Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Taxes

Schedule of components of net deferred tax assets

The components of net deferred tax assets (included in other assets on the condensed consolidated balance sheet) are summarized as follows:

(dollars in thousands)	June 30, 2022		June 30, 2021
Deferred tax assets:
Provision for losses on loans	$	7,761	$	7,626
Accrued compensation and benefits		828		826
NOL carry forwards acquired		57		147
Unrealized loss on other real estate		72		180
Unrealized loss on available for sale securities		4,921		—
Other		—		182
Total deferred tax assets		13,639		8,961
Deferred tax liabilities:
Purchase accounting adjustments		224		210
Depreciation		1,974		1,842
FHLB stock dividends		120		120
Prepaid expenses		415		283
Unrealized gain on available for sale securities		—		821
Other		181		1,193
Total deferred tax liabilities		2,914		4,469
Net deferred tax asset	$	10,725	$	4,492

Schedule of reconciliation of income tax expense at the statutory rate

	For the year ended June 30
(dollars in thousands)	2022		2021		2020
Tax at statutory rate	$	12,580	$	12,538	$	7,231
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(349)		(453)		(444)
State tax, net of Federal benefit		812		1,018		299
Cash surrender value of Bank-owned life insurance		(245)		(378)		(214)
Tax credit benefits		(45)		(11)		(48)
Other, net		(18)		(189)		63
Actual provision	$	12,735	$	12,525	$	6,887