INCOME TAXES

3 Months Ended

Mar. 31, 2024

INCOME TAXES

INCOME TAXES

9.INCOME TAXES

Components of income tax expense are as follows:

	Three Months Ended
	March 31,
	2024		2023
	(in thousands)
Current:
Federal	$	4,718	$	4,312
State		338		301
		5,056		4,613
Deferred:
Federal		(127)		(331)
State		20		(41)
		(107)		(372)
Income tax expense	$	4,949	$	4,241

The effective income tax rates for our income tax expense for the three months ended March 31, 2024 and 2023 are less than the federal statutory rate, primarily due to the portion of income not subject to income taxes.

Our 2020 through 2023 tax years remain open to examination by tax authorities, and certain lower-tier partnership income tax returns for the tax years ended December 31, 2020 and 2021 are being audited by the Internal Revenue Service.