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Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Summary of Plan Funded Status and Components of Net Periodic Pension

The following tables set forth the plan’s funded status and components of net periodic pension:

 

 

 

Year Ended
June 30,
2025

 

 

Year Ended
June 30,
2024

 

 

(Dollars in thousands)

 

Change in benefit obligation:

 

 

 

 

 

 

Obligation, beginning

 

$

14,564

 

 

$

15,003

 

Service cost

 

 

 

 

 

 

Interest cost

 

 

661

 

 

 

650

 

Actuarial (gain) loss

 

 

78

 

 

 

(7

)

Benefit payments

 

 

(812

)

 

 

(1,082

)

Curtailments

 

 

 

 

 

 

Obligation, ending

 

$

14,491

 

 

$

14,564

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets, beginning

 

$

16,075

 

 

$

16,139

 

Actual gain (loss) on plan assets

 

 

1,270

 

 

 

1,018

 

Employer contributions

 

 

 

 

 

 

Benefit payments

 

 

(812

)

 

 

(1,082

)

Fair value of plan assets, ending

 

$

16,533

 

 

$

16,075

 

Funded status,

 

 

 

 

 

 

Accumulated benefit obligation

 

$

14,491

 

 

$

14,564

 

Projected benefit obligation

 

$

(14,491

)

 

$

(14,564

)

Fair value of assets

 

 

16,533

 

 

 

16,075

 

Funded status and prepaid pension cost included in other liabilities

 

$

2,042

 

 

$

1,511

 

Assumptions used to determine benefit obligation:

 

 

 

 

 

 

Discount rate

 

 

5.06

%

 

 

5.19

%

Rate of increase in compensation

 

n/a

 

 

n/a

 

Summary of Components of Net Periodic Benefit Cost The components of the pension and post-retirement net periodic benefit cost for the periods indicated are provided in the table below:

 

 

 

Year Ended
June 30,
2025

 

 

Year Ended
June 30,
2024

 

 

(Dollars in thousands)

 

Net periodic pension cost included the following:

 

 

 

 

 

 

Service cost

 

$

 

 

$

 

Interest cost

 

 

661

 

 

 

650

 

Expected return on plan assets

 

 

(919

)

 

 

(918

)

Net amortization

 

 

25

 

 

 

122

 

Net periodic pension cost included in salaries and employee benefits

 

$

(233

)

 

$

(146

)

Assumptions used to determine net periodic pension cost:

 

 

 

 

 

 

Discount rate

 

 

5.06

%

 

 

5.19

%

Rate of increase in compensation

 

n/a

 

 

n/a

 

Rate of return on plan assets

 

 

6.50

%

 

 

6.50

%

Summary of Weighted-Average Allocation by Asset Category

For the years ended June 30, 2025 and 2024, the plan’s assets realized an annual return of approximately 2%. The weighted-average allocation by asset category is as follows:

 

 

 

June 30,
2025

 

 

June 30,
2024

 

Cash and equivalents

 

 

1

%

 

 

1

%

Fixed income securities and mutual funds

 

 

53

 

 

 

54

 

Equity securities and mutual funds

 

 

46

 

 

 

45

 

 

 

100

%

 

 

100

%

 

Summary of Fair Values of Bank's Pension Plan Assets

The fair values of the Bank’s pension plan assets at June 30, 2025 and June 30, 2024, by asset category (see Note 17 for the definitions of levels), are as follows:

 

 

Assets at Fair Value as of June 30, 2025

 

Asset Category

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Fair
Value

 

 

 

(In thousands)

 

Cash

 

$

173

 

 

$

 

 

$

 

 

$

173

 

Equity securities

 

 

283

 

 

 

 

 

 

 

 

 

283

 

Mutual funds - equity

 

 

7,239

 

 

 

 

 

 

 

 

 

7,239

 

Mutual funds - fixed income

 

 

8,838

 

 

 

 

 

 

 

 

 

8,838

 

Total

 

$

16,533

 

 

$

 

 

$

 

 

$

16,533

 

 

 

Assets at Fair Value as of June 30, 2024

 

Asset Category

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Fair
Value

 

 

 

(In thousands)

 

Cash

 

$

177

 

 

$

 

 

$

 

 

$

177

 

Equity securities

 

 

460

 

 

 

 

 

 

 

 

 

460

 

Mutual funds - equity

 

 

6,800

 

 

 

 

 

 

 

 

 

6,800

 

Mutual funds - fixed income

 

 

8,638

 

 

 

 

 

 

 

 

 

8,638

 

Total

 

$

16,075

 

 

$

 

 

$

 

 

$

16,075

 

Summary of Estimated Future Benefit Payments from Plan Assets

The Bank did not contribute to the pension plan during the year ended June 30, 2025. Benefit payments, which reflect expected future service, are expected to be paid as follows:

 

Year ending June 30:

 

(In thousands)

 

2026

 

$

4,344

 

2027

 

 

1,031

 

2028

 

 

943

 

2029

 

 

974

 

2030

 

 

1,386

 

Thereafter

 

 

4,877

 

 

$

13,555