XML 74 R50.htm IDEA: XBRL DOCUMENT v3.23.2

INCOME TAXES (Tables)

12 Months Ended

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 allowance1			$	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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration