INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense was composed as follows:

	Year Ended December 31,
(In thousands)	2024			2023			2022
Current:
Federal	$	31		$	—		$	—
Current state and local		477			389			362
Total current		508			389			362
Deferred:
Federal deferred		(200	)		(259	)		(125	)
State deferred		—			—			—
Total deferred		(200	)		(259	)		(125	)
Total Income Tax Expense	$	308		$	130		$	237

Schedule of Effective Income Tax Rate Reconciliation

The following table is a reconciliation of the U.S. statutory income tax rate to the effective income tax rate included in the accompanying Consolidated Income Statements:

	Year Ended December 31,
	2024			2023			2022
U.S. statutory rate		21.0	%		21.0	%		21.0	%
Current benefit		(20.9	)		(20.9	)		(20.8	)
State and local income taxes, net of federal tax benefits		0.4			0.4			0.3
Benefit of federal income tax credits		(0.2	)		(0.3	)		(0.2	)
Other		—			(0.1	)		(0.1	)
Valuation allowance		—			—			—
Permanent differences		—			—			—
Effective Income Tax Rate		0.3	%		0.1	%		0.2	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows:

	December 31,
(In thousands)	2024			2023			2022
Compensation and employee benefits	$	35		$	33		$	32
Charitable contribution and credit carryforwards		1,877			1,704			1,366
Net operating losses		—			15			60
Lease payable		147			144			141
UNICAP		13			14			15
Gross deferred tax assets		2,072			1,910			1,614
Prepaid expenses		(13	)		—			(14	)
Buildings and equipment (1)		(611	)		(662	)		(612	)
Gross deferred tax liabilities		(624	)		(662	)		(626	)
Net Deferred Tax Assets	$	1,448		$	1,248		$	988

(1)These buildings and equipment in 2024, 2023, and 2022 relate to the Kerrow Restaurant Operating Business.