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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Schedule of provision for income tax | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | 5,859 | ​ | $ | 6,263
State | ​ |  | 1,839 | ​ |  | 1,934
Foreign | ​ |  | 516 | ​ |  | 705
Total | ​ |  | 8,214 | ​ |  | 8,902
Deferred | ​ |  | 2,462 | ​ |  | 1,297
Total provision | ​ | $ | 10,676 | ​ | $ | 10,199
Schedule of effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
U.S. federal statutory income tax rate |  | 21.0 | % | 21.0 | %
State income taxes, net of federal tax benefit |  | 4.1 |  | 2.9 | ​
Foreign income tax rate differences |  | 0.3 |  | 0.7 | ​
Other |  | 0.7 |  | 1.1 | ​
Effective tax rate |  | 26.1 | % | 25.7 | %
Schedule of components of deferred taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Deferred income tax assets: |  | ​ |  |  | ​ |
Accounts receivable reserves | ​ | $ | 385 | ​ | $ | 284
Pension liability | ​ |  | 3,635 | ​ |  | 4,174
Accrued liabilities | ​ |  | 1,724 | ​ |  | 1,874
Operating lease liabilities | ​ | ​ | 4,024 | ​ | ​ | 3,871
Foreign currency losses on intercompany loans | ​ |  | 58 | ​ |  | 54
​ | ​ |  | 9,826 | ​ |  | 10,257
Deferred income tax liabilities: | ​ |  | ​ | ​ |  | ​
Inventory and related reserves | ​ |  | (5,024) | ​ |  | (2,998)
Cash value of life insurance | ​ |  | (682) | ​ |  | (615)
Property, plant and equipment | ​ |  | (1,297) | ​ |  | (1,162)
Intangible assets | ​ |  | (9,639) | ​ |  | (9,112)
Prepaid expenses and other assets | ​ |  | (352) | ​ |  | (367)
Operating lease right-of-use assets | ​ | ​ | (3,555) | ​ | ​ | (3,495)
​ | ​ |  | (20,549) | ​ |  | (17,749)
Net deferred income tax liabilities | ​ | $ | (10,723) | ​ | $ | (7,492)
Schedule of net deferred tax liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Non-current deferred income tax benefits | ​ | $ | 1,096 | ​ | $ | 1,038
Non-current deferred income tax liabilities | ​ |  | (11,819) | ​ |  | (8,530)
Net deferred income tax liabilities | ​ | $ | (10,723) | ​ | $ | (7,492)
Summary of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Unrecognized tax benefits balance at January 1, | ​ | $ | 305 | ​ | $ | 155
Increases related to current year tax positions | ​ |  | 366 | ​ |  | 228
Decreases due to lapsing of statute of limitations | ​ |  | (63) | ​ |  | (78)
Unrecognized tax benefits balance at December 31, | ​ | $ | 608 | ​ | $ | 305

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