Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Income Taxes

Schedule of income tax expense

	2017		2016
Current:
Federal	$	(35,227)	$	(73,021)
State		(83,962)		(72,879)
Deferred:
Federal		(561,635)		(344,906)
	$	(680,824)	$	(490,806)

Schedule of reconciliation of the provision for income taxes

	2017		2016
Provision computed at the statutory federal tax rate	$	(651,395)	$	(525,492)
State income taxes, net of federal tax		(55,045)		(48,100)
Valuation allowance adjustment		—		79,000
Return-to-provision, net		24,562		(32,837)
Other		1,054		36,623
Total income tax expense	$	(680,824)	$	(490,806)

Schedule of net deferred tax asset

	2017		2016
Gross deferred tax assets:
Allowance for loan losses	$	1,208,020	$	1,001,980
Net operating loss carryover		—		530,899
General business credits		324,364		324,364
Foreclosed asset writedowns		50,592		50,592
Unrealized loss on securities		6,393		—
Other		50,760		245,290
		1,640,129		2,153,125
Gross deferred tax liabilities:
Additions in excess of base year loan reserve		(572,404)		(585,334)
Depreciation		(73,623)		(68,425)
FHLB stock dividends		(74,630)		(77,656)
Unrealized gain on securities		—		(2,100)
Other		(57,463)		(3,517)
		(778,120)		(737,032)
Net deferred tax asset	$	862,009	$	1,416,093