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INCOME TAXES | 3 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company recorded an income tax expense of $6.0 million for the three months ended December 31, 2024, resulting in an effective tax rate of 16.60%, compared to an income tax expense of $7.7 million, or an effective tax rate of 17.96%, for the three months ended December 31, 2023. 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 2025. 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) | 2024 |  | 2023
| (As Restated) |  | (As Restated)
Provision at statutory rate | $ | 7,554 |  |  | $ | 8,945 |
Tax-exempt income | (168) |  |  | (174) |
State income taxes | 1,177 |  |  | 1,597 |
Interim period effective rate adjustment | 1,803 |  |  | 2,479 |
Tax credit investments, net - federal | (3,167) |  |  | (4,377) |
IRC 162(m) nondeductible compensation | 55 |  |  | (280) |
Other, net | (1,249) |  |  | (493) |
Income tax expense | $ | 6,005 |  |  | $ | 7,697 |
Effective tax rate | 16.60 | % |  | 17.96 | %

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