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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2025
Income Taxes [Abstract] |
Provision for Income Taxes | The provision for income taxes consists of the following for the years ended June 30, 2025 and 2024:
(In thousands) |  | 2025 |  |  |  | 2024 |
Current expense: |  |  |  |  |  |  |
Federal | $ | 3,238 |  |  | $ | 2,075 |
State |  | 996 |  |  |  | 49 |
Total current expense |  | 4,234 |  |  |  | 2,124 |
Deferred benefit |  | (706 | ) |  |  | (74 | )
Total provision for income taxes | $ | 3,528 |  |  | $ | 2,050 |
Effective Tax Rate Reconciliation | The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2025 and 2024:
|  | 2025 |  |  |  | 2024 |
Tax based on federal statutory rate |  | 21.00 | % |  |  | 21.00 | %
State income taxes, net of federal benefit |  | 2.14 |  |  |  | (0.44 | )
Tax-exempt income |  | (11.71 | ) |  |  | (12.61 | )
Other, net |  | (1.25 | ) |  |  | (0.31 | )
Total income tax expense |  | 10.18 | % |  |  | 7.64 | %
Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at June 30, 2025 and 2024 were as follows:
(In thousands) |  | 2025 |  |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |  |
Allowance for credit losses | $ | 5,531 |  |  | $ | 5,272 |
Allowance for credit losses on unfunded commitments |  | 474 |  |  |  | 334 |
Unrealized losses on securities |  | 4,694 |  |  |  | 6,926 |
Other benefit plans |  | 5,108 |  |  |  | 5,345 |
Lease liability |  | 632 |  |  |  | 577 |
Other |  | 382 |  |  |  | 94 |
Total deferred tax assets |  | 16,821 |  |  |  | 18,548 |
Deferred tax liabilities: |  |  |  |  |  |  |
Depreciation |  | 1,204 |  |  |  | 1,188 |
Net loan costs |  | 1,296 |  |  |  | 1,261 |
Real estate investment trust income |  | 2,990 |  |  |  | 3,313 |
Lease right of use asset |  | 610 |  |  |  | 554 |
Pension benefits |  | 179 |  |  |  | 143 |
Other |  | - |  |  |  | - |
Total deferred tax liabilities |  | 6,279 |  |  |  | 6,459 |
Net deferred tax asset included in prepaid expenses and other assets | $ | 10,542 |  |  | $ | 12,089 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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