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INCOME TAXES
 3 Months Ended
Mar. 31, 2026
INCOME TAXES  
INCOME TAXES

NOTE 14: INCOME TAXES

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions that became effective in 2025 and others that will be implemented through 2027. Provisions effective in 2025 did not have a significant impact on the Company’s operations or financial statements. We continue to assess the expected impact of the OBBBA on our consolidated financial statements in future periods.

All income for the Company is from continuing operations and is from a single country, the United States of America. During the three months ended March 31, 2026 and 2025, the components of income tax expense were as follows:

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Three Months Ended

  ​ ​ ​

Three Months Ended

​

​

March 31, 2026

​

March 31, 2025

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​

(In Thousands)

Current federal income tax expense

​

$

4,404

​

$

3,731

Current state income tax expense

​

 

574

​

 

720

Deferred income tax expense

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(958)

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(161)

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​

​

​

​

​

​

Income tax expense

​

$

4,020

​

$

4,290

​

Reconciliations of the Company’s effective tax rates to the statutory corporate tax rates were as follows for the periods indicated:

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Three Months Ended

​

Three Months Ended

 

​

​

March 31, 2026

​

March 31, 2025

 

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  ​ ​ ​

(Dollars In Thousands)

  ​ ​ ​

(Dollars In Thousands)

​

Tax at statutory rate

 

$

4,514

​

21.0

%

$

4,505

​

21.0

%

Nontaxable interest and dividends

 

​

(52)

​

(0.2)

​

​

(96)

​

(0.4)

​

U.S. federal tax credits, net (primarily low-income housing)

 

​

(989)

​

(4.6)

​

​

(859)

​

(4.0)

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State income/franchise taxes, net of federal benefit

 

​

486

​

2.3

​

​

625

​

2.9

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Other

 

​

61

​

0.2

​

​

115

​

0.5

​

​

 

$

4,020

​

18.7

%

$

4,290

​

20.0

%

​

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, 2021 are now closed. In addition, there were no pending audits by any state jurisdiction at March 31, 2026.

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During the three months ended March 31, 2026, the Company paid no U.S. federal income taxes and paid taxes to various state jurisdictions totaling $41,000. There were no payments to any individual state jurisdiction exceeding five percent of taxable income. In addition, the Company received a refund of $642,000 from one state jurisdiction and federal income tax refunds totaling $977,000. 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 federal income tax refunds totaling $49,000.

Tax payments made to individual state jurisdictions representing five percent or more of total income taxes paid (net of refunds) in the three months ended March 31, 2026 and 2025, respectively, included: for 2026, Georgia $34,000 and Nebraska $7,000; for 2025, Georgia $27,000 and Nebraska $8,000.

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During the three months ended March 31, 2026 and 2025, the state and local jurisdictions that contributed a majority (totaling greater than 50%) of the effect of the state and local income tax expense included Minnesota, Colorado, and Illinois.