v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
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,
20262025
(Dollars in thousands)
Combined federal and state income tax provision$18,565 $33,727 
Effective income tax rate22.1 %(18.3)%
The Company recorded net income tax expense of $18.6 million and $33.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
The decrease in income tax expense for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was due to the treatment of the tax benefit associated with the loss on sale of securities incurred in the first quarter of 2025. 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 was not considered to be a discrete item for income tax purposes and, therefore, the associated tax benefit of $71.8 million was realizable ratably over the full year. No securities were sold during the three months ended March 31, 2026.