v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 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 June 30,For the Six Months Ended June 30,
2026202520262025
(Dollars in thousands)
Combined federal and state income tax provision$29,604 $87 $48,169 $33,814 
Effective income tax rate22.0 %0.1 %22.0 %(40.4)%
The Company recorded income tax expense of $29.6 million and $48.2 million for the three and six months ended June 30, 2026, respectively, compared to $0.1 million and $33.8 million for the three and six months ended June 30, 2025, respectively.
The increase in income tax expense for the three months ended June 30, 2026, compared to the three months ended June 30, 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. Such loss was not considered to be a discrete item for tax purposes and, therefore, the associated tax benefit of $71.8 million was recognized ratably over the full year.
Similarly, the increase in income tax expense for the six months ended June 30, 2026, compared to the six months ended June 30, 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.