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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 Income Taxes | The components of income taxes are as follows:
| Years Ended June 30,
| 2023 |  | 2022 |  | 2021
| (In Thousands)
Current income tax expense: |  |  |  |  |
Federal | $ | 6,145 |  |  | $ | 12,720 |  |  | $ | 12,051 |
State | 2,634 |  |  | 7,057 |  |  | 5,058 |
| 8,779 |  |  | 19,777 |  |  | 17,109 |
Deferred income tax expense: |  |  |  |  |
Federal | 1,902 |  |  | 2,895 |  |  | 2,673 |
State | 887 |  |  | 2,128 |  |  | 2,016 |
| 2,789 |  |  | 5,023 |  |  | 4,689 |
Valuation allowance | — |  |  | — |  |  | (535) |
Total income tax expense | $ | 11,568 |  |  | $ | 24,800 |  |  | $ | 21,263 |
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 rates applicable to those periods. The federal income tax rate of 21% was applicable for the years ended June 30, 2023, 2022 and 2021.
| Years Ended June 30,
| 2023 |  | 2022 |  | 2021
| (Dollars In Thousands)
Income before income taxes | $ | 52,379 |  |  | $ | 92,347 |  |  | $ | 84,496 |
Statutory federal tax rate | 21 | % |  | 21 | % |  | 21 | %
Federal income tax expense at statutory rate | $ | 11,000 |  |  | $ | 19,393 |  |  | $ | 17,744 |
(Reduction) increases in income taxes resulting from: |  |  |  |  |
Tax exempt interest | (143) |  |  | (266) |  |  | (345) |
State tax, net of federal tax effect | 2,781 |  |  | 7,257 |  |  | 5,464 |
Incentive stock options compensation expense | 12 |  |  | 45 |  |  | 85 |
Income from bank-owned life insurance | (1,840) |  |  | (1,281) |  |  | (1,255) |
Disqualifying disposition on incentive stock options | — |  |  | — |  |  | (33) |
Non-deductible merger-related expenses | — |  |  | — |  |  | 49 |
Bargain purchase gain | — |  |  | — |  |  | (641) |
Other items, net | (242) |  |  | (348) |  |  | 730 |
| 11,568 |  |  | 24,800 |  |  | 21,798 |
Valuation allowance | — |  |  | — |  |  | (535) |
Total income tax expense | $ | 11,568 |  |  | $ | 24,800 |  |  | $ | 21,263 |
Effective income tax rate | 22.09 | % |  | 26.86 | % |  | 25.16 | %
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:
| June 30,
| 2023 |  | 2022
| (In Thousands)
Deferred income tax assets: |  |  |
Purchase accounting | $ | 4,098 |  |  | $ | 6,327 |
Accumulated other comprehensive income: |  |  |
Defined benefit plans | — |  |  | 26 |
Unrealized loss on securities available for sale | 45,018 |  |  | 34,104 |
Allowance for credit losses | 14,211 |  |  | 13,809 |
Benefit plans | 2,603 |  |  | 2,494 |
Compensation | 1,440 |  |  | 2,023 |
Stock-based compensation | 3,161 |  |  | 2,834 |
Uncollected interest | 1,313 |  |  | 1,705 |
Depreciation | 2,335 |  |  | 1,931 |
Net operating loss carryover | 2 |  |  | 4 |
Capital loss carryforward | 191 |  |  | 141 |
Other items | 839 |  |  | 844 |
| 75,211 |  |  | 66,242 |
Deferred income tax liabilities: |  |  |
Deferred loan fees and costs | 1,710 |  |  | 838 |
Accumulated other comprehensive income: |  |  |
Derivatives | 16,940 |  |  | 11,542 |
Defined benefit plans | 78 |  |  | — |
Goodwill | 4,510 |  |  | 4,510 |
Other items | — |  |  | 2 |
| 23,238 |  |  | 16,892 |
Net deferred income tax asset | $ | 51,973 |  |  | $ | 49,350 |

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- 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
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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 -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
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