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INCOME TAXES | 6 Months Ended
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Dec. 31, 2024
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, 2024 and 2023:
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (Dollars in Thousands)
Income before income taxes | $ | 7,817 |  |  | $ | (12,045) |  |  | $ | 14,995 |  |  | $ | 1,106 |
Statutory federal tax rate | 21 | % |  | 21 | % |  | 21 | % |  | 21 | %
Federal income tax at statutory rate | $ | 1,642 |  |  | $ | (2,529) |  |  | $ | 3,149 |  |  | $ | 232 |
(Reduction) increase in income taxes resulting from: |  |  |  |  |  |  |
Tax exempt interest | (13) |  |  | (17) |  |  | (27) |  |  | (35) |
State tax, net of federal tax effect | 567 |  |  | (966) |  |  | 753 |  |  | (188) |
Incentive stock option compensation expense | — |  |  | 2 |  |  | — |  |  | 5 |
Income from bank-owned life insurance | (548) |  |  | (364) |  |  | (1,087) |  |  | (714) |
Surrender of bank-owned life insurance polices | — |  |  | 5,713 |  |  | — |  |  | 5,713 |
Other items, net | (397) |  |  | (57) |  |  | (451) |  |  | 78 |
Total income tax expense | $ | 1,251 |  |  | $ | 1,782 |  |  | $ | 2,337 |  |  | $ | 5,091 |
Effective income tax rate | 16.00 | % |  | (14.79) | % |  | 15.59 | % |  | 460.31 | %

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