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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES [Abstract] |
Components of Income Tax Expense |
Components of Income Tax Expense |  |  |
In thousands |  | For the Year Ended December 31, |
Federal income taxes |  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  | $ | 1,946 |  |  | $ | 2,912 |  |  | $ | 2,144 |
Deferred |  |  | 1,968 |  |  |  | 930 |  |  |  | 1,601 |
Total federal income tax expense |  | $ | 3,914 |  |  | $ | 3,842 |  |  | $ | 3,745 |
|  | For the Year Ended December 31, |
State income taxes |  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  | $ | 1,016 |  |  | $ | 1,373 |  |  | $ | 1,216 |
Deferred |  |  | 1,418 |  |  |  | 663 |  |  |  | 776 |
Total state income tax expense |  | $ | 2,434 |  |  | $ | 2,036 |  |  | $ | 1,992 |
Reconciliation of Effective Tax Rate |
Reconciliation of effective tax rate: |
|  | For the Year Ended December 31, |
In thousands |  | 2023 |  |  | 2023 |  |  | 2022 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Reconciliation of effective tax rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before federal and state income taxes |  | $ | 23,047 |  |  |  | 100.0 | % |  | $ | 23,876 |  |  |  | 100.0 | % |  | $ | 22,564 |  |  |  | 100.0 | %
Amount computed at statutory rate |  |  | 4,840 |  |  |  | 21.0 | % |  |  | 5,014 |  |  |  | 21.0 | % |  |  | 4,738 |  |  |  | 21.0 | %
Reconciling items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income tax-net of federal tax benefit |  |  | 1,918 |  |  |  | 8.3 | % |  |  | 1,696 |  |  |  | 7.1 | % |  |  | 1,600 |  |  |  | 7.1 | %
Regulatory liability adjustment |  |  | (449 | ) |  |  | (1.9 | )% |  |  | (450 | ) |  |  | (1.9 | )% |  |  | (451 | ) |  |  | (2.0 | )%
Other |  |  | 39 |  |  |  | 0.2 | % |  |  | (382 | ) |  |  | (1.6 | )% |  |  | (150 | ) |  |  | (0.7 | )%
Total income tax expense and effective rate |  | $ | 6,348 |  |  |  | 27.6 | % |  | $ | 5,878 |  |  |  | 24.6 | % |  | $ | 5,737 |  |  |  | 25.4 | %
Deferred Income Taxes | Deferred income taxes at December 31, 2023 and 2022 were comprised of the following:
|  | For the Year Ended December 31, |
In thousands |  | 2023 |  |  | 2022 |
Deferred tax assets related to: |  |  |  |  |  |
State operating loss carry-forwards |  | $ | 1,037 |  |  | $ | 922 |
Less: valuation allowance |  |  | (906 | ) |  |  | (600 | )
Bad debt allowance |  |  | 92 |  |  |  | 116 |
Stock options |  |  | 47 |  |  |  | 47 |
Other |  |  | 48 |  |  |  | 28 |
Total deferred tax assets |  | $ | 318 |  |  | $ | 513 |
Deferred tax liabilities related to: |  |  |  |  |  |  |  |
Property plant and equipment basis differences |  | $ | (56,012 | ) |  | $ | (52,565 | )
Bond retirement costs |  |  | (982 | ) |  |  | (1,058 | )
Property taxes |  |  | (624 | ) |  |  | (609 | )
Other |  |  | (1,081 | ) |  |  | (833 | )
Total deferred tax liabilities |  | $ | (58,699 | ) |  | $ | (55,065 | )
Net deferred tax liability |  | $ | (58,381 | ) |  | $ | (54,552 | )
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, 2023 Valuation allowance for deferred tax assets |  | $ | 600 |  |  | $ | 312 |  |  | $ | 6 |  |  | $ | 906 |
For the Year Ended December 31, 2022 Valuation allowance for deferred tax assets |  | $ | 546 |  |  | $ | 54 |  |  | $ | — |  |  | $ | 600 |
For the Year Ended December 31, 2021 Valuation allowance for deferred tax assets |  | $ | 493 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 546 |
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 |  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 146 |  |  | $ | 202 |
Additions based on tax positions related to the current year |  |  | — |  |  |  | 146 |
Additions based on tax positions related to prior years |  |  | 12 |  |  |  | 10 |
Reductions for tax positions of prior years |  |  | — |  |  |  | — |
Lapses in statutes of limitations |  |  | — |  |  |  | (212 | )
Balance at end of year |  | $ | 158 |  |  | $ | 146 |

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