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Income Taxes | 12 Months Ended
--- | ---
Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes |
Note 8: | 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, 2024 and 2023, the Company did not recognize expense for interest or penalties. The provision for income taxes includes these components:
|  | 2024 |  |  | 2023 |
Taxes currently payable |  | $ | 445 |  |  | $ | 1,756 |
Deferred income taxes |  |  | 120 |  |  |  | (156 | )
Income tax expense |  | $ | 565 |  |  | $ | 1,600 |
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:
|  | 2024 |  |  | 2023 |
Computed at the statutory rate of 21.0% |  | $ | 495 |  |  | $ | 1,315 |
Increase (decrease) resulting from |  |  |  |  |  |  |  |
Tax exempt interest |  |  | (30 | ) |  |  | (22 | )
Cash surrender value of life insurance |  |  | (106 | ) |  |  | (81 | )
State income taxes |  |  | 152 |  |  |  | 451 |
Other |  |  | 54 |  |  |  | (63 | )
Actual tax expense |  | $ | 565 |  |  | $ | 1,600 |
Tax rate as a percentage of pre-tax income |  |  | 24.0 | % |  |  | 25.6 | %
The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were:
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |  |  |
Allowance for credit losses (ACL) on loans |  | $ | 2,134 |  |  | $ | 2,033 |
ACL on off-balance sheet credit exposures |  |  | 28 |  |  |  | 62 |
Accrued retirement liability |  |  | 726 |  |  |  | 693 |
Deferred compensation |  |  | 678 |  |  |  | 612 |
Deferred loan fees |  |  | 99 |  |  |  | 126 |
Unrealized losses on available-for-sale securities |  |  | 8,280 |  |  |  | 8,658 |
Accrued vacation |  |  | 70 |  |  |  | 56 |
MPF recourse liability |  |  | 29 |  |  |  | 36 |
Deferred revenue Mastercard |  |  | 9 |  |  |  | 12 |
Stock options - Directors |  |  | — |  |  |  | 54 |
Restricted stock |  |  | 20 |  |  |  | 61 |
Accrued professional services |  |  | 21 |  |  |  | 27 |
Other |  |  | 3 |  |  |  | 28 |
|  |  | 12,097 |  |  |  | 12,458 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | (815 | ) |  |  | (698 | )
Mortgage servicing rights |  |  | (425 | ) |  |  | (423 | )
Deferred loan expense |  |  | (214 | ) |  |  | (204 | )
Prepaid expenses |  |  | (77 | ) |  |  | (69 | )
Postretirement health plan |  |  | (83 | ) |  |  | (27 | )
|  |  | (1,614 | ) |  |  | (1,421 | )
Net deferred tax asset |  | $ | 10,483 |  |  | $ | 11,037 |
Retained earnings at both June 30, 2024 and 2023, 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 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, 2024 and 2023.

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