Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The components of the Company's consolidated provision for income taxes from operations are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Current income tax expense:
Federal	$	1,574	$	531	$	4,781	$	1,299
State	414		184		614		195
Total current income tax expense	$	1,988	$	715	$	5,395	$	1,494
Deferred income tax expense:
Federal	$	7,207	$	9,875	$	12,295	$	6,981
State	1,247		337		1,442		338
Total deferred income tax expense	$	8,454	$	10,212	$	13,737	$	7,319
Total income tax expense	$	10,442	$	10,927	$	19,132	$	8,813

A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Tax at statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
Nondeductible compensation	—	%	0.2	%	—	%	0.4	%
Share-based compensation	(0.1)	%	—	%	(0.2)	%	(0.4)	%
State income taxes, net of federal benefit	3.0	%	0.8	%	1.9	%	0.9	%
Effective income tax rate	23.9	%	22.0	%	22.7	%	21.9	%

The Company's federal income tax returns for the years subsequent to December 31, 2018 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2017. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.