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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Components of the Provision for Income Taxes

The provision for income taxes includes these components:

		2020				2019
Taxes currently payable		$	1,654			$	1,217
Deferred income taxes			(15	)			76
Income tax expense		$	1,639			$	1,293

Reconciliation of Income Tax Expense at the Statutory Rate

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:

		2020				2019
Computed at the statutory rate of 21.0%		$	1,236			$	1,019
Increase (decrease) resulting from
Tax exempt interest			(16	)			(26	)
Cash surrender value of life insurance			(57	)			(56	)
State income taxes			441				329
Other			35				27
Actual tax expense		$	1,639			$	1,293
Tax rate as a percentage of pre-tax income			27.9	%			26.7	%

Temporary Differences Related to Deferred Taxes

The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were:

		2020				2019
Deferred tax assets
Allowance for loan losses		$	1,776			$	1,802
Accrued retirement liability			677				651
Deferred compensation			468				422
Deferred loan fees			291				83
Postretirement health plan			264				170
Accrued vacation			66				46
MPF recourse liability			97				66
Deferred revenue Mastercard			23				27
Stock options – Directors			50				42
Restricted stock			11				(9	)
Accrued professional services			18				—
Other			7				12
			3,748				3,312
Deferred tax liabilities
Depreciation			(731	)			(426	)
Mortgage servicing rights			(204	)			(243	)
Deferred loan expense			(181	)			(182	)
Unrealized gains on available-for-sale securities			(1,940	)			(395	)
Prepaid expenses			(62	)			—
			(3,118	)			(1,246	)
Net deferred tax asset		$	630			$	2,066

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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