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INCOME TAXES | 6 Months Ended
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Mar. 31, 2026
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company recorded an income tax expense of $21.4 million for the six months ended March 31, 2026, resulting in an effective tax rate of 16.5%, compared to an income tax expense of $22.2 million, or an effective tax rate of 17.4%, for the six months ended March 31, 2025. 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 2026. 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) | 2026 |  | 2025
Provision at statutory rate | $ | 27,182 |  |  | $ | 26,690 |
Tax-exempt income | (291) |  |  | (319) |
State income taxes | 4,921 |  |  | 4,773 |
Interim period effective rate adjustment | (1,991) |  |  | (4,375) |
Tax credit investments, net - federal | (7,161) |  |  | (3,694) |
Research tax credit | (1,303) |  |  | — |
162(m) disallowance | 865 |  |  | 605 |
Other, net | (858) |  |  | (1,509) |
Income tax expense | $ | 21,364 |  |  | $ | 22,171 |
Effective tax rate | 16.5 | % |  | 17.4 | %

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