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Income Taxes (Tables)
3 Months Ended
Mar. 31, 2017
Income Taxes [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation



 

 

 

 

 

 



 

 

 

 

 

 



 

For the Three-Months Ended



 

Ended March 31,



 

2017

 

2016

Provision for income taxes at the statutory federal tax rates

 

$

446,729 

 

$

263,653 

Increase (reduction) in taxes resulting from:

 

 

 

 

 

 

Dividends received deduction

 

 

(9,104)

 

 

 —

Tax-exempt interest income

 

 

(40,338)

 

 

(43,665)

15% proration of tax exempt interest and dividends received decution

 

 

7,416 

 

 

6,550 

Officer life insurance, net

 

 

5,003 

 

 

5,794 

Nondeductible expenses

 

 

8,811 

 

 

10,220 

Prior year true-ups and other

 

 

46,347 

 

 

62,901 

Total

 

$

464,864 

 

$

305,453