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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Taxes [Abstract]

Schedule of Statutory Corporate Tax Rate

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

Schedule of Deferred Tax Liability

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	)

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- References

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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