Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

The reconciliation of income tax computed for continuing operations at the U.S. federal statutory rates to income tax expense is:



	Year Ended June 30,
(dollars in thousands)	2014			% of Pretax		2013		% of Pretax		2012		% of Pretax
Tax expense (benefit) at statutory rate - continuing operations	$	(421	)	34.0	%	$	24	34.0	%	$	905	34.0	%
Nondeductible gain on business combination	(99		)	8.0	%	—		—	%	—		—	%
Nondeductible membership dues	25			(2.0	)%	27		38.0	%	27		1.0	%
Nondeductible meals and entertainment	25			(2.0	)%	44		62.0	%	41		1.5	%
Other	(47		)	3.8	%	5		7.0	%	51		1.9	%
Total tax expense (benefit) - continuing operations	$	(517	)	41.8	%	$	100	141.0	%	$	1,024	38.4	%

Components of total tax expense (benefit) are as follows:



	Year Ended June 30,
(dollars in thousands)	2014			2013			2012
Continuing Operations
Current tax expense (benefit)	$	(904	)	$	91		$	1,307
Deferred tax expense (benefit)	387			9			(283		)
Total tax expense (benefit) - continuing operations	$	(517	)	$	100		$	1,024

Tax expense (benefit) - continuing operations	$	(517	)	$	100		$	1,024
Tax benefit - discontinued operations	(125		)	(85		)	(55		)
Total tax expense (benefit)	$	(642	)	$	15		$	969

The Company’s deferred assets and liabilities using the effective statutory tax rate (34 percent for 2014 and 2013) are as follows:



	Year Ended June 30,
(dollars in thousands)	2014		2013
Book/tax differences in the balance sheet
Trading securities	84		238
Prepaid expenses	(142	)	(152	)
Accumulated depreciation	120		85
Available-for-sale securities	(176	)	(55	)
Equity method	—		(19	)
Accrued expenses	108		111
Stock-based compensation expense	103		117
Tax Carryovers
Capital loss carryover	252		549
Charitable contributions carryover	35		27
Valuation Allowance	(35	)	(27	)
Net deferred tax asset	349		874