EMPLOYEE BENEFIT PLANS

Summary of defined benefit pension plan

The following table sets forth information on the Company’s defined benefit pension plan as of the dates indicated (dollars in thousands):


	December 31,		June 30,
	2024		2024		2023
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	39,363	$	39,020	$	40,657
Service cost		589		1,235		1,534
Interest cost		1,139		2,033		1,885
Actuarial loss (gain)		654		(1,346)		(3,473)
Benefits paid		(875)		(1,579)		(1,583)
Projected benefit obligation at end of year		40,870		39,363		39,020

Change in fair value of plan assets:
Fair value of plan assets at beginning of year		57,630		52,931		49,457
Actual return on plan assets		2,638		6,401		5,197
Benefits paid and actual expenses		(900)		(1,702)		(1,723)
Fair value of plan assets at end of year		59,368		57,630		52,931
Funded status of plan at end of year	$	18,498	$	18,267	$	13,911

Summary of pension plan asset allocation, target allocation, and expected long-term rate of return by asset category

The Company’s pension plan asset allocation at the dates indicated, target allocation for 2024, and expected long-term rate of return by asset category are as follows:



			Percentage of						Weighted-
	Target		Plan Assets at						Average Expected
	Allocation		December 31,		June 30,				Long-Term Rate
Asset Category	2024		2024		2024		2023		of Return
Equity securities	65.0	%	62.3	%	62.7	%	63.2	%	5.00 – 9.00	%
Fixed income securities	35.0	%	37.7	%	37.3	%	36.8	%	1.00 – 4.00	%
Total			100.0	%	100.0	%	100.0	%

Summary of plan's funded status and amounts recognized in the Bank's consolidated financial statements

The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated financial statements at the dates indicated (dollars in thousands):


	December 31,		June 30,
	2024		2024		2023
Change in accumulated post-retirement benefit obligation:
Accumulated benefit obligation at beginning of year	$	1,354	$	1,382	$	1,545
Service cost		8		19		22
Interest cost		32		72		67
Actuarial gain		(191)		(63)		(193)
Benefits paid		(26)		(56)		(59)
Accumulated benefit obligation at end of year		1,177		1,354		1,382

Change in plan assets:
Fair value of plan assets at beginning of year		—		—		—
Employer contributions		26		56		59
Benefits paid		(26)		(56)		(59)
Fair value of plan assets at end of year		—		—		—
Unfunded status at end of year	$	(1,177)	$	(1,354)	$	(1,382)

Schedule of shares held by the ESOP

Shares held by the ESOP include the following:


	As of December 31,	As of June 30,
	2024	2024	2023
Allocated	219,921	254,580	203,664
Committed to be allocated	50,916	25,458	25,458
Unallocated	712,829	738,287	789,203
Total shares	983,666	1,018,325	1,018,325

EMPLOYEE BENEFIT PLANS

Summary of projected benefit payments under the plan over the next ten years

The benefit payments expected to be paid over the next ten years are as follows (dollars in thousands):


Year ending December 31,
2025	$	1,255
2026		1,390
2027		1,552
2028		1,717
2029		1,930
Years 2030 – 2034		12,391

EMPLOYEE BENEFIT PLANS

Summary of projected benefit payments under the plan over the next ten years

The projected benefit payments under the plan over the next ten years are as follows (dollars in thousands):


Year ending December 31,
2025	$	84
2026		78
2027		72
2028		68
2029		72
Years 2030 – 2034		423