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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2023
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) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 89,839 |  |  | $ | 64,800 |  |  | $ | 61,827 |
State | 54,326 |  |  | 43,843 |  |  | 37,037 |
| 144,165 |  |  | 108,643 |  |  | 98,864 |
Deferred: |  |  |  |  |
Federal | (13,084) |  |  | (5,600) |  |  | (5,562) |
State | (6,502) |  |  | (3,800) |  |  | (3,266) |
| (19,586) |  |  | (9,400) |  |  | (8,828) |
Total | $ | 124,579 |  |  | $ | 99,243 |  |  | $ | 90,036 |
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,
| 2023 |  | 2022 |  | 2021
Statutory federal tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Increase (decrease) resulting from: |  |  |  |  |
State taxes—net of federal tax benefit | 9.04 | % |  | 9.13 | % |  | 8.70 | %
Tax credits | (0.45) | % |  | (0.44) | % |  | (0.59) | %
Non-taxable income | (0.03) | % |  | (0.09) | % |  | (0.09) | %
Excess benefit RSU vesting | (0.41) | % |  | (1.31) | % |  | (0.64) | %
Other | (0.30) | % |  | 0.90 | % |  | 1.07 | %
Effective tax rate | 28.85 | % |  | 29.19 | % |  | 29.45 | %
Schedule of Net Deferred Tax Asset | The components of the net deferred tax asset are as follows:
| At June 30,
(Dollars in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 64,655 |  |  | $ | 59,045 |
Lease liability | 22,654 |  |  | 24,626 |
Accrued compensation | 7,564 |  |  | 2,533 |
Stock-based compensation expense | 6,980 |  |  | 5,101 |
Litigation accrual | 5,206 |  |  | 3,116 |
Non-accrual loan interest income | 4,962 |  |  | 2,608 |
Unrealized net losses on securities | 2,730 |  |  | 1,261 |
Net operating loss carryforward | 1,484 |  |  | 1,503 |
State taxes | 1,064 |  |  | 949 |
Securities impaired | 267 |  |  | 270 |
Total deferred tax assets | 117,566 |  |  | 101,012 |
Deferred tax liabilities: |  |  |
Operating lease right-of-use asset | (20,681) |  |  | (22,757) |
Depreciation and amortization | (7,533) |  |  | (8,838) |
Other assets—prepaids | (2,342) |  |  | (2,083) |
FHLB stock dividend | (833) |  |  | (842) |
Total deferred tax liabilities | (31,389) |  |  | (34,520) |
Net deferred tax asset | 86,177 |  |  | 66,492 |
Valuation allowance | (277) |  |  | (230) |
Net deferred tax asset, net of valuation allowance 1 | $ | 85,900 |  |  | $ | 66,262 |
1 Net deferred tax asset, net of valuation allowance, is included in the other assets line on the consolidated balance sheet.
Schedule of Unrecognized Tax Benefits Roll Forward | The reconciliation of the gross beginning and ending amount of unrecognized tax positions for the periods presented is:
(Dollars in thousands) | 2023 |  | 2022 |  |
Balance—beginning of period | $ | 4,975 |  |  | $ | 4,156 |  |  |
Additions—current year tax positions | 1,603 |  |  | 703 |  |  |
Additions—prior year tax positions | 518 |  |  | 347 |  |  |
Reductions—prior year tax positions | (172) |  |  | (231) |  |  |
Total liability for unrecognized tax positions—end of period | $ | 6,924 |  |  | $ | 4,975 |  |  |

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