Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income taxes

Significant components of the Company's deferred tax liabilities and assets

	December 31,
	2024		2023
	(In thousands)
Deferred tax liabilities:
Property and equipment	$	3,852	$	3,976
Intangible assets		23,377		23,006
Right of use assets		1,803		1,815
Prepaid expenses		470		490
Total deferred tax liabilities		29,502		29,287
Deferred tax assets:
Allowance for credit losses		194		81
Compensation		1,259		1,107
Lease liability		1,890		1,907
Other accrued liabilities		152		70
		3,495		3,165
Less: valuation allowance		—		—
Total net deferred tax assets		3,495		3,165
Net deferred tax liabilities	$	26,007	$	26,122
Current portion of deferred tax assets	$	628	$	279
Non-current portion of deferred tax liabilities		(26,635)		(26,401)
Net deferred tax liabilities	$	(26,007)	$	(26,122)

Significant components of the provision for income taxes

The significant components of the provision for income taxes are as follows:

	Years Ended December 31,
	2024		2023
	(In thousands)
Current:
Federal	$	940	$	2,240
State		285		750
Total current		1,225		2,990
Total deferred		(115)		385
Total Income Tax Provision	$	1,110	$	3,375

Reconciliation of income tax

The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows:

	Years Ended December 31,
	2024		2023
	(In thousands)
Tax expense (benefit) at U.S. statutory rates	$	951	$	2,694
State tax expense, net of federal benefit		270		637
Tax benefit on executive compensation		(134)		44
Tax expense on deficit from restricted stock vesting		167		52
Tax benefit from dividends paid on restricted stock		(144)		(52)
	$	1,110	$	3,375