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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
INCOME TAXES |
INCOME TAXES | NOTE 14: INCOME TAXES As discussed in Note 3 – Recent Accounting Pronouncements, in January 2025, the Company adopted ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional income tax disclosures, including specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The Company has elected to adopt this ASU on a prospective basis. All of the Company’s activities are within the United States of America; therefore, the Company does not have any foreign tax items. Reconciliations of the Company’s effective tax rates to the statutory corporate tax rates were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31, | ​ | Three Months Ended March 31, |
​ | ​ | 2025 | ​ | 2024 |
​ | ​ | (In Thousands) | ​ | (In Thousands) | ​
Tax at statutory rate |  | $ | 4,505 | ​ | 21.0 | % | $ | 3,480 | ​ | 21.0 | %
Nontaxable interest and dividends |  | ​ | (96) | ​ | (0.4) | ​ | ​ | (96) | ​ | (0.6) | ​
U.S. federal tax credits (primarily low-income housing) |  | ​ | (859) | ​ | (4.0) | ​ | ​ | (830) | ​ | (5.0) | ​
State income or franchise taxes |  | ​ | 625 | ​ | 2.9 | ​ | ​ | 498 | ​ | 3.0 | ​
Other |  | ​ | 115 | ​ | 0.5 | ​ | ​ | 111 | ​ | 0.7 | ​
​ |  | $ | 4,290 | ​ | 20.0 | % | $ | 3,163 | ​ | 19.1 | %
​ During the three months ended March 31, 2025, the Company paid no U.S. federal income taxes and paid taxes to various state jurisdictions totaling $35,000. There were no payments to any individual state jurisdiction exceeding five percent of taxable income. In addition, the Company received a refund of $19,000 from one state jurisdiction and a federal income tax refund of $49,000. The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS). As a result, federal tax years through December 31, 2020 are now closed. In addition, there are no pending audits by any state jurisdiction at March 31, 2025.

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