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Income Taxes | 12 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes On December 22, 2017, the federal government enacted the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act significantly revised the future ongoing federal corporate income tax by, among other things, decreasing the federal corporate income tax rate to 21.0% from 35.0% effective January 1, 2018. As the Company has a September 30 fiscal year-end, the lower corporate income tax rate was phased in, resulting in a blended federal income tax rate of approximately 24.5% for the Company's fiscal year ended September 30, 2018, and 21.0% for subsequent fiscal years. In addition, the reduction of the corporate federal income tax rate required the Company to revalue its deferred tax assets and liabilities based on the lower federal income tax rate of 21.0%. As a result of the Tax Act, during the year ended September 30, 2018, the Company recorded a one-time income tax expense of $548,000 in conjunction with remeasuring its net deferred tax assets. The impact of using the 24.5% blended federal income tax rate for the year ended September 30, 2018 versus a 35.0% rate reduced the provision for income taxes by approximately $2.21 million, which was partially offset by the $548,000 one-time net deferred tax asset remeasurement. The components of the provision for income taxes for the years ended September 30, 2019, 2018 and 2017 were as follows (dollars in thousands):
| 2019 |  |  | 2018 |  |  | 2017 |
Current: |  |  |  |  |
Federal | $ | 5,198 |  |  | $ | 4,900 |  |  | $ | 6,656 |
State | — |  |  | 4 |  |  | 35 |
Deferred | 703 |  |  | 797 |  |  | 385 |
Provision for income taxes | $ | 5,901 |  |  | $ | 5,701 |  |  | $ | 7,076 |
At September 30, 2019 the Company had income taxes receivable of $1,210,000, which is included in other assets in the accompanying 2019 consolidated balance sheet. At September 30, 2018 the Company had income taxes payable of $151,000, which is included in other liabilities in the accompanying 2018 consolidated balance sheet. The components of the Company’s deferred tax assets and liabilities at September 30, 2019 and 2018 were as follows (dollars in thousands):
| 2019 |  |  | 2018 |
Deferred Tax Assets |  |  |
Allowance for loan losses | $ | 1,550 |  |  | $ | 2,021 |
Allowance for OREO losses | 218 |  |  | 311 |
Unearned ESOP shares | — |  |  | 32 |
Core deposit intangible | — |  |  | 31 |
OTTI credit impairment on investment securities | 97 |  |  | 104 |
Accrued interest on loans | 76 |  |  | 10 |
Net unrealized losses on investment securities | — |  |  | 42 |
Deferred compensation and bonuses | 520 |  |  | 56 |
Reserve for loan commitments | 51 |  |  | 43 |
Other | 82 |  |  | 29 |
Total deferred tax assets | 2,594 |  |  | 2,679 |
Deferred Tax Liabilities |  |  |
Goodwill | 1,187 |  |  | 1,107 |
Servicing rights | 506 |  |  | 426 |
Depreciation | 494 |  |  | 283 |
Loan fees/costs | 267 |  |  | 121 |
FHLB stock dividends | 82 |  |  | 82 |
Prepaid expenses | 70 |  |  | 74 |
Purchase accounting adjustment | 110 |  |  | — |
Net unrealized gains on investment securities and investments in equity securities | 15 |  |  | — |
Other | — |  |  | 2 |
Total deferred tax liabilities | 2,731 |  |  | 2,095 |
Net deferred tax assets (liabilities) | $ | (137 | ) |  | $ | 584 |
The provision for income taxes for the years ended September 30, 2019, 2018 and 2017 differs from that computed at the federal statutory corporate tax rate as follows (dollars in thousands):
| 2019 |  |  | 2018 |  |  | 2017 |
Expected federal income tax provision at statutory rate | $ | 6,283 |  |  | $ | 5,500 |  |  | $ | 7,435 |
Net impact of the Tax Act | — |  |  | 548 |  |  | — |
BOLI income | (345 | ) |  | (134 | ) |  | (191 | )
Dividends on ESOP | (73 | ) |  | (71 | ) |  | (102 | )
Stock options tax effect | (87 | ) |  | (157 | ) |  | (188 | )
Other, net | 123 |  |  | 15 |  |  | 122 |
Provision for income taxes | $ | 5,901 |  |  | $ | 5,701 |  |  | $ | 7,076 |
No valuation allowance for deferred tax assets was recorded as of September 30, 2019 and 2018, as management believes that it is more likely than not that all of the deferred tax assets will be realized based on management's expectations of future taxable income.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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