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v3.22.2.2

Income Taxes | 3 Months Ended
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Sep. 30, 2022
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, 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 Company’s income tax provision is comprised of the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the three-month periods ended
(dollars in thousands) | ​ | September 30, 2022 | ​ | September 30, 2021
Income taxes |  | ​ |  |  | ​ |
Current | ​ | $ | 2,436 | ​ | $ | 3,481
Deferred | ​ |  | 7 | ​ |  | 7
Total income tax provision | ​ | $ | 2,443 | ​ | $ | 3,488
​ The components of net deferred tax assets (included in other assets on the condensed consolidated balance sheet) are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | September 30, 2022 |  | June 30, 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Provision for losses on loans | ​ | $ | 8,875 | ​ | $ | 7,761
Accrued compensation and benefits | ​ |  | 598 | ​ |  | 828
NOL carry forwards acquired | ​ |  | 41 | ​ |  | 57
Unrealized loss on other real estate | ​ |  | 32 | ​ |  | 72
Unrealized loss on available for sale securities | ​ | ​ | 5,510 | ​ | ​ | 4,921
Total deferred tax assets | ​ |  | 15,056 | ​ |  | 13,639
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
Purchase accounting adjustments | ​ |  | 296 | ​ |  | 224
Depreciation | ​ |  | 1,820 | ​ |  | 1,974
FHLB stock dividends | ​ |  | 120 | ​ |  | 120
Prepaid expenses | ​ |  | 368 | ​ |  | 415
Other | ​ |  | 1,145 | ​ |  | 181
Total deferred tax liabilities | ​ |  | 3,749 | ​ |  | 2,914
Net deferred tax asset | ​ | $ | 11,307 | ​ | $ | 10,725
​ As of September 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 three-month periods ended | ​
(dollars in thousands) | ​ | September 30, 2022 | ​ | September 30, 2021 | ​
Tax at statutory rate | ​ | $ | 2,530 | ​ | $ | 3,409 | ​
Increase (reduction) in taxes resulting from: | ​ |  | ​ | ​ |  | ​ | ​
Nontaxable municipal income | ​ |  | (81) | ​ |  | (107) | ​
State tax, net of Federal benefit | ​ |  | 13 | ​ |  | 252 | ​
Cash surrender value of Bank-owned life insurance | ​ |  | (67) | ​ |  | (59) | ​
Tax credit benefits | ​ |  | (2) | ​ |  | (11) | ​
Other, net | ​ |  | 50 | ​ |  | 4 | ​
Actual provision | ​ | $ | 2,443 | ​ | $ | 3,488 | ​
​ For the three- month periods ended September 30, 2022 and 2021, 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=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
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