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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Components of the Provision for Income Taxes

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

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:

		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	%

Temporary Differences Related to Deferred Taxes

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

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

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-SubTopic 10
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-Section 50
-Paragraph 12
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