Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 658

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 658
---
  
     19,192  
     10,310 
  
    Residual interest financing 
     8,702  
     4,199  
     4,243 
  
    Subordinated renewable notes 
     2,249  
     1,831  
     2,344 
  
    Interest expense 
    $191,257  
    $146,631  
    $87,524 

(9) Income Taxes 

Income taxes consist of the following:

    Schedule of income taxes expenses 

    Year Ended December 31, 

    2024  
    2023  
    2022 

    (In thousands) 
  
    Current federal tax expense 
    $4,376  
    $7,122  
    $16,946 
  
    Current state tax expense 
     1,807  
     2,613  
     3,352 
  
    Deferred federal tax expense 
     1,382  
     4,307  
     5,573 
  
    Deferred state tax expense 
     663  
     1,712  
     4,339 

    Income tax expense 
    $8,228  
    $15,754  
    $30,210 

     F-27 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Income tax expense for the
years ended December 31, 2024, 2023 and 2022 differs from the amount determined by applying the statutory federal rate to income before
income taxes as follows:

    Schedule of reconciliation of income taxes 

    Year Ended December 31, 

    2024  
    2023  
    2022 

    (In thousands) 
  
    Expense at federal tax rate 
    $5,760  
    $12,830  
    $24,401 
  
    State taxes, net of federal income tax effect 
     1,863  
     3,716  
     6,462 
  
    Stock-based compensation 
     (958) 
     (1,184) 
     (2,611)
  
    Non-deductible expenses 
     1,612  
     1,629