INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES [Abstract]

Components of Income Tax Expense

Components of Income Tax Expense
In thousands	For the Year Ended December 31,
State income taxes	2022		2021		2020
Current	$	1,373	$	1,216	$	2,348
Deferred		663		776		(279	)
Total state income tax expense	$	2,036	$	1,992	$	2,069

	For the Year Ended December 31,
Federal income taxes	2022		2021		2020
Current	$	2,912	$	2,144	$	5,725
Deferred		930		1,601		(2,110	)
Total federal income tax expense	$	3,842	$	3,745	$	3,615

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate:
	For the Year Ended December 31,
In thousands	2022			2022			2021			2021			2020			2020
	Amount			Percent			Amount			Percent			Amount			Percent
Reconciliation of effective tax rate
Income before federal and state income taxes	$	23,876			100.0	%	$	22,564			100.0	%	$	22,501			100.0	%
Amount computed at statutory rate		5,014			21.0	%		4,738			21.0	%		4,725			21.0	%
Reconciling items
State income tax-net of federal tax benefit		1,696			7.1	%		1,600			7.1	%		1,704			7.6	%
Regulatory liability adjustment		(450	)		(1.9	)%		(451	)		(2.0	)%		(451	)		(2.0	)%
Other		(382	)		(1.6	)%		(150	)		(0.7	)%		(294	)		(1.3	)%
Total income tax expense and effective rate	$	5,878			24.6	%	$	5,737			25.4	%	$	5,684			25.3	%

Deferred Income Taxes

Deferred income taxes at December 31, 2022 and 2021 were comprised of the following:

	For the Year Ended December 31,
In thousands	2022			2021
Deferred tax assets related to:
Federal and state operating loss carry-forwards	$	922		$	629
Less: valuation allowance		(600	)		(493	)
Bad debt allowance		116			240
Stock options		47			148
Other		28			75
Total deferred tax assets	$	513		$	599
Deferred tax liabilities related to:
Property plant and equipment basis differences	$	(52,565	)	$	(48,536	)
Bond retirement costs		(1,058	)		(1,210	)
Property taxes		(609	)		(481	)
Other		(833	)		(685	)
Total deferred tax liabilities	$	(55,065	)	$	(50,912	)
Net deferred tax liability	$	(54,552	)	$	(50,313	)

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, 2022 Valuation allowance for deferred tax assets		$	546		$	54		—		$	600
For the Year Ended December 31, 2021 Valuation allowance for deferred tax assets		$	493		$	53		—		$	546
For the Year Ended December 31, 2020 Valuation allowance for deferred tax assets		$	335		$	158		—		$	493

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	2022			2021
Balance at beginning of year	$	202		$	209
Additions based on tax positions related to the current year		146			—
Additions based on tax positions related to prior years		10			19
Reductions for tax positions of prior years		—			—
Lapses in statutes of limitations		(212	)		(26	)
Balance at end of year	$	146		$	202