INCOME TAXES (Tables)

9 Months Ended

Mar. 31, 2023

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, 2023 and 2022:

	Three Months Ended March 31,						Nine Months Ended March 31,
	2023			2022			2023			2022
	(Dollars in Thousands)						(Dollars in Thousands)
Income before income taxes	$	13,214		$	24,215		$	36,988		$	76,772
Statutory federal tax rate	21		%	21		%	21		%	21		%
Federal income tax expense at statutory rate	$	2,775		$	5,085		$	7,767		$	16,122
(Reduction) increase in income taxes resulting from:
Tax exempt interest	(20)			(66)			(125)			(204)
State tax, net of federal tax effect	769			1,908			2,065			6,026
Incentive stock option compensation expense	3			3			9			42
Income from bank-owned life insurance	(332)			(317)			(1,469)			(973)
Other items, net	(293)			(91)			(57)			(418)
Total income tax expense	$	2,902		$	6,522		$	8,190		$	20,595
Effective income tax rate	21.96		%	26.93		%	22.14		%	26.83		%