XML 121 R38.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of income tax expense for the years ended December 31 are summarized as follows:
For the Years Ended December 31, | 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |
Federal | $ | 3,121,000 |  |  | $ | 4,873,000 |  |  | $ | 5,018,000 |
State | 84,000 |  |  | 69,000 |  |  | 163,000 |
Total current | 3,205,000 |  |  | 4,942,000 |  |  | 5,181,000 |
Deferred: |  |  |  |  |
Federal | 620,156 |  |  | 1,805,215 |  |  | (305,525 | )
State | (9,156 | ) |  | (1,215 | ) |  | 13,525 |
Total deferred | 611,000 |  |  | 1,804,000 |  |  | (292,000 | )
Total | $ | 3,816,000 |  |  | $ | 6,746,000 |  |  | $ | 4,889,000 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, the approximate tax effect of each component of deferred income tax assets and liabilities is summarized as follows:
For the Years Ended December 31, | 2014 |  | 2013
Deferred income tax assets: |  |  |
Accrued benefits and retirement services | $ | 3,061,144 |  |  | $ | 3,074,164 |
Allowance for doubtful accounts | 1,033,624 |  |  | 883,426 |
Other-than-temporary impairment of assets | 323,089 |  |  | 319,962 |
Excess of book over tax depreciation | 90,409 |  |  | 171,504 |
Postretirement benefit obligation | 40,183 |  |  | 24,914 |
Reinsurance and commission payable | 15,668 |  |  | 21,953 |
Net operating loss carryforward | 25,000 |  |  | 5,000 |
Other | 305,119 |  |  | 256,309 |
Total | 4,894,236 |  |  | 4,757,232 |
Deferred income tax liabilities: |  |  |
Net unrealized gain on investments | 6,781,994 |  |  | 5,976,215 |
Recorded reserves for claims, net of statutory premium reserves | 2,871,114 |  |  | 2,467,798 |
Other | 656,621 |  |  | 327,202 |
Total | 10,309,729 |  |  | 8,771,215 |
Net deferred income tax liabilities | $ | (5,415,493 | ) |  | $ | (4,013,983 | )
Schedule of Reconciliation of Income Tax | A reconciliation of income tax as computed for the years ended December 31 at the U.S. federal statutory income tax rate of 34.3% for 2014, 34.1% for 2013 and 34.0% for 2012, respectively, to income tax expense follows:
For the Years Ended December 31, | 2014 |  | 2013 |  | 2012
Anticipated income tax expense | $ | 4,626,555 |  |  | $ | 7,346,074 |  |  | $ | 5,467,168 |
Increase (decrease) related to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 55,188 |  |  | 45,471 |  |  | 107,580 |
Tax-exempt interest income (net of amortization) | (876,365 | ) |  | (772,545 | ) |  | (757,005 | )
Other, net | 10,622 |  |  | 127,000 |  |  | 71,257 |
Provision for income taxes | $ | 3,816,000 |  |  | $ | 6,746,000 |  |  | $ | 4,889,000 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration