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Income Taxes | 6 Months Ended
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Dec. 31, 2020
Income Taxes |
Income Taxes | Note 8: Income Taxes The Company and its subsidiaries file 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 tax years ending June 30, 2015 and before. 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 periods ended |  | For the six-month periods ended
(dollars in thousands) | ​ | December 31, 2020 | ​ | December 31, 2019 | ​ | December 31, 2020 | ​ | December 31, 2019
Income taxes |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Current | ​ | $ | 3,139 | ​ | $ | 1,915 | ​ | $ | 5,903 | ​ | $ | 3,884
Deferred | ​ |  | 14 | ​ |  | 6 | ​ |  | (3) | ​ |  | 12
Total income tax provision | ​ | $ | 3,153 | ​ | $ | 1,921 | ​ | $ | 5,900 | ​ | $ | 3,896
​ The components of net deferred tax assets (included in other assets on the condensed consolidated balance sheet) are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | December 31, 2020 |  | June 30, 2020
Deferred tax assets: |  | ​ |  |  | ​ |
Provision for losses on loans | ​ | $ | 8,309 | ​ | $ | 5,802
Accrued compensation and benefits | ​ |  | 607 | ​ |  | 825
NOL carry forwards acquired | ​ |  | 123 | ​ |  | 149
Minimum Tax Credit | ​ |  | — | ​ |  | 130
Unrealized loss on other real estate | ​ |  | 170 | ​ |  | 257
Other | ​ |  | — | ​ |  | 26
Total deferred tax assets | ​ |  | 9,209 | ​ |  | 7,189
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
Purchase accounting adjustments | ​ |  | 165 | ​ |  | 64
Depreciation | ​ |  | 1,664 | ​ |  | 1,665
FHLB stock dividends | ​ |  | 120 | ​ |  | 120
Prepaid expenses | ​ |  | 255 | ​ |  | 259
Unrealized gain on available for sale securities | ​ |  | 1,195 | ​ |  | 1,265
Other | ​ |  | 39 | ​ |  | 104
Total deferred tax liabilities | ​ |  | 3,438 | ​ |  | 3,477
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset | ​ | $ | 5,771 | ​ | $ | 3,712
​ As of December 31, 2020, the Company had approximately $675,000 and $119,000 in federal and state net operating loss carryforwards, respectively, which were acquired in the July 2009 acquisition of Southern Bank of Commerce, the February 2014 acquisition of Citizens State Bankshares of Bald Knob, Inc., the August 2014 acquisition of Peoples Service Company, and the June 2017 acquisition of Tammcorp, Inc. 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 expense is shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the three-month periods ended |  | For the six-month periods ended
(dollars in thousands) | ​ | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 | ​ | December 31, 2019
Tax at statutory rate | ​ | $ | 3,192 | ​ | $ | 2,024 | ​ | $ | 5,866 | ​ | $ | 4,083
Increase (reduction) in taxes resulting from: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Nontaxable municipal income | ​ |  | (108) | ​ |  | (113) | ​ |  | (211) | ​ |  | (226)
State tax, net of Federal benefit | ​ |  | 261 | ​ |  | 87 | ​ |  | 502 | ​ |  | 196
Cash surrender value of Bank-owned life insurance | ​ |  | (205) | ​ |  | (53) | ​ |  | (263) | ​ |  | (106)
Tax credit benefits | ​ |  | (5) | ​ |  | (4) | ​ |  | (9) | ​ |  | (6)
Other, net | ​ |  | 18 | ​ |  | (20) | ​ |  | 15 | ​ |  | (45)
Actual provision | ​ | $ | 3,153 | ​ | $ | 1,921 | ​ | $ | 5,900 | ​ | $ | 3,896
​ For the three- and six- month periods ended December 31, 2020 and 2019, income tax expense at the statutory rate was calculated using a 21% annual effective tax rate (AETR). Tax credit benefits are recognized under the deferral 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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