Income Taxes (Tables)

9 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

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 rate of 21% to income for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(Dollars in Thousands)						(Dollars in Thousands)
Income before income taxes	$	24,215		$	22,155		$	76,772		$	58,980
Statutory federal tax rate		21	%		21	%		21	%		21	%
Federal income tax expense at statutory rate	$	5,085		$	4,653		$	16,122		$	12,386
(Reduction) increase in income taxes resulting from:
Tax exempt interest		(66	)		(85	)		(204	)		(270	)
State tax, net of federal tax effect		1,908			1,498			6,026			3,738
Incentive stock option compensation expense		3			23			42			63
Income from bank-owned life insurance		(317	)		(324	)		(973	)		(989	)
Non-deductible merger-related expenses		-			-			-			49
Bargain purchase gain		-			-			-			(641	)
Other items, net		(91	)		(21	)		(418	)		429
	$	6,522		$	5,744		$	20,595		$	14,765
Reversal of valuation allowance		-			(12	)		-			(535	)
Total income tax expense	$	6,522		$	5,732		$	20,595		$	14,230
Effective income tax rate		26.93	%		25.87	%		26.83	%		24.13	%