INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 10 -- INCOME TAXES

For the first quarter of 2024 and 2023, income tax (benefit) expense differs from the amounts computed by applying the federal income tax rate of 21% to (loss) income before federal income tax expense. These differences, historically, are primarily caused by state income taxes, net of federal tax benefit, income that is not taxable for federal and state income tax purposes, expenses that are not deductible for tax purposes and tax adjustments related to prior federal income tax returns. Specifically, for the first quarter of 2024, these differences also include a non-taxable preliminary bargain purchase gain in connection with the Merger, and non-deductible merger costs, including success-based fees for completing the Merger.

Income tax (benefit) expense calculated at the statutory federal income tax rate of 21% for the first quarter of 2024 and 2023, differs from actual income tax (benefit) expense as follows:

	Three months ended
	March 31,
	2024			2023
(in thousands)
Income tax at statutory federal tax rate	$	(744	)	$	126
State income taxes, net of federal tax benefit		(140	)		26
Non-taxable preliminary bargain purchase gain on the Merger		(1,281	)		—
Non-deductible merger costs, including success based-fees		174			—
Other income tax items, net		(12	)		6
Totals	$	(2,003	)	$	158