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Income Taxes | 12 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of the provision for income taxes for the years ended September 30, 2023, 2022 and 2021 were as follows (dollars in thousands):
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 7,167 |  |  | $ | 6,139 |  |  | $ | 6,570 |
Deferred | (291) |  |  | (177) |  |  | 275 |
Provision for income taxes | $ | 6,876 |  |  | $ | 5,962 |  |  | $ | 6,845 |
At September 30, 2023, the Company had income tax receivable of $107,000, which is included in other assets in the accompanying consolidated balance sheets. At September 30, 2022, the Company had an income tax payable of $332,000, 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, 2023 and 2022 were as follows (dollars in thousands):
| 2023 |  | 2022
Deferred Tax Assets |  |  |
Allowance for loan losses | $ | 3,322 |  |  | $ | 2,878 |
Allowance for OREO losses | 5 |  |  | 5 |
OTTI credit impairment on investment securities | 50 |  |  | 62 |
Accrued interest on loans | 58 |  |  | 63 |
Deferred compensation and bonuses | 217 |  |  | 260 |
Reserve for loan commitments | 70 |  |  | 64 |
Operating lease liabilities | 392 |  |  | 434 |
Net unrealized losses on investment securities and investments in equity securities | 288 |  |  | 190 |
Other | 85 |  |  | 66 |
Total deferred tax assets | 4,487 |  |  | 4,022 |
| 2023 |  | 2022
Deferred Tax Liabilities |  |  |
Goodwill | 1,187 |  |  | 1,187 |
Loan servicing rights | 446 |  |  | 635 |
Depreciation | 906 |  |  | 757 |
Loan fees/costs | 983 |  |  | 771 |
Prepaid expenses | 172 |  |  | 175 |
Purchase accounting adjustment | 159 |  |  | 208 |
Operating lease ROU assets | 372 |  |  | 416 |
Total deferred tax liabilities | 4,225 |  |  | 4,149 |
Net deferred tax assets (liabilities) | $ | 262 |  |  | $ | (127) |
Deferred tax assets are included in other assets, and 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, 2023 and 2022, 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, 2023, 2022 and 2021 differs from that computed at the federal statutory corporate tax rate as follows (dollars in thousands):
| 2023 |  | 2022 |  | 2021
Expected federal income tax provision at statutory rate | $ | 7,139 |  |  | $ | 6,208 |  |  | $ | 7,230 |
BOLI income | (148) |  |  | (129) |  |  | (125) |
Dividends on Employee Stock Ownership Plan ("ESOP") stock | (71) |  |  | (70) |  |  | (88) |
Stock options tax effect | (66) |  |  | (34) |  |  | (167) |
Other, net | 22 |  |  | (13) |  |  | (5) |
Provision for income taxes | $ | 6,876 |  |  | $ | 5,962 |  |  | $ | 6,845 |

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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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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