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Federal Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

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, 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

Schedule of Deferred Tax Assets and Liabilities

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

Schedule of Effective Income Tax Rate Reconciliation

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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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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.

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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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