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v3.22.2.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2022
Income Taxes |
Schedule of Provision for Income Taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
(In Thousands) |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | 1,781 | ​ | $ | 1,547
State | ​ |  | 844 | ​ |  | 598
​ | ​ |  | 2,625 | ​ |  | 2,145
Deferred: | ​ |  |  | ​ |  |
Federal | ​ |  | 696 | ​ |  | 303
State | ​ |  | 444 | ​ |  | 178
​ | ​ |  | 1,140 | ​ |  | 481
Provision for income taxes | ​ | $ | 3,765 | ​ | $ | 2,626
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,
​ | ​ | 2022 | ​ | 2021 | ​
(In Thousands) |  | Amount |  | Tax Rate |  | Amount |  | Tax Rate |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal income tax at statutory rate | ​ | $ | 2,700 |  | 21.00 | % | $ | 2,139 |  | 21.00 | %
State income tax, net of federal income tax benefit | ​ |  | 988 |  | 7.68 | % |  | 614 |  | 6.05 | %
Changes in taxes resulting from: | ​ |  |  |  | ​ | ​ |  |  |  | ​ | ​
Bank-owned life insurance | ​ |  | (39) |  | (0.31) | % |  | (40) |  | (0.39) | %
Non-deductible expenses | ​ |  | 8 |  | 0.06 | % |  | 6 |  | 0.06 | %
Non-deductible stock-based compensation | ​ |  | — |  | — | % |  | (30) |  | (0.30) | %
Excess tax benefit on stock-based compensation | ​ |  | — |  | — | % |  | (64) |  | — | %
Return to provision adjustment | ​ | ​ | 107 | ​ | 0.84 | % | ​ | — | ​ | — | %
Other | ​ |  | 1 |  | 0.01 | % |  | 1 |  | (0.64) | %
Effective income tax | ​ | $ | 3,765 |  | 29.28 | % | $ | 2,626 |  | 25.78 | %
​
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets at June 30, 2022 and 2021 by jurisdiction were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
(In Thousands) |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred taxes - federal | ​ | $ | 947 | ​ | $ | 1,617
Deferred taxes - state | ​ |  | 485 | ​ |  | 926
Total net deferred tax assets | ​ | $ | 1,432 | ​ | $ | 2,543
​ Net deferred tax assets at June 30, 2022 and 2021 were comprised of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
(In Thousands) |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Loss reserves | ​ | $ | 1,968 | ​ | $ | 2,734
Non-accrued interest | ​ |  | 199 | ​ |  | 392
Deferred compensation | ​ |  | 2,903 | ​ |  | 2,512
Accrued vacation | ​ |  | 178 | ​ |  | 197
Depreciation | ​ |  | 211 | ​ |  | 153
State tax | ​ |  | 64 | ​ |  | —
Other | ​ |  | 245 | ​ |  | 307
Total deferred tax assets | ​ |  | 5,768 | ​ |  | 6,295
​ | ​ | ​ | ​ | ​ | ​ | ​
FHLB - San Francisco stock dividends | ​ |  | (645) | ​ |  | (645)
Prepaid expenses | ​ |  | (28) | ​ |  | (41)
Unrealized loss (gain) on investment securities | ​ |  | 1 | ​ |  | (27)
Unrealized gain on interest-only strips | ​ |  | (2) | ​ |  | (3)
Deferred loan costs | ​ |  | (3,662) | ​ |  | (2,974)
State tax | ​ |  | — | ​ |  | (62)
Total deferred tax liabilities | ​ |  | (4,336) | ​ |  | (3,752)
Net deferred tax assets | ​ | $ | 1,432 | ​ | $ | 2,543

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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