Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following for the years ended June 30, 2019 and 2018:

(In thousands)	2019			2018
Current expense:
Federal	$	4,028		$	3,819
State		481			220
Total current expense		4,509			4,039
Deferred (benefit) expense		(967	)		56
Total provision for income taxes	$	3,542		$	4,095

Effective Tax Rate Reconciliation

The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2019 and 2018:

	2019			2018
Tax based on federal statutory rate		21.00	%		28.10	%
State income taxes, net of federal benefit		0.80			0.49
Tax-exempt income		(5.74	)		(7.03	)
Captive insurance premium income		(1.35	)		(1.78	)
Other, net		2.14			2.35
Total income tax expense		16.85	%		22.13	%

Deferred Tax Assets and Liabilities

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

(In thousands)	2019		2018
Deferred tax assets:
Allowance for loan losses	$	3,450	$	3,142
Pension benefits		190		146
Other benefit plans		2,454		1,388
Total deferred tax assets		6,094		4,676
Deferred tax liabilities:
Depreciation		903		919
Loan costs		831		763
Real estate investment trust income		2,553		2,253
Unrealized gains on securities		345		3
Other		204		189
Total deferred tax liabilities		4,836		4,127
Net deferred tax asset included in prepaid expenses and other assets	$	1,258	$	549