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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Taxes

Schedule of deferred tax asset and liability

​

​	​	​	​	​	​	​
​		2024			2023
Deferred tax asset	​	​	​	​	​	​
Net operating loss	​	$	212,557	​	$	—
Allowance for loan losses	​	​	448,749	​	​	459,764
Available for sale debt securities	​	​	203,576	​	​	277,048
Lease liability	​	​	144,001	​	​	160,516
Equity compensation	​	​	6,162	​	​	7,559
Accrued expenses	​	​	43,792	​	​	45,983
Impairment of foreclosed assets, net	​	​	257,047	​	​	—
Other	​	​	21,536	​	​	7,121
Subtotal	​	​	1,337,420	​	​	957,991
Less valuation allowance	​	​	(321,355)	​	​	—
​	​	​	1,016,065	​	​	957,991
​	​	​	​	​	​	​
Deferred tax liability	​	​	​	​	​	​
Property and equipment	​	​	62,866	​	​	60,384
Mortgage servicing rights	​	​	213,038	​	​	224,419
Right-of-use-asset	​	​	145,205	​	​	162,381
Deferred loan costs	​	​	14,616	​	​	23,858
Other	​	​	—	​	​	33
​	​	​	435,725	​	​	471,075
Net deferred tax asset	​	$	580,340	​	$	486,916

Schedule of provision for income taxes

​

​	​	​	​	​	​	​
​		2024			2023
Current tax expense	​	$	79,248	​	$	195,171
Deferred tax expense (benefit)	​	​	(138,356)	​	​	249,564
​	​	$	(59,108)	​	$	444,735

Summary of income tax reconciliation

​

​	​	​	​	​	​	​
​		2024			2023
At Federal statutory rate at 21%	​	$	(51,681)	​	$	444,529
Adjustments resulting from:	​	​	​	​	​	​
Tax exempt interest	​	​	(5,008)	​	​	(5,365)
Wisconsin change in tax law	​	​	112,058	​	​	—
Earnings and gain on bank owned life insurance	​	​	(52,245)	​	​	(104,520)
State tax, net of federal benefit	​	​	(321,355)	​	​	112,009
Equity compensation	​	​	23,534	​	​	5,664
Increase/decrease in valuation allowance	​	​	321,355	​	​	—
Other	​	​	(85,766)	​	​	(7,582)
Income tax expense	​	$	(59,108)	​	$	444,735

​

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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
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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