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Income Taxes | 3 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | 17. INCOME TAXES The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three months ended September 30, 2019 and September 30, 2018.
|  |  | Three Months Ended |
|  |  | September 30, |
|  |  |  |  | 2019 |  |  | 2018 |
|  |  | (Dollars in Thousands) |
Income before income taxes |  |  |  |  | $ | 15,187 |  |  | $ | 14,805 |
Statutory federal tax rate |  |  |  |  |  | 21 | % |  |  | 21 | %
Federal income tax expense at statutory rate |  |  |  |  | $ | 3,189 |  |  | $ | 3,109 |
(Reduction) increases in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest |  |  |  |  |  | (144 | ) |  |  | (149 | )
State tax, net of federal tax effect |  |  |  |  |  | 1,241 |  |  |  | 1,205 |
Incentive stock option compensation expense |  |  |  |  |  | 17 |  |  |  | 28 |
Income from bank-owned life insurance |  |  |  |  |  | (333 | ) |  |  | (289 | )
Other items, net |  |  |  |  |  | (153 | ) |  |  | 652 |
Impact of deferred tax rate adjustment |  |  |  |  |  | - |  |  |  | (897 | )
Total income tax expense |  |  |  |  | $ | 3,817 |  |  | $ | 3,659 |
Effective income tax rate |  |  |  |  |  | 25.13 | % |  |  | 24.71 | %
The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows:
|  |  |  |  | September 30, |  |  | June 30, |
|  |  |  |  | 2019 |  |  |  | 2019 |
|  |  |  |  | (Unaudited) |  |  |  |  |
|  |  |  |  | (In Thousands) |
Deferred income tax assets: |  |  |  |  |  |  |  |  |  |  |
Purchase accounting |  |  |  |  | $ | 14,243 |  |  | $ | 15,137 |
Accumulated other comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Defined benefit plans |  |  |  |  |  | 179 |  |  |  | 319 |
Unrealized loss on securities available for sale transferred to held to maturity |  |  |  |  |  | - |  |  |  | 175 |
Allowance for loan losses |  |  |  |  |  | 9,617 |  |  |  | 9,831 |
Benefit plans |  |  |  |  |  | 2,319 |  |  |  | 2,280 |
Compensation |  |  |  |  |  | 413 |  |  |  | 1,246 |
Stock-based compensation |  |  |  |  |  | 2,230 |  |  |  | 1,973 |
Uncollected interest |  |  |  |  |  | 1,186 |  |  |  | 1,070 |
Depreciation |  |  |  |  |  | 427 |  |  |  | - |
Charitable contribution carryover |  |  |  |  |  | - |  |  |  | 186 |
Net operating loss carryover |  |  |  |  |  | 690 |  |  |  | 919 |
Capital loss carryforward |  |  |  |  |  | 832 |  |  |  | 814 |
Other items |  |  |  |  |  | 563 |  |  |  | 587 |
|  |  |  |  |  | 32,699 |  |  |  | 34,537 |
Valuation allowance |  |  |  |  |  | (1,263 | ) |  |  | (1,258 | )
|  |  |  |  |  | 31,436 |  |  |  | 33,279 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |  |
Deferred loan fees and costs |  |  |  |  |  | 1,446 |  |  |  | 1,584 |
Accumulated other comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  |  |  |  | 171 |  |  |  | 1,094 |
Unrealized gain on securities available for sale |  |  |  |  |  | 3,441 |  |  |  | 573 |
Goodwill |  |  |  |  |  | 4,625 |  |  |  | 4,608 |
Other items |  |  |  |  |  | 11 |  |  |  | 53 |
|  |  |  |  |  | 9,694 |  |  |  | 7,912 |
Net deferred income tax asset |  |  |  |  | $ | 21,742 |  |  | $ | 25,367 |

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- References No definition available. + Details
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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