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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Components of the Provision for Income Taxes

The provision for income taxes includes these components:

		2023				2022
Taxes currently payable		$	1,756			$	1,825
Deferred income taxes			(156	)			218
Income tax expense		$	1,600			$	2,043

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:

		2023				2022
Computed at the statutory rate of 21.0%		$	1,315			$	1,644
Increase (decrease) resulting from
Tax exempt interest			(22	)			(11	)
Cash surrender value of life insurance			(81	)			(102	)
State income taxes			451				570
Other			(63	)			(58	)
Actual tax expense		$	1,600			$	2,043
Tax rate as a percentage of pre-tax income			25.6	%			26.1	%

Temporary Differences Related to Deferred Taxes

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

		2023				2022
Deferred tax assets
Allowance for credit losses (ACL) on loans		$	2,033			$	2,007
ACL on off-balance sheet credit exposures			62				—
Accrued retirement liability			693				714
Deferred compensation			612				557
Deferred loan fees			126				115
Postretirement health plan			—				33
Unrealized losses on available-for-sale securities			8,658				6,883
Accrued vacation			56				53
MPF recourse liability			36				50
Deferred revenue Mastercard			12				16
Stock options—Directors			54				54
Restricted stock			61				—
Accrued professional services			27				18
Other			28				22
			12,458				10,522

		2023				2022
Deferred tax liabilities
Depreciation			(698	)			(682	)
Mortgage servicing rights			(423	)			(417	)
Deferred loan expense			(204	)			(185	)
Restricted stock			—				(32	)
Prepaid expenses			(69	)			(40	)
Postretirement health plan			(27	)			—
			(1,421	)			(1,356	)
Net deferred tax asset		$	11,037			$	9,166

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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

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-Topic 740
-SubTopic 10
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-Section 50
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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.

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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.

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