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Income Taxes
 12 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the provision for income taxes for the years ended September 30, 2024, 2023 and 2022 were as follows (dollars in thousands):
 202420232022
Current:
     Federal$6,506 $7,167 $6,139 
Deferred(383)(291)(177)
Provision for income taxes$6,123 $6,876 $5,962 

At September 30, 2024 and 2023, the Company had income tax receivable of $80,000 and $107,000, respectively, which is included in other assets in the accompanying consolidated balance sheets.
 
The components of the Company’s deferred tax assets and liabilities at September 30, 2024 and 2023 were as follows (dollars in thousands):
 20242023
Deferred Tax Assets  
Allowance for credit losses$3,739 $3,392 
Allowance for OREO losses5 5 
OTTI credit impairment on investment securities50 50 
Accrued interest on loans69 58 
Deferred compensation and bonuses163 217 
Operating lease liabilities331 392 
Net unrealized losses on investment securities and investments in equity securities5 288 
Other70 85 
Total deferred tax assets4,432 4,487 
20242023
Deferred Tax Liabilities
Goodwill1,187 1,187 
Loan servicing rights288 446 
Depreciation815 906 
Loan fees/costs1,044 983 
Prepaid expenses159 172 
Purchase accounting adjustment110 159 
Operating lease ROU assets310 372 
Other27 — 
Total deferred tax liabilities3,940 4,225 
Net deferred tax assets $492 $262 

Deferred tax assets are included in other assets, and deferred tax liabilities are included in other liabilities and accrued expenses in the accompanying consolidated balance sheets.

No valuation allowance for deferred tax assets was recorded as of September 30, 2024 and 2023, as management believes that it is more likely than not that all of the deferred tax assets will be realized based on management's expectations of future taxable income.

The provision for income taxes for the years ended September 30, 2024, 2023 and 2022 differs from that computed at the federal statutory corporate tax rate as follows (dollars in thousands):
 202420232022
Expected federal income tax provision at statutory rate$6,385 $7,139 $6,208 
BOLI income(135)(148)(129)
Dividends on Employee Stock Ownership Plan ("ESOP") stock(58)(71)(70)
Stock based compensation tax effect(37)(66)(34)
Other, net(32)22 (13)
Provision for income taxes$6,123 $6,876 $5,962