Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Taxes

Schedule of components of income tax expense

	Year ended June 30,
(Dollars in thousands)	2022		2021
Federal:
Current	$	(215)	$	(396)
Deferred		683		1,283
		468		887
State, current		100		60
	$	568	$	947

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

	Year ended June 30,
	2022				2021
			% of				% of
			Pretax				Pretax
(Dollars in thousands)	Amount		Income		Amount		Income
Federal income tax at statutory rate	$	1,009	21.0	%	$	992	21.0	%
State tax, net of federal benefit		79	1.6			47	1.0
Bank owned-life insurance		(218)	(4.5)			(99)	(2.1)
Income tax benefit		(288)	(6.0)			—	—
Other		(14)	(0.3)			7	0.1
	$	568	11.8	%	$	947	20.0	%

Schedule of deferred tax assets and liabilities

	June 30,
(Dollars in thousands)	2022		2021
Deferred tax assets:
Loan origination fees	$	172	$	184
Allowance for loan losses		784		809
Deferred director’s fees		271		278
Deferred compensation		478		470
Purchase accounting adjustments		593		811
NOL carry forward		631		1,022
Net unrealized loss on securities		4,587		19
Other		227		138
Total deferred tax assets		7,743		3,731
Deferred tax liabilities:
Premises and equipment		(284)		(157)
Total deferred tax liabilities		(284)		(157)
Net deferred tax asset	$	7,459	$	3,574