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Income Taxes | 12 Months Ended
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Jun. 30, 2023
Income Taxes [Abstract] |
INCOME TAXES | NOTE I - INCOME TAXES Federal income taxes on earnings differs from that computed at the statutory corporate tax rate for the years ended June 30, 2023 and 2022, as follows:
(in thousands) |  | 2023 |  |  | 2022 |
Income taxes at the statutory rate |  | $ | 258 |  |  | $ | 434 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
Cash surrender value of life insurance |  |  | (17 | ) |  |  | (16 | )
State income taxes |  |  | 55 |  |  |  | 130 |
Other |  |  | (2 | ) |  |  | (71 | )
|  | $ | 294 |  |  | $ | 477 |
The composition of the Company’s net deferred tax liability at June 30 is as follows:
(in thousands) |  | 2023 |  |  | 2022 |
Taxes (payable) refundable on temporary differences at estimated corporate tax rate: |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |
General loan loss allowance |  | $ | 408 |  |  | $ | 381 |
Accrued expenses |  |  | 44 |  |  |  | 72 |
Fair value accounting adjustments at acquisition |  |  | 95 |  |  |  | 107 |
Nonaccrued interest on loans |  |  | 103 |  |  |  | 107 |
Unrealized loss on available-for-sale securities |  |  | 142 |  |  |  | - |
Depreciation |  |  | 68 |  |  |  | 73 |
State net operating loss carryforward |  |  | 64 |  |  |  | 121 |
Total deferred tax assets |  |  | 924 |  |  |  | 861 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Federal Home Loan Bank stock dividends |  |  | (606 | ) |  |  | (981 | )
Deferred loan origination costs |  |  | (68 | ) |  |  | (36 | )
Loan servicing rights |  |  | (43 | ) |  |  | (46 | )
Accrual to cash adjustment |  |  | (185 | ) |  |  | (152 | )
Fair value accounting adjustments on acquisition |  |  | (535 | ) |  |  | (535 | )
Total deferred tax liabilities |  |  | (1,437 | ) |  |  | (1,750 | )
Net deferred tax liability |  | $ | (513 | ) |  | $ | (889 | )
The Company has state net operating loss carryforward of $1.6 million, which expires beginning 2037. Prior to 1997, the Banks were allowed a special bad debt deduction, generally limited to 8% of otherwise taxable income, and subject to certain limitations based on aggregate loans and deposit account balances at the end of the year. If the amounts that qualified as deductions for federal income taxes are later used for purposes other than bad debt losses, including distributions in excess of accumulated earnings and profits, such distributions will be subject to federal income taxes at the then current corporate income tax rate. Retained earnings at June 30, 2023 include approximately $5.2 million for which federal and state income taxes have not been provided. The amount of unrecognized deferred tax liability relating to the cumulative bad debt deduction was approximately $1.3 million at June 30, 2023.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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