Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019			2018			2017
Current:
Federal	$	5,945		$	9,156		$	9,163
State	142			128			71
Total current	6,087			9,284			9,234
Deferred:
Federal	2,280			(4,064		)	(4,649		)
State	(2		)	(10		)	(15		)
Total deferred	2,278			(4,074		)	(4,664		)
Total	$	8,365		$	5,210		$	4,570

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)	2019			2018
Deferred income tax assets:
Accrued benefits and retirement services	$	3,049		$	2,758
Other-than-temporary impairment of assets	178			198
Allowance for doubtful accounts	91			82
Net operating loss carryforward	77			28
Reinsurance and commission payable	36			13
Postretirement benefit obligation	9			8
Other	1,329			359
Total	4,769			3,446
Deferred income tax liabilities:
Net unrealized gain on investments	6,691			3,924
Intangible assets	1,168			1,250
Recorded reserve for claims, net of statutory premium reserves	1,096			599
Excess of tax over book depreciation	947			1,104
Other	1,905			753
Total	11,807			7,630
Net deferred income tax liabilities	$	(7,038	)	$	(4,184	)

Schedule of Reconciliation of Income Tax

As computed for the years ended December 31 at the U.S. federal statutory income tax rate of 21.0% for 2019, 21.0% for 2018 and 35.0% for 2017, respectively, to income tax expense follows:



(in thousands)	2019			2018			2017
Anticipated income tax expense	$	8,362		$	5,684		$	10,595
Increase (decrease) related to:
State income taxes, net of federal income tax benefit	112			101			46
Tax-exempt interest income, net of amortization	(900		)	(1,026		)	(1,298		)
Tax Cuts and Jobs Act*	—			—			(5,342		)
Other, net	791			451			569
Provision for income taxes	$	8,365		$	5,210		$	4,570