INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2026

INCOME TAXES

Schedule of income tax provision (benefit)

	Three Months Ended
	March 31,
	2026		2025
Current	$	5,670	(187)
Change in valuation allowance		—	—
Deferred		6,775	1,537
Income tax provision	$	12,445	1,350

Schedule of effective tax reconciliation

Effective Tax Rate Reconciliation
	March 31, 2026			December 31, 2025
			Amount			Amount
Description	%		($)	%		($)
Federal statutory rate (21%)	21.0	%	20,827	21.0	%	98,436
Tax-exempt municipal interest	(9.1)	%	(8,987)	(4.6)	%	(21,447)
Bank-owned life insurance income	(3.6)	%	(3,540)	(3.1)	%	(14,374)
Change in valuation allowance	—	%	—	(7.6)	%	(35,439)
Other, net	4.2	%	4,145	0.5	%	2,530
Effective income tax rate / provision	12.5	%	12,445	6.2	%	29,706

Schedule of income tax paid

	March 31, 2026		December 31, 2025
Federal	$	—	$	23,000

Summary of net deferred tax asset

	March 31, 2026		December 31, 2025
Deferred tax assets:
Net operating loss carryforward	$	308,137	$	357,279
Allowance for credit losses		93,596		93,436
Net unrealized loss on available-for sale securities		30,262		27,329
Book/tax depreciation differences		22,506		18,586
Other		146,609		146,741
Total deferred tax assets	$	601,110	$	643,371
Deferred tax liabilities:
FHLB stock dividends		25,769		25,769
Other		15,352		53,771
Total deferred tax liabilities	$	41,121	$	79,540
Valuation allowance		(45,450)		(45,450)
Net deferred tax asset	$	514,539	$	518,381