Income Taxes (Tables)

3 Months Ended

Sep. 30, 2022

Income Taxes

Schedule of Income Tax Provision

	For the three-month periods ended
(dollars in thousands)	September 30, 2022		September 30, 2021
Income taxes
Current	$	2,436	$	3,481
Deferred		7		7
Total income tax provision	$	2,443	$	3,488

Schedule of components of net deferred tax assets

(dollars in thousands)	September 30, 2022		June 30, 2022
Deferred tax assets:
Provision for losses on loans	$	8,875	$	7,761
Accrued compensation and benefits		598		828
NOL carry forwards acquired		41		57
Unrealized loss on other real estate		32		72
Unrealized loss on available for sale securities		5,510		4,921
Total deferred tax assets		15,056		13,639
Deferred tax liabilities:
Purchase accounting adjustments		296		224
Depreciation		1,820		1,974
FHLB stock dividends		120		120
Prepaid expenses		368		415
Other		1,145		181
Total deferred tax liabilities		3,749		2,914
Net deferred tax asset	$	11,307	$	10,725

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended
(dollars in thousands)	September 30, 2022		September 30, 2021
Tax at statutory rate	$	2,530	$	3,409
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(81)		(107)
State tax, net of Federal benefit		13		252
Cash surrender value of Bank-owned life insurance		(67)		(59)
Tax credit benefits		(2)		(11)
Other, net		50		4
Actual provision	$	2,443	$	3,488