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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2024
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, 2024 and 2023, as follows:
(in thousands) |  | 2024 |  |  | 2023 |
Income tax expense (benefit) at the statutory rate |  | $ | (411 | ) |  | $ | 258 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
Cash surrender value of life insurance |  |  | (18 | ) |  |  | (17 | )
State income tax expense (benefit) |  |  | (30 | ) |  |  | 55 |
Goodwill Impairment |  |  | 199 |  |  |  | - |
Other |  |  | 21 |  |  |  | (2 | )
|  | $ | (239 | ) |  | $ | 294 |
Schedule of Net Deferred Tax Liability | The composition of the Company’s net deferred tax liability at June 30 is as follows:
(in thousands) |  | 2024 |  |  | 2023 |
Taxes (payable) refundable on temporary differences at estimated corporate tax rate: |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |
General loan loss allowance |  | $ | 531 |  |  | $ | 408 |
Unfunded Commitments |  |  | 14 |  |  |  | - |
Accrued expenses |  |  | 44 |  |  |  | 44 |
Fair value accounting adjustments at acquisition |  |  | 71 |  |  |  | 95 |
Nonaccrued interest on loans |  |  | 115 |  |  |  | 103 |
Unrealized loss on available-for-sale securities |  |  | 112 |  |  |  | 142 |
Depreciation |  |  | 82 |  |  |  | 68 |
Net operating loss carryforwards |  |  | 107 |  |  |  | 64 |
Total deferred tax assets |  |  | 1,076 |  |  |  | 924 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Federal Home Loan Bank stock dividends |  |  | (344 | ) |  |  | (606 | )
Deferred loan origination costs |  |  | (57 | ) |  |  | (68 | )
Loan servicing rights |  |  | (41 | ) |  |  | (43 | )
Accrual to cash adjustment |  |  | (216 | ) |  |  | (185 | )
Fair value accounting adjustments on acquisition |  |  | (535 | ) |  |  | (535 | )
Total deferred tax liabilities |  |  | (1,193 | ) |  |  | (1,437 | )
Net deferred tax liability |  | $ | (117 | ) |  | $ | (513 | )

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + 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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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