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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Summary of significant components of the provision for income taxes

Significant components of the provision for income taxes are as follows (in thousands):

		Year ended
		December 31,
		2019			2018
Current:
Federal		$	7,849		$	6,567
State			973			723
Total current income tax provision			8,822			7,290
Deferred:
Federal			(70)			1,777
State			(6)			65
Total deferred income tax provision			(76)			1,842
Provision for income taxes		$	8,746		$	9,132

Schedule of reconciliation of the Company’s effective tax rate from operations to the U.S. federal income tax rate

		Year ended
		December 31,
		2019		2018
Federal statutory rate		21.0	%		21.0	%
State income taxes, net of federal tax benefit		2.0			2.3
Tax adjustment related to corporate conversion		—			6.5
Other		0.3			—
Effective tax rate		23.3	%		29.8	%

Summary of deferred tax assets and liabilities

The tax effects of cumulative temporary differences that give rise to deferred tax assets and liabilities are as follows (in thousands):

		Year ended
		December 31,
		2019			2018
Deferred tax assets:
Allowance for doubtful accounts		$	547		$	368
Reserve accounts			111			148
State taxes			223			—
Uniform capitalization			45			54
Total deferred tax assets			926			570
Deferred tax liabilities:
Installment sale revenue			(1,221)			(1,356)
Depreciation			(969)			(732)
Accrued interest receivable			(465)			(288)
Other			(37)			(36)
Total deferred tax liabilities			(2,692)			(2,412)
Net deferred tax liabilities		$	(1,766)		$	(1,842)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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