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INCOME TAXES
 6 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company recorded an income tax expense of $15.8 million for the six months ended March 31, 2023, resulting in an effective tax rate of 15.83%, compared to an income tax expense of $22.3 million, or an effective tax rate of 16.66%, for the six months ended March 31, 2022. 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 renewable energy property.

The table below compares the income tax expense components for the periods presented.
Six Months Ended March 31,
(Dollars in thousands)20232022
Provision at statutory rate$20,657 $27,899 
Tax-exempt income(398)(362)
State income taxes4,285 5,543 
Interim period effective rate adjustment(483)(3,870)
Tax credit investments, net - federal(7,916)(5,978)
Research tax credit(805)(355)
IRC 162(m) nondeductible compensation576 505 
Other, net(163)(1,104)
Income tax expense$15,753 $22,278 
Effective tax rate15.83 %16.66 %