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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Components of the Provision for Income Taxes

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

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:

		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	%

Temporary Differences Related to Deferred Taxes

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

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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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&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
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