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