Income Taxes (Tables)

9 Months Ended

Mar. 31, 2025

Income Taxes

Schedule of income tax provision

	For the three-month periods ended				For the nine-month periods ended
(dollars in thousands)	March 31, 2025		March 31, 2024		March 31, 2025		March 31, 2024
Income taxes
Current	$	4,139	$	2,417	$	12,065	$	9,077
Deferred		—		420		—		420
Total income tax provision	$	4,139	$	2,837	$	12,065	$	9,497

Schedule of components of net deferred tax assets

(dollars in thousands)	March 31, 2025		June 30, 2024
Deferred tax assets:
Provision for losses on loans	$	12,821	$	12,159
Accrued compensation and benefits		1,137		1,063
NOL carry forwards acquired		26		30
Low income housing tax credit carry forward		99		396
Unrealized loss on other real estate		140		949
Unrealized loss on available for sale securities		3,938		4,915
Other		53		—
Total deferred tax assets		18,214		19,512
Deferred tax liabilities:
Purchase accounting adjustments		2,668		2,452
Depreciation		4,637		4,519
FHLB stock dividends		120		120
Prepaid expenses		579		705
Other		—		529
Total deferred tax liabilities		8,004		8,325
Net deferred tax asset	$	10,210	$	11,187

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended				For the nine-month periods ended
(dollars in thousands)	March 31, 2025		March 31, 2024		March 31, 2025		March 31, 2024
Tax at statutory rate	$	4,163	$	2,970	$	11,520	$	9,692
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(74)		(124)		(256)		(349)
State tax, net of Federal benefit		196		61		480		356
Cash surrender value of Bank-owned life insurance		(108)		(101)		(326)		(297)
Tax credit benefits		(2)		(3)		(29)		(10)
Other, net		(36)		34		676		105
Actual provision	$	4,139	$	2,837	$	12,065	$	9,497