Income Taxes (Tables)
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12 Months Ended |
Jun. 30, 2025 |
Income Tax Disclosure [Abstract] |
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Schedule of Components of Income Taxes |
The components of income taxes are as follows: | | | | | | | | | | | | | | | | | | | Years Ended June 30, | | 2025 | | 2024 | | 2023 | | (In Thousands) | Current income tax expense: | | | | | | Federal | $ | 3,709 | | | $ | 4,352 | | | $ | 6,145 | | State | 2,157 | | | 2,406 | | | 2,634 | | | 5,866 | | | 6,758 | | | 8,779 | | Deferred income tax expense: | | | | | | Federal | (156) | | | 4 | | | 1,902 | | State | (786) | | | (871) | | | 887 | | | (942) | | | (867) | | | 2,789 | | | | | | | | | | | | | | Total income tax expense | $ | 4,924 | | | $ | 5,891 | | | $ | 11,568 | |
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Schedule of Effective Income Tax Rate Reconciliation |
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 rates applicable to those periods. The federal income tax rate of 21% was applicable for the years ended June 30, 2025, 2024 and 2023. | | | | | | | | | | | | | | | | | | | Years Ended June 30, | | 2025 | | 2024 | | 2023 | | (Dollars In Thousands) | Income (loss) before income taxes | $ | 30,999 | | | $ | (80,776) | | | $ | 52,379 | | Statutory federal tax rate | 21 | % | | 21 | % | | 21 | % | Federal income tax expense at statutory rate | $ | 6,510 | | | $ | (16,963) | | | $ | 11,000 | | (Reduction) increases in income taxes resulting from: | | | | | | Tax exempt interest | (48) | | | (68) | | | (143) | | State tax, net of federal tax effect | 1,083 | | | 1,213 | | | 2,781 | | Incentive stock options compensation expense | — | | | 5 | | | 12 | | Income from bank-owned life insurance | (2,235) | | | (1,902) | | | (1,840) | | | | | | | | | | | | | | Goodwill impairment | — | | | 18,935 | | | — | | | | | | | | Surrender of bank-owned life insurance policies | — | | | 4,477 | | | — | | | | | | | | Other items, net | (386) | | | 194 | | | (242) | | | | | | | | | | | | | | | | | | | | Total income tax expense | $ | 4,924 | | | $ | 5,891 | | | $ | 11,568 | | Effective income tax rate | 15.88 | % | | (7.29) | % | | 22.09 | % |
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Schedule of Deferred Income Tax Assets and Liabilities |
The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: | | | | | | | | | | | | | June 30, | | 2025 | | 2024 | | (In Thousands) | Deferred income tax assets: | | | | Purchase accounting | $ | 3,140 | | | $ | 3,543 | | Accumulated other comprehensive income | | | | | | | | | | | | Unrealized loss on securities available for sale | 32,542 | | | 37,683 | | Allowance for credit losses | 13,161 | | | 12,786 | | Benefit plans | 2,596 | | | 2,605 | | Compensation | 1,268 | | | 1,303 | | Stock-based compensation | 2,689 | | | 2,923 | | Uncollected interest | 1,581 | | | 1,177 | | Depreciation | 2,634 | | | 2,309 | | Net operating loss carryover | 1,522 | | | 889 | | Capital loss carryforward | 703 | | | 614 | | Other items | 643 | | | 780 | | | 62,479 | | | 66,612 | | | | | | | | | | Deferred income tax liabilities: | | | | Deferred loan fees and costs | 1,756 | | | 1,690 | | Accumulated other comprehensive income | | | | Derivatives | 2,844 | | | 12,085 | | Defined benefit plans | 276 | | | 98 | | Goodwill | 2,400 | | | 2,400 | | | | | | | 7,276 | | | 16,273 | | Net deferred income tax asset | $ | 55,203 | | | $ | 50,339 | |
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