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Federal Income Taxes (Tables)

12 Months Ended

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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- References

No definition available.

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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

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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

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