Income Tax

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAX

INCOME TAX

Income tax expense (benefit) is composed of the following:

	Three months ended March 31,
	2025		2024
Current	$	6,215	$	8,041
Deferred	(2,061)		(5,259)
Income tax expense (benefit)	$	4,154	$	2,782

Our effective tax rate for the three-month periods ended March 31, 2025 and 2024 is different than the federal statutory rate of 21 percent, due principally to the net effect of tax-exempt municipal bond interest income.

As of March 31, 2025 and 2024, the Company has recorded no valuation allowance as we believe it is more likely than not that all the deferred assets will be realized. Our determination was based on evidence of taxable income in the carryback and carryforward periods and our tax planning strategy of holding debt securities with unrealized losses to recovery.

For each of the three-month periods ended March 31, 2025 and 2024, we made payments for income taxes totaling $0 and $12, respectively. We did not receive a federal tax refund for the three-month periods ended March 31, 2025 and 2024.

We file a consolidated federal income tax return. We also file income tax returns in various state jurisdictions. We are no longer subject to federal or state income tax examination for tax years 2017 and prior.