Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 11-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | First Trinity Financial CORP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 7,802,613 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1395585 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (Current Period Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Investments | ||
Available-for-sale fixed maturity securities at fair value (amortized cost: $108,212,909 and $107,412,322 as of March 31, 2015 and December 31, 2014, respectively) | $112,520,002 | $110,651,429 |
Available-for-sale equity securities at fair value (cost: $525,901 and $519,595 as of March 31, 2015 and December 31, 2014, respectively) | 672,648 | 671,357 |
Mortgage loans on real estate | 45,579,509 | 38,649,733 |
Investment real estate | 2,435,674 | 9,165,090 |
Policy loans | 1,461,576 | 1,520,620 |
Short-term investments | 1,141,837 | 1,141,199 |
Other long-term investments | 23,048,210 | 21,781,925 |
Total investments | 186,859,456 | 183,581,353 |
Cash and cash equivalents | 17,621,797 | 10,158,386 |
Accrued investment income | 1,756,739 | 1,682,906 |
Recoverable from reinsurers | 1,214,234 | 1,222,245 |
Agents' balances and due premiums | 705,311 | 562,146 |
Deferred policy acquisition costs | 9,847,853 | 9,287,851 |
Value of insurance business acquired | 6,574,456 | 6,674,414 |
Property and equipment, net | 71,069 | 84,001 |
Other assets | 5,176,083 | 5,747,866 |
Total assets | 229,826,998 | 219,001,168 |
Policy liabilities | ||
Policyholders' account balances | 151,496,179 | 140,554,973 |
Future policy benefits | 36,708,320 | 35,913,730 |
Policy claims | 671,407 | 602,269 |
Other policy liabilities | 66,982 | 87,148 |
Total policy liabilities | 188,942,888 | 177,158,120 |
Notes payable | 4,076,473 | |
Deferred federal income taxes | 2,349,193 | 2,198,753 |
Other liabilities | 4,163,805 | 2,357,484 |
Total liabilities | 195,455,886 | 185,790,830 |
Shareholders' equity | ||
Common stock, par value $.01 per share (20,000,000 shares authorized, 8,050,193 issued as of March 31, 2015 and December 31, 2014, respectively, and 7,802,613 and 7,812,038 outstanding as of March 31, 2015 and December 31, 2014, respectively) | 80,502 | 80,502 |
Additional paid-in capital | 28,684,748 | 28,684,748 |
Treasury stock, at cost (247,580 and 238,155 shares as of March 31, 2015 and December 31, 2014, respectively) | -893,947 | -855,304 |
Accumulated other comprehensive income | 3,519,930 | 2,683,543 |
Accumulated earnings | 2,979,879 | 2,616,849 |
Total shareholders' equity | 34,371,112 | 33,210,338 |
Total liabilities and shareholders' equity | $229,826,998 | $219,001,168 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Available-for-sale fixed maturity securities at amortized cost (in Dollars) | $108,212,909 | $107,412,322 |
Available-for-sale equity securities at cost (in Dollars) | $525,901 | $519,595 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,050,193 | 8,050,193 |
Common stock, shares outstanding | 7,802,613 | 7,812,038 |
Treasury stock, shares | 247,580 | 238,155 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | ||
Premiums | $2,320,314 | $2,009,983 |
Net investment income | 2,407,560 | 1,970,808 |
Net realized investment gains | 424,002 | 296,565 |
Other income | 4,811 | 13,312 |
Total revenues | 5,156,687 | 4,290,668 |
Benefits and claims | ||
Increase in future policy benefits | 791,311 | 619,972 |
Death benefits | 918,791 | 722,449 |
Surrenders | 142,394 | 91,446 |
Interest credited to policyholders | 1,247,890 | 1,022,210 |
Dividend, endowment and supplementary life contract benefits | 53,433 | 66,210 |
Total benefits and claims | 3,153,819 | 2,522,287 |
Policy acquisition costs deferred | -971,951 | -528,162 |
Amortization of deferred policy acquisition costs | 394,460 | 281,282 |
Amortization of value of insurance business acquired | 99,958 | 105,854 |
Commissions | 870,146 | 510,450 |
Other underwriting, insurance and acquisition expenses | 1,230,916 | 1,133,459 |
Total expenses | 1,623,529 | 1,502,883 |
Total benefits, claims and expenses | 4,777,348 | 4,025,170 |
Income before total federal income tax expense | 379,339 | 265,498 |
Current federal income tax expense | 74,965 | 50,259 |
Deferred federal income tax benefit | -58,656 | -27,915 |
Total federal income tax expense | 16,309 | 22,344 |
Net income | $363,030 | $243,154 |
Net income per common share basic and diluted (in Dollars per share) | $0.05 | $0.03 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Net income | $363,030 | $243,154 | ||
Other comprehensive income | ||||
Total net unrealized gains arising during the period | 1,085,720 | 1,654,985 | ||
Less net realized investment gains | 22,749 | [1] | 296,565 | [1] |
Net unrealized gains | 1,062,971 | 1,358,420 | ||
Less adjustment to deferred acquisition costs | 17,489 | 9,510 | ||
Other comprehensive income before income tax expense | 1,045,482 | 1,348,910 | ||
Income tax expense | 209,095 | 269,782 | ||
Total other comprehensive income | 836,387 | 1,079,128 | ||
Total comprehensive income | $1,199,417 | $1,322,282 | ||
[1] | These items appear within net realized investment gains in the consolidated statement of operations. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Balance, beginning at Dec. 31, 2013 | $80,502 | $28,684,748 | ($693,731) | $1,878,157 | $691,338 | $30,641,014 |
Repurchase of common stock | -80,000 | -80,000 | ||||
Comprehensive income: | ||||||
Net income | 243,154 | 243,154 | ||||
Other comprehensive income (loss) | 1,079,128 | 1,079,128 | ||||
Balance, ending at Mar. 31, 2014 | 80,502 | 28,684,748 | -773,731 | 2,957,285 | 934,492 | 31,883,296 |
Balance, beginning at Dec. 31, 2014 | 80,502 | 28,684,748 | -855,304 | 2,683,543 | 2,616,849 | 33,210,338 |
Repurchase of common stock | -38,643 | -38,643 | ||||
Comprehensive income: | ||||||
Net income | 363,030 | 363,030 | ||||
Other comprehensive income (loss) | 836,387 | 836,387 | ||||
Balance, ending at Mar. 31, 2015 | $80,502 | $28,684,748 | ($893,947) | $3,519,930 | $2,979,879 | $34,371,112 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating activities | ||
Net income | $363,030 | $243,154 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for depreciation | 49,304 | 103,524 |
Accretion of discount on investments | -229,755 | -221,043 |
Net realized investment gains | -424,002 | -296,565 |
Amortization of policy acquisition cost | 394,460 | 281,282 |
Policy acquisition cost deferred | -971,951 | -528,162 |
Mortgage loan origination fees deferred | -26,000 | -21,500 |
Amortization of loan origination fees | 9,320 | 17,923 |
Amortization of value of insurance business acquired | 99,958 | 105,854 |
Provision for deferred federal income tax benefit | -58,656 | -27,915 |
Interest credited to policyholders | 1,247,890 | 1,022,210 |
Change in assets and liabilities: | ||
Accrued investment income | -73,833 | -44,414 |
Policy loans | 59,044 | -27,035 |
Short-term investments | -638 | |
Allowance for mortgage and premium finance loan losses | 24,603 | 17,603 |
Recoverable from reinsurers | 8,011 | -5,609 |
Agents' balances and due premiums | -143,165 | 8,027 |
Other assets | 571,783 | 627,282 |
Future policy benefits | 794,590 | 620,107 |
Policy claims | 69,138 | 7,281 |
Other policy liabilities | -20,166 | -2,813 |
Other liabilities | 1,806,321 | -22,855 |
Net cash provided by operating activities | 3,549,286 | 1,856,336 |
Investing activities | ||
Purchases of fixed maturity securities | -2,170,526 | -8,075,994 |
Maturities of fixed maturity securities | 567,000 | 1,487,000 |
Sales of fixed maturity securities | 621,229 | 1,943,330 |
Purchases of equity securities | -534,687 | -2,230 |
Sales of equity securities | 526,284 | |
Purchases of mortgage loans | -8,455,196 | -4,753,722 |
Payments on mortgage loans | 1,550,599 | 709,836 |
Purchases of other long-term investments | -2,022,600 | -1,837,619 |
Payments on other long-term investments | 1,170,576 | 758,383 |
Purchases of real estate | -2,817,857 | |
Sale of real estate | 7,083,246 | |
Net cash used in investing activities | -1,664,075 | -12,588,873 |
Financing activities | ||
Policyholders' account deposits | 12,577,187 | 8,031,177 |
Policyholders' account withdrawals | -2,883,871 | -2,100,680 |
Purchases of treasury stock | -38,643 | -80,000 |
Proceeds from issuance of notes payable | 4,076,473 | |
Repayment of notes payable | -4,076,473 | |
Net cash provided by financing activities | 5,578,200 | 9,926,970 |
Increase (decrease) in cash | 7,463,411 | -805,567 |
Cash and cash equivalents, beginning of period | 10,158,386 | 10,608,438 |
Cash and cash equivalents, end of period | $17,621,797 | $9,802,871 |
Note_1_Organization_and_Signif
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Organization and Significant Accounting Policies |
Nature of Operations | |
First Trinity Financial Corporation (the “Company”) is the parent holding company of Trinity Life Insurance Company (“TLIC”), Family Benefit Life Insurance Company (“FBLIC”) and First Trinity Capital Corporation (“FTCC”). The Company was incorporated in Oklahoma on April 19, 2004, for the primary purpose of organizing a life insurance subsidiary. | |
The Company owns 100% of TLIC. TLIC owns 100% of FBLIC. TLIC and FBLIC are primarily engaged in the business of marketing, underwriting and distributing a broad range of individual life insurance and annuity products to individuals. TLIC’s and FBLIC’s current product portfolio consists of a modified premium whole life insurance policy with a flexible premium deferred annuity rider, whole life, term, final expense, accidental death and dismemberment and annuity products. The term products are both renewable and convertible and issued for 10, 15, 20 and 30 years. They can be issued with premiums fully guaranteed for the entire term period or with a limited premium guarantee. The final expense is issued as either a simplified issue or as a graded benefit, determined by underwriting. The TLIC and FBLIC products are sold through independent agents. TLIC is licensed in the states of Illinois, Kansas, Kentucky, Nebraska, North Dakota, Ohio, Oklahoma and Texas. FBLIC is licensed in the states of Alabama, Arizona, Arkansas, Colorado, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Virginia and West Virginia. | |
The Company owns 100% of FTCC that was incorporated in 2006, and began operations in January 2007. FTCC provided financing for casualty insurance premiums for individuals and companies and was licensed to conduct premium financing business in the states of Alabama, Arkansas, Louisiana, Mississippi and Oklahoma. FTCC currently has no operations other than minor premium refunds, collections of past due accounts and accounts involved in litigation. | |
Company Capitalization | |
The Company raised $1,450,000 from two private placement stock offerings during 2004 and $25,669,480 from two public stock offerings and one private placement stock offering from June 22, 2005 through February 23, 2007; June 29, 2010 through April 30, 2012; and August 15, 2012 through March 8, 2013. The Company issued 7,347,488 shares of its common stock and incurred $3,624,518 of offering costs during these private placements and public stock offerings. | |
The Company also issued 702,705 shares of its common stock in connection with two stock dividends paid to shareholders in 2011 and 2012 that resulted in accumulated earnings being charged $5,270,288 with an offsetting credit of $5,270,288 to common stock and additional paid-in capital. The historic impact of these two stock dividend charges of $5,270,288 decreased during 2011 and 2012 the balance of accumulated earnings and resulted in a reported balance as of March 31, 2015 of $2,979,879, as shown in the accumulated earnings caption in the March 31, 2015 consolidated statement of financial position. | |
The Company has also purchased 247,580 shares of treasury stock at a cost of $893,947 from former members of the Board of Directors including the former Chairman of the Board of Directors, a former agent, the former spouse of the Company’s Chairman, Chief Executive Officer and President and a charitable organization where a former member of the Board of Directors had donated shares of the Company’s common stock. | |
Acquisition of Other Companies | |
On December 23, 2008, FTFC acquired 100% of the outstanding common stock of First Life America Corporation (“FLAC”) from an unaffiliated company. The acquisition of FLAC was accounted for as a purchase. The aggregate purchase price for FLAC was approximately $2,695,000 (including direct cost associated with the acquisition of approximately $195,000). The acquisition of FLAC was financed with the working capital of FTFC. On December 31, 2008, FTFC made FLAC a 15 year loan in the form of a surplus note in the amount of $250,000 with an interest rate of 6% payable monthly, that was approved by the Oklahoma Insurance Department (“OID”). This surplus note is eliminated in consolidation. | |
On August 31, 2009, two of the Company’s subsidiaries, Trinity Life Insurance Company (“Old TLIC”) and FLAC, were merged, with FLAC being the surviving company. Immediately following the merger, FLAC changed its name to TLIC. | |
On December 28, 2011, TLIC acquired 100% of the outstanding common stock of FBLIC from FBLIC’s shareholders. The acquisition of FBLIC was accounted for as a purchase. The aggregate purchase price for the acquisition of FBLIC was $13,855,129. The acquisition of FBLIC was financed with the working capital of TLIC. | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation of the results for the interim periods have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ended December 31, 2015 or for any other interim period or for any other future year. Certain financial information which is normally included in notes to consolidated financial statements prepared in accordance with U.S. GAAP, but which is not required for interim reporting purposes, has been condensed or omitted. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company's report on Form 10-K for the year ended December 31, 2014. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. | |
Reclassifications | |
Certain reclassifications have been made in the prior year and prior quarter financial statements to conform to current year and current quarter classifications. These reclassifications had no effect on previously reported net income or shareholders' equity. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. | |
Common Stock | |
Common stock is fully paid, non-assessable and has a par value of $.01 per share. | |
Treasury Stock | |
Treasury stock represents shares of the Company’s common stock that have been reacquired after having been issued and fully paid, is recorded at the reacquisition cost and are no longer outstanding. | |
Subsequent Events | |
Management has evaluated all events subsequent to March 31, 2015 through the date that these financial statements have been issued. On April 15, 2015, the Company loaned $400,000 to its former Chairman. The loan has a term of one year and has a contractual interest rate of 5.50%. The loan is collateralized by 100,000 shares of the Company’s Class A Common stock owned by the former Chairman. | |
Recent Accounting Pronouncements | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance to reduce diversity in practice for reporting discontinued operations. Under the previous guidance, any component of an entity that was a reportable segment, an operating segment, a reporting unit, a subsidiary or an asset group was eligible for discontinued operations presentation. | |
The revised guidance only allows disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity) and that have a major effect on a reporting entity's operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. | |
The updated guidance is effective for the quarter ending March 31, 2015. The adoption of this guidance did not have a material effect on the Company's results of operations, financial position or liquidity. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued updated guidance to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company's fee income related to providing services will be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. | |
The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when, or as, the entity satisfies a performance obligation. | |
The updated guidance is effective for the quarter ending March 31, 2017. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. | |
Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | |
In June 2014, the FASB issued updated guidance to resolve diversity in practice concerning employee share-based payments that contain performance targets that could be achieved after the requisite service period. Many reporting entities account for performance targets that could be achieved after the requisite service period as performance conditions that affect the vesting of the award and, therefore, do not reflect the performance targets in the estimate of the grant-date fair value of the award. Other reporting entities treat those performance targets as nonvesting conditions that affect the grant-date fair value of the award. | |
The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. As such, the performance target that affects vesting should not be reflected in estimating that fair value of the award at the grant date. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. | |
The updated guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | |
In August 2014, the FASB issued guidance to address the diversity in practice in determining when there is substantial doubt about an entity's ability to continue as a going concern and when an entity must disclose certain relevant conditions and events. The new guidance requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). The new guidance allows the entity to consider the mitigating effects of management's plans that will alleviate the substantial doubt and requires certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans. | |
If conditions or events raise substantial doubt that is not alleviated, an entity should disclose that there is substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations and management's plans that are intended to mitigate those conditions. | |
The guidance is effective for annual periods ending after December 15, 2016, and interim and annual periods thereafter. | |
Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity | |
In November 2014, the FASB issued updated guidance to clarify when the separation of certain embedded derivative features in a hybrid financial instrument that is issued in the form of a share is required. That is, an entity will continue to evaluate whether the economic characteristics and risks of the embedded derivative feature are clearly and closely related to those of the host contract. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. | |
The updated guidance is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. | |
Receivables – Troubled Debt Restructurings by Creditors | |
In January 2014, the FASB issued updated guidance for troubled debt restructurings clarifying when an in substance repossession or foreclosure occurs, and when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The new guidance is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. This guidance can be elected for prospective adoption or by using a retrospective transition method. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. | |
Amendments to the Consolidation Analysis | |
In February 2015, the FASB issued updated guidance that makes targeted amendments to the current consolidation accounting guidance. The update is in response to accounting complexity concerns, particularly from the asset management industry. The guidance simplifies consolidation accounting by reducing the number of approaches to consolidation, provides a scope exception to registered money market funds and similar unregistered money market funds and ends the indefinite deferral granted to investment companies from applying the variable interest entity guidance. | |
The updated guidance is effective for annual and interim periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity. | |
Simplifying the Presentation of Debt Issuance Costs | |
In April 2015, the FASB issued updated guidance to clarify the required presentation of debt issuance costs. The amended guidance requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying amount of the recognized debt liability, consistent with the treatment of debt discounts. Amortization of debt issuance costs is to be reported as interest expense. The recognition and measurement guidance for debt issuance costs are not affected by the updated guidance. | |
The updated guidance is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance will not have any effect on the Company’s results of operations, financial position or liquidity. |
Note_2_Investments
Note 2 - Investments | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Investments | ||||||||||||||||||||||||||||||||
Fixed Maturity and Equity Securities Available-For-Sale | |||||||||||||||||||||||||||||||||
Investments in fixed maturity and equity securities available-for-sale as of March 31, 2015 and December 31, 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
March 31, 2015 (Unaudited) | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 2,660,706 | $ | 161,883 | $ | 30,894 | $ | 2,791,695 | |||||||||||||||||||||||||
States and political subdivisions | 1,638,578 | 36,652 | 3,523 | 1,671,707 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 66,318 | 53,134 | - | 119,452 | |||||||||||||||||||||||||||||
Corporate bonds | 91,767,774 | 4,538,852 | 778,313 | 95,528,313 | |||||||||||||||||||||||||||||
Foreign bonds | 12,079,533 | 502,975 | 173,673 | 12,408,835 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 108,212,909 | 5,293,496 | 986,403 | 112,520,002 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||||
Equity securities | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||
Mutual funds | 83,081 | 454 | - | 83,535 | |||||||||||||||||||||||||||||
Corporate preferred stock | 256,299 | 6,555 | 320 | 262,534 | |||||||||||||||||||||||||||||
Corporate common stock | 186,521 | 140,058 | - | 326,579 | |||||||||||||||||||||||||||||
Total equity securities | 525,901 | 147,067 | 320 | 672,648 | |||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 108,738,810 | $ | 5,440,563 | $ | 986,723 | $ | 113,192,650 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 2,650,994 | $ | 168,071 | $ | 69,052 | $ | 2,750,013 | |||||||||||||||||||||||||
States and political subdivisions | 1,184,034 | 20,982 | 863 | 1,204,153 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 68,242 | 62,193 | - | 130,435 | |||||||||||||||||||||||||||||
Corporate bonds | 92,367,191 | 3,711,276 | 885,169 | 95,193,298 | |||||||||||||||||||||||||||||
Foreign bonds | 11,141,861 | 426,197 | 194,528 | 11,373,530 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 107,412,322 | 4,388,719 | 1,149,612 | 110,651,429 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||||
Equity securities | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||
Mutual funds | 80,879 | 2,586 | - | 83,465 | |||||||||||||||||||||||||||||
Corporate preferred stock | 254,502 | 3,273 | 1,700 | 256,075 | |||||||||||||||||||||||||||||
Corporate common stock | 184,214 | 147,603 | - | 331,817 | |||||||||||||||||||||||||||||
Total equity securities | 519,595 | 153,462 | 1,700 | 671,357 | |||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 107,931,917 | $ | 4,542,181 | $ | 1,151,312 | $ | 111,322,786 | |||||||||||||||||||||||||
All securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2015 and December 31, 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
Unrealized | Number of | ||||||||||||||||||||||||||||||||
March 31, 2015 (Unaudited) | Fair Value | Loss | Securities | ||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
States and political subdivisions | $ | 300,289 | $ | 3,523 | 2 | ||||||||||||||||||||||||||||
Corporate bonds | 7,558,260 | 443,485 | 28 | ||||||||||||||||||||||||||||||
Foreign bonds | 3,070,382 | 173,673 | 14 | ||||||||||||||||||||||||||||||
Total less than 12 months | 10,928,931 | 620,681 | 44 | ||||||||||||||||||||||||||||||
More than 12 months | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | 1,099,106 | 30,894 | 2 | ||||||||||||||||||||||||||||||
Corporate bonds | 2,705,235 | 334,828 | 14 | ||||||||||||||||||||||||||||||
Total more than 12 months | 3,804,341 | 365,722 | 16 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | 14,733,272 | 986,403 | 60 | ||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
Corporate preferred stock | 49,680 | 320 | 1 | ||||||||||||||||||||||||||||||
Total equity securities | 49,680 | 320 | 1 | ||||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 14,782,952 | $ | 986,723 | 61 | ||||||||||||||||||||||||||||
Unrealized | Number of | ||||||||||||||||||||||||||||||||
31-Dec-14 | Fair Value | Loss | Securities | ||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
Corporate bonds | $ | 12,258,681 | $ | 477,590 | 47 | ||||||||||||||||||||||||||||
Foreign bonds | 3,446,676 | 194,528 | 16 | ||||||||||||||||||||||||||||||
Total less than 12 months | 15,705,357 | 672,118 | 63 | ||||||||||||||||||||||||||||||
More than 12 months | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | 1,360,948 | 69,052 | 3 | ||||||||||||||||||||||||||||||
States and political subdivisions | 105,569 | 863 | 1 | ||||||||||||||||||||||||||||||
Corporate bonds | 2,761,555 | 407,579 | 14 | ||||||||||||||||||||||||||||||
Total more than 12 months | 4,228,072 | 477,494 | 18 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | 19,933,429 | 1,149,612 | 81 | ||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Greater than 12 months | |||||||||||||||||||||||||||||||||
Corporate preferred stock | 48,300 | 1,700 | 1 | ||||||||||||||||||||||||||||||
Total equity securities | 48,300 | 1,700 | 1 | ||||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 19,981,729 | $ | 1,151,312 | 82 | ||||||||||||||||||||||||||||
As of March 31, 2015, the Company held 60 available-for-sale fixed maturity securities with an unrealized loss of $986,403, fair value of $14,733,272 and amortized cost of $15,719,675. These unrealized losses were primarily due to market interest rate movements in the bond market as of March 31, 2015. The ratio of the fair value to the amortized cost of these 60 securities is 94%. | |||||||||||||||||||||||||||||||||
However, the Company holds three available-for-sale fixed maturity securities in a mining industry company that when combined have unrealized losses of $270,243, fair values of $338,625 and amortized costs of $608,868. Management’s analysis indicates that this mining industry company will more than likely be able to make principal and interest payments through the maturity of these three securities in 2020 and 2021. The ratio of the fair value to the amortized cost of these three securities was 56%. The ratio of the fair value to the amortized cost of the other 57 securities in an unrealized loss position as of March 31, 2015 is 95% with all 57 securities having a fair value to amortized cost ratio above 76%. | |||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company held 81 available-for-sale fixed maturity securities with an unrealized loss of $1,149,612, fair value of $19,933,429 and amortized cost of $21,083,041. These unrealized losses were primarily due to market interest rate movements in the bond market as of December 31, 2014. The ratio of the fair value to the amortized cost of these 81 securities is 95%. | |||||||||||||||||||||||||||||||||
As of March 31, 2015, the Company held one available-for-sale equity security with an unrealized loss of $320, fair value of $49,680 and cost of $50,000. The ratio of fair value to cost of this security is 99%. | |||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company held one available-for-sale equity security with an unrealized loss of $1,700, fair value of $48,300 and cost of $50,000. The ratio of fair value to cost of this security is 97%. | |||||||||||||||||||||||||||||||||
Fixed maturity securities were 93% and 95% investment grade as rated by Standard & Poor’s as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||||||
The Company’s decision to record an impairment loss is primarily based on whether the security’s fair value is likely to remain significantly below its book value based on all of the factors considered. Factors that are considered include the length of time the security’s fair value has been below its carrying amount, the severity of the decline in value, the credit worthiness of the issuer, and the coupon and/or dividend payment history of the issuer. The Company also assesses whether it intends to sell or whether it is more likely than not that it may be required to sell the security prior to its recovery in value. | |||||||||||||||||||||||||||||||||
For any fixed maturity securities that are other-than-temporarily impaired, the Company determines the portion of the other-than-temporary impairment that is credit-related and the portion that is related to other factors. The credit-related portion is the difference between the expected future cash flows and the amortized cost basis of the fixed maturity security, and that difference is charged to earnings. The non-credit-related portion representing the remaining difference to fair value is recognized in other comprehensive income (loss). Only in the case of a credit-related impairment where management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains (losses) in the consolidated statements of operations. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of operations in the periods incurred as the difference between fair value and cost. | |||||||||||||||||||||||||||||||||
Based on management’s review, the Company experienced no other-than-temporary impairments during the three months ended March 31, 2015 and the year ended December 31, 2014. Management believes that the Company will fully recover its cost basis in the securities held at March 31, 2015, and management does not have the intent to sell nor is it more likely than not that the Company will be required to sell such securities until they recover or mature. The remaining temporary impairments shown herein are primarily the result of the current interest rate environment rather than credit factors that would imply other-than-temporary impairment. | |||||||||||||||||||||||||||||||||
Net unrealized gains included in other comprehensive income for investments classified as available-for-sale, net of the effect of deferred income taxes and deferred acquisition costs assuming that the appreciation had been realized as of March 31, 2015 and December 31, 2014, are summarized as follows: | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Unrealized appreciation on available-for-sale securities | $ | 4,453,840 | $ | 3,390,869 | |||||||||||||||||||||||||||||
Adjustment to deferred acquisition costs | (53,929 | ) | (36,440 | ) | |||||||||||||||||||||||||||||
Deferred income taxes | (879,981 | ) | (670,886 | ) | |||||||||||||||||||||||||||||
Net unrealized appreciation on available-for-sale securities | $ | 3,519,930 | $ | 2,683,543 | |||||||||||||||||||||||||||||
The Company’s investment in lottery prize cash flows categorized as other long-term investments in the statement of financial position was $23,048,210 and $21,781,925 as of March 31, 2015 and December 31, 2014, respectively. The lottery prize cash flows are assignments of the future rights from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries. | |||||||||||||||||||||||||||||||||
The amortized cost and fair value of fixed maturity available-for-sale securities and other long-term investments as of March 31, 2015, by contractual maturity, are summarized as follows: | |||||||||||||||||||||||||||||||||
March 31, 2015 (Unaudited) | |||||||||||||||||||||||||||||||||
Fixed Maturity Available-For-Sale Securities | Other Long-Term Investments | ||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,754,581 | $ | 2,801,862 | $ | 3,915,108 | $ | 3,976,523 | |||||||||||||||||||||||||
Due in one year through five years | 36,096,965 | 38,044,550 | 9,452,822 | 10,405,428 | |||||||||||||||||||||||||||||
Due after five years through ten years | 53,807,893 | 55,404,752 | 6,632,945 | 8,482,488 | |||||||||||||||||||||||||||||
Due after ten years | 15,487,152 | 16,149,386 | 3,047,335 | 4,705,400 | |||||||||||||||||||||||||||||
Due at multiple maturity dates | 66,318 | 119,452 | - | - | |||||||||||||||||||||||||||||
$ | 108,212,909 | $ | 112,520,002 | $ | 23,048,210 | $ | 27,569,839 | ||||||||||||||||||||||||||
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
Proceeds and gross realized gains (losses) from the sales, calls and maturities of fixed maturity securities available-for-sale, equity securities available-for-sale, mortgage loans on real estate and investment real estate for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, (Unaudited) | |||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Equity Securities | Mortgage Loans on Real Estate | Investment Real Estate | ||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Proceeds | $ | 1,188,229 | $ | 3,430,330 | $ | 526,284 | $ | - | $ | 1,550,599 | $ | 709,836 | $ | 7,083,246 | $ | - | |||||||||||||||||
Gross realized gains | 25,841 | 279,570 | 996 | - | 11,051 | 17,961 | 390,202 | - | |||||||||||||||||||||||||
Gross realized losses | (1,192 | ) | (966 | ) | (2,896 | ) | - | - | - | - | - | ||||||||||||||||||||||
The accumulated change in net unrealized investment gains for fixed maturity and equity securities available-for-sale for the three months ended March 31, 2015 and 2014 and the amount of realized investment gains on fixed maturity securities available-for-sale, equity securities available-for-sale, mortgage loans on real estate and investment real estate for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, (Unaudited) | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Change in unrealized investment gains: | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 1,067,986 | $ | 1,363,002 | |||||||||||||||||||||||||||||
Equity securities | (5,015 | ) | (4,582 | ) | |||||||||||||||||||||||||||||
Net realized investment gains (losses): | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Fixed maturity securities | 24,649 | 278,604 | |||||||||||||||||||||||||||||||
Equity securities | (1,900 | ) | - | ||||||||||||||||||||||||||||||
Mortgage loans on real estate | 11,051 | 17,961 | |||||||||||||||||||||||||||||||
Investment real estate | 390,202 | - | |||||||||||||||||||||||||||||||
Major categories of net investment income for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, (Unaudited) | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 1,173,781 | $ | 1,119,896 | |||||||||||||||||||||||||||||
Equity securities | 11,529 | 10,657 | |||||||||||||||||||||||||||||||
Other long-term investments | 414,242 | 415,411 | |||||||||||||||||||||||||||||||
Mortgage loans | 956,144 | 453,972 | |||||||||||||||||||||||||||||||
Policy loans | 25,141 | 24,943 | |||||||||||||||||||||||||||||||
Real estate | 187,588 | 173,195 | |||||||||||||||||||||||||||||||
Short-term and other investments | 48,192 | 36,297 | |||||||||||||||||||||||||||||||
Gross investment income | 2,816,617 | 2,234,371 | |||||||||||||||||||||||||||||||
Investment expenses | (409,057 | ) | (263,563 | ) | |||||||||||||||||||||||||||||
Net investment income | $ | 2,407,560 | $ | 1,970,808 | |||||||||||||||||||||||||||||
TLIC and FBLIC are required to hold assets on deposit with various state insurance departments for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of March 31, 2015 and December 31, 2014, these required deposits, included in investment assets, had amortized costs that totaled $3,966,145 and $3,954,696, respectively. As of March 31, 2015 and December 31, 2014, these required deposits had fair values that totaled $4,105,198 and $4,057,740, respectively. | |||||||||||||||||||||||||||||||||
The Company’s mortgage loans by property type as of March 31, 2015 and December 31, 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||
Retail stores | $ | 1,603,192 | 3.52 | % | $ | 1,635,412 | 4.23 | % | |||||||||||||||||||||||||
Office buildings | 321,920 | 0.7 | % | 327,181 | 0.85 | % | |||||||||||||||||||||||||||
Total commercial mortgage loans | 1,925,112 | 4.22 | % | 1,962,593 | 5.08 | % | |||||||||||||||||||||||||||
Residential mortgage loans | 43,654,397 | 95.78 | % | 36,687,140 | 94.92 | % | |||||||||||||||||||||||||||
Total mortgage loans | $ | 45,579,509 | 100 | % | $ | 38,649,733 | 100 | % | |||||||||||||||||||||||||
The Company’s investment real estate as of March 31, 2015 and December 31, 2014 is summarized as follows: | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Land - held for the production of income | $ | 213,160 | $ | 213,160 | |||||||||||||||||||||||||||||
Land - held for sale | 750,047 | 2,034,478 | |||||||||||||||||||||||||||||||
Total land | 963,207 | 2,247,638 | |||||||||||||||||||||||||||||||
Building - held for the production of income | 2,267,557 | 2,267,557 | |||||||||||||||||||||||||||||||
Less - accumulated depreciation | (795,090 | ) | (758,718 | ) | |||||||||||||||||||||||||||||
Buildings net of accumulated depreciation | 1,472,467 | 1,508,839 | |||||||||||||||||||||||||||||||
Building - held for sale | - | 5,408,613 | |||||||||||||||||||||||||||||||
Total buildings | 1,472,467 | 6,917,452 | |||||||||||||||||||||||||||||||
Investment real estate, net of accumulated depreciation | $ | 2,435,674 | $ | 9,165,090 | |||||||||||||||||||||||||||||
TLIC owns approximately six and one-half acres of land located in Topeka, Kansas that includes a 20,000 square foot office building on approximately one-fourth of this land. This building and one and one-half acre of land is held for the production of income. The remaining five acres of land are held for sale. In addition, FBLIC owns one-half acre of undeveloped land located in Jefferson City, Missouri. This land is held for sale. FTCC also owned a small, undeveloped land parcel in Carthage, Mississippi that was sold during 2014. | |||||||||||||||||||||||||||||||||
In December 2013, TLIC purchased one acre of land in Greensburg, Indiana that included a 3,975 square foot retail building on approximately 8% of this land. Also in December 2013, TLIC purchased another acre of land in Norman, Oklahoma that included a 9,100 square foot retail building on approximately 18% of this land. These buildings and land were held for sale. | |||||||||||||||||||||||||||||||||
In February 2014, TLIC purchased one acre of land in Houston, Texas that included a 9,195 square foot building constructed on approximately 25% of this land. Also in February 2014, TLIC purchased three-fourths of an acre of land in Harrisonville, Missouri that included a 6,895 square foot building constructed on approximately 20% of this land. These buildings and land were also held for sale. | |||||||||||||||||||||||||||||||||
On March 11, 2015, the Company sold its investment real estate in buildings and land held for sale in Greensburg, Indiana; Norman, Oklahoma; Houston, Texas and Harrisonville, Missouri with an aggregate carrying value of $6,693,044 as of both December 31, 2014 and March 11, 2015. The Company recorded a gross profit on these sales of $390,202 based on an aggregate sales price of $7,083,246 less closing costs and expenses of $20,119. | |||||||||||||||||||||||||||||||||
In addition, simultaneously with these sales, the Company settled its two notes payable, collateralized by the held for sale buildings and land (including assignment of the tenant leases), with an aggregate payment to Grand Bank (the creditor) of $4,076,473. In connection with the repayments of the two notes payable, the Company expensed the loan origination fees remaining as of March 11, 2015 of $72,744. During the period from January 1, 2015 to March 11, 2015, the Company incurred interest expense of $35,181 on the two notes payable and amortized $7,423 of loan origination fees. |
Note_3_Fair_Value_Measurements
Note 3 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements | ||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) on the measurement date. The Company also considers the impact on fair value of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity. | |||||||||||||||||||||
The Company holds fixed maturity and equity securities that are measured and reported at fair market value on the statement of financial position. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, as follows: | |||||||||||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets include equity securities that are traded in an active exchange market. | |||||||||||||||||||||
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 assets and liabilities include fixed maturity securities with quoted prices that are traded less frequently than exchange-traded instruments or assets and liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes U.S. Government and agency mortgage-backed debt securities and corporate debt securities. | |||||||||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments where independent pricing information was not able to be obtained for a significant portion of the underlying assets. | |||||||||||||||||||||
The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level fair value hierarchy. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in and out of the Level 3 category as of the beginning of the period in which the reclassifications occur. | |||||||||||||||||||||
The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 is summarized as follows: | |||||||||||||||||||||
March 31, 2015 (Unaudited) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Fixed maturity securities, available-for-sale | |||||||||||||||||||||
U.S. government and U.S. government agencies | $ | - | $ | 2,791,695 | $ | - | $ | 2,791,695 | |||||||||||||
States and political subdivisions | - | 1,671,707 | - | 1,671,707 | |||||||||||||||||
Residential mortgage-backed securities | - | 119,452 | - | 119,452 | |||||||||||||||||
Corporate bonds | - | 95,528,313 | - | 95,528,313 | |||||||||||||||||
Foreign bonds | - | 12,408,835 | - | 12,408,835 | |||||||||||||||||
Total fixed maturity securities | $ | - | $ | 112,520,002 | $ | - | $ | 112,520,002 | |||||||||||||
Equity securities, available-for-sale | |||||||||||||||||||||
Mutual funds | $ | 3,592 | $ | 79,943 | $ | - | $ | 83,535 | |||||||||||||
Corporate preferred stock | 209,554 | 52,980 | - | 262,534 | |||||||||||||||||
Corporate common stock | 280,079 | - | 46,500 | 326,579 | |||||||||||||||||
Total equity securities | $ | 493,225 | $ | 132,923 | $ | 46,500 | $ | 672,648 | |||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Fixed maturity securities, available-for-sale | |||||||||||||||||||||
U.S. government and U.S. government agencies | $ | - | $ | 2,750,013 | $ | - | $ | 2,750,013 | |||||||||||||
States and political subdivisions | - | 1,204,153 | - | 1,204,153 | |||||||||||||||||
Residential mortgage-backed securities | - | 130,435 | - | 130,435 | |||||||||||||||||
Corporate bonds | - | 95,193,298 | - | 95,193,298 | |||||||||||||||||
Foreign bonds | - | 11,373,530 | - | 11,373,530 | |||||||||||||||||
Total fixed maturity securities | $ | - | $ | 110,651,429 | $ | - | $ | 110,651,429 | |||||||||||||
Equity securities, available-for-sale | |||||||||||||||||||||
Mutual funds | $ | 3,592 | $ | 79,873 | $ | - | $ | 83,465 | |||||||||||||
Corporate preferred stock | 203,999 | 52,076 | - | 256,075 | |||||||||||||||||
Corporate common stock | 285,317 | - | 46,500 | 331,817 | |||||||||||||||||
Total equity securities | $ | 492,908 | $ | 131,949 | $ | 46,500 | $ | 671,357 | |||||||||||||
As of both March 31, 2015 and December 31, 2014, Level 3 financial instruments consisted of two private placement common stocks that have no active trading. These private placement stocks represent investments in small insurance holding companies. The fair value for these securities was determined through the use of unobservable assumptions about market participants. The Company has assumed a willing market participant would purchase the securities for the same price as the Company paid until such time as the development stage company commences operations. | |||||||||||||||||||||
Fair values for Level 1 and Level 2 assets for the Company’s fixed maturity and equity securities available-for-sale are primarily based on prices supplied by a third party investment service. The third party investment service provides quoted prices in the market which use observable inputs in developing such rates. | |||||||||||||||||||||
The Company analyzes market valuations received to verify reasonableness and to understand the key assumptions used and the sources. Since the fixed maturity securities owned by the Company do not trade on a daily basis, the third party investment service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing. As the fair value estimates of the Company’s fixed maturity securities are based on observable market information rather than market quotes, the estimates of fair value on these fixed maturity securities are included in Level 2 of the hierarchy. The Company’s Level 2 investments include obligations of U.S. government, U.S. government agencies, states and political subdivisions, mortgage-backed securities, corporate bonds and foreign bonds. | |||||||||||||||||||||
The Company’s equity securities are included in Level 1 and Level 2 and the private placement common stocks are included in Level 3. Level 1 for those equity securities classified as such is appropriate since they trade on a daily basis, are based on quoted market prices in active markets and are based upon unadjusted prices. Level 2 for those equity securities classified as such is appropriate since they are not actively traded as of the measurement dates. | |||||||||||||||||||||
The Company’s fixed maturity and equity securities available-for-sale portfolio is highly liquid and allows for a high percentage of the portfolio to be priced through pricing services. | |||||||||||||||||||||
The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value as of March 31, 2015 and December 31, 2014, and the level within the fair value hierarchy at which such assets and liabilities are measured on a recurring basis are summarized as follows: | |||||||||||||||||||||
Financial Instruments Disclosed, But Not Carried, at Fair Value: | |||||||||||||||||||||
March 31, 2015 (Unaudited) | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets | |||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||
Commercial | $ | 1,925,112 | $ | 1,958,153 | $ | - | $ | - | $ | 1,958,153 | |||||||||||
Residential | 43,654,397 | 45,872,031 | - | - | 45,872,031 | ||||||||||||||||
Policy loans | 1,461,576 | 1,461,576 | - | - | 1,461,576 | ||||||||||||||||
Short-term investments | 1,141,837 | 1,141,837 | 1,141,837 | - | - | ||||||||||||||||
Other long-term investments | 23,048,210 | 27,569,839 | - | - | 27,569,839 | ||||||||||||||||
Cash and cash equivalents | 17,621,797 | 17,621,797 | 17,621,797 | - | - | ||||||||||||||||
Accrued investment income | 1,756,739 | 1,756,739 | - | - | 1,756,739 | ||||||||||||||||
Loans from premium financing | 123,886 | 123,886 | - | - | 123,886 | ||||||||||||||||
Total financial assets | $ | 90,733,554 | $ | 97,505,858 | $ | 18,763,634 | $ | - | $ | 78,742,224 | |||||||||||
Financial liabilities | |||||||||||||||||||||
Policyholders' account balances | $ | 151,496,179 | $ | 132,634,781 | $ | - | $ | - | $ | 132,634,781 | |||||||||||
Policy claims | 671,407 | 671,407 | - | - | 671,407 | ||||||||||||||||
Total financial liabilities | $ | 152,167,586 | $ | 133,306,188 | $ | - | $ | - | $ | 133,306,188 | |||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets | |||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||
Commercial | $ | 1,962,593 | $ | 2,000,041 | $ | - | $ | - | $ | 2,000,041 | |||||||||||
Residential | 36,687,140 | 38,613,679 | - | - | 38,613,679 | ||||||||||||||||
Policy loans | 1,520,620 | 1,520,620 | - | - | 1,520,620 | ||||||||||||||||
Short-term investments | 1,141,199 | 1,141,199 | 1,141,199 | - | - | ||||||||||||||||
Other long-term investments | 21,781,925 | 25,912,178 | - | - | 25,912,178 | ||||||||||||||||
Cash and cash equivalents | 10,158,386 | 10,158,386 | 10,158,386 | - | - | ||||||||||||||||
Accrued investment income | 1,682,906 | 1,682,906 | - | - | 1,682,906 | ||||||||||||||||
Loans from premium financing | 123,886 | 123,886 | - | - | 123,886 | ||||||||||||||||
Total financial assets | $ | 75,058,655 | $ | 81,152,895 | $ | 11,299,585 | $ | - | $ | 69,853,310 | |||||||||||
Financial liabilities | |||||||||||||||||||||
Policyholders' account balances | $ | 140,554,973 | $ | 126,144,182 | $ | - | $ | - | $ | 126,144,182 | |||||||||||
Notes payable | 4,076,473 | 4,076,473 | - | - | 4,076,473 | ||||||||||||||||
Policy claims | 602,269 | 602,269 | - | - | 602,269 | ||||||||||||||||
Total financial liabilities | $ | 145,233,715 | $ | 130,822,924 | $ | - | $ | - | $ | 130,822,924 | |||||||||||
The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment was required to interpret market data to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts. | |||||||||||||||||||||
The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto: | |||||||||||||||||||||
Fixed Maturity Securities and Equity Securities | |||||||||||||||||||||
The fair value of fixed maturity securities and equity securities are based on the principles previously discussed as Level 1, Level 2 and Level 3. | |||||||||||||||||||||
Mortgage Loans on Real Estate | |||||||||||||||||||||
The fair values for mortgage loans are estimated using discounted cash flow analyses. For residential mortgage loans, the discount rate used was indexed to the LIBOR yield curve adjusted for an appropriate credit spread. For commercial mortgage loans, the discount rate used was assumed to be the interest rate on the last commercial mortgage acquired by the Company. | |||||||||||||||||||||
Cash and Cash Equivalents, Short-Term Investments, Accrued Investment Income, Policy Loans and Loans from Premium Financing | |||||||||||||||||||||
The carrying value of these financial instruments approximates their fair values. Cash and cash equivalents and short-term investments are included in Level 1 of the fair value hierarchy due to their highly liquid nature. | |||||||||||||||||||||
Other Long-Term Investments | |||||||||||||||||||||
Other long-term investments are comprised of lottery prize receivables and fair value is derived by using a discounted cash flow approach. Projected cash flows are discounted using the average Citigroup Pension Liability Index in effect at the end of each period. | |||||||||||||||||||||
Investment Contracts – Policyholders’ Account Balances | |||||||||||||||||||||
The fair value for liabilities under investment-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and the nonperformance risk of the liabilities. | |||||||||||||||||||||
The fair values for insurance contracts other than investment-type contracts are not required to be disclosed. | |||||||||||||||||||||
Policy Claims | |||||||||||||||||||||
The carrying amounts reported for these liabilities approximate their fair value. | |||||||||||||||||||||
Notes Payable | |||||||||||||||||||||
The carrying amounts reported for these liabilities approximate their fair value. These notes payable were issued on March 26, 2014 and the current refinancing of these liabilities would result in notes payable yielding approximately the carrying amount as shown in the December 31, 2014 consolidated statement of financial position. |
Note_4_Notes_Payable
Note 4 - Notes Payable | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Debt Disclosure [Text Block] | 4. Notes Payable | ||||
Notes payable as of December 31, 2014 are summarized as follows: | |||||
31-Dec-14 | |||||
Promissory note payable to Grand Bank, secured by real estate and tenant leases located in Indiana, Oklahoma and Texas, 35 monthly payments of interest at 4.50% with a final payment in the 36th month of $3,009,265 of principal plus unpaid accrued interest at 4.50%, maturity date is March 26, 2017 | $ | 3,009,265 | |||
Promissory note payable to Grand Bank, secured by real estate and tenant leases located in Missouri, 35 monthly payments of interest at 4.50% with a final payment on the 36th month of $1,067,208 of principal plus unpaid accrued interest at 4.50%, maturity date is March 26, 2017 | 1,067,208 | ||||
Total promissory notes payable | $ | 4,076,473 | |||
On March 11, 2015, the Company sold its investment real estate in buildings and land held for sale in Greensburg, Indiana; Norman, Oklahoma; Houston, Texas and Harrisonville, Missouri with an aggregate carrying value of $6,693,044 as of both December 31, 2014 and March 11, 2015. The Company recorded a gross profit on these sales of $390,202 based on an aggregate sales price of $7,083,246 less closing costs and expenses of $20,119. In addition, simultaneously with these sales, the Company settled its two notes payable, collateralized by the held for sale buildings and land (including assignment of the tenant leases), with an aggregate payment to Grand Bank (the creditor) of $4,076,473. | |||||
The $3,009,265 promissory note was collateralized (including assignment of the tenant leases) by three properties, located in Indiana, Oklahoma and Texas, purchased for $4,940,647 in December 2013 and February 2014. | |||||
In December 2013, TLIC purchased one acre of land in Greensburg, Indiana that included a 3,975 square foot building constructed on approximately 8% of this land at a cost of $2,444,203 (including closing costs of $50,516). The building is leased through October 31, 2027 plus four future five year extensions effective on November 1, 2027, November 1, 2032, November 1, 2037 and November 1, 2042. The terms of the lease have the lessee responsible for paying real estate taxes, building insurance and building and ground maintenance. The monthly lease payments were as follows: $14,661 in 2014; $14,881 in 2015; $15,104 in 2016; $15,331 in 2017; $15,561 in 2018 and $15,794 in 2019. | |||||
In December 2013, TLIC also purchased one acre of land in Norman, Oklahoma that included a 9,100 square foot building constructed on approximately 18% of this land at a cost of $1,519,431 (including closing costs of $37,931). The building is leased through August 31, 2028 plus three future five year extensions on September 1, 2028, September 1, 2033 and September 1, 2038. The terms of the lease have the lessee responsible for paying real estate taxes, building insurance and building and ground maintenance. The monthly lease payments were $8,004 through August 31, 2028. | |||||
In February 2014, TLIC purchased one acre of land in Houston, Texas that included a 9,195 square foot building constructed on approximately 25% of this land at a cost of $977,013 (including closing costs of $31,063). The building is leased through December 31, 2023 plus four future five year extensions effective on January 1, 2024, January 1, 2029, January 1, 2034 and January 1, 2039. The terms of the lease have the lessee responsible for paying real estate taxes and building insurance. TLIC is responsible for building and ground maintenance. The monthly lease payments were $5,833 through December 31, 2019. | |||||
The $1,067,208 promissory note was collateralized (including assignment of the tenant leases) by the February 2014 TLIC purchase of three-fourths of an acre of land in Harrisonville, Missouri that included a 6,895 square foot building constructed on approximately 20% of this land at a cost of $1,752,397 (including closing costs of $44,864). The building is leased through October 31, 2028 plus three future five year extensions on November 1, 2028, November 1, 2033 and November 1, 2038. The terms of the lease have the lessee responsible for paying real estate taxes, building insurance and building and ground maintenance. The monthly lease payments were $9,463 through October 31, 2028. | |||||
When the two promissory notes were originated on March 26, 2014, $106,889 of loan origination fees were capitalized with amortization of the capitalized loan origination fees during the 36 month term of the loan. For the year ended December 31, 2014, $26,722 of the loan origination fees has been amortized and the unamortized loan origination fees as of December 31, 2014 were $80,167. The Company incurred $137,581 of interest expense during 2014 on these two notes payable. In connection with the repayments of the two notes payable on March 11, 2015, the Company expensed the loan origination fees remaining as of March 11, 2015 of $72,744. During the period from January 1, 2015 to March 11, 2015, the Company incurred interest expense of $35,181 on the two notes payable and amortized $7,423 of loan origination fees. |
Note_5_Segment_Data
Note 5 - Segment Data | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | 5. Segment Data | ||||||||
The Company has a life insurance segment, consisting of the life insurance operations of TLIC and FBLIC, an annuity segment, consisting of the annuity operations of TLIC and FBLIC and a corporate segment. Results for the parent company and the operations of FTCC, after elimination of intercompany amounts, are allocated to the corporate segment. These segments as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||
Three Months Ended March 31, (Unaudited) | |||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
Life insurance operations | $ | 2,863,686 | $ | 2,513,377 | |||||
Annuity operations | 2,184,075 | 1,661,238 | |||||||
Corporate operations | 108,926 | 116,053 | |||||||
Total | $ | 5,156,687 | $ | 4,290,668 | |||||
Income (loss) before income taxes: | |||||||||
Life insurance operations | $ | 102,186 | $ | (10,567 | ) | ||||
Annuity operations | 115,505 | 224,041 | |||||||
Corporate operations | 161,648 | 52,024 | |||||||
Total | $ | 379,339 | $ | 265,498 | |||||
Depreciation and amortization expense: | |||||||||
Life insurance operations | $ | 345,614 | $ | 355,287 | |||||
Annuity operations | 194,702 | 149,953 | |||||||
Corporate operations | 12,726 | 3,343 | |||||||
Total | $ | 553,042 | $ | 508,583 | |||||
(Unaudited) | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Assets: | |||||||||
Life insurance operations | $ | 44,720,182 | $ | 44,448,441 | |||||
Annuity operations | 178,672,412 | 167,947,889 | |||||||
Corporate operations | 6,434,404 | 6,604,838 | |||||||
Total | $ | 229,826,998 | $ | 219,001,168 | |||||
Note_6_Federal_Income_Taxes
Note 6 - Federal Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 6. Federal Income Taxes |
The provision for federal income taxes is based on the asset and liability method of accounting for income taxes. Deferred income taxes are provided for the cumulative temporary differences between balances of assets and liabilities determined under GAAP and the balances using tax bases. A valuation allowance has been established due to the uncertainty of certain loss carryforwards. | |
The Company has no known uncertain tax benefits within its provision for income taxes. In addition, the Company does not believe it would be subject to any penalties or interest relative to any open tax years and, therefore, has not accrued any such amounts. The Company files U.S. federal income tax returns and income tax returns in various state jurisdictions. The 2011 through 2014 U.S. federal tax years are subject to income tax examination by tax authorities. The Company classifies any interest and penalties (if applicable) as income tax expense in the financial statements. |
Note_7_Legal_Matters_and_Conti
Note 7 - Legal Matters and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2015 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure [Text Block] | 7. Legal Matters and Contingent Liabilities |
The Company and Chairman, President and Chief Executive Officer, Gregg E. Zahn, filed an action in the District Court of Tulsa County, Oklahoma in 2013, Case No. CJ-2013-03385, against former Company Board of Directors member, Wayne Pettigrew and Mr. Pettigrew’s company, Group & Pension Planners, Inc. (the “Defendants”). The petition filed in the case alleges that Mr. Pettigrew, during and after the time he was a member of the Company’s Board of Directors, made defamatory statements regarding the Company and Mr. Zahn and committed breaches of his fiduciary duties to the Company. The defendants are alleged to have made defamatory statements to certain shareholders of the Company, to the press and to the Oklahoma Insurance Department and the Oklahoma Department of Securities. Mr. Pettigrew has denied the allegations. | |
The Board of Directors, represented by independent counsel, concluded that there was no action to be taken against Mr. Zahn and that the allegations by Mr. Pettigrew were without substance. The Company has been informed by the Oklahoma Insurance Department that it would take no action and was also informed that the Oklahoma Department of Securities, after its investigation of the allegations, concluded that no proceedings were needed with respect to the alleged matters. | |
It is the Company’s intention to vigorously prosecute this action against the Defendants for damages and for the correction of the defamatory statements. In the opinion of the Company’s management, the ultimate resolution of any contingencies that may arise from this litigation is not considered material in relation to the financial position or results of operations of the Company. | |
Prior to its acquisition by TLIC, FBLIC developed, marketed, and sold life insurance products known as “Decreasing Term to 95” policies. On January 17, 2013, FBLIC’s Board of Directors voted that, effective March 1, 2013, it was not approving, and therefore was not providing, a dividend for the Decreasing Term to 95 policies. On November 22, 2013, three individuals who owned Decreasing Term to 95 policies filed a Petition in the Circuit Court of Greene County, Missouri asserting claims against FBLIC relating to FBLIC’s decision to not provide a dividend under the Decreasing Term to 95 policies. | |
The Petition asserts claims for breach of contract and anticipatory breach of contract and alleges that FBLIC breached, and will anticipatorily breach, the Decreasing Term to 95 policies of insurance by not providing a dividend sufficient to purchase a one year term life insurance policy which would keep the death benefit under the Decreasing Term to 95 policies the same as that provided during the first year of coverage under the policy. In addition to these claims, the Petition asserts claims for negligent misrepresentation, fraud, and violation of the Missouri Merchandising Practices Act (“MMPA”). It alleges that during its sale of the Decreasing Term to 95 policies, FBLIC represented that the owners of these policies would always be entitled to dividends to purchase a one-year term life insurance policy and that the owners would have a level death benefit without an increase in premium. | |
The Petition also seeks to certify a class of individuals with similar claims but no class has been certified by the Court. FBLIC denies the allegations in the Petition and will continue to defend against them. It is the Company’s intention to vigorously defend the request for class certification, as well as to defend vigorously against the individual allegations. FBLIC filed a motion for partial summary judgment seeking summary judgment on the claims for violation of MMPA. This motion for partial summary judgment asked the court to declare that the MMPA does not apply to insurance companies such as FBLIC and enter judgment for FBLIC on the petition. A hearing for the motion of summary judgment was held on February 25, 2015 and it was subsequently denied by the court on March 2, 2015. The Company is unable to determine the potential magnitude of the claims in the event of a final certification and the plaintiffs prevailing on this substantive action. |
Note_8_Other_Comprehensive_Inc
Note 8 - Other Comprehensive Income and Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 8. Other Comprehensive Income and Accumulated Other Comprehensive Income | ||||||||||||
The changes in the components of the Company’s accumulated other comprehensive income (loss) for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||
Three Months Ended March 31, 2015 and 2014 (Unaudited) | |||||||||||||
Unrealized | Accumulated | ||||||||||||
Appreciation on | Adjustment to | Other | |||||||||||
Available-For-Sale | Deferred Acquisition | Comprehensive | |||||||||||
Securities | Costs | Income | |||||||||||
Balance as of January 1, 2015 | $ | 2,712,694 | $ | (29,151 | ) | $ | 2,683,543 | ||||||
Other comprehensive income before reclassifications, net of tax | 868,576 | (13,990 | ) | 854,586 | |||||||||
Less amounts reclassified from accumulated other comprehensive income, net of tax | 18,199 | - | 18,199 | ||||||||||
Other comprehensive income | 850,377 | (13,990 | ) | 836,387 | |||||||||
Balance as of March 31, 2015 | $ | 3,563,071 | $ | (43,141 | ) | $ | 3,519,930 | ||||||
Balance as of January 1, 2014 | $ | 1,888,498 | $ | (10,341 | ) | $ | 1,878,157 | ||||||
Other comprehensive income before reclassifications, net of tax | 1,323,988 | (7,608 | ) | 1,316,380 | |||||||||
Less amounts reclassified from accumulated other comprehensive income, net of tax | 237,252 | - | 237,252 | ||||||||||
Other comprehensive income | 1,086,736 | (7,608 | ) | 1,079,128 | |||||||||
Balance as of March 31, 2014 | $ | 2,975,234 | $ | (17,949 | ) | $ | 2,957,285 | ||||||
The pretax components of the Company’s other comprehensive income and the related income tax expense for each component for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||
Three Months Ended March 31, 2015 (Unaudited) | |||||||||||||
Income Tax | |||||||||||||
Expense | |||||||||||||
Pretax | (Benefit) | Net of Tax | |||||||||||
Other comprehensive income: | |||||||||||||
Change in net unrealized gains on available-for-sale securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 1,085,720 | $ | 217,144 | $ | 868,576 | |||||||
Reclassification adjustment for gains included in income | (22,749 | ) | (4,550 | ) | (18,199 | ) | |||||||
Net unrealized gains on investments | 1,062,971 | 212,594 | 850,377 | ||||||||||
Adjustment to deferred acquisition costs | (17,489 | ) | (3,499 | ) | (13,990 | ) | |||||||
Total other comprehensive income | $ | 1,045,482 | $ | 209,095 | $ | 836,387 | |||||||
Three Months Ended March 31, 2014 (Unaudited) | |||||||||||||
Income Tax | |||||||||||||
Expense | |||||||||||||
Pretax | (Benefit) | Net of Tax | |||||||||||
Other comprehensive income: | |||||||||||||
Change in net unrealized gains on available-for-sale securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 1,654,985 | $ | 330,997 | $ | 1,323,988 | |||||||
Reclassification adjustment for gains included in income | (296,565 | ) | (59,313 | ) | (237,252 | ) | |||||||
Net unrealized gains on investments | 1,358,420 | 271,684 | 1,086,736 | ||||||||||
Adjustment to deferred acquisition costs | (9,510 | ) | (1,902 | ) | (7,608 | ) | |||||||
Total other comprehensive income | $ | 1,348,910 | $ | 269,782 | $ | 1,079,128 | |||||||
Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. | |||||||||||||
The pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income to the Company’s consolidated statement of operations for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||
Three Months Ended March 31, (Unaudited) | |||||||||||||
Reclassification Adjustments | 2015 | 2014 | |||||||||||
Unrealized gains on available-for-sale securities: | |||||||||||||
Realized gains on sales of securities (a) | $ | 22,749 | $ | 296,565 | |||||||||
Income tax expenses (b) | 4,550 | 59,313 | |||||||||||
Total reclassification adjustments | $ | 18,199 | $ | 237,252 | |||||||||
(a) | These items appear within net realized investment gains in the consolidated statement of operations. | ||||||||||||
(b) | These items appear within federal income taxes in the consolidated statement of operations. | ||||||||||||
First Trinity Financial Corporation and Subsidiaries |
Note_9_Allowance_for_Loan_Loss
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Premiums Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Premiums Receivable Note [Text Block] | 9. Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing | ||||||||||||||||||||||||||||||||
The allowance for possible loan losses from investments in mortgage loans on real estate and loans from premium financing is a reserve established through a provision for possible loan losses charged to expense which represents, in the Company’s judgment, the known and inherent credit losses existing in the residential and commercial mortgage loan and premium financing loan portfolios. The allowance, in the judgment of the Company, is necessary to reserve for estimated loan losses inherent in the residential and commercial mortgage loan and premium finance loan portfolios and reduces the carrying value of investments in mortgage loans on real estate and premium finance loans to the estimated net realizable value on the consolidated statement of financial position. | |||||||||||||||||||||||||||||||||
While the Company utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including the performance of the residential and commercial mortgage loan and premium finance loan portfolios, the economy and changes in interest rates. The Company’s allowance for possible mortgage loan and premium finance loan losses consists of specific valuation allowances established for probable losses on specific loans and a portfolio reserve for probable incurred but not specifically identified loans. | |||||||||||||||||||||||||||||||||
Mortgage loans and premium finance loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the mortgage loan or premium finance loan agreement. Factors considered by the Company in determining impairment include payment status, collateral value of the real estate subject to the mortgage loan, and the probability of collecting scheduled principal and interest payments when due. Mortgage loans and premium finance loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. | |||||||||||||||||||||||||||||||||
The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the mortgage loan or premium finance loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. | |||||||||||||||||||||||||||||||||
As of March 31, 2015, $538,589 of independent mortgage loan balances are held in escrow by a third party for the benefit of the Company related to its investment in $15,327,247 of mortgage loans on real estate with one loan originator. In addition, the Company has an additional $151,069 allowance for possible loan losses in the remaining $30,252,262 of investments in mortgage loans on real estate as of March 31, 2015. As of December 31, 2014, $540,049 of independent mortgage loan balances are held in escrow by a third party for the benefit of the Company related to its investment in $12,892,150 of mortgage loans on real estate with one loan originator. In addition, the Company had an additional $126,466 allowance for possible loan losses in the remaining $25,757,583 of investments in mortgage loans on real estate as of December 31, 2014. | |||||||||||||||||||||||||||||||||
Through June 30, 2012, FTCC financed amounts up to 80% of the premium on property and casualty insurance policies after a 20% or greater down payment was made by the policy owner. The premiums financed were collateralized by the amount of the unearned premium of the insurance policy. Policies that became delinquent were submitted for cancellation and recovery of the unearned premium, up to the amount of the loan balance, 25 days after a payment became delinquent. Loans from premium financing of $321,244 as of both March 31, 2015 and December 31, 2014, respectively, are carried net of estimated loan losses of $197,358 as of both March 31, 2015 and December 31, 2014, respectively. The Company has made no premium financing loans since June 30, 2012. FTCC currently has no operations other than minor premium refunds, collections of past due accounts and accounts involved in litigation. | |||||||||||||||||||||||||||||||||
The balances of and changes in the Company’s credit losses related to mortgage loans on real estate and loans from premium financing as of and for the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
As of and for the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Commercial Mortgage Loans | Premium Finance Loans | Total | ||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Allowance, beginning | $ | 116,604 | $ | 50,210 | $ | 9,862 | $ | 7,985 | $ | 197,358 | $ | 206,858 | $ | 323,824 | $ | 265,053 | |||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provision | 24,791 | 15,188 | (188 | ) | 2,415 | - | - | 24,603 | 17,603 | ||||||||||||||||||||||||
Allowance, ending | $ | 141,395 | $ | 65,398 | $ | 9,674 | $ | 10,400 | $ | 197,358 | $ | 206,858 | $ | 348,427 | $ | 282,656 | |||||||||||||||||
Allowance, ending: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | 192,876 | $ | 202,376 | $ | 192,876 | $ | 202,376 | |||||||||||||||||
Collectively evaluated for impairment | $ | 141,395 | $ | 65,398 | $ | 9,674 | $ | 10,400 | $ | 4,482 | $ | 4,482 | $ | 155,551 | $ | 80,280 | |||||||||||||||||
Carrying Values: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | 316,762 | $ | 335,761 | $ | 316,762 | $ | 335,761 | |||||||||||||||||
Collectively evaluated for impairment | $ | 43,654,397 | $ | 21,107,941 | $ | 1,925,112 | $ | 2,079,568 | $ | 4,482 | $ | 4,482 | $ | 45,583,991 | $ | 23,191,991 | |||||||||||||||||
The Company utilizes the ratio of the carrying value of individual residential and commercial mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s residential and commercial mortgage loans on real estate by credit quality using this ratio as of March 31, 2015 and December 31, 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Commercial Mortgage Loans | Total Mortgage Loans | |||||||||||||||||||||||||||||||
Loan to Value Ratio | 31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||
71% | to | 80% | $ | 11,630,199 | $ | 9,049,051 | $ | - | $ | - | $ | 11,630,199 | $ | 9,049,051 | |||||||||||||||||||
61% | to | 70% | 14,210,799 | 11,129,632 | 930,747 | 938,703 | 15,141,546 | 12,068,335 | |||||||||||||||||||||||||
51% | to | 60% | 6,953,329 | 6,176,648 | 197,952 | 201,352 | 7,151,281 | 6,378,000 | |||||||||||||||||||||||||
41% | to | 50% | 8,652,742 | 7,734,658 | 398,053 | 409,338 | 9,050,795 | 8,143,996 | |||||||||||||||||||||||||
31% | to | 40% | 1,408,933 | 1,635,865 | 398,360 | 405,152 | 1,807,293 | 2,041,017 | |||||||||||||||||||||||||
21% | to | 30% | 288,338 | 448,381 | - | - | 288,338 | 448,381 | |||||||||||||||||||||||||
11% | to | 20% | 383,504 | 87,634 | - | - | 383,504 | 87,634 | |||||||||||||||||||||||||
1% | to | 10% | 126,553 | 425,271 | - | 8,048 | 126,553 | 433,319 | |||||||||||||||||||||||||
Total | $ | 43,654,397 | $ | 36,687,140 | $ | 1,925,112 | $ | 1,962,593 | $ | 45,579,509 | $ | 38,649,733 | |||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended | 135 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Stockholders' Equity, Policy [Policy Text Block] | Company Capitalization | |
The Company raised $1,450,000 from two private placement stock offerings during 2004 and $25,669,480 from two public stock offerings and one private placement stock offering from June 22, 2005 through February 23, 2007; June 29, 2010 through April 30, 2012; and August 15, 2012 through March 8, 2013. The Company issued 7,347,488 shares of its common stock and incurred $3,624,518 of offering costs during these private placements and public stock offerings. | ||
The Company also issued 702,705 shares of its common stock in connection with two stock dividends paid to shareholders in 2011 and 2012 that resulted in accumulated earnings being charged $5,270,288 with an offsetting credit of $5,270,288 to common stock and additional paid-in capital. The historic impact of these two stock dividend charges of $5,270,288 decreased during 2011 and 2012 the balance of accumulated earnings and resulted in a reported balance as of March 31, 2015 of $2,979,879, as shown in the accumulated earnings caption in the March 31, 2015 consolidated statement of financial position. | ||
The Company has also purchased 247,580 shares of treasury stock at a cost of $893,947 from former members of the Board of Directors including the former Chairman of the Board of Directors, a former agent, the former spouse of the Company’s Chairman, Chief Executive Officer and President and a charitable organization where a former member of the Board of Directors had donated shares of the Company’s common stock. | ||
Business Combinations Policy [Policy Text Block] | Acquisition of Other Companies | |
On December 23, 2008, FTFC acquired 100% of the outstanding common stock of First Life America Corporation (“FLAC”) from an unaffiliated company. The acquisition of FLAC was accounted for as a purchase. The aggregate purchase price for FLAC was approximately $2,695,000 (including direct cost associated with the acquisition of approximately $195,000). The acquisition of FLAC was financed with the working capital of FTFC. On December 31, 2008, FTFC made FLAC a 15 year loan in the form of a surplus note in the amount of $250,000 with an interest rate of 6% payable monthly, that was approved by the Oklahoma Insurance Department (“OID”). This surplus note is eliminated in consolidation. | ||
On August 31, 2009, two of the Company’s subsidiaries, Trinity Life Insurance Company (“Old TLIC”) and FLAC, were merged, with FLAC being the surviving company. Immediately following the merger, FLAC changed its name to TLIC. | ||
On December 28, 2011, TLIC acquired 100% of the outstanding common stock of FBLIC from FBLIC’s shareholders. The acquisition of FBLIC was accounted for as a purchase. The aggregate purchase price for the acquisition of FBLIC was $13,855,129. The acquisition of FBLIC was financed with the working capital of TLIC. | ||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation of the results for the interim periods have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ended December 31, 2015 or for any other interim period or for any other future year. Certain financial information which is normally included in notes to consolidated financial statements prepared in accordance with U.S. GAAP, but which is not required for interim reporting purposes, has been condensed or omitted. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company's report on Form 10-K for the year ended December 31, 2014. | ||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | |
The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. | ||
Reclassification, Policy [Policy Text Block] | Reclassifications | |
Certain reclassifications have been made in the prior year and prior quarter financial statements to conform to current year and current quarter classifications. These reclassifications had no effect on previously reported net income or shareholders' equity. | ||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. | ||
Common Stock Policy [Policy Text Block] | Common Stock | |
Common stock is fully paid, non-assessable and has a par value of $.01 per share. | ||
Treasury Stock [Policy Text Block] | Treasury Stock | |
Treasury stock represents shares of the Company’s common stock that have been reacquired after having been issued and fully paid, is recorded at the reacquisition cost and are no longer outstanding. | ||
Subsequent Events, Policy [Policy Text Block] | Subsequent Events | |
Management has evaluated all events subsequent to March 31, 2015 through the date that these financial statements have been issued. On April 15, 2015, the Company loaned $400,000 to its former Chairman. The loan has a term of one year and has a contractual interest rate of 5.50%. The loan is collateralized by 100,000 shares of the Company’s Class A Common stock owned by the former Chairman. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | ||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance to reduce diversity in practice for reporting discontinued operations. Under the previous guidance, any component of an entity that was a reportable segment, an operating segment, a reporting unit, a subsidiary or an asset group was eligible for discontinued operations presentation. | ||
The revised guidance only allows disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity) and that have a major effect on a reporting entity's operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. | ||
The updated guidance is effective for the quarter ending March 31, 2015. The adoption of this guidance did not have a material effect on the Company's results of operations, financial position or liquidity. | ||
Revenue from Contracts with Customers | ||
In May 2014, the FASB issued updated guidance to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company's fee income related to providing services will be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. | ||
The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when, or as, the entity satisfies a performance obligation. | ||
The updated guidance is effective for the quarter ending March 31, 2017. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. | ||
Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | ||
In June 2014, the FASB issued updated guidance to resolve diversity in practice concerning employee share-based payments that contain performance targets that could be achieved after the requisite service period. Many reporting entities account for performance targets that could be achieved after the requisite service period as performance conditions that affect the vesting of the award and, therefore, do not reflect the performance targets in the estimate of the grant-date fair value of the award. Other reporting entities treat those performance targets as nonvesting conditions that affect the grant-date fair value of the award. | ||
The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. As such, the performance target that affects vesting should not be reflected in estimating that fair value of the award at the grant date. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. | ||
The updated guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. | ||
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | ||
In August 2014, the FASB issued guidance to address the diversity in practice in determining when there is substantial doubt about an entity's ability to continue as a going concern and when an entity must disclose certain relevant conditions and events. The new guidance requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). The new guidance allows the entity to consider the mitigating effects of management's plans that will alleviate the substantial doubt and requires certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans. | ||
If conditions or events raise substantial doubt that is not alleviated, an entity should disclose that there is substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations and management's plans that are intended to mitigate those conditions. | ||
The guidance is effective for annual periods ending after December 15, 2016, and interim and annual periods thereafter. | ||
Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity | ||
In November 2014, the FASB issued updated guidance to clarify when the separation of certain embedded derivative features in a hybrid financial instrument that is issued in the form of a share is required. That is, an entity will continue to evaluate whether the economic characteristics and risks of the embedded derivative feature are clearly and closely related to those of the host contract. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. | ||
The updated guidance is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. | ||
Receivables – Troubled Debt Restructurings by Creditors | ||
In January 2014, the FASB issued updated guidance for troubled debt restructurings clarifying when an in substance repossession or foreclosure occurs, and when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The new guidance is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. This guidance can be elected for prospective adoption or by using a retrospective transition method. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. | ||
Amendments to the Consolidation Analysis | ||
In February 2015, the FASB issued updated guidance that makes targeted amendments to the current consolidation accounting guidance. The update is in response to accounting complexity concerns, particularly from the asset management industry. The guidance simplifies consolidation accounting by reducing the number of approaches to consolidation, provides a scope exception to registered money market funds and similar unregistered money market funds and ends the indefinite deferral granted to investment companies from applying the variable interest entity guidance. | ||
The updated guidance is effective for annual and interim periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity. | ||
Simplifying the Presentation of Debt Issuance Costs | ||
In April 2015, the FASB issued updated guidance to clarify the required presentation of debt issuance costs. The amended guidance requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying amount of the recognized debt liability, consistent with the treatment of debt discounts. Amortization of debt issuance costs is to be reported as interest expense. The recognition and measurement guidance for debt issuance costs are not affected by the updated guidance. | ||
The updated guidance is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance will not have any effect on the Company’s results of operations, financial position or liquidity. |
Note_2_Investments_Tables
Note 2 - Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Note 2 - Investments (Tables) [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross | Gross | |||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
March 31, 2015 (Unaudited) | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 2,660,706 | $ | 161,883 | $ | 30,894 | $ | 2,791,695 | |||||||||||||||||||||||||
States and political subdivisions | 1,638,578 | 36,652 | 3,523 | 1,671,707 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 66,318 | 53,134 | - | 119,452 | |||||||||||||||||||||||||||||
Corporate bonds | 91,767,774 | 4,538,852 | 778,313 | 95,528,313 | |||||||||||||||||||||||||||||
Foreign bonds | 12,079,533 | 502,975 | 173,673 | 12,408,835 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 108,212,909 | 5,293,496 | 986,403 | 112,520,002 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||||
Equity securities | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||
Mutual funds | 83,081 | 454 | - | 83,535 | |||||||||||||||||||||||||||||
Corporate preferred stock | 256,299 | 6,555 | 320 | 262,534 | |||||||||||||||||||||||||||||
Corporate common stock | 186,521 | 140,058 | - | 326,579 | |||||||||||||||||||||||||||||
Total equity securities | 525,901 | 147,067 | 320 | 672,648 | |||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 108,738,810 | $ | 5,440,563 | $ | 986,723 | $ | 113,192,650 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | $ | 2,650,994 | $ | 168,071 | $ | 69,052 | $ | 2,750,013 | |||||||||||||||||||||||||
States and political subdivisions | 1,184,034 | 20,982 | 863 | 1,204,153 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 68,242 | 62,193 | - | 130,435 | |||||||||||||||||||||||||||||
Corporate bonds | 92,367,191 | 3,711,276 | 885,169 | 95,193,298 | |||||||||||||||||||||||||||||
Foreign bonds | 11,141,861 | 426,197 | 194,528 | 11,373,530 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 107,412,322 | 4,388,719 | 1,149,612 | 110,651,429 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||||
Equity securities | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||
Mutual funds | 80,879 | 2,586 | - | 83,465 | |||||||||||||||||||||||||||||
Corporate preferred stock | 254,502 | 3,273 | 1,700 | 256,075 | |||||||||||||||||||||||||||||
Corporate common stock | 184,214 | 147,603 | - | 331,817 | |||||||||||||||||||||||||||||
Total equity securities | 519,595 | 153,462 | 1,700 | 671,357 | |||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 107,931,917 | $ | 4,542,181 | $ | 1,151,312 | $ | 111,322,786 | |||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | Unrealized | Number of | |||||||||||||||||||||||||||||||
March 31, 2015 (Unaudited) | Fair Value | Loss | Securities | ||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
States and political subdivisions | $ | 300,289 | $ | 3,523 | 2 | ||||||||||||||||||||||||||||
Corporate bonds | 7,558,260 | 443,485 | 28 | ||||||||||||||||||||||||||||||
Foreign bonds | 3,070,382 | 173,673 | 14 | ||||||||||||||||||||||||||||||
Total less than 12 months | 10,928,931 | 620,681 | 44 | ||||||||||||||||||||||||||||||
More than 12 months | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | 1,099,106 | 30,894 | 2 | ||||||||||||||||||||||||||||||
Corporate bonds | 2,705,235 | 334,828 | 14 | ||||||||||||||||||||||||||||||
Total more than 12 months | 3,804,341 | 365,722 | 16 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | 14,733,272 | 986,403 | 60 | ||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
Corporate preferred stock | 49,680 | 320 | 1 | ||||||||||||||||||||||||||||||
Total equity securities | 49,680 | 320 | 1 | ||||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 14,782,952 | $ | 986,723 | 61 | ||||||||||||||||||||||||||||
Unrealized | Number of | ||||||||||||||||||||||||||||||||
31-Dec-14 | Fair Value | Loss | Securities | ||||||||||||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||||||||||
Less than 12 months | |||||||||||||||||||||||||||||||||
Corporate bonds | $ | 12,258,681 | $ | 477,590 | 47 | ||||||||||||||||||||||||||||
Foreign bonds | 3,446,676 | 194,528 | 16 | ||||||||||||||||||||||||||||||
Total less than 12 months | 15,705,357 | 672,118 | 63 | ||||||||||||||||||||||||||||||
More than 12 months | |||||||||||||||||||||||||||||||||
U.S. government and U.S. government agencies | 1,360,948 | 69,052 | 3 | ||||||||||||||||||||||||||||||
States and political subdivisions | 105,569 | 863 | 1 | ||||||||||||||||||||||||||||||
Corporate bonds | 2,761,555 | 407,579 | 14 | ||||||||||||||||||||||||||||||
Total more than 12 months | 4,228,072 | 477,494 | 18 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | 19,933,429 | 1,149,612 | 81 | ||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Greater than 12 months | |||||||||||||||||||||||||||||||||
Corporate preferred stock | 48,300 | 1,700 | 1 | ||||||||||||||||||||||||||||||
Total equity securities | 48,300 | 1,700 | 1 | ||||||||||||||||||||||||||||||
Total fixed maturity and equity securities | $ | 19,981,729 | $ | 1,151,312 | 82 | ||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | (Unaudited) | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Unrealized appreciation on available-for-sale securities | $ | 4,453,840 | $ | 3,390,869 | |||||||||||||||||||||||||||||
Adjustment to deferred acquisition costs | (53,929 | ) | (36,440 | ) | |||||||||||||||||||||||||||||
Deferred income taxes | (879,981 | ) | (670,886 | ) | |||||||||||||||||||||||||||||
Net unrealized appreciation on available-for-sale securities | $ | 3,519,930 | $ | 2,683,543 | |||||||||||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended March 31, (Unaudited) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Equity Securities | Mortgage Loans on Real Estate | Investment Real Estate | ||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Proceeds | $ | 1,188,229 | $ | 3,430,330 | $ | 526,284 | $ | - | $ | 1,550,599 | $ | 709,836 | $ | 7,083,246 | $ | - | |||||||||||||||||
Gross realized gains | 25,841 | 279,570 | 996 | - | 11,051 | 17,961 | 390,202 | - | |||||||||||||||||||||||||
Gross realized losses | (1,192 | ) | (966 | ) | (2,896 | ) | - | - | - | - | - | ||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | Three Months Ended March 31, (Unaudited) | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Change in unrealized investment gains: | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 1,067,986 | $ | 1,363,002 | |||||||||||||||||||||||||||||
Equity securities | (5,015 | ) | (4,582 | ) | |||||||||||||||||||||||||||||
Net realized investment gains (losses): | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Fixed maturity securities | 24,649 | 278,604 | |||||||||||||||||||||||||||||||
Equity securities | (1,900 | ) | - | ||||||||||||||||||||||||||||||
Mortgage loans on real estate | 11,051 | 17,961 | |||||||||||||||||||||||||||||||
Investment real estate | 390,202 | - | |||||||||||||||||||||||||||||||
Investment Income [Table Text Block] | Three Months Ended March 31, (Unaudited) | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 1,173,781 | $ | 1,119,896 | |||||||||||||||||||||||||||||
Equity securities | 11,529 | 10,657 | |||||||||||||||||||||||||||||||
Other long-term investments | 414,242 | 415,411 | |||||||||||||||||||||||||||||||
Mortgage loans | 956,144 | 453,972 | |||||||||||||||||||||||||||||||
Policy loans | 25,141 | 24,943 | |||||||||||||||||||||||||||||||
Real estate | 187,588 | 173,195 | |||||||||||||||||||||||||||||||
Short-term and other investments | 48,192 | 36,297 | |||||||||||||||||||||||||||||||
Gross investment income | 2,816,617 | 2,234,371 | |||||||||||||||||||||||||||||||
Investment expenses | (409,057 | ) | (263,563 | ) | |||||||||||||||||||||||||||||
Net investment income | $ | 2,407,560 | $ | 1,970,808 | |||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||
Retail stores | $ | 1,603,192 | 3.52 | % | $ | 1,635,412 | 4.23 | % | |||||||||||||||||||||||||
Office buildings | 321,920 | 0.7 | % | 327,181 | 0.85 | % | |||||||||||||||||||||||||||
Total commercial mortgage loans | 1,925,112 | 4.22 | % | 1,962,593 | 5.08 | % | |||||||||||||||||||||||||||
Residential mortgage loans | 43,654,397 | 95.78 | % | 36,687,140 | 94.92 | % | |||||||||||||||||||||||||||
Total mortgage loans | $ | 45,579,509 | 100 | % | $ | 38,649,733 | 100 | % | |||||||||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||||
Land - held for the production of income | $ | 213,160 | $ | 213,160 | |||||||||||||||||||||||||||||
Land - held for sale | 750,047 | 2,034,478 | |||||||||||||||||||||||||||||||
Total land | 963,207 | 2,247,638 | |||||||||||||||||||||||||||||||
Building - held for the production of income | 2,267,557 | 2,267,557 | |||||||||||||||||||||||||||||||
Less - accumulated depreciation | (795,090 | ) | (758,718 | ) | |||||||||||||||||||||||||||||
Buildings net of accumulated depreciation | 1,472,467 | 1,508,839 | |||||||||||||||||||||||||||||||
Building - held for sale | - | 5,408,613 | |||||||||||||||||||||||||||||||
Total buildings | 1,472,467 | 6,917,452 | |||||||||||||||||||||||||||||||
Investment real estate, net of accumulated depreciation | $ | 2,435,674 | $ | 9,165,090 | |||||||||||||||||||||||||||||
Available-for-sale Fixed Maturity Securities [Member] | |||||||||||||||||||||||||||||||||
Note 2 - Investments (Tables) [Line Items] | |||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2015 (Unaudited) | ||||||||||||||||||||||||||||||||
Fixed Maturity Available-For-Sale Securities | Other Long-Term Investments | ||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,754,581 | $ | 2,801,862 | $ | 3,915,108 | $ | 3,976,523 | |||||||||||||||||||||||||
Due in one year through five years | 36,096,965 | 38,044,550 | 9,452,822 | 10,405,428 | |||||||||||||||||||||||||||||
Due after five years through ten years | 53,807,893 | 55,404,752 | 6,632,945 | 8,482,488 | |||||||||||||||||||||||||||||
Due after ten years | 15,487,152 | 16,149,386 | 3,047,335 | 4,705,400 | |||||||||||||||||||||||||||||
Due at multiple maturity dates | 66,318 | 119,452 | - | - | |||||||||||||||||||||||||||||
$ | 108,212,909 | $ | 112,520,002 | $ | 23,048,210 | $ | 27,569,839 |
Note_3_Fair_Value_Measurements1
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2015 (Unaudited) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Fixed maturity securities, available-for-sale | |||||||||||||||||||||
U.S. government and U.S. government agencies | $ | - | $ | 2,791,695 | $ | - | $ | 2,791,695 | |||||||||||||
States and political subdivisions | - | 1,671,707 | - | 1,671,707 | |||||||||||||||||
Residential mortgage-backed securities | - | 119,452 | - | 119,452 | |||||||||||||||||
Corporate bonds | - | 95,528,313 | - | 95,528,313 | |||||||||||||||||
Foreign bonds | - | 12,408,835 | - | 12,408,835 | |||||||||||||||||
Total fixed maturity securities | $ | - | $ | 112,520,002 | $ | - | $ | 112,520,002 | |||||||||||||
Equity securities, available-for-sale | |||||||||||||||||||||
Mutual funds | $ | 3,592 | $ | 79,943 | $ | - | $ | 83,535 | |||||||||||||
Corporate preferred stock | 209,554 | 52,980 | - | 262,534 | |||||||||||||||||
Corporate common stock | 280,079 | - | 46,500 | 326,579 | |||||||||||||||||
Total equity securities | $ | 493,225 | $ | 132,923 | $ | 46,500 | $ | 672,648 | |||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Fixed maturity securities, available-for-sale | |||||||||||||||||||||
U.S. government and U.S. government agencies | $ | - | $ | 2,750,013 | $ | - | $ | 2,750,013 | |||||||||||||
States and political subdivisions | - | 1,204,153 | - | 1,204,153 | |||||||||||||||||
Residential mortgage-backed securities | - | 130,435 | - | 130,435 | |||||||||||||||||
Corporate bonds | - | 95,193,298 | - | 95,193,298 | |||||||||||||||||
Foreign bonds | - | 11,373,530 | - | 11,373,530 | |||||||||||||||||
Total fixed maturity securities | $ | - | $ | 110,651,429 | $ | - | $ | 110,651,429 | |||||||||||||
Equity securities, available-for-sale | |||||||||||||||||||||
Mutual funds | $ | 3,592 | $ | 79,873 | $ | - | $ | 83,465 | |||||||||||||
Corporate preferred stock | 203,999 | 52,076 | - | 256,075 | |||||||||||||||||
Corporate common stock | 285,317 | - | 46,500 | 331,817 | |||||||||||||||||
Total equity securities | $ | 492,908 | $ | 131,949 | $ | 46,500 | $ | 671,357 | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2015 (Unaudited) | ||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets | |||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||
Commercial | $ | 1,925,112 | $ | 1,958,153 | $ | - | $ | - | $ | 1,958,153 | |||||||||||
Residential | 43,654,397 | 45,872,031 | - | - | 45,872,031 | ||||||||||||||||
Policy loans | 1,461,576 | 1,461,576 | - | - | 1,461,576 | ||||||||||||||||
Short-term investments | 1,141,837 | 1,141,837 | 1,141,837 | - | - | ||||||||||||||||
Other long-term investments | 23,048,210 | 27,569,839 | - | - | 27,569,839 | ||||||||||||||||
Cash and cash equivalents | 17,621,797 | 17,621,797 | 17,621,797 | - | - | ||||||||||||||||
Accrued investment income | 1,756,739 | 1,756,739 | - | - | 1,756,739 | ||||||||||||||||
Loans from premium financing | 123,886 | 123,886 | - | - | 123,886 | ||||||||||||||||
Total financial assets | $ | 90,733,554 | $ | 97,505,858 | $ | 18,763,634 | $ | - | $ | 78,742,224 | |||||||||||
Financial liabilities | |||||||||||||||||||||
Policyholders' account balances | $ | 151,496,179 | $ | 132,634,781 | $ | - | $ | - | $ | 132,634,781 | |||||||||||
Policy claims | 671,407 | 671,407 | - | - | 671,407 | ||||||||||||||||
Total financial liabilities | $ | 152,167,586 | $ | 133,306,188 | $ | - | $ | - | $ | 133,306,188 | |||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets | |||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||
Commercial | $ | 1,962,593 | $ | 2,000,041 | $ | - | $ | - | $ | 2,000,041 | |||||||||||
Residential | 36,687,140 | 38,613,679 | - | - | 38,613,679 | ||||||||||||||||
Policy loans | 1,520,620 | 1,520,620 | - | - | 1,520,620 | ||||||||||||||||
Short-term investments | 1,141,199 | 1,141,199 | 1,141,199 | - | - | ||||||||||||||||
Other long-term investments | 21,781,925 | 25,912,178 | - | - | 25,912,178 | ||||||||||||||||
Cash and cash equivalents | 10,158,386 | 10,158,386 | 10,158,386 | - | - | ||||||||||||||||
Accrued investment income | 1,682,906 | 1,682,906 | - | - | 1,682,906 | ||||||||||||||||
Loans from premium financing | 123,886 | 123,886 | - | - | 123,886 | ||||||||||||||||
Total financial assets | $ | 75,058,655 | $ | 81,152,895 | $ | 11,299,585 | $ | - | $ | 69,853,310 | |||||||||||
Financial liabilities | |||||||||||||||||||||
Policyholders' account balances | $ | 140,554,973 | $ | 126,144,182 | $ | - | $ | - | $ | 126,144,182 | |||||||||||
Notes payable | 4,076,473 | 4,076,473 | - | - | 4,076,473 | ||||||||||||||||
Policy claims | 602,269 | 602,269 | - | - | 602,269 | ||||||||||||||||
Total financial liabilities | $ | 145,233,715 | $ | 130,822,924 | $ | - | $ | - | $ | 130,822,924 |
Note_4_Notes_Payable_Tables
Note 4 - Notes Payable (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Long-term Debt Instruments [Table Text Block] | 31-Dec-14 | ||||
Promissory note payable to Grand Bank, secured by real estate and tenant leases located in Indiana, Oklahoma and Texas, 35 monthly payments of interest at 4.50% with a final payment in the 36th month of $3,009,265 of principal plus unpaid accrued interest at 4.50%, maturity date is March 26, 2017 | $ | 3,009,265 | |||
Promissory note payable to Grand Bank, secured by real estate and tenant leases located in Missouri, 35 monthly payments of interest at 4.50% with a final payment on the 36th month of $1,067,208 of principal plus unpaid accrued interest at 4.50%, maturity date is March 26, 2017 | 1,067,208 | ||||
Total promissory notes payable | $ | 4,076,473 |
Note_5_Segment_Data_Tables
Note 5 - Segment Data (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, (Unaudited) | ||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
Life insurance operations | $ | 2,863,686 | $ | 2,513,377 | |||||
Annuity operations | 2,184,075 | 1,661,238 | |||||||
Corporate operations | 108,926 | 116,053 | |||||||
Total | $ | 5,156,687 | $ | 4,290,668 | |||||
Income (loss) before income taxes: | |||||||||
Life insurance operations | $ | 102,186 | $ | (10,567 | ) | ||||
Annuity operations | 115,505 | 224,041 | |||||||
Corporate operations | 161,648 | 52,024 | |||||||
Total | $ | 379,339 | $ | 265,498 | |||||
Depreciation and amortization expense: | |||||||||
Life insurance operations | $ | 345,614 | $ | 355,287 | |||||
Annuity operations | 194,702 | 149,953 | |||||||
Corporate operations | 12,726 | 3,343 | |||||||
Total | $ | 553,042 | $ | 508,583 | |||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (Unaudited) | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Assets: | |||||||||
Life insurance operations | $ | 44,720,182 | $ | 44,448,441 | |||||
Annuity operations | 178,672,412 | 167,947,889 | |||||||
Corporate operations | 6,434,404 | 6,604,838 | |||||||
Total | $ | 229,826,998 | $ | 219,001,168 |
Note_8_Other_Comprehensive_Inc1
Note 8 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2015 and 2014 (Unaudited) | ||||||||||||
Unrealized | Accumulated | ||||||||||||
Appreciation on | Adjustment to | Other | |||||||||||
Available-For-Sale | Deferred Acquisition | Comprehensive | |||||||||||
Securities | Costs | Income | |||||||||||
Balance as of January 1, 2015 | $ | 2,712,694 | $ | (29,151 | ) | $ | 2,683,543 | ||||||
Other comprehensive income before reclassifications, net of tax | 868,576 | (13,990 | ) | 854,586 | |||||||||
Less amounts reclassified from accumulated other comprehensive income, net of tax | 18,199 | - | 18,199 | ||||||||||
Other comprehensive income | 850,377 | (13,990 | ) | 836,387 | |||||||||
Balance as of March 31, 2015 | $ | 3,563,071 | $ | (43,141 | ) | $ | 3,519,930 | ||||||
Balance as of January 1, 2014 | $ | 1,888,498 | $ | (10,341 | ) | $ | 1,878,157 | ||||||
Other comprehensive income before reclassifications, net of tax | 1,323,988 | (7,608 | ) | 1,316,380 | |||||||||
Less amounts reclassified from accumulated other comprehensive income, net of tax | 237,252 | - | 237,252 | ||||||||||
Other comprehensive income | 1,086,736 | (7,608 | ) | 1,079,128 | |||||||||
Balance as of March 31, 2014 | $ | 2,975,234 | $ | (17,949 | ) | $ | 2,957,285 | ||||||
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2015 (Unaudited) | ||||||||||||
Income Tax | |||||||||||||
Expense | |||||||||||||
Pretax | (Benefit) | Net of Tax | |||||||||||
Other comprehensive income: | |||||||||||||
Change in net unrealized gains on available-for-sale securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 1,085,720 | $ | 217,144 | $ | 868,576 | |||||||
Reclassification adjustment for gains included in income | (22,749 | ) | (4,550 | ) | (18,199 | ) | |||||||
Net unrealized gains on investments | 1,062,971 | 212,594 | 850,377 | ||||||||||
Adjustment to deferred acquisition costs | (17,489 | ) | (3,499 | ) | (13,990 | ) | |||||||
Total other comprehensive income | $ | 1,045,482 | $ | 209,095 | $ | 836,387 | |||||||
Three Months Ended March 31, 2014 (Unaudited) | |||||||||||||
Income Tax | |||||||||||||
Expense | |||||||||||||
Pretax | (Benefit) | Net of Tax | |||||||||||
Other comprehensive income: | |||||||||||||
Change in net unrealized gains on available-for-sale securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 1,654,985 | $ | 330,997 | $ | 1,323,988 | |||||||
Reclassification adjustment for gains included in income | (296,565 | ) | (59,313 | ) | (237,252 | ) | |||||||
Net unrealized gains on investments | 1,358,420 | 271,684 | 1,086,736 | ||||||||||
Adjustment to deferred acquisition costs | (9,510 | ) | (1,902 | ) | (7,608 | ) | |||||||
Total other comprehensive income | $ | 1,348,910 | $ | 269,782 | $ | 1,079,128 | |||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, (Unaudited) | ||||||||||||
Reclassification Adjustments | 2015 | 2014 | |||||||||||
Unrealized gains on available-for-sale securities: | |||||||||||||
Realized gains on sales of securities (a) | $ | 22,749 | $ | 296,565 | |||||||||
Income tax expenses (b) | 4,550 | 59,313 | |||||||||||
Total reclassification adjustments | $ | 18,199 | $ | 237,252 |
Note_9_Allowance_for_Loan_Loss1
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Premiums Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | As of and for the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Commercial Mortgage Loans | Premium Finance Loans | Total | ||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Allowance, beginning | $ | 116,604 | $ | 50,210 | $ | 9,862 | $ | 7,985 | $ | 197,358 | $ | 206,858 | $ | 323,824 | $ | 265,053 | |||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provision | 24,791 | 15,188 | (188 | ) | 2,415 | - | - | 24,603 | 17,603 | ||||||||||||||||||||||||
Allowance, ending | $ | 141,395 | $ | 65,398 | $ | 9,674 | $ | 10,400 | $ | 197,358 | $ | 206,858 | $ | 348,427 | $ | 282,656 | |||||||||||||||||
Allowance, ending: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | 192,876 | $ | 202,376 | $ | 192,876 | $ | 202,376 | |||||||||||||||||
Collectively evaluated for impairment | $ | 141,395 | $ | 65,398 | $ | 9,674 | $ | 10,400 | $ | 4,482 | $ | 4,482 | $ | 155,551 | $ | 80,280 | |||||||||||||||||
Carrying Values: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | 316,762 | $ | 335,761 | $ | 316,762 | $ | 335,761 | |||||||||||||||||
Collectively evaluated for impairment | $ | 43,654,397 | $ | 21,107,941 | $ | 1,925,112 | $ | 2,079,568 | $ | 4,482 | $ | 4,482 | $ | 45,583,991 | $ | 23,191,991 | |||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | Residential Mortgage Loans | Commercial Mortgage Loans | Total Mortgage Loans | ||||||||||||||||||||||||||||||
Loan to Value Ratio | 31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||
71% | to | 80% | $ | 11,630,199 | $ | 9,049,051 | $ | - | $ | - | $ | 11,630,199 | $ | 9,049,051 | |||||||||||||||||||
61% | to | 70% | 14,210,799 | 11,129,632 | 930,747 | 938,703 | 15,141,546 | 12,068,335 | |||||||||||||||||||||||||
51% | to | 60% | 6,953,329 | 6,176,648 | 197,952 | 201,352 | 7,151,281 | 6,378,000 | |||||||||||||||||||||||||
41% | to | 50% | 8,652,742 | 7,734,658 | 398,053 | 409,338 | 9,050,795 | 8,143,996 | |||||||||||||||||||||||||
31% | to | 40% | 1,408,933 | 1,635,865 | 398,360 | 405,152 | 1,807,293 | 2,041,017 | |||||||||||||||||||||||||
21% | to | 30% | 288,338 | 448,381 | - | - | 288,338 | 448,381 | |||||||||||||||||||||||||
11% | to | 20% | 383,504 | 87,634 | - | - | 383,504 | 87,634 | |||||||||||||||||||||||||
1% | to | 10% | 126,553 | 425,271 | - | 8,048 | 126,553 | 433,319 | |||||||||||||||||||||||||
Total | $ | 43,654,397 | $ | 36,687,140 | $ | 1,925,112 | $ | 1,962,593 | $ | 45,579,509 | $ | 38,649,733 |
Note_1_Organization_and_Signif1
Note 1 - Organization and Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | 93 Months Ended | 135 Months Ended | 0 Months Ended | 110 Months Ended | ||||
Dec. 28, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2004 | Dec. 31, 2012 | Mar. 08, 2013 | Mar. 31, 2015 | Apr. 15, 2015 | Dec. 23, 2008 | Mar. 08, 2013 | Dec. 31, 2014 | Aug. 31, 2009 | |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Proceeds from Issuance of Private Placement | $1,450,000 | |||||||||||
Number of Private Placements | 2 | 1 | ||||||||||
Proceeds from Issuance Initial Public Offering | 25,669,480 | |||||||||||
Number of Public Offerings | 2 | |||||||||||
Common Stock Dividends, Shares (in Shares) | 702,705 | |||||||||||
Number of Stock Dividends | 2 | |||||||||||
Retained Earnings, Appropriated | 2,979,879 | 2,979,879 | ||||||||||
Treasury Stock, Shares, Acquired (in Shares) | 247,580 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | 38,643 | 80,000 | 893,947 | |||||||||
Business Combination, Consideration Transferred | 13,855,129 | |||||||||||
Number of Subsidiaries Merged | 2 | |||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | $0.01 | |||||||||
Common Class A [Member] | Collateralized Loan to Related Party [Member] | Subsequent Event [Member] | Former Chairman [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Related Party Transactions, Common Stock as Collateral (in Shares) | 100,000 | |||||||||||
Former Chairman [Member] | Collateralized Loan to Related Party [Member] | Subsequent Event [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Related Party Transaction, Amounts of Transaction | 400,000 | |||||||||||
Related Party Transaction, Term | 1 year | |||||||||||
Related Party Transaction, Rate | 5.50% | |||||||||||
Retained Earnings [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Dividends | 5,270,288 | |||||||||||
Common Stock Including Additional Paid in Capital [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Stock Issued During Period, Value, Stock Dividend | 5,270,288 | |||||||||||
Term Products, 10 Year [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Term Products, Number of Years | 10 years | |||||||||||
Term Products, 15 Year [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Term Products, Number of Years | 15 years | |||||||||||
Term Products, 20 Year [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Term Products, Number of Years | 20 years | |||||||||||
Term Products, 30 Year [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Term Products, Number of Years | 30 years | |||||||||||
First Life America Corporation [Member] | First Trinity Financial Corporation [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Business Combination, Consideration Transferred | 2,695,000 | |||||||||||
Business Combination, Acquisition Related Costs | 195,000 | |||||||||||
Debt Instrument, Term | 15 years | |||||||||||
Debt Instrument, Face Amount | 250,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||
Family Benefit Life Insurance Company [Member] | Trinity Life Insurance Company [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Trinity Life Insurance Company [Member] | Family Benefit Life Insurance Company [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Wholly Owned Subsidiary, Ownership Percentage | 100.00% | 100.00% | ||||||||||
First Life America Corporation [Member] | First Trinity Financial Corporation [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 7,347,488 | |||||||||||
Payments of Stock Issuance Costs | $3,624,518 | |||||||||||
Trinity Life Insurance Company [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Wholly Owned Subsidiary, Ownership Percentage | 100.00% | 100.00% | ||||||||||
First Trinity Capital Corporation [Member] | ||||||||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Wholly Owned Subsidiary, Ownership Percentage | 100.00% | 100.00% |
Note_2_Investments_Details
Note 2 - Investments (Details) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | 2 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 11, 2015 | Dec. 31, 2014 | Mar. 11, 2015 | Dec. 31, 2013 | Feb. 28, 2014 | |
sqft | acre | ||||||
sqft | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 61 | 82 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $986,723 | $1,151,312 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,782,952 | 19,981,729 | |||||
Escrow Deposit | 3,966,145 | 3,954,696 | |||||
Escrow Deposit Fair Value | 4,105,198 | 4,057,740 | |||||
Real Estate Investments, Net | 2,435,674 | 9,165,090 | |||||
Proceeds from Sale of Real Estate Held-for-investment | 7,083,246 | ||||||
Repayments of Notes Payable | 4,076,473 | ||||||
Amortization of Financing Costs | 9,320 | 17,923 | |||||
Lottery Prize Cash Flows [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Other Investments | 23,048,210 | 21,781,925 | |||||
Debt Securities [Member] | Mining Industry Company [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 270,243 | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 338,625 | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Amortized Cost | 608,868 | ||||||
Fair Value to Cost Ratio | 56.00% | ||||||
Debt Securities [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 60 | 81 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 986,403 | 1,149,612 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,733,272 | 19,933,429 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Amortized Cost | 15,719,675 | 21,083,041 | |||||
Fair Value to Cost Ratio | 94.00% | 95.00% | |||||
Fixed Maturity Securities, Investment Grade Percentage | 93.00% | 95.00% | |||||
Fixed Maturity Securities Excluding Mining Industry [Member] | Minimum [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Fair Value to Cost Ratio | 76.00% | ||||||
Fixed Maturity Securities Excluding Mining Industry [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 57 | ||||||
Fair Value to Cost Ratio | 95.00% | ||||||
Equity Securities [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | 1 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 320 | 1,700 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 49,680 | 48,300 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Amortized Cost | 50,000 | 50,000 | |||||
Fair Value to Cost Ratio | 99.00% | 97.00% | |||||
Office Building [Member] | Held for the Production of Income [Member] | Trinity Life Insurance Company [Member] | Topeka, Kansas [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 20,000 | ||||||
Retail Site [Member] | Assets Held-for-sale [Member] | Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 3,975 | ||||||
Area of Real Estate Property, Percent | 8.00% | ||||||
Retail Site [Member] | Assets Held-for-sale [Member] | Trinity Life Insurance Company [Member] | Norman, Oklahoma [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 9,100 | ||||||
Area of Real Estate Property, Percent | 18.00% | ||||||
Assets Held-for-sale [Member] | Trinity Life Insurance Company [Member] | Topeka, Kansas [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Land (in Acres) | 5 | ||||||
Assets Held-for-sale [Member] | Trinity Life Insurance Company [Member] | Houston, Texas [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 9,195 | ||||||
Area of Land (in Acres) | 1 | ||||||
Area of Real Estate Property, Percent | 25.00% | ||||||
Assets Held-for-sale [Member] | Trinity Life Insurance Company [Member] | Harrisonville, Missouri [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 6,895 | ||||||
Area of Real Estate Property, Percent | 20.00% | ||||||
Promissory Note Payable to Grand Bank Secured by Properties in Indiana Oklahoma Texas and Missouri [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Real Estate Investments, Net | 6,693,044 | 6,693,044 | 6,693,044 | ||||
Gains (Losses) on Sales of Investment Real Estate | 390,202 | ||||||
Proceeds from Sale of Real Estate Held-for-investment | 7,083,246 | ||||||
Real Estate Investments, Closing Costs and Expenses | 20,119 | ||||||
Repayments of Notes Payable | 4,076,473 | ||||||
Interest Expense, Debt | 137,581 | ||||||
Amortization of Financing Costs | 26,722 | ||||||
Grand Bank [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Repayments of Notes Payable | 4,076,473 | ||||||
Loan Processing Fee | 72,744 | ||||||
Interest Expense, Debt | 35,181 | 35,181 | |||||
Amortization of Financing Costs | $7,423 | $7,423 | |||||
Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 3,975 | ||||||
Area of Land (in Acres) | 1 | ||||||
Area of Real Estate Property, Percent | 8.00% | ||||||
Trinity Life Insurance Company [Member] | Norman, Oklahoma [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 9,100 | ||||||
Area of Land (in Acres) | 1 | ||||||
Area of Real Estate Property, Percent | 18.00% | ||||||
Trinity Life Insurance Company [Member] | Houston, Texas [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 9,195 | ||||||
Area of Land (in Acres) | 1 | ||||||
Area of Real Estate Property, Percent | 25.00% | ||||||
Trinity Life Insurance Company [Member] | Harrisonville, Missouri [Member] | |||||||
Note 2 - Investments (Details) [Line Items] | |||||||
Area of Real Estate Property (in Square Feet) | 6,895 | ||||||
Area of Real Estate Property, Percent | 20.00% |
Note_2_Investments_Details_Ava
Note 2 - Investments (Details) - Available-for-sale Fixed Maturity and Equity Securities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fixed maturity securities | ||
Securities, amortized cost | $108,738,810 | $107,931,917 |
Securities, gross unrealized gains | 5,440,563 | 4,542,181 |
Securities, gross unrealized losses | 986,723 | 1,151,312 |
Securities, fair value | 113,192,650 | 111,322,786 |
US Treasury and Government [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 2,660,706 | 2,650,994 |
Securities, gross unrealized gains | 161,883 | 168,071 |
Securities, gross unrealized losses | 30,894 | 69,052 |
Securities, fair value | 2,791,695 | 2,750,013 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 1,638,578 | 1,184,034 |
Securities, gross unrealized gains | 36,652 | 20,982 |
Securities, gross unrealized losses | 3,523 | 863 |
Securities, fair value | 1,671,707 | 1,204,153 |
Residential Mortgage Backed Securities [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 66,318 | 68,242 |
Securities, gross unrealized gains | 53,134 | 62,193 |
Securities, fair value | 119,452 | 130,435 |
Corporate Debt Securities [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 91,767,774 | 92,367,191 |
Securities, gross unrealized gains | 4,538,852 | 3,711,276 |
Securities, gross unrealized losses | 778,313 | 885,169 |
Securities, fair value | 95,528,313 | 95,193,298 |
Foreign Government Debt Securities [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 12,079,533 | 11,141,861 |
Securities, gross unrealized gains | 502,975 | 426,197 |
Securities, gross unrealized losses | 173,673 | 194,528 |
Securities, fair value | 12,408,835 | 11,373,530 |
Debt Securities [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 108,212,909 | 107,412,322 |
Securities, gross unrealized gains | 5,293,496 | 4,388,719 |
Securities, gross unrealized losses | 986,403 | 1,149,612 |
Securities, fair value | 112,520,002 | 110,651,429 |
Mutual Funds [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 83,081 | 80,879 |
Securities, gross unrealized gains | 454 | 2,586 |
Securities, fair value | 83,535 | 83,465 |
Preferred Stock [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 256,299 | 254,502 |
Securities, gross unrealized gains | 6,555 | 3,273 |
Securities, gross unrealized losses | 320 | 1,700 |
Securities, fair value | 262,534 | 256,075 |
Common Stock [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 186,521 | 184,214 |
Securities, gross unrealized gains | 140,058 | 147,603 |
Securities, fair value | 326,579 | 331,817 |
Equity Securities [Member] | ||
Fixed maturity securities | ||
Securities, amortized cost | 525,901 | 519,595 |
Securities, gross unrealized gains | 147,067 | 153,462 |
Securities, gross unrealized losses | 320 | 1,700 |
Securities, fair value | $672,648 | $671,357 |
Note_2_Investments_Details_Sec
Note 2 - Investments (Details) - Securities in an Unrealized Loss Position (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Less than 12 months | ||
Securities in an unrealized loss postion, less than twelve months, fair value | $10,928,931 | $15,705,357 |
Securities in an unrealized loss postion, less than twelve months, unrealized loss | 620,681 | 672,118 |
Securities in an unrealized loss postion, less than twelve months, number of securities | 44 | 63 |
More than 12 months | ||
Securities in an unrealized loss postion, more than twelve months, fair value | 3,804,341 | 4,228,072 |
Securities in an unrealized loss postion, more than twelve months, unrealized loss | 365,722 | 477,494 |
Securities in an unrealized loss postion, more than twelve months, number of securities | 16 | 18 |
Securities in an unrealized loss postion, fair value | 14,782,952 | 19,981,729 |
Securities in an unrealized loss postion, unrealized loss | 986,723 | 1,151,312 |
Securities in an unrealized loss postion, number of securities | 61 | 82 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months | ||
Securities in an unrealized loss postion, less than twelve months, fair value | 300,289 | |
Securities in an unrealized loss postion, less than twelve months, unrealized loss | 3,523 | |
Securities in an unrealized loss postion, less than twelve months, number of securities | 2 | |
More than 12 months | ||
Securities in an unrealized loss postion, more than twelve months, fair value | 105,569 | |
Securities in an unrealized loss postion, more than twelve months, unrealized loss | 863 | |
Securities in an unrealized loss postion, more than twelve months, number of securities | 1 | |
Corporate Debt Securities [Member] | ||
Less than 12 months | ||
Securities in an unrealized loss postion, less than twelve months, fair value | 7,558,260 | 12,258,681 |
Securities in an unrealized loss postion, less than twelve months, unrealized loss | 443,485 | 477,590 |
Securities in an unrealized loss postion, less than twelve months, number of securities | 28 | 47 |
More than 12 months | ||
Securities in an unrealized loss postion, more than twelve months, fair value | 2,705,235 | 2,761,555 |
Securities in an unrealized loss postion, more than twelve months, unrealized loss | 334,828 | 407,579 |
Securities in an unrealized loss postion, more than twelve months, number of securities | 14 | 14 |
Foreign Government Debt Securities [Member] | ||
Less than 12 months | ||
Securities in an unrealized loss postion, less than twelve months, fair value | 3,070,382 | 3,446,676 |
Securities in an unrealized loss postion, less than twelve months, unrealized loss | 173,673 | 194,528 |
Securities in an unrealized loss postion, less than twelve months, number of securities | 14 | 16 |
US Government Agencies Debt Securities [Member] | ||
More than 12 months | ||
Securities in an unrealized loss postion, more than twelve months, fair value | 1,099,106 | 1,360,948 |
Securities in an unrealized loss postion, more than twelve months, unrealized loss | 30,894 | 69,052 |
Securities in an unrealized loss postion, more than twelve months, number of securities | 2 | 3 |
Debt Securities [Member] | ||
More than 12 months | ||
Securities in an unrealized loss postion, fair value | 14,733,272 | 19,933,429 |
Securities in an unrealized loss postion, unrealized loss | 986,403 | 1,149,612 |
Securities in an unrealized loss postion, number of securities | 60 | 81 |
Preferred Stock [Member] | ||
More than 12 months | ||
Securities in an unrealized loss postion, more than twelve months, fair value | 49,680 | 48,300 |
Securities in an unrealized loss postion, more than twelve months, unrealized loss | 320 | 1,700 |
Securities in an unrealized loss postion, more than twelve months, number of securities | 1 | 1 |
Equity Securities [Member] | ||
More than 12 months | ||
Securities in an unrealized loss postion, fair value | 49,680 | 48,300 |
Securities in an unrealized loss postion, unrealized loss | $320 | $1,700 |
Securities in an unrealized loss postion, number of securities | 1 | 1 |
Note_2_Investments_Details_Net
Note 2 - Investments (Details) - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Net Unrealized Gains Included in Accumulated Other Comprehensive Income [Abstract] | ||
Unrealized appreciation on available-for-sale securities | $4,453,840 | $3,390,869 |
Adjustment to deferred acquisition costs | -53,929 | -36,440 |
Deferred income taxes | -879,981 | -670,886 |
Net unrealized appreciation on available-for-sale securities | $3,519,930 | $2,683,543 |
Note_2_Investments_Details_Fix
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities by Contractual Maturities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities by Contractual Maturities [Line Items] | ||
$108,212,909 | $107,412,322 | |
112,520,002 | 110,651,429 | |
Fixed Maturities [Member] | ||
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities by Contractual Maturities [Line Items] | ||
Due in one year or less | 2,754,581 | |
Due in one year or less | 2,801,862 | |
Due in one year through five years | 36,096,965 | |
Due in one year through five years | 38,044,550 | |
Due after five years through ten years | 53,807,893 | |
Due after five years through ten years | 55,404,752 | |
Due after ten years | 15,487,152 | |
Due after ten years | 16,149,386 | |
Due at multiple maturity dates | 66,318 | |
Due at multiple maturity dates | 119,452 | |
108,212,909 | ||
112,520,002 | ||
Other Long-term Investments [Member] | ||
Note 2 - Investments (Details) - Fixed Maturity Available-for-sale Securities by Contractual Maturities [Line Items] | ||
Due in one year or less | 3,915,108 | |
Due in one year or less | 3,976,523 | |
Due in one year through five years | 9,452,822 | |
Due in one year through five years | 10,405,428 | |
Due after five years through ten years | 6,632,945 | |
Due after five years through ten years | 8,482,488 | |
Due after ten years | 3,047,335 | |
Due after ten years | 4,705,400 | |
23,048,210 | ||
$27,569,839 |
Note_2_Investments_Details_Ava1
Note 2 - Investments (Details) - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Securities [Member] | ||
Note 2 - Investments (Details) - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ||
Proceeds | $1,188,229 | $3,430,330 |
Gross realized gains | 25,841 | 279,570 |
Gross realized losses | -1,192 | -966 |
Equity Securities [Member] | ||
Note 2 - Investments (Details) - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ||
Proceeds | 526,284 | |
Gross realized gains | 996 | |
Gross realized losses | -2,896 | |
Mortgage Loans on Real Estate [Member] | ||
Note 2 - Investments (Details) - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ||
Proceeds | 1,550,599 | 709,836 |
Gross realized gains | 11,051 | 17,961 |
Real Estate Investment [Member] | ||
Note 2 - Investments (Details) - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) [Line Items] | ||
Proceeds | 7,083,246 | |
Gross realized gains | $390,202 |
Note_2_Investments_Details_Ava2
Note 2 - Investments (Details) - Available-for-sale Securities - Accumulated Change in Net Unrealized Investment Gains (Losses) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Securities [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities - change in unrealized gains | $1,067,986 | $1,363,002 |
Available-for-sale securities: | ||
Available-for-sale securities - realized gains | 24,649 | 278,604 |
Equity Securities [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities - change in unrealized gains | -5,015 | -4,582 |
Available-for-sale securities: | ||
Available-for-sale securities - realized gains | -1,900 | |
Mortgage Loans on Real Estate [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities - realized gains | 11,051 | 17,961 |
Investment in Real Estate [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities - realized gains | $390,202 |
Note_2_Investments_Details_Maj
Note 2 - Investments (Details) - Major Categories of Net Investment Income (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net Investment Income [Line Items] | ||
Investment income | $2,816,617 | $2,234,371 |
Investment expenses | -409,057 | -263,563 |
Net investment income | 2,407,560 | 1,970,808 |
Fixed Maturities [Member] | ||
Net Investment Income [Line Items] | ||
Investment income | 1,173,781 | 1,119,896 |
Equity Securities [Member] | ||
Net Investment Income [Line Items] | ||
Investment income | 11,529 | 10,657 |
Other Long-term Investments [Member] | ||
Net Investment Income [Line Items] | ||
Investment income | 414,242 | 415,411 |
Mortgage Loans on Real Estate [Member] | ||
Net Investment Income [Line Items] | ||
Investment income | 956,144 | 453,972 |
Policy Loans [Member] | ||
Net Investment Income [Line Items] | ||
Investment income | 25,141 | 24,943 |
Real Estate Investment [Member] | ||
Net Investment Income [Line Items] | ||
Investment income | 187,588 | 173,195 |
Short-term Investments [Member] | ||
Net Investment Income [Line Items] | ||
Investment income | $48,192 | $36,297 |
Note_2_Investments_Details_Mor
Note 2 - Investments (Details) - Mortgage Loans on Real Estate (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans on real estate | $45,579,509 | $38,649,733 |
Mortgage loans, percentage | 100.00% | 100.00% |
Retail Site [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans on real estate | 1,603,192 | 1,635,412 |
Mortgage loans, percentage | 3.52% | 4.23% |
Office Building [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans on real estate | 321,920 | 327,181 |
Mortgage loans, percentage | 0.70% | 0.85% |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans on real estate | 1,925,112 | 1,962,593 |
Mortgage loans, percentage | 4.22% | 5.08% |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans on real estate | $43,654,397 | $36,687,140 |
Mortgage loans, percentage | 95.78% | 94.92% |
Note_2_Investments_Details_Inv
Note 2 - Investments (Details) - Investment Real Estate (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Investment real estate, net | $2,435,674 | $9,165,090 |
Land - Held for the Production of Income [Member] | ||
Real Estate Properties [Line Items] | ||
Investment real estate | 213,160 | 213,160 |
Land - Held for Sale [Member] | ||
Real Estate Properties [Line Items] | ||
Investment real estate | 750,047 | 2,034,478 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Investment real estate | 963,207 | 2,247,638 |
Building - Held for the Production of Income [Member] | ||
Real Estate Properties [Line Items] | ||
Investment real estate | 2,267,557 | 2,267,557 |
Less - accumulated depreciation | -795,090 | -758,718 |
Investment real estate, net | 1,472,467 | 1,508,839 |
Building - Held for Sale [Member] | ||
Real Estate Properties [Line Items] | ||
Investment real estate, net | 5,408,613 | |
Building [Member] | ||
Real Estate Properties [Line Items] | ||
Investment real estate, net | $1,472,467 | $6,917,452 |
Note_3_Fair_Value_Measurements2
Note 3 - Fair Value Measurements (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Number of Private Placement Common Stocks | 2 | 2 |
Note_3_Fair_Value_Measurements3
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | $113,192,650 | $111,322,786 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 2,791,695 | 2,750,013 |
US Treasury and Government [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 2,791,695 | 2,750,013 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 1,671,707 | 1,204,153 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 1,671,707 | 1,204,153 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 119,452 | 130,435 |
Residential Mortgage Backed Securities [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 119,452 | 130,435 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 95,528,313 | 95,193,298 |
Corporate Debt Securities [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 95,528,313 | 95,193,298 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 12,408,835 | 11,373,530 |
Foreign Government Debt Securities [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 12,408,835 | 11,373,530 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 112,520,002 | 110,651,429 |
Debt Securities [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 112,520,002 | 110,651,429 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 3,592 | 3,592 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 79,943 | 79,873 |
Mutual Funds [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 83,535 | 83,465 |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 209,554 | 203,999 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 52,980 | 52,076 |
Preferred Stock [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 262,534 | 256,075 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 280,079 | 285,317 |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 46,500 | 46,500 |
Common Stock [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 326,579 | 331,817 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 493,225 | 492,908 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 132,923 | 131,949 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 46,500 | 46,500 |
Equity Securities [Member] | ||
Note 3 - Fair Value Measurements (Details) - Fair Value Measured on a Recurring Basis [Line Items] | ||
Available-for-sale securities | $672,648 | $671,357 |
Note_3_Fair_Value_Measurements4
Note 3 - Fair Value Measurements (Details) - Estimated Fair Values of Financial Instruments (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Mortgage loans on real estate | ||||
Mortgage loans on real estate | $45,579,509 | $38,649,733 | ||
Policy loans, carrying value | 1,461,576 | 1,520,620 | ||
Policy loans, fair value | 1,461,576 | 1,520,620 | ||
Short-term investments, carrying value | 1,141,837 | 1,141,199 | ||
Short-term investments, fair value | 1,141,837 | 1,141,199 | ||
Other long-term investments, carrying value | 23,048,210 | 21,781,925 | ||
Other long-term investments, fair value | 27,569,839 | 25,912,178 | ||
Cash and cash equivalents, carrying value | 17,621,797 | 10,158,386 | 9,802,871 | 10,608,438 |
Cash and cash equivalents, fair value | 17,621,797 | 10,158,386 | ||
Accrued investment income, carrying value | 1,756,739 | 1,682,906 | ||
Accrued investment income, fair value | 1,756,739 | 1,682,906 | ||
Loans from premium financing, carrying value | 123,886 | 123,886 | ||
Loans from premium financing, fair value | 123,886 | 123,886 | ||
Total financial assets, carrying value | 90,733,554 | 75,058,655 | ||
Total financial assets, fair value | 97,505,858 | 81,152,895 | ||
Financial liabilities | ||||
Policyholders' account balances, carrying value | 151,496,179 | 140,554,973 | ||
Policyholders' account balances, fair value | 132,634,781 | 126,144,182 | ||
Notes payable | 4,076,473 | |||
Notes payable | 4,076,473 | |||
Policy claims, carrying value | 671,407 | 602,269 | ||
Policy claims, fair value | 671,407 | 602,269 | ||
Total financial liabilities, carrying value | 152,167,586 | 145,233,715 | ||
Total financial liabilities, fair value | 133,306,188 | 130,822,924 | ||
Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Mortgage loans on real estate | ||||
Mortgage loans on real estate, fair value | 1,958,153 | 2,000,041 | ||
Commercial [Member] | ||||
Mortgage loans on real estate | ||||
Mortgage loans on real estate | 1,925,112 | 1,962,593 | ||
Mortgage loans on real estate, fair value | 1,958,153 | 2,000,041 | ||
Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Mortgage loans on real estate | ||||
Mortgage loans on real estate, fair value | 45,872,031 | 38,613,679 | ||
Residential [Member] | ||||
Mortgage loans on real estate | ||||
Mortgage loans on real estate | 43,654,397 | 36,687,140 | ||
Mortgage loans on real estate, fair value | 45,872,031 | 38,613,679 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Mortgage loans on real estate | ||||
Short-term investments, carrying value | 1,141,837 | 1,141,199 | ||
Short-term investments, fair value | 1,141,837 | 1,141,199 | ||
Cash and cash equivalents, fair value | 17,621,797 | 10,158,386 | ||
Total financial assets, fair value | 18,763,634 | 11,299,585 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Mortgage loans on real estate | ||||
Policy loans, carrying value | 1,461,576 | 1,520,620 | ||
Policy loans, fair value | 1,461,576 | 1,520,620 | ||
Other long-term investments, fair value | 27,569,839 | 25,912,178 | ||
Accrued investment income, carrying value | 1,756,739 | 1,682,906 | ||
Accrued investment income, fair value | 1,756,739 | 1,682,906 | ||
Loans from premium financing, carrying value | 123,886 | 123,886 | ||
Loans from premium financing, fair value | 123,886 | 123,886 | ||
Total financial assets, fair value | 78,742,224 | 69,853,310 | ||
Financial liabilities | ||||
Policyholders' account balances, fair value | 132,634,781 | 126,144,182 | ||
Notes payable | 4,076,473 | |||
Policy claims, carrying value | 671,407 | 602,269 | ||
Policy claims, fair value | 671,407 | 602,269 | ||
Total financial liabilities, fair value | $133,306,188 | $130,822,924 |
Note_4_Notes_Payable_Details
Note 4 - Notes Payable (Details) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2014 | Mar. 11, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Mar. 11, 2015 | |
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Real Estate Investments, Net | $2,435,674 | $9,165,090 | ||||||
Proceeds from Sale of Real Estate Held-for-investment | 7,083,246 | |||||||
Repayments of Notes Payable | 4,076,473 | |||||||
Notes Payable | 4,076,473 | |||||||
Payments to Acquire Real Estate Held-for-investment | 4,940,647 | |||||||
Amortization of Financing Costs | 9,320 | 17,923 | ||||||
Receivables in 2014 [Member] | Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Operating Lease, Monthly Payment Receviables | 14,661 | |||||||
Receivables in 2015 [Member] | Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Operating Lease, Monthly Payment Receviables | 14,881 | |||||||
Receviables in 2016 [Member] | Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Operating Lease, Monthly Payment Receviables | 15,104 | |||||||
Receivables in 2017 [Member] | Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Operating Lease, Monthly Payment Receviables | 15,331 | |||||||
Receivables in 2018 [Member] | Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Operating Lease, Monthly Payment Receviables | 15,561 | |||||||
Receivables in 2019 [Member] | Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Operating Lease, Monthly Payment Receviables | 15,794 | |||||||
Promissory Note Payable to Grand Bank Secured by Properties in Indiana Oklahoma Texas and Missouri [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Real Estate Investments, Net | 6,693,044 | 6,693,044 | 6,693,044 | |||||
Gains (Losses) on Sales of Investment Real Estate | 390,202 | |||||||
Proceeds from Sale of Real Estate Held-for-investment | 7,083,246 | |||||||
Real Estate Investments, Closing Costs and Expenses | 20,119 | |||||||
Repayments of Notes Payable | 4,076,473 | |||||||
Deferred Finance Costs, Gross | 106,889 | |||||||
Debt Instrument, Term | 36 months | |||||||
Amortization of Financing Costs | 26,722 | |||||||
Unamortized Debt Issuance Expense | 80,167 | |||||||
Interest Expense, Debt | 137,581 | |||||||
Promissory Note Payable to Grand Bank Secured by Properties in Indiana, Oklahoma and Texas [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Notes Payable | 3,009,265 | 3,009,265 | ||||||
Promissory Note Payable to Grand Bank Secured by Property Missouri [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Notes Payable | 1,067,208 | 1,067,208 | 1,067,208 | |||||
Closing Costs [Member] | Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate Held-for-investment | 50,516 | |||||||
Closing Costs [Member] | Trinity Life Insurance Company [Member] | Norman, Oklahoma [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate Held-for-investment | 37,931 | |||||||
Closing Costs [Member] | Trinity Life Insurance Company [Member] | Houston, Texas [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate Held-for-investment | 31,063 | |||||||
Closing Costs [Member] | Trinity Life Insurance Company [Member] | Harrisonville, Missouri [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate Held-for-investment | 44,864 | |||||||
Trinity Life Insurance Company [Member] | Greensburg, Indiana [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate Held-for-investment | 2,444,203 | |||||||
Area of Land (in Acres) | 1 | |||||||
Area of Real Estate Property (in Square Feet) | 3,975 | |||||||
Area of Real Estate Property, Percent | 8.00% | |||||||
Lessor Leasing Arrangements, Operating Leases, Number of Extensions | 4 | |||||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||||||
Trinity Life Insurance Company [Member] | Norman, Oklahoma [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate Held-for-investment | 1,519,431 | |||||||
Area of Land (in Acres) | 1 | |||||||
Area of Real Estate Property (in Square Feet) | 9,100 | |||||||
Area of Real Estate Property, Percent | 18.00% | |||||||
Lessor Leasing Arrangements, Operating Leases, Number of Extensions | 3 | |||||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||||||
Operating Leases, Future Minimum Payments Receivable | 8,004 | |||||||
Trinity Life Insurance Company [Member] | Houston, Texas [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate Held-for-investment | 977,013 | |||||||
Area of Land (in Acres) | 1 | 1 | ||||||
Area of Real Estate Property (in Square Feet) | 9,195 | 9,195 | ||||||
Area of Real Estate Property, Percent | 25.00% | 25.00% | ||||||
Lessor Leasing Arrangements, Operating Leases, Number of Extensions | 4 | |||||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||||||
Operating Leases, Future Minimum Payments Receivable | 5,833 | 5,833 | ||||||
Trinity Life Insurance Company [Member] | Harrisonville, Missouri [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate Held-for-investment | 1,752,397 | |||||||
Area of Real Estate Property (in Square Feet) | 6,895 | 6,895 | ||||||
Area of Real Estate Property, Percent | 20.00% | 20.00% | ||||||
Lessor Leasing Arrangements, Operating Leases, Number of Extensions | 3 | |||||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||||||
Operating Leases, Future Minimum Payments Receivable | 9,463 | 9,463 | ||||||
Grand Bank [Member] | ||||||||
Note 4 - Notes Payable (Details) [Line Items] | ||||||||
Repayments of Notes Payable | 4,076,473 | |||||||
Amortization of Financing Costs | 7,423 | 7,423 | ||||||
Interest Expense, Debt | 35,181 | 35,181 | ||||||
Loan Processing Fee | $72,744 |
Note_4_Notes_Payable_Details_N
Note 4 - Notes Payable (Details) - Notes Payable (USD $) | Dec. 31, 2014 | Mar. 31, 2015 | Feb. 28, 2014 |
Debt Instrument [Line Items] | |||
Promissory note payable | $4,076,473 | ||
Promissory Note Payable to Grand Bank Secured by Properties in Indiana, Oklahoma and Texas [Member] | |||
Debt Instrument [Line Items] | |||
Promissory note payable | 3,009,265 | 3,009,265 | |
Promissory Note Payable to Grand Bank Secured by Property Missouri [Member] | |||
Debt Instrument [Line Items] | |||
Promissory note payable | $1,067,208 | $1,067,208 |
Note_4_Notes_Payable_Details_N1
Note 4 - Notes Payable (Details) - Notes Payable (Parentheticals) | Dec. 31, 2014 |
Promissory Note Payable to Grand Bank Secured by Properties in Indiana, Oklahoma and Texas [Member] | |
Debt Instrument [Line Items] | |
Interest | 4.50% |
Monthly payments | 35 |
Promissory Note Payable to Grand Bank Secured by Property Missouri [Member] | |
Debt Instrument [Line Items] | |
Interest | 4.50% |
Monthly payments | 35 |
Note_5_Segment_Data_Details_Se
Note 5 - Segment Data (Details) - Segment Data - Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Revenues | $5,156,687 | $4,290,668 |
Income (loss) before income taxes | 379,339 | 265,498 |
Depreciation and amortization expense | 553,042 | 508,583 |
Life Insurance Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,863,686 | 2,513,377 |
Income (loss) before income taxes | 102,186 | -10,567 |
Depreciation and amortization expense | 345,614 | 355,287 |
Annuity Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,184,075 | 1,661,238 |
Income (loss) before income taxes | 115,505 | 224,041 |
Depreciation and amortization expense | 194,702 | 149,953 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 108,926 | 116,053 |
Income (loss) before income taxes | 161,648 | 52,024 |
Depreciation and amortization expense | $12,726 | $3,343 |
Note_5_Segment_Data_Details_Se1
Note 5 - Segment Data (Details) - Segment Data - Assets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $229,826,998 | $219,001,168 |
Life Insurance Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 44,720,182 | 44,448,441 |
Annuity Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 178,672,412 | 167,947,889 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $6,434,404 | $6,604,838 |
Note_6_Federal_Income_Taxes_De
Note 6 - Federal Income Taxes (Details) (Domestic Tax Authority [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Earliest Tax Year [Member] | |
Note 6 - Federal Income Taxes (Details) [Line Items] | |
Open Tax Year | 2011 |
Latest Tax Year [Member] | |
Note 6 - Federal Income Taxes (Details) [Line Items] | |
Open Tax Year | 2014 |
Note_8_Other_Comprehensive_Inc2
Note 8 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $2,683,543 | $1,878,157 |
Balance | 3,519,930 | 2,957,285 |
Other comprehensive income (loss) before reclassifications, net of tax | 854,586 | 1,316,380 |
Less amounts reclassified from accumulated other comprehensive income (loss), net of tax | 18,199 | 237,252 |
Other comprehensive income (loss) | 836,387 | 1,079,128 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 2,712,694 | 1,888,498 |
Balance | 3,563,071 | 2,975,234 |
Other comprehensive income (loss) before reclassifications, net of tax | 868,576 | 1,323,988 |
Less amounts reclassified from accumulated other comprehensive income (loss), net of tax | 18,199 | 237,252 |
Other comprehensive income (loss) | 850,377 | 1,086,736 |
Adjustment to Deferred Acquisition Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | -29,151 | -10,341 |
Balance | -43,141 | -17,949 |
Other comprehensive income (loss) before reclassifications, net of tax | -13,990 | -7,608 |
Other comprehensive income (loss) | ($13,990) | ($7,608) |
Note_8_Other_Comprehensive_Inc3
Note 8 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Other Comprehensive Income (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Change in net unrealized gains on available-for-sale securities: | ||||
Unrealized holding gains arising during the period, pretax | $1,085,720 | $1,654,985 | ||
Unrealized holding gains arising during the period, income tax expense (benefit) | 217,144 | 330,997 | ||
Unrealized holding gains arising during the period, net of tax | 868,576 | 1,323,988 | ||
Reclassification adjustment for gains included in income, pretax | -22,749 | [1] | -296,565 | [1] |
Reclassification adjustment for gains included in income, income tax expense (benefit) | -4,550 | [2] | -59,313 | [2] |
Reclassification adjustment for gains included in income, net of tax | -18,199 | -237,252 | ||
Net unrealized gains on investments, pretax | 1,062,971 | 1,358,420 | ||
Net unrealized gains on investments, income tax expense (benefit) | 212,594 | 271,684 | ||
Net unrealized gains on investments, net of tax | 850,377 | 1,086,736 | ||
Adjustment to deferred acquisition costs, pretax | -17,489 | -9,510 | ||
Adjustment to deferred acquisition costs, income tax expense (benefit) | -3,499 | -1,902 | ||
Adjustment to deferred acquisition costs, net of tax | -13,990 | -7,608 | ||
Total other comprehensive income, pretax | 1,045,482 | 1,348,910 | ||
Total other comprehensive income, income tax expense (benefit) | 209,095 | 269,782 | ||
Total other comprehensive income, net of tax | $836,387 | $1,079,128 | ||
[1] | These items appear within net realized investment gains in the consolidated statement of operations. | |||
[2] | These items appear within federal income taxes in the consolidated statement of operations. |
Note_8_Other_Comprehensive_Inc4
Note 8 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Reclassified from Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Reclassified from Accumulated Other Comprehensive Income [Abstract] | ||||
Realized gains on sales of securities (a) | $22,749 | [1] | $296,565 | [1] |
Income tax expenses (b) | 4,550 | [2] | 59,313 | [2] |
Total reclassification adjustments | $18,199 | $237,252 | ||
[1] | These items appear within net realized investment gains in the consolidated statement of operations. | |||
[2] | These items appear within federal income taxes in the consolidated statement of operations. |
Note_9_Allowance_for_Loan_Loss2
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Details) (USD $) | 0 Months Ended | |||||
Jun. 30, 2012 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | |
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Details) [Line Items] | ||||||
Escrow Deposit | $3,966,145 | $3,954,696 | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 45,579,509 | 38,649,733 | ||||
Financing Receivable, Allowance for Credit Losses | 348,427 | 323,824 | 282,656 | 265,053 | ||
Premiums Receivable, Percent of Premium | 80.00% | 80.00% | ||||
Premiums Receivable, Down Payment, Percent of Premium | 20.00% | 20.00% | ||||
Premiums Receivable, Delinquent Premium, Term | 25 days | |||||
Premiums Receivable, Gross | 321,244 | 321,244 | ||||
Premiums Receivable, Allowance for Doubtful Accounts | 197,358 | 197,358 | ||||
One Loan Originator [Member] | Independent Mortgage Loan Balances [Member] | ||||||
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Details) [Line Items] | ||||||
Escrow Deposit | 538,589 | 540,049 | ||||
One Loan Originator [Member] | ||||||
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Details) [Line Items] | ||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 15,327,247 | 12,892,150 | ||||
All Other Entities [Member] | ||||||
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Details) [Line Items] | ||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 30,252,262 | 25,757,583 | ||||
Financing Receivable, Allowance for Credit Losses | $151,069 | $126,466 |
Note_9_Allowance_for_Loan_Loss3
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Details) - Allowance for Loss on Premium Financing (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance, beginning | $323,824 | $265,053 |
Allowance, ending | 348,427 | 282,656 |
Allowance, ending: | ||
Individually evaluated for impairment | 192,876 | 202,376 |
Collectively evaluated for impairment | 155,551 | 80,280 |
Carrying Values: | ||
Individually evaluated for impairment | 316,762 | 335,761 |
Collectively evaluated for impairment | 45,583,991 | 23,191,991 |
Provision | 24,603 | 17,603 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance, beginning | 116,604 | 50,210 |
Allowance, ending | 141,395 | 65,398 |
Allowance, ending: | ||
Collectively evaluated for impairment | 141,395 | 65,398 |
Carrying Values: | ||
Collectively evaluated for impairment | 43,654,397 | 21,107,941 |
Provision | 24,791 | 15,188 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance, beginning | 9,862 | 7,985 |
Allowance, ending | 9,674 | 10,400 |
Allowance, ending: | ||
Collectively evaluated for impairment | 9,674 | 10,400 |
Carrying Values: | ||
Collectively evaluated for impairment | 1,925,112 | 2,079,568 |
Provision | -188 | 2,415 |
Premium Finance Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance, beginning | 197,358 | 206,858 |
Allowance, ending | 197,358 | 206,858 |
Allowance, ending: | ||
Individually evaluated for impairment | 192,876 | 202,376 |
Collectively evaluated for impairment | 4,482 | 4,482 |
Carrying Values: | ||
Individually evaluated for impairment | 316,762 | 335,761 |
Collectively evaluated for impairment | 4,482 | 4,482 |
Provision | $0 | $0 |
Note_9_Allowance_for_Loan_Loss4
Note 9 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Details) - Mortgage Loan to Value Ratios (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 45,579,509 | $38,649,733 |
Residential Portfolio Segment [Member] | Loan to Value Range 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 11,630,199 | 9,049,051 |
Residential Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 14,210,799 | 11,129,632 |
Residential Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 6,953,329 | 6,176,648 |
Residential Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 8,652,742 | 7,734,658 |
Residential Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 1,408,933 | 1,635,865 |
Residential Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 288,338 | 448,381 |
Residential Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 383,504 | 87,634 |
Residential Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 126,553 | 425,271 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 43,654,397 | 36,687,140 |
Commercial Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 930,747 | 938,703 |
Commercial Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 197,952 | 201,352 |
Commercial Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 398,053 | 409,338 |
Commercial Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 398,360 | 405,152 |
Commercial Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 8,048 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 1,925,112 | 1,962,593 |
Loan to Value Range 1 [Member] | Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 71.00% | |
Loan to Value Range 1 [Member] | Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 80.00% | |
Loan to Value Range 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 11,630,199 | 9,049,051 |
Loan to Value Range 2 [Member] | Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 61.00% | |
Loan to Value Range 2 [Member] | Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 70.00% | |
Loan to Value Range 2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 15,141,546 | 12,068,335 |
Loan to Value Range 3 [Member] | Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 51.00% | |
Loan to Value Range 3 [Member] | Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 60.00% | |
Loan to Value Range 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 7,151,281 | 6,378,000 |
Loan to Value Range 4 [Member] | Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 41.00% | |
Loan to Value Range 4 [Member] | Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 50.00% | |
Loan to Value Range 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 9,050,795 | 8,143,996 |
Loan to Value Range 5 [Member] | Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 31.00% | |
Loan to Value Range 5 [Member] | Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 40.00% | |
Loan to Value Range 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 1,807,293 | 2,041,017 |
Loan to Value Range 6 [Member] | Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 21.00% | |
Loan to Value Range 6 [Member] | Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 30.00% | |
Loan to Value Range 6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 288,338 | 448,381 |
Loan to Value Range 7 [Member] | Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 11.00% | |
Loan to Value Range 7 [Member] | Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 20.00% | |
Loan to Value Range 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 383,504 | 87,634 |
Loan to Value Range 8 [Member] | Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 1.00% | |
Loan to Value Range 8 [Member] | Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan to value ratio, percent | 10.00% | |
Loan to Value Range 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans on real estate | 126,553 | $433,319 |