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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES [Abstract] |
Components of Income Tax Expense |
Components of Income Tax Expense |  |  |
In thousands |  | For the Year Ended December 31, |
State income taxes |  | 2020 |  |  | 2019 |  |  | 2018 |
Current |  | $ | 2,348 |  |  | $ | 2,405 |  |  | $ | 1,768 |
Deferred |  |  | (279 | ) |  |  | (610 | ) |  |  | 71 |
Total state income tax expense |  | $ | 2,069 |  |  | $ | 1,795 |  |  | $ | 1,839 |
|  | For the Year Ended December 31, |
Federal income taxes |  | 2020 |  |  | 2019 |  |  | 2018 |
Current |  | $ | 5,725 |  |  | $ | 6,015 |  |  | $ | 2,404 |
Deferred |  |  | (2,110 | ) |  |  | (2,629 | ) |  |  | 748 |
Total federal income tax expense |  | $ | 3,615 |  |  | $ | 3,386 |  |  | $ | 3,152 |
Reconciliation of Effective Tax Rate |
Reconciliation of effective tax rate: |
|  | For the Year Ended December 31, |
In thousands |  | 2020 |  |  | 2020 |  |  | 2019 |  |  | 2019 |  |  | 2018 |  |  | 2018 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Reconciliation of effective tax rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before federal and state income taxes |  | $ | 22,501 |  |  |  | 100.0 | % |  | $ | 20,106 |  |  |  | 100.0 | % |  | $ | 19,270 |  |  |  | 100.0 | %
Amount computed at statutory rate |  |  | 4,725 |  |  |  | 21.0 | % |  |  | 4,222 |  |  |  | 21.0 | % |  |  | 4,047 |  |  |  | 21.0 | %
Reconciling items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income tax-net of federal tax benefit |  |  | 1,704 |  |  |  | 7.6 | % |  |  | 1,414 |  |  |  | 7.0 | % |  |  | 1,350 |  |  |  | 7.0 | %
Regulatory liability adjustment |  |  | (451 | ) |  |  | (2.0 | )% |  |  | (451 | ) |  |  | (2.2 | )% |  |  | (920 | ) |  |  | (4.8 | )%
Federal rate change and TCJA effect |  |  | — |  |  |  | – |  |  |  | — |  |  |  | - |  |  |  | 325 |  |  |  | 1.7 | %
Other |  |  | (294 | ) |  |  | (1.3 | )% |  |  | (4 | ) |  |  | 0.0 | % |  |  | 189 |  |  |  | 1.0 | %
Total income tax expense and effective rate |  | $ | 5,684 |  |  |  | 25.3 | % |  | $ | 5,181 |  |  |  | 25.8 | % |  | $ | 4,991 |  |  |  | 25.9 | %
Deferred Income Taxes | Deferred income taxes at December 31, 2020 and 2019 were comprised of the following:
|  | For the Year Ended December 31, |
In thousands |  | 2020 |  |  | 2019 |
Deferred tax assets related to: |  |  |  |  |  |
Federal and state operating loss carry-forwards |  | $ | 629 |  |  | $ | 725 |
Less: valuation allowance |  |  | (493 | ) |  |  | (335 | )
Bad debt allowance |  |  | 240 |  |  |  | 73 |
Stock options |  |  | 148 |  |  |  | 185 |
Other |  |  | 75 |  |  |  | 70 |
Total deferred tax assets |  | $ | 599 |  |  | $ | 718 |
Deferred tax liabilities related to: |  |  |  |  |  |  |  |
Property plant and equipment basis differences |  | $ | (48,536 | ) |  | $ | (50,490 | )
Bond retirement costs |  |  | (1,210 | ) |  |  | (1,286 | )
Expenses of rate proceedings |  |  | — |  |  |  | — |
Property taxes |  |  | (481 | ) |  |  | (544 | )
Other |  |  | (685 | ) |  |  | (657 | )
Total deferred tax liabilities |  | $ | (50,912 | ) |  | $ | (52,977 | )
Net deferred tax liability |  | $ | (50,313 | ) |  | $ | (52,259 | )
Schedule of Valuation Allowance |
Schedule of Valuation Allowance |
| Balance at Beginning of Period |  | Additions Charged to Costs and Expenses |  | Deductions |  | Balance at End of Period |
In thousands |  |  |  |  |  |  |  |
Classification |  |  |  |  |  |  |  |
For the Year Ended December 31, 2020 Valuation allowance for deferred tax assets |  | $ | 335 |  |  | $ | 158 |  |  |  | — |  |  | $ | 493 |
For the Year Ended December 31, 2019 Valuation allowance for deferred tax assets |  | $ | 396 |  |  | $ | 41 |  |  |  | (102 | ) |  | $ | 335 |
For the Year Ended December 31, 2018 Valuation allowance for deferred tax assets |  | $ | 360 |  |  | $ | 36 |  |  |  | — |  |  | $ | 396 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table provides the changes in the Company's uncertain tax position:
|  | For the years ended December 31, |
In thousands |  | 2020 |  |  | 2019 |
Balance at beginning of year |  | $ | 271 |  |  | $ | 283 |
Additions based on tax positions related to the current year |  |  | — |  |  |  | 37 |
Additions based on tax positions related to prior years |  |  | 21 |  |  |  | 24 |
Reductions for tax positions of prior years |  |  | (83 | ) |  |  | — |
Settlements |  |  | — |  |  |  | — |
Federal tax rate change |  |  | — |  |  |  | — |
Lapses in statutes of limitations |  |  | — |  |  |  | (73 | )
Balance at end of year |  | $ | 209 |  |  | $ | 271 |

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