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INCOME TAXES
 3 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company recorded an income tax expense of $5.7 million for the three months ended December 31, 2023, resulting in an effective tax rate of 17.00%, compared to an income tax expense of $6.6 million, or an effective tax rate of 18.79%, for the three months ended December 31, 2022. The Company’s effective tax rate was lower than the U.S. statutory rate of 21% primarily because of the effect of investment tax credits during fiscal year 2024. 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.
Three Months Ended December 31,
(Dollars in thousands)20232022
Provision at statutory rate$7,009 $7,228 
Tax-exempt income(174)(203)
State income taxes1,228 1,510 
Interim period effective rate adjustment2,806 1,119 
Tax credit investments, net - federal(4,377)(3,062)
IRC 162(m) nondeductible compensation(280)136 
Other, net(493)(151)
Income tax expense$5,719 $6,577 
Effective tax rate17.00 %18.79 %