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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2019
INCOME TAXES |
Schedule of provision for Income Tax | The provision for income taxes included the following components for the years ended December 31, 2019 and 2018:
|  | 2019 |  | 2018
|  | (Dollars in thousands)
Current: |  |  |  |  |  |
Federal |  | $ | 4,784 |  | $ | 3,358
State |  |  | 1,510 |  |  | 1,048
Foreign |  |  | 777 |  |  | 749
Total |  |  | 7,071 |  |  | 5,155
Deferred |  |  | (869) |  |  | 643
Total provision |  | $ | 6,202 |  | $ | 5,798
Schedule of effective tax rate | The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2019 and 2018:
|  | 2019 |  | 2018 |
U.S. federal statutory income tax rate |  | 21.0 | % | 21.0 | %
State income taxes, net of federal tax benefit |  | 4.3 |  | 3.6 |
Non-taxable municipal bond interest |  | (0.4) |  | (0.5) |
Foreign income tax rate differences |  | — |  | 0.8 |
Tax settlements |  | (1.2) |  | — |
Share-based compensation |  | 0.2 |  | (2.5) |
Other |  | (1.0) |  | 0.1 |
Effective tax rate |  | 22.9 | % | 22.5 | %
Schedule of components of deferred taxes | The components of deferred taxes at December 31, 2019, and 2018 were as follows:
|  | 2019 |  | 2018
|  | (Dollars in thousands)
Deferred income tax assets: |  |  |  |  |  |
Accounts receivable reserves |  | $ | 197 |  | $ | 192
Pension liability |  |  | 7,274 |  |  | 6,122
Accrued liabilities |  |  | 1,794 |  |  | 1,779
Operating lease liabilities |  |  | 4,475 |  |  | —
Carryfoward losses |  |  | 1,727 |  |  | 637
Foreign currency losses on intercompany loans |  |  | 39 |  |  | 81
|  |  | 15,506 |  |  | 8,811
Deferred income tax liabilities: |  |  |  |  |  |
Inventory and related reserves |  |  | (2,795) |  |  | (2,832)
Cash value of life insurance |  |  | (431) |  |  | (382)
Property, plant and equipment |  |  | (1,195) |  |  | (1,145)
Intangible assets |  |  | (7,482) |  |  | (6,702)
Operating lease right-of-use assets |  |  | (3,960) |  |  | —
Prepaid expenses and other assets |  |  | (241) |  |  | (197)
|  |  | (16,104) |  |  | (11,258)
Net deferred income tax liabilities |  | $ | (598) |  | $ | (2,447)
Schedule of net deferred tax liabilities | The net deferred tax liabilities are classified in the Consolidated Balance Sheets as follows:
|  | 2019 |  | 2018
|  | (Dollars in thousands)
Non-current deferred income tax benefits |  | $ | 2,487 |  | $ | 1,277
Non-current deferred income tax liabilities |  |  | (3,085) |  |  | (3,724)
Net deferred income tax liabilities |  | $ | (598) |  | $ | (2,447)
Schedule of unrecognized tax benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
|  | 2019 |  | 2018
|  | (Dollars in thousands)
Unrecognized tax benefits balance at January 1, |  | $ | 772 |  | $ | 412
Increases related to current year tax positions |  |  | 190 |  |  | 399
Decreases due to settlements of tax positions |  |  | (275) |  |  | —
Decreases due to lapsing of statute of limitations |  |  | (51) |  |  | (39)
Unrecognized tax benefits balance at December 31, |  | $ | 636 |  | $ | 772

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