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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2025

Income Taxes

Schedule of deferred tax asset and liability

​

​	​	​	​	​	​	​
​		2025			2024
Deferred tax asset	​	​	​	​	​	​
Net operating loss	​	$	545,725	​	$	212,557
Allowance for credit losses	​	​	382,228	​	​	448,749
Available for sale debt securities	​	​	131,101	​	​	203,576
Lease liability	​	​	120,672	​	​	144,001
Equity compensation	​	​	9,425	​	​	6,162
Accrued expenses	​	​	55,632	​	​	43,792
Impairment of foreclosed assets, net	​	​	360,942	​	​	257,047
Other	​	​	212	​	​	21,536
Subtotal	​	​	1,605,937	​	​	1,337,420
Less valuation allowance	​	​	(665,008)	​	​	(321,355)
​	​	​	940,929	​	​	1,016,065
​	​	​	​	​	​	​
Deferred tax liability	​	​	​	​	​	​
Property and equipment	​	​	73,948	​	​	62,866
Mortgage servicing rights	​	​	200,385	​	​	213,038
Right-of-use-asset	​	​	121,545	​	​	145,205
Deferred loan costs	​	​	24,425	​	​	14,616
Subtotal	​	​	420,303	​	​	435,725
Net deferred tax asset	​	$	520,626	​	$	580,340
​	​	​	​	​	​	​

Schedule of provision for income taxes

​

​	​	​	​	​	​	​
​		2025			2024
Current tax expense (benefit)	​	$	(18,794)	​	$	79,248
Deferred tax expense (benefit)	​	​	(12,761)	​	​	(138,356)
​	​	$	(31,555)	​	$	(59,108)

Summary of income tax reconciliation

​

​	​	​	​	​	​	​
​		2025			2024
At Federal statutory rate at 21%	​	$	2,287	​	$	(51,681)
Adjustments resulting from:	​	​	​	​	​	​
Tax exempt interest	​	​	(3,112)	​	​	(5,008)
Wisconsin change in tax law	​	​	-	​	​	112,058
Earnings and gain on bank owned life insurance	​	​	(56,676)	​	​	(52,245)
State tax, net of federal benefit	​	​	(305,847)	​	​	(321,355)
Equity compensation	​	​	6,115	​	​	23,534
Increase/decrease in valuation allowance	​	​	343,653	​	​	321,355
Other	​	​	(17,975)	​	​	(85,766)
Income tax expense (benefit)	​	$	(31,555)	​	$	(59,108)

​

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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
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-Section 50
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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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-Topic 740
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-Name Accounting Standards Codification
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