Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Summarized of differences between statutory federal income tax rate and effective tax rates

Allocation of federal and state income taxes between current and deferred portions is as follows:

	Years Ended June 30,
	2022			2021
	(Dollars in Thousands)
Current tax provision:
Federal	$	313		$	129
State		42			54
		355			183
Deferred tax expense (benefit):
Federal		(322	)		58
State		(200	)		5
Valuation Allowance		115			-
		(407	)		63
Total income tax provision (benefit)	$	(52	)	$	246

Summary of effective tax rates

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:

	Years Ended June 30,
	2022			2021
	(Dollars in Thousands)
Statutory amount	$	82		$	344
Increase (decrease) resulting from:
State taxes, net of federal tax benefit		(120	)		47
Tax exempt interest		(96	)		(114	)
Bank-owned life insurance		(34	)		(35	)
Other, net		1			4
Valuation Allowance		115			-
Effective (benefit) tax	$	(52	)	$	246
Effective tax rate		-13.3	%		15.0	%

Schedule of Deferred Tax Assets

The components of the net deferred tax asset are as follows:

	June 30,
	2022			2021
	(Dollars in Thousands)
Deferred tax assets:
Allowance for loan losses	$	466		$	459
Employee benefit plans		328			294
ESOP		14			-
Charitable Contribution carryforward		403			-
		1,211			753
Valuation Allowance		(115	)		-
Gross deferred tax assets		1,096			753
Deferred tax liabilities:
Net unrealized gain on available for sale securities		-			(7	)
Depreciation and amortization		(17	)		(81	)
		(17	)		(88	)
Net deferred tax asset	$	1,079		$	665

Summary of the change in net deferred tax asset

A summary of the change in the net deferred tax asset is as follows:

	Years Ended June 30,
	2022		2021
	(Dollars in Thousands)
Balance at beginning of year	$	665	$	732
Deferred tax benefit (expense)		407		(63	)
Deferred tax effects of net unrealized gain on      available for sale securities		7		(4	)
Balance at end of year	$	1,079	$	665