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Income Taxes | 12 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of the provision for income taxes for the years ended September 30, 2024, 2023 and 2022 were as follows (dollars in thousands):
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 6,506 |  |  | $ | 7,167 |  |  | $ | 6,139 |
Deferred | (383) |  |  | (291) |  |  | (177) |
Provision for income taxes | $ | 6,123 |  |  | $ | 6,876 |  |  | $ | 5,962 |
At September 30, 2024 and 2023, the Company had income tax receivable of $80,000 and $107,000, respectively, which is included in other assets in the accompanying consolidated balance sheets. The components of the Company’s deferred tax assets and liabilities at September 30, 2024 and 2023 were as follows (dollars in thousands):
| 2024 |  | 2023
Deferred Tax Assets |  |  |
Allowance for credit losses | $ | 3,739 |  |  | $ | 3,392 |
Allowance for OREO losses | 5 |  |  | 5 |
OTTI credit impairment on investment securities | 50 |  |  | 50 |
Accrued interest on loans | 69 |  |  | 58 |
Deferred compensation and bonuses | 163 |  |  | 217 |
Operating lease liabilities | 331 |  |  | 392 |
Net unrealized losses on investment securities and investments in equity securities | 5 |  |  | 288 |
Other | 70 |  |  | 85 |
Total deferred tax assets | 4,432 |  |  | 4,487 |
| 2024 |  | 2023
Deferred Tax Liabilities |  |  |
Goodwill | 1,187 |  |  | 1,187 |
Loan servicing rights | 288 |  |  | 446 |
Depreciation | 815 |  |  | 906 |
Loan fees/costs | 1,044 |  |  | 983 |
Prepaid expenses | 159 |  |  | 172 |
Purchase accounting adjustment | 110 |  |  | 159 |
Operating lease ROU assets | 310 |  |  | 372 |
Other | 27 |  |  | — |
Total deferred tax liabilities | 3,940 |  |  | 4,225 |
Net deferred tax assets | $ | 492 |  |  | $ | 262 |
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, 2024 and 2023, 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, 2024, 2023 and 2022 differs from that computed at the federal statutory corporate tax rate as follows (dollars in thousands):
| 2024 |  | 2023 |  | 2022
Expected federal income tax provision at statutory rate | $ | 6,385 |  |  | $ | 7,139 |  |  | $ | 6,208 |
BOLI income | (135) |  |  | (148) |  |  | (129) |
Dividends on Employee Stock Ownership Plan ("ESOP") stock | (58) |  |  | (71) |  |  | (70) |
Stock based compensation tax effect | (37) |  |  | (66) |  |  | (34) |
Other, net | (32) |  |  | 22 |  |  | (13) |
Provision for income taxes | $ | 6,123 |  |  | $ | 6,876 |  |  | $ | 5,962 |

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