v3.26.1
INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. As of June 30, 2026, the Company determined that it did not need a valuation allowance on gross deferred tax assets.
The effective tax rate for the three months ended June 30, 2026, was 25.7% compared with 24.3% for the three months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 was 25.0% compared with 24.9% for the same period last year. The provision for income taxes differed from the statutory rate as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Expected provision at federal statutory tax rate21.0 %21.0 %21.0 %21.0 %
Increases (decrease) resulting from:
State income tax, net of federal tax benefit3.2 %2.6 %2.8 %2.7 %
Disallowed compensation1.5 %0.9 %1.2 %1.2 %
Equity compensation shortfall (excess)
(0.2)%(0.1)%(0.1)%(0.1)%
Nondeductible expenses0.2 %0.1 %0.1 %0.2 %
Dividend received deduction(0.1)%(0.2)%(0.1)%(0.2)%
Other, net0.1 %— %0.1 %0.1 %
Total
25.7 %24.3 %25.0 %24.9 %