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Note 9: 401(k) Retirement Plan
9 Months Ended
Mar. 31, 2017
Notes  
Note 9: 401(k) Retirement Plan

Note 9:  401(k) Retirement Plan

 

The Bank has a 401(k) retirement plan that covers substantially all eligible employees. The Bank makes “safe harbor” matching contributions of up to 4% of eligible compensation, depending upon the percentage of eligible pay deferred into the plan by the employee.  Additional profit-sharing contributions of 4% of eligible salary were accrued for the plan year ended June 30, 2016, based on the financial performance for fiscal 2015.  During the three- and nine-month periods ended March 31, 2017, retirement plan expenses recognized for the Plan totaled approximately $230,000 and $677,000, respectively, as compared to $213,000 and $634,000, respectively, for the same period of the prior fiscal year.