Income Taxes

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
	(In thousands)
Current income tax expense:
Federal	$	3,577	$	3,207
State	369		200
Total current income tax expense	3,946		3,407
Deferred income tax expense:
Federal	1,513		5,088
State	373		195
Total deferred income tax expense	1,886		5,283
Total income tax expense	$	5,832	$	8,690

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

	Three Months Ended March 31,
	2024		2023
	(In thousands)
Tax at statutory rate	21.0	%	21.0	%
Nondeductible compensation	0.5	%	—	%
Share-based compensation	—	%	(0.4)	%
State income taxes, net of federal benefit	2.4	%	0.8	%
Effective income tax rate	23.9	%	21.4	%

The Company's federal income tax returns for the years subsequent to December 31, 2019 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, 2018. 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.