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v3.22.2.2

Income Taxes | 12 Months Ended
--- | ---
Jun. 30, 2022
Income Tax Disclosure [Abstract] |
Income Taxes |
Note 10: | Income Taxes
The Company and its subsidiary file income tax returns in the U.S. federal jurisdiction and the States of Illinois, Missouri, Indiana and Iowa. During the years ended June 30, 2022 and 2021, the Company did not recognize expense for interest or penalties. The provision for income taxes includes these components:
|  | 2022 |  |  | 2021 |
Taxes currently payable |  | $ | 1,825 |  |  | $ | 2,196 |
Deferred income taxes |  |  | 218 |  |  |  | (162 | )
Income tax expense |  | $ | 2,043 |  |  | $ | 2,034 |
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:
|  | 2022 |  |  | 2021 |
Computed at the statutory rate of 21.0% |  | $ | 1,644 |  |  | $ | 1,550 |
Increase (decrease) resulting from |  |  |  |  |  |  |  |
Tax exempt interest |  |  | (11 | ) |  |  | (8 | )
Cash surrender value of life insurance |  |  | (102 | ) |  |  | (87 | )
State income taxes |  |  | 570 |  |  |  | 540 |
Other |  |  | (58 | ) |  |  | 39 |
Actual tax expense |  | $ | 2,043 |  |  | $ | 2,034 |
Tax rate as a percentage of pre-tax income |  |  | 26.1 | % |  |  | 27.6 | %
The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were:
|  | 2022 |  |  | 2021 |
Deferred tax assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,007 |  |  | $ | 1,880 |
Accrued retirement liability |  |  | 714 |  |  |  | 703 |
Deferred compensation |  |  | 557 |  |  |  | 508 |
Deferred loan fees |  |  | 115 |  |  |  | 336 |
Postretirement health plan |  |  | 33 |  |  |  | 170 |
Unrealized losses on available-for-sale securities |  |  | 6,883 |  |  |  | — |
Accrued vacation |  |  | 53 |  |  |  | 61 |
MPF recourse liability |  |  | 50 |  |  |  | 121 |
Deferred revenue Mastercard |  |  | 16 |  |  |  | 19 |
Stock options—Directors |  |  | 54 |  |  |  | 54 |
Restricted stock |  |  | — |  |  |  | — |
Accrued professional services |  |  | 18 |  |  |  | 23 |
Other |  |  | 22 |  |  |  | — |
|  |  | 10,522 |  |  |  | 3,875 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | (682 | ) |  |  | (687 | )
Mortgage servicing rights |  |  | (417 | ) |  |  | (289 | )
Deferred loan expense |  |  | (185 | ) |  |  | (177 | )
Unrealized gains on available-for-sale securities |  |  | — |  |  |  | (941 | )
Restricted stock |  |  | (32 | ) |  |  | (8 | )
Prepaid expenses |  |  | (40 | ) |  |  | (76 | )_
|  |  | (1,356 | ) |  |  | (2,178 | )
Net deferred tax asset |  | $ | 9,166 |  |  | $ | 1,697 |
Retained earnings at both June 30, 2022 and 2021, include approximately $2,217,000, for which no deferred federal income tax liability has been recognized. These amounts represent an allocation of income to bad debt deductions for tax purposes only. Reduction of amounts so allocated for purposes other than tax bad debt losses or adjustments arising from carryback of net operating losses would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The deferred income tax liabilities on the preceding amounts that would have been recorded if they were expected to reverse into taxable income in the foreseeable future were approximately $466,000 at both June 30, 2022 and 2021.​​​​​​​

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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