Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

Income Taxes [Abstract]

Reconciliation of income tax expense

A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and income tax expense is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Federal income tax provision at statutory rate of 35%	$	1,466		$	345		$	1,820		$	693
Dividends-received deduction		(27	)		(30	)		(54	)		(61	)
Small life insurance company deduction		(605	)		(45	)		(623	)		(161	)
Other permanent differences		10			9			20			19
Change in asset valuation allowance due to change in judgment relating to realizability of deferred tax assets		-			(170	)		-			(208	)
Income tax expense	$	844		$	109		$	1,163		$	282

Components of income tax expense

The components of income tax expense were:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015		2014
Current - Federal	$	1,108		$	66		$	1,119	$	129
Deferred - Federal		(264	)		213			44		361
Change in deferred tax asset valuation allowance		-			(170	)		-		(208	)
Total	$	844		$	109		$	1,163	$	282