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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,	2015				2014				2013
Current:
Federal	$	4,179,000			$	3,121,000			$	4,873,000
State	34,000				84,000				69,000
Total current	4,213,000				3,205,000				4,942,000
Deferred:
Federal	976,624				620,156				1,805,215
State	38,376				(9,156		)		(1,215		)
Total deferred	1,015,000				611,000				1,804,000
Total	$	5,228,000			$	3,816,000			$	6,746,000

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,	2015				2014
Deferred income tax assets:
Accrued benefits and retirement services	$	3,262,719			$	3,061,144
Allowance for doubtful accounts	1,199,777				1,033,624
Other-than-temporary impairment of assets	428,614				323,089
Excess of book over tax depreciation	—				90,409
Postretirement benefit obligation	59,108				40,183
Reinsurance and commission payable	13,752				15,668
Net operating loss carryforward	22,000				25,000
Other	426,463				305,119
Total	5,412,433				4,894,236
Deferred income tax liabilities:
Net unrealized gain on investments	6,073,431				6,781,994
Recorded reserves for claims, net of statutory premium reserves	3,322,336				2,871,114
Excess of tax over book depreciation	986,422				—
Other	733,250				656,621
Total	11,115,439				10,309,729
Net deferred income tax liabilities	$	(5,703,006	)		$	(5,415,493	)

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 34.4% for 2015, 34.3% for 2014 and 34.1% for 2013, respectively, to income tax expense follows:

For the Years Ended December 31,	2015				2014				2013
Anticipated income tax expense	$	6,115,306			$	4,626,555			$	7,346,074
Increase (decrease) related to:
State income taxes, net of federal income tax benefit	22,304				55,188				45,471
Tax-exempt interest income (net of amortization)	(981,712		)		(876,365		)		(772,545		)
Other, net	72,102				10,622				127,000
Provision for income taxes	$	5,228,000			$	3,816,000			$	6,746,000

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- 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

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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

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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

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