Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following for the years ended June 30, 2021 and 2020:

(In thousands)	2021			2020
Current expense:
Federal	$	5,171		$	3,621
State		568			434
Total current expense		5,739			4,055
Deferred benefit		(2,066	)		(1,026	)
Total provision for income taxes	$	3,673		$	3,029

Effective Tax Rate Reconciliation

The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2021 and 2020:

	2021			2020
Tax based on federal statutory rate		21.00	%		21.00	%
State income taxes, net of federal benefit		0.20			0.54
Tax-exempt income		(6.34	)		(6.91	)
Captive insurance premium income		(1.22	)		(1.37	)
Other, net		(0.34	)		0.66
Total income tax expense		13.30	%		13.92	%

Deferred Tax Assets and Liabilities

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

(In thousands)	2021		2020
Deferred tax assets:
Allowance for loan losses	$	5,257	$	4,284
Pension benefits		138		337
Other benefit plans		3,584		2,995
Total deferred tax assets		8,979		7,616
Deferred tax liabilities:
Depreciation		998		958
Net loan costs		220		914
Real estate investment trust income		2,907		2,774
Unrealized gains on securities		192		673
Other		245		218
Total deferred tax liabilities		4,562		5,537
Net deferred tax asset included in prepaid expenses and other assets	$	4,417	$	2,079