XML 35 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
Income Taxes
 12 Months Ended
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):
 202220212020
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):
 20222021
Deferred Tax Assets  
Allowance for loan losses$2,878 $2,613 
Allowance for OREO losses5 42 
OTTI credit impairment on investment securities62 64 
Accrued interest on loans63 75 
Deferred compensation and bonuses260 301 
Reserve for loan commitments64 76 
Operating lease liabilities434 495 
Net unrealized losses on investment securities and investments in equity securities190 — 
Other66 46 
Total deferred tax assets4,022 3,712 
Deferred Tax Liabilities
Goodwill1,187 1,187 
Loan servicing rights635 731 
Depreciation757 787 
Loan fees/costs771 584 
FHLB stock dividends— 38 
Prepaid expenses175 162 
Purchase accounting adjustment208 233 
Net unrealized gains on investment securities and investments in equity securities— 20 
Operating lease ROU assets416 480 
Total deferred tax liabilities4,149 4,222 
Net deferred tax liabilities$(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):
 202220212020
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