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Federal Income Taxes (Tables)

12 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes for the years ended September 30, 2018, 2017 and 2016 were as follows (dollars in thousands):

	2018				2017				2016
Current:
Federal	$	4,900			$	6,656			$	4,618
State	4				35				—
Deferred	797				385				283
Provision for income taxes	$	5,701			$	7,076			$	4,901

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities at September 30, 2018 and 2017 were as follows (dollars in thousands):

	2018				2017
Deferred Tax Assets
Allowance for loan losses	$	2,021			$	3,380
Allowance for OREO losses	311				443
Unearned ESOP shares	32				148
Core deposit intangible	31				103
OTTI credit impairment on investment securities	104				173
Accrued interest on loans	10				29
Net unrealized losses on investment securities	42				66
Deferred compensation and bonuses	56				94
Reserve for loan commitments	43				75
Other	29				39
Total deferred tax assets	2,679				4,550

Deferred Tax Liabilities
Goodwill	1,107				1,714
MSRs	426				639
Depreciation	283				480
Loan fees/costs	121				—
FHLB stock dividends	82				137
Prepaid expenses	74				140
Other	2				35
Total deferred tax liabilities	2,095				3,145
Net deferred tax assets	$	584			$	1,405

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes for the years ended September 30, 2018, 2017 and 2016 differs from that computed at the federal statutory corporate tax rate as follows (dollars in thousands):

	2018				2017				2016
Expected federal income tax provision at statutory rate	$	5,500			$	7,435			$	5,160
Net impact of the Tax Act	548				—				—
BOLI income	(134		)		(191		)		(189		)
Dividends on ESOP	(71		)		(102		)		(83		)
Stock options tax effect	(157		)		(188		)		—
Other, net	15				122				13
Provision for income taxes	$	5,701			$	7,076			$	4,901

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: 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=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: 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=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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