v3.26.1
INCOME TAXES
3 Months Ended
Mar. 31, 2026
INCOME TAXES  
INCOME TAXES

NOTE 18 – INCOME TAXES

  ​ ​ ​

Three Months Ended

March 31, 

(in thousands, except percentages)

  ​ ​ ​

2026

  ​ ​ ​

2025

Income tax (benefit) expense

$

36,195

$

29,367

Effective tax rate

25.4%

43.6%

The effective tax rate for the three months ended March 31, 2026 differed from the Federal statutory rate primarily due to  state and local income taxes and a current year benefit related to a decrease in the valuation allowance. The effective tax rate for the three months ended March 31, 2025 differed from the Federal statutory rate primarily due to state and local income taxes and an increase to the valuation allowance.