XML 51 R40.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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:
(in thousands) | 2021 |  | 2020
Current: |  |  |
Federal | $ | 12,911 |  |  | $ | 8,886 |
State | 176 |  |  | 137 |
Total current | 13,087 |  |  | 9,023 |
Deferred: |  |  |
Federal | 4,740 |  |  | 1,236 |
State | 85 |  |  | (18) |
Total deferred | 4,825 |  |  | 1,218 |
Total | $ | 17,912 |  |  | $ | 10,241 |
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:
(in thousands) | 2021 |  | 2020
Deferred income tax assets: |  |  |
Accrued benefits and retirement services | $ | 3,382 |  |  | $ | 3,189 |
Net operating loss carryforward | 186 |  |  | 118 |
Other-than-temporary impairment of assets | 161 |  |  | 167 |
Allowance for doubtful accounts | 66 |  |  | 65 |
Postretirement benefit obligation | 39 |  |  | 39 |
Reinsurance and commission payable | 39 |  |  | 9 |
Other | 1,550 |  |  | 1,129 |
Total | 5,423 |  |  | 4,716 |
Deferred income tax liabilities: |  |  |
Net unrealized gain on investments | 10,964 |  |  | 8,090 |
Recorded statutory premium reserve, net of reserves for claims | 1,835 |  |  | 1,199 |
Excess of tax over book depreciation | 1,662 |  |  | 1,149 |
Intangible assets | 1,002 |  |  | 1,086 |
Other | 3,081 |  |  | 1,784 |
Total | 18,544 |  |  | 13,308 |
Net deferred income tax liabilities | $ | (13,121) |  |  | $ | (8,592) |
Schedule of Reconciliation of Income Tax | A reconciliation of the U.S. federal statutory income tax rate of 21.0% for the years ended December 31, 2021 and 2020, to income tax expense, is as follows:
(in thousands) | 2021 |  | 2020
Anticipated income tax expense | $ | 17,836 |  |  | $ | 10,429 |
Increase (decrease) related to: |  |  |
State income taxes, net of federal income tax benefit | 139 |  |  | 108 |
Tax-exempt interest income, net of amortization | (1,310) |  |  | (1,199) |
Other, net | 1,247 |  |  | 903 |
Provision for income taxes | $ | 17,912 |  |  | $ | 10,241 |

X
- References No definition available. + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration