Income Taxes (Tables)

9 Months Ended

Mar. 31, 2024

Income Taxes

Schedule of income tax provision

	For the three-month periods ended				For the nine-month periods ended
(dollars in thousands)	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Income taxes
Current	$	2,417	$	2,572	$	9,077	$	8,269
Deferred		420		(1,994)		420		(1,981)
Total income tax provision	$	2,837	$	578	$	9,497	$	6,288

Schedule of components of net deferred tax assets

(dollars in thousands)	March 31, 2024		June 30, 2023
Deferred tax assets:
Provision for losses on loans	$	12,070	$	12,101
Accrued compensation and benefits		969		974
NOL carry forwards acquired		123		709
Low income tax credit carry forward		595		1,192
Unrealized loss on other real estate		949		818
Unrealized loss on available for sale securities		5,363		6,174
Total deferred tax assets		20,069		21,968
Deferred tax liabilities:
Purchase accounting adjustments		2,449		2,348
Depreciation		4,684		4,276
FHLB stock dividends		120		120
Prepaid expenses		677		728
Other		509		1,636
Total deferred tax liabilities		8,439		9,108
Net deferred tax asset	$	11,630	$	12,860

Schedule of reconciliation of income tax expense at the statutory rate

	For the three-month periods ended				For the nine-month periods ended
(dollars in thousands)	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Tax at statutory rate	$	2,970	$	627	$	9,692	$	6,292
Increase (reduction) in taxes resulting from:
Nontaxable municipal income		(124)		(54)		(349)		(211)
State tax, net of Federal benefit		61		(179)		356		—
Cash surrender value of Bank-owned life insurance		(101)		(77)		(297)		(211)
Tax credit benefits		(3)		(3)		(10)		(7)
Other, net		34		264		105		425
Actual provision	$	2,837	$	578	$	9,497	$	6,288