v3.26.1
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