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Income Taxes (Tables)
12 Months Ended
Jun. 30, 2022
Income Taxes  
Schedule of deferred tax asset and liability

Deferred tax asset

    

2022

    

2021

Net operating loss

$

236,800

$

432,127

Available for sale debt securities

119,187

Deferred loan fees

131,723

Accrued expenses

38,814

29,699

Other

7,038

13,304

401,839

606,853

Deferred tax liability

Property and equipment

67,202

80,471

Allowance for loan losses

21,882

21,882

Mortgage servicing rights

215,327

163,942

Available for sale debt securities

70,596

Deferred loan fees

352

Other

256

247

305,019

337,138

Net deferred tax asset

$

96,820

$

269,715

Schedule of provision for income taxes

    

2022

    

2021

Current tax expense

$

74,704

$

19,300

Deferred tax expense

362,678

458,420

$

437,382

$

477,720

Summary of income tax reconciliation

    

2022

    

2021

At Federal statutory rate at 21%

$

372,150

$

388,665

Adjustments resulting from:

Tax exempt interest

(8,579)

(13,936)

Earnings on bank owned life insurance

(47,162)

(34,580)

State tax, net of federal benefit

107,169

106,736

Other

13,804

30,835

Income tax expense

$

437,382

$

477,720

Schedule of net operating loss carryforwards

Federal

State

Year of Expiration

    

Amount

    

Amount

2033

$

49,883

$

-

2034

535,607

-

2035

542,127

-

$

1,127,617

$

-