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INCOME TAXES | 9 Months Ended
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Mar. 31, 2025
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 nine months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in Thousands)
Income before income taxes | $ | 7,848 |  |  | $ | 9,114 |  |  | $ | 22,843 |  |  | $ | 10,220 |
Statutory federal tax rate | 21 | % |  | 21 | % |  | 21 | % |  | 21 | %
Federal income tax at statutory rate | $ | 1,648 |  |  | $ | 1,914 |  |  | $ | 4,797 |  |  | $ | 2,146 |
(Reduction) increase in income taxes resulting from: |  |  |  |  |  |  |
Tax exempt interest | (11) |  |  | (17) |  |  | (38) |  |  | (52) |
State tax, net of federal tax effect | 104 |  |  | 485 |  |  | 857 |  |  | 297 |
Incentive stock option compensation expense | — |  |  | — |  |  | — |  |  | 5 |
Income from bank-owned life insurance | (548) |  |  | (504) |  |  | (1,635) |  |  | (1,218) |
Surrender of bank-owned life insurance polices | — |  |  | 76 |  |  | — |  |  | 5,789 |
Other items, net | 7 |  |  | (237) |  |  | (444) |  |  | (159) |
Total income tax expense | $ | 1,200 |  |  | $ | 1,717 |  |  | $ | 3,537 |  |  | $ | 6,808 |
Effective income tax rate | 15.29 | % |  | 18.84 | % |  | 15.48 | % |  | 66.61 | %

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