XML 56 R39.htm IDEA: XBRL DOCUMENT v3.20.2

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Taxes

Schedule of Provision for Income Taxes

		Year Ended June 30,
(In Thousands)		2020			2019
Current:
Federal		$	1,742		$	445
State			919			408
			2,661			853
Deferred:
Federal			291			478
State			261			172
			552			650
Provision for income taxes		$	3,213		$	1,503

Schedule of estimated combined federal and state statutory tax rates

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to net income before income taxes as a result of the following differences for the periods indicated:

		Year Ended June 30,
		2020					2019
(In Thousands)		Amount			Tax Rate		Amount			Tax Rate
Federal income tax at statutory rate		$	2,289		21.00	%	$	1,243		21.00	%
State income tax, net of federal income tax benefit			930		8.53	%		456		7.70	%
Changes in taxes resulting from:
Bank-owned life insurance			(40)		(0.36)	%		(39)		(0.66)	%
Non-deductible expenses			41		0.37	%		21		0.35	%
Non-deductible stock-based compensation			(10)		(0.09)	%		(2)		(0.03)	%
Excess tax benefit on stock-based compensation			(7)		(0.07)	%		(104)		(1.77)	%
Return to provision adjustment			7		0.06	%		(77)		(1.29)	%
Other			3		0.02	%		5		0.08	%
Effective income tax		$	3,213		29.46	%	$	1,503		25.38	%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets at June 30, 2020 and 2019 by jurisdiction were as follows:

		June 30,
(In Thousands)		2020			2019
Deferred taxes - federal		$	1,908		$	2,178
Deferred taxes - state			1,103			1,361
Total net deferred tax assets		$	3,011		$	3,539

Net deferred tax assets at June 30, 2020 and 2019 were comprised of the following:

		June 30,
(In Thousands)		2020			2019
Loss reserves		$	3,034		$	2,685
Non-accrued interest			326			483
Deferred compensation			2,824			2,396
Accrued vacation			177			124
Depreciation			90			95
Litigation reserves			—			876
Other			395			588
Total deferred tax assets			6,846			7,247
FHLB - San Francisco stock dividends			(645)			(664)
Prepaid expenses			(41)			(56)
Unrealized gain on investment securities			(40)			(63)
Unrealized gain on interest-only strips			(4)			(5)
Deferred loan costs			(3,071)			(2,723)
State tax			(34)			(197)
Total deferred tax liabilities			(3,835)			(3,708)
Net deferred tax assets		$	3,011		$	3,539

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration