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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The Company reviews its deferred tax assets regularly for recoverability. As of March 31, 2025, we determined that we did not need a valuation allowance on our gross deferred tax assets. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes. For the three months ended March 31, 2025, there was no current reporting period activity recorded in the operating statement or the balance sheet related to uncertain tax positions. The effective tax rate for the three months ended March 31, 2025 was 25.3% compared to 29.1% for the three months ended March 31, 2024 period last year. The provision for income taxes differed from the statutory rate as follows:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Expected provision at federal statutory tax rate |  | 21.0 | % |  | 21.0 | % |  |  |  |
Increases (decrease) resulting from: |  |  |  |  |  |  |  |
State income tax, net of federal tax benefit |  | 2.8 | % |  | 3.6 | % |  |  |  |
Disallowed compensation |  | 1.4 | % |  | 1.3 | % |  |  |  |
Equity compensation shortfall |  | — | % |  | 3.3 | % |  |  |  |
Nondeductible expenses |  | 0.2 | % |  | 0.1 | % |  |  |  |
Dividend received deduction |  | (0.1) | % |  | (0.2) | % |  |  |  |
Total income tax expense (benefit) |  | 25.3 | % |  | 29.1 | % |  |  |  |

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