INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of total income tax benefit (expense)

Total income tax benefit (expense) is summarized as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Income Tax Benefit (Expense)	$	339	$	(604)	$	2,830

Summary of provisions for income tax benefit (expense)

The provisions for income tax benefit (expense) are summarized as follows (in thousands):  

	2024				2023				2022
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(119)	$	405	$	(83)	$	(427)	$	(183)	$	2,571
State		—		53		—		(94)		—		442
Total	$	(119)	$	458	$	(83)	$	(521)	$	(183)	$	3,013

Summary of deferred income tax assets (liabilities)

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands):

	Deferred Tax
	2024		2023
Deferred Income Tax Assets
Capital Loss Carryforward	$	1,506	$	1,663
Net Operating Loss Carryforward		2,499		2,277
Gross Deferred Income Tax Assets		4,005		3,940
Less - Valuation Allowance		(1,506)		(1,663)
Net Deferred Income Tax Assets		2,499		2,277
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities		(32)		(240)
Basis Differences in Mitigation Credit Assets		—		(28)
Total Deferred Income Tax Liabilities		(32)		(268)
Net Deferred Income Tax Liabilities	$	2,467	$	2,009

Schedule of reconciliation of income tax computed at the federal statutory rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2024, 2023, and 2022, individually, for continuing operations (in thousands):

	Year Ended December 31,
	2024				2023				2022
Income Tax Benefit (Expense) Computed at Federal Statutory Rate	$	384	16.7	%	$	(353)	(5.8)	%	$	2,795	852.1	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		101	4.4	%		(92)	(1.5)	%		593	180.8	%
Income Tax on Permanently Non-Deductible Items		(153)	(6.6)	%		(158)	(2.6)	%		(484)	(147.6)	%
Income Tax on Capital Gains offsetting Capital Loss Carryforward		157	6.8	%		113	1.8	%		—	0.0	%
Valuation Allowance		—	0.0	%		—	0.0	%		—	0.0	%
Other Reconciling Items		(150)	(6.5)	%		(114)	(1.9)	%		(74)	(22.6)	%
Benefit (Expense) for Income Taxes	$	339	14.7	%	$	(604)	(9.8)	%	$	2,830	862.8	%