Income Taxes (Tables)

6 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of Effective Income Tax Rate Reconciliation

	For the three-month periods ended				For the six-month periods ended
(dollars in thousands)	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Income taxes
Current	$	3,139	$	1,915	$	5,903	$	3,884
Deferred		14		6		(3)		12
Total income tax provision	$	3,153	$	1,921	$	5,900	$	3,896

Schedule of Deferred Tax Assets and Liabilities

(dollars in thousands)	December 31, 2020		June 30, 2020
Deferred tax assets:
Provision for losses on loans	$	8,309	$	5,802
Accrued compensation and benefits		607		825
NOL carry forwards acquired		123		149
Minimum Tax Credit		—		130
Unrealized loss on other real estate		170		257
Other		—		26
Total deferred tax assets		9,209		7,189
Deferred tax liabilities:
Purchase accounting adjustments		165		64
Depreciation		1,664		1,665
FHLB stock dividends		120		120
Prepaid expenses		255		259
Unrealized gain on available for sale securities		1,195		1,265
Other		39		104
Total deferred tax liabilities		3,438		3,477
Net deferred tax asset	$	5,771	$	3,712

Schedule of Reconciliation of Income Tax Expense at the Statutory Rate to Actual Income Tax

	For the three-month periods ended				For the six-month periods ended
(dollars in thousands)	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Tax at statutory rate	$	3,192	$	2,024	$	5,866	$	4,083
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(108)		(113)		(211)		(226)
State tax, net of Federal benefit		261		87		502		196
Cash surrender value of Bank-owned life insurance		(205)		(53)		(263)		(106)
Tax credit benefits		(5)		(4)		(9)		(6)
Other, net		18		(20)		15		(45)
Actual provision	$	3,153	$	1,921	$	5,900	$	3,896