INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES [Abstract]

Components of Income Tax Expense

Components of Income Tax Expense
In thousands	For the Year Ended December 31,
Federal income taxes	2024			2023		2022
Current	$	4,733		$	1,946	$	2,912
Deferred		(104	)		1,968		930
Total federal income tax expense	$	4,629		$	3,914	$	3,842

	For the Year Ended December 31,
State income taxes	2024		2023		2022
Current	$	2,004	$	1,016	$	1,373
Deferred		682		1,418		663
Total state income tax expense	$	2,686	$	2,434	$	2,036

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate:
	For the Year Ended December 31,
In thousands	2024			2024			2023			2023			2022			2022
	Amount			Percent			Amount			Percent			Amount			Percent
Reconciliation of effective tax rate
Income before federal and state income taxes	$	27,709			100.0	%	$	23,047			100.0	%	$	23,876			100.0	%
Amount computed at statutory rate		5,819			21.0	%		4,840			21.0	%		5,014			21.0	%
Reconciling items
State income tax-net of federal tax benefit		2,094			7.6	%		1,918			8.3	%		1,696			7.1	%
Regulatory liability adjustment		(719	)		(2.6	)%		(449	)		(1.9	)%		(450	)		(1.9	)%
Other		121			0.4	%		39			0.2	%		(382	)		(1.6	)%
Total income tax expense and effective rate	$	7,315			26.4	%	$	6,348			27.6	%	$	5,878			24.6	%

Deferred Income Taxes

Deferred income taxes at December 31, 2024 and 2023 were comprised of the following:

	For the Year Ended December 31,
In thousands	2024			2023
Deferred tax assets related to:
State operating loss carry-forwards	$	1,086		$	1,037
Bad debt allowance		96			92
Stock options		31			47
Tax effect of regulatory liabilities		7,408			—
Other		183			48
Total deferred tax assets	$	8,804		$	1,224
Less: valuation allowance		(1,084	)		(906	)
Total deferred tax assets net of valuation allowance		7,720			318
Deferred tax liabilities related to:
Property plant and equipment basis differences	$	(57,296	)	$	(56,012	)
Bond retirement costs		(907	)		(982	)
Property taxes		(610	)		(624	)
Other		(1,172	)		(1,081	)
Total deferred tax liabilities	$	(59,985	)	$	(58,699	)
Net deferred tax liability	$	(52,265	)	$	(58,381	)

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, 2024 Valuation allowance for deferred tax assets		$	906		$	190		$	12		$	1,084
For the Year Ended December 31, 2023 Valuation allowance for deferred tax assets		$	600		$	312		$	6		$	906
For the Year Ended December 31, 2022 Valuation allowance for deferred tax assets		$	546		$	54		$	—		$	600

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	2024		2023
Balance at beginning of year	$	158	$	146
Additions based on tax positions related to the current year		46		—
Additions based on tax positions related to prior years		17		12
Reductions for tax positions of prior years		—		—
Lapses in statutes of limitations		—		—
Balance at end of year	$	221	$	158