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Income Taxes

3 Months Ended

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

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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

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