XML 62 R40.htm IDEA: XBRL DOCUMENT v3.25.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2025
Income Taxes  
Schedule of Provision for Income Taxes

Year Ended June 30, 

(In Thousands)

    

2025

    

2024

Current:

 

  

 

  

Federal

$

709

$

2,161

State

 

479

 

1,278

 

1,188

 

3,439

Deferred:

 

  

 

  

Federal

 

948

 

(238)

State

 

482

 

(165)

 

1,430

 

(403)

Provision for income taxes

$

2,618

$

3,036

Schedule of estimated combined federal and state statutory tax rates

Year Ended June 30, 

2025

2024

(In Thousands)

    

Amount

    

Tax Rate

    

Amount

    

Tax Rate

    

Federal income tax at statutory rate

$

1,863

 

21.00

%  

$

2,181

 

21.00

%  

State income tax, net of federal income tax benefit

 

759

 

8.55

%  

 

880

 

8.48

%  

Changes in taxes resulting from:

 

  

 

 

  

 

Bank-owned life insurance

 

(39)

 

(0.44)

%  

 

(39)

 

(0.38)

%  

Non-deductible expenses

 

28

 

0.31

%  

 

12

 

0.12

%  

Non-deductible stock-based compensation

 

2

 

0.02

%  

 

 

%  

Shortfall on stock-based compensation

 

1

 

0.02

%  

 

 

%  

Return to provision adjustment

2

0.03

%  

(1)

(0.01)

%  

Other

 

2

 

0.02

%  

 

3

 

0.02

%  

Effective income tax

$

2,618

 

29.51

%  

$

3,036

 

29.23

%  

Schedule of Deferred Tax Assets and Liabilities

June 30, 

(In Thousands)

    

2025

    

2024

Deferred taxes - federal

$

(551)

$

404

Deferred taxes - state

 

(281)

 

202

Total deferred tax (liabilities) assets

$

(832)

$

606

June 30, 

(In Thousands)

    

2025

    

2024

Loss reserves

$

2,163

$

2,387

Non-accrued interest

 

146

 

175

Deferred compensation

 

1,520

 

2,388

Accrued vacation

 

197

 

187

Depreciation

 

239

 

174

State tax

 

179

 

203

Unrealized loss on investment securities

 

 

4

Lease liability

536

448

Other

 

258

 

208

Total deferred tax assets

 

5,238

 

6,174

FHLB - San Francisco stock dividends

 

(645)

 

(645)

Prepaid expenses

 

(66)

 

(39)

Unrealized gain on investment securities

 

(6)

 

Unrealized gain on interest-only strips

 

(2)

 

(3)

Unrealized gain on other equity investments

(232)

Right-of-use asset

(526)

(432)

Deferred loan costs, net

 

(4,593)

 

(4,449)

Total deferred tax liabilities

 

(6,070)

 

(5,568)

Net deferred tax (liabilities) assets

$

(832)

$

606