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Note 8: Income Taxes | 3 Months Ended
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Sep. 30, 2012
Notes |
Note 8: Income Taxes | Note 8: Income Taxes The Company files income tax returns in the U.S. Federal jurisdiction and various states. The Company is no longer subject to federal and state examinations by tax authorities for fiscal years before 2009. The Company recognized no interest or penalties related to income taxes. The Company’s income tax provision is comprised of the following components:
| For the three-month period ended
| September 30, 2012 | September 30, 2011
Income taxes |  |
Current | $1,140,886 | $1,444,207
Deferred | - | -
Total income tax provision | $1,140,886 | $1,444,207
The components of net deferred tax assets (liabilities) are summarized as follows:
| September 30, 2012 | June 30, 2012
Deferred tax assets: |  |
Provision for losses on loans | $3,448,182 | $3,247,995
Accrued compensation and benefits | 173,696 | 171,113
Other-than-temporary impairment on available for sale securities | 261,405 | 261,405
NOL carry forwards acquired | 159,613 | 159,613
Unrealized loss on other real estate | 37,400 | 47,600
Total deferred tax assets | 4,080,296 | 3,887,726
Deferred tax liabilities: |  |
FHLB stock dividends | 188,612 | 188,612
Purchase accounting adjustments | 893,549 | 893,549
Depreciation | 531,644 | 552,633
Prepaid expenses | 106,759 | 123,704
Unrealized gain on available for sale securities | 529,050 | 400,554
Other | 299,588 | 69,083
Total deferred tax liabilities | 2,549,201 | 2,228,135
Net deferred tax asset | $1,531,095 | $1,659,591
As of September 30, 2012, and June 30, 2012, the Company had approximately $515,000 of federal and state net operating loss carryforwards, which were acquired in the July 2009 acquisition of Southern Bank of Commerce. The amount reported is net of the IRC Sec. 382 limitation, or state equivalent, related to utilization of net operating loss carryforwards of acquired corporations. Unless otherwise utilized, the net operating losses will begin to expire in 2027. A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax is shown below:
| For the three-month period ended
| September 30, 2012 | September 30, 2011
Tax at statutory rate | $1,268,588 | $1,460,164
Increase (reduction) in taxes resulting from: |  |
Nontaxable municipal income | (124,268) | (104,370)
State tax, net of Federal benefit | 92,400 | 116,655
Cash surrender value of Bank-owned life insurance | (42,779) | (24,328)
Other, net | (53,055) | (3,914)
Actual provision | $1,140,886 | $1,444,207
Tax credit benefits in the amount of $125,000 were recognized in the three-month period ended September 30, 2012, as compared to $73,000 recognized in the three-month period ended September 30, 2011, under the flow-through method of accounting for investments in tax credits.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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