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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

​

$

-