v3.22.2.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of federal income taxes on earnings differs from that computed at the statutory corporate tax rate
(in thousands)  2022   2021 
Income taxes at the statutory rate of 21%  $434   $456 
Increase (decrease) resulting from:          
Cash surrender value of life insurance   (16)   (19)
State income taxes, net of federal benefit   130    (83)
Other   (71)   (2)
   $477   $352 

 

Schedule of composition of the company’s net deferred tax liability
(in thousands)  2022   2021 
Taxes (payable) refundable on temporary differences at estimated corporate tax rate:        
Deferred tax assets:        
General loan loss allowance  $381   $405 
Accrued expenses   72    102 
Fair value accounting adjustments at acquisition   107    199 
Nonaccrued interest on loans   107    109 
Other real estate owned adjustments   -    3 
Depreciation   73    42 
State net operating loss carryforward   121    227 
Total deferred tax assets   861    1,087 
          
Deferred tax liabilities:          
Federal Home Loan Bank stock dividends   (981)   (981)
Deferred loan origination costs   (36)   (30)
Loan servicing rights   (46)   (37)
Accrual to cash adjustment   (152)   (106)
Fair value accounting adjustments on acquisition   (535)   (547)
Total deferred tax liabilities   (1,750)   (1,701)
Net deferred tax liability  $(889)  $(614)