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Federal Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2020
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, 2020, 2019 and 2018 were as follows (dollars in thousands):
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 5,962 |  |  | $ | 5,198 |  |  | $ | 4,900 |
State | — |  |  | — |  |  | 4 |
Deferred | 76 |  |  | 703 |  |  | 797 |
Provision for income taxes | $ | 6,038 |  |  | $ | 5,901 |  |  | $ | 5,701 |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities at September 30, 2020 and 2019 were as follows (dollars in thousands):
| 2020 |  | 2019
Deferred Tax Assets |  |  |
Allowance for loan losses | $ | 2,440 |  |  | $ | 1,550 |
Allowance for OREO losses | 171 |  |  | 218 |
OTTI credit impairment on investment securities | 64 |  |  | 97 |
Accrued interest on loans | 8 |  |  | 76 |
Deferred compensation and bonuses | 372 |  |  | 520 |
Reserve for loan commitments | 81 |  |  | 51 |
Lease liability | 552 |  |  | — |
Other | 69 |  |  | 82 |
Total deferred tax assets | 3,757 |  |  | 2,594 |
Deferred Tax Liabilities |  |  |
Goodwill | 1,187 |  |  | 1,187 |
Servicing rights | 650 |  |  | 506 |
Depreciation | 778 |  |  | 494 |
Loan fees/costs | 428 |  |  | 267 |
FHLB stock dividends | 81 |  |  | 82 |
Prepaid expenses | 98 |  |  | 70 |
Purchase accounting adjustment | 207 |  |  | 110 |
Net unrealized gains on investment securities and investments in equity securities | 23 |  |  | 15 |
Right of use asset | 543 |  |  | — |
Total deferred tax liabilities | 3,995 |  |  | 2,731 |
Net deferred tax assets (liabilities) | $ | (238) |  |  | $ | (137) |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes for the years ended September 30, 2020, 2019 and 2018 differs from that computed at the federal statutory corporate tax rate as follows (dollars in thousands):
| 2020 |  | 2019 |  | 2018
Expected federal income tax provision at statutory rate | $ | 6,365 |  |  | $ | 6,283 |  |  | $ | 5,500 |
Net impact of the Tax Act | — |  |  | — |  |  | 548 |
BOLI income | (124) |  |  | (345) |  |  | (134) |
Dividends on ESOP | (75) |  |  | (73) |  |  | (71) |
Stock options tax effect | (33) |  |  | (87) |  |  | (157) |
Other, net | (95) |  |  | 123 |  |  | 15 |
Provision for income taxes | $ | 6,038 |  |  | $ | 5,901 |  |  | $ | 5,701 |

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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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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