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Income Taxes | 9 Months Ended
--- | ---
Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of the Company's consolidated provision for income taxes from operations are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Current income tax (benefit) expense: |  |  |  |  |  |  |
Federal | $ | (1,750) |  |  | $ | 3,091 |  |  | $ | 11,719 |  |  | $ | 13,620 |
State | 236 |  |  | 283 |  |  | 1,670 |  |  | 1,169 |
Total current income tax (benefit) expense | $ | (1,514) |  |  | $ | 3,374 |  |  | $ | 13,389 |  |  | $ | 14,789 |
Deferred income tax expense: |  |  |  |  |  |  |
Federal | $ | 5,207 |  |  | $ | 3,034 |  |  | $ | 7,873 |  |  | $ | 7,088 |
State | 1,124 |  |  | 625 |  |  | 1,498 |  |  | 1,644 |
Total deferred income tax expense | $ | 6,331 |  |  | $ | 3,659 |  |  | $ | 9,371 |  |  | $ | 8,732 |
Total income tax expense | $ | 4,817 |  |  | $ | 7,033 |  |  | $ | 22,760 |  |  | $ | 23,521 |
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Nondeductible compensation | 1.5 | % |  | (0.6) | % |  | 0.8 | % |  | 0.3 | %
Share-based compensation | 0.2 | % |  | (1.1) | % |  | (0.1) | % |  | (0.3) | %
State income taxes, net of federal benefit | 5.1 | % |  | 2.2 | % |  | 2.5 | % |  | 2.2 | %
Tax Credit | (3.0) | % |  | — | % |  | (0.6) | % |  | — | %
Other | (4.3) | % |  | — | % |  | (0.9) | % |  | — | %
Effective income tax rate | 20.5 | % |  | 21.5 | % |  | 22.7 | % |  | 23.2 | %
The Company's federal income tax returns for the years subsequent to December 31, 2020, remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2019. The Company currently believes that all other significant filing positions are highly certain and that all of our other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on our consolidated financial statements. Therefore, the Company has not established any reserves for uncertain tax positions. On July 4, 2025, new tax legislation known as the One Big Beautiful Bill Act ("OBBBA") was signed into law. The legislation, among other things, makes permanent, extends or modifies certain provisions under the 2017 Tax Cuts and Jobs Act, including permanent extension of 100% bonus depreciation for certain capital expenditures and the limitation on interest expense deductions. Pursuant to ASC Topic 740, Income Taxes, the effects of changes in tax law are recognized in the period of enactment. As such, this legislation is reflected in the Company's unaudited condensed consolidated financial statements as of September 30, 2025. The enactment of the OBBBA resulted in a $4.9 million reduction in our current income tax expense, with an offsetting increase in deferred income tax expense for the three and nine months ended September 30, 2025.

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