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Income taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income taxes  
Schedule of 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

Schedule of reconciliation of the Company's actual tax rate to the U.S. Federal statutory rate

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

%

Schedule of net deferred income tax assets (liabilities)

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)