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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Taxes

Schedule of Provision for Income Taxes

​

​	​	​	​	​	​	​
​	​	Year Ended June 30,
(In Thousands)		2023			2022
​	​	​	​	​	​	​
Current:		​			​
Federal	​	$	1,638	​	$	1,781
State	​		955	​		844
​	​		2,593	​		2,625
Deferred:	​			​
Federal	​		783	​		696
State	​		448	​		444
​	​		1,231	​		1,140
Provision for income taxes	​	$	3,824	​	$	3,765

Schedule of estimated combined federal and state statutory tax rates

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended June 30,
​	​	2023				​	2022				​
(In Thousands)		Amount			Tax Rate		Amount			Tax Rate
​	​	​	​	​	​	​	​	​	​	​	​
Federal income tax at statutory rate	​	$	2,607		21.00	%	$	2,700		21.00	%
State income tax, net of federal income tax benefit	​		1,107		8.92	%		988		7.68	%
Changes in taxes resulting from:	​				​	​				​	​
Bank-owned life insurance	​		(39)		(0.31)	%		(39)		(0.31)	%
Non-deductible expenses	​		11		0.09	%		8		0.06	%
Excess tax benefit on stock-based compensation	​		132		1.06	%		—		—	%
Return to provision adjustment	​	​	4	​	0.03	%	​	107	​	0.84	%
Other	​		2		0.01	%		1		0.01	%
Effective income tax	​	$	3,824		30.80	%	$	3,765		29.28	%

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​
​	​	June 30,
(In Thousands)		2023			2022
​	​	​	​	​	​	​
Deferred taxes - federal	​	$	179	​	$	947
Deferred taxes - state	​		39	​		485
Total net deferred tax assets	​	$	218	​	$	1,432

​

​	​	​	​	​	​	​
​	​	June 30,
(In Thousands)		2023			2022
​	​	​	​	​	​	​
Loss reserves	​	$	2,032	​	$	1,968
Non-accrued interest	​		188	​		199
Deferred compensation	​		2,339	​		2,903
Accrued vacation	​		194	​		178
Depreciation	​		155	​		211
State tax	​		199	​		64
Unrealized loss on investment securities	​		19	​		1
Lease liability	​	​	691	​	​	—
Other	​		288	​		245
Total deferred tax assets	​		6,105	​		5,769
​	​	​	​	​	​	​
FHLB - San Francisco stock dividends	​		(645)	​		(645)
Prepaid expenses	​		(45)	​		(28)
Unrealized gain on interest-only strips	​		(3)	​		(2)
Right-of-use asset	​	​	(684)	​	​	—
Deferred loan costs, net	​		(4,510)	​		(3,662)
Total deferred tax liabilities	​		(5,887)	​		(4,337)
Net deferred tax assets	​	$	218	​	$	1,432

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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

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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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