Federal Income Taxes

12 Months Ended

Sep. 30, 2015

The components of the provision for federal income taxes for the years ended September 30, 2015, 2014 and 2013 were as follows (dollars in thousands):



	2015		2014		2013
Current	$	3,996	$	2,349	$	1,737
Deferred	196		451		777
Provision	$	4,192	$	2,800	$	2,514

At September 30, 2015 and 2014, the Company had income taxes receivable of $92,000 and $461,000, respectively, which are included in other assets in the accompanying consolidated balance sheets.

The components of the Company’s deferred tax assets and liabilities at September 30, 2015 and 2014 were as follows (dollars in thousands):



	2015		2014
Deferred Tax Assets
Allowance for loan losses	$	3,483	$	3,669
Allowance for OREO losses	564		628
Unearned ESOP shares	255		202
CDI	201		249
OTTI credit impairment	176		185
Accrued interest on loans	130		—
Net unrealized investment securities losses	114		128
Other	164		180
Total deferred tax assets	$	5,087	$	5,241




Deferred Tax Liabilities	2015		2014
Goodwill	$	1,417	$	1,281
MSRs	505		572
Depreciation	464		141
FHLB stock dividends	447		773
Prepaid expenses	125		134
Other	8		9
Total deferred tax liabilities	2,966		2,910

Net deferred tax assets	$	2,121	$	2,331

The provision for federal income taxes for the years ended September 30, 2015, 2014 and 2013 differs from that computed at the statutory corporate tax rate as follows (dollars in thousands):



	2015			2014			2013
Expected tax provision at statutory rate	$	4,268		$	2,941		$	2,472
BOLI income	(184		)	(180		)	(196		)
Change in estimated utilization of net capital loss carry-forward	—			—			281
Dividends on ESOP	(58		)	(41		)	(24		)
Other - net	166			80			(19		)
Provision for federal income taxes	$	4,192		$	2,800		$	2,514

During the year ended September 30, 2013, the Company utilized $183,000 of the capital loss carry-forward and wrote-off the remaining portion of the related deferred tax asset and valuation allowance due to the expiration of the capital loss carry-forward period. No valuation allowance for net deferred tax assets was recorded as of September 30, 2015 and 2014, as management believes that it is more likely than not that all of the net deferred tax assets will be realized based on management's expectations of future taxable income and/or because they were supported by recoverable taxes paid in prior years.