Provision for Income Taxes (Tables)

12 Months Ended

Jun. 30, 2013

Provision For Income Taxes Tables

Schedule of components of the provision for income taxes

A summary of the components of the provision for income taxes for the years ended June 30, 2013 and 2012 is as follows:

	2013			2012
Current tax expense - federal	$	2,293,795		$	1,785,633
Current tax expense - state		32,608			17,020
Deferred tax benefit		(22,641	)		(111,465	)
Provision for income taxes	$	2,303,762		$	1,691,188

Schedule of effective income tax rates

The combined U.S. federal and state effective income tax rates of 29.3% and 27.8%, for 2013 and 2012 respectively, differed from the statutory U.S. federal income tax rate for the following reasons:

	2013			2012
U.S. federal statutory income tax rate		34.0	%		34.0	%
Increase (reduction) in rate resulting from:
State franchise tax, net of federal income tax benefit		0.3			0.1
ESOP cost versus Fair Market Value		1.0			1.2
Dividend on allocated ESOP shares		(3.4	)		(4.3	)
Qualified production activities		(2.9	)		(2.9	)
Stock-based compensation		0.3			(0.2	)
Other		—			(0.1	)
Effective tax rate		29.3	%		27.8	%

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30, 2013 and 2012 are presented as follows:

	2013		2012
Deferred tax assets:
Accrued expenses	$	348,085	$	333,592
ESOP		121,315		121,314
Stock-based compensation		19,946		15,697
Inventory - effect on uniform capitalization		49,032		70,788
Other		2,252		3,715
Total deferred tax assets		540,630		545,106
Deferred tax liabilities:
Unrealized gain on investment securities		222		795
Property, plant and equipment - principally due
to differences in depreciation methods		316,700		343,817
Total deferred tax liabilities		316,922		344,612
Net deferred tax asset	$	223,708	$	200,494