Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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,	2017			2016		2015
Current:
Federal	$	9,163,000		$	5,745,000	$	4,179,000
State	71,000			81,000		34,000
Total current	9,234,000			5,826,000		4,213,000
Deferred:
Federal	(4,649,054		)	2,755,777		976,624
State	(14,946		)	34,223		38,376
Total deferred	(4,664,000		)	2,790,000		1,015,000
Total	$	4,570,000		$	8,616,000	$	5,228,000

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,	2017			2016
Deferred income tax assets:
Accrued benefits and retirement services	$	2,448,598		$	3,625,943
Other-than-temporary impairment of assets	265,178			429,167
Allowance for doubtful accounts	102,015			122,477
Net operating loss carryforward	33,000			15,000
Postretirement benefit obligation	18,318			56,259
Other	878,195			418,335
Total	3,745,304			4,667,181
Deferred income tax liabilities:
Net unrealized gain on investments	5,193,029			6,207,324
Recorded reserve for claims, net of statutory premium reserves	4,126,388			4,985,984
Intangible assets	1,337,909			2,525,511
Excess of tax over book depreciation	1,042,205			1,303,710
Other	671,532			762,908
Total	12,371,063			15,785,437
Net deferred income tax liabilities	$	(8,625,759	)	$	(11,118,256	)

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 35% for 2017, 34.6% for 2016 and 34.4% for 2015, respectively, to income tax expense follows:



For the Years Ended December 31,	2017			2016			2015
Anticipated income tax expense	$	10,594,700		$	9,733,482		$	6,115,306
Increase (decrease) related to:
State income taxes, net of federal income tax benefit	46,150			52,974			22,304
Tax-exempt interest income (net of amortization)	(1,298,251		)	(1,074,504		)	(981,712		)
Tax Cuts and Jobs Act	(5,341,521		)	—			—
Other, net	568,922			(95,952		)	72,102
Provision for income taxes	$	4,570,000		$	8,616,000		$	5,228,000