XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Income Taxes | 12 Months Ended
--- | ---
Jun. 30, 2022
Income Taxes |
Income Taxes. | ​ ​ NOTE 9: Income Taxes The Company and its subsidiary files income tax returns in the U.S. Federal jurisdiction and various states. The Company is no longer subject to federal and state tax examinations by tax authorities for tax years ending June 30, 2017 and before. The Company’s Missouri income tax returns for the fiscal years ending June 30, 2016 through 2018 are under audit by the Missouri Department of Revenue. The Company recognized no interest or penalties related to income taxes for the periods presented. The components of net deferred tax assets (included in other assets on the condensed consolidated balance sheet) are summarized as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | June 30, 2022 |  | June 30, 2021
Deferred tax assets: |  | ​ |  |  | ​ |
Provision for losses on loans | ​ | $ | 7,761 | ​ | $ | 7,626
Accrued compensation and benefits | ​ |  | 828 | ​ |  | 826
NOL carry forwards acquired | ​ |  | 57 | ​ |  | 147
Unrealized loss on other real estate | ​ |  | 72 | ​ |  | 180
Unrealized loss on available for sale securities | ​ | ​ | 4,921 | ​ | ​ | —
Other | ​ |  | — | ​ |  | 182
Total deferred tax assets | ​ |  | 13,639 | ​ |  | 8,961
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
Purchase accounting adjustments | ​ |  | 224 | ​ |  | 210
Depreciation | ​ |  | 1,974 | ​ |  | 1,842
FHLB stock dividends | ​ |  | 120 | ​ |  | 120
Prepaid expenses | ​ |  | 415 | ​ |  | 283
Unrealized gain on available for sale securities | ​ |  | — | ​ |  | 821
Other | ​ |  | 181 | ​ |  | 1,193
Total deferred tax liabilities | ​ |  | 2,914 | ​ |  | 4,469
Net deferred tax asset | ​ | $ | 10,725 | ​ | $ | 4,492
​ As of June 30, 2022, the Company had approximately $261,000 and $0 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., and the April 2020 acquisition of Central Federal Savings and Loan. 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 year ended June 30
(dollars in thousands) | ​ | 2022 | ​ | 2021 | ​ | 2020
Tax at statutory rate | ​ | $ | 12,580 | ​ | $ | 12,538 | ​ | $ | 7,231
Increase (reduction) in taxes resulting from: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Nontaxable municipal income | ​ |  | (349) | ​ |  | (453) | ​ |  | (444)
State tax, net of Federal benefit | ​ |  | 812 | ​ |  | 1,018 | ​ |  | 299
Cash surrender value of Bank-owned life insurance | ​ |  | (245) | ​ |  | (378) | ​ |  | (214)
Tax credit benefits | ​ |  | (45) | ​ |  | (11) | ​ |  | (48)
Other, net | ​ |  | (18) | ​ |  | (189) | ​ |  | 63
Actual provision | ​ | $ | 12,735 | ​ | $ | 12,525 | ​ | $ | 6,887
​ For the years ended June 30, 2022, 2021, and 2020, 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.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=121826272&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=122134291&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=121826272&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=122134291&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=121826272&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 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration