XML 59 R50.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Taxes

The components of income taxes are as follows:

 

 

Years Ending June 30,

 

 

 

2015

 

 

 

2014

 

 

 

2013

 

 

(In Thousands)

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

 

 

Federal

$

1,438

 

 

$

3,196

 

 

$

1,629

 

State

 

704

 

 

 

938

 

 

 

343

 

 

 

2,142

 

 

 

4,134

 

 

 

1,972

 

Deferred income tax (benefit) expense:

 

 

 

 

 

 

 

 

 

 

 

Federal

 

(2,722

)

 

 

49

 

 

 

411

 

State

 

(824

)

 

 

122

 

 

 

102

 

 

 

(3,546

)

 

 

171

 

 

 

513

 

Valuation allowance

 

135

 

 

 

(88

)

 

 

(235

)

 

 

 

 

 

 

 

 

 

 

 

 

Total income tax (benefit) expense

$

(1,269

)

 

$

4,217

 

 

$

2,250

 

 

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation between the reported income taxes and the income taxes which would be computed by applying the normal federal income tax rate of 35% to income before income taxes for the years ended June 30, 2015, 2014 and 2013:

 

 

Years Ending June 30,

 

 

 

2015

 

 

 

2014

 

 

 

2013

 

 

(In Thousands)

 

Federal income tax expense at statutory rate

$

1,526

 

 

$

5,042

 

 

$

3,065

 

(Reduction) increases in income taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

Tax exempt interest

 

(679

)

 

 

(635

)

 

 

(142

)

New Jersey state tax, net of federal tax effect

 

10

 

 

 

632

 

 

 

284

 

Incentive stock options compensation expense

 

61

 

 

 

28

 

 

 

15

 

Income from bank-owned life insurance

 

(1,405

)

 

 

(959

)

 

 

(680

)

Disqualifying disposition on incentive stock options

 

(491

)

 

 

-

 

 

 

-

 

Net operating loss utilized from mututal holding company dissolution

 

(354

)

 

 

-

 

 

 

-

 

Other items, net

 

(72

)

 

 

197

 

 

 

(66

)

 

 

(1,404

)

 

 

4,305

 

 

 

2,476

 

Valuation allowance

 

135

 

 

 

(88

)

 

 

(226

)

 

 

 

 

 

 

 

 

 

 

 

 

Total income tax expense

$

(1,269

)

 

$

4,217

 

 

$

2,250

 

Effective income tax rate

 

-29.11

%

 

 

29.27

%

 

 

25.70

%

 

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,

 

 

 

 

2015

 

 

 

2014

 

 

 

(In Thousands)

 

Deferred income tax assets:

 

 

 

 

 

 

 

 

Purchase accounting

 

$

1,188

 

 

$

615

 

Accumulated other comprehensive income

 

 

 

 

 

 

 

 

Defined benefit plans

 

 

201

 

 

 

84

 

Unrealized loss on securities available for sale

 

 

46

 

 

 

-

 

Unrealized loss on securities available for sale transferred to held to maturity

 

 

435

 

 

 

404

 

Derivatives

 

 

4,547

 

 

 

1,430

 

Allowance for loan losses

 

 

6,375

 

 

 

5,060

 

Benefit plans

 

 

2,955

 

 

 

2,816

 

Compensation

 

 

658

 

 

 

239

 

Stock-based compensation

 

 

564

 

 

 

3,255

 

Uncollected interest

 

 

2,775

 

 

 

2,431

 

Depreciation

 

 

970

 

 

 

928

 

Charitable contribution carryover

 

 

3,906

 

 

 

-

 

Other items

 

 

775

 

 

 

809

 

 

 

 

25,395

 

 

 

18,071

 

Valuation allowance

 

 

(289

)

 

 

(134

)

 

 

 

25,106

 

 

 

17,937

 

Deferred income tax liabilities:

 

 

 

 

 

 

 

 

Deferred costs

 

 

1,059

 

 

 

815

 

Goodwill

 

 

6,188

 

 

 

6,198

 

Accumulated other comprehensive income

 

 

 

 

 

 

 

 

Unrealized gain on securities available for sale

 

 

-

 

 

 

458

 

Other items

 

 

32

 

 

 

152

 

 

 

 

7,279

 

 

 

7,623

 

Net deferred income tax asset

 

$

17,827

 

 

$

10,314