Income Taxes (Tables)

6 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income tax provision

	For the three-month periods ended				For the six-month periods ended
(dollars in thousands)	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Income taxes
Current	$	3,173	$	3,261	$	6,660	$	5,697
Deferred		—		6		—		13
Total income tax provision	$	3,173	$	3,267	$	6,660	$	5,710

Schedule of components of net deferred tax assets

(dollars in thousands)	December 31, 2023		June 30, 2023
Deferred tax assets:
Provision for losses on loans	$	12,185	$	12,101
Accrued compensation and benefits		844		974
NOL carry forwards acquired		216		709
Low income tax credit carry forward		794		1,192
Unrealized loss on other real estate		944		818
Unrealized loss on available for sale securities		5,292		6,174
Total deferred tax assets		20,275		21,968
Deferred tax liabilities:
Purchase accounting adjustments		2,572		2,348
Depreciation		3,916		4,276
FHLB stock dividends		120		120
Prepaid expenses		775		728
Other		914		1,636
Total deferred tax liabilities		8,297		9,108
Net deferred tax asset	$	11,978	$	12,860

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, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Tax at statutory rate	$	3,227	$	3,136	$	6,721	$	5,665
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(117)		(76)		(225)		(157)
State tax, net of Federal benefit		131		165		295		179
Cash surrender value of Bank-owned life insurance		(99)		(67)		(195)		(134)
Tax credit benefits		(4)		(2)		(7)		(4)
Other, net		35		111		71		161
Actual provision	$	3,173	$	3,267	$	6,660	$	5,710