Income Taxes (Tables)

9 Months Ended

Mar. 31, 2022

Income Taxes

Schedule of Income Tax Provision

	For the three-month periods ended				For the nine-month periods ended
(dollars in thousands)	March 31, 2022		March 31, 2021		March 31, 2022		March 31, 2021
Income taxes
Current	$	1,852	$	3,552	$	8,114	$	11,441
Deferred		506		(456)		1,019		(2,445)
Total income tax provision	$	2,358	$	3,096	$	9,133	$	8,996

Schedule of components of net deferred tax assets

(dollars in thousands)	March 31, 2022		June 30, 2021
Deferred tax assets:
Provision for losses on loans	$	7,690	$	7,626
Accrued compensation and benefits		744		826
NOL carry forwards acquired		67		147
Unrealized loss on other real estate		291		180
Unrealized loss on available for sale securities		1,822		—
Other		—		182
Total deferred tax assets		10,614		8,961
Deferred tax liabilities:
Purchase accounting adjustments		186		210
Depreciation		2,112		1,842
FHLB stock dividends		120		120
Prepaid expenses		505		283
Unrealized gain on available for sale securities		—		821
Other		1,701		1,193
Total deferred tax liabilities		4,624		4,469
Net deferred tax asset	$	5,990	$	4,492

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended				For the nine-month periods ended
(dollars in thousands)	March 31, 2022		March 31, 2021		March 31, 2022		March 31, 2021
Tax at statutory rate	$	2,459	$	3,056	$	9,075	$	8,922
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(80)		(117)		(273)		(327)
State tax, net of Federal benefit		32		215		501		717
Cash surrender value of Bank-owned life insurance		(61)		(57)		(179)		(320)
Tax credit benefits		(13)		(2)		(34)		(11)
Other, net		21		1		43		15
Actual provision	$	2,358	$	3,096	$	9,133	$	8,996