| Income taxes The following table presents a reconciliation of income taxes for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | | | Federal taxes calculated
at statutory rate | | $ | (2,045) | | 21.0 | % | | $ | 10,691 | | 21.0 | % | | $ | 8,210 | | 21.0 | % | | $ | 17,883 | | 21.0 | % | | | | (Decrease) increase
resulting from: | | | | | | | | | | | | | | | | State taxes, net of federal
benefit | | (212) | | 2.2 | % | | 77 | | 0.1 | % | | 247 | | 0.6 | % | | 210 | | 0.2 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Benefit) expense from
stock-based compensation | | (246) | | 2.5 | % | | 21 | | — | % | | (379) | | (1.0) | % | | 76 | | 0.1 | % | | | | Municipal interest
income, net of interest
disallowance | | (417) | | 4.3 | % | | (328) | | (0.6) | % | | (813) | | (2.1) | % | | (701) | | (0.8) | % | | | | | Bank-owned life insurance | | (89) | | 0.9 | % | | (521) | | (1.0) | % | | (183) | | (0.5) | % | | (611) | | (0.7) | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Section 162(m) limitation | | 99 | | (1.0) | % | | 44 | | 0.1 | % | | 685 | | 1.8 | % | | 204 | | 0.2 | % | | | | Expiration of the statute of
limitations | | (8,713) | | 89.5 | % | | — | | — | % | | (8,713) | | (22.3) | % | | — | | — | % | | | | | Interest on refunds | | (1,645) | | 16.9 | % | | — | | — | % | | (2,591) | | (6.6) | % | | — | | — | % | | | | | Other | | 616 | | (6.3) | % | | 935 | | 1.8 | % | | 356 | | 1.0 | % | | 158 | | 0.2 | % | | | | Income tax (benefit) expense,
as reported | | $ | (12,652) | | 130.0 | % | | $ | 10,919 | | 21.4 | % | | $ | (3,181) | | (8.1) | % | | $ | 17,219 | | 20.2 | % | | | |
For the three and six months ended June 30, 2025, a one-time tax benefit of $10,713 was recognized due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest.
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