Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Taxes

Schedule of current and deferred components of income tax expense from continuing operations

	Year Ended June 30,
	2015			2014
	(Dollars in thousands)
Current provision
Federal	$	4,282		$	3,518
State		898			733
Total current provision		5,180			4,251
Deferred benefit
Federal		(901	)		(2,482	)
State		(284	)		(190	)
Total deferred benefit		(1,185	)		(2,672	)
Total tax provision	$	3,995		$	1,579

Schedule of reconciliation between the statutory federal income tax rate and the effective tax rate on income from continuing operations

	Year Ended June 30,
	2015			2014
	(Dollars in thousands)
Expected income tax expense at federal tax rate	$	3,786		$	1,450
State tax, net of federal tax benefit		379			359
Non-taxable BOLI income		(150	)		(153	)
Low-income housing tax credit		(118	)		(118	)
Other		98			41
Total tax provision	$	3,995		$	1,579

Schedule of significant portions of the deferred tax assets and deferred tax liabilities

	June 30,
	2015		2014
	(Dollars in thousands)
Deferred tax assets
Allowance for loan losses	$	722	$	501
Loan basis differential		3,781		3,198
Time deposit basis differential		4		68
Derivative basis differential		—		30
Capital lease		521		585
Compensation and benefits		809		460
Stock-based compensation		1,167		897
Unrealized loss on derivatives		472		225
Unrealized loss on available for sale securities		318		434
Interest on nonperforming loans		289		312
Limited partnerships		124		100
Other		777		733
Gross deferred tax asset		8,984		7,543
Less: valuation allowance		49		—
Total deferred tax assets		8,935		7,543
Deferred tax liabilities
Intangible assets		842		1,050
Prepaid expenses		368		238
Premises and equipment		1,231		1,443
Borrowings basis differential		2,869		2,811
Other		424		113
Total deferred tax liability		5,734		5,655
Net deferred tax asset	$	3,201	$	1,888

Schedule of reconciliation of the beginning and ending amounts of uncertain tax positions

	Tax Position		Interest and Penalties		Total
	(Dollars in thousands)
Balance, June 30, 2013	$	—	$	—	$	—
Reduction of tax positions for prior years		—		—		—
Increase for prior year tax position		101		12		113
Increase for current year tax position		—		—		—
Balance, June 30, 2014	$	101	$	12	$	113
Reduction of tax positions for prior years		—		—		—
Increase for prior year tax position		8		6		14
Increase for current year tax position		—		—		—
Balance, June 30, 2015	$	109	$	18	$	127