Income Taxes (Tables)

6 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income tax provision

	For the three-month periods ended				For the six-month periods ended
(dollars in thousands)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Income taxes
Current	$	4,547	$	3,173	$	7,925	$	6,660
Deferred		—		—		—		—
Total income tax provision	$	4,547	$	3,173	$	7,925	$	6,660

Schedule of components of net deferred tax assets

(dollars in thousands)	December 31, 2024		June 30, 2024
Deferred tax assets:
Provision for losses on loans	$	12,830	$	12,159
Accrued compensation and benefits		930		1,063
NOL carry forwards acquired		27		30
Low income housing tax credit carry forward		198		396
Unrealized loss on other real estate		304		949
Unrealized loss on available for sale securities		4,626		4,915
Total deferred tax assets		18,915		19,512
Deferred tax liabilities:
Purchase accounting adjustments		2,537		2,452
Depreciation		4,097		4,519
FHLB stock dividends		120		120
Prepaid expenses		582		705
Other		681		529
Total deferred tax liabilities		8,017		8,325
Net deferred tax asset	$	10,898	$	11,187

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended				For the six-month periods ended
(dollars in thousands)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Tax at statutory rate	$	4,032	$	3,227	$	7,357	$	6,721
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(76)		(117)		(182)		(225)
State tax, net of Federal benefit		199		131		284		295
Cash surrender value of Bank-owned life insurance		(110)		(99)		(218)		(195)
Tax credit benefits		(3)		(4)		(27)		(7)
Other, net		505		35		711		71
Actual provision	$	4,547	$	3,173	$	7,925	$	6,660