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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2019
Income Taxes [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation







 

 

 

 

 

 



 

 

 

 

 

 



 

For the Three-Months Ended



 

June 30,



 

2019

 

2018

Provision for income taxes at the statutory federal tax rates

 

$

108,999 

 

$

(60,471)

Increase (reduction) in taxes resulting from:

 

 

 

 

 

 

Dividends received deduction

 

 

(9,764)

 

 

(8,950)

Tax-exempt interest income

 

 

(20,650)

 

 

(33,569)

Proration of tax-exempt interest and dividends received deduction

 

 

7,604 

 

 

10,413 

Officer life insurance, net

 

 

(18,195)

 

 

3,578 

Nondeductible expenses

 

 

8,959 

 

 

9,746 

Prior year true-ups and other

 

 

 —

 

 

(167)

Total

 

$

76,953 

 

$

(79,420)







 

 

 

 

 

 



 

 

 

 

 

 



 

For the Six-Months Ended



 

June 30,



 

2019

 

2018

Provision for income taxes at the statutory federal tax rates

 

$

182,025 

 

$

116,144 

Increase (reduction) in taxes resulting from:

 

 

 

 

 

 

Dividends received deduction

 

 

(19,527)

 

 

(17,901)

Tax-exempt interest income

 

 

(43,816)

 

 

(69,892)

Proration of tax-exempt interest and dividends received deduction

 

 

15,836 

 

 

21,492 

Officer life insurance, net

 

 

(14,618)

 

 

6,807 

Nondeductible expenses

 

 

16,046 

 

 

24,169 

Prior year true-up and other

 

 

 —

 

 

4,959 

Total

 

$

135,946 

 

$

85,778