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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,	2016				2015				2014
Current:
Federal	$	5,745,000			$	4,179,000			$	3,121,000
State	81,000				34,000				84,000
Total current	5,826,000				4,213,000				3,205,000
Deferred:
Federal	2,755,777				976,624				620,156
State	34,223				38,376				(9,156		)
Total deferred	2,790,000				1,015,000				611,000
Total	$	8,616,000			$	5,228,000			$	3,816,000

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,	2016				2015
Deferred income tax assets:
Accrued benefits and retirement services	$	3,625,943			$	3,266,823
Other-than-temporary impairment of assets	429,167				428,614
Allowance for doubtful accounts	122,477				1,205,735
Postretirement benefit obligation	56,259				59,108
Net operating loss carryforward	15,000				22,000
Reinsurance and commission payable	7,935				13,752
Other	410,400				416,401
Total	4,667,181				5,412,433
Deferred income tax liabilities:
Net unrealized gain on investments	6,207,324				6,073,431
Recorded reserve for claims, net of statutory premium reserves	4,985,984				3,322,336
Intangible assets	2,525,511				37,451
Excess of tax over book depreciation	1,303,710				987,765
Other	762,908				694,456
Total	15,785,437				11,115,439
Net deferred income tax liabilities	$	(11,118,256	)		$	(5,703,006	)

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 34.6% for 2016, 34.4% for 2015 and 34.3% for 2014, respectively, to income tax expense follows:

For the Years Ended December 31,	2016				2015				2014
Anticipated income tax expense	$	9,733,482			$	6,115,306			$	4,626,555
Increase (decrease) related to:
State income taxes, net of federal income tax benefit	52,974				22,304				55,188
Tax-exempt interest income (net of amortization)	(1,074,504		)		(981,712		)		(876,365		)
Other, net	(95,952		)		72,102				10,622
Provision for income taxes	$	8,616,000			$	5,228,000			$	3,816,000

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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=65882285&loc=d3e32639-109319

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- 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=65882285&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=65882285&loc=d3e32687-109319

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