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INCOME TAXES | 6 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
INCOME TAXES | 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 and six months ended December 31, 2023 and 2022:
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in Thousands) |  | (Dollars in Thousands)
(Loss) income before income taxes | $ | (12,045) |  |  | $ | 1,984 |  |  | $ | 1,106 |  |  | $ | 23,774 |
Statutory federal tax rate | 21 | % |  | 21 | % |  | 21 | % |  | 21 | %
Federal income tax at statutory rate | $ | (2,529) |  |  | $ | 417 |  |  | $ | 232 |  |  | $ | 4,993 |
(Reduction) increase in income taxes resulting from: |  |  |  |  |  |  |
Tax exempt interest | (17) |  |  | (46) |  |  | (35) |  |  | (105) |
State tax, net of federal tax effect | (966) |  |  | (124) |  |  | (188) |  |  | 1,296 |
Incentive stock option compensation expense | 2 |  |  | 3 |  |  | 5 |  |  | 6 |
Income from bank-owned life insurance | (364) |  |  | (362) |  |  | (714) |  |  | (1,137) |
Surrender of bank-owned life insurance polices | 5,713 |  |  | — |  |  | 5,713 |  |  | — |
Other items, net | (57) |  |  | 145 |  |  | 78 |  |  | 235 |
Total income tax expense | $ | 1,782 |  |  | $ | 33 |  |  | $ | 5,091 |  |  | $ | 5,288 |
Effective income tax rate | (14.79) | % |  | 1.66 | % |  | 460.31 | % |  | 22.24 | %

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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://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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