Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following for the years ended June 30, 2020 and 2019:

(In thousands)	2020			2019
Current expense:
Federal	$	3,621		$	4,028
State		434			481
Total current expense		4,055			4,509
Deferred benefit		(1,026	)		(967	)
Total provision for income taxes	$	3,029		$	3,542

Effective Tax Rate Reconciliation

The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2020 and 2019:

	2020			2019
Tax based on federal statutory rate		21.00	%		21.00	%
State income taxes, net of federal benefit		0.54			0.80
Tax-exempt income		(6.91	)		(5.74	)
Captive insurance premium income		(1.37	)		(1.35	)
Other, net		0.66			2.14
Total income tax expense		13.92	%		16.85	%

Deferred Tax Assets and Liabilities

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

(In thousands)	2020		2019
Deferred tax assets:
Allowance for loan losses	$	4,284	$	3,450
Pension benefits		337		190
Other benefit plans		2,995		2,454
Total deferred tax assets		7,616		6,094
Deferred tax liabilities:
Depreciation		958		903
Loan costs		914		831
Real estate investment trust income		2,774		2,553
Unrealized gains on securities		673		345
Other		218		204
Total deferred tax liabilities		5,537		4,836
Net deferred tax asset included in prepaid expenses and other assets	$	2,079	$	1,258