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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The provision for income taxes is as follows:
| At June 30,
(Dollars in thousands) | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 64,800 |  |  | $ | 61,827 |  |  | $ | 51,893 |
State | 43,843 |  |  | 37,037 |  |  | 33,852 |
| 108,643 |  |  | 98,864 |  |  | 85,745 |
Deferred: |  |  |  |  |
Federal | (5,600) |  |  | (5,562) |  |  | (3,814) |
State | (3,800) |  |  | (3,266) |  |  | (2,737) |
| (9,400) |  |  | (8,828) |  |  | (6,551) |
Total | $ | 99,243 |  |  | $ | 90,036 |  |  | $ | 79,194 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:
| At June 30,
| 2022 |  | 2021 |  | 2020
Statutory federal tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Increase (decrease) resulting from: |  |  |  |  |
State taxes—net of federal tax benefit | 9.13 | % |  | 8.70 | % |  | 9.27 | %
Cash surrender value | (0.26) | % |  | (0.01) | % |  | (0.02) | %
Deferred tax asset write-off | — | % |  | — | % |  | 0.77 | %
Tax credits | (0.44) | % |  | (0.59) | % |  | (0.77) | %
Non-taxable income | (0.09) | % |  | (0.09) | % |  | (0.10) | %
Excess benefit RSU vesting | (1.31) | % |  | (0.64) | % |  | (0.05) | %
Other | 1.16 | % |  | 1.08 | % |  | 0.05 | %
Effective tax rate | 29.19 | % |  | 29.45 | % |  | 30.15 | %
Schedule of Net Deferred Tax Asset | The components of the net deferred tax asset are as follows:
| At June 30,
(Dollars in thousands) | 2022 |  | 2021
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 59,045 |  |  | $ | 51,663 |
State taxes | 949 |  |  | 903 |
Stock-based compensation expense | 5,101 |  |  | 4,891 |
Unrealized net losses on securities | 1,261 |  |  | — |
Accrued compensation | 2,533 |  |  | 3,388 |
Securities impaired | 270 |  |  | 266 |
Non-accrual loan interest income | 2,608 |  |  | 4,182 |
Lease liability | 24,626 |  |  | 22,730 |
Net operating loss carryforward | 1,273 |  |  | 1,811 |
Other liabilities – accruals | 3,116 |  |  | — |
Total deferred tax assets | 100,782 |  |  | 89,834 |
Deferred tax liabilities: |  |  |
FHLB stock dividend | (842) |  |  | (830) |
Other assets—prepaids | (2,083) |  |  | (2,717) |
Depreciation and amortization | (8,838) |  |  | (9,998) |
Operating lease right-of-use asset | (22,757) |  |  | (20,771) |
Unrealized net gains on securities | — |  |  | (1,155) |
Total deferred tax liabilities | (34,520) |  |  | (35,471) |
Net deferred tax asset 1 | $ | 66,262 |  |  | $ | 54,363 |
1 Net deferred tax asset is included in the other assets line on the consolidated balance sheet.
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the beginning and ending amount of unrecognized tax positions for the periods presented:
(Dollars in thousands) | 2022 |  | 2021 |  | 2020
Balance—beginning of period | $ | 3,369 |  |  | $ | 813 |  |  | $ | 1,084 |
Additions—current year tax positions | 690 |  |  | 355 |  |  | 115 |
Additions—prior year tax positions | 481 |  |  | 2,205 |  |  | 31 |
Reductions—prior year tax positions | (233) |  |  | (4) |  |  | (417) |
Total liability for unrecognized tax positions—end of period | $ | 4,307 |  |  | $ | 3,369 |  |  | $ | 813 |

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