v3.25.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2025
Income Taxes [Abstract]  
Provision for Income Taxes
The provision for income taxes consists of the following for the years ended June 30, 2025 and 2024:
 
        
(In thousands)
 
2025
    
2024
 
Current expense:
        
Federal
$3,238   $2,075 
State
 996    49 
Total current expense
 4,234    2,124 
Deferred benefit
 (706   (74
Total provision for income taxes
$3,528   $2,050 
Effective Tax Rate Reconciliation
The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2025 and 2024:
 
        
   
2025
    
2024
 
Tax based on federal statutory rate
 21.00%   21.00%
State income taxes, net of federal benefit
 2.14    (0.44
Tax-exempt income
 (11.71   (12.61
Other, net
 (1.25   (0.31
Total income tax expense
 10.18%   7.64%
Deferred Tax Assets and Liabilities
The components of the deferred tax assets and liabilities at June 30, 2025 and 2024 were as follows:
 
        
(In thousands)
 
2025
    
2024
 
Deferred tax assets:
        
Allowance for credit losses
$5,531   $5,272 
Allowance for credit losses on unfunded commitments
 474    334 
Unrealized losses on securities
 4,694    6,926 
Other benefit plans
 5,108    5,345 
Lease liability
 632    577 
Other
 382    94 
Total deferred tax assets
 16,821    18,548 
          
Deferred tax liabilities:
        
Depreciation
 1,204    1,188 
Net loan costs
 1,296    1,261 
Real estate investment trust income
 2,990    3,313 
Lease right of use asset
 610    554 
Pension benefits
 179    143 
Other
  -      -  
Total deferred tax liabilities
 6,279    6,459 
Net deferred tax asset included in prepaid expenses and other assets
$10,542   $12,089