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INCOME TAXES | 9 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company recorded an income tax expense of $27.0 million for the nine months ended June 30, 2025, resulting in an effective tax rate of 15.44%, compared to an income tax expense of $30.7 million, or an effective tax rate of 16.96%, for the nine months ended June 30, 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.
| Nine Months Ended June 30,
| 2025 |  | 2024
(Dollars in thousands) |  |  | (As Restated)
Provision at statutory rate | $ | 36,547 |  |  | $ | 37,887 |
Tax-exempt income | (480) |  |  | (522) |
State income taxes | 6,562 |  |  | 7,300 |
Interim period effective rate adjustment | (9,971) |  |  | (846) |
Tax credit investments, net - federal | (3,913) |  |  | (12,556) |
Research tax credit | (752) |  |  | (602) |
IRC 162(m) nondeductible compensation | 1,061 |  |  | 826 |
Other, net | (2,088) |  |  | (761) |
Income tax expense | $ | 26,966 |  |  | $ | 30,726 |
Effective tax rate | 15.44 | % |  | 16.96 | %

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