|
A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and income tax expense (benefit) is as follows:
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
| Federal income tax provision at statutory rate of 21% |
|
$ |
886 |
|
|
$ |
(179 |
) |
|
$ |
1,103 |
|
|
$ |
(705 |
) |
|
Dividends-received deduction
|
|
|
(6 |
)
|
|
|
(6 |
)
|
|
|
(12 |
)
|
|
|
(12 |
)
|
|
Meals and entertainment
|
|
|
15 |
|
|
|
16 |
|
|
|
29 |
|
|
|
35 |
|
|
Vested stock and club dues
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
1 |
|
|
Parking disallowance
|
|
|
5 |
|
|
|
4 |
|
|
|
11 |
|
|
|
8 |
|
|
Income tax expense (benefit)
|
|
$
|
900 |
|
|
$
|
(165 |
)
|
|
$
|
1,133 |
|
|
$
|
(673 |
)
|
The components of income tax expense (benefit) were:
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
Current – Federal
|
|
$
|
273 |
|
|
$
|
— |
|
|
$
|
273 |
|
|
$
|
— |
|
|
Deferred – Federal
|
|
|
627 |
|
|
|
(165 |
)
|
|
|
860 |
|
|
|
(673 |
)
|
|
Total
|
|
$
|
900 |
|
|
$
|
(165 |
)
|
|
$
|
1,133 |
|
|
$
|
(673 |
)
|
|