v3.25.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Components of the Provision for Income Taxes
The provision for income taxes includes these components:
 
    
2025
    
2024
 
Taxes currently payable
   $ 1,499      $ 445  
Deferred income taxes
     114        120  
  
 
 
    
 
 
 
Income tax expense
   $  1,613      $ 565  
  
 
 
    
 
 
 
Reconciliation of Income Tax Expense at the Statutory Rate
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:
 
    
2025
   
2024
 
Computed at the statutory rate of 21.0%
   $ 1,243     $ 495  
Increase (decrease) resulting from
    
Tax exempt interest
     (28     (30
Cash surrender value of life insurance
     (96     (106
State income taxes
     434       152  
Other
     60       54  
  
 
 
   
 
 
 
Actual tax expense
   $ 1,613     $ 565  
  
 
 
   
 
 
 
Tax rate as a percentage of
pre-tax
income
     27.3     24.0
Temporary Differences Related to Deferred Taxes
The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were:
 
    
2025
    
2024
 
Deferred tax assets
     
Allowance for credit losses (ACL) on loans
   $ 1,886      $ 2,134  
ACL on
off-balance
sheet credit exposures
     21        28  
Accrued retirement liability
     729        726  
Deferred compensation
     739        678  
Deferred loan fees
     55        99  
Unrealized losses on
available-for-sale
securities
     6,595        8,280  
Accrued vacation
     63        70  
MPF recourse liability
     24        29  
Deferred revenue Mastercard
     5        9  
Restricted stock
     33        20  
Accrued professional services
     22        21  
Other
     1        3  
  
 
 
    
 
 
 
     10,173        12,097  
  
 
 
    
 
 
 
Deferred tax liabilities
     
Depreciation
     (755      (815
Mortgage servicing rights
     (407      (425
Deferred loan expense
     (153      (214
Prepaid expenses
     (91      (77
Postretirement health plan
     (111      (83
  
 
 
    
 
 
 
     (1,517      (1,614
  
 
 
    
 
 
 
Net deferred tax asset
   $ 8,656      $ 10,483