Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Schedule of Components of Income Tax Expense

Income tax expense as of the dates indicated consisted of:



	June 30,
	2020		2019			2018
Current:
Federal	$	80	$	755		$	291
State	748		690			324
Total current expense (benefit)	828		1,445			615
Deferred:
Federal	5,184		5,404			7,909
State	12		267			625
Adjustment due to the Tax Act	—		(325		)	17,587
Total deferred expense	5,196		5,346			26,121
Total income tax expense	$	6,024	$	6,791		$	26,736

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income before income taxes as a result of the following differences for the periods indicated:



	Year Ended June 30,
	2020					2019					2018
	$			Rate		$			Rate		$			Rate
Tax at federal income tax rate	$	6,049		21	%	$	7,127		21	%	$	9,617		28	%
Increase (decrease) resulting from:
Tax exempt income	(872		)	(3	)%	(855		)	(2	)%	(1,075		)	(3	)%
Change in valuation allowance for deferred tax assets, allocated to income tax expense	—			—	%	(325		)	(1	)%	87			—	%
State tax, net of federal benefit	600			2	%	756			2	%	688			2	%
Change in deferred tax assets due to the Tax Act	—			—	%	—			—	%	17,587			50	%
Other	247			1	%	88			—	%	(168		)	(1	)%
Total	$	6,024		21	%	$	6,791		20	%	$	26,736		76	%

Schedule of Deferred Tax Assets and Liabilities

The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at June 30, 2020 and 2019 are presented below:



	June 30,
	2020			2019
Deferred tax assets:
Alternative minimum tax credit	$	—		$	4,799
Allowance for loan losses	6,456			4,685
Deferred compensation and post-retirement benefits	8,637			8,988
Accrued vacation and sick leave	18			18
Impairments on real estate owned	198			461
Other than temporary impairment on investments	2,207			2,232
Net operating loss carryforward	4,513			5,092
Discount from business combination	2,192			2,373
Stock compensation plans	2,279			2,162
Other	1,256			1,140
Total gross deferred tax assets	27,756			31,950
Deferred tax (liabilities):
Depreciable basis of fixed assets	(6,017		)	(1,089		)
Deferred loan fees	(603		)	(520		)
FHLB stock, book basis in excess of tax	(89		)	(89		)
Unrealized gain on securities available for sale	(602		)	(219		)
Other	(4,111		)	(3,510		)
Total gross deferred tax liabilities	(11,422		)	(5,427		)
Net deferred tax assets	$	16,334		$	26,523