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Provision for Income Taxes (Tables)
12 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Schedule of components of the provision for income taxes

 

   2016   2015 
Current tax expense - federal  $1,230,367   $1,402,033 
Current tax (benefit) - state   (1,396)   (20,386)
Deferred tax expense (benefit)   57,735    (66,958)
          Provision for income taxes  $1,286,706   $1,314,689 

 

Schedule of effective income tax rates

 

   2016   2015 
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       0.1 
          ESOP cost versus Fair Market Value   1.5    1.5 
          Dividend on allocated ESOP shares   (3.2)   (6.7)
          Qualified production activities   (2.7)   (2.7)
          Stock-based compensation   (0.2)   (0.3)
          Other   (0.6)   3.3 
Effective tax rate   28.8%   29.2%

 

Schedule of deferred tax assets and liabilities

 

   2016   2015 
Deferred tax assets:          
          Accrued expenses  $151,210   $295,673 
          ESOP   90,072    102,355 
          Stock-based compensation   74,287    23,602 
          Inventory - effect on uniform capitalization   27,266    12,407 
          Unrealized (gain)/loss on investment securities   (513)   2,361 
          Other   308    638 
                    Total deferred tax assets   $342,630   $437,036 
Deferred tax liability:          
          Property, plant and equipment - principally due          
            to differences in depreciation methods  $293,309   $327,106 
                    Total deferred tax liability   293,309    327,106 
                    Net deferred tax asset  $49,321   $109,930