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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022
Current: |  |  |
Federal | $ | 8,389 |  |  | $ | 10,685 |
State | 389 |  |  | 164 |
Total current | 8,778 |  |  | 10,849 |
Deferred: |  |  |
Federal | (4,150) |  |  | (4,510) |
State | (84) |  |  | (134) |
Total deferred | (4,234) |  |  | (4,644) |
Total | $ | 4,544 |  |  | $ | 6,205 |
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) | 2023 |  | 2022
Deferred income tax assets: |  |  |
Accrued benefits and retirement services | $ | 3,990 |  |  | $ | 3,860 |
Net operating loss carryforward | 246 |  |  | 202 |
Impairment of assets | 186 |  |  | 185 |
Reinsurance and commission payable | 62 |  |  | 28 |
Allowance for doubtful accounts | 29 |  |  | 59 |
Lease assets | 1,354 |  |  | 1,280 |
Other | 563 |  |  | 519 |
Total | 6,430 |  |  | 6,133 |
Deferred income tax liabilities: |  |  |
Net unrealized gain on investments | 3,157 |  |  | 5,615 |
Recorded statutory premium reserve, net of reserves for claims | 2,223 |  |  | 2,497 |
Intangible assets | 797 |  |  | 885 |
Excess of tax over book depreciation | 657 |  |  | 1,551 |
Lease liabilities | 1,324 |  |  | 1,252 |
1031 gain | 935 |  |  | 912 |
Other | 883 |  |  | 1,086 |
Total | 9,976 |  |  | 13,798 |
Net deferred income tax liabilities | $ | (3,546) |  |  | $ | (7,665) |
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, 2023 and 2022, to income tax expense, is as follows:
(in thousands) | 2023 |  | 2022
Anticipated income tax expense | $ | 5,508 |  |  | $ | 6,323 |
Increase (decrease) related to: |  |  |
State income taxes, net of federal income tax benefit | 307 |  |  | 130 |
Tax-exempt interest income, net of amortization | (525) |  |  | (577) |
Other, net | (746) |  |  | 329 |
Provision for income taxes | $ | 4,544 |  |  | $ | 6,205 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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