Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following for the years ended June 30, 2022 and 2021:

(In thousands)	2022			2021
Current expense:
Federal	$	4,741		$	5,171
State		860			568
Total current expense		5,601			5,739
Deferred benefit		(682	)		(2,066	)
Total provision for income taxes	$	4,919		$	3,673

Effective Tax Rate Reconciliation

The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2022 and 2021:

	2022			2021
Tax based on federal statutory rate		21.00	%		21.00	%
State income taxes, net of federal benefit		1.64			0.20
Tax-exempt income		(6.31	)		(6.34	)
Captive insurance premium income		(0.96	)		(1.22	)
Other, net		(0.42	)		(0.34	)
Total income tax expense		14.95	%		13.30	%

Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at June 30, 2022 and 2021 were as follows:

(In thousands)	2022		2021
Deferred tax assets:
Allowance for loan losses	$	6,083	$	5,257
Pension benefits		30		138
Unrealized losses on securities		6,243		-
Other benefit plans		4,335		3,584
Total deferred tax assets		16,691		8,979
Deferred tax liabilities:
Depreciation		1,088		998
Net loan costs		1,140		220
Real estate investment trust income		2,839		2,907
Unrealized gains on securities		-		192
Other		244		245
Total deferred tax liabilities		5,311		4,562
Net deferred tax asset included in prepaid expenses and other assets	$	11,380	$	4,417