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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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