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Federal Income Taxes (Tables)

12 Months Ended

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

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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

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

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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

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