INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES [Abstract]

Components of the Provision for Income Taxes

Components of the provision for income taxes were as follows:

	Year Ended December 31,
	2023		2022
Current:
Federal	$	5,825	$	1,864
State		2,185		644
Total		8,010		2,508
Deferred:
Federal		989		767
State		643		527
Total		1,632		1,294
Total provision	$	9,642	$	3,802

Reconciliation of Effective Tax Rate to U.S. Statutory Federal Income Tax Rate

The reconciliation of the effective tax rate to the U.S. Statutory Federal Income tax rate was:

	Year Ended December 31,
	2023					2022
Income before taxes	$	35,639				$	16,436
Expected tax	$	7,484		21.0	%	$	3,452		21.0	%
State tax (net of federal benefit)		2,234		6.3	%		925		5.6	%
Other		(76	)	-0.2	%		(575	)	-3.5	%
Total	$	9,642		27.1	%	$	3,802		23.1	%

Components of Non-current Deferred Tax Assets (Liabilities)

The components of the non-current deferred tax assets (liabilities) were as follows:

	At December 31,
	2023			2022
Gross noncurrent deferred tax assets (liabilities)
Operating lease liability	$	26,835		$	26,897
Provision for credit losses		14,388			9,454
Finance lease liability		4,390			-
Depreciation		4,180			9,531
Stock-based compensation		1,223			541
Net operating loss carryforwards		1,040			1,957
Accrued expenses		225			67
Other intangibles		24			39
Pension plan liabilities		(202	)		179
Goodwill		(618	)		(1,469	)
Finance lease right of use assets		(4,224	)		-
Operating lease right-of-use assets		(24,043	)		(24,884	)
Noncurrent deferred tax assets, net	$	23,218		$	22,312