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Federal Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2023
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, 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 |
Schedule of Deferred Tax Assets and Liabilities | 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) |
Schedule of Effective Income Tax Rate Reconciliation | 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 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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