Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Taxes

Schedule of components of income tax expense

	Year end June 30,
(Dollars in thousands)	2023		2022
Federal:
Current	$	(430)	$	(215)
Deferred		570		683
		140		468
State, current		60		100
	$	200	$	568

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

	Year ended June 30,
	2023				2022
			% of				% of
			Pretax				Pretax
(Dollars in thousands)	Amount		Income		Amount		Income
Federal income tax at statutory rate	$	630	21.0	%	$	1,009	21.0	%
State tax, net of federal benefit		47	1.6			79	1.6
Bank owned-life insurance		(232)	(7.7)			(218)	(4.5)
Income tax benefit		(211)	(7.1)			(288)	(6.0)
Other		(34)	(1.1)			(14)	(0.3)
	$	200	6.7	%	$	568	11.8	%

Schedule of deferred tax assets and liabilities

	June 30,
(Dollars in thousands)	2023		2022
Deferred tax assets:
Loan origination fees	$	150	$	172
Allowance for loan losses		762		784
Deferred director’s fees		261		271
Deferred compensation		357		478
Purchase accounting adjustments		499		593
NOL carry forward		231		631
Net unrealized loss on securities		6,983		4,587
Stock based compensation		234		—
Other		344		227
Total deferred tax assets		9,821		7,743
Deferred tax liabilities:
Premises and equipment		(336)		(284)
Total deferred tax liabilities		(336)		(284)
Net deferred tax asset	$	9,485	$	7,459