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Income taxes

12 Months Ended

Dec. 31, 2024

Income taxes

Income taxes

Note 7 - Income taxes

Income tax expense for the years ended December 31, 2024, 2023 and 2022 was $7.6 million, $17.6 million and $13.4 million, respectively. The income tax expense for each of the years ended December 31, 2024, 2023 and 2022 were provided for federal and state income tax at statutory rates applied to the pre-tax income for each of the periods.

The following summarizes the provision for income taxes:

​

​	​	​	​	​	​	​	​	​	​
Years Ended December 31,		2024			2023			2022
(in thousands)	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Current:		​			​			​
Federal	​	$	6,223	​	$	10,319	​	$	11,995
State and local	​		1,898	​		2,940	​		2,835
​	​		8,121	​		13,259	​		14,830
Deferred:	​		​	​		​	​		​
Federal	​		(222)	​		3,667	​		(323)
State and local	​		(260)	​		647	​		(1,126)
​	​		(482)	​		4,314	​		(1,449)
Expense for income taxes	​	$	7,639	​	$	17,573	​	$	13,381

​

Reconciliation of the Company’s actual tax rate to the U.S. Federal statutory rate is as follows:

​

​	​	​	​	​	​	​	​
Years ended December 31,		2024		2023		2022
Income tax rates	​	​	​	​	​	​	​
- Statutory U.S. federal rate		21	%	21	%	21	%
- State income taxes, net of federal benefit		4	%	4	%	4	%
- Excess tax benefits related to stock compensation		0	%	(1)	%	(1)	%
- 162m limitation	​	1	%	1	%	1	%
- Change in valuation allowance		0	%	0	%	(13)	%
- Other true-up	​	(2)	%	0	%	(1)	%
Total		24	%	25	%	11	%

​

For the year ended December 31, 2024, the Company had no federal NOL carryforwards. For the year ended December 31, 2024, the Company had state tax NOL carryforwards of approximately $1.4 million, expiring in various years.

Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. The net deferred income tax assets (liabilities) consisted of the following at:

​

​	​	​	​	​	​	​
December 31,		2024			2023
(in thousands)	​	​	​	​	​	​
Deferred tax assets (liabilities):	​	​	​	​	​	​
- Reserve for credit losses	​	$	271	​	$	497
- Inventory reserve	​		1,504	​		687
-Non qualified stock options	​		796	​		529
- NOL	​		112	​		—
- Accrued expenses	​		202	​		82
Total Deferred income tax assets	​	$	2,885	​	$	1,795
​	​	​	​	​	​	​
Deferred tax liabilities:	​		​	​		​
​	​	​	​	​	​	​
- Depreciation and amortization	​	​	(6,961)	​	​	(6,353)
Total deferred tax liabilities	​	​	(6,961)	​	​	(6,353)
Net deferred tax liabilities	​	$	(4,076)	​	$	(4,558)

​

The Company reviews the likelihood that it will realize the benefit of its deferred tax assets, and therefore the need for valuation allowances, on a quarterly basis. In determining the requirement for a valuation allowance, the historical and projected financial results are considered, along with all other available positive and negative evidence.

The Company’s 2020 and prior federal tax years have been closed. The Company operates in many states throughout the United States and, as of December 31, 2024, the state statutes of limitations remain open for tax years subsequent to 2019. The Company recognizes interest and penalties, if any, relating to income taxes as a component of the provision for income taxes.

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