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Income Taxes | 6 Months Ended
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Jun. 30, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | 4. INCOME TAXES Our effective tax rate for the three and six months ended June 30, 2022 was 65.8 percent and 12.1 percent, respectively, compared to 19.8 percent and 19.3 percent, respectively, for the same period in 2021. Effective rates are dependent upon components of pretax earnings and the related tax effects. Tax-favored adjustments acting on a pretax loss, caused by unrealized losses on the equity portfolio, resulted in a higher effective tax rate for the second quarter of 2022. The effective tax rate was lower for the six-month period in 2022, as lower pretax income increased the percentage impact of tax-favored adjustments. Income tax expense attributable to income from operations for the three and six-month periods ended June 30, 2022 and 2021 differed from the amounts computed by applying the U.S. federal tax rate of 21 percent to pretax income by the items detailed in the below table. In interim periods, income taxes are adjusted to reflect the effective tax rate we anticipate for the year, with adjustments flowing through the other items, net line.
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
(in thousands) |  | Amount |  |  | % |  |  |  | Amount |  |  | % |  |  |  | Amount |  |  | % |  |  |  | Amount |  |  | % |  |
Provision for income taxes at the statutory rate of 21% |  | $ | (1,376 | ) |  |  | 21.0 |  | % |  | $ | 21,424 |  |  |  | 21.0 |  | % |  | $ | 10,914 |  |  |  | 21.0 |  | % |  | $ | 40,290 |  |  |  | 21.0 |  | %
Increase (reduction) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Excess tax benefit on share-based compensation |  |  | (761 | ) |  |  | 11.6 |  | % |  |  | (270 | ) |  |  | (0.3 | ) | % |  |  | (2,175 | ) |  |  | (4.2 | ) | % |  |  | (2,194 | ) |  |  | (1.1 | ) | %
Tax exempt interest income |  |  | (288 | ) |  |  | 4.4 |  | % |  |  | (310 | ) |  |  | (0.3 | ) | % |  |  | (570 | ) |  |  | (1.1 | ) | % |  |  | (629 | ) |  |  | (0.3 | ) | %
Dividends received deduction |  |  | (163 | ) |  |  | 2.5 |  | % |  |  | (248 | ) |  |  | (0.2 | ) | % |  |  | (434 | ) |  |  | (0.8 | ) | % |  |  | (484 | ) |  |  | (0.3 | ) | %
Investment tax credit |  |  | (1,182 | ) |  |  | 18.0 |  | % |  |  | (801 | ) |  |  | (0.8 | ) | % |  |  | (2,363 | ) |  |  | (4.5 | ) | % |  |  | (1,603 | ) |  |  | (0.8 | ) | %
ESOP dividends paid deduction |  |  | (138 | ) |  |  | 2.1 |  | % |  |  | (137 | ) |  |  | (0.1 | ) | % |  |  | (268 | ) |  |  | (0.5 | ) | % |  |  | (267 | ) |  |  | (0.1 | ) | %
Nondeductible expenses |  |  | 258 |  |  |  | (3.9 | ) | % |  |  | 826 |  |  |  | 0.8 |  | % |  |  | 574 |  |  |  | 1.1 |  | % |  |  | 1,237 |  |  |  | 0.6 |  | %
Other items, net |  |  | (665 | ) |  |  | 10.1 |  | % |  |  | (278 | ) |  |  | (0.3 | ) | % |  |  | 609 |  |  |  | 1.1 |  | % |  |  | 678 |  |  |  | 0.3 |  | %
Total tax expense |  | $ | (4,315 | ) |  |  | 65.8 |  | % |  | $ | 20,206 |  |  |  | 19.8 |  | % |  | $ | 6,287 |  |  |  | 12.1 |  | % |  | $ | 37,028 |  |  |  | 19.3 |  | %

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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