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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Taxes

Schedule of Provision for Income Taxes

​

​	​	​	​	​	​	​
​	​	Year Ended June 30,
(In Thousands)		2021			2020
​	​	​	​	​	​	​
Current:		​			​
Federal	​	$	1,547	​	$	1,742
State	​		598	​		919
​	​		2,145	​		2,661
Deferred:	​			​
Federal	​		303	​		291
State	​		178	​		261
​	​		481	​		552
Provision for income taxes	​	$	2,626	​	$	3,213

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 years indicated:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended June 30,
​	​	2021				​	2020				​
(In Thousands)		Amount			Tax Rate		Amount			Tax Rate
​	​	​	​	​	​	​	​	​	​	​	​
Federal income tax at statutory rate	​	$	2,139		21.00	%	$	2,289		21.00	%
State income tax, net of federal income tax benefit	​		614		6.05	%		930		8.53	%
Changes in taxes resulting from:	​				​	​				​	​
Bank-owned life insurance	​		(40)		(0.39)	%		(40)		(0.36)	%
Non-deductible expenses	​		6		0.06	%		41		0.37	%
Non-deductible stock-based compensation	​		(30)		(0.30)	%		(10)		(0.09)	%
Excess tax benefit on stock-based compensation	​		(64)		—	%		(7)		(0.07)	%
Return to provision adjustment	​	​	—	​	—	%	​	7	​	0.06	%
Other	​		1		(0.64)	%		3		0.02	%
Effective income tax	​	$	2,626		25.78	%	$	3,213		29.46	%

​

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets at June 30, 2021 and 2020 by jurisdiction were as follows:

​

​	​	​	​	​	​	​
​	​	June 30,
(In Thousands)		2021			2020
​	​	​	​	​	​	​
Deferred taxes - federal	​	$	1,617	​	$	1,908
Deferred taxes - state	​		926	​		1,103
Total net deferred tax assets	​	$	2,543	​	$	3,011

​

Net deferred tax assets at June 30, 2021 and 2020 were comprised of the following:

​

​	​	​	​	​	​	​
​	​	June 30,
(In Thousands)		2021			2020
​	​	​	​	​	​	​
Loss reserves	​	$	2,734	​	$	3,034
Non-accrued interest	​		392	​		326
Deferred compensation	​		2,512	​		2,824
Accrued vacation	​		197	​		177
Depreciation	​		153	​		90
Other	​		307	​		395
Total deferred tax assets	​		6,295	​		6,846
​	​	​	​	​	​	​
FHLB - San Francisco stock dividends	​		(645)	​		(645)
Prepaid expenses	​		(41)	​		(41)
Unrealized gain on investment securities	​		(27)	​		(40)
Unrealized gain on interest-only strips	​		(3)	​		(4)
Deferred loan costs	​		(2,974)	​		(3,071)
State tax	​		(62)	​		(34)
Total deferred tax liabilities	​		(3,752)	​		(3,835)
Net deferred tax assets	​	$	2,543	​	$	3,011

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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.

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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.

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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.

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