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Income Taxes (Tables)

9 Months Ended

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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- References

No definition available.

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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

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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