Income Taxes (Tables)

3 Months Ended

Sep. 30, 2021

Income Taxes

Schedule of Income Tax Provision

	For the three-month periods ended
(dollars in thousands)	September 30, 2021		September 30, 2020
Income taxes
Current	$	3,481	$	4,750
Deferred		7		(2,003)
Total income tax provision	$	3,488	$	2,747

Schedule of components of net deferred tax assets

(dollars in thousands)	September 30, 2021		June 30, 2021
Deferred tax assets:
Provision for losses on loans	$	7,573	$	7,626
Accrued compensation and benefits		549		826
NOL carry forwards acquired		135		147
Unrealized loss on other real estate		183		180
Other		—		182
Total deferred tax assets		8,440		8,961
Deferred tax liabilities:
Purchase accounting adjustments		210		210
Depreciation		1,765		1,842
FHLB stock dividends		120		120
Prepaid expenses		209		283
Unrealized gain on available for sale securities		824		821
Other		830		1,193
Total deferred tax liabilities		3,958		4,469
Net deferred tax asset	$	4,482	$	4,492

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended
(dollars in thousands)	September 30, 2021		September 30, 2020
Tax at statutory rate	$	3,409	$	2,674
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(107)		(103)
State tax, net of Federal benefit		252		241
Cash surrender value of Bank-owned life insurance		(59)		(59)
Tax credit benefits		(11)		26
Other, net		4		(32)
Actual provision	$	3,488	$	2,747