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INCOME TAXES
 6 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company recorded an income tax expense of $22.2 million for the six months ended March 31, 2025, resulting in an effective tax rate of 17.38%, compared to an income tax expense of $24.6 million, or an effective tax rate of 18.95%, for the six months ended March 31, 2024. 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.

Six Months Ended March 31,
20252024
(Dollars in thousands)(As Restated)
Provision at statutory rate$26,690 $27,183 
Tax-exempt income(319)(341)
State income taxes4,773 5,172 
Interim period effective rate adjustment(4,375)4,351 
Tax credit investments, net - federal(3,694)(11,363)
IRC 162(m) nondeductible compensation605 340 
Other, net(1,509)(719)
Income tax expense$22,171 $24,623 
Effective tax rate17.38%18.95 %