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Income Taxes | 6 Months Ended
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Jun. 30, 2025
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 June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Current income tax expense |  | $ | 4,804 |  |  | $ | 5,055 |  |  | $ | 9,840 |  |  | $ | 9,819 |
Deferred income tax expense (benefit) |  | (85) |  |  | 157 |  |  | (400) |  |  | 15 |
Income tax expense |  | $ | 4,719 |  |  | $ | 5,212 |  |  | $ | 9,440 |  |  | $ | 9,834 |
The net deferred tax asset totaled $39.3 million at June 30, 2025, as compared to $34.5 million at December 31, 2024. 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 June 30, 2025 or December 31, 2024, 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 June 30, 2025 or December 31, 2024. We recognized income tax expense of $4.7 million and $9.4 million for an ETR of 17.8% and 17.9% for the three and six months ended June 30, 2025, respectively, compared to income tax expense of $5.2 million and $9.8 million for an ETR of 17.4% and 17.6% for the three and six months ended June 30, 2024, respectively. The marginally higher ETR for the three and six months ended June 30, 2025 was primarily due to an increase in state income tax expense compared to the same periods in 2024. The ETR differs from the statutory rate of 21% for the three and six months ended June 30, 2025 and 2024 primarily due to the effect of tax-exempt income from municipal loans and securities, BOLI and state income tax. 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.

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