INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of current income tax expense

For financial reporting purposes, income before income taxes were (dollars in thousands):

	2017		2016		2015
Income from before tax income taxes	$	3,139	$	3,202	$	2,306

Schedule of expense (benefit) for income taxes and effective income tax reconciliation

The expense (benefit) for income taxes consists of (dollars in thousands):

		2017		2016		2015
Current:
Federal	$	1,098	$	1,121	$	807
Deferred and Other:
Federal	$	533	$	—	$	—
Total Tax Expense	$	1,631	$	1,121	$	807

	2017			2016			2015
Income Tax Expense (Benefit) at Federal Statutory Rate	$	1,098		$	1,121		$	807
Repricing of Deferred Assets Due to Change in Future Rates		533			—			—
Reported Income Tax (Benefit) Expense		1,631			1,121			807
Effective Tax Rate		52	%		35	%		35	%

Schedule of deferred tax assets

Components of the Net Deferred Tax Asset or Liability  

	2017		2016
Allowance for losses on Notes	$	383	$	640
Installment Note on Land Sale		2,876		4,795
Installment Note from Affiliate on Land Sale		2,503		4,173
Subtotal		5,762		9,608
Less valuation allowance		—		—
Total Net Deferred Tax Asset	$	5,762	$	9,608
Basis Differences for Fixed Assets		4,770		7,950
Deferred Gain Differences		200		334
Total Deferred Tax Liability	$	4,970	$	8,284
Net Deferred Tax Asset		792		1,324
Current Net Deferred Tax Asset		5,179		8,634
Long-Term Net Deferred Tax Liability		4,387		7,310
Net Deferred Tax Asset	$	792	$	1,324