Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following for the years ended June 30, 2016 and 2015:

(In thousands)	2016			2015
Current expense:
Federal	$	3,137		$	1,722
State		256			108
Total current expense		3,393			1,830
Deferred (benefit) expense		(714	)		488
Total provision for income taxes	$	2,679		$	2,318

Effective Tax Rate Reconciliation

The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2016 and 2015:

	2016			2015
Tax based on federal statutory rate		34.00	%		34.00	%
State income taxes, net of federal benefit		0.75			0.38
Tax-exempt income		(9.05	)		(8.75	)
Captive insurance premium income		(2.95	)		(1.79	)
Other, net		0.26			0.54
Total income tax expense		23.01	%		24.38	%

Deferred Tax Assets and Liabilities

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

(In thousands)	2016			2015
Deferred tax assets:
Allowance for loan losses	$	3,669		$	3,150
Pension benefits		689			377
Other benefit plans		1,137			697
Other		-			114
Total deferred tax assets		5,495			4,338
Deferred tax liabilities:
Depreciation		1,346			1,416
Loan costs		894			706
Real estate investment trust income		2,283			2,252
Unrealized gains on securities		771			437
Other		225			219
Total deferred tax liabilities		5,519			5,030
Net deferred tax liability included in other liabilities	$	(24	)	$	(692	)