Income Taxes (Tables)

6 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of Income Tax Provision

	For the three-month periods ended				For the six-month periods ended
(dollars in thousands)	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Income taxes
Current	$	2,785	$	3,139	$	6,262	$	5,903
Deferred		503		14		513		(3)
Total income tax provision	$	3,288	$	3,153	$	6,775	$	5,900

Schedule of components of net deferred tax assets

(dollars in thousands)	December 31, 2021		June 30, 2021
Deferred tax assets:
Provision for losses on loans	$	7,586	$	7,626
Accrued compensation and benefits		621		826
NOL carry forwards acquired		122		147
Unrealized loss on other real estate		227		180
Other		—		182
Total deferred tax assets		8,556		8,961
Deferred tax liabilities:
Purchase accounting adjustments		242		210
Depreciation		1,590		1,842
FHLB stock dividends		120		120
Prepaid expenses		256		283
Unrealized gain on available for sale securities		286		821
Other		1,623		1,193
Total deferred tax liabilities		4,117		4,469
Net deferred tax asset	$	4,439	$	4,492

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended				For the six-month periods ended
(dollars in thousands)	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Tax at statutory rate	$	3,207	$	3,192	$	6,616	$	5,866
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(87)		(108)		(193)		(211)
State tax, net of Federal benefit		216		261		468		502
Cash surrender value of Bank-owned life insurance		(59)		(205)		(118)		(263)
Tax credit benefits		(10)		(5)		(21)		(9)
Other, net		21		18		23		15
Actual provision	$	3,288	$	3,153	$	6,775	$	5,900