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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Allocation of total income taxes

Total income taxes were allocated as follows:

	2016			2015
Total tax expense on income	$	888		$	1,320
Tax expense (benefit) on components of shareholders’ equity:
Net unrealized gains (losses) on investment securities		671			(2,528	)
Total tax expense (benefit)	$	1,559		$	(1,208	)

Reconciliation of income tax expense

A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and the income tax expense is as follows:

	2016			2015
Federal income tax provision at statutory rate of 35%	$	1,233		$	1,998
Dividends-received deduction		(95	)		(99	)
Small life insurance company deduction		(376	)		(582	)
Other		55			42
Adjustment for prior years’ estimates to actual		71			(39	)
Income tax expense	$	888		$	1,320
Effective tax rate		25.2	%		23.1	%

Deferred tax liabilities and assets

Deferred tax liabilities and assets at December 31, 2016 and 2015 were comprised of the following:

	2016			2015
Deferred tax liabilities:
Deferred acquisition costs	$	(2,345	)	$	(2,623	)
Deferred and uncollected premiums		(654	)		(677	)
Net unrealized investment gains		(3,140	)		(2,469	)
Other		(666	)		(642	)
Total deferred tax liabilities		(6,805	)		(6,411	)
Deferred tax assets:
Insurance reserves		4,589			4,522
Impaired assets		1,454			1,474
Alternative minimum tax credit		282			504
Bad debts and other		640			740
Total deferred tax assets		6,965			7,240
Net deferred tax asset	$	160		$	829

Components of income tax expense

The components of income tax expense were:

	2016			2015
Current - Federal	$	890		$	1,016
Deferred - Federal		(2	)		304
Total	$	888		$	1,320

X

- Definition

Tabular disclosure of the allocation of income tax expense (benefit) on income and unrealized gains and losses on investments in debt and equity securities as well as changes in the fair value of derivatives designated as a cash flow hedge.

+ References

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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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