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Income Taxes (Tables)
12 Months Ended
Jun. 30, 2024
Income Taxes  
Schedule of Provision for Income Taxes

Year Ended June 30, 

(In Thousands)

    

2024

    

2023

Current:

 

  

 

  

Federal

$

2,161

$

1,638

State

 

1,278

 

955

 

3,439

 

2,593

Deferred:

 

  

 

  

Federal

 

(238)

 

783

State

 

(165)

 

448

 

(403)

 

1,231

Provision for income taxes

$

3,036

$

3,824

Schedule of estimated combined federal and state statutory tax rates

Year Ended June 30, 

2024

2023

(In Thousands)

    

Amount

    

Tax Rate

    

Amount

    

Tax Rate

    

Federal income tax at statutory rate

$

2,181

 

21.00

%  

$

2,607

 

21.00

%  

State income tax, net of federal income tax benefit

 

880

 

8.48

%  

 

1,107

 

8.92

%  

Changes in taxes resulting from:

 

  

 

 

  

 

Bank-owned life insurance

 

(39)

 

(0.38)

%  

 

(39)

 

(0.31)

%  

Non-deductible expenses

 

12

 

0.12

%  

 

11

 

0.09

%  

Shortfall on stock-based compensation

 

 

%  

 

132

 

1.06

%  

Return to provision adjustment

(1)

(0.01)

%  

4

0.03

%  

Other

 

3

 

0.02

%  

 

2

 

0.01

%  

Effective income tax

$

3,036

 

29.23

%  

$

3,824

 

30.80

%  

Schedule of Deferred Tax Assets and Liabilities

June 30, 

(In Thousands)

    

2024

    

2023

Deferred taxes - federal

$

404

$

179

Deferred taxes - state

 

202

 

39

Total net deferred tax assets

$

606

$

218

June 30, 

(In Thousands)

    

2024

    

2023

Loss reserves

$

2,387

$

2,032

Non-accrued interest

 

175

 

188

Deferred compensation

 

2,388

 

2,339

Accrued vacation

 

187

 

194

Depreciation

 

174

 

155

State tax

 

203

 

199

Unrealized loss on investment securities

 

4

 

19

Lease liability

448

691

Other

 

208

 

288

Total deferred tax assets

 

6,174

 

6,105

FHLB - San Francisco stock dividends

 

(645)

 

(645)

Prepaid expenses

 

(39)

 

(45)

Unrealized gain on interest-only strips

 

(3)

 

(3)

Right-of-use asset

(432)

(684)

Deferred loan costs, net

 

(4,449)

 

(4,510)

Total deferred tax liabilities

 

(5,568)

 

(5,887)

Net deferred tax assets

$

606

$

218