v3.26.1
INCOME TAX
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAX INCOME TAX
Income tax expense (benefit) is composed of the following:
Three months ended June 30,Six months ended June 30,
2026202520262025
Current$13,018 $10,564 $15,467 $16,779 
Deferred(4,439)(4,309)1,072 (6,370)
Income tax expense (benefit)$8,579 $6,255 $16,539 $10,409 
Our effective tax rates for the three- and six-month periods ended June 30, 2026 and 2025 are different than the federal statutory rate of 21 percent, due primarily to the net effect of tax-exempt municipal bond interest income and tax adjustments related to equity-based compensation.
As of June 30, 2026 and 2025, the Company has recorded no valuation allowance as we believe it is more likely than not that all the deferred tax assets will be realized. Our determination was based on evidence of taxable income in the carryback and carryforward periods and our tax planning strategy of holding debt securities with unrealized losses to recovery.
For the six-month periods ended June 30, 2026 and 2025, we made payments for income taxes totaling $13,799 and $19,133, respectively. For the six-month periods ended June 30, 2026 and 2025, we received a federal tax refund of
$0 and $9,283, respectively. Interest on the federal tax refund of $1,392 was also received in the second quarter of 2025.
We file a consolidated federal income tax return. We also file income tax returns in various state jurisdictions. We are no longer subject to federal or state income tax examination for tax years 2022 and prior.