v3.25.3

INCOME TAXES | 9 Months Ended
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Sep. 30, 2025
INCOME TAXES |
INCOME TAXES | NOTE 12: INCOME TAXES For the nine-month period ended September 30, 2025, the Company recorded income tax expense of $83.6 million which generated an effective tax rate of -131.5%. For the nine-month period ended September 30, 2024, the Company recorded an income tax benefit of $36.1 million and had an effective tax rate of 31.6%. The changes in the effective tax rate were predominately due to the establishment of a valuation allowance on the Company’s net deferred tax assets, changes in pretax income, and the net tax benefits associated with low-income housing tax credit investments and tax-exempt interest income. The effective tax rates differ from the combined federal and state statutory rates for the Company of 27.8% and 28.2% for the nine-month periods ended September 30, 2025 and September 30, 2024 respectively due primarily to various permanent tax differences, including the deferred tax asset valuation allowance, tax-exempt income, tax credits from low-income housing tax credit investments, and other items that impact our effective tax rate. The Company accounts for income taxes by recognizing deferred tax assets and liabilities based upon future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Management evaluates the realizability of deferred tax assets on a regular basis, considering all available evidence, both positive and negative. Due to the current quarter’s loss as well as cumulative losses, the Company determined that it is more likely than not that the net deferred tax assets will not be realized and therefore recorded a valuation allowance against its entire net deferred tax asset balance of $94.7 million during the quarter ended September 30, 2025. The Company will continue to assess the need for a valuation allowance in future periods and will adjust the allowance as necessary based on changes in circumstances or new information. ​ Deferred tax assets, net of valuation allowance totaled $0 and $76.7 million at September 30, 2025 and December 31, 2024, respectively.

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