401(k) Retirement Plan

9 Months Ended

Mar. 31, 2023

401(k) Retirement Plan

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 made “safe harbor” matching contributions to the Plan of up to 4% of eligible compensation, depending upon the percentage of eligible pay deferred into the plan by the employee, and also made additional, discretionary profit-sharing contributions for fiscal 2022. For fiscal 2023, the Company has maintained the safe harbor matching contribution of up to 4%, and expects to continue to make additional, discretionary profit-sharing contributions. During the three- and nine- month periods ended March 31, 2023 retirement plan expenses recognized for the Plan totaled approximately $619,000 and $1.7 million, as compared to $456,000 and $1.4 million for the same period of the prior fiscal year. Employee deferrals and safe harbor contributions are fully vested. Profit-sharing or other contributions vest over a period of five years.