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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense from operations for the years ended December 31, 2024, 2023 and 2022 are as follows:

			2024						2023						2022
Current:
Federal			$	2,318					$	904					$	1,179
State			1,625						828						1,004
			3,943						1,732						2,183
Deferred:
Federal			595						3,051						4,815
State			(341)						1,135						929
			254						4,186						5,744
Total income tax expense			$	4,197					$	5,918					$	7,927

Income Tax Reconciliation

The income tax expense from the Taxable Subsidiary operations for the years ended December 31, 2024, 2023, and 2022 differs from the "expected" tax expense (computed by applying the federal corporate rate of 21% to income before income taxes of the Taxable Subsidiary) as follows:

			2024						2023						2022
"Expected" tax expense			$	2,669					$	3,880					$	6,702
Increase in income taxes resulting from:
State income taxes, net of federal income tax expense			913						1,357						1,135
Other non-deductible (non-taxable) items			299						306						(86)
Other, net			(609)						(65)						(320)
Actual tax expense			$	3,272					$	5,478					$	7,431

Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows:

			2024						2023
Deferred tax assets:
Bad debt reserves			$	130					$	49
Goodwill and intangibles			9,216						10,532
Employee benefits			12						4
Operating leases			30						—
Interest expense			1,186						334
Tax loss carryforwards			118						861
Other			150						178
Subtotal			10,842						11,958
Less: Valuation allowance			—						—
Total net deferred tax assets			10,842						11,958
Deferred tax liabilities:
Property and equipment			(896)						(1,747)
Operating leases			—						(11)
Total deferred tax liabilities			(896)						(1,758)
Net deferred tax assets			$	9,946					$	10,200

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

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