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Income Taxes (Tables) | 3 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | 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 | %
Schedule of Deferred Income Tax Assets and Liabilities | 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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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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