Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated:

	For the Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)
Combined federal and state income tax provision	$	33,727		$	10,292
Effective income tax rate	(18.3)		%	21.0		%

The Company recorded net income tax expense of $33.7 million and $10.3 million for the three months ended March 31, 2025 and 2024, respectively.

The Company recorded net income tax expense during the three months ended March 31, 2025 despite a net pre-tax loss recognized during the period. The loss on sale of securities recognized during the three months ended March 31, 2025 is not considered to be a discrete item for tax purposes and, therefore, the associated tax benefit of $67.9 million is realizable ratably over the full year. The increase in income tax expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to the previously discussed partial recognition of the tax benefit associated with the sale of securities during the three months ended March 31, 2025.