Income Taxes (Tables)

6 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of Income Tax Provision

	For the three-month periods ended				For the six-month periods ended
(dollars in thousands)	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Income taxes
Current	$	3,261	$	2,785	$	5,697	$	6,262
Deferred		6		503		13		513
Total income tax provision	$	3,267	$	3,288	$	5,710	$	6,775

Schedule of components of net deferred tax assets

(dollars in thousands)	December 31, 2022		June 30, 2022
Deferred tax assets:
Provision for losses on loans	$	9,066	$	7,761
Accrued compensation and benefits		692		828
NOL carry forwards acquired		206		57
Unrealized loss on other real estate		72		72
Unrealized loss on available for sale securities		5,285		4,921
Total deferred tax assets		15,321		13,639
Deferred tax liabilities:
Purchase accounting adjustments		295		224
Depreciation		1,668		1,974
FHLB stock dividends		120		120
Prepaid expenses		459		415
Other		1,703		181
Total deferred tax liabilities		4,245		2,914
Net deferred tax asset	$	11,076	$	10,725

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, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Tax at statutory rate	$	3,136	$	3,207	$	5,665	$	6,616
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(76)		(87)		(157)		(193)
State tax, net of Federal benefit		165		216		179		468
Cash surrender value of Bank-owned life insurance		(67)		(59)		(134)		(118)
Tax credit benefits		(2)		(10)		(4)		(21)
Other, net		111		21		161		23
Actual provision	$	3,267	$	3,288	$	5,710	$	6,775