INCOME TAXES

9 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

During the quarter ended June 30, 2019, the Company recognized a tax provision of $6,258 on income before taxes from continuing operations of $20,386, compared to a tax provision of $1,560 on income before taxes from continuing operations of $9,002 in the comparable prior year quarter. The current year quarter included net discrete tax benefits of $669. The prior year quarter results included acquisition costs of $3,598 ($2,320, net of tax), special dividend ESOP charges of $3,220 ($2,125, net of tax), secondary equity offering costs of $1,205 ($795, net of tax) and discrete and certain other tax benefits, net of $1,430, that affect comparability. Excluding these items, the effective tax rates for the quarters ended June 30, 2019 and 2018 were 34.0% and 33.9%, respectively.

During the nine months ended June 30, 2019, the Company recognized a tax provision of $14,664 on Income before taxes from continuing operations of $44,035, compared to a tax benefit of $22,107 on Income before taxes from continuing operations of $10,117 in the comparable prior year period. The nine month period ended June 30, 2019 included net discrete tax benefits of $299. The nine month period ended June 30, 2018 included net tax benefits of $24,080 primarily related to the December 22, 2017 Tax Cuts and Jobs Act ("TCJA") associated with the revaluation of deferred tax liabilities, $7,597 ($5,046 net of tax) of acquisition costs, special dividend ESOP charges of $3,220 ($2,125, net of tax), secondary equity offering costs of $1,205 ($795, net of tax) and $2,614 ($248 net of tax) of charges related to cost of life insurance benefits. Excluding these items, the effective tax rates for the nine months ended June 30, 2019 and 2018 were 34.0% and 33.9%, respectively.

On December 22, 2017, the TCJA was signed into law, and, among other changes, reduced the federal statutory tax rate from 35.0% to 21.0%. In accordance with U.S. GAAP for income taxes, as well as SEC Staff Accounting Bulletin No. 118 (“SAB 118”), the Company made a reasonable estimate of the impacts of the TCJA and recorded this estimate in its results for the year ended September 30, 2018. SAB 118 allows for a measurement period of up to one year, from the date of enactment, to complete the Company’s accounting for the impacts of the TCJA. Our analysis under SAB 118 was completed in December 2018 and resulted in no material adjustments to the provision amounts recorded as of September 30, 2018.