INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES [Abstract]

Components of Income Tax Expense

Components of Income Tax Expense
In thousands	For the Year Ended December 31,
State income taxes	2020			2019			2018
Current	$	2,348		$	2,405		$	1,768
Deferred		(279	)		(610	)		71
Total state income tax expense	$	2,069		$	1,795		$	1,839

	For the Year Ended December 31,
Federal income taxes	2020			2019			2018
Current	$	5,725		$	6,015		$	2,404
Deferred		(2,110	)		(2,629	)		748
Total federal income tax expense	$	3,615		$	3,386		$	3,152

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate:
	For the Year Ended December 31,
In thousands	2020			2020			2019			2019			2018			2018
	Amount			Percent			Amount			Percent			Amount			Percent
Reconciliation of effective tax rate
Income before federal and state income taxes	$	22,501			100.0	%	$	20,106			100.0	%	$	19,270			100.0	%
Amount computed at statutory rate		4,725			21.0	%		4,222			21.0	%		4,047			21.0	%
Reconciling items
State income tax-net of federal tax benefit		1,704			7.6	%		1,414			7.0	%		1,350			7.0	%
Regulatory liability adjustment		(451	)		(2.0	)%		(451	)		(2.2	)%		(920	)		(4.8	)%
Federal rate change and TCJA effect		—			–			—			-			325			1.7	%
Other		(294	)		(1.3	)%		(4	)		0.0	%		189			1.0	%
Total income tax expense and effective rate	$	5,684			25.3	%	$	5,181			25.8	%	$	4,991			25.9	%

Deferred Income Taxes

Deferred income taxes at December 31, 2020 and 2019 were comprised of the following:

	For the Year Ended December 31,
In thousands	2020			2019
Deferred tax assets related to:
Federal and state operating loss carry-forwards	$	629		$	725
Less: valuation allowance		(493	)		(335	)
Bad debt allowance		240			73
Stock options		148			185
Other		75			70
Total deferred tax assets	$	599		$	718
Deferred tax liabilities related to:
Property plant and equipment basis differences	$	(48,536	)	$	(50,490	)
Bond retirement costs		(1,210	)		(1,286	)
Expenses of rate proceedings		—			—
Property taxes		(481	)		(544	)
Other		(685	)		(657	)
Total deferred tax liabilities	$	(50,912	)	$	(52,977	)
Net deferred tax liability	$	(50,313	)	$	(52,259	)

Schedule of Valuation Allowance

Schedule of Valuation Allowance
	Balance at Beginning of Period			Additions Charged to Costs and Expenses			Deductions			Balance at End of Period
In thousands
Classification
For the Year Ended December 31, 2020 Valuation allowance for deferred tax assets		$	335		$	158		—			$	493
For the Year Ended December 31, 2019 Valuation allowance for deferred tax assets		$	396		$	41		(102	)		$	335
For the Year Ended December 31, 2018 Valuation allowance for deferred tax assets		$	360		$	36		—			$	396

Schedule of Unrecognized Tax Benefits Roll Forward

The following table provides the changes in the Company's uncertain tax position:

	For the years ended December 31,
In thousands	2020			2019
Balance at beginning of year	$	271		$	283
Additions based on tax positions related to the current year		—			37
Additions based on tax positions related to prior years		21			24
Reductions for tax positions of prior years		(83	)		—
Settlements		—			—
Federal tax rate change		—			—
Lapses in statutes of limitations		—			(73	)
Balance at end of year	$	209		$	271