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Income Taxes | 12 Months Ended
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Sep. 30, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of the provision for income taxes for the years ended September 30, 2022, 2021 and 2020 were as follows (dollars in thousands):
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 6,139 |  |  | $ | 6,570 |  |  | $ | 5,962 |
Deferred | (177) |  |  | 275 |  |  | 76 |
Provision for income taxes | $ | 5,962 |  |  | $ | 6,845 |  |  | $ | 6,038 |
At September 30, 2022 and 2021, the Company had income taxes payable of $332,000 and $42,000, which is included in other liabilities and accrued expenses in the accompanying consolidated balance sheets. The components of the Company’s deferred tax assets and liabilities at September 30, 2022 and 2021 were as follows (dollars in thousands):
| 2022 |  | 2021
Deferred Tax Assets |  |  |
Allowance for loan losses | $ | 2,878 |  |  | $ | 2,613 |
Allowance for OREO losses | 5 |  |  | 42 |
OTTI credit impairment on investment securities | 62 |  |  | 64 |
Accrued interest on loans | 63 |  |  | 75 |
Deferred compensation and bonuses | 260 |  |  | 301 |
Reserve for loan commitments | 64 |  |  | 76 |
Operating lease liabilities | 434 |  |  | 495 |
Net unrealized losses on investment securities and investments in equity securities | 190 |  |  | — |
Other | 66 |  |  | 46 |
Total deferred tax assets | 4,022 |  |  | 3,712 |
Deferred Tax Liabilities |  |  |
Goodwill | 1,187 |  |  | 1,187 |
Loan servicing rights | 635 |  |  | 731 |
Depreciation | 757 |  |  | 787 |
Loan fees/costs | 771 |  |  | 584 |
FHLB stock dividends | — |  |  | 38 |
Prepaid expenses | 175 |  |  | 162 |
Purchase accounting adjustment | 208 |  |  | 233 |
Net unrealized gains on investment securities and investments in equity securities | — |  |  | 20 |
Operating lease ROU assets | 416 |  |  | 480 |
Total deferred tax liabilities | 4,149 |  |  | 4,222 |
Net deferred tax liabilities | $ | (127) |  |  | $ | (510) |
Deferred tax liabilities are included in other liabilities and accrued expenses in the accompanying consolidated balance sheets. No valuation allowance for deferred tax assets was recorded as of September 30, 2022 and 2021, 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. The provision for income taxes for the years ended September 30, 2022, 2021 and 2020 differs from that computed at the federal statutory corporate tax rate as follows (dollars in thousands):
| 2022 |  | 2021 |  | 2020
Expected federal income tax provision at statutory rate | $ | 6,208 |  |  | $ | 7,230 |  |  | $ | 6,365 |
BOLI income | (129) |  |  | (125) |  |  | (124) |
Dividends on ESOP | (70) |  |  | (88) |  |  | (75) |
Stock options tax effect | (34) |  |  | (167) |  |  | (33) |
Other, net | (13) |  |  | (5) |  |  | (95) |
Provision for income taxes | $ | 5,962 |  |  | $ | 6,845 |  |  | $ | 6,038 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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