v2.4.0.6
INCOME TAXES
12 Months Ended
Jun. 30, 2013
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
NOTE 9—INCOME TAXES
 
The provision for income taxes consists of the following for the years ended June 30:
 
 
 
2013
 
2012
 
Current income taxes
 
$
730
 
$
1,070
 
Deferred income taxes (benefits)
 
 
(96)
 
 
(271)
 
 
 
$
634
 
$
799
 
 
The net deferred income tax asset consists of the following components at June 30:
 
 
 
2013
 
2012
 
Deferred tax assets:
 
 
 
 
 
 
 
Allowance for loan losses
 
$
742
 
$
627
 
Deferred compensation
 
 
581
 
 
532
 
Net unrealized securities loss
 
 
8
 
 
 
Recognized loss on impairment of security
 
 
265
 
 
265
 
Intangibles
 
 
66
 
 
109
 
OREO deferred gain
 
 
16
 
 
16
 
Nonaccrual loan interest income
 
 
82
 
 
74
 
Gross deferred tax asset
 
 
1,760
 
 
1,623
 
 
 
 
 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
 
 
 
Depreciation
 
 
(294)
 
 
(261)
 
Loan fees
 
 
(217)
 
 
(211)
 
Prepaid expenses
 
 
(74)
 
 
(80)
 
FHLB stock dividends
 
 
(165)
 
 
(165)
 
Net unrealized securities gain
 
 
 
 
(826)
 
Gross deferred tax liabilities
 
 
(750)
 
 
(1,543)
 
Net deferred asset
 
$
1,010
 
$
80
 
 
The difference between the provision for income taxes and amounts computed by applying the statutory income tax rate of 34% to statutory income before taxes consists of the following for the years ended June 30:
 
 
 
2013
 
2012
 
Income taxes computed at the statutory rate on pretax income
 
$
1,123
 
$
1,211
 
Tax exempt income
 
 
(437)
 
 
(359)
 
Cash surrender value income
 
 
(63)
 
 
(66)
 
Other
 
 
11
 
 
13
 
 
 
$
634
 
$
799
 
 
At June 30, 2013 and June 30, 2012, the Corporation had no unrecognized tax benefits recorded. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. There were no interest or penalties recorded for the years ended June 30, 2013 and 2012 and there were no amounts accrued for interest and penalties at June 30, 2013 and 2012.
 
The Corporation and the Bank are subject to U.S. federal income tax as an income-based tax and a capital-based franchise tax in the state of Ohio. The Corporation and the Bank are no longer subject to examination by taxing authorities for years before 2009.