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INCOME TAXES
 9 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXESThe Company recorded an income tax expense of $29.2 million for the nine months ended June 30, 2022, resulting in an effective tax rate of 17.77%, compared to an income tax expense of $9.6 million, or an effective tax rate of 6.92%, for the nine months ended June 30, 2021. The Company’s effective tax rate was lower than the U.S. statutory rate of 21% primarily because of the anticipated effect of investment tax credits during fiscal year 2022. The Company’s effective tax rate in the future will depend in part on actual investment tax credits earned as part of its financing of solar energy projects.
The table below compares the income tax expense components for the periods presented.
Nine Months Ended June 30,
(Dollars in thousands)20222021
Provision at statutory rate$34,063 $28,435 
Tax-exempt income(541)(674)
State income taxes6,728 6,120 
Interim period effective rate adjustment(2,849)(5,181)
Tax credit investments, net - federal(6,994)(18,854)
Research tax credit(355)(323)
IRC 162(m) nondeductible compensation801 677 
Other, net(1,617)(600)
Income tax expense$29,236 $9,600 
Effective tax rate17.77 %6.92 %