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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

The components of income taxes are as follows:

			Years Ended June 30,
			2024						2023						2022
			(In Thousands)
Current income tax expense:
Federal			$	4,352					$	6,145					$	12,720
State			2,406						2,634						7,057
			6,758						8,779						19,777
Deferred income tax expense:
Federal			4						1,902						2,895
State			(871)						887						2,128
			(867)						2,789						5,023
Total income tax expense			$	5,891					$	11,568					$	24,800

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, 2024, 2023 and 2022.

			Years Ended June 30,
			2024						2023						2022
			(Dollars In Thousands)
(Loss) income before income taxes			$	(80,776)					$	52,379					$	92,347
Statutory federal tax rate			21		%				21		%				21		%
Federal income tax expense at statutory rate			$	(16,963)					$	11,000					$	19,393
(Reduction) increases in income taxes resulting from:
Tax exempt interest			(68)						(143)						(266)
State tax, net of federal tax effect			1,213						2,781						7,257
Incentive stock options compensation expense			5						12						45
Income from bank-owned life insurance			(1,902)						(1,840)						(1,281)
Goodwill impairment			18,935						—						—
Surrender of bank-owned life insurance policies			4,477						—						—
Other items, net			194						(242)						(348)
			5,891						11,568						24,800
Total income tax expense			$	5,891					$	11,568					$	24,800
Effective income tax rate			(7.29)		%				22.09		%				26.86		%

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,
			2024						2023
			(In Thousands)
Deferred income tax assets:
Purchase accounting			$	3,543					$	4,098
Accumulated other comprehensive income:
Unrealized loss on securities available for sale			37,683						45,018
Allowance for credit losses			12,786						14,211
Benefit plans			2,605						2,603
Compensation			1,303						1,440
Stock-based compensation			2,923						3,161
Uncollected interest			1,177						1,313
Depreciation			2,309						2,335
Net operating loss carryover			889						2
Capital loss carryforward			614						191
Other items			780						839
			66,612						75,211
Deferred income tax liabilities:
Deferred loan fees and costs			1,690						1,710
Accumulated other comprehensive income:
Derivatives			12,085						16,940
Defined benefit plans			98						78
Goodwill			2,400						4,510
			16,273						23,238
Net deferred income tax asset			$	50,339					$	51,973

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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.

+ References

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-Topic 740
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-Section 50
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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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