Income Taxes (Tables)

9 Months Ended

Mar. 31, 2021

Income Taxes

Schedule of Effective Income Tax Rate Reconciliation

	For the three-month periods ended				For the nine-month periods ended
(dollars in thousands)	March 31, 2021		March 31, 2020		March 31, 2021		March 31, 2020
Income taxes
Current	$	3,552	$	1,116	$	11,441	$	5,007
Deferred		(456)		13		(2,445)		19
Total income tax provision	$	3,096	$	1,129	$	8,996	$	5,026

Schedule of Deferred Tax Assets and Liabilities

(dollars in thousands)	March 31, 2021		June 30, 2020
Deferred tax assets:
Provision for losses on loans	$	8,185	$	5,802
Accrued compensation and benefits		722		825
NOL carry forwards acquired		155		149
Minimum Tax Credit		—		130
Unrealized loss on other real estate		180		257
Other		312		26
Total deferred tax assets		9,554		7,189
Deferred tax liabilities:
Purchase accounting adjustments		191		64
Depreciation		1,494		1,665
FHLB stock dividends		120		120
Prepaid expenses		326		259
Unrealized gain on available for sale securities		686		1,265
Other		—		104
Total deferred tax liabilities		2,817		3,477
Net deferred tax assets	$	6,737	$	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 nine-month periods ended
(dollars in thousands)	March 31, 2021		March 31, 2020		March 31, 2021		March 31, 2020
Tax at statutory rate	$	3,056	$	1,308	$	8,922	$	5,391
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(117)		(109)		(327)		(335)
State tax, net of Federal benefit		215		27		717		223
Cash surrender value of Bank-owned life insurance		(57)		(52)		(320)		(159)
Tax credit benefits		(2)		(21)		(11)		(27)
Other, net		1		(24)		15		(67)
Actual provision	$	3,096	$	1,129	$	8,996	$	5,026