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Note 8: Income Taxes | 6 Months Ended
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Dec. 31, 2013
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 2010. 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 | For the six-month period ended
| December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012
Income taxes |  |  |  |
Current | $136,978 | $1,328,723 | $1,401,099 | $2,469,609
Deferred | 820,469 | (263,837) | 579,795 | (263,837)
Total income tax provision | $957,447 | $1,064,886 | $1,980,894 | $2,205,772
The components of net deferred tax assets (liabilities) are summarized as follows:
| December 31, 2013 | June 30, 2013
Deferred tax assets: |  |
Provision for losses on loans | $3,783,553 | $3,545,918
Accrued compensation and benefits | 225,813 | 211,117
Other-than-temporary impairment on available for sale securities | 120,780 | 261,405
NOL carry forwards acquired | 150,270 | 150,270
Unrealized loss on other real estate | 27,200 | 31,280
Unrealized loss on available for sale securities | 620,781 | 116,157
Other | 24,452 | -
Total deferred tax assets | 4,952,849 | 4,316,147
Deferred tax liabilities: |  |
FHLB stock dividends | 188,612 | 188,612
Purchase accounting adjustments | 1,906,923 | 1,228,067
Depreciation | 685,239 | 761,389
Prepaid expenses | 301,330 | 151,939
Other | - | 40,224
Total deferred tax liabilities | 3,082,104 | 2,370,231
Net deferred tax (liability) asset | $1,870,745 | $1,945,916
As of December 31 and June 30, 2013, the Company had approximately $443,000 and $440,000, respectively, 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 | For the six-month period ended
| December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012
Tax at statutory rate | $1,181,934 | $1,205,574 | $2,401,353 | $2,474,162
Increase (reduction) in taxes resulting from: |  |  |  |
Nontaxable municipal income | (133,668) | (128,391) | (262,244) | (252,659)
State tax, net of Federal benefit | 71,280 | 84,480 | 152,460 | 176,880
Cash surrender value of Bank-owned life insurance | (44,088) | (43,764) | (87,918) | (86,543)
Tax credit benefits | (81,424) | (56,654) | (162,849) | (113,310)
Other, net | (36,587) | 3,641 | (59,909) | 7,242
Actual provision | $957,447 | $1,064,886 | $1,980,894 | $2,205,772
Tax credit benefits are recognized 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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: 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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