Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Schedule of Components of Income Tax Expense

Income tax expense as of the dates indicated consists of:



	June 30,
	2019			2018		2017
Current:
Federal	$	755		$	291	$	191
State	690			324		54
Total current expense	1,445			615		245
Deferred:
Federal	5,404			7,909		4,561
State	267			625		386
Adjustment due to the Tax Cuts and Jobs Act (“Tax Act”)	(325		)	17,587		—
Total deferred expense	5,346			26,121		4,947
Total income tax expense	$	6,791		$	26,736	$	5,192

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income before income taxes as a result of the following differences for the periods indicated:



	Year Ended June 30,
	2019					2018					2017
	$			Rate		$			Rate		$			Rate
Tax at federal income tax rate	$	7,127		21	%	$	9,617		28	%	$	5,793		34	%
Increase (decrease) resulting from:
Tax exempt income	(855		)	(2	)%	(1,075		)	(3	)%	(1,391		)	(8	)%
Nondeductible merger expenses	—			—	%	—			—	%	91			1	%
Change in valuation allowance for deferred tax assets, allocated to income tax expense	(325		)	(1	)%	87			—	%	(327		)	(2	)%
State tax, net of federal benefit	756			2	%	688			2	%	290			2	%
Change in deferred tax assets due to the Tax Act	—			—	%	17,587			50	%	—			—	%
Other	88			—	%	(168		)	(1	)%	736			4	%
Total	$	6,791		20	%	$	26,736		76	%	$	5,192		31	%

Schedule of Deferred Tax Assets and Liabilities

The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at June 30, 2019 and 2018 are presented below:



	June 30,
	2019			2018
Deferred tax assets:
Alternative minimum tax credit	$	4,799		$	4,920
Allowance for loan losses	4,685			4,637
Deferred compensation and post-retirement benefits	8,988			9,400
Accrued vacation and sick leave	18			18
Impairments on real estate owned	461			495
Other than temporary impairment on investments	2,232			2,254
Net operating loss carryforward	5,092			8,635
Discount from business combination	2,373			2,605
Unrealized loss on securities held for sale	—			477
Stock compensation plans	2,162			2,271
Other	1,140			1,562
Total gross deferred tax assets	31,950			37,274
Less valuation allowance	—			(325		)
Deferred tax assets	31,950			36,949
Deferred tax (liabilities):
Depreciable basis of fixed assets	(1,089		)	(566		)
Deferred loan fees	(520		)	(453		)
FHLB stock, book basis in excess of tax	(89		)	(89		)
Unrealized gain on securities available for sale	(219		)	—
Other	(3,510		)	(3,276		)
Total gross deferred tax liabilities	(5,427		)	(4,384		)
Net deferred tax assets	$	26,523		$	32,565