Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following for the years ended June 30, 2023 and 2022:

(In thousands)	2023			2022
Current expense:
Federal	$	4,284		$	4,741
State		907			860
Total current expense		5,191			5,601
Deferred benefit		(149	)		(682	)
Total provision for income taxes	$	5,042		$	4,919

Effective Tax Rate Reconciliation

The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2023 and 2022:

	2023			2022
Tax based on federal statutory rate		21.00	%		21.00	%
State income taxes, net of federal benefit		1.81			1.64
Tax-exempt income		(8.26	)		(6.31	)
Captive insurance premium income		(1.09	)		(0.96	)
Other, net		0.61			(0.42	)
Total income tax expense		14.07	%		14.95	%

Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at June 30, 2023 and 2022 were as follows:

(In thousands)	2023		2022
Deferred tax assets:
Allowance for loan losses	$	5,669	$	6,083
Pension benefits		-		30
Unrealized losses on securities		7,424		6,243
Other benefit plans		4,968		4,275
Other		105		90
Total deferred tax assets		18,166		16,721
Deferred tax liabilities:
Depreciation		1,148		1,088
Net loan costs		1,225		1,170
Real estate investment trust income		3,126		2,839
Pension benefits		33		-
Other		-		244
Total deferred tax liabilities		5,532		5,341
Net deferred tax asset included in prepaid expenses and other assets	$	12,634	$	11,380