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Income Taxes
 6 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13 – INCOME TAXES

The components of income tax expense are as follows:

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

(In thousands)

2024

 

 

2023

 

 

2024

 

 

2023

 

Current income tax expense

$

2,214

 

 

$

1,545

 

 

$

3,120

 

 

$

2,907

 

Deferred income tax expense (benefit)

 

(51

)

 

 

(1,141

)

 

 

188

 

 

 

(1,489

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

$

2,163

 

 

$

404

 

 

$

3,308

 

 

$

1,418

 

 

The Company’s effective tax rate is 25.4% and 28.2% for the six months ended December 31, 2024 and 2023, respectively. Income tax expense for the six months ended December 31, 2024 is higher than the U.S. federal statutory rate due to jurisdictional mix of income and state taxes. Income tax expense for the six months ended December 31, 2023 is higher than the U.S. federal statutory rate due to jurisdictional mix of income and state taxes, and reduced by share-based compensation, which was discretely recognized in the six month period and was not a component of the Company’s annualized forecasted effective tax rate. The Company does not have any uncertain tax positions.