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INCOME TAXES | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. As of September 30, 2025, we determined that we did not need a valuation allowance on our gross deferred tax assets. For the three and nine months ended September 30, 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 September 30, 2025 was 24.5% compared to 10.8% for the three months ended September 30, 2024. The effective tax rate for the nine months ended September 30, 2025 was 24.7% compared to 31.5% for the same period last year. The provision for income taxes differed from the statutory rate as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected provision at federal statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (decrease) resulting from: |  |  |  |  |  |  |  |
State income tax, net of federal tax benefit |  | 2.7 | % |  | (7.0) | % |  | 2.7 | % |  | 5.9 | %
Disallowed compensation |  | 0.8 | % |  | (3.4) | % |  | 1.1 | % |  | 2.4 | %
Equity compensation shortfall (excess) |  | — | % |  | — | % |  | — | % |  | 2.0 | %
Nondeductible expenses |  | 0.2 | % |  | (0.3) | % |  | 0.2 | % |  | 0.5 | %
Dividend received deduction |  | (0.2) | % |  | 0.5 | % |  | (0.2) | % |  | (0.3) | %
Other, net |  | — | % |  | — | % |  | (0.1) | % |  | — | %
Total income tax expense (benefit) |  | 24.5 | % |  | 10.8 | % |  | 24.7 | % |  | 31.5 | %

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