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Income Taxes
 9 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13 – INCOME TAXES

The components of income tax expense are as follows:

 

Three Months Ended March 31,

 

 

Nine Months Ended March 31,

 

(In thousands)

2025

 

 

2024

 

 

2025

 

 

2024

 

Current income tax expense (benefit)

$

1,024

 

 

$

(1,254

)

 

$

4,143

 

 

$

1,653

 

Deferred income tax expense (benefit)

 

(451

)

 

 

1,303

 

 

 

(262

)

 

 

(186

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

$

573

 

 

$

49

 

 

$

3,881

 

 

$

1,467

 

 

The Company’s effective tax rate is 25.8% and 30.2% for the nine months ended March 31, 2025 and 2024, respectively. Income tax expense for the nine months ended March 31, 2025 is higher than the U.S. federal statutory rate due to jurisdictional mix of federal and state taxes. Income tax expense for the nine months ended March 31, 2024 is higher than the U.S. federal statutory rate due to jurisdictional mix of federal, state and foreign income taxes, and reduced by share-based compensation benefits, which was discretely recognized and was not a component of the Company’s annualized forecasted effective tax rate. The Company does not have any uncertain tax positions.