Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Taxes

Schedule of components of income tax expense

	Year ended June 30,
(Dollars in thousands)	2021		2020
Federal:
Current	$	(396)	$	(448)
Deferred		1,283		51
		887		(397)
State, current		60		10
	$	947	$	(387)

Schedule of reconciliation of the statutory federal income to the income tax expense

	Year ended June 30,
	2021				2020
			% of				% of
			Pretax				Pretax
(Dollars in thousands)	Amount		Income		Amount		Income
Federal income tax at statutory rate	$	992	21.0	%	$	198	21.0	%
State tax, net of federal benefit		47	1.0			7	0.7
Bank owned-life insurance		(99)	(2.1)			(74)	(7.9)
Gain on bargain purchase		—	—			(157)	(16.7)
Non-deductible merger expenses		—	—			71	7.5
Impact of tax law change		—	—			(408)	(43.3)
Other		7	0.1			(24)	(2.4)
	$	947	20.0	%	$	(387)	(41.1)	%

Schedule of deferred tax assets and liabilities

	June 30,
(Dollars in thousands)	2021		2020
Deferred tax assets:
Loan origination fees	$	184	$	100
Allowance for loan losses		809		788
Deferred director’s fees		278		289
Deferred compensation		470		525
Deferred pension		—		613
Purchase accounting adjustments		811		1,552
NOL carry forward		1,022		1,090
Net unrealized loss on securities		19		—
Other		138		—
Total deferred tax assets		3,731		4,957
Deferred tax liabilities:
Net unrealized gain on securities		—		(21)
Premises and equipment		(157)		(114)
Other		—		(5)
Total deferred tax liabilities		(157)		(140)
Net deferred tax asset	$	3,574	$	4,817