Income Taxes (Tables)

12 Months Ended

Jun. 30, 2025

Income Taxes

Schedule of components of net deferred tax assets

(dollars in thousands)	June 30, 2025		June 30, 2024
Deferred tax assets:
Provision for losses on loans	$	12,225	$	12,159
Accrued compensation and benefits		1,210		1,063
NOL carry forwards acquired		24		30
Low income housing tax credit carry forward		—		396
Unrealized loss on other real estate		—		949
Unrealized loss on available for sale securities		3,201		4,915
Other		552		—
Total deferred tax assets		17,212		19,512
Deferred tax liabilities:
Purchase accounting adjustments		2,604		2,452
Depreciation		4,468		4,519
FHLB stock dividends		120		120
Prepaid expenses		586		705
Other		—		529
Total deferred tax liabilities		7,778		8,325
Net deferred tax asset	$	9,434	$	11,187

Schedule of reconciliation of income tax expense at the statutory rate

	For the year ended June 30
(dollars in thousands)	2025		2024		2023
Tax at statutory rate	$	15,539	$	13,253	$	10,387
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(332)		(471)		(327)
State tax, net of Federal benefit		653		412		46
Cash surrender value of Bank-owned life insurance		(438)		(401)		(318)
Tax credit benefits		(710)		(12)		(19)
Other, net		704		147		457
Actual provision	$	15,416	$	12,928	$	10,226