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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The following table summarizes the components of income tax expense:
|  | Quarters Ended September 30, |  |  | Nine Months Ended September 30, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Current income tax benefit: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | — |  |  | $ | (4 | ) |  | $ | — |  |  | $ | (4 | )
Total current income tax benefit |  | $ | — |  |  | $ | (4 | ) |  | $ | — |  |  | $ | (4 | )
Deferred income tax expense: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | 3,125 |  |  | $ | 1,767 |  |  | $ | 8,605 |  |  | $ | 4,711 |
Total deferred income tax expense |  |  | 3,125 |  |  |  | 1,767 |  |  |  | 8,605 |  |  |  | 4,711 |
Total income tax expense |  | $ | 3,125 |  |  | $ | 1,763 |  |  | $ | 8,605 |  |  | $ | 4,707 |
Differences in Tax Provision for Financial Statement Purposes and Expected Tax Provision at Weighted Average Tax Rate | The following tables summarize 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, |
|  | 2024 |  |  | 2023 |
(Dollars in thousands) |  | Amount |  |  | % of Pre- Tax Income |  |  | Amount |  |  | % of Pre- Tax Income |
Expected tax provision at weighted average tax rate |  | $ | 3,336 |  |  |  | 21.0 | % |  | $ | 1,987 |  |  |  | 21.0 | %
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible executive compensation |  |  | 105 |  |  |  | 0.7 |  |  |  | 53 |  |  |  | 0.6 |
Dividend exclusion |  |  | (16 | ) |  |  | (0.1 | ) |  |  | (16 | ) |  |  | (0.2 | )
Parent income treated as partnership for tax |  |  | (324 | ) |  |  | (2.0 | ) |  |  | (326 | ) |  |  | (3.4 | )
Meals & Entertainment |  |  | 7 |  |  |  | — |  |  |  | 68 |  |  |  | 0.7 |
Other |  |  | 17 |  |  |  | 0.1 |  |  |  | (3 | ) |  |  | (0.1 | )
Effective income tax expense |  | $ | 3,125 |  |  |  | 19.7 | % |  | $ | 1,763 |  |  |  | 18.6 | %
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
(Dollars in thousands) |  | Amount |  |  | % of Pre- Tax Income |  |  | Amount |  |  | % of Pre- Tax Income |
Expected tax provision at weighted average tax rate |  | $ | 8,993 |  |  |  | 21.0 | % |  | $ | 5,090 |  |  |  | 21.0 | %
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible executive compensation |  |  | 315 |  |  | 0.7 |  |  |  | 158 |  |  |  | 0.7 |
Dividend exclusion |  |  | (54 | ) |  |  | (0.1 | ) |  |  | (54 | ) |  |  | (0.2 | )
Parent income treated as partnership for tax |  |  | (690 | ) |  |  | (1.6 | ) |  |  | (668 | ) |  |  | (2.8 | )
Meals & Entertainment |  |  | 44 |  |  | 0.1 |  |  |  | 197 |  |  | 0.8 |
Other |  |  | (3 | ) |  |  | — |  |  |  | (16 | ) |  |  | (0.1 | )
Effective income tax expense |  | $ | 8,605 |  |  |  | 20.1 | % |  | $ | 4,707 |  |  |  | 19.4 | %

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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