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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of total income tax benefit (expense)

Total income tax benefit (expense) is summarized as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023			2022			2021
Income Tax Benefit (Expense)	​	$	(604)	​	$	2,830	​	$	3,079

Summary of provisions for income tax benefit (expense)

The provisions for income tax benefit (expense) are summarized as follows (in thousands):  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

2022

​

2021

​

Current

Deferred

Current

Deferred

Current

Deferred

Federal

​

$

(83)

​

$

(427)

​

$

(183)

​

$

2,571

​

$

235

​

$

2,362

State

​

​

—

​

​

(94)

​

​

—

​

​

442

​

​

44

​

​

438

Total

​

$

(83)

​

$

(521)

​

$

(183)

​

$

3,013

​

$

279

​

$

2,800

Summary of deferred income tax assets (liabilities)

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands):

​	​	​	​	​	​	​
​	​	Deferred Tax
​		2023			2022
Deferred Income Tax Assets	​	​	​	​	​	​
Capital Loss Carryforward	​	$	1,663	​	$	1,800
Net Operating Loss Carryforward	​	​	2,277	​	​	2,597
Gross Deferred Income Tax Assets	​	​	3,940	​	​	4,397
Less - Valuation Allowance	​	​	(1,663)	​	​	(1,800)
Net Deferred Income Tax Assets	​	​	2,277	​	​	2,597
Deferred Income Tax Liabilities	​	​	​	​	​	​
Unrealized Gain on Investment Securities	​	​	(240)	​	​	(39)
Basis Differences in Mitigation Credit Assets	​	​	(28)	​	​	(28)
Total Deferred Income Tax Liabilities	​	​	(268)	​	​	(67)
Net Deferred Income Tax Liabilities	​	$	2,009	​	$	2,530

Schedule of reconciliation of income tax computed at the federal statutory rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2023, 2022, and 2021, individually, for continuing operations (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023						2022						2021
Income Tax Benefit Computed at Federal Statutory Rate	​	$	(353)	​	(5.8)	%	​	$	2,795	​	852.1	%	​	$	4,408	​	16.4	%
Increase (Decrease) Resulting from:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
State Income Tax, Net of Federal Income Tax Benefit	​	​	(92)	​	(1.5)	%	​	​	593	​	180.8	%	​	​	936	​	3.5	%
Income Tax on Permanently Non-Deductible Items	​	​	(158)	​	(2.6)	%	​	​	(484)	​	(147.6)	%	​	​	—	​	0.0	%
Income Tax on Capital Gains offsetting Capital Loss Carryforward	​	​	113	​	1.8	%	​	​	—	​	0.0	%	​	​	—	​	0.0	%
Valuation Allowance	​	​	—	​	0.0	%	​	​	—	​	0.0	%	​	​	(2,216)	​	(8.2)	%
Other Reconciling Items	​	​	(114)	​	(1.9)	%	​	​	(74)	​	(22.6)	%	​	​	(49)	​	(0.2)	%
Benefit for Income Taxes	​	$	(604)	​	(9.8)	%	​	$	2,830	​	862.8	%	​	$	3,079	​	11.5	%

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- Definition

Tabular disclosure of income tax expense (benefit) for continuing operations, discontinued operations, other comprehensive income, and items charged (credited) directly to shareholders' equity.

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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.

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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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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.

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