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Federal Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Schedule of federal income taxes on earnings differs from that computed at the statutory corporate tax rate |
(in thousands) |  | 2020 |  |  | 2019 |
Federal income taxes at the statutory rate |  | $ | (2,579 | ) |  | $ | 200 |
Increase (decrease) resulting primarily from: |  |  |  |  |  |  |  |
Cash surrender value of life insurance |  |  | (16 | ) |  |  | (15 | )
Deferred tax liability adjustment, net, resulting from Kentucky tax legislation |  |  | 14 |  |  |  | (63 | )
Goodwill impairment |  |  | 2,848 |  |  |  | -- |
Other |  |  | (3 | ) |  |  | 19 |
|  | $ | 264 |  |  | $ | 141 |
Schedule of composition of the company's net deferred tax liability |
(in thousands) |  | 2020 |  |  | 2019 |
Taxes (payable refundable on temporary differences at estimated corporate tax rate: |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |
General loan loss allowance |  | $ | 371 |  |  | $ | 363 |
Accrued expenses |  |  | 164 |  |  |  | 113 |
Fair value accounting adjustments on acquisition |  |  | 199 |  |  |  | 223 |
Nonaccrued interest on loans |  |  | 118 |  |  |  | 102 |
Other real estate owned adjustments |  |  | 17 |  |  |  | 16 |
Depreciation |  |  | 37 |  |  |  | 38 |
Charitable contributions |  |  | 12 |  |  |  | -- |
State net operating loss carryforward |  |  | -- |  |  |  | 170 |
Total deferred tax assets |  |  | 918 |  |  |  | 1,025 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Federal Home Loan Bank stock dividends |  |  | (981 | ) |  |  | (981 | )
Deferred loan origination costs |  |  | (33 | ) |  |  | (48 | )
Loan servicing rights |  |  | (24 | ) |  |  | (18 | )
Accrual to cash adjustment |  |  | (170 | ) |  |  | (127 | )
Fair value accounting adjustments on acquisition |  |  | (547 | ) |  |  | (552 | )
Total deferred tax liabilities |  |  | (1,755 | ) |  |  | (1,726 | )
Net deferred tax liability |  | $ | (837 | ) |  | $ | (701 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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