Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Taxes

Schedule of Provision for Income Taxes

	Year Ended June 30,
(In Thousands)	2023		2022
Current:
Federal	$	1,638	$	1,781
State		955		844
		2,593		2,625
Deferred:
Federal		783		696
State		448		444
		1,231		1,140
Provision for income taxes	$	3,824	$	3,765

Schedule of estimated combined federal and state statutory tax rates

	Year Ended June 30,
	2023				2022
(In Thousands)	Amount		Tax Rate		Amount		Tax Rate
Federal income tax at statutory rate	$	2,607	21.00	%	$	2,700	21.00	%
State income tax, net of federal income tax benefit		1,107	8.92	%		988	7.68	%
Changes in taxes resulting from:
Bank-owned life insurance		(39)	(0.31)	%		(39)	(0.31)	%
Non-deductible expenses		11	0.09	%		8	0.06	%
Excess tax benefit on stock-based compensation		132	1.06	%		—	—	%
Return to provision adjustment		4	0.03	%		107	0.84	%
Other		2	0.01	%		1	0.01	%
Effective income tax	$	3,824	30.80	%	$	3,765	29.28	%

Schedule of Deferred Tax Assets and Liabilities

	June 30,
(In Thousands)	2023		2022
Deferred taxes - federal	$	179	$	947
Deferred taxes - state		39		485
Total net deferred tax assets	$	218	$	1,432

	June 30,
(In Thousands)	2023		2022
Loss reserves	$	2,032	$	1,968
Non-accrued interest		188		199
Deferred compensation		2,339		2,903
Accrued vacation		194		178
Depreciation		155		211
State tax		199		64
Unrealized loss on investment securities		19		1
Lease liability		691		—
Other		288		245
Total deferred tax assets		6,105		5,769
FHLB - San Francisco stock dividends		(645)		(645)
Prepaid expenses		(45)		(28)
Unrealized gain on interest-only strips		(3)		(2)
Right-of-use asset		(684)		—
Deferred loan costs, net		(4,510)		(3,662)
Total deferred tax liabilities		(5,887)		(4,337)
Net deferred tax assets	$	218	$	1,432