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Federal Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

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, 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

Schedule of Deferred Tax Assets and Liabilities

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

Schedule of Effective Income Tax Rate Reconciliation

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

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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