Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Taxes [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

	For the Three-Months Ended
	June 30,
	2020		2019
Provision for income taxes at the statutory federal tax rates	$	205,528	$	108,999
Increase (reduction) in taxes resulting from:
Dividends received deduction		(7,161)		(9,764)
Tax-exempt interest income		(15,784)		(20,650)
Proration of tax-exempt interest and dividends received deduction		5,600		7,604
Nondeductible expenses		8,725		8,959
Officer life insurance, net		(170)		(18,195)
Total	$	196,738	$	76,953

	For the Six-Months Ended
	June 30,
	2020		2019
Provision for income taxes at the statutory federal tax rates	$	(321,768)	$	182,025
Increase (reduction) in taxes resulting from:
Dividends received deduction		(13,696)		(19,527)
Tax-exempt interest income		(31,264)		(43,816)
Proration of tax-exempt interest and dividends received deduction		10,968		15,836
Nondeductible expenses		14,228		16,046
Officer life insurance, net		633		(14,618)
Total	$	(340,899)	$	135,946