Provision for Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

A summary of the components of the provision for income taxes for the years ended June 30, 2014 and 2013 is as follows:

	2014		2013
Current tax expense - federal	$	113,245	$	2,293,795
Current tax expense - state		1,500		32,608
Deferred tax expense (benefit)		183,319		(22,641	)
Provision for income taxes	$	298,064	$	2,303,762

Schedule of effective income tax rates

The combined U.S. federal and state effective income tax rates of 20.3% and 29.3%, for 2014 and 2013 respectively, differed from the statutory U.S. federal income tax rate for the following reasons:

	2014			2013
U.S. federal statutory income tax rate		34.0	%		34.0	%
Increase (reduction) in rate resulting from:
State franchise tax, net of federal income tax benefit		0.8			0.3
ESOP cost versus Fair Market Value		6.4			1.0
Dividend on allocated ESOP shares		(20.4	)		(3.4	)
Qualified production activities		(0.8	)		(2.9	)
Stock-based compensation		0.1			0.3
Other		0.2			—
Effective tax rate		20.3	%		29.3	%

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30, 2014 and 2013 are presented as follows:

	2014			2013
Deferred tax assets:
Accrued expenses	$	266,255		$	348,085
ESOP		116,981			121,315
Stock-based compensation		23,854			19,946
Inventory - effect on uniform capitalization		32,749			49,032
Other		1,191			2,252
Total deferred tax assets	$	441,030		$	540,630
Deferred tax liabilities:
Unrealized (loss) gain on investment securities		(773	)		222
Property, plant and equipment - principally due
to differences in depreciation methods		400,419			316,700
Total deferred tax liabilities		399,646			316,922
Net deferred tax asset	$	41,384		$	223,708