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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The following table summarizes the components of income tax expense (benefit):

		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2023				2022				2023				2022
Current income tax benefit:
U.S. Federal		$	(4	)		$	(19	)		$	(4	)		$	(19	)
Total current income tax benefit		$	(4	)		$	(19	)		$	(4	)		$	(19	)
Deferred income tax expense:
U.S. Federal		$	1,767			$	7,457			$	4,711			$	3,418
Total deferred income tax expense			1,767				7,457				4,711				3,418
Total income tax expense		$	1,763			$	7,438			$	4,707			$	3,399

Differences in Tax Provision for Financial Statement Purposes and Expected Tax Provision at Weighted Average Tax Rate

The following table summarizes the differences between the tax provision for financial statement purposes and the expected tax provision at the weighted average tax rate:

		Quarters Ended September 30,
		2023								2022
(Dollars in thousands)		Amount				% of Pre- Tax Income				Amount				% of Pre- Tax Income
Expected tax provision at weighted average tax rate		$	1,987				21.0	%		$	6,549				21.0	%
Adjustments:
Dividend exclusion			(16	)			(0.2	)			(20	)			(0.1	)
Change in tax status			—				—				700				2.4
Parent income treated as partnership for tax			(326	)			(3.4	)			101				0.3
Other			118				1.2				108				0.3
Effective income tax expense (benefit)		$	1,763				18.6	%		$	7,438				23.9	%

The effective income tax expense rate for the quarter ended September 30, 2023 was 18.6% compared to an effective income tax expense rate of 23.9% for the quarter ended September 30, 2022. The difference between 2023 and 2022 is primarily due to a change in income or loss at the parent company which is treated as a partnership for tax.

		Nine Months Ended September 30,
		2023								2022
(Dollars in thousands)		Amount				% of Pre- Tax Income				Amount				% of Pre- Tax Income
Expected tax provision at weighted average tax rate		$	5,090				21.0	%		$	44				21.0	%
Adjustments:
Dividend exclusion			(54	)			(0.2	)			(66	)			(31.4	)
Change in tax status			—				—				700				333.3
Parent (income) loss treated as partnership for tax			(668	)			(2.8	)			2,171				1,033.8
Other			339				1.4				550				261.9
Effective income tax expense (benefit)		$	4,707				19.4	%		$	3,399				1,618.6	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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