First Trinity Financial (FTFC) 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
Document Information [Line Items]
Entity Registrant Name	First Trinity Financial Corp.
Entity Central Index Key	1,395,585
Trading Symbol	ftfc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		7,802,593
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Fina

Consolidated Statements of Financial Position (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Investments
Available-for-sale fixed maturity securities at fair value (amortized cost: $134,151,115 and $138,028,455 as of June 30, 2016 and December 31, 2015, respectively)	$ 138,938,866	$ 134,556,027
Available-for-sale equity securities at fair value (cost: $678,438 and $790,215 as of June 30, 2016 and December 31, 2015, respectively)	774,269	892,800
Mortgage loans on real estate	64,524,791	58,774,918
Investment real estate	2,452,436	2,326,558
Policy loans	1,522,192	1,486,317
Short-term investments	50,033	599,855
Other long-term investments	37,896,791	31,566,927
Total investments	246,159,378	230,203,402
Cash and cash equivalents	10,806,505	9,047,586
Accrued investment income	2,181,988	2,205,469
Recoverable from reinsurers	1,261,836	1,243,618
Agents' balances and due premiums	1,263,929	1,070,050
Deferred policy acquisition costs	14,955,564	13,015,679
Value of insurance business acquired	6,098,990	6,288,200
Property and equipment, net	633	949
Other assets	10,455,040	6,054,889
Total assets	293,183,863	269,129,842
Policy liabilities
Policyholders' account balances	207,963,636	197,688,616
Future policy benefits	42,109,842	39,464,124
Policy claims	859,740	714,928
Other policy liabilities	68,685	76,554
Total policy liabilities	251,001,903	237,944,222
Deferred federal income taxes	1,738,321	33,210
Other liabilities	3,094,212	937,367
Total liabilities	255,834,436	238,914,799
Shareholders' equity
Common stock, par value $.01 per share (20,000,000 shares authorized, 8,050,173 issued as of June 30, 2016 and December 31, 2015 and 7,802,593 outstanding as of June 30, 2016 and December 31, 2015)	80,502	80,502
Additional paid-in capital	28,684,598	28,684,598
Treasury stock, at cost (247,580 shares as of June 30, 2016 and December 31, 2015)	(893,947)	(893,947)
Accumulated other comprehensive income (loss)	3,845,155	(2,655,817)
Accumulated earnings	5,633,119	4,999,707
Total shareholders' equity	37,349,427	30,215,043
Total liabilities and shareholders' equity	$ 293,183,863	$ 269,129,842

Consolidated Statements of Fin3

Consolidated Statements of Financial Position (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Available-for-sale fixed maturity securities at cost	$ 134,151,115	$ 138,028,455
Available-for-sale equity securities at cost	$ 678,438	$ 790,215
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	8,050,173	8,050,173
Common stock, shares outstanding (in shares)	7,802,593	7,802,593
Treasury stock, shares (in shares)	247,580	247,580

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Premiums	$ 3,037,033	$ 2,325,124	$ 6,229,575	$ 4,645,438
Net investment income	3,258,634	2,504,762	6,618,837	4,912,322
Net realized investment gains	166,093	82,087	146,942	506,089
Loss on other-than-temporary impairment		(304,256)		(304,256)
Gain on reinsurance assumption		550,000		550,000
Other income	7,893	11,353	15,206	16,164
Total revenues	6,469,653	5,169,070	13,010,560	10,325,757
Benefits and claims
Increase in future policy benefits	1,279,874	904,650	2,638,018	1,695,961
Death benefits	1,034,230	851,418	1,986,288	1,770,209
Surrenders	198,643	135,487	336,369	277,881
Interest credited to policyholders	1,681,501	1,345,410	3,335,221	2,593,300
Dividend, endowment and supplementary life contract benefits	67,454	104,671	133,512	158,104
Total benefits and claims	4,261,702	3,341,636	8,429,408	6,495,455
Policy acquisition costs deferred	(1,542,926)	(1,251,016)	(3,119,135)	(2,222,967)
Amortization of deferred policy acquisition costs	355,491	463,089	1,052,037	857,549
Amortization of value of insurance business acquired	99,078	99,399	189,210	199,357
Commissions	1,548,635	1,039,469	2,828,721	1,909,615
Other underwriting, insurance and acquisition expenses	1,345,086	1,179,530	2,879,526	2,410,446
Total expenses	1,805,364	1,530,471	3,830,359	3,154,000
Total benefits, claims and expenses	6,067,066	4,872,107	12,259,767	9,649,455
Income before total federal income tax expense (benefit)	402,587	296,963	750,793	676,302
Current federal income tax expense	34,212	24,413	37,510	99,378
Deferred federal income tax expense (benefit)	30,276	(98,056)	79,871	(156,712)
Total federal income tax expense (benefit)	64,488	(73,643)	117,381	(57,334)
Net income	$ 338,099	$ 370,606	$ 633,412	$ 733,636
Net income per common share basic and diluted (in dollars per share)	$ 0.04	$ 0.05	$ 0.08	$ 0.09

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income		$ 338,099	$ 370,606	$ 633,412	$ 733,636
Other Comprehensive Income
Total net unrealized gains (losses) arising during the period		4,602,854	(2,997,563)	8,382,376	(1,911,843)
Less net realized investment gains (losses)	[1]	151,677	(241,927)	128,951	(219,178)
Net unrealized gains (losses)		4,451,177	(2,755,636)	8,253,425	(1,692,665)
Less adjustment to deferred acquisition costs		67,083	(35,497)	127,213	(18,008)
Other comprehensive income (loss) before income tax expense		4,384,094	(2,720,139)	8,126,212	(1,674,657)
Income tax expense (benefit)		876,817	(544,027)	1,625,240	(334,932)
Total other comprehensive income (loss)		3,507,277	(2,176,112)	6,500,972	(1,339,725)
Total comprehensive income (loss)		$ 3,845,376	$ (1,805,506)	$ 7,134,384	$ (606,089)
[1]	These items appear within net realized investment gains and loss on other-than-temporary impairment in the consolidated statement of operations.

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance 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)
Stock dividend adjustment		(150)			150
Net income					733,636	733,636
Other comprehensive loss				(1,339,725)		(1,339,725)
Balance at Jun. 30, 2015	80,502	28,684,598	(893,947)	1,343,818	3,350,635	32,565,606
Balance at Dec. 31, 2015	80,502	28,684,598	(893,947)	(2,655,817)	4,999,707	30,215,043
Net income					633,412	633,412
Other comprehensive loss				6,500,972		6,500,972
Balance at Jun. 30, 2016	$ 80,502	$ 28,684,598	$ (893,947)	$ 3,845,155	$ 5,633,119	$ 37,349,427

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net income	$ 633,412	$ 733,636
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation	73,060	98,445
Accretion of discount on investments	(797,906)	(477,735)
Net realized investment gains	(146,942)	(506,089)
Loss on other-than-temporary impairment		304,256
Gain on reinsurance assumption		(550,000)
Amortization of deferred policy acquisition costs	1,052,037	857,549
Policy acquisition costs deferred	(3,119,135)	(2,222,967)
Mortgage loan origination fees deferred	(4,531)	(50,000)
Amortization of loan origination fees	22,784	33,194
Amortization of value of insurance business acquired	189,210	199,357
Deferred federal income tax expense (benefit)	79,871	(156,712)
Interest credited to policyholders	3,335,221	2,593,300
Change in assets and liabilities:
Accrued investment income	23,481	(311,704)
Policy loans	(35,875)	84,269
Short-term investments	549,822	(511)
Allowance for mortgage loan losses	14,516	37,992
Recoverable from reinsurers	(18,218)	42,856
Agents' balances and due premiums	(193,879)	(358,931)
Other assets	(4,400,151)	(1,307,877)
Future policy benefits	2,645,718	1,710,599
Policy claims	144,812	72,014
Other policy liabilities	(7,869)	(23,845)
Other liabilities	2,156,845	2,026,990
Net cash provided by operating activities	2,196,283	2,828,086
Investing activities
Purchases of fixed maturity securities	(3,936,924)	(16,654,068)
Maturities of fixed maturity securities	3,554,000	1,405,000
Sales of fixed maturity securities	3,940,211	1,183,161
Purchases of equity securities	(8,990)	(544,835)
Sales of equity securities	128,010	533,813
Purchases of mortgage loans	(9,362,778)	(15,299,124)
Payments on mortgage loans	3,661,522	4,124,035
Purchases of other long-term investments	(7,101,665)	(4,368,725)
Payments on other long-term investments	1,948,073	2,082,413
Purchase of real estate	(198,622)
Sale of real estate		7,083,246
Net cash used in investing activities	(7,377,163)	(20,455,084)
Financing activities
Policyholders' account deposits	14,145,326	25,903,955
Policyholders' account withdrawals	(7,205,527)	(5,503,062)
Purchases of treasury stock		(38,643)
Repayment of notes payable		(4,076,473)
Net cash provided by financing activities	6,939,799	16,285,777
Increase (decrease) in cash	1,758,919	(1,341,221)
Cash and cash equivalents, beginning of period	9,047,586	10,158,386
Cash and cash equivalents, end of period	$ 10,806,505	$ 8,817,165

Supplemental Disclosures to Con

Supplemental Disclosures to Consolidated Statements of Cash Flows	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	On April 28, 2015, the Company acquired a block of life insurance policies and annuity contracts according to the terms of an assumption reinsurance agreement. During the second quarter of 2015, the Company estimated and recorded assets of $550,000 and a gain of $550,000 on the reinsurance assumption transaction. The Company completed the reinsurance assumption transaction during the third quarter of 2015 and adjusted the gain to $588,923 and recorded assets of $3,644,839 (including cash) and assumed liabilities of $3,055,916. In conjunction with this 2015 reinsurance assumption transaction, the non-cash impact on operating activities is summarized as follows: (Unaudited) Six Months Ended June 30, 2015 Reinsurance assumption asset $ 550,000 Gain on reinsurance assumption $ 550,000

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Organization and Significant Accounting Policies Nature of Operations First Trinity Financial Corporation (the “Company” or “FTFC”) 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, Utah, 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 702,685 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 $5,270,138 with an offsetting credit of $5,270,138 to common stock and additional paid-in capital. 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. On April 28, 2015, the Company acquired a block of life insurance policies and annuity contracts according to the terms of an assumption reinsurance agreement. During the second quarter of 2015, the Company estimated and recorded assets of $550,000 and a gain of $550,000 on the reinsurance assumption transaction. The Company completed the reinsurance assumption transaction during the third quarter of 2015 and adjusted the gain to $588,923 and recorded assets of $3,644,839 (including cash) and assumed liabilities of $3,055,916. 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 and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ended December 31, 2016 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, 2015. 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, representing 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 the shares are no longer outstanding. Subsequent Events Management has evaluated all events subsequent to June 30, 2016 through the date that these financial statements have been issued. Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“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. In July 2015, the FASB deferred the effective date of the updated guidance on revenue recognition 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 did not 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. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. 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 did not have a material effect on the Company's results of operations, financial position or liquidity. Troubled Debt Restructurings by Creditors In January 2015, 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 did not 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 did not 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 did not have a material effect on the Company’s results of operations, financial position or liquidity. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued updated guidance regarding business combinations that requires an acquirer to recognize post-close measurement adjustments for provisional amounts in the period the adjustment amounts are determined rather than retrospectively. The acquirer is also required to recognize, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the provisional amount, calculated as if the accounting had been completed at the acquisition date. The updated guidance is to be applied prospectively effective for annual and interim periods beginning after December 15, 2015. In connection with business combinations which have already been completed, the adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued updated guidance regarding financial instruments. This guidance intends to enhance reporting for financial instruments and addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The significant amendments in this update generally require equity investments to be measured at fair value with changes in fair value recognized in net income, require the use of an exit price notion when measuring the fair value of financial instruments for disclosure purposes and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. This guidance also intends to enhance the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance is effective for fiscal years beginning after December 15, 2017. The recognition and measurement provisions of this guidance will be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and early adoption is not permitted. The Company is evaluating this guidance but expects the primary impact will be the recognition of unrealized gains and losses on available-for-sale equity securities in net income. Currently, all unrealized gains and losses on available-for-sale equity securities are recognized in other comprehensive income (loss). The effect of the adoption of this guidance on the Company’s results of operations, financial position and liquidity is primarily dependent on the fair value of the available-for-sale equity securities in future periods and the existence of a deferred tax asset related to available-for-sale securities in future periods that have not yet been fully assessed. Leases In February 2016, the FASB issued updated guidance to require lessees to recognize a right-to-use asset and a lease liability for leases with terms of more than 12 months. The updated guidance retains the two classifications of a lease as either an operating or finance lease (previously referred to as a capital lease). Both lease classifications require the lessee to record the right-to-use asset and the lease liability based upon the present value of cash flows. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-to-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting by lessors is not significantly changed by the updated guidance. The updated guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the financial statements. The updated guidance is effective for reporting periods beginning after December 15, 2018, and will require that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. 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. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued updated guidance to simplify several aspects of accounting for share-based payment transactions as follows: Accounting for Income Taxes Under current accounting guidance, if the deduction for a share-based payment award for tax purposes exceeds, or is less than, the compensation cost recognized for financial reporting purposes, the resulting excess tax benefit, or tax deficiency, is reported as part of additional paid-in capital. Under the updated guidance, these excess tax benefits, or tax deficiencies, are reported as part of income tax expense or benefit in the income statement. The updated guidance also removes the requirement to delay recognition of any excess tax benefit when there are no current taxes payable to which the benefit would be applied. The tax-related cash flows resulting from share-based payments are to be included with other income tax cash flows as an operating activity rather than being reported separately as a financing activity. Forfeitures The updated guidance permits an entity to make an accounting policy election to either account for forfeitures when they occur or continue to apply the current method of accruing the compensation cost based on the number of awards that are expected to vest. Minimum Statutory Tax Withholding Requirements The updated guidance changes the threshold amount an entity can withhold for taxes when settling an equity award and still qualify for equity classification. A company can withhold up to the maximum statutory tax rates in the employees’ applicable jurisdiction rather than withholding up to the employers’ minimum statutory withholding requirement. The update also clarifies that all cash payments made to taxing authorities on behalf of employees for withheld shares are to be presented in financing activities on the statement of cash flows. Transition The updated guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted in any interim period; if early adoption is elected, the entity must adopt all of the amendments in the same reporting period and reflect any adjustments as of the beginning of the fiscal year. The Company has not elected early adoption. 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 Transition to the Equity Method of Accounting In March 2016, the FASB issued updated guidance that eliminates the requirement to retroactively apply the equity method of accounting when an investment that was previously accounted for using another method of accounting becomes qualified to apply the equity method due to an increase in the level of ownership interest or degree of influence. If the investment was previously accounted for as an available-for-sale security, any related unrealized gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for the equity method is recognized through earnings. The updated guidance is effective for reporting periods beginning after December 15, 2016, and is to be applied prospectively. 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. Contingent Put and Call Options in Debt Instruments In March 2016, the FASB issued updated guidance clarifying that when a call (put) option in a debt instrument can accelerate the repayment of principal on the debt instrument, a reporting entity does not need to assess whether the contingent event that triggers the ability to exercise the call (put) option is related to interest rates or credit risk in determining whether the option should be accounted for separately. The updated guidance is effective for reporting periods beginning after December 15, 2016. 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. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued updated guidance for the accounting for credit losses for financial instruments. The updated guidance applies a new credit loss model (current expected credit losses or CECL) for determining credit-related impairments for financial instruments measured at amortized cost (e.g. reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The updated guidance is effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The Company will not be able to determine the impact that the updated guidance will have on its results of operations, financial position or liquidity until the updated guidance is adopted.

Note 2 - Investments

Note 2 - Investments	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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 June 30, 2016 and December 31, 2015 are summarized as follows: Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2016 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 3,287,423 $ 143,821 $ 2,314 $ 3,428,930 States and political subdivisions 8,958,695 530,719 - 9,489,414 Residential mortgage-backed securities 36,284 53,016 - 89,300 Corporate bonds 105,456,971 5,084,674 1,397,412 109,144,233 Foreign bonds 16,411,742 713,152 337,905 16,786,989 Total fixed maturity securities 134,151,115 6,525,382 1,737,631 138,938,866 Equity securities Mutual funds 339,564 - 681 338,883 Corporate preferred stock 149,725 9,059 - 158,784 Corporate common stock 189,149 87,453 - 276,602 Total equity securities 678,438 96,512 681 774,269 Total fixed maturity and equity securities $ 134,829,553 $ 6,621,894 $ 1,738,312 $ 139,713,135 December 31, 2015 Fixed maturity securities U.S. government and U.S. government agencies $ 2,793,161 $ 136,190 $ 108,597 $ 2,820,754 States and political subdivisions 8,993,848 61,592 102,835 8,952,605 Residential mortgage-backed securities 49,980 43,846 - 93,826 Corporate bonds 109,164,942 1,820,894 4,234,897 106,750,939 Foreign bonds 17,026,524 185,225 1,273,846 15,937,903 Total fixed maturity securities 138,028,455 2,247,747 5,720,175 134,556,027 Equity securities Mutual funds 335,554 - 10,613 324,941 Corporate preferred stock 259,993 6,035 990 265,038 Corporate common stock 194,668 117,196 9,043 302,821 Total equity securities 790,215 123,231 20,646 892,800 Total fixed maturity and equity securities $ 138,818,670 $ 2,370,978 $ 5,740,821 $ 135,448,827 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 June 30, 2016 and December 31, 2015 are summarized as follows: Fair Value Unrealized Loss Number of Securities June 30, 2016 (Unaudited) Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 347,687 $ 2,314 1 Corporate bonds 3,994,028 101,673 18 Foreign bonds 1,749,956 105,859 9 Total less than 12 months 6,091,671 209,846 28 More than 12 months Corporate bonds 12,505,112 1,295,739 55 Foreign bonds 1,167,258 232,046 6 Total more than 12 months 13,672,370 1,527,785 61 Total fixed maturity securities 19,764,041 1,737,631 89 Equity securities Less than 12 months Mutual funds 87,825 681 1 Total equity securities 87,825 681 1 Total fixed maturity and equity securities $ 19,851,866 $ 1,738,312 90 December 31, 2015 Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 381,592 $ 20,006 2 States and political subdivisions 5,422,934 102,835 26 Corporate bonds 46,907,532 2,646,997 186 Foreign bonds 9,155,830 879,659 40 Total less than 12 months 61,867,888 3,649,497 254 More than 12 months U.S. government and U.S. government agencies 1,041,409 88,591 2 Corporate bonds 5,646,642 1,587,900 31 Foreign bonds 489,008 394,187 3 Total more than 12 months 7,177,059 2,070,678 36 Total fixed maturity securities 69,044,947 5,720,175 290 Equity securities Less than 12 months Mutual funds 74,547 10,613 1 Corporate preferred stock 109,279 990 1 Corporate common stock 41,804 9,043 1 Total equity securities 225,630 20,646 3 Total fixed maturity and equity securities $ 69,270,577 $ 5,740,821 293 As of June 30, 2016, the Company held 89 available-for-sale fixed maturity securities with an unrealized loss of $1,737,631, fair value of $19,764,041 and amortized cost of $21,501,672. The ratio of the fair value to the amortized cost of these 89 securities is 92%. As of December 31, 2015, the Company held 290 available-for-sale fixed maturity securities with an unrealized loss of $5,720,175, fair value of $69,044,947 and amortized cost of $74,765,122. These unrealized losses were primarily due to market interest rate movements in the bond market as of December 31, 2015 coupled with a downturn in the Chinese economy, decreases in the value of commodities and a drop in oil prices. The ratio of the fair value to the amortized cost of these 290 securities is 92%. As of June 30, 2016, the Company had one available-for-sale equity security with an unrealized loss of $681, fair value of $87,825 and cost of $88,506. The ratio of fair value to cost of these securities is 99%. As of December 31, 2015, the Company had three available-for-sale equity securities with an unrealized loss of $20,646, fair value of $225,630 and cost of $246,276. The ratio of fair value to cost of these securities is 92%. Fixed maturity securities were 93% and 94% investment grade as rated by Standard & Poor’s as of June 30, 2016 and December 31, 2015, 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. There were no impairments during the six months ended June 30, 2016. During second quarter and fourth quarter 2015, the Company impaired its bonds in a mining corporation with a total par value of $600,000 as a result of an analysis of the mining corporation’s ability to fulfill its obligations. This impairment was considered fully credit-related, resulting in a charge to the statement of operations before tax of $304,256 and $502,013 for the six months ended June 30, 2015 and year ended December 31, 2015, respectively. This charge represents the credit-related portion of the difference between the amortized cost basis of the security and its fair value. The Company experienced no additional other-than-temporary impairments during 2015. Management believes that the Company will fully recover its cost basis in the securities held as of June 30, 2016, 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. First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2016 (Unaudited) Net unrealized gains (losses) included in other comprehensive income (loss) for investments classified as available-for-sale, net of the effect of deferred income taxes and deferred acquisition costs assuming that the appreciation (depreciation) had been realized as of June 30, 2016 and December 31, 2015, are summarized as follows: (Unaudited) June 30, 2016 December 31, 2015 Unrealized appreciation (depreciation) on available-for-sale securities $ 4,883,582 $ (3,369,843 ) Adjustment to deferred acquisition costs (77,140 ) 50,073 Deferred income taxes (961,287 ) 663,953 Net unrealized appreciation (depreciation) on available-for-sale securities $ 3,845,155 $ (2,655,817 ) The Company’s investment in lottery prize cash flows categorized as other long-term investments in the statement of financial position was $37,896,791 and $31,566,927 as of June 30, 2016 and December 31, 2015, 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 June 30, 2016, by contractual maturity, are summarized as follows: June 30, 2016 (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 $ 6,996,581 $ 7,097,315 $ 4,301,079 $ 4,365,290 Due in one year through five years 33,406,995 34,668,060 13,320,129 14,602,101 Due after five years through ten years 48,357,584 49,392,939 10,961,293 13,634,874 Due after ten years 45,353,671 47,691,252 9,314,290 15,624,273 Due at multiple maturity dates 36,284 89,300 - - $ 134,151,115 $ 138,938,866 $ 37,896,791 $ 48,226,538 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 and six months ended June 30, 2016 and 2015 are summarized as follows: Three Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2016 2015 2016 2015 2016 2015 2016 2015 Proceeds $ 5,219,798 $ 1,399,932 $ 19,210 $ 7,529 $ 2,089,278 $ 2,573,436 $ - $ - Gross realized gains 155,956 62,791 8,711 - 14,416 19,758 - - Gross realized losses (12,990 ) (462 ) - - - - - - Loss on other-than- temporary impairment - (304,256 ) - - - - - - Six Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2016 2015 2016 2015 2016 2015 2016 2015 Proceeds $ 7,494,211 $ 2,588,161 $ 128,010 $ 533,813 $ 3,661,522 $ 4,124,035 $ - $ 7,083,246 Gross realized gains 163,050 88,632 8,711 996 17,991 30,809 - 390,202 Gross realized losses (41,342 ) (1,654 ) (1,468 ) (2,896 ) - - - - Loss on other-than- temporary impairment - (304,256 ) - - - - - - The accumulated change in net unrealized investment gains (losses) for fixed maturity and equity securities available-for-sale for the three and six months ended June 30, 2016 and 2015 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 and six months ended June 30, 2016 and 2015 are summarized as follows: Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2016 2015 2016 2015 Change in unrealized investment gains: Available-for-sale securities: Fixed maturity securities $ 4,452,781 $ (2,723,522 ) $ 8,260,179 $ (1,655,536 ) Equity securities (1,604 ) (32,114 ) (6,754 ) (37,129 ) Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 142,966 (241,927 ) 121,708 (217,278 ) Equity securities 8,711 - 7,243 (1,900 ) Mortgage loans on real estate 14,416 19,758 17,991 30,809 Investment real estate - - - 390,202 Major categories of net investment income for the three and six months ended June 30, 2016 and 2015 are summarized as follows: Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2016 2015 2016 2015 Fixed maturity securities $ 1,533,301 $ 1,245,734 $ 3,100,519 $ 2,419,515 Equity securities 6,658 8,725 13,840 20,254 Other long-term investments 622,502 424,587 1,170,324 838,829 Mortgage loans 1,328,427 980,728 2,681,498 1,936,872 Policy loans 26,491 25,165 52,589 50,306 Real estate 91,968 71,822 183,936 259,410 Short-term and other investments 69,874 65,434 142,144 113,626 Gross investment income 3,679,221 2,822,195 7,344,850 5,638,812 Investment expenses (420,587 ) (317,433 ) (726,013 ) (726,490 ) Net investment income $ 3,258,634 $ 2,504,762 $ 6,618,837 $ 4,912,322 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 June 30, 2016 and December 31, 2015, these required deposits, included in investment assets, had amortized costs that totaled $3,977,404 and $3,989,742, respectively. As of June 30, 2016 and December 31, 2015, these required deposits had fair values that totaled $4,167,034 and $4,034,042, respectively. The Company’s mortgage loans by property type as of June 30, 2016 and December 31, 2015 are summarized as follows: (Unaudited) June 30, 2016 December 31, 2015 Amount Percentage Amount Percentage Commercial mortgage loans Retail stores $ 1,113,771 1.72 % $ 1,272,881 2.17 % Office buildings 186,238 0.29 % 191,774 0.32 % Total commercial mortgage loans 1,300,009 2.01 % 1,464,655 2.49 % Residential mortgage loans 63,224,782 97.99 % 57,310,263 97.51 % Total mortgage loans $ 64,524,791 100.00 % $ 58,774,918 100.00 % The Company’s investment real estate as of June 30, 2016 and December 31, 2015 is summarized as follows: (Unaudited) June 30, 2016 December 31, 2015 Land - held for the production of income $ 213,160 $ 213,160 Land - held for sale 750,047 750,047 Total land 963,207 963,207 Building - held for the production of income 2,267,557 2,267,557 Less - accumulated depreciation (976,950 ) (904,206 ) Buildings net of accumulated depreciation 1,290,607 1,363,351 Residential real estate - held for sale 198,622 - Total residential real estate 198,622 - Investment real estate, net of accumulated depreciation $ 2,452,436 $ 2,326,558 During the second quarter of 2016, the Company held residential real estate for resale due to foreclosure of three residential mortgage loans totaling $198,622. The Company has reduced the carrying value of the residential real estate obtained through foreclosure to the lower of acquisition cost or net realizable value. 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 acres 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. 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 acquired during December 2013 and February 2014 with an aggregate carrying value of $6,693,044 as of 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 to Grand Bank (the creditor) originated in March 2014 aggregating $4,076,473. These loans were collateralized by the held for sale buildings and land ( including assignment of the tenant leases). 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 Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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 Level 2 Level 3 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. First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2016 (Unaudited) 3. Fair Value Measurements The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 is summarized as follows: Level 1 Level 2 Level 3 Total June 30, 2016 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,428,930 $ - $ 3,428,930 States and political subdivisions - 9,489,414 - 9,489,414 Residential mortgage-backed securities - 89,300 - 89,300 Corporate bonds - 109,144,233 - 109,144,233 Foreign bonds - 16,786,989 - 16,786,989 Total fixed maturity securities $ - $ 138,938,866 $ - $ 138,938,866 Equity securities, available-for-sale Mutual funds $ - $ 338,883 $ - $ 338,883 Corporate preferred stock 105,440 53,344 - 158,784 Corporate common stock 230,102 - 46,500 276,602 Total equity securities $ 335,542 $ 392,227 $ 46,500 $ 774,269 December 31, 2015 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 2,820,754 $ - $ 2,820,754 States and political subdivisions - 8,952,605 - 8,952,605 Residential mortgage-backed securities - 93,826 - 93,826 Corporate bonds - 106,750,939 - 106,750,939 Foreign bonds - 15,937,903 - 15,937,903 Total fixed maturity securities $ - $ 134,556,027 $ - $ 134,556,027 Equity securities, available-for-sale Mutual funds $ - $ 324,941 $ - $ 324,941 Corporate preferred stock 211,278 53,760 - 265,038 Corporate common stock 256,321 - 46,500 302,821 Total equity securities $ 467,599 $ 378,701 $ 46,500 $ 892,800 As of both June 30, 2016 and December 31, 2015, Level 3 financial instruments consisted of two private placement common stocks that have no active trading. These private placement stocks represent investments in small financial 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 financial holding company commences operations. First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2016 (Unaudited) 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. First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2016 (Unaudited) 3. Fair Value Measurements The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value as of June 30, 2016 and December 31, 2015, 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: June 30, 2016 (Unaudited) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets Mortgage loans on real estate Commercial $ 1,300,009 $ 1,317,503 $ - $ - $ 1,317,503 Residential 63,224,782 63,327,961 - - 63,327,961 Policy loans 1,522,192 1,522,192 - - 1,522,192 Short-term investments 50,033 50,033 50,033 - - Other long-term investments 37,896,791 48,226,538 - - 48,226,538 Cash and cash equivalents 10,806,505 10,806,505 10,806,505 - - Accrued investment income 2,181,988 2,181,988 - - 2,181,988 Loans from premium financing 68,223 68,223 - - 68,223 Total financial assets $ 117,050,523 $ 127,276,975 $ 10,856,538 $ - $ 116,420,437 Financial liabilities Policyholders' account balances $ 207,963,636 $ 196,912,001 $ - $ - $ 196,912,001 Policy claims 859,740 859,740 - - 859,740 Total financial liabilities $ 208,823,376 $ 197,771,741 $ - $ - $ 197,771,741 December 31, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets Mortgage loans on real estate Commercial $ 1,464,655 $ 1,486,601 $ - $ - $ 1,486,601 Residential 57,310,263 57,356,546 - - 57,356,546 Policy loans 1,486,317 1,486,317 - - 1,486,317 Short-term investments 599,855 599,855 599,855 - - Other long-term investments 31,566,927 37,755,989 - - 37,755,989 Cash and cash equivalents 9,047,586 9,047,586 9,047,586 - - Accrued investment income 2,205,469 2,205,469 - - 2,205,469 Loans from premium financing 123,824 123,824 - - 123,824 Total financial assets $ 103,804,896 $ 110,062,187 $ 9,647,441 $ - $ 100,414,746 Financial liabilities Policyholders' account balances $ 197,688,616 $ 179,233,152 $ - $ - $ 179,233,152 Policy claims 714,928 714,928 - - 714,928 Total financial liabilities $ 198,403,544 $ 179,948,080 $ - $ - $ 179,948,080 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.

Note 4 - Segment Data

Note 4 - Segment Data	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	4. 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 June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015 are summarized as follows: Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2016 2015 2016 2015 Revenues: Life insurance operations $ 3,602,546 $ 2,828,290 $ 7,347,790 $ 5,691,976 Annuity operations 2,718,287 2,221,647 5,355,711 4,405,722 Corporate operations 148,820 119,133 307,059 228,059 Total $ 6,469,653 $ 5,169,070 $ 13,010,560 $ 10,325,757 Income (loss) before income taxes: Life insurance operations $ 22,562 $ (99,996 ) $ 52,515 $ 2,190 Annuity operations 350,169 353,586 578,425 469,091 Corporate operations 29,856 43,373 119,853 205,021 Total $ 402,587 $ 296,963 $ 750,793 $ 676,302 Depreciation and amortization expense: Life insurance operations $ 324,040 $ 472,131 $ 998,587 $ 817,745 Annuity operations 182,591 150,809 338,503 345,511 Corporate operations - 12,563 - 25,289 Total $ 506,631 $ 635,503 $ 1,337,090 $ 1,188,545 (Unaudited) June 30, 2016 December 31, 2015 Assets: Life insurance operations $ 48,902,428 $ 44,151,860 Annuity operations 237,429,746 218,172,909 Corporate operations 6,851,689 6,805,073 Total $ 293,183,863 $ 269,129,842

Note 5 - Federal Income Taxes

Note 5 - Federal Income Taxes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	5. 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 2012 through 2015 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 6 - Legal Matters and Cont

Note 6 - Legal Matters and Contingent Liabilities	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Contingencies Disclosure [Text Block]	6 . 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 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. On June 18, 2015, plaintiffs filed an amended petition. Like the original Petition, the amended 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. It also 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 main difference between the original Petition and the amended Petition is that the amended Petition also seeks equitable relief based on two new theories: that the Decreasing Term to 95 policies should be reformed so that they will provide a level death benefit for a level premium payment until the policyholder reaches 95 years of age; and alternatively, Count VIII of the amended Petition asks the Court to (1) find that the dividend provisions in the Decreasing Term to 95 policies violate Missouri law, specifically, § 376.360 RSMo.; (2) order that the policies are void FBLIC denies the allegations in the amended Petition and will continue to defend against them. On February 1, 2016, the plaintiffs asked that the Court certify the case as a class action. With their motion, Plaintiffs filed an affidavit from an actuary stating the opinion that FBLIC has collected at least $2,548,939 in premiums on the Decreasing Term to 95 policies. This presumably is the amount that Plaintiffs will seek to be refunded to policyholders if the policies are declared void. FBLIC opposed the request for class certification. On July 21, 2016, the Court certified three classes to maintain the claims for breach of contract, anticipatory breach of contract, violation of the MMPA, reformation, and to void the Decreasing Term to 95 policies. On August 1, 2016, FBLIC filed a Petition for Leave to Appeal with the Missouri Court of Appeals, Southern District asking for permission to appeal the Court’s class certification. The Petition for Leave to Appeal was denied. FBLIC intends to defend vigorously against the class and individual allegations. 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. On May 13, 2015, FBLIC filed a Counterclaim against Doyle Nimmo seeking indemnity and seeking damages for breach of fiduciary duty in the event FBLIC is liable under Plaintiffs’ underlying claims. In addition, on April 29, 2015, TLIC filed a lawsuit against Doyle Nimmo and Michael Teel alleging that they were liable for violations of federal and state securities laws for failing to disclose information relating to the Decreasing Term to 95 policies. This lawsuit is currently pending in the District Court for the Western District of Missouri (hereinafter the “Federal Lawsuit”). No claims have been made against TLIC in the Federal Lawsuit. The Federal Lawsuit has been stayed pending resolution of the lawsuit against FBLIC in the Circuit Court of Greene County, Missouri. On September 28, 2015, Doyle Nimmo filed a Third-Party Petition for Declaratory Judgment (and Other Relief) against FBLIC. In this Third-Party Petition, Doyle Nimmo, a former director for FBLIC, seeks a declaratory judgment that the corporate by-laws of FBLIC require FBLIC to indemnify him for attorney’s fees, judgments, costs, fines, and amounts paid in defense of both the Counterclaim and the Federal Lawsuit and seeks a monetary judgment for the amounts expended by Doyle Nimmo in such defense. Prior to Doyle Nimmo’s filing of the Third-Party Petition, FBLIC’s Board of Directors executed a Unanimous Written Consent in Lieu of a Special Meeting in which it denied Doyle Nimmo’s tender of defense and request for indemnification finding Mr. Nimmo did not meet the applicable standard of conduct for indemnification under Missouri law. FBLIC intends to vigorously defend the Third-Party Petition on these grounds. The Company is unable to determine the potential magnitude of the claims in the event Doyle Nimmo prevails on his Third-Party Petition. As stated above, FBLIC filed a Counterclaim and TLIC filed the Federal Lawsuit against Doyle Nimmo. Doyle Nimmo submitted a claim and tendered the defense of these claims to Utica Mutual Insurance Company under a policy providing Insurance Agents and Brokers Errors and Omissions Liability coverage. On November 4, 2015, Utica Mutual Insurance Company filed a lawsuit against Doyle Nimmo and other interested parties, including FBLIC and TLIC. The lawsuit is pending in the District Court for the Western District of Missouri and asks the Court to determine whether the Errors and Omissions policy provides coverage for the lawsuits filed against Doyle Nimmo. Utica Mutual Insurance Company does not seek a monetary judgment against FBLIC or TLIC. In most states, guaranty fund assessments may be taken as a credit against premium taxes, typically over a five-year period. These assessments, brought about by the insolvency of life and health insurers, are levied at the discretion of the various state guaranty fund associations to cover association obligations.

Note 7 - Other Comprehensive In

Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	7. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The changes in the components of the Company’s accumulated other comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015 are summarized as follows: Three Months Ended June 30, 2016 and 2015 (Unaudited) Unrealized Accumulated Appreciation on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income Balance as of April 1, 2016 $ 345,923 $ (8,045 ) $ 337,878 Other comprehensive income before reclassifications, net of tax 3,682,284 (53,666 ) 3,628,618 Less amounts reclassified from accumulated other comprehensive income, net of tax 121,341 - 121,341 Other comprehensive income 3,560,943 (53,666 ) 3,507,277 Balance as of June 30, 2016 $ 3,906,866 $ (61,711 ) $ 3,845,155 Balance as of April 1, 2015 $ 3,563,071 $ (43,141 ) $ 3,519,930 Other comprehensive loss before reclassifications, net of tax (2,398,050 ) 28,397 (2,369,653 ) Less amounts reclassified from accumulated other comprehensive income, net of tax (193,541 ) - (193,541 ) Other comprehensive loss (2,204,509 ) 28,397 (2,176,112 ) Balance as of June 30, 2015 $ 1,358,562 $ (14,744 ) $ 1,343,818 Six Months Ended June 30, 2016 and 2015 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of January 1, 2016 $ (2,695,876 ) $ 40,059 $ (2,655,817 ) Other comprehensive income before reclassifications, net of tax 6,705,902 (101,770 ) 6,604,132 Less amounts reclassified from accumulated other comprehensive loss, net of tax 103,160 - 103,160 Other comprehensive income 6,602,742 (101,770 ) 6,500,972 Balance as of June 30, 2016 $ 3,906,866 $ (61,711 ) $ 3,845,155 Balance as of January 1, 2015 $ 2,712,694 $ (29,151 ) $ 2,683,543 Other comprehensive loss before reclassifications, net of tax (1,529,474 ) 14,407 (1,515,067 ) Less amounts reclassified from accumulated other comprehensive income, net of tax (175,342 ) - (175,342 ) Other comprehensive loss (1,354,132 ) 14,407 (1,339,725 ) Balance as of June 30, 2015 $ 1,358,562 $ (14,744 ) $ 1,343,818 The pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for each component for the three and six months ended June 30, 2016 and 2015 are summarized as follows: Three Months Ended June 30, 2016 (Unaudited) Income Tax Pretax Expense Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,602,854 $ 920,570 $ 3,682,284 Reclassification adjustment for net gains included in operations 151,677 30,336 121,341 Net unrealized gains on investments 4,451,177 890,234 3,560,943 Adjustment to deferred acquisition costs (67,083 ) (13,417 ) (53,666 ) Total other comprehensive income $ 4,384,094 $ 876,817 $ 3,507,277 Three Months Ended June 30, 2015 (Unaudited) Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during the period $ (2,997,563 ) $ (599,513 ) $ (2,398,050 ) Reclassification adjustment for net losses included in operations (241,927 ) (48,386 ) (193,541 ) Net unrealized losses on investments (2,755,636 ) (551,127 ) (2,204,509 ) Adjustment to deferred acquisition costs 35,497 7,100 28,397 Total other comprehensive loss $ (2,720,139 ) $ (544,027 ) $ (2,176,112 ) Six Months Ended June 30, 2016 (Unaudited) Income Tax Pretax Expense Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 8,382,376 $ 1,676,474 $ 6,705,902 Reclassification adjustment for net gains included in operations 128,951 25,791 103,160 Net unrealized gains on investments 8,253,425 1,650,683 6,602,742 Adjustment to deferred acquisition costs (127,213 ) (25,443 ) (101,770 ) Total other comprehensive income $ 8,126,212 $ 1,625,240 $ 6,500,972 Six Months Ended June 30, 2015 (Unaudited) Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during the period $ (1,911,843 ) $ (382,369 ) $ (1,529,474 ) Reclassification adjustment for net losses included in operations (219,178 ) (43,836 ) (175,342 ) Net unrealized losses on investments (1,692,665 ) (338,533 ) (1,354,132 ) Adjustment to deferred acquisition costs 18,008 3,601 14,407 Total other comprehensive loss $ (1,674,657 ) $ (334,932 ) $ (1,339,725 ) 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 and six months ended June 30, 2016 and 2015 are summarized as follows: Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) Reclassification Adjustments 2016 2015 2016 2015 Unrealized gains on available-for-sale securities: Realized gains (losses) on sales of securities (a) $ 151,677 $ (241,927 ) $ 128,951 $ (219,178 ) Income tax expense (benefit) (b) 30,336 (48,386 ) 25,791 (43,836 ) Total reclassification adjustments $ 121,341 $ (193,541 ) $ 103,160 $ (175,342 ) (a) These items appear within net realized investment gains and loss on other-than-temporary impairment in the consolidated statements of operations. (b) These items appear within federal income taxes in the consolidated statements of operations.

Note 8 - Allowance for Loan Los

Note 8 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Premiums Receivable Note [Text Block]	8 . 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 June 30, 2016, $525,696 of independent mortgage loan balances are held in escrow by a third party for the benefit of the Company related to its investment in $24,629,791 of mortgage loans on real estate with one loan originator. In addition, the Company has an additional $197,864 allowance for possible loan losses in the remaining $39,895,000 of investments in mortgage loans on real estate as of June 30, 2016. As of December 31, 2015, $525,696 of independent mortgage loan balances are held in escrow by a third party for the benefit of the Company related to its investment in $21,755,620 of mortgage loans on real estate with one loan originator. In addition, the Company has an additional $183,348 allowance for possible loan losses in the remaining $37,019,298 of investments in mortgage loans on real estate as of December 31, 2015. 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 $347,885 and $320,996 as of June 30, 2016 and December 31, 2015, respectively, are carried net of estimated loan losses of $279,662 and $197,172 as of June 30, 2016 and December 31, 2015, 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 and six months ended June 30, 2016 and 2015 are summarized as follows (excluding $24,629,791 and $16,871,255 of mortgage loans on real estate as of June 30, 2016 and 2015, respectively, with one loan originator where independent mortgage loan balances are held in escrow by a third party for the benefit of the Company): (Unaudited) As of and for the Three Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Premium Finance Loans Total 2016 2015 2016 2015 2016 2015 2016 2015 Allowance, beginning $ 182,472 $ 141,395 $ 7,245 $ 9,674 $ 192,690 $ 197,358 $ 382,407 $ 348,427 Charge offs - - - - - - - - Recoveries - - - - - - - - Provision 8,860 14,859 (713 ) (1,470 ) 86,972 (187 ) 95,119 13,202 Allowance, ending $ 191,332 $ 156,254 $ 6,532 $ 8,204 $ 279,662 $ 197,171 $ 477,526 $ 361,629 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ 279,662 $ 192,689 $ 279,662 $ 192,689 Collectively evaluated for impairment $ 191,332 $ 156,254 $ 6,532 $ 8,204 $ - $ 4,482 $ 197,864 $ 168,940 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ 347,885 $ 316,514 $ 347,885 $ 316,514 Collectively evaluated for impairment $ 38,594,991 $ 31,398,186 $ 1,300,009 $ 1,632,604 $ - $ 4,482 $ 39,895,000 $ 33,035,272 (Unaudited) As of and for the Six Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Premium Finance Loans Total 2016 2015 2016 2015 2016 2015 2016 2015 Allowance, beginning $ 175,988 $ 116,604 $ 7,360 $ 9,862 $ 197,172 $ 197,358 $ 380,520 $ 323,824 Charge offs - - - - - - - - Recoveries - - - - - - - - Provision 15,344 39,650 (828 ) (1,658 ) 82,490 (187 ) 97,006 37,805 Allowance, ending $ 191,332 $ 156,254 $ 6,532 $ 8,204 $ 279,662 $ 197,171 $ 477,526 $ 361,629 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ 279,662 $ 192,689 $ 279,662 $ 192,689 Collectively evaluated for impairment $ 191,332 $ 156,254 $ 6,532 $ 8,204 $ - $ 4,482 $ 197,864 $ 168,940 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ 347,885 $ 316,514 $ 347,885 $ 316,514 Collectively evaluated for impairment $ 38,594,991 $ 31,398,186 $ 1,300,009 $ 1,632,604 $ - $ 4,482 $ 39,895,000 $ 33,035,272 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 June 30, 2016 and December 31, 2015 are summarized as follows: Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan to Value Ratio June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 Over 70% to 80% $ 15,414,911 $ 15,058,997 $ - $ - $ 15,414,911 $ 15,058,997 Over 60% to 70% 24,408,263 21,749,312 - 439,250 24,408,263 22,188,562 Over 50% to 60% 11,401,933 9,700,752 1,075,411 658,693 12,477,344 10,359,445 Over 40% to 50% 9,198,911 8,553,256 - - 9,198,911 8,553,256 Over 30% to 40% 1,810,765 1,430,835 224,598 366,712 2,035,363 1,797,547 Over 20% to 30% 308,850 159,930 - - 308,850 159,930 Over 10% to 20% 665,513 650,688 - - 665,513 650,688 10% or less 15,636 6,493 - - 15,636 6,493 Total $ 63,224,782 $ 57,310,263 $ 1,300,009 $ 1,464,655 $ 64,524,791 $ 58,774,918

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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 702,685 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 $5,270,138 with an offsetting credit of $5,270,138 to common stock and additional paid-in capital. 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. On April 28, 2015, the Company acquired a block of life insurance policies and annuity contracts according to the terms of an assumption reinsurance agreement. During the second quarter of 2015, the Company estimated and recorded assets of $550,000 and a gain of $550,000 on the reinsurance assumption transaction. The Company completed the reinsurance assumption transaction during the third quarter of 2015 and adjusted the gain to $588,923 and recorded assets of $3,644,839 (including cash) and assumed liabilities of $3,055,916.
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 and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ended December 31, 2016 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, 2015.
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, representing 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 the shares are no longer outstanding.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events Management has evaluated all events subsequent to June 30, 2016 through the date that these financial statements have been issued.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“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. In July 2015, the FASB deferred the effective date of the updated guidance on revenue recognition 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 did not 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. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. 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 did not have a material effect on the Company's results of operations, financial position or liquidity. Troubled Debt Restructurings by Creditors In January 2015, 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 did not 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 did not 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 did not have a material effect on the Company’s results of operations, financial position or liquidity. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued updated guidance regarding business combinations that requires an acquirer to recognize post-close measurement adjustments for provisional amounts in the period the adjustment amounts are determined rather than retrospectively. The acquirer is also required to recognize, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the provisional amount, calculated as if the accounting had been completed at the acquisition date. The updated guidance is to be applied prospectively effective for annual and interim periods beginning after December 15, 2015. In connection with business combinations which have already been completed, the adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued updated guidance regarding financial instruments. This guidance intends to enhance reporting for financial instruments and addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The significant amendments in this update generally require equity investments to be measured at fair value with changes in fair value recognized in net income, require the use of an exit price notion when measuring the fair value of financial instruments for disclosure purposes and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. This guidance also intends to enhance the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance is effective for fiscal years beginning after December 15, 2017. The recognition and measurement provisions of this guidance will be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and early adoption is not permitted. The Company is evaluating this guidance but expects the primary impact will be the recognition of unrealized gains and losses on available-for-sale equity securities in net income. Currently, all unrealized gains and losses on available-for-sale equity securities are recognized in other comprehensive income (loss). The effect of the adoption of this guidance on the Company’s results of operations, financial position and liquidity is primarily dependent on the fair value of the available-for-sale equity securities in future periods and the existence of a deferred tax asset related to available-for-sale securities in future periods that have not yet been fully assessed. Leases In February 2016, the FASB issued updated guidance to require lessees to recognize a right-to-use asset and a lease liability for leases with terms of more than 12 months. The updated guidance retains the two classifications of a lease as either an operating or finance lease (previously referred to as a capital lease). Both lease classifications require the lessee to record the right-to-use asset and the lease liability based upon the present value of cash flows. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-to-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting by lessors is not significantly changed by the updated guidance. The updated guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the financial statements. The updated guidance is effective for reporting periods beginning after December 15, 2018, and will require that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. 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. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued updated guidance to simplify several aspects of accounting for share-based payment transactions as follows: Accounting for Income Taxes Under current accounting guidance, if the deduction for a share-based payment award for tax purposes exceeds, or is less than, the compensation cost recognized for financial reporting purposes, the resulting excess tax benefit, or tax deficiency, is reported as part of additional paid-in capital. Under the updated guidance, these excess tax benefits, or tax deficiencies, are reported as part of income tax expense or benefit in the income statement. The updated guidance also removes the requirement to delay recognition of any excess tax benefit when there are no current taxes payable to which the benefit would be applied. The tax-related cash flows resulting from share-based payments are to be included with other income tax cash flows as an operating activity rather than being reported separately as a financing activity. Forfeitures The updated guidance permits an entity to make an accounting policy election to either account for forfeitures when they occur or continue to apply the current method of accruing the compensation cost based on the number of awards that are expected to vest. Minimum Statutory Tax Withholding Requirements The updated guidance changes the threshold amount an entity can withhold for taxes when settling an equity award and still qualify for equity classification. A company can withhold up to the maximum statutory tax rates in the employees’ applicable jurisdiction rather than withholding up to the employers’ minimum statutory withholding requirement. The update also clarifies that all cash payments made to taxing authorities on behalf of employees for withheld shares are to be presented in financing activities on the statement of cash flows. Transition The updated guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted in any interim period; if early adoption is elected, the entity must adopt all of the amendments in the same reporting period and reflect any adjustments as of the beginning of the fiscal year. The Company has not elected early adoption. 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 Transition to the Equity Method of Accounting In March 2016, the FASB issued updated guidance that eliminates the requirement to retroactively apply the equity method of accounting when an investment that was previously accounted for using another method of accounting becomes qualified to apply the equity method due to an increase in the level of ownership interest or degree of influence. If the investment was previously accounted for as an available-for-sale security, any related unrealized gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for the equity method is recognized through earnings. The updated guidance is effective for reporting periods beginning after December 15, 2016, and is to be applied prospectively. 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. Contingent Put and Call Options in Debt Instruments In March 2016, the FASB issued updated guidance clarifying that when a call (put) option in a debt instrument can accelerate the repayment of principal on the debt instrument, a reporting entity does not need to assess whether the contingent event that triggers the ability to exercise the call (put) option is related to interest rates or credit risk in determining whether the option should be accounted for separately. The updated guidance is effective for reporting periods beginning after December 15, 2016. 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. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued updated guidance for the accounting for credit losses for financial instruments. The updated guidance applies a new credit loss model (current expected credit losses or CECL) for determining credit-related impairments for financial instruments measured at amortized cost (e.g. reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The updated guidance is effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The Company will not be able to determine the impact that the updated guidance will have on its results of operations, financial position or liquidity until the updated guidance is adopted.

Supplemental Disclosures to C18

Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	(Unaudited) Six Months Ended June 30, 2015 Reinsurance assumption asset $ 550,000 Gain on reinsurance assumption $ 550,000

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Available For Sale Fixed Maturity Securities [Member]
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	June 30, 2016 (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 $ 6,996,581 $ 7,097,315 $ 4,301,079 $ 4,365,290 Due in one year through five years 33,406,995 34,668,060 13,320,129 14,602,101 Due after five years through ten years 48,357,584 49,392,939 10,961,293 13,634,874 Due after ten years 45,353,671 47,691,252 9,314,290 15,624,273 Due at multiple maturity dates 36,284 89,300 - - $ 134,151,115 $ 138,938,866 $ 37,896,791 $ 48,226,538
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2016 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 3,287,423 $ 143,821 $ 2,314 $ 3,428,930 States and political subdivisions 8,958,695 530,719 - 9,489,414 Residential mortgage-backed securities 36,284 53,016 - 89,300 Corporate bonds 105,456,971 5,084,674 1,397,412 109,144,233 Foreign bonds 16,411,742 713,152 337,905 16,786,989 Total fixed maturity securities 134,151,115 6,525,382 1,737,631 138,938,866 Equity securities Mutual funds 339,564 - 681 338,883 Corporate preferred stock 149,725 9,059 - 158,784 Corporate common stock 189,149 87,453 - 276,602 Total equity securities 678,438 96,512 681 774,269 Total fixed maturity and equity securities $ 134,829,553 $ 6,621,894 $ 1,738,312 $ 139,713,135 December 31, 2015 Fixed maturity securities U.S. government and U.S. government agencies $ 2,793,161 $ 136,190 $ 108,597 $ 2,820,754 States and political subdivisions 8,993,848 61,592 102,835 8,952,605 Residential mortgage-backed securities 49,980 43,846 - 93,826 Corporate bonds 109,164,942 1,820,894 4,234,897 106,750,939 Foreign bonds 17,026,524 185,225 1,273,846 15,937,903 Total fixed maturity securities 138,028,455 2,247,747 5,720,175 134,556,027 Equity securities Mutual funds 335,554 - 10,613 324,941 Corporate preferred stock 259,993 6,035 990 265,038 Corporate common stock 194,668 117,196 9,043 302,821 Total equity securities 790,215 123,231 20,646 892,800 Total fixed maturity and equity securities $ 138,818,670 $ 2,370,978 $ 5,740,821 $ 135,448,827
Schedule of Unrealized Loss on Investments [Table Text Block]	Fair Value Unrealized Loss Number of Securities June 30, 2016 (Unaudited) Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 347,687 $ 2,314 1 Corporate bonds 3,994,028 101,673 18 Foreign bonds 1,749,956 105,859 9 Total less than 12 months 6,091,671 209,846 28 More than 12 months Corporate bonds 12,505,112 1,295,739 55 Foreign bonds 1,167,258 232,046 6 Total more than 12 months 13,672,370 1,527,785 61 Total fixed maturity securities 19,764,041 1,737,631 89 Equity securities Less than 12 months Mutual funds 87,825 681 1 Total equity securities 87,825 681 1 Total fixed maturity and equity securities $ 19,851,866 $ 1,738,312 90 December 31, 2015 Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 381,592 $ 20,006 2 States and political subdivisions 5,422,934 102,835 26 Corporate bonds 46,907,532 2,646,997 186 Foreign bonds 9,155,830 879,659 40 Total less than 12 months 61,867,888 3,649,497 254 More than 12 months U.S. government and U.S. government agencies 1,041,409 88,591 2 Corporate bonds 5,646,642 1,587,900 31 Foreign bonds 489,008 394,187 3 Total more than 12 months 7,177,059 2,070,678 36 Total fixed maturity securities 69,044,947 5,720,175 290 Equity securities Less than 12 months Mutual funds 74,547 10,613 1 Corporate preferred stock 109,279 990 1 Corporate common stock 41,804 9,043 1 Total equity securities 225,630 20,646 3 Total fixed maturity and equity securities $ 69,270,577 $ 5,740,821 293
Unrealized Gain (Loss) on Investments [Table Text Block]	(Unaudited) June 30, 2016 December 31, 2015 Unrealized appreciation (depreciation) on available-for-sale securities $ 4,883,582 $ (3,369,843 ) Adjustment to deferred acquisition costs (77,140 ) 50,073 Deferred income taxes (961,287 ) 663,953 Net unrealized appreciation (depreciation) on available-for-sale securities $ 3,845,155 $ (2,655,817 )
Realized Gain (Loss) on Investments [Table Text Block]	Three Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2016 2015 2016 2015 2016 2015 2016 2015 Proceeds $ 5,219,798 $ 1,399,932 $ 19,210 $ 7,529 $ 2,089,278 $ 2,573,436 $ - $ - Gross realized gains 155,956 62,791 8,711 - 14,416 19,758 - - Gross realized losses (12,990 ) (462 ) - - - - - - Loss on other-than- temporary impairment - (304,256 ) - - - - - - Six Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2016 2015 2016 2015 2016 2015 2016 2015 Proceeds $ 7,494,211 $ 2,588,161 $ 128,010 $ 533,813 $ 3,661,522 $ 4,124,035 $ - $ 7,083,246 Gross realized gains 163,050 88,632 8,711 996 17,991 30,809 - 390,202 Gross realized losses (41,342 ) (1,654 ) (1,468 ) (2,896 ) - - - - Loss on other-than- temporary impairment - (304,256 ) - - - - - -
Available-for-sale Securities [Table Text Block]	Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2016 2015 2016 2015 Change in unrealized investment gains: Available-for-sale securities: Fixed maturity securities $ 4,452,781 $ (2,723,522 ) $ 8,260,179 $ (1,655,536 ) Equity securities (1,604 ) (32,114 ) (6,754 ) (37,129 ) Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 142,966 (241,927 ) 121,708 (217,278 ) Equity securities 8,711 - 7,243 (1,900 ) Mortgage loans on real estate 14,416 19,758 17,991 30,809 Investment real estate - - - 390,202
Investment Income [Table Text Block]	Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2016 2015 2016 2015 Fixed maturity securities $ 1,533,301 $ 1,245,734 $ 3,100,519 $ 2,419,515 Equity securities 6,658 8,725 13,840 20,254 Other long-term investments 622,502 424,587 1,170,324 838,829 Mortgage loans 1,328,427 980,728 2,681,498 1,936,872 Policy loans 26,491 25,165 52,589 50,306 Real estate 91,968 71,822 183,936 259,410 Short-term and other investments 69,874 65,434 142,144 113,626 Gross investment income 3,679,221 2,822,195 7,344,850 5,638,812 Investment expenses (420,587 ) (317,433 ) (726,013 ) (726,490 ) Net investment income $ 3,258,634 $ 2,504,762 $ 6,618,837 $ 4,912,322
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(Unaudited) June 30, 2016 December 31, 2015 Amount Percentage Amount Percentage Commercial mortgage loans Retail stores $ 1,113,771 1.72 % $ 1,272,881 2.17 % Office buildings 186,238 0.29 % 191,774 0.32 % Total commercial mortgage loans 1,300,009 2.01 % 1,464,655 2.49 % Residential mortgage loans 63,224,782 97.99 % 57,310,263 97.51 % Total mortgage loans $ 64,524,791 100.00 % $ 58,774,918 100.00 %
Schedule of Real Estate Properties [Table Text Block]	(Unaudited) June 30, 2016 December 31, 2015 Land - held for the production of income $ 213,160 $ 213,160 Land - held for sale 750,047 750,047 Total land 963,207 963,207 Building - held for the production of income 2,267,557 2,267,557 Less - accumulated depreciation (976,950 ) (904,206 ) Buildings net of accumulated depreciation 1,290,607 1,363,351 Residential real estate - held for sale 198,622 - Total residential real estate 198,622 - Investment real estate, net of accumulated depreciation $ 2,452,436 $ 2,326,558

Note 3 - Fair Value Measureme20

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total June 30, 2016 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,428,930 $ - $ 3,428,930 States and political subdivisions - 9,489,414 - 9,489,414 Residential mortgage-backed securities - 89,300 - 89,300 Corporate bonds - 109,144,233 - 109,144,233 Foreign bonds - 16,786,989 - 16,786,989 Total fixed maturity securities $ - $ 138,938,866 $ - $ 138,938,866 Equity securities, available-for-sale Mutual funds $ - $ 338,883 $ - $ 338,883 Corporate preferred stock 105,440 53,344 - 158,784 Corporate common stock 230,102 - 46,500 276,602 Total equity securities $ 335,542 $ 392,227 $ 46,500 $ 774,269 December 31, 2015 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 2,820,754 $ - $ 2,820,754 States and political subdivisions - 8,952,605 - 8,952,605 Residential mortgage-backed securities - 93,826 - 93,826 Corporate bonds - 106,750,939 - 106,750,939 Foreign bonds - 15,937,903 - 15,937,903 Total fixed maturity securities $ - $ 134,556,027 $ - $ 134,556,027 Equity securities, available-for-sale Mutual funds $ - $ 324,941 $ - $ 324,941 Corporate preferred stock 211,278 53,760 - 265,038 Corporate common stock 256,321 - 46,500 302,821 Total equity securities $ 467,599 $ 378,701 $ 46,500 $ 892,800
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2016 (Unaudited) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets Mortgage loans on real estate Commercial $ 1,300,009 $ 1,317,503 $ - $ - $ 1,317,503 Residential 63,224,782 63,327,961 - - 63,327,961 Policy loans 1,522,192 1,522,192 - - 1,522,192 Short-term investments 50,033 50,033 50,033 - - Other long-term investments 37,896,791 48,226,538 - - 48,226,538 Cash and cash equivalents 10,806,505 10,806,505 10,806,505 - - Accrued investment income 2,181,988 2,181,988 - - 2,181,988 Loans from premium financing 68,223 68,223 - - 68,223 Total financial assets $ 117,050,523 $ 127,276,975 $ 10,856,538 $ - $ 116,420,437 Financial liabilities Policyholders' account balances $ 207,963,636 $ 196,912,001 $ - $ - $ 196,912,001 Policy claims 859,740 859,740 - - 859,740 Total financial liabilities $ 208,823,376 $ 197,771,741 $ - $ - $ 197,771,741 December 31, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets Mortgage loans on real estate Commercial $ 1,464,655 $ 1,486,601 $ - $ - $ 1,486,601 Residential 57,310,263 57,356,546 - - 57,356,546 Policy loans 1,486,317 1,486,317 - - 1,486,317 Short-term investments 599,855 599,855 599,855 - - Other long-term investments 31,566,927 37,755,989 - - 37,755,989 Cash and cash equivalents 9,047,586 9,047,586 9,047,586 - - Accrued investment income 2,205,469 2,205,469 - - 2,205,469 Loans from premium financing 123,824 123,824 - - 123,824 Total financial assets $ 103,804,896 $ 110,062,187 $ 9,647,441 $ - $ 100,414,746 Financial liabilities Policyholders' account balances $ 197,688,616 $ 179,233,152 $ - $ - $ 179,233,152 Policy claims 714,928 714,928 - - 714,928 Total financial liabilities $ 198,403,544 $ 179,948,080 $ - $ - $ 179,948,080

Note 4 - Segment Data (Tables)

Note 4 - Segment Data (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2016 2015 2016 2015 Revenues: Life insurance operations $ 3,602,546 $ 2,828,290 $ 7,347,790 $ 5,691,976 Annuity operations 2,718,287 2,221,647 5,355,711 4,405,722 Corporate operations 148,820 119,133 307,059 228,059 Total $ 6,469,653 $ 5,169,070 $ 13,010,560 $ 10,325,757 Income (loss) before income taxes: Life insurance operations $ 22,562 $ (99,996 ) $ 52,515 $ 2,190 Annuity operations 350,169 353,586 578,425 469,091 Corporate operations 29,856 43,373 119,853 205,021 Total $ 402,587 $ 296,963 $ 750,793 $ 676,302 Depreciation and amortization expense: Life insurance operations $ 324,040 $ 472,131 $ 998,587 $ 817,745 Annuity operations 182,591 150,809 338,503 345,511 Corporate operations - 12,563 - 25,289 Total $ 506,631 $ 635,503 $ 1,337,090 $ 1,188,545
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	(Unaudited) June 30, 2016 December 31, 2015 Assets: Life insurance operations $ 48,902,428 $ 44,151,860 Annuity operations 237,429,746 218,172,909 Corporate operations 6,851,689 6,805,073 Total $ 293,183,863 $ 269,129,842

Note 7 - Other Comprehensive 22

Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended June 30, 2016 and 2015 (Unaudited) Unrealized Accumulated Appreciation on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income Balance as of April 1, 2016 $ 345,923 $ (8,045 ) $ 337,878 Other comprehensive income before reclassifications, net of tax 3,682,284 (53,666 ) 3,628,618 Less amounts reclassified from accumulated other comprehensive income, net of tax 121,341 - 121,341 Other comprehensive income 3,560,943 (53,666 ) 3,507,277 Balance as of June 30, 2016 $ 3,906,866 $ (61,711 ) $ 3,845,155 Balance as of April 1, 2015 $ 3,563,071 $ (43,141 ) $ 3,519,930 Other comprehensive loss before reclassifications, net of tax (2,398,050 ) 28,397 (2,369,653 ) Less amounts reclassified from accumulated other comprehensive income, net of tax (193,541 ) - (193,541 ) Other comprehensive loss (2,204,509 ) 28,397 (2,176,112 ) Balance as of June 30, 2015 $ 1,358,562 $ (14,744 ) $ 1,343,818 Six Months Ended June 30, 2016 and 2015 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of January 1, 2016 $ (2,695,876 ) $ 40,059 $ (2,655,817 ) Other comprehensive income before reclassifications, net of tax 6,705,902 (101,770 ) 6,604,132 Less amounts reclassified from accumulated other comprehensive loss, net of tax 103,160 - 103,160 Other comprehensive income 6,602,742 (101,770 ) 6,500,972 Balance as of June 30, 2016 $ 3,906,866 $ (61,711 ) $ 3,845,155 Balance as of January 1, 2015 $ 2,712,694 $ (29,151 ) $ 2,683,543 Other comprehensive loss before reclassifications, net of tax (1,529,474 ) 14,407 (1,515,067 ) Less amounts reclassified from accumulated other comprehensive income, net of tax (175,342 ) - (175,342 ) Other comprehensive loss (1,354,132 ) 14,407 (1,339,725 ) Balance as of June 30, 2015 $ 1,358,562 $ (14,744 ) $ 1,343,818
Comprehensive Income (Loss) [Table Text Block]	Three Months Ended June 30, 2016 (Unaudited) Income Tax Pretax Expense Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,602,854 $ 920,570 $ 3,682,284 Reclassification adjustment for net gains included in operations 151,677 30,336 121,341 Net unrealized gains on investments 4,451,177 890,234 3,560,943 Adjustment to deferred acquisition costs (67,083 ) (13,417 ) (53,666 ) Total other comprehensive income $ 4,384,094 $ 876,817 $ 3,507,277 Three Months Ended June 30, 2015 (Unaudited) Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during the period $ (2,997,563 ) $ (599,513 ) $ (2,398,050 ) Reclassification adjustment for net losses included in operations (241,927 ) (48,386 ) (193,541 ) Net unrealized losses on investments (2,755,636 ) (551,127 ) (2,204,509 ) Adjustment to deferred acquisition costs 35,497 7,100 28,397 Total other comprehensive loss $ (2,720,139 ) $ (544,027 ) $ (2,176,112 ) Six Months Ended June 30, 2016 (Unaudited) Income Tax Pretax Expense Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 8,382,376 $ 1,676,474 $ 6,705,902 Reclassification adjustment for net gains included in operations 128,951 25,791 103,160 Net unrealized gains on investments 8,253,425 1,650,683 6,602,742 Adjustment to deferred acquisition costs (127,213 ) (25,443 ) (101,770 ) Total other comprehensive income $ 8,126,212 $ 1,625,240 $ 6,500,972 Six Months Ended June 30, 2015 (Unaudited) Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during the period $ (1,911,843 ) $ (382,369 ) $ (1,529,474 ) Reclassification adjustment for net losses included in operations (219,178 ) (43,836 ) (175,342 ) Net unrealized losses on investments (1,692,665 ) (338,533 ) (1,354,132 ) Adjustment to deferred acquisition costs 18,008 3,601 14,407 Total other comprehensive loss $ (1,674,657 ) $ (334,932 ) $ (1,339,725 )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) Reclassification Adjustments 2016 2015 2016 2015 Unrealized gains on available-for-sale securities: Realized gains (losses) on sales of securities (a) $ 151,677 $ (241,927 ) $ 128,951 $ (219,178 ) Income tax expense (benefit) (b) 30,336 (48,386 ) 25,791 (43,836 ) Total reclassification adjustments $ 121,341 $ (193,541 ) $ 103,160 $ (175,342 )

Note 8 - Allowance for Loan L23

Note 8 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Allowance for Credit Losses on Financing Receivables [Table Text Block]	(Unaudited) As of and for the Three Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Premium Finance Loans Total 2016 2015 2016 2015 2016 2015 2016 2015 Allowance, beginning $ 182,472 $ 141,395 $ 7,245 $ 9,674 $ 192,690 $ 197,358 $ 382,407 $ 348,427 Charge offs - - - - - - - - Recoveries - - - - - - - - Provision 8,860 14,859 (713 ) (1,470 ) 86,972 (187 ) 95,119 13,202 Allowance, ending $ 191,332 $ 156,254 $ 6,532 $ 8,204 $ 279,662 $ 197,171 $ 477,526 $ 361,629 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ 279,662 $ 192,689 $ 279,662 $ 192,689 Collectively evaluated for impairment $ 191,332 $ 156,254 $ 6,532 $ 8,204 $ - $ 4,482 $ 197,864 $ 168,940 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ 347,885 $ 316,514 $ 347,885 $ 316,514 Collectively evaluated for impairment $ 38,594,991 $ 31,398,186 $ 1,300,009 $ 1,632,604 $ - $ 4,482 $ 39,895,000 $ 33,035,272 (Unaudited) As of and for the Six Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Premium Finance Loans Total 2016 2015 2016 2015 2016 2015 2016 2015 Allowance, beginning $ 175,988 $ 116,604 $ 7,360 $ 9,862 $ 197,172 $ 197,358 $ 380,520 $ 323,824 Charge offs - - - - - - - - Recoveries - - - - - - - - Provision 15,344 39,650 (828 ) (1,658 ) 82,490 (187 ) 97,006 37,805 Allowance, ending $ 191,332 $ 156,254 $ 6,532 $ 8,204 $ 279,662 $ 197,171 $ 477,526 $ 361,629 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ 279,662 $ 192,689 $ 279,662 $ 192,689 Collectively evaluated for impairment $ 191,332 $ 156,254 $ 6,532 $ 8,204 $ - $ 4,482 $ 197,864 $ 168,940 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ 347,885 $ 316,514 $ 347,885 $ 316,514 Collectively evaluated for impairment $ 38,594,991 $ 31,398,186 $ 1,300,009 $ 1,632,604 $ - $ 4,482 $ 39,895,000 $ 33,035,272
Financing Receivable Credit Quality Indicators [Table Text Block]	Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan to Value Ratio June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 Over 70% to 80% $ 15,414,911 $ 15,058,997 $ - $ - $ 15,414,911 $ 15,058,997 Over 60% to 70% 24,408,263 21,749,312 - 439,250 24,408,263 22,188,562 Over 50% to 60% 11,401,933 9,700,752 1,075,411 658,693 12,477,344 10,359,445 Over 40% to 50% 9,198,911 8,553,256 - - 9,198,911 8,553,256 Over 30% to 40% 1,810,765 1,430,835 224,598 366,712 2,035,363 1,797,547 Over 20% to 30% 308,850 159,930 - - 308,850 159,930 Over 10% to 20% 665,513 650,688 - - 665,513 650,688 10% or less 15,636 6,493 - - 15,636 6,493 Total $ 63,224,782 $ 57,310,263 $ 1,300,009 $ 1,464,655 $ 64,524,791 $ 58,774,918

Supplemental Disclosures to C24

Supplemental Disclosures to Consolidated Statements of Cash Flows (Details Textual) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Asset Acquired Under Assumption Reinsurance Agreement		$ 3,644,839	$ 550,000
Gain on Reinsurance Assumption		588,923	$ 550,000		$ 550,000
Liabilities Assumed Under Reinsurance Assumption Agreement		$ 3,055,916

Supplemental Disclosures to C25

Supplemental Disclosures to Consolidated Statements of Cash Flows - Supplemental Disclosures to Consolidated Statements of Cash Flows (Unaudited) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reinsurance assumption asset					$ 550,000
Gain on reinsurance assumption		$ 588,923	$ 550,000		$ 550,000

Note 1 - Organization and Sig26

Note 1 - Organization and Significant Accounting Policies (Details Textual)

Dec. 28, 2011USD ($)

Dec. 31, 2008USD ($)

Dec. 23, 2008USD ($)

Jun. 30, 2016USD ($)$ / shares

Sep. 30, 2015USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2016USD ($)$ / shares

Jun. 30, 2015USD ($)

Dec. 31, 2004USD ($)

Dec. 31, 2012USD ($)shares

Mar. 08, 2013USD ($)

Mar. 08, 2013USD ($)shares

Dec. 31, 2015USD ($)$ / sharesshares

Aug. 31, 2009

Trinity Life Insurance Company [Member]

Wholly Owned Subsidiary Ownership Percentage

100.00%

100.00%

Family Benefit Life Insurance Company [Member] | Trinity Life Insurance Company [Member]

Wholly Owned Subsidiary Ownership Percentage

100.00%

100.00%

First Trinity Capital Corporation [Member] | First Life America Corporation [Member

Stock Issued During Period, Shares, New Issues | shares

7,347,488

Payments of Stock Issuance Costs

$ 3,624,518

First Trinity Capital Corporation [Member]

Wholly Owned Subsidiary Ownership Percentage

100.00%

100.00%

Trinity Life Insurance Company [Member] | Family Benefit Life Insurance Company [Member]

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

First Trinity Financial Corporation [Member] | First Life America Corporation [Member

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%

Term Products 10 Year [Member]

Term Products Number of Years

10 years

Term Products 15 Year [Member]

Term Products Number of Years

15 years

Term Products 20 Year [Member]

Term Products Number of Years

20 years

Term Products 30 Year [Member]

Term Products Number of Years

30 years

Retained Earnings [Member]

Dividends

$ 5,270,138

Treasury Stock, Value, Acquired, Cost Method

Common Stock [Member]

Stock Issued During Period, Value, Stock Dividend

$ 5,270,138

Treasury Stock, Value, Acquired, Cost Method

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 | shares

702,685

Number of Stock Dividends

2

Treasury Stock, Shares, Acquired | shares

247,580

Treasury Stock, Value, Acquired, Cost Method

(38,643)

$ 893,947

Business Combination, Consideration Transferred

$ 13,855,129

Number of Subsidiaries Merged

2

Asset Acquired Under Assumption Reinsurance Agreement

$ 3,644,839

$ 550,000

Gain on Reinsurance Assumption

588,923

$ 550,000

$ 550,000

Liabilities Assumed Under Reinsurance Assumption Agreement

$ 3,055,916

Common Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

$ 0.01

$ 0.01

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual)	Mar. 11, 2015USD ($)	Mar. 11, 2015USD ($)	Jun. 30, 2016USD ($)aft²	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Debt Securities [Member]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions			89		290
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss			$ 1,737,631		$ 5,720,175
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value			19,764,041		69,044,947
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost			$ 21,501,672		$ 74,765,122
Fair Value to Cost Ratio			92.00%		92.00%
Fixed Maturity Securities, Investment Grade Percentage			93.00%		94.00%
Equity Securities [Member]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions			1		3
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss			$ 681		$ 20,646
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value			87,825		225,630
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost			$ 88,506		$ 246,276
Fair Value to Cost Ratio			99.00%		92.00%
Impaired Bond [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held				$ 304,256	$ 502,013
Lottery Prize Cash Flows [Member]
Other Investments			$ 37,896,791		$ 31,566,927
Residential Portfolio Segment [Member]
Number of Real Estate Loans Held for Sale			3
Real Estate Held-for-sale			$ 198,622
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Held for the Production of Income [Member] | Office Building [Member]
Area of Real Estate Property | ft²			20,000
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Assets Held-for-sale not Part of a Disposal Group [Member]
Area of Land | a			5
Topeka Kansas [Member] | Trinity Life Insurance Company [Member]
Area of Land | a			6.5
Jefferson City Missouri [Member] | Trinity Life Insurance Company [Member] | Assets Held-for-sale not Part of a Disposal Group [Member]
Area of Land | a			0.5
Promissory Note Payable to Grand Bank Secured by Properties InIndiana, Oklahoma, Texas, and Missouri [Member]
Real Estate Investments, Net	$ 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
Impairment of Investments Number of Securities			0		0
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions			90		293
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss			$ 1,738,312		$ 5,740,821
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value			19,851,866		69,270,577
Investment Impaired Par Value					600,000
Deposit Assets			3,977,404		3,989,742
Other Assets, Fair Value Disclosure			4,167,034		4,034,042
Real Estate Investments, Net			2,452,436		$ 2,326,558
Proceeds from Sale of Real Estate Held-for-investment				7,083,246
Repayments of Notes Payable	4,076,473			4,076,473
Amortization of Debt Issuance Costs	$ 72,744	7,423	$ 22,784	$ 33,194
Interest Expense		$ 35,181

Note 2 - Investments - Availabl

Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
US Treasury and Government [Member]
Securities, amortized cost	$ 3,287,423	$ 2,793,161
Securities, gross unrealized gains	143,821	136,190
Securities, gross unrealized losses	2,314	108,597
Securities, fair value	3,428,930	2,820,754
US States and Political Subdivisions Debt Securities [Member]
Securities, amortized cost	8,958,695	8,993,848
Securities, gross unrealized gains	530,719	61,592
Securities, gross unrealized losses		102,835
Securities, fair value	9,489,414	8,952,605
Residential Mortgage Backed Securities [Member]
Securities, amortized cost	36,284	49,980
Securities, gross unrealized gains	53,016	43,846
Securities, gross unrealized losses
Securities, fair value	89,300	93,826
Corporate Debt Securities [Member]
Securities, amortized cost	105,456,971	109,164,942
Securities, gross unrealized gains	5,084,674	1,820,894
Securities, gross unrealized losses	1,397,412	4,234,897
Securities, fair value	109,144,233	106,750,939
Foreign Government Debt Securities [Member]
Securities, amortized cost	16,411,742	17,026,524
Securities, gross unrealized gains	713,152	185,225
Securities, gross unrealized losses	337,905	1,273,846
Securities, fair value	16,786,989	15,937,903
Debt Securities [Member]
Securities, amortized cost	134,151,115	138,028,455
Securities, gross unrealized gains	6,525,382	2,247,747
Securities, gross unrealized losses	1,737,631	5,720,175
Securities, fair value	138,938,866	134,556,027
Mutual Funds [Member]
Securities, amortized cost	339,564	335,554
Securities, gross unrealized gains
Securities, gross unrealized losses	681	10,613
Securities, fair value	338,883	324,941
Preferred Stock [Member]
Securities, amortized cost	149,725	259,993
Securities, gross unrealized gains	9,059	6,035
Securities, gross unrealized losses		990
Securities, fair value	158,784	265,038
Common Stock [Member]
Securities, amortized cost	189,149	194,668
Securities, gross unrealized gains	87,453	117,196
Securities, gross unrealized losses		9,043
Securities, fair value	276,602	302,821
Equity Securities [Member]
Securities, amortized cost	678,438	790,215
Securities, gross unrealized gains	96,512	123,231
Securities, gross unrealized losses	681	20,646
Securities, fair value	774,269	892,800
Securities, amortized cost	134,829,553	138,818,670
Securities, gross unrealized gains	6,621,894	2,370,978
Securities, gross unrealized losses	1,738,312	5,740,821
Securities, fair value	$ 139,713,135	$ 135,448,827

Note 2 - Investments - Securiti

Note 2 - Investments - Securities in an Unrealized Loss Position (Details)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
US Government Agencies Debt Securities [Member]
Securities in an unrealized loss position, less than twelve months, fair value	$ 347,687	$ 381,592
Securities in an unrealized loss position, less than twelve months, unrealized loss	$ 2,314	$ 20,006
Securities in an unrealized loss position, less than twelve months, number	1	2
Securities in an unrealized loss position, more than twelve months, fair value		$ 1,041,409
Securities in an unrealized loss position, more than twelve months, unrealized loss		$ 88,591
ecurities in an unrealized loss position, more than twelve months, number		2
Corporate Debt Securities [Member]
Securities in an unrealized loss position, less than twelve months, fair value	$ 3,994,028	$ 46,907,532
Securities in an unrealized loss position, less than twelve months, unrealized loss	$ 101,673	$ 2,646,997
Securities in an unrealized loss position, less than twelve months, number	18	186
Securities in an unrealized loss position, more than twelve months, fair value	$ 12,505,112	$ 5,646,642
Securities in an unrealized loss position, more than twelve months, unrealized loss	$ 1,295,739	$ 1,587,900
ecurities in an unrealized loss position, more than twelve months, number	55	31
US States and Political Subdivisions Debt Securities [Member]
Securities in an unrealized loss position, less than twelve months, fair value		$ 5,422,934
Securities in an unrealized loss position, less than twelve months, unrealized loss		$ 102,835
Securities in an unrealized loss position, less than twelve months, number		26
Foreign Government Debt Securities [Member]
Securities in an unrealized loss position, less than twelve months, fair value	$ 1,749,956	$ 9,155,830
Securities in an unrealized loss position, less than twelve months, unrealized loss	$ 105,859	$ 879,659
Securities in an unrealized loss position, less than twelve months, number	9	40
Securities in an unrealized loss position, more than twelve months, fair value	$ 1,167,258	$ 489,008
Securities in an unrealized loss position, more than twelve months, unrealized loss	$ 232,046	$ 394,187
ecurities in an unrealized loss position, more than twelve months, number	6	3
Debt Securities [Member]
Securities in an unrealized loss position, less than twelve months, fair value	$ 6,091,671	$ 61,867,888
Securities in an unrealized loss position, less than twelve months, unrealized loss	$ 209,846	$ 3,649,497
Securities in an unrealized loss position, less than twelve months, number	28	254
Securities in an unrealized loss position, more than twelve months, fair value	$ 13,672,370	$ 7,177,059
Securities in an unrealized loss position, more than twelve months, unrealized loss	$ 1,527,785	$ 2,070,678
ecurities in an unrealized loss position, more than twelve months, number	61	36
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ 19,764,041	$ 69,044,947
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 1,737,631	$ 5,720,175
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	89	290
Mutual Funds [Member]
Securities in an unrealized loss position, less than twelve months, fair value	$ 87,825	$ 74,547
Securities in an unrealized loss position, less than twelve months, unrealized loss	$ 681	$ 10,613
Securities in an unrealized loss position, less than twelve months, number	1	1
Equity Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ 87,825	$ 225,630
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 681	$ 20,646
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	1	3
Preferred Stock [Member]
Securities in an unrealized loss position, less than twelve months, fair value		$ 109,279
Securities in an unrealized loss position, less than twelve months, unrealized loss		$ 990
Securities in an unrealized loss position, less than twelve months, number		1
Common Stock [Member]
Securities in an unrealized loss position, less than twelve months, fair value		$ 41,804
Securities in an unrealized loss position, less than twelve months, unrealized loss		$ 9,043
Securities in an unrealized loss position, less than twelve months, number		1
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ 19,851,866	$ 69,270,577
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 1,738,312	$ 5,740,821
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	90	293

Note 2 - Investments - Net Unre

Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Unrealized appreciation (depreciation) on available-for-sale securities	$ 4,883,582	$ (3,369,843)
Adjustment to deferred acquisition costs	(77,140)	50,073
Deferred income taxes	(961,287)	663,953
Net unrealized appreciation (depreciation) on available-for-sale securities	$ 3,845,155	$ (2,655,817)

Note 2 - Investments - Fixed Ma

Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fixed Maturities [Member]
Due in one year or less	$ 6,996,581
Due in one year or less	7,097,315
Due in one year through five years	33,406,995
Due in one year through five years	34,668,060
Due after five years through ten years	48,357,584
Due after five years through ten years	49,392,939
Due after ten years	45,353,671
Due after ten years	47,691,252
Due at multiple maturity dates	36,284
Due at multiple maturity dates	89,300
	134,151,115
	138,938,866
Other Long-term Investments [Member]
Due in one year or less	4,301,079
Due in one year or less	4,365,290
Due in one year through five years	13,320,129
Due in one year through five years	14,602,101
Due after five years through ten years	10,961,293
Due after five years through ten years	13,634,874
Due after ten years	9,314,290
Due after ten years	15,624,273
Due at multiple maturity dates
Due at multiple maturity dates
	37,896,791
	48,226,538
	134,151,115	$ 138,028,455
	$ 138,938,866	$ 134,556,027

Note 2 - Investments - Availa32

Note 2 - Investments - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fixed Maturities [Member]
Proceeds	$ 5,219,798	$ 1,399,932	$ 7,494,211	$ 2,588,161
Gross realized gains	155,956	62,791	163,050	88,632
Gross realized losses	(12,990)	(462)	(41,342)	(1,654)
Loss on other-than- temporary impairment		(304,256)		(304,256)
Loss on other-than- temporary impairment		(304,256)		(304,256)
Equity Securities [Member]
Proceeds	19,210	7,529	128,010	533,813
Gross realized gains	8,711		8,711	996
Gross realized losses			(1,468)	(2,896)
Loss on other-than- temporary impairment
Loss on other-than- temporary impairment
Mortgages [Member]
Proceeds	2,089,278	2,573,436	3,661,522	4,124,035
Gross realized gains	14,416	19,758	17,991	30,809
Gross realized losses
Loss on other-than- temporary impairment
Loss on other-than- temporary impairment
Real Estate Investment [Member]
Proceeds				7,083,246
Gross realized gains				390,202
Gross realized losses
Loss on other-than- temporary impairment
Loss on other-than- temporary impairment

Note 2 - Investments - Availa33

Note 2 - Investments - Available-for-sale Securities - Accumulated Change in Net Unrealized Investment Gains (Losses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fixed Maturities [Member]
Available-for-sale securities - change in unrealized gains	$ 4,452,781	$ (2,723,522)	$ 8,260,179	$ (1,655,536)
Available-for-sale securities - realized gains	142,966	(241,927)	121,708	(217,278)
Equity Securities [Member]
Available-for-sale securities - change in unrealized gains	(1,604)	(32,114)	(6,754)	(37,129)
Available-for-sale securities - realized gains	8,711		7,243	(1,900)
Mortgages [Member]
Available-for-sale securities - realized gains	14,416	19,758	17,991	30,809
Real Estate Investment [Member]
Available-for-sale securities - realized gains				$ 390,202

Note 2 - Investments - Major Ca

Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fixed Maturities [Member]
Investment income	$ 1,533,301	$ 1,245,734	$ 3,100,519	$ 2,419,515
Equity Securities [Member]
Investment income	6,658	8,725	13,840	20,254
Other Long-term Investments [Member]
Investment income	622,502	424,587	1,170,324	838,829
Mortgages [Member]
Investment income	1,328,427	980,728	2,681,498	1,936,872
Policy Loans [Member]
Investment income	26,491	25,165	52,589	50,306
Real Estate Investment [Member]
Investment income	91,968	71,822	183,936	259,410
Short-term Investments [Member]
Investment income	69,874	65,434	142,144	113,626
Investment income	3,679,221	2,822,195	7,344,850	5,638,812
Investment expenses	(420,587)	(317,433)	(726,013)	(726,490)
Net investment income	$ 3,258,634	$ 2,504,762	$ 6,618,837	$ 4,912,322

Note 2 - Investments - Mortgage

Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Commercial Portfolio Segment [Member] | Retail Site [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 1,113,771	$ 1,272,881
Mortgage loans, percentage	1.72%	2.17%
Commercial Portfolio Segment [Member] | Office Building [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 186,238	$ 191,774
Mortgage loans, percentage	0.29%	0.32%
Commercial Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 1,300,009	$ 1,464,655
Mortgage loans, percentage	2.01%	2.49%
Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 63,224,782	$ 57,310,263
Mortgage loans, percentage	97.99%	97.51%
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 64,524,791	$ 58,774,918
Mortgage loans, percentage	100.00%	100.00%

Note 2 - Investments - Investme

Note 2 - Investments - Investment Real Estate (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Land Held for the Production of Income [Member]
Investment real estate	$ 213,160	$ 213,160
Land Held for Sale [Member]
Investment real estate	750,047	750,047
Land [Member]
Investment real estate	963,207	963,207
Building Held for the Production of Income [Member]
Investment real estate	2,267,557	2,267,557
Less - accumulated depreciation	(976,950)	(904,206)
Investment real estate, net	1,290,607	1,363,351
Residential Real Estate - Held for Sale [Member]
Investment real estate	198,622
Investment real estate, net	198,622
Investment real estate, net	$ 2,452,436	$ 2,326,558

Note 3 - Fair Value Measureme37

Note 3 - Fair Value Measurements (Details Textual)	Jun. 30, 2016	Dec. 31, 2015
Number Of Private Placement Common Stocks	2	2

Note 3 - Fair Value Measureme38

Note 3 - Fair Value Measurements - Fair Value Measured on a Recurring Basis (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	3,428,930	2,820,754
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value
US Treasury and Government [Member]
Securities, fair value	3,428,930	2,820,754
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	9,489,414	8,952,605
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value
US States and Political Subdivisions Debt Securities [Member]
Securities, fair value	9,489,414	8,952,605
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	89,300	93,826
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value
Residential Mortgage Backed Securities [Member]
Securities, fair value	89,300	93,826
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	109,144,233	106,750,939
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value
Corporate Debt Securities [Member]
Securities, fair value	109,144,233	106,750,939
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	16,786,989	15,937,903
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value
Foreign Government Debt Securities [Member]
Securities, fair value	16,786,989	15,937,903
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	138,938,866	134,556,027
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value
Debt Securities [Member]
Securities, fair value	138,938,866	134,556,027
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	338,883	324,941
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value
Mutual Funds [Member]
Securities, fair value	338,883	324,941
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value	105,440	211,278
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	53,344	53,760
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value
Preferred Stock [Member]
Securities, fair value	158,784	265,038
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value	230,102	256,321
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value	46,500	46,500
Common Stock [Member]
Securities, fair value	276,602	302,821
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Securities, fair value	335,542	467,599
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Securities, fair value	392,227	378,701
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Securities, fair value	46,500	46,500
Equity Securities [Member]
Securities, fair value	774,269	892,800
Securities, fair value	$ 139,713,135	$ 135,448,827

Note 3 - Fair Value Measureme39

Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Commercial [Member] | Reported Value Measurement [Member]
Mortgage loans on real estate	$ 1,300,009	$ 1,464,655
Commercial [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Mortgage loans on real estate
Commercial [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Mortgage loans on real estate
Commercial [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Mortgage loans on real estate	1,317,503	1,486,601
Commercial [Member] | Estimate of Fair Value Measurement [Member]
Mortgage loans on real estate	1,317,503	1,486,601
Residential [Member] | Reported Value Measurement [Member]
Mortgage loans on real estate	63,224,782	57,310,263
Residential [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Mortgage loans on real estate
Residential [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Mortgage loans on real estate
Residential [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Mortgage loans on real estate	63,327,961	57,356,546
Residential [Member] | Estimate of Fair Value Measurement [Member]
Mortgage loans on real estate	63,327,961	57,356,546
Reported Value Measurement [Member]
Policy loans	1,522,192	1,486,317
Short-term investments	50,033	599,855
Other long-term investments	37,896,791	31,566,927
Cash and cash equivalents	10,806,505	9,047,586
Accrued investment income	2,181,988	2,205,469
Loans from premium financing	68,223	123,824
Total financial assets	117,050,523	103,804,896
Policyholders' account balances	207,963,636	197,688,616
Policy claims	859,740	714,928
Total financial liabilities	208,823,376	198,403,544
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Policy loans
Short-term investments	50,033	599,855
Other long-term investments
Cash and cash equivalents	10,806,505	9,047,586
Accrued investment income
Loans from premium financing
Total financial assets	10,856,538	9,647,441
Policyholders' account balances
Policy claims
Total financial liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Policy loans
Short-term investments
Other long-term investments
Cash and cash equivalents
Accrued investment income
Loans from premium financing
Total financial assets
Policyholders' account balances
Policy claims
Total financial liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Policy loans	1,522,192	1,486,317
Short-term investments
Other long-term investments	48,226,538	37,755,989
Cash and cash equivalents
Accrued investment income	2,181,988	2,205,469
Loans from premium financing	68,223	123,824
Total financial assets	116,420,437	100,414,746
Policyholders' account balances	196,912,001	179,233,152
Policy claims	859,740	714,928
Total financial liabilities	197,771,741	179,948,080
Estimate of Fair Value Measurement [Member]
Policy loans	1,522,192	1,486,317
Short-term investments	50,033	599,855
Other long-term investments	48,226,538	37,755,989
Cash and cash equivalents	10,806,505	9,047,586
Accrued investment income	2,181,988	2,205,469
Loans from premium financing	68,223	123,824
Total financial assets	127,276,975	110,062,187
Policyholders' account balances	196,912,001	179,233,152
Policy claims	859,740	714,928
Total financial liabilities	197,771,741	179,948,080
Policy loans	1,522,192	1,486,317
Short-term investments	50,033	599,855
Accrued investment income	2,181,988	2,205,469
Policy claims	$ 859,740	$ 714,928

Note 4 - Segment Data - Segment

Note 4 - Segment Data - Segment Data - Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Life Insurance Operations [Member]
Revenues	$ 3,602,546	$ 2,828,290	$ 7,347,790	$ 5,691,976
Income (loss) before income taxes	22,562	(99,996)	52,515	2,190
Depreciation and amortization expense	324,040	472,131	998,587	817,745
Annuity Operations [Member]
Revenues	2,718,287	2,221,647	5,355,711	4,405,722
Income (loss) before income taxes	350,169	353,586	578,425	469,091
Depreciation and amortization expense	182,591	150,809	338,503	345,511
Corporate Segment [Member]
Revenues	148,820	119,133	307,059	228,059
Income (loss) before income taxes	29,856	43,373	119,853	205,021
Depreciation and amortization expense		12,563		25,289
Revenues	6,469,653	5,169,070	13,010,560	10,325,757
Income (loss) before income taxes	402,587	296,963	750,793	676,302
Depreciation and amortization expense	$ 506,631	$ 635,503	$ 1,337,090	$ 1,188,545

Note 4 - Segment Data - Segme41

Note 4 - Segment Data - Segment Data - Assets (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Life Insurance Operations [Member]
Assets	$ 48,902,428	$ 44,151,860
Annuity Operations [Member]
Assets	237,429,746	218,172,909
Corporate Segment [Member]
Assets	6,851,689	6,805,073
Assets	$ 293,183,863	$ 269,129,842

Note 5 - Federal Income Taxes (

Note 5 - Federal Income Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)
Domestic Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year	2,012
Domestic Tax Authority [Member] | Latest Tax Year [Member]
Open Tax Year	2,015
Unrecognized Tax Benefits	$ 0

Note 6 - Legal Matters and Co43

Note 6 - Legal Matters and Contingent Liabilities (Details Textual)	Feb. 01, 2016USD ($)
Decreasing Term to 95 [Member] | Pending Litigation [Member]
Loss Contingency, Estimate of Possible Loss	$ 2,548,939

Note 7 - Other Comprehensive 44

Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Balance as of April 1, 2016	$ 345,923	$ 3,563,071	$ (2,695,876)	$ 2,712,694
Other comprehensive income before reclassifications, net of tax	3,682,284	(2,398,050)	6,705,902	(1,529,474)
Less amounts reclassified from accumulated other comprehensive income, net of tax	121,341	(193,541)	103,160	(175,342)
Other comprehensive loss/income	3,560,943	(2,204,509)	6,602,742	(1,354,132)
Balance as of June 30, 2016	3,906,866	1,358,562	3,906,866	1,358,562
Adjustment to Deferred Acquisition Costs [Member]
Balance as of April 1, 2016	(8,045)	(43,141)	40,059	(29,151)
Other comprehensive income before reclassifications, net of tax	(53,666)	28,397	(101,770)	14,407
Less amounts reclassified from accumulated other comprehensive income, net of tax
Other comprehensive loss/income	(53,666)	28,397	(101,770)	14,407
Balance as of June 30, 2016	(61,711)	(14,744)	(61,711)	(14,744)
Balance as of April 1, 2016	337,878	3,519,930	(2,655,817)	2,683,543
Other comprehensive income before reclassifications, net of tax	3,628,618	(2,369,653)	6,604,132	(1,515,067)
Less amounts reclassified from accumulated other comprehensive income, net of tax	121,341	(193,541)	103,160	(175,342)
Other comprehensive loss/income	3,507,277	(2,176,112)	6,500,972	(1,339,725)
Balance as of June 30, 2016	$ 3,845,155	$ 1,343,818	$ 3,845,155	$ 1,343,818

Note 7 - Other Comprehensive 45

Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Other Comprehensive Income (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unrealized holding gains arising during the period, pretax		$ 4,602,854	$ (2,997,563)	$ 8,382,376	$ (1,911,843)
Unrealized holding gains arising during the period, income tax expense (benefit)		920,570	(599,513)	1,676,474	(382,369)
Unrealized holding gains arising during the period, net of tax		3,682,284	(2,398,050)	6,705,902	(1,529,474)
Realized gains (losses) on sales of securities	[1]	151,677	(241,927)	128,951	(219,178)
Income tax expense (benefit)	[2]	30,336	(48,386)	25,791	(43,836)
Less amounts reclassified from accumulated other comprehensive income, net of tax		121,341	(193,541)	103,160	(175,342)
Net unrealized gains on investments, pretax		4,451,177	(2,755,636)	8,253,425	(1,692,665)
Net unrealized gains on investments, income tax expense (benefit)		890,234	(551,127)	1,650,683	(338,533)
Net unrealized gains on investments, net of tax		3,560,943	(2,204,509)	6,602,742	(1,354,132)
Adjustment to deferred acquisition costs, pretax		(67,083)	35,497	(127,213)	18,008
Adjustment to deferred acquisition costs, income tax expense (benefit)		(13,417)	7,100	(25,443)	3,601
Adjustment to deferred acquisition costs, net of tax		(53,666)	28,397	(101,770)	14,407
Total other comprehensive income, pretax		4,384,094	(2,720,139)	8,126,212	(1,674,657)
Total other comprehensive income, income tax expense (benefit)		876,817	(544,027)	1,625,240	(334,932)
Other comprehensive loss/income		$ 3,507,277	$ (2,176,112)	$ 6,500,972	$ (1,339,725)
[1]	These items appear within net realized investment gains and loss on other-than-temporary impairment in the consolidated statement of operations.
[2]	These items appear within federal income taxes in the consolidated statement of operations.

Note 7 - Other Comprehensive 46

Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Realized gains (losses) on sales of securities	[1]	$ 151,677	$ (241,927)	$ 128,951	$ (219,178)
Income tax expense (benefit)	[2]	30,336	(48,386)	25,791	(43,836)
Total reclassification adjustments		$ 121,341	$ (193,541)	$ 103,160	$ (175,342)
[1]	These items appear within net realized investment gains and loss on other-than-temporary impairment in the consolidated statement of operations.
[2]	These items appear within federal income taxes in the consolidated statement of operations.

Note 8 - Allowance for Loan L47

Note 8 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Details Textual) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2012
One Loan Originator [Member] | Independent Mortgage Loan Balances [Member]
Escrow Deposit	$ 525,696		$ 525,696
One Loan Originator [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	24,629,791		21,755,620	$ 16,871,255
All Other Entities [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	39,895,000		37,019,298
Financing Receivable, Allowance for Credit Losses	197,864		183,348
Mortgage Loans on Real Estate, Commercial and Consumer, Net	64,524,791		58,774,918
Financing Receivable, Allowance for Credit Losses	477,526	$ 382,407	380,520	$ 361,629	$ 348,427	$ 323,824
Premiums Receivable, Percent Of Premium							80.00%
Premiums Receivable Down Payment Percent Of Premium							20.00%
Premiums Receivable, Gross	347,885		320,996
Premiums Receivable, Allowance for Doubtful Accounts	$ 279,662		$ 197,172

Note 8 - Allowance for Loan L48

Note 8 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing - Allowance for Loss on Premium Financing (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Residential Portfolio Segment [Member]
Allowance, beginning	$ 182,472	$ 141,395	$ 175,988	$ 116,604
Provision	8,860	14,859	15,344	39,650
Allowance, ending	191,332	156,254	191,332	156,254
Individually evaluated for impairment
Collectively evaluated for impairment	191,332	156,254	191,332	156,254
Individually evaluated for impairment
Collectively evaluated for impairment	38,594,991	31,398,186	38,594,991	31,398,186
Commercial Portfolio Segment [Member]
Allowance, beginning	7,245	9,674	7,360	9,862
Provision	(713)	(1,470)	(828)	(1,658)
Allowance, ending	6,532	8,204	6,532	8,204
Individually evaluated for impairment
Collectively evaluated for impairment	6,532	8,204	6,532	8,204
Individually evaluated for impairment
Collectively evaluated for impairment	1,300,009	1,632,604	1,300,009	1,632,604
Premium Finance Loans [Member]
Allowance, beginning	192,690	197,358	197,172	197,358
Provision	86,972	(187)	82,490	(187)
Allowance, ending	279,662	197,171	279,662	197,171
Individually evaluated for impairment	279,662	192,689	279,662	192,689
Collectively evaluated for impairment		4,482		4,482
Individually evaluated for impairment	347,885	316,514	347,885	316,514
Collectively evaluated for impairment		4,482		4,482
Allowance, beginning	382,407	348,427	380,520	323,824
Provision	95,119	13,202	97,006	37,805
Allowance, ending	477,526	361,629	477,526	361,629
Individually evaluated for impairment	279,662	192,689	279,662	192,689
Collectively evaluated for impairment	197,864	168,940	197,864	168,940
Individually evaluated for impairment	347,885	316,514	347,885	316,514
Collectively evaluated for impairment	$ 39,895,000	$ 33,035,272	$ 39,895,000	$ 33,035,272

Note 8 - Allowance for Loan L49

Note 8 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing - Mortgage Loan to Value Ratios (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Loan to Value Range1 [Member] | Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 15,414,911	$ 15,058,997
Loan to Value Range1 [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	15,414,911	15,058,997
Loan to Value Range 2 [Member] | Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	24,408,263	21,749,312
Loan to Value Range 2 [Member] | Commercial Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net		439,250
Loan to Value Range 2 [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	24,408,263	22,188,562
Loan to Value Range 3 [Member] | Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	11,401,933	9,700,752
Loan to Value Range 3 [Member] | Commercial Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	1,075,411	658,693
Loan to Value Range 3 [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	12,477,344	10,359,445
Loan to Value Range 4 [Member] | Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	9,198,911	8,553,256
Loan to Value Range 4 [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	9,198,911	8,553,256
Loan to Value Range 5 [Member] | Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	1,810,765	1,430,835
Loan to Value Range 5 [Member] | Commercial Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	224,598	366,712
Loan to Value Range 5 [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	2,035,363	1,797,547
Loan to Value Range 6 [Member] | Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	308,850	159,930
Loan to Value Range 6 [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	308,850	159,930
Loan to Value Range 7 [Member] | Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	665,513	650,688
Loan to Value Range 7 [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	665,513	650,688
Loan to Value Range 8 [Member] | Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	15,636	6,493
Loan to Value Range 8 [Member] | Commercial Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net
Loan to Value Range 8 [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	15,636	6,493
Residential Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	63,224,782	57,310,263
Commercial Portfolio Segment [Member]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	1,300,009	1,464,655
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 64,524,791	$ 58,774,918