Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following for the years ended June 30, 2015 and 2014:

(In thousands)	2015		2014
Current expense:
Federal	$	1,722	$	2,246
State		108		273
Total current expense		1,830		2,519
Deferred expense		488		18
Total provision for income taxes	$	2,318	$	2,537

Effective Tax Rate Reconciliation

The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2015 and 2014:

	2015			2014
Tax based on federal statutory rate		34.00	%		34.00	%
State income taxes, net of federal benefit		0.50			1.02
Tax-exempt income		(8.75	)		(7.97	)
Other, net		(1.39	)		0.94
Total income tax expense		24.36	%		27.99	%

Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at June 30 were as follows:

(In thousands)	2015			2014
Deferred tax assets:
Allowance for loan losses	$	3,150		$	2,870
Pension benefits		377			164
Other benefit plans		697			511
Other		114			142
Total deferred tax assets		4,338			3,687
Deferred tax liabilities:
Depreciation		1,416			1,405
Loan costs		706			634
Real estate investment trust income		2,252			1,614
Unrealized gains on securities		437			116
Other		219			-
Total deferred tax liabilities		5,030			3,769
Net deferred tax liability included in other liabilities	$	(692	)	$	(82	)