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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Abstract] |
Allocation of Total Income Taxes | Total income taxes were allocated as follows:
|  | 2021 |  |  | 2020 |
Total tax expense on income |  | $ | 1,021 |  |  | $ | 3,334 |
Tax expense on components of shareholders’ equity: |  |  |  |  |  |  |  |
Net unrealized gains (losses) on investment securities |  |  | (1,944 | ) |  |  | 3,865 |
Total tax expense (benefit) |  | $ | (923 | ) |  | $ | 7,199 |
Reconciliation of Income Tax Expense (Benefit) | A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and the income tax benefit is as follows:
|  | 2021 |  |  | 2020 |
Federal income tax provision |  | $ | 1,112 |  |  | $ | 3,256 |
Statutory rate |  |  | 21 | % |  |  | 21 | %
Dividends-received deduction |  |  | (26 | ) |  |  | (12 | )
Meals and entertainment |  |  | 32 |  |  |  | 20 |
Vested stock and club dues |  |  | (28 | ) |  |  | 36 |
Parking disallowance |  |  | 16 |  |  |  | 16 |
Adjustment for prior years’ estimates to actual |  |  | (85 | ) |  |  | 18 |
Income tax expense |  | $ | 1,021 |  |  | $ | 3,334 |
Effective tax rate |  |  | 19.3 | % |  |  | 21.5 | %
Deferred Tax Liabilities and Assets | Deferred tax assets and liabilities at December 31, 2021 and 2020 were comprised of the following:
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Deferred acquisition costs |  | $ | 7,026 |  |  | $ | 4,666 |
Insurance reserves |  |  | 2,028 |  |  |  | 2,682 |
Impaired assets |  |  | 780 |  |  |  | 822 |
Bad debts and other |  |  | 280 |  |  |  | 326 |
Total deferred tax assets |  |  | 10,114 |  |  |  | 8,496 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Deferred and uncollected premiums |  | $ | (561 | ) |  | $ | (409 | )
Net unrealized investment gains |  |  | (7,689 | ) |  |  | (9,235 | )
Other |  |  | (109 | ) |  |  | (153 | )
Total deferred tax liabilities |  |  | (8,359 | ) |  |  | (9,797 | )
Net deferred tax asset (liability) |  | $ | 1,755 |  |  | $ | (1,301) |
Components of Income Tax Expense | The components of income tax expense were:
|  | 2021 |  |  | 2020 |
Current – Federal |  | $ | 2,133 |  |  | $ | 5,584 |
Deferred – Federal |  |  | (1,112 | ) |  |  | (2,250 | )
Total |  | $ | 1,021 |  |  | $ | 3,334 |

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- 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 No definition available. + Details
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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 -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
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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 -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
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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 -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
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