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INCOME TAXES
 3 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXESThe Company recorded an income tax expense of $6.6 million for the three months ended December 31, 2022, resulting in an effective tax rate of 18.79%, compared to an income tax expense of $14.3 million, or an effective tax rate of 18.89%, for the three months ended December 31, 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 2023. The Company's effective tax rate in the future will depend in part on actual investment tax credits generated from qualified solar energy property.
The table below compares the income tax expense components for the periods presented.
Three Months Ended December 31,
(Dollars in thousands)20222021
Provision at statutory rate$7,228 $15,876 
Tax-exempt income(203)(172)
State income taxes1,510 3,087 
Interim period effective rate adjustment1,119 1,827 
Tax credit investments, net - federal(3,062)(5,670)
IRC 162(m) nondeductible compensation136 263 
Other, net(151)(935)
Income tax expense$6,577 $14,276 
Effective tax rate18.79 %18.89 %