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Income Taxes (Tables)
3 Months Ended
Mar. 31, 2018
Income Taxes [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation



 

 

 

 

 

 



 

 

 

 

 

 



 

For the Three-Months Ended



 

March 31,



 

2018

 

2017

Provision for income taxes at the statutory federal tax rates

 

$

176,615 

 

$

446,729 

Increase (reduction) in taxes resulting from:

 

 

 

 

 

 

Dividends received deduction

 

 

(8,951)

 

 

(9,104)

Tax-exempt interest income

 

 

(36,323)

 

 

(40,338)

15% proration of tax exempt interest and dividends received deduction

 

 

11,079 

 

 

7,416 

Officer life insurance, net

 

 

3,229 

 

 

5,003 

Nondeductible expenses

 

 

14,423 

 

 

8,811 

Prior year true-up and other

 

 

5,126 

 

 

46,347 

Total

 

$

165,198 

 

$

464,864