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Summary of Significant Accounting Policies | 12 Months Ended
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Mar. 31, 2026
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company's accounting and reporting policies are in accordance with GAAP and conform to general practices within the finance company industry. The following is a description of the more significant of these policies used in preparing the Consolidated Financial Statements. Nature of Operations The Company is a small-dollar consumer finance (installment loan) company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. It also offers income tax return preparation services to its customer base and to others. As of March 31, 2026, the Company operated 1,009 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah, and Wisconsin. Branches in the aforementioned states operate under one of the following names: World Finance Corporation or World Finance. Principles of Consolidation The Consolidated Financial Statements include the accounts of World Acceptance Corporation and its wholly-owned subsidiaries (the “Company”). Subsidiaries consist of operating entities in various states, WFC Receivables I, LLC (an SPE) and WAC Insurance Company, Ltd. (a captive reinsurance company). All significant inter-company balances and transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for credit losses. Reclassification From time to time, prior period amounts may be reclassified to conform to the current presentation. Such reclassifications have no impact on previously reported net income or shareholders' equity. During the fiscal year ended March 31, 2026, the Company concluded that one of its cash flow statement line items within investing activities should be broken out to reflect cash receipts and cash payments on a gross basis, rather than net. As a result, the increase in loans receivable, net line item has been updated in the Consolidated Statements of Cash Flows for the years ended 2026, 2025 and 2024 to reflect a gross presentation. However, this presentation change had no impact on previously reported cash flows as the change was limited to investing activities. Additionally, due to the Warehouse facility, our restricted cash balance as of December 31, 2025 became large enough to require a separate line item in the Consolidated Balance Sheets. As a result, the Company reclassed restricted cash as of March 31, 2025, previously reported in the Cash line item, for comparability to conform to the current period presentation. This presentation change had no impact on previously reported total assets, net income or shareholders' equity. Segment Reporting The Company reports operating segments in accordance with FASB ASC Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. The Company has one reportable segment: the consumer finance segment. The other revenue generating activities of the Company, including the sale of insurance products, income tax preparation, and the automobile club, are done within the existing branch network in conjunction with or as a complement to the lending operations. There is no discrete financial information available for these activities, and they do not meet the criteria under FASB ASC Topic 280 to be considered operating segments. The accounting policies of the Company's segment are described within this Note 1 to the Consolidated Financial Statements. The Company's CODM is its CEO. The CODM utilizes consolidated net income as presented in the Consolidated Statements of Operations to evaluate and measure segment performance and to determine how to allocate resources. Significant segment expenses are consistent with those presented in the Consolidated Statements of Operations, and segment assets are consistent with those presented in the Consolidated Balance Sheets. Variable Interest Entities On September 29, 2025, the Company and its wholly-owned subsidiary, WFC Receivables I, LLC, an SPE (the “Borrower” or the "Warehouse"), entered into a Credit Agreement (the “Credit Agreement”), by and among the Company, as Servicer, the Borrower, the lenders and agents from time to time parties thereto, Atlas Securitized Products Administration, L.P., as administrative agent for the lenders, Systems & Services Technologies, Inc., a Delaware corporation, as backup servicer, and Wilmington Trust, National Association, a national banking association, as securities intermediary. The Credit Agreement is solely secured by eligible loans receivable that were directly originated by certain of the Company's subsidiaries. The Company transfers these pools of eligible loans receivable to the Warehouse to secure debt for general funding purposes. The Company continues to service the loans receivable transferred to the Warehouse. The Company makes certain representations and warranties about the quality and nature of the loans receivable transferred to the Warehouse. The Credit Agreement requires the Company to repurchase the loans receivable in certain circumstances, including circumstances in which the representations and warranties made by the Company concerning the quality and characteristics of the loans receivable are inaccurate. The Warehouse has the limited purpose of acquiring loans receivable to be pledged as collateral for funding, in addition to holding and making payments on the related debt. Loans receivable transferred to the Warehouse are legally isolated from the Company and its affiliates, as well as the claims of the Company’s and its affiliates’ creditors. Further, any assets of the Warehouse are owned by the Warehouse and are the only source of funds for the related debt and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. The lenders to the Warehouse generally only have recourse to the assets pledged to the Warehouse and do not have recourse to the general credit of the Company. The Warehouse is considered a VIE under ASC 810, Consolidation, as it lacks independent, sufficient equity to fund its activities and because the equity holders lack the power to direct the activities that most significantly affect the Warehouse's economic performance. As such, the Warehouse is consolidated into the financial statements of its primary beneficiary. The Company is considered to be the primary beneficiary of the Warehouse, because, through its role as servicer of the loans receivable, it has (i) the power to direct activities that most significantly impact the economic performance of the Warehouse and (ii) the obligation to absorb losses or receive benefits of the Warehouse that could potentially be significant to the Warehouse, primarily through its economic interest in the pledged loans receivable and residual cash flows. The Company will continue to monitor its involvement and reassess its status as the primary beneficiary. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less from the date of original issuance to be cash equivalents. There were no cash equivalents for the years ended March 31, 2026 and 2025. Restricted Cash Restricted cash includes cash for which the Company’s ability to withdraw or use funds is contractually limited. The Company’s restricted cash consists of cash reserves associated with its captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company, and cash restricted for debt servicing of the Company’s Warehouse facility. As of March 31, 2026 and 2025, the Company had $23.3 million and $5.0 million respectively, in restricted cash. Loans and Interest and Fee Income The Company is licensed to originate consumer loans in the states of Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Texas, Tennessee, Utah, and Wisconsin. During fiscal 2026, 2025, and 2024, the Company originated loans generally ranging up to $5,300 with terms of 60 months or fewer. Experience indicates that a majority of the consumer loans are refinanced, and the Company accounts for the majority of the refinancings as new loans. Generally, a customer must make multiple payments in order to qualify for refinancing. Furthermore, the Company's lending policy has predetermined lending amounts so that in most cases a refinancing will result in advancing additional funds. The Company believes that the advancement of additional funds constitutes more than a minor modification to the terms of the existing loan if the present value of the cash flows under the terms of the new loan will be 10% or more of the present value of the remaining cash flows under the terms of the original loan. The following table sets forth information about our loan products for fiscal 2026:
| Minimum Origination |  | Maximum Origination |  | Minimum Term (Months) |  | Maximum Term (Months)
Small loans | $ | 150 |  |  | $ | 2,450 |  |  | 3 |  | 30
Large loans | 2,500 |  |  | 25,200 |  |  | 6 |  | 60
Tax advance loans | 500 |  |  | 7,000 |  |  | 8 |  | 35
Gross loans receivable at March 31, 2026 and 2025 consisted of the following:
| 2026 |  | 2025
Small loans | $ | 700,310,192 |  |  | $ | 626,775,511 |
Large loans | 572,155,010 |  |  | 594,490,890 |
Tax advance loans | 6,523,121 |  |  | 4,369,517 |
Total gross loans | $ | 1,278,988,323 |  |  | $ | 1,225,635,918 |
Loans receivable are carried at amortized cost, which is the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in interest income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $5.9 million and $5.5 million as of March 31, 2026 and 2025, respectively. The Company recognizes interest and fee income using the interest method in accordance with ASC 310. Charges for late payments are recognized in interest and fee income when collected. With the exception of TALs, which are interest free, the Company offers its loans at the prevailing statutory rates for terms not to exceed 60 months. Management believes that the carrying value approximates the fair value of its loan portfolio. From time to time, the Company will sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing. See Note 3 to the Consolidated Financial Statements for further information. Nonaccrual Policy The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest income is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced. Allowance for Credit Losses Refer to Note 3 to the Consolidated Financial Statements for information regarding the Company's CECL allowance model and a description of the policies and methodology utilized. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset as follows: buildings, 25 to 40 years; furniture and fixtures, 5 to 10 years; equipment, 3 to 7 years; and vehicles, 3 years. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset, which is generally five years, or the lease term, which is generally three to five years. Additions to premises and equipment and major replacements or improvements are added at cost. Maintenance, repairs, and minor replacements are charged to operating expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in Insurance and other income, net in the Consolidated Statements of Operations. Leases For any new or modified lease, the Company, at the inception of the contract, determines whether a contract is or contains a lease. Lease liability is measured as of the lease commencement date based on the present value of the remaining minimum lease payments using a discount rate that is based on the Company's incremental borrowing rate on its revolving credit facility. Refer to Note 11 to the Consolidated Financial Statements for further discussion of the discount rate. A lease's ROU asset equals its lease liability, net of any prepaid rent. Lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU assets and lease obligations for its short-term equipment leases, which are defined as leases with an initial term of 12 months or less. Further, the Company has elected to not separate lease from non-lease components. Variable lease costs are payments that vary because of changes in facts or circumstances occurring after a lease's commencement date, other than the passage of time, and can include expenses such as common area maintenance, utilities, and repairs and maintenance. Other Assets Other assets include cash surrender value of life insurance policies, HTC investments, prepaid expenses, debt issuance costs related to the revolving credit facility and the warehouse facility, and other deposits and receivables. Debt Issuance Costs In accordance with ASC 835, debt issuance costs related to the senior unsecured notes payable are presented as a direct deduction from its carrying value in the Consolidated Balance Sheets. There were no unamortized debt issuance costs related to the senior unsecured notes payable as of March 31, 2026. As of March 31, 2025, there were $1.0 million unamortized debt issuance costs related to the senior unsecured notes payable. As the Company intends to pay down the revolving credit facility and the warehouse facility throughout their contractual arrangements, debt issuance costs related to these arrangements are presented as an asset within Other assets in the Consolidated Balance Sheets. Unamortized debt issuance costs related to the revolving credit facility as of March 31, 2026 and 2025 were $1.9 million and $0.6 million, respectively. Unamortized debt issuance costs related to the warehouse facility as of March 31, 2026 and 2025 were $2.1 million and $0.2 million, respectively. Amortization of debt issuance costs is included as a component of Interest expense in the Consolidated Statements of Operations. Intangible Assets and Goodwill Intangible assets include the fair value of acquired customer lists and the fair value assigned to non-compete agreements. Customer lists are amortized on a straight line or accelerated basis over their estimated period of benefit. As of March 31, 2026, the useful life of customer lists ranged from 8 to 23 years with a weighted average of approximately 8.5 years. Non-compete agreements are amortized on a straight line basis over the term of the agreement. As of March 31, 2026, the useful life of non-compete agreements ranged from 5 to 15 years with a weighted average of approximately 6.3 years. The fair value of the customer lists is based on a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists. The branches the Company acquires are small, privately-owned branches, which do not have sufficient historical data to determine customer attrition. The Company believes that the customers acquired have the same characteristics and perform similarly to its customers. Therefore, the Company utilized the attrition patterns of its customers when developing the estimate of attrition for acquired customers. This estimation method is re-evaluated periodically. Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates the fair value. In a business combination, the remaining excess of the purchase price over the fair value of the tangible assets, customer list, and non-compete agreements is allocated to goodwill. The Company evaluates goodwill annually for impairment in the fourth quarter of the fiscal year using the market value-based approach. The Company has one reporting unit, and the Company has multiple components, the lowest level of which is individual branches. The Company’s components are aggregated for impairment testing as they have similar economic characteristics. Impairment of Long-Lived Assets The Company assesses impairment of long-lived assets, including property and equipment and intangible assets, whenever changes or events indicate that the carrying amount may not be recoverable. The Company assesses impairment of these assets generally at the branch level based on the operating cash flows of the branch and the Company’s plans for branch closings. The Company will write down such assets to fair value if, based on an analysis, the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The Company did not record any impairment charges for the fiscal years ended March 31, 2026, 2025, or 2024. Fair Value of Financial Instruments FASB ASC Topic 825 requires disclosures about the fair value of all financial instruments, regardless of whether the financial instrument is recognized on the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The Company’s financial instruments for the periods reported consist of the following: cash, restricted cash, loans receivable, net, a revolving credit facility, a warehouse facility, and a senior unsecured notes payable. Loans receivable are originated at prevailing market rates and have an average life of up to twelve months. Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility and warehouse facility have a variable rate based on a margin over SOFR and reprices with any changes in SOFR. The fair value of the senior unsecured notes payable is estimated based on quoted prices in markets that are not active. Insurance Premiums and Commissions Insurance premiums for credit life, accident and health, property and unemployment insurance written in connection with certain loans, net of refunds and applicable advance insurance commissions retained by the Company, are remitted monthly to an insurance company. All commissions are recorded to unearned insurance commissions and recognized as insurance income over the life of the related insurance contracts. The Company recognizes insurance income using the Rule of 78s method for credit life (decreasing term), credit accident and health, unemployment insurance and the Pro Rata method for credit life (level term) and credit property. The Company has a wholly-owned, captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company. Certain coverages currently sold by the Company on behalf of the unaffiliated insurance carrier are ceded by the carrier to the captive insurance subsidiary, providing the Company with an additional source of income derived from the earned reinsurance premiums. Insurance premiums are ceded to the reinsurance subsidiary as written, and revenue is recognized over the life of the related insurance contracts. For the years ended March 31, 2026, 2025, and 2024, the amount of net written premiums by the reinsurance subsidiary were $5.0 million, $6.1 million, and $7.2 million, respectively, and the amount of earned premiums were $6.0 million, $7.1 million, and $8.2 million, respectively. The Company maintains a cash reserve for claims in an amount determined by the ceding company. As of March 31, 2026 and 2025, the required cash reserves were $3.0 million and $4.0 million, respectively, which are included as a component of Restricted cash in the Consolidated Balance Sheets. Tax Return Preparation Revenue The Company offers income tax return preparation services to its customer base and to others. Revenue associated with tax return preparation services is recognized in accordance with ASC 606. Contracts associated with these services include two performance obligations, tax return preparation services and refund assurance services, as each service is capable of being distinct and is separately identifiable in the contract. Tax return preparation services are recognized at a point in time in the period the return is filed, and refund assurance services are recognized ratably over time as the performance obligation is met (performance period is approximately 36 months). Specifically, the Company's Refund Assurance Plan ("RAP") provides enrolled customers with (a) audit representation before the IRS and (b) reimbursement of verified tax preparation errors up to $5,000 for a three-year coverage period beginning at the IRS acceptance date for each return and ending on April 15 three years after the applicable filing deadline. Refund assurance fees create a contract liability at the time of funding, which is presented as Deferred revenue (contract liability) in the Company's Consolidated Balance Sheets. The contract liability is released ratably as the performance period elapses. Revenue recognized during the year ended March 31, 2026 that was included in the Deferred revenue (contract liability) balance at March 31, 2025 was $1.7 million. The following is a summary of the changes in Deferred revenue (contract liability) for the years ended March 31, 2026, 2025, and 2024:
| For the years ended March 31,
| 2026 |  | 2025 |  | 2024
Balance at beginning of period | $ | 3,349,571 |  |  | $ | 2,679,142 |  |  | $ | 2,276,188 |
RAP fees received and deferred during year | 2,226,183 |  |  | 2,058,457 |  |  | 1,644,021 |
Revenue recognized during year | (1,650,225) |  |  | (1,388,028) |  |  | (1,241,067) |
Balance at end of period | 3,925,529 |  |  | 3,349,571 |  |  | 2,679,142 |
Non-filing Insurance Non-filing insurance premiums are charged to certain customers on certain loans in lieu of recording and perfecting the Company's security interest in the assets pledged. The premiums are passed through to a third-party insurance company, and any recoveries from customers after a receipt of an insurance payment are remitted to the third-party insurance company. Neither non-filing insurance premiums nor recoveries are reflected in the accompanying Consolidated Statements of Operations (see Note 10 to the Consolidated Financial Statements). Certain losses related to such loans, which are not recoverable through life, accident and health, property, or unemployment insurance claims, are reimbursed through non-filing insurance claims subject to policy limitations. Paid claims are applied to customers' accounts, typically prior to charge-off, and are not reflected in net charge-offs. Non-filing insurance claims do not impact our allowance for credit losses. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment related to additional facts and circumstances occurs. Earnings Per Share EPS is computed in accordance with FASB ASC Topic 260. Basic EPS includes no dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in the earnings of the Company. Potential common stock included in the diluted EPS computation consists of Service Options and Restricted Stock, which are computed using the treasury stock method. See Note 13 to the Consolidated Financial Statements for the reconciliation of the numerators and denominators for basic and dilutive EPS calculations. Stock-Based Compensation FASB ASC Topic 718-10 requires companies to recognize in the income statement the grant-date fair value of stock options and other equity-based compensation issued to employees. FASB ASC Topic 718-10 does not change the accounting guidance for share-based payment transactions with parties other than employees provided in FASB ASC Topic 718-10. Under FASB ASC Topic 718-10, the way an award is classified will affect the measurement of compensation cost. Liability-classified awards are remeasured to fair value at each balance-sheet date until the award is settled. Equity-classified awards are measured at grant-date fair value, amortized over the subsequent vesting period, and are not subsequently remeasured. The fair value of non-vested stock awards for the purposes of recognizing stock-based compensation expense is the market price of the stock on the grant date. The fair value of options is estimated on the grant date using the Black-Scholes option pricing model (see Note 14 to the Consolidated Financial Statements). The Company accounts for forfeitures as they occur. The Company issues available common shares upon the exercise of an option award. At March 31, 2026, the Company had several share-based employee compensation plans, which are described more fully in Note 14 to the Consolidated Financial Statements. Share Repurchases On February 11, 2026, the Board of Directors authorized the Company to repurchase up to $50.0 million of the Company’s outstanding common stock, inclusive of the amount that remains available for repurchase under prior repurchase authorizations. As of March 31, 2026, the Company had $12.2 million in aggregate remaining repurchase capacity under its current share repurchase program. The Company expects to repurchase shares in fiscal 2027; however, the timing and actual number of shares of common stock repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements, restrictions under the revolving credit facility and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time. On September 3, 2025, in accordance with its share repurchase program, the Company, after approval by the Audit and Compliance Committee, repurchased 347,064 shares of its common stock for $60.0 million in a privately negotiated transaction from certain affiliates of Prescott General Partners, LLC, who, along with its affiliates, beneficially own approximately 46.3% of the Company's common stock as of March 31, 2026. The price per share was $172.88, which was the closing market price at September 3, 2025. On February 18, 2025, in accordance with its share repurchase program, the Company, after approval by the Audit and Compliance Committee, repurchased 162,712 shares for $24.0 million from Prescott Associates L.P. in a privately negotiated transaction. The $147.50 price per share was based upon the prevailing market rate at the time, and the closing market rate at February 18, 2025 was $147.16. The Company continues to believe stock repurchases are a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. Additional share repurchases can be made subject to compliance with, among other things, applicable restricted payment covenants under the revolving credit facility. As of March 31, 2026, subject to further approval from our Board of Directors, we could repurchase approximately $59.9 million of shares under the terms of our debt facilities. To the extent we have excess capital, we may repurchase stock, if appropriate, and as authorized by our Board of Directors. Concentration of Risk The Company generally serves individuals with limited access to other sources of consumer credit such as banks, credit unions, other consumer finance businesses and credit card lenders. Substantially all new customers are required to submit a listing of personal property that will serve as collateral to secure the loan; however, the Company does not rely on the value of such collateral in the loan approval process and generally does not perfect its security interest in that collateral. During the year ended March 31, 2026, the Company operated in sixteen states in the United States. As of March 31, 2026, 2025, and 2024, gross loan receivable within the Company's four largest states accounted for approximately 51% of the Company's gross loans receivable balance. The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts. Advertising Costs Advertising costs are expensed the first time the advertising takes place. Advertising costs were approximately $10.6 million, $10.2 million, and $9.9 million for fiscal years 2026, 2025, and 2024, respectively. Recently Adopted Accounting Standards Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to expand annual disclosures to 1) include specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold and 2) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. ASU 2023-09 also requires entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign, among other changes. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company adopted ASU 2023-09 on a retrospective basis effective March 31, 2026. The adoption of this ASU expanded our income tax disclosures, but had no other effect on the Company's consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted Purchased Loans In November 2025, the FASB issued ASU 2025-08, Financial Instruments-Credit Losses (Topic 326): Purchased Loans, which expands the population of acquired financial assets subject to the gross-up approach in Topic 326. In accordance with the amendments in this update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned”, which is defined as either 1) Non-PCD loans that are obtained in a business combination or 2) Non-PCD loans that (a) are obtained in an asset acquisition or upon consolidation of a variable interest entity that is not a business and (b) are acquired more than 90 days after their origination date by a transferee that was not involved in their origination, are considered purchased seasoned loans and should be accounted for using the gross-up approach at acquisition. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure, in the notes to financial statements, about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which was clarified by ASU 2025-01, Clarifying the Effective Date. Early adoption is permitted. ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's Consolidated Financial Statements and related disclosures. We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the Company's Consolidated Financial Statements and related disclosures as a result of future adoption.

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