Income Taxes (Tables)

3 Months Ended

Sep. 30, 2023

Income Taxes

Schedule of Income Tax Provision

	For the three-month periods ended
(dollars in thousands)	September 30, 2023		September 30, 2022
Income taxes
Current	$	3,487	$	2,436
Deferred		—		7
Total income tax provision	$	3,487	$	2,443

Schedule of components of net deferred tax assets

(dollars in thousands)	September 30, 2023		June 30, 2023
Deferred tax assets:
Provision for losses on loans	$	12,219	$	12,101
Accrued compensation and benefits		729		974
NOL carry forwards acquired		465		709
Low income tax credit carry forward		1,041		1,192
Unrealized loss on other real estate		869		818
Unrealized loss on available for sale securities		7,086		6,174
Total deferred tax assets		22,409		21,968
Deferred tax liabilities:
Purchase accounting adjustments		2,478		2,348
Depreciation		4,100		4,276
FHLB stock dividends		120		120
Prepaid expenses		656		728
Other		1,283		1,636
Total deferred tax liabilities		8,637		9,108
Net deferred tax asset	$	13,772	$	12,860

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended
(dollars in thousands)	September 30, 2023		September 30, 2022
Tax at statutory rate	$	3,494	$	2,530
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(108)		(81)
State tax, net of Federal benefit		164		13
Cash surrender value of Bank-owned life insurance		(96)		(67)
Tax credit benefits		(3)		(2)
Other, net		36		50
Actual provision	$	3,487	$	2,443