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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Components of the Provision for Income Taxes

The provision for income taxes includes these components:

		2021				2020
Taxes currently payable		$	2,196			$	1,654
Deferred income taxes			(162	)			(15	)
Income tax expense		$	2,034			$	1,639

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:

		2021				2020
Computed at the statutory rate of 21.0%		$	1,550			$	1,236
Increase (decrease) resulting from
Tax exempt interest			(8	)			(16	)
Cash surrender value of life insurance			(87	)			(57	)
State income taxes			540				441
Other			39				35
Actual tax expense		$	2,034			$	1,639
Tax rate as a percentage of pre-tax income			27.6	%			27.9	%

Temporary Differences Related to Deferred Taxes

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

		2021				2020
Deferred tax assets
Allowance for loan losses		$	1,880			$	1,776
Accrued retirement liability			703				677
Deferred compensation			508				468
Deferred loan fees			336				291
Postretirement health plan			170				264
Accrued vacation			61				66
MPF recourse liability			121				97
Deferred revenue Mastercard			19				23
Stock options—Directors			54				50
Restricted stock			—				11
Accrued professional services			23				18
Other			—				7
			3,875				3,748
Deferred tax liabilities
Depreciation			(687	)			(731	)
Mortgage servicing rights			(289	)			(204	)
Deferred loan expense			(177	)			(181	)
Unrealized gains on available-for-sale securities			(941	)			(1,940	)
Restricted stock			(8	)			—
Prepaid expenses			(76	)			(62	)
			(2,178	)			(3,118	)
Net deferred tax asset		$	1,697			$	630

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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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