$	-		$	248	$	-		$	373
Interest cost		540			89		750			88
Expected return on plan assets		(1,436	)		-		(1,539	)		-
Amortization of prior net loss		396			34		435			27
Settlement charges		272			-		-			-
Net periodic (benefit) cost	$	(228	)	$	371	$	(354	)	$	488

The Company made no contributions to the defined benefit plan during the three or nine months ended March 31, 2020.

On January 1, 2017, the Company established an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. The ESOP is a tax-qualified retirement plan for the benefit of Company employees. On April 20, 2017, the Company granted a loan to the ESOP for the purchase of 1,453,209 shares of the Company’s common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company to purchase the common stock is payable annually over 15 years at a rate per annum equal to the Prime Rate, reset annually on January 1st (4.75% for 2020). Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The balance of the ESOP loan at March 31, 2020 was $11.6 million. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released annually is 96,881 through 2032. Dividends on allocated shares increase participant accounts and are used to purchase additional shares of stock. Participants receive the shares at the end of employment.

	March 31, 2020		June 30, 2019
Allocated to participants		304,645		234,059
Unearned		1,138,418		1,211,410
Total ESOP shares		1,443,063		1,445,469

Fair value of unearned shares	$	15,926	$	24,531

Total compensation expense recognized in connection with the ESOP for the three and nine months ended March 31, 2020 was $438,000 and $1.4 million, respectively, and for the three and nine months ended March 31, 2019 was $464,000 and $1.4 million, respectively.