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Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The income tax expense included in the accompanying consolidated statements of income consists of the following (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Current income tax expense$5,283 $4,672 $15,102 $14,099 
Deferred income tax expense (benefit)(893)(1,552)(878)(1,868)
Income tax expense$4,390 $3,120 $14,224 $12,231 

The net deferred tax asset totaled $32.6 million at September 30, 2024, as compared to $30.4 million at December 31, 2023. The increase in the net deferred tax asset is primarily the result of a decrease in the estimated fair value of the effective hedging derivatives.  No valuation allowance was recorded at September 30, 2024 or December 31, 2023, as management believes it is more likely than not that all of the deferred tax asset items will be realized in future years. Unrecognized tax benefits were not material at September 30, 2024 or December 31, 2023.
We recognized income tax expense of $4.4 million and $14.2 million for an ETR of 17.6% for both the three and nine months ended September 30, 2024, respectively, compared to income tax expense of $3.1 million and $12.2 million for an ETR of 14.5% and 15.0% for the three and nine months ended September 30, 2023, respectively. The higher ETR for the three and nine months ended September 30, 2024 was primarily due to a decrease in net tax-exempt income as a percentage of pre-tax income as compared to the same period in 2023. The ETR differs from the statutory rate of 21% for the three and nine months ended September 30, 2024 and 2023 primarily due to the effect of tax-exempt income from municipal loans and securities, as well as BOLI. We file income tax returns in the U.S. federal jurisdictions and in certain states. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2021 or Texas state tax examinations by tax authorities for years before 2020.