Income Taxes (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Federal income tax provision at statutory rate of 35%	$	127		$	555		$	1,947		$	1,248
Dividends-received deduction		(21	)		(27	)		(75	)		(88	)
Small life insurance company deduction		51			(114	)		(572	)		(275	)
Other permanent differences		9			17			29			36
Change in asset valuation allowance due to change in judgment relating to realizability of deferred tax assets		-			(365	)		-			(573	)
Adjustment for prior years’ estimates to actual		(39	)		70			(39	)		70
Income tax expense	$	127		$	136		$	1,290		$	418

Components of income tax expense

The components of income tax expense were:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015		2014
Current - Federal	$	(532	)	$	(46	)	$	587	$	83
Deferred - Federal		659			547			703		908
Change in deferred tax asset valuation allowance		-			(365	)		-		(573	)
Total	$	127		$	136		$	1,290	$	418