Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following for the years ended June 30, 2024 and 2023:

(In thousands)	2024			2023
Current expense:
Federal	$	2,075		$	4,284
State		49			907
Total current expense		2,124			5,191
Deferred benefit		(74	)		(149	)
Total provision for income taxes	$	2,050		$	5,042

Effective Tax Rate Reconciliation

The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2024 and 2023:

	2024			2023
Tax based on federal statutory rate		21.00	%		21.00	%
State income taxes, net of federal benefit		(0.44	)		1.81
Tax-exempt income		(12.61	)		(8.26	)
Captive insurance premium income		-			(1.09	)
Other, net		(0.31	)		0.61
Total income tax expense		7.64	%		14.07	%

Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at June 30, 2024 and 2023 were as follows:

(In thousands)	2024		2023
Deferred tax assets:
Allowance for credit losses	$	5,272	$	5,669
Allowance for credit losses on unfunded commitments		334		-
Unrealized losses on securities		6,926		7,424
Other benefit plans		5,345		4,968
Lease liability		577		609
Other		94		81
Total deferred tax assets		18,548		18,751
Deferred tax liabilities:
Depreciation		1,188		1,148
Net loan costs		1,261		1,225
Real estate investment trust income		3,313		3,126
Lease right of use asset		554		585
Pension benefits		143		33
Other		-		-
Total deferred tax liabilities		6,459		6,117
Net deferred tax asset included in prepaid expenses and other assets	$	12,089	$	12,634