Income Taxes (Tables)

3 Months Ended

Sep. 30, 2024

Income Taxes

Schedule of income tax provision

	For the three-month periods ended
(dollars in thousands)	September 30, 2024		September 30, 2023
Income taxes
Current	$	3,377	$	3,487
Deferred		—		—
Total income tax provision	$	3,377	$	3,487

Schedule of components of net deferred tax assets

(dollars in thousands)	September 30, 2024		June 30, 2024
Deferred tax assets:
Provision for losses on loans	$	12,640	$	12,159
Accrued compensation and benefits		823		1,063
NOL carry forwards acquired		29		30
Low income housing tax credit carry forward		297		396
Unrealized loss on other real estate		954		949
Unrealized loss on available for sale securities		2,972		4,915
Total deferred tax assets		17,715		19,512
Deferred tax liabilities:
Purchase accounting adjustments		2,473		2,452
Depreciation		4,288		4,519
FHLB stock dividends		120		120
Prepaid expenses		552		705
Other		1,038		529
Total deferred tax liabilities		8,471		8,325
Net deferred tax asset	$	9,244	$	11,187

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended
(dollars in thousands)	September 30, 2024		September 30, 2023
Tax at statutory rate	$	3,325	$	3,494
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(106)		(108)
State tax, net of Federal benefit		85		164
Cash surrender value of Bank-owned life insurance		(109)		(96)
Tax credit benefits		(24)		(3)
Other, net		206		36
Actual provision	$	3,377	$	3,487