Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Taxes

Schedule of components of net deferred tax assets

(dollars in thousands)	June 30, 2024		June 30, 2023
Deferred tax assets:
Provision for losses on loans	$	12,159	$	12,101
Accrued compensation and benefits		1,063		974
NOL carry forwards acquired		30		709
Low income housing tax credit carry forward		396		1,192
Unrealized loss on other real estate		949		818
Unrealized loss on available for sale securities		4,915		6,174
Total deferred tax assets		19,512		21,968
Deferred tax liabilities:
Purchase accounting adjustments		2,452		2,348
Depreciation		4,519		4,276
FHLB stock dividends		120		120
Prepaid expenses		705		728
Other		529		1,636
Total deferred tax liabilities		8,325		9,108
Net deferred tax asset	$	11,187	$	12,860

Schedule of reconciliation of income tax expense at the statutory rate

	For the year ended June 30
(dollars in thousands)	2024		2023		2022
Tax at statutory rate	$	13,253	$	10,387	$	12,580
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(471)		(327)		(349)
State tax, net of Federal benefit		412		46		812
Cash surrender value of Bank-owned life insurance		(401)		(318)		(245)
Tax credit benefits		(12)		(19)		(45)
Other, net		147		457		(18)
Actual provision	$	12,928	$	10,226	$	12,735