Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 668

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 8
Chunk 668
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, LLC: The Company has five operating leases (see Note 12) with Chalet. Chalet is owned by the Company’s four non-independent Board members, Kemper Isely, Zephyr Isely, Heather Isely and Elizabeth Isely, and other related family members. Rent paid to Chalet was $0.9 million for each of the years ended September 30, 2025, 2024 and 2023.

Isely Family Land Trust LLC: The Company has one operating lease (see Note 12) with the Land Trust. The Land Trust is owned by the Isely Children’s Trust and by the Margaret A. Isely Family Trust. Rent paid to the Land Trust was $0.3 million for each of the years ended September 30, 2025, 2024 and 2023.

FTVC LLC: The Company has one operating lease (see Note 12) with FTVC, which is owned by the Company’s four non-independent Board members and other related family members. Rent paid to FTVC was less than $0.1 million for each of the years ended September 30, 2025, 2024 and 2023.

77

16. Income Taxes

The following are the components of the provision for income taxes for the years ended September 30, 2025, 2024 and 2023, respectively, dollars in thousands:

			Year ended September 30,

			2025

			2024

			2023

			Current federal income tax expense

			$
			12,575

			10,413

			5,291

			Current state income tax expense

			2,516

			2,408

			1,311

			Total current income tax expense

			15,091

			12,821

			6,602

			Deferred federal income tax benefit

			(2,246
			
			)

			(3,283
			)

			(1,334
			)

			Deferred state income tax benefit

			(362
			
			)

			(672
			)

			(141
			)

			Total deferred income tax benefit

			(2,608
			
			)

			(3,955
			)

			(1,475
			)

			Total provision for income taxes

			$