Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Mar. 06, 2017 | |
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 | |
Entity Public Float | $ 0 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Investments | ||
Available-for-sale fixed maturity securities at fair value (amortized cost: $128,310,265 and $138,028,455 as of December 31, 2016 and 2015, respectively) | $ 129,311,155 | $ 134,556,027 |
Available-for-sale equity securities at fair value (cost: $599,400 and $790,215 as of December 31, 2016 and 2015, respectively) | 638,407 | 892,800 |
Mortgage loans on real estate | 74,371,286 | 58,774,918 |
Investment real estate | 2,506,673 | 2,326,558 |
Policy loans | 1,598,116 | 1,486,317 |
Short-term investments | 599,855 | |
Other long-term investments | 46,788,873 | 31,566,927 |
Total investments | 255,214,510 | 230,203,402 |
Cash and cash equivalents | 34,223,945 | 9,047,586 |
Accrued investment income | 2,176,770 | 2,205,469 |
Recoverable from reinsurers | 1,258,938 | 1,243,618 |
Agents' balances and due premiums | 1,419,250 | 1,070,050 |
Deferred policy acquisition costs | 18,191,990 | 13,015,679 |
Value of insurance business acquired | 5,908,835 | 6,288,200 |
Other assets | 14,858,375 | 6,055,838 |
Total assets | 333,252,613 | 269,129,842 |
Policy liabilities | ||
Policyholders' account balances | 245,346,489 | 197,688,616 |
Future policy benefits | 44,266,227 | 39,464,124 |
Policy claims | 997,814 | 714,928 |
Other policy liabilities | 69,854 | 76,554 |
Total policy liabilities | 290,680,384 | 237,944,222 |
Deferred federal income taxes | 693,470 | 33,210 |
Other liabilities | 5,598,484 | 937,367 |
Total liabilities | 296,972,338 | 238,914,799 |
Shareholders' equity | ||
Common stock, par value $.01 per share (20,000,000 shares authorized, 8,050,173 issued as of December 31, 2016 and 2015, respectively, and 7,802,593 outstanding as of December 31, 2016 and 2015, respectively) | 80,502 | 80,502 |
Additional paid-in capital | 28,684,598 | 28,684,598 |
Treasury stock, at cost (247,580 shares as of December 31, 2016 and 2015) | (893,947) | (893,947) |
Accumulated other comprehensive income (loss) | 818,676 | (2,655,817) |
Accumulated earnings | 7,590,446 | 4,999,707 |
Total shareholders' equity | 36,280,275 | 30,215,043 |
Total liabilities and shareholders' equity | $ 333,252,613 | $ 269,129,842 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Position (Parentheticals) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale fixed maturity securities at cost | $ 128,310,265 | $ 138,028,455 |
Available-for-sale equity securities at cost | $ 599,400 | $ 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 - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | ||
Premiums | $ 12,870,483 | $ 9,822,009 |
Net investment income | 13,190,643 | 11,235,342 |
Net realized investment gains | 729,739 | 684,668 |
Loss on other-than-temporary impairments | (212,342) | (525,750) |
Gain on reinsurance assumption | 588,923 | |
Other income | 139,967 | 95,462 |
Total revenues | 26,718,490 | 21,900,654 |
Benefits and claims | ||
Increase in future policy benefits | 4,786,377 | 3,429,019 |
Death benefits | 3,814,049 | 3,424,098 |
Surrenders | 728,122 | 574,739 |
Interest credited to policyholders | 6,977,306 | 5,675,873 |
Dividend, endowment and supplementary life contract benefits | 296,985 | 323,300 |
Total benefits and claims | 16,602,839 | 13,427,029 |
Policy acquisition costs deferred | (7,445,304) | (5,204,940) |
Amortization of deferred policy acquisition costs | 2,202,367 | 1,563,625 |
Amortization of value of insurance business acquired | 379,365 | 386,214 |
Commissions | 6,882,311 | 4,774,196 |
Other underwriting, insurance and acquisition expenses | 5,677,130 | 4,996,980 |
Total expenses | 7,695,869 | 6,516,075 |
Total benefits, claims and expenses | 24,298,708 | 19,943,104 |
Income before total federal income tax benefit | 2,419,782 | 1,957,550 |
Current federal income tax expense | 37,404 | 405,546 |
Deferred federal income tax benefit | (208,361) | (830,704) |
Total federal income tax benefit | (170,957) | (425,158) |
Net income | $ 2,590,739 | $ 2,382,708 |
Net income per common share basic and diluted (in dollars per share) | $ 0.33 | $ 0.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Net income | $ 2,590,739 | $ 2,382,708 | |
Other Comprehensive Income (loss) | |||
Total net unrealized gains (losses) arising during the period | 4,880,178 | (7,080,796) | |
Less net realized investment gains (losses) | [1] | 470,438 | (320,084) |
Net unrealized gains (losses) | 4,409,740 | (6,760,712) | |
Less adjustment to deferred acquisition costs | 66,626 | (86,513) | |
Other comprehensive income (loss) before income tax expense (benefit) | 4,343,114 | (6,674,199) | |
Income tax expense (benefit) | 868,621 | (1,334,839) | |
Total other comprehensive income (loss) | 3,474,493 | (5,339,360) | |
Total comprehensive income (loss) | $ 6,065,232 | $ (2,956,652) | |
[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 - 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 | ||||
Comprehensive income (loss): | ||||||
Net income | 2,382,708 | 2,382,708 | ||||
Other comprehensive loss | (5,339,360) | (5,339,360) | ||||
Balance at Dec. 31, 2015 | 80,502 | 28,684,598 | (893,947) | (2,655,817) | 4,999,707 | 30,215,043 |
Comprehensive income (loss): | ||||||
Net income | 2,590,739 | 2,590,739 | ||||
Other comprehensive loss | 3,474,493 | 3,474,493 | ||||
Balance at Dec. 31, 2016 | $ 80,502 | $ 28,684,598 | $ (893,947) | $ 818,676 | $ 7,590,446 | $ 36,280,275 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | ||
Net income | $ 2,590,739 | $ 2,382,708 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for depreciation | 146,122 | 228,540 |
Accretion of discount on investments | (1,948,423) | (1,121,476) |
Net realized investment gains | (729,739) | (684,668) |
Loss on other-than-temporary impairments | 212,342 | 525,750 |
Gain on reinsurance assumption | (588,923) | |
Amortization of deferred policy acquisition costs | 2,202,367 | 1,563,625 |
Policy acquisition costs deferred | (7,445,304) | (5,204,940) |
Mortgage loan origination fees deferred | (4,531) | (90,000) |
Amortization of loan origination fees | 112,303 | 62,402 |
Amortization of value of insurance business acquired | 379,365 | 386,214 |
Allowance for mortgage loan losses | 61,079 | 56,882 |
Deferred federal income tax benefit | (208,361) | (830,704) |
Interest credited to policyholders | 6,977,306 | 5,675,873 |
Change in assets and liabilities: | ||
Accrued investment income | 28,699 | (484,696) |
Policy loans | (111,799) | 40,097 |
Short-term investments | 599,855 | 541,344 |
Recoverable from reinsurers | (15,320) | (21,373) |
Agents' balances and due premiums | (349,200) | (505,754) |
Other assets (excludes depreciation of $633 in 2016 and change in receivable for securities sold of $6,286,370 and ($301,525) in 2016 and 2015, respectively) | (2,516,800) | (608,612) |
Future policy benefits | 4,802,103 | 3,461,305 |
Policy claims | 282,886 | 112,659 |
Other policy liabilities | (6,700) | (10,594) |
Other liabilities (excludes change in payable of securities purchased of $234,222 and $3 in 2016 and 2015, respectively) | 4,426,895 | (1,420,117) |
Net cash provided by operating activities | 9,485,884 | 3,465,542 |
Investing activities | ||
Purchases of fixed maturity securities | (11,338,377) | (37,123,963) |
Maturities of fixed maturity securities | 5,599,000 | 2,114,000 |
Sales of fixed maturity securities | 14,933,968 | 6,685,624 |
Purchases of equity securities | (34,340) | (806,537) |
Sales of equity securities | 324,556 | 533,817 |
Reinsurance assumption | 64,935 | |
Purchases of mortgage loans | (33,480,579) | (29,780,501) |
Payments on mortgage loans | 17,550,870 | 9,882,604 |
Purchases of other long-term investments | (17,973,300) | (12,476,814) |
Collections on other long-term investments | 5,436,989 | 4,569,831 |
Sales of real estate | 43,269 | 7,083,246 |
Net change in receivable and payable for securities sold and purchased | (6,052,148) | 301,528 |
Loans repaid for premiums financed | 61 | |
Net cash used in investing activities | (24,990,092) | (48,952,169) |
Financing activities | ||
Policyholders' account deposits | 53,989,462 | 59,274,275 |
Policyholders' account withdrawals | (13,308,895) | (10,783,332) |
Purchases of treasury stock | (38,643) | |
Repayment of notes payable | (4,076,473) | |
Net cash provided by financing activities | 40,680,567 | 44,375,827 |
Increase (decrease) in cash and cash equivalents | 25,176,359 | (1,110,800) |
Cash and cash equivalents, beginning of period | 9,047,586 | 10,158,386 |
Cash and cash equivalents, end of period | $ 34,223,945 | $ 9,047,586 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 633 | |
Change in receivable for securities sold | 6,286,370 | $ (301,525) |
Change in payable of securities purchased | $ 234,222 | $ 3 |
Supplemental Disclosure - Cash
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | During 2016 seven $394,427 In conjunction with these foreclosures, the non-cash impact on investing activities is summarized as follows: Year Ended December 31, 2016 Reductions in mortgage loans due to foreclosure $ 394,427 Investment real estate held-for-sale acquired through foreclosure (394,427 ) Net cash provided (used) in investing activities $ - On April 28, 2015, $3,644,839 $3,055,916 $588,923. third 2015, second 2015. In conjunction with this 2015 Year Ended December 31, 2015 Cash used in reinsurance assumption $ - Cash provided in reinsurance assumption 64,935 Increase in cash from reinsurance assumption 64,935 Fair value of assets acquired in reinsurance assumption (excluding cash) Available-for-sale fixed maturity securities 3,534,093 Policy loans 5,869 Accrued investment income 37,792 Due premiums 2,150 Total fair value of assets acquired (excluding cash) 3,579,904 Fair value of liabilities assumed in reinsurance assumption Policyholders' account balances 2,966,827 Future policy benefits 89,089 Total fair value of liabilities assumed 3,055,916 Fair value of net assets acquired in reinsurance assumption (excluding cash) 523,988 Fair value of net assets acquired in reinsurance assumption (including cash) $ 588,923 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. 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, The Company owns 100% 100% 10, 15, 20 30 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% 2006, 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 has made no premium financing loans since June 30, 2012. Company Capitalization The Company raised $1,450,000 two 2004 $25,669,480 two one June 22, 2005 February 23, 2007; June 29, 2010 April 30, 2012 August 15, 2012 March 8, 2013. 7,347,488 $3,624,518 702,685 two 2011 2012 $5,270,138 $5,270,138 The Company has also purchased 247,580 $893,947 Acquisition of Other Companies On December 23, 2008, 100% $2,695,234 $195,234. On December 31, 2008, 15 $250,000 6% On August 31, 2009, two On December 28, 2011, 100% $13,855,129. On April 28, 2015, $3,644,839 $3,055,916 $588,923. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). 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 financial statements to conform to current year 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 may Investments Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income. The amortized cost of fixed maturity securities available-for-sale is adjusted for amortization of premium and accretion of discount to maturity. Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The amortized cost of fixed maturity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. Equity securities available-for-sale is comprised of mutual funds, common stocks and preferred stocks that are carried at fair value. The associated unrealized gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income. The cost of equity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. Dividends from these investments are recognized in net investment income when declared. The Company evaluates the difference between the cost or amortized cost and estimated fair value of its investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in stockholders' equity. If a decline in a security's fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no change to the cost basis of the security. For equity securities available-for-sale, the amount of any other-than-temporary impairment is recognized in earnings and reflected as a reduction in the cost basis of the security. The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management's judgment as to the financial position and future prospects of the entity issuing the security. It is not possible to accurately predict when it may Likewise, if a change occurs in the Company’s intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not that the Company will be required to sell such securities prior to recovery in value or maturity, a future impairment charge could result. If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security's expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. Mortgage loans are carried at unpaid balances, net of unamortized premium or discounts. Interest income and the amortization of premiums or discounts are included in net investment income. Mortgage loan fees, certain direct loan origination costs, and purchase premiums and discounts on loans are recognized as an adjustment of yield by the interest method based on the contractual terms of the loan. In certain circumstances, prepayments may Investment real estate in buildings held for the production of income is carried at cost less accumulated depreciation. Depreciation on investment real estate in buildings held for the production of income is calculated over an estimated useful life of 19 Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Other long term investments are comprised of lottery prize receivables and are carried at amortized cost, net of unamortized discount. Interest income and the accretion of discount are included in net investment income. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and money market instruments. Short-term investments Short-term investments include funds that have a maturity of more than 90 one Investment Income and Realized Gains and Losses on Sales of Investments Interest and dividends earned on investments are included in net investment income. Realized gains and losses on sales of investments are recognized in operations on the specific identification basis. Deferred Policy Acquisition Costs Commissions and other acquisition costs which vary with and are primarily related to the successful production of new business are deferred and amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. Deferred acquisition costs for the successful production of traditional life insurance contracts are deferred to the extent deemed recoverable and amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Deferred acquisition costs related to the successful production of insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed (i.e., limited-payment long-duration annuity contracts) are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. To the extent that realized gains and losses on fixed income securities result in adjustments to deferred acquisition costs related to insurance and annuity products, such adjustments are reflected as a component of the amortization of deferred acquisition costs. Deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income (Loss)” in the shareholders’ equity section of the statement of financial position. Allowance for Loan Losses from Mortgage Loans and 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 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. Property and Equipment Property and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and computer software is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three ten Reinsurance The Company cedes reinsurance under various agreements allowing management to control exposure to potential losses arising from large risks and providing additional capacity for growth. Estimated reinsurance recoverable balances are reported as assets and are recognized in a manner consistent with the liabilities related to the underlying reinsured contracts. Value of Insurance Business Acquired As a result of the Company’s purchases of FLAC and FBLIC, an asset was recorded in the application of purchase accounting to recognize the value of acquired insurance in force. The Company’s value of acquired insurance in force is an intangible asset with a definite life and is amortized under Financial Accounting Standards Board (“FASB”) guidance. The value of acquired insurance in force is amortized primarily over the emerging profit of the related policies using the same assumptions that were used in computing liabilities for future policy benefits. For the amortization of the value of acquired insurance in force, the Company periodically reviews its estimates of gross profits. The most significant assumptions involved in the estimation of gross profits include interest rate spreads, future financial market performance, business surrender/lapse rates, mortality and morbidity, expenses and the impact of realized investment gains and losses. In the event actual experience differs significantly from assumptions or assumptions are significantly revised, the Company is required to record a charge or credit to amortization expense for the period in which an adjustment is made. As of December 31, 2016 2015, $2,831,043 $2,451,678, five $339,942 2017, $331,886 2018, $308,179 2019, $283,088 2020 $262,097 2021. Other Assets and Other Liabilities Other assets consist primarily of receivable for securities sold, recoverable federal and state income taxes, receivables from mortgage loans and other long-term assets (lottery receivables), guaranty funds, notes receivable, customer account balances receivable, prepaid expenses, other receivables, property and equipment and loans from premium financing. Other liabilities consist primarily of accrued expenses, accounts payable, deposits on pending policy applications, payable for securities purchased and unearned investment income. Policyholders’ Account Balances The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.25% 4.50%. 2.50% 4.00%. Future Policy Benefits The Company’s liability for future policy benefits is primarily comprised of the present value of estimated future payments to or on behalf of policyholders, where the timing and amount of payment depends on policyholder mortality or morbidity, less the present value of future net premiums. For life insurance and annuity products, expected mortality and morbidity is generally based on the Company’s historical experience or standard industry tables including a provision for the risk of adverse deviation. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality, morbidity and interest rate assumptions are “locked-in” upon the issuance of new insurance with fixed and guaranteed terms, significant changes in experience or assumptions may Policy Claims Policy claim liabilities represent the estimated liabilities for claims reported plus estimated incurred but not yet reported claims developed from trends of historical market data applied to current exposure. Federal Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under U.S. GAAP and balances determined using tax bases. A valuation allowance is established for the amount of the deferred tax asset that exceeds the amount of the estimated future taxable income needed to utilize the future tax benefits. Common Stock Common stock is fully paid, non-assessable and has a par value of $.01 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. Accumulated Other Comprehensive Income (Loss) FASB guidance requires the inclusion of unrealized gains or losses on available-for-sale securities, net of tax, as a component of other comprehensive income (loss). Unrealized gains and losses recognized in accumulated other comprehensive income (loss) that are later recognized in net income through a reclassification adjustment are identified on the specific identification method. In addition, deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income (loss)” in the shareholders’ equity section of the statement of financial position. Revenues and Expenses Revenues on traditional life insurance products consist of direct premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Acquisition costs for traditional life insurance contracts are deferred to the extent deemed recoverable and are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Traditional life insurance products are treated as long-duration contracts since they are ordinary whole life insurance products, which generally remain in force for the lifetime of the insured. Deferred acquisition costs related to insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. These insurance and annuity contracts are treated as long-duration insurance contracts since the Company is subject to risk from policyholder mortality and morbidity over an extended period. Net Income per Common Share Net income per common share basic and diluted is calculated using the weighted average number of common shares outstanding and subscribed during the year. The weighted average outstanding and subscribed common shares basic and diluted for the years ended December 31, 2016 2015 7,802,593 7,804,566 Subsequent Events Management has evaluated all events subsequent to December 31, 2016 Recent Accounting Pronouncements Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, The revised guidance only allows disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity) and that have a major effect on a reporting entity's operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. The updated guidance was effective for the quarter ending March 31, 2015. Revenue from Contracts with Customers In May 2014, (1) (2) (3) (4) (5) In July 2015, one March 31, 2018. 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 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, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, one 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 The guidance is effective for annual periods ending after December 15, 2016, 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, 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. Receivables – Troubled Debt Restructurings by Creditors In January 2015, December 15, 2015. Amendments to the Consolidation Analysis In February 2015, The updated guidance is effective for annual and interim periods beginning after December 15, 2015. Simplifying the Presentation of Debt Issuance Costs In April 2015, December 15, 2015. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, December 15, 2015. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. 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, 12 The accounting applied by the lessor is largely unchanged from that applied under previous U.S. GAAP. Key aspects of the lessor accounting model, however, were aligned with the revenue recognition guidance of Codification Topic 606. 2016 02 842). Entities will generally continue to account for leases that commenced before the effective date of this update in accordance with previous U.S. GAAP unless the lease is modified. Lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimal rental payments that were tracked and disclosed under previous U.S. GAAP. The updated guidance is to be applied using a modified retrospective approach effective for annual and interim periods beginning after December 15, 2018. Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting In March 2016, December 15, 2016, Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments In March 2016, December 15, 2016. Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, 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. December 15, 2018. Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In August 2016, eight December 15, 2017, Consolidation – Interests Held through Related Parties that Are Under Common Control In October 2016, December 15, 2016, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In November 2016, December 15, 2017, Business Combinations – Clarifying the Definition of a Business In January 2017, The updated guidance is effective for annual and interim periods beginning after December 15, 2017, Intangibles – Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, December 15, 2017, January 1, 2017. |
Note 2 - Investments
Note 2 - Investments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Fixed Maturity and Equity Securities Available-For-Sale Investments in fixed maturity and equity securities available-for-sale as of December 31, 2016 2015 Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value December 31, 2016 Fixed maturity securities U.S. government and U.S. government agencies $ 3,157,889 $ 99,086 $ 71,592 $ 3,185,383 States and political subdivisions 9,172,533 144,947 66,584 9,250,896 Residential mortgage-backed securities 33,970 36,757 - 70,727 Corporate bonds 100,268,424 2,324,712 1,613,095 100,980,041 Foreign bonds 15,677,449 394,742 248,083 15,824,108 Total fixed maturity securities 128,310,265 3,000,244 1,999,354 129,311,155 Equity securities Mutual funds 344,783 - 2,869 341,914 Corporate preferred stock 99,945 - 3,585 96,360 Corporate common stock 154,672 45,461 - 200,133 Total equity securities 599,400 45,461 6,454 638,407 Total fixed maturity and equity securities $ 128,909,665 $ 3,045,705 $ 2,005,808 $ 129,949,562 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 December 31, 2016 2015 Unrealized Number of Fair Value Loss Securities December 31, 2016 Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 1,878,308 $ 71,592 6 States and political subdivisions 2,532,653 66,584 14 Corporate bonds 23,721,217 696,066 92 Foreign bonds 5,087,133 155,833 16 Total less than 12 months 33,219,311 990,075 128 More than 12 months Corporate bonds 8,004,923 917,029 36 Foreign bonds 1,024,548 92,250 6 Total more than 12 months 9,029,471 1,009,279 42 Total fixed maturity securities 42,248,782 1,999,354 170 Equity securities Less than 12 months Corporate preferred stock 96,360 3,585 2 Total less than 12 months 96,360 3,585 2 More than 12 months Mutual funds 89,113 2,869 1 Total more than 12 months 89,113 2,869 1 Total equity securities 185,473 6,454 3 Total fixed maturity and equity securities $ 42,434,255 $ 2,005,808 $ 173 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 December 31, 2016, 170 $1,999,354, $42,248,782 $44,248,136. December 31, 2016. 170 95%. The Company recorded one 2016. 2016, $650,000 $207,450 December 31, 2016. The Company has experienced no additional other-than-temporary impairments on fixed maturity available-for-sale securities during 2016. As of December 31, 2015, 290 $5,720,175, $69,044,947 $74,765,122. December 31, 2015 290 92%. The Company also recorded one 2015. 2015, $600,000 $502,013 December 31, 2015. As of December 31, 2016, three $6,454, $185,473 $191,927. 97%. As of December 31, 2015, three $20,646, $225,630 $246,276. 92%. Fixed maturity securities were 92% 94% December 31, 2016 December 31, 2015, 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 For any fixed maturity securities that are other-than-temporarily impaired, the Company determines the portion of the other-than-temporary impairment that is credit-related and the portion that is related to other factors. The credit-related portion is the difference between the expected future cash flows and the amortized cost basis of the fixed maturity security, and that difference is charged to earnings. The non-credit-related portion representing the remaining difference to fair value is recognized in other comprehensive income (loss). Only in the case of a credit-related impairment where management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains (losses) in the consolidated statements of operations. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of operations in the periods incurred as the difference between fair value and cost. Based on management’s review, the Company experienced one December 31, 2016 one December 31, 2015. one 2016 one 2015, December 31, 2016, Net unrealized gains included in other comprehensive income for investments classified as available-for-sale, net of the effect of deferred income taxes and deferred acquisition costs assuming that the appreciation had been realized as of December 31, 2016 2015 December 31, 2016 December 31, 2015 Unrealized appreciation (depreciation) on available-for-sale securities $ 1,039,897 $ (3,369,843 ) Adjustment to deferred acquisition costs (16,553 ) 50,073 Deferred income (taxes) benefit (204,668 ) 663,953 Net unrealized appreciation (depreciation) on available-for-sale securities $ 818,676 $ (2,655,817 ) The amortized cost and fair value of fixed maturity available-for-sale securities as of December 31, 2016, December 31, 2016 Amortized Cost Fair Value Due in one year or less $ 8,590,830 $ 8,657,318 Due in one year through five years 30,254,568 30,912,175 Due after five years through ten years 43,556,384 44,016,351 Due after ten years 45,874,513 45,654,584 Due at multiple maturity dates 33,970 70,727 $ 128,310,265 $ 129,311,155 Expected maturities will differ from contractual maturities because borrowers may Proceeds and gross realized gains (losses) from the sales, calls and maturities of fixed maturity and equity securities available-for-sale, mortgage loans on real estate and investment real estate for the years ended December 31, 2016 2015 Years Ended December 31, Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2016 2015 2016 2015 2016 2015 2016 2015 Proceeds $ 20,532,968 $ 8,799,624 $ 324,556 $ 533,817 $ 17,550,870 $ 9,882,604 $ 43,269 $ 7,083,246 Gross realized gains 643,041 262,209 100,869 996 101,104 112,537 - 390,202 Gross realized losses (64,554 ) (78,378 ) (1,468 ) (2,898 ) (28,591 ) - (20,662 ) - Loss on other-than- temporary impairment (207,450 ) (502,013 ) - - - (23,737 ) (4,892 ) - The accumulated change in net unrealized investment gains for fixed maturity and equity securities available-for-sale for the years ended December 31, 2016 2015 December 31, 2016 2015 Years Ended December 31, 2016 2015 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ 4,473,318 $ (6,711,535 ) Equity securities (63,578 ) (49,177 ) Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 578,487 183,831 Equity securities 99,401 (1,902 ) Mortgage loans on real estate 72,513 112,537 Investment real estate (20,662 ) 390,202 Mortgage Loans on Real Estate The Company’s mortgage loans by property type as of December 31, 2016 2015 December 31, 2016 December 31, 2015 Amount Percentage Amount Percentage Commercial mortgage loans Retail stores $ 1,075,324 1.45 % $ 1,272,881 2.17 % Office buildings 179,484 0.24 % 191,774 0.32 % Total commercial mortgage loans 1,254,808 1.69 % 1,464,655 2.49 % Residential mortgage loans 73,116,478 98.31 % 57,310,263 97.51 % Total mortgage loans $ 74,371,286 100.00 % $ 58,774,918 100.00 % 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 December 31, 2016 2015 As of December 31, Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans Loan-To-Value Ratio 2016 2015 2016 2015 2016 2015 Over 70% to 80% $ 14,559,541 $ 15,058,997 $ - $ - $ 14,559,541 $ 15,058,997 Over 60% to 70% 29,738,887 21,749,312 - 439,250 29,738,887 22,188,562 Over 50% to 60% 15,440,364 9,700,752 1,051,155 658,693 16,491,519 10,359,445 Over 40% to 50% 10,399,031 8,553,256 - - 10,399,031 8,553,256 Over 30% to 40% 2,184,351 1,430,835 203,653 366,712 2,388,004 1,797,547 Over 20% to 30% 467,410 159,930 - - 467,410 159,930 Over 10% to 20% 317,936 650,688 - - 317,936 650,688 10% or less 8,958 6,493 - - 8,958 6,493 Total $ 73,116,478 $ 57,310,263 $ 1,254,808 $ 1,464,655 $ 74,371,286 $ 58,774,918 The outstanding principal balance of mortgage loans, by the most significant states, as of December 31, 2016 2015 December 31, 2016 December 31, 2015 Amount Percentage Amount Percentage Arizona $ 735,704 0.99 % $ 977,946 1.66 % California 3,516,796 4.73 % 4,164,249 7.09 % Colorado 846,964 1.14 % 914,802 1.56 % Connecticut 245,547 0.33 % 273,369 0.47 % Florida 14,157,109 19.04 % 7,014,486 11.93 % Georgia 6,761,450 9.09 % 8,238,987 14.02 % Illinois 10,984,320 14.77 % 6,765,802 11.51 % Indiana 548,783 0.74 % 451,539 0.77 % Kentucky 104,490 0.14 % 207,133 0.35 % Louisiana 256,971 0.35 % 336,896 0.57 % Michigan 491,692 0.66 % 500,148 0.85 % Minnesota 216,640 0.29 % 222,271 0.38 % Mississippi 213,286 0.29 % 139,970 0.24 % Missouri 2,466,872 3.32 % 2,890,674 4.92 % Nevada 554,223 0.75 % - 0.00 % New York 419,620 0.56 % 484,202 0.82 % North Carolina 1,048,442 1.41 % 1,011,167 1.72 % Ohio 1,737,406 2.34 % 386,740 0.66 % Oklahoma 354,890 0.48 % 227,526 0.39 % Pennsylvania 224,879 0.30 % 237,978 0.40 % South Carolina 345,682 0.46 % 1,334,346 2.27 % Tennessee 1,190,701 1.60 % 1,360,719 2.32 % Texas 26,141,950 35.14 % 19,001,668 32.33 % Utah - 0.00 % 277,440 0.47 % Washington 247,125 0.33 % 699,963 1.19 % Wisconsin 286,319 0.38 % 124,787 0.21 % All other states 273,425 0.37 % 530,110 0.90 % $ 74,371,286 100.00 % $ 58,774,918 100.00 % There were 11 $1,208,379 90 December 31, 2016. five $531,026 90 December 31, 2015. There were no December 31, 2016. three $196,606 December 31, 2015. During 2016 seven $394,427 The principal balances of the 755 December 31, 2016 $73,116,478 $2,148 $864,562 5.40% 20.78%. four December 31, 2016 $1,254,808 $180,386 $451,554 5.75% 8.25%. The principal balances of the 650 December 31, 2015 $57,310,263 $6,251 $876,540 5.00% 18.34%. five December 31, 2015 $1,464,655 $122,449 $469,265 5.75% 8.25%. There are allowances for losses on mortgage loans of $244,427 $183,348 December 31, 2016 2015, December 31, 2016, $525,063 third one As of December 31, 2015, $534,330 third one In 2016 In 2015 one $23,737 Investment real estate As introduced above, during 2016 seven $394,427 November 30, 2016, one $63,931. $20,662 $43,269. TLIC owns approximately six one 20,000 one fourth one four three one 2016 $4,892 On March 11, 2015, $6,693,044. $390,202 $7,083,246 $20,119. The Company’s investment real estate as of December 31, 2016 2015 December 31, 2016 2015 Land - held for the production of income $ 213,160 $ 213,160 Land - held for investment 745,155 750,047 Total land 958,315 963,207 Building - held for the production of income 2,267,557 2,267,557 Less - accumulated depreciation (1,049,695 ) (904,206 ) Buildings net of accumulated depreciation 1,217,862 1,363,351 Residential real estate - held for sale 330,496 - Total residential real estate 330,496 - Investment real estate, net of accumulated depreciation $ 2,506,673 $ 2,326,558 Other Long-Term Investments The Company’s investment in lottery prize cash flows was $46,788,873 $31,566,927 December 31, 2016 2015, The amortized cost and estimated fair value of lottery prize cash flows, by contractual maturity, as of December 31, 2016 December 31, 2016 Amortized Cost Fair Value Due in one year or less $ 6,348,537 $ 6,450,263 Due in one year through five years 18,336,787 19,821,696 Due after five years through ten years 13,016,677 15,570,507 Due after ten years 9,086,872 14,047,963 $ 46,788,873 $ 55,890,429 The outstanding balance of lottery prize cash flows, by state lottery, as of December 31, 2016 2015 December 31, 2016 December 31, 2015 Amount Percentage Amount Percentage Arizona $ 67,009 0.14 % $ 79,461 0.25 % California 3,725,329 7.96 % 4,133,665 13.09 % Connecticut 1,554,844 3.32 % 908,327 2.88 % Florida 92,721 0.20 % 135,379 0.43 % Georgia 1,179,442 2.52 % 984,152 3.12 % Illinois 565,667 1.21 % 614,640 1.95 % Indiana 1,303,314 2.79 % 918,855 2.91 % Kentucky 28,411 0.06 % 54,412 0.17 % Maine 239,011 0.51 % 270,767 0.86 % Massachusetts 10,262,521 21.93 % 5,188,885 16.44 % Michigan 307,892 0.66 % 320,497 1.02 % Missouri 122,945 0.26 % - 0.00 % New Jersey 61,823 0.13 % - 0.00 % New York 19,633,916 41.97 % 14,213,676 45.02 % Ohio 3,476,857 7.43 % 260,406 0.82 % Pennsylvania 1,027,361 2.20 % 437,920 1.39 % Texas 2,540,038 5.43 % 2,734,028 8.66 % Vermont 293,573 0.63 % - 0.00 % Washington 306,199 0.65 % 311,857 0.99 % $ 46,788,873 100.00 % $ 31,566,927 100.00 % Major categories of net investment income for the years ended December 31, 2016 2015 Years Ended December 31, 2016 2015 Fixed maturity securities $ 5,970,940 $ 5,542,312 Equity securities 27,364 39,329 Other long-term investments 2,685,639 1,877,725 Mortgage loans 5,774,229 4,492,150 Policy loans 107,541 101,344 Real estate 340,032 449,034 Short-term and other investments 44,013 12,278 Gross investment income 14,949,758 12,514,172 Investment expenses (1,759,115 ) (1,278,830 ) Net investment income $ 13,190,643 $ 11,235,342 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. 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 may Level 1 1 Level 2 1 2 Level 3 3 The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three may 3 3 The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of December 31, 2016 2015 Level 1 Level 2 Level 3 Total December 31, 2016 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,185,383 $ - $ 3,185,383 States and political subdivisions - 9,250,896 - 9,250,896 Residential mortgage-backed securities - 70,727 - 70,727 Corporate bonds - 100,980,041 - 100,980,041 Foreign bonds - 15,824,108 - 15,824,108 Total fixed maturity securities $ - $ 129,311,155 $ - $ 129,311,155 Equity securities, available-for-sale Mutual funds $ - $ 341,914 $ - $ 341,914 Corporate preferred stock 96,360 - - 96,360 Corporate common stock 138,633 - 61,500 200,133 Total equity securities $ 234,993 $ 341,914 $ 61,500 $ 638,407 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 December 31, 2016 2015, 3 two 2016, one These private placement stocks represent investments in small insurance holding companies. The fair value for these securities was determined through the use of unobservable assumptions about market participants. The Company has assumed a willing market participant would purchase the securities for the same price as the Company paid until such time as these small insurance holding companies commence operations. Fair values for Level 1 2 third third 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 2 2 The Company’s equity securities are included in Level 1 2 3. 1 2 The Company’s fixed maturity and equity securities available-for-sale portfolio is highly liquid and allows for a high percentage of the portfolio to be priced through pricing services. The change in the fair value of the Company’s Level 3 December 31, 2016 2015 Year Ended December 31, 2016 2015 Beginning balance $ 46,500 $ 46,500 Purchases 15,000 - Sales - - Impairment - - Ending balance $ 61,500 $ 46,500 Fair Value of Financial Instruments The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value as of December 31, 2016 2015, Carrying Fair Amount Value Level 1 Level 2 Level 3 December 31, 2016 Financial assets Mortgage loans on real estate Commercial $ 1,254,808 $ 1,268,140 $ - $ - $ 1,268,140 Residential 73,116,478 70,383,661 - - 70,383,661 Policy loans 1,598,116 1,598,116 - - 1,598,116 Other long-term investments 46,788,873 55,890,429 - - 55,890,429 Cash and cash equivalents 34,223,945 34,223,945 34,223,945 - - Accrued investment income 2,176,770 2,176,770 - - 2,176,770 Total financial assets $ 159,158,990 $ 165,541,061 $ 34,223,945 $ - $ 131,317,116 Financial liabilities Policyholders' account balances $ 245,346,489 $ 206,541,702 $ - $ - $ 206,541,702 Policy claims 997,814 997,814 - - 997,814 Total financial liabilities $ 246,344,303 $ 207,539,516 $ - $ - $ 207,539,516 December 31, 2015 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 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, 2 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 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 - Special Deposits
Note 4 - Special Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 4. TLIC and FBLIC are required to hold assets on deposit for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of December 31, 2016 2015, $4,099,405 $3,989,742, As of December 31, 2016 2015, $4,125,116 $4,034,042, |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Premium Financing Loans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Premiums Receivable Note [Text Block] | 5. Allowance for Loan Losses from Mortgage Loans on Real Estate and Premium Financing Loans As of December 31, 2016, $525,063 third $25,523,757 one $244,427 $48,847,529 December 31, 2016. As of December 31, 2015, $534,330 third $21,755,620 one $183,348 $37,019,298 December 31, 2015. Through June 30, 2012, 80% 20% 25 $320,996 December 31, 2015 losses of $197,172 December 31, 2015. 2016 December 2016, June 30, 2012. 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 years ended December 31, 2016 2015 $25,523,757 $21,755,620 December 31, 2016 2015, one third Years Ended December 31, 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 - - - - (347,885 ) - (347,885 ) - Recoveries - - - - - (186 ) - (186 ) Provision 62,133 59,384 (1,054 ) (2,502 ) 150,713 - 211,792 56,882 Allowance, ending $ 238,121 $ 175,988 $ 6,306 $ 7,360 $ - $ 197,172 $ 244,427 $ 380,520 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 192,690 $ - $ 192,690 Collectively evaluated for impairment $ 238,121 $ 175,988 $ 6,306 $ 7,360 $ - $ 4,482 $ 244,427 $ 187,830 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 316,514 $ - $ 316,514 Collectively evaluated for impairment $ 47,592,721 $ 35,554,643 $ 1,254,808 $ 1,464,655 $ - $ 4,482 $ 48,847,529 $ 37,023,780 |
Note 6 - Deferred Policy Acquis
Note 6 - Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deferred Policy Acquisition Costs [Text Block] | 6. The balances of and changes in deferred acquisition costs as of and for the years ended December 31, 2016 2015 2016 2015 Balance, beginning of year $ 13,015,679 $ 9,287,851 Capitalization of commissions, sales and issue expenses 7,445,304 5,204,940 Amortization (2,202,367 ) (1,563,625 ) Deferred acquisition costs allocated to investments (66,626 ) 86,513 Balance, end of year $ 18,191,990 $ 13,015,679 |
Note 7 - Federal Income Taxes
Note 7 - Federal Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. FTFC files a consolidated federal income tax return with FTCC but does not file a consolidated tax return with TLIC or FBLIC. TLIC and FBLIC are taxed as life insurance companies under the provisions of the Internal Revenue Code. Life insurance companies must file separate tax returns until they have been a member of the consolidated filing group for five 2016 2015, 2015 2014 2016 2017. Certain items included in income reported for financial statement purposes are not included in taxable income for the current period, resulting in deferred income taxes. A reconciliation of federal income tax benefit computed by applying the federal income tax rate of 34% December 31, 2016 2015 Years Ended December 31, 2016 2015 Expected tax expense $ 822,726 $ 665,567 Net operating losses (690,905 ) (692,856 ) Deferred policy acquisition costs (651,873 ) (431,020 ) Accrual of discount (183,393 ) (90,611 ) Small life insurance company deduction (62,303 ) (481,855 ) Adjustment of prior years' taxes (15,075 ) 2,970 Value of life insurance business acquired 53,111 54,069 Capital gain taxes 72,249 266,528 Difference in book versus tax basis of available-for-sale fixed maturity securities 159,763 10,681 Future policy benefits 282,062 282,823 Other 42,681 (11,454 ) Total income tax benefit $ (170,957 ) $ (425,158 ) Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2016 2015 December 31, 2016 2015 Deferred tax liabilities: Net unrealized investment gains $ 204,668 $ - Available-for-sale fixed maturity securities 232,889 315,195 Deferred policy acquisition costs 2,944,563 2,013,315 Reinsurance recoverable 251,788 246,318 Investment real estate 35,940 36,000 Value of insurance business acquired 1,181,767 1,257,640 Due premiums 25,914 23,556 Mortgage loans - 21,444 Other assets 5,819 4,370 Other 3,798 5,936 Total deferred tax liabilities 4,887,146 3,923,774 Deferred tax assets: Net unrealized investment losses - 663,953 Policyholders' account balances and future policy benefits 1,965,397 1,554,886 Policy claims 25,983 23,658 Unearned investment income 9,491 10,583 Available-for-sale equity securities 48,945 73,474 Mortgage loans 7,578 - Alternative minimum tax carryforward 276,571 267,383 Net operating loss carryforward 1,843,238 1,957,917 Net capital loss carryforward 14,450 14,450 Dividend liability 10,652 11,083 Other 5,821 4,372 Total deferred tax assets 4,208,126 4,581,759 Valuation allowance (14,450 ) (691,195 ) Net deferred tax assets 4,193,676 3,890,564 Net deferred tax liabilities $ 693,470 $ 33,210 FTFC has net operating loss carryforwards of $5,320,326 2024 2033. $42,500 2018 December 31, 2016 2015 2016, $299,347 January 1, 2016 2016 2015, $53,529 January 1, 2015 2015 Due to FTFC’s taxable income generated in 2016, 2015 2014 $1,699,953 2016 $2,000,000 2015 TLIC has net operating loss carry forwards of $116,225, 2023 may 2016, $135,000 January 1, 2016 2016 2015, $135,000 January 1, 2015 2015 FBLIC has net operating loss carry forwards of $55,409, 2016 2031. may 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, have not accrued any such amounts. The Company files U.S. federal income tax returns and income tax returns in various state jurisdictions. The 2013 2016 |
Note 8 - Reinsurance
Note 8 - Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | 8. TLIC participates in reinsurance in order to provide risk diversification, additional capacity for future growth and limit the maximum net loss potential arising from large risk. TLIC reinsures all amounts of risk on any one $75,000 TLIC is a party to an Automatic Retrocession Pool Agreement (the “Reinsurance Pool”) with Optimum Re, Catholic Order of Foresters, American Home Life Insurance Company and Woodmen of the World. The agreement provides for automatic retrocession of coverage in excess of Optimum Re’s retention on business ceded to Optimum Re by the other parties to the Reinsurance Pool. TLIC’s maximum exposure on any one $75,000. January 1, 2008, Effective September 29, 2005, 50/50 January 1, 2005. 50% June 24, 2006, FBLIC also participates in reinsurance in order to provide risk diversification, additional capacity for future growth and limit the maximum net loss potential arising from large risk. FBLIC reinsures initial amounts of risk on any one $75,000 To the extent that the reinsurance companies are unable to meet their obligations under the reinsurance agreements, TLIC and FBLIC remain primarily liable for the entire amount at risk. Reinsurance assumed and ceded amounts for TLIC and FBLIC for 2016 2015 2016 2015 Premiums assumed $ 42,342 $ 49,173 Commissions and expense allowances assumed 57 117 Benefits assumed 21,864 54,868 Reserve credits assumed 59,226 56,790 In force amount assumed 17,621,570 18,384,754 Premiums ceded 375,796 385,571 Commissions and expense allowances ceded 4,716 10,530 Benefits ceded 197,467 243,183 Reserve credits ceded 1,057,934 1,042,395 In force amount ceded 53,453,666 60,400,768 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 9. The Company leases 6,769 five October 1, 2010 October 1, 2015 five $7,897 October 1, 2010 September 30, 2015. $8,461 October 1, 2015 September 30, 2016 $8,630 October 1, 2016 September 30, 2017 two twelve October 1, 2017 September 30, 2020. $93,415 $67,961 December 31, 2016 2015, On January 1, 2011, $120,000 September 30, 2015 $18,947 nine September 30, 2015. October 1, 2015, $54,152 December 31, 2016, $39,509 $8,627 December 31, 2016 $1,250 three December 31, 2015. $104,090, $106,189, $108,304 $82,446 2017 2020, TLIC owns approximately six one 20,000 one fourth TLIC executed a two January 1, 2015, 7,500 January 1, 2017, two $8,696 2015, 2016, 2017 2018. TLIC renewed a five June 1, 2011, 10,000 June 1, 2014, 180 $17,750. This 10,000 five June 1, 2016 May 31, 2021, five June 1, 2021 May 31, 2026. June 1, 2021, 120 $16,598 June 1, 2016 June 30, 2016 $12,275 $4,323 July 1, 2016, $88,833 tenant 59 5.00%. $18,299 July 1, 2016 May 31, 2021 $12,275 $4,323 $1,701 tenant first five $17,850 $13,527 $4,323 A five September 1, 2010 2,500 90 September 1, 2015 August 31, 2017 three August 31, 2020. September 1, 2017, 120 $3,100 January 1, 2015 August 31, 2015. $4,236 September 1, 2015 August 31, 2016 $4,249 September 1, 2016 August 31, 2017. The future minimum lease payments to be received under the non-cancellable lease agreement are $357,932, $323,938, $219,592, $219,592 $91,497 2017 2021, |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity and Statury Accounting Practices | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. TLIC is domiciled in Oklahoma and prepares its statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Oklahoma Insurance Department. FBLIC is domiciled in Missouri and prepares its statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Missouri Department of Insurance. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners, state laws, regulations, and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions and valuing investments, deferred taxes, and certain assets on a different basis. The statutory net income for TLIC amounted to $1,927,154 $2,191,094 December 31, 2016 2015, $11,129,493 $10,771,192 December 31, 2016 2015, $6,645 $548,318 December 31, 2016 2015, $9,141,799 $10,308,963 December 31, 2016 2015, TLIC is subject to Oklahoma laws and FBLIC is subject to Missouri laws that limit the amount of dividends insurance companies can pay to stockholders without approval of the respective Departments of Insurance. The maximum dividend, which may twelve 10% December 31 may $1,852,287 2017 $914,179 2017 $1,000,000 2016 2015. |
Note 11 - Segment Data
Note 11 - Segment Data | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. 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 and for the years ended December 31, 2016 2015 Year Ended December 31, 2016 2015 Revenues: Life insurance operations $ 14,996,543 $ 11,847,640 Annuity operations 11,135,950 9,647,120 Corporate operations 585,997 405,894 Total $ 26,718,490 $ 21,900,654 Income before income taxes: Life insurance operations $ 866,648 $ 852,489 Annuity operations 1,271,600 935,945 Corporate operations 281,534 169,116 Total $ 2,419,782 $ 1,957,550 Depreciation and amortization expense: Life insurance operations $ 2,081,066 $ 1,548,725 Annuity operations 759,091 609,732 Corporate operations - 82,324 Total $ 2,840,157 $ 2,240,781 December 31, 2016 2015 Assets: Life insurance operations $ 50,577,282 $ 44,151,860 Annuity operations 275,745,766 218,172,909 Corporate operations 6,929,565 6,805,073 Total $ 333,252,613 $ 269,129,842 |
Note 12 - Concentrations of Cre
Note 12 - Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 12. Credit risk is limited by diversifying the Company’s investments. The Company maintains cash and cash equivalents at multiple institutions. The Federal Deposit Insurance Corporation insures accounts up to $250,000. $22,117,921 December 31, 2016. 2. |
Note 13 - Contingent Liabilitie
Note 13 - Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 13. A lawsuit filed by the Company and Chairman, President and Chief Executive Officer, Gregg E. Zahn, against former Company Board of Directors member Wayne Pettigrew and Mr. Pettigrew's company, Group & Pension Planners, Inc. (the "Defendants"), concluded on February 17, 2017. 2013 03385). The jury concluded that Mr. Pettigrew, while still a member of the Company’s Board of Directors, did, in fact, make untrue statements regarding the Company and Mr. Zahn and committed breaches of his fiduciary duties to the Company and awarded it $800,000 $3,500,000 Mr. Pettigrew has thirty $4,300,000. In addition to the damages awarded by the jury, the Company and Mr. Zahn have initiated steps to aggressively communicate the correction of the untrue statements to outside parties. Prior to its acquisition by TLIC, FBLIC developed, marketed, and sold life insurance products known as “Decreasing Term to 95” January 17, 2013, March 1, 2013, 95 November 22, 2013, three 95 95 On June 18, 2015, 95 one 95 first 95 one The main difference between the original Petition and the amended Petition is that the amended Petition also seeks equitable relief based on two 95 95 (1) 95 376.360 (2) void (3) 95 On February 1, 2016, $2,548,939 95 July 21, 2016, three 95 August 1, 2016, 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, April 29, 2015, 95 On September 28, 2015, tender As stated above, FBLIC filed a Counterclaim and TLIC filed the Federal Lawsuit against Doyle Nimmo. Doyle Nimmo submitted a claim and tendered November 4, 2015, November 27, 2017. Guaranty fund 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. In most states, guaranty fund assessments may five |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. In 2015, 9,425 $38,643 In April 2015, $400,000 $203,750 $186,250 $10,000 $200,000 April 2016. 2016 2015 one 5.00%. 100,000 |
Note 15 - Other Comprehensive I
Note 15 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. The changes in the components of the Company’s accumulated other comprehensive income (loss) for the years ended December 31, 2016 2015 Years Ended December 31, 2016 and 2015 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 3,904,143 (53,300 ) 3,850,843 Less amounts reclassified from accumulated other comprehensive income, net of tax 376,350 - 376,350 Other comprehensive income 3,527,793 (53,300 ) 3,474,493 Balance as of December 31, 2016 $ 831,917 $ (13,241 ) $ 818,676 Balance as of January 1, 2015 $ 2,712,694 $ (29,151 ) $ 2,683,543 Other comprehensive loss before reclassifications, net of tax (5,664,636 ) 69,210 (5,595,426 ) Less amounts reclassified from accumulated other comprehensive loss, net of tax (256,066 ) - (256,066 ) Other comprehensive loss (5,408,570 ) 69,210 (5,339,360 ) Balance as of December 31, 2015 $ (2,695,876 ) $ 40,059 $ (2,655,817 ) The pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for each component for the years ended December 31, 2016 2015 Year Ended December 31, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,880,178 $ 976,035 $ 3,904,143 Less reclassification adjustment for net gains included in income 470,438 94,088 376,350 Net unrealized gains on investments 4,409,740 881,947 3,527,793 Adjustment to deferred acquisition costs (66,626 ) (13,326 ) (53,300 ) Total other comprehensive income $ 4,343,114 $ 868,621 $ 3,474,493 Year Ended December 31, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (7,080,796 ) $ (1,416,160 ) $ (5,664,636 ) Less reclassification adjustment for net losses included in income (320,084 ) (64,018 ) (256,066 ) Net unrealized losses on investments (6,760,712 ) (1,352,142 ) (5,408,570 ) Adjustment to deferred acquisition costs 86,513 17,303 69,210 Total other comprehensive loss $ (6,674,199 ) $ (1,334,839 ) $ (5,339,360 ) 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 (loss) to the Company’s consolidated statement of operations for the years ended December 31, 2016 2015 Years Ended December 31, Reclassification Adjustments 2016 2015 Unrealized gains (losses) on available-for-sale securities: Realized gains (losses) on sales of securities (a) $ 470,438 $ (320,084 ) Income tax expense (benefit) (b) 94,088 (64,018 ) Total reclassification adjustments $ 376,350 $ (256,066 ) (a) These items appear within net realized investment gains and loss on other-than-temporary impairments in the consolidated statements of operations. (b) These items appear within federal income taxes in the consolidated statements of operations. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | Company Capitalization The Company raised $1,450,000 two 2004 $25,669,480 two one June 22, 2005 February 23, 2007; June 29, 2010 April 30, 2012 August 15, 2012 March 8, 2013. 7,347,488 $3,624,518 702,685 two 2011 2012 $5,270,138 $5,270,138 The Company has also purchased 247,580 $893,947 |
Business Combinations Policy [Policy Text Block] | Acquisition of Other Companies On December 23, 2008, 100% $2,695,234 $195,234. On December 31, 2008, 15 $250,000 6% On August 31, 2009, two On December 28, 2011, 100% $13,855,129. On April 28, 2015, $3,644,839 $3,055,916 $588,923. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). |
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 financial statements to conform to current year 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 may |
Investment, Policy [Policy Text Block] | Investments Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income. The amortized cost of fixed maturity securities available-for-sale is adjusted for amortization of premium and accretion of discount to maturity. Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The amortized cost of fixed maturity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. Equity securities available-for-sale is comprised of mutual funds, common stocks and preferred stocks that are carried at fair value. The associated unrealized gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income. The cost of equity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. Dividends from these investments are recognized in net investment income when declared. The Company evaluates the difference between the cost or amortized cost and estimated fair value of its investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in stockholders' equity. If a decline in a security's fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no change to the cost basis of the security. For equity securities available-for-sale, the amount of any other-than-temporary impairment is recognized in earnings and reflected as a reduction in the cost basis of the security. The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management's judgment as to the financial position and future prospects of the entity issuing the security. It is not possible to accurately predict when it may Likewise, if a change occurs in the Company’s intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not that the Company will be required to sell such securities prior to recovery in value or maturity, a future impairment charge could result. If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security's expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. Mortgage loans are carried at unpaid balances, net of unamortized premium or discounts. Interest income and the amortization of premiums or discounts are included in net investment income. Mortgage loan fees, certain direct loan origination costs, and purchase premiums and discounts on loans are recognized as an adjustment of yield by the interest method based on the contractual terms of the loan. In certain circumstances, prepayments may Investment real estate in buildings held for the production of income is carried at cost less accumulated depreciation. Depreciation on investment real estate in buildings held for the production of income is calculated over an estimated useful life of 19 Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Other long term investments are comprised of lottery prize receivables and are carried at amortized cost, net of unamortized discount. Interest income and the accretion of discount are included in net investment income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and money market instruments. |
Short Term Investments [Policy Text Block] | Short-term investments Short-term investments include funds that have a maturity of more than 90 one |
Revenue Recognition, Policy [Policy Text Block] | Investment Income and Realized Gains and Losses on Sales of Investments Interest and dividends earned on investments are included in net investment income. Realized gains and losses on sales of investments are recognized in operations on the specific identification basis. |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | Deferred Policy Acquisition Costs Commissions and other acquisition costs which vary with and are primarily related to the successful production of new business are deferred and amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. Deferred acquisition costs for the successful production of traditional life insurance contracts are deferred to the extent deemed recoverable and amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Deferred acquisition costs related to the successful production of insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed (i.e., limited-payment long-duration annuity contracts) are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. To the extent that realized gains and losses on fixed income securities result in adjustments to deferred acquisition costs related to insurance and annuity products, such adjustments are reflected as a component of the amortization of deferred acquisition costs. Deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income (Loss)” in the shareholders’ equity section of the statement of financial position. |
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block] | Allowance for Loan Losses from Mortgage Loans and 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 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. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and computer software is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three ten |
Reinsurance Accounting Policy [Policy Text Block] | Reinsurance The Company cedes reinsurance under various agreements allowing management to control exposure to potential losses arising from large risks and providing additional capacity for growth. Estimated reinsurance recoverable balances are reported as assets and are recognized in a manner consistent with the liabilities related to the underlying reinsured contracts. |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy [Policy Text Block] | Value of Insurance Business Acquired As a result of the Company’s purchases of FLAC and FBLIC, an asset was recorded in the application of purchase accounting to recognize the value of acquired insurance in force. The Company’s value of acquired insurance in force is an intangible asset with a definite life and is amortized under Financial Accounting Standards Board (“FASB”) guidance. The value of acquired insurance in force is amortized primarily over the emerging profit of the related policies using the same assumptions that were used in computing liabilities for future policy benefits. For the amortization of the value of acquired insurance in force, the Company periodically reviews its estimates of gross profits. The most significant assumptions involved in the estimation of gross profits include interest rate spreads, future financial market performance, business surrender/lapse rates, mortality and morbidity, expenses and the impact of realized investment gains and losses. In the event actual experience differs significantly from assumptions or assumptions are significantly revised, the Company is required to record a charge or credit to amortization expense for the period in which an adjustment is made. As of December 31, 2016 2015, $2,831,043 $2,451,678, five $339,942 2017, $331,886 2018, $308,179 2019, $283,088 2020 $262,097 2021. |
Other Assets and Liabilities, Policy [Policy Text Block] | Other Assets and Other Liabilities Other assets consist primarily of receivable for securities sold, recoverable federal and state income taxes, receivables from mortgage loans and other long-term assets (lottery receivables), guaranty funds, notes receivable, customer account balances receivable, prepaid expenses, other receivables, property and equipment and loans from premium financing. Other liabilities consist primarily of accrued expenses, accounts payable, deposits on pending policy applications, payable for securities purchased and unearned investment income. |
Policyholder Accounts, Policy [Policy Text Block] | Policyholders’ Account Balances The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.25% 4.50%. 2.50% 4.00%. |
Future Policy Benefits Liability, Policy [Policy Text Block] | Future Policy Benefits The Company’s liability for future policy benefits is primarily comprised of the present value of estimated future payments to or on behalf of policyholders, where the timing and amount of payment depends on policyholder mortality or morbidity, less the present value of future net premiums. For life insurance and annuity products, expected mortality and morbidity is generally based on the Company’s historical experience or standard industry tables including a provision for the risk of adverse deviation. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality, morbidity and interest rate assumptions are “locked-in” upon the issuance of new insurance with fixed and guaranteed terms, significant changes in experience or assumptions may |
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | Policy Claims Policy claim liabilities represent the estimated liabilities for claims reported plus estimated incurred but not yet reported claims developed from trends of historical market data applied to current exposure. |
Income Tax, Policy [Policy Text Block] | Federal Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under U.S. GAAP and balances determined using tax bases. A valuation allowance is established for the amount of the deferred tax asset that exceeds the amount of the estimated future taxable income needed to utilize the future tax benefits. |
Common Stock Policy [Policy Text Block] | Common Stock Common stock is fully paid, non-assessable and has a par value of $.01 |
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. |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) FASB guidance requires the inclusion of unrealized gains or losses on available-for-sale securities, net of tax, as a component of other comprehensive income (loss). Unrealized gains and losses recognized in accumulated other comprehensive income (loss) that are later recognized in net income through a reclassification adjustment are identified on the specific identification method. In addition, deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income (loss)” in the shareholders’ equity section of the statement of financial position. |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Revenues and Expenses Revenues on traditional life insurance products consist of direct premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Acquisition costs for traditional life insurance contracts are deferred to the extent deemed recoverable and are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Traditional life insurance products are treated as long-duration contracts since they are ordinary whole life insurance products, which generally remain in force for the lifetime of the insured. Deferred acquisition costs related to insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. These insurance and annuity contracts are treated as long-duration insurance contracts since the Company is subject to risk from policyholder mortality and morbidity over an extended period. |
Earnings Per Share, Policy [Policy Text Block] | Net Income per Common Share Net income per common share basic and diluted is calculated using the weighted average number of common shares outstanding and subscribed during the year. The weighted average outstanding and subscribed common shares basic and diluted for the years ended December 31, 2016 2015 7,802,593 7,804,566 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Management has evaluated all events subsequent to December 31, 2016 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, The revised guidance only allows disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity) and that have a major effect on a reporting entity's operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. The updated guidance was effective for the quarter ending March 31, 2015. Revenue from Contracts with Customers In May 2014, (1) (2) (3) (4) (5) In July 2015, one March 31, 2018. 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 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, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, one 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 The guidance is effective for annual periods ending after December 15, 2016, 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, 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. Receivables – Troubled Debt Restructurings by Creditors In January 2015, December 15, 2015. Amendments to the Consolidation Analysis In February 2015, The updated guidance is effective for annual and interim periods beginning after December 15, 2015. Simplifying the Presentation of Debt Issuance Costs In April 2015, December 15, 2015. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, December 15, 2015. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. 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, 12 The accounting applied by the lessor is largely unchanged from that applied under previous U.S. GAAP. Key aspects of the lessor accounting model, however, were aligned with the revenue recognition guidance of Codification Topic 606. 2016 02 842). Entities will generally continue to account for leases that commenced before the effective date of this update in accordance with previous U.S. GAAP unless the lease is modified. Lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimal rental payments that were tracked and disclosed under previous U.S. GAAP. The updated guidance is to be applied using a modified retrospective approach effective for annual and interim periods beginning after December 15, 2018. Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting In March 2016, December 15, 2016, Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments In March 2016, December 15, 2016. Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, 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. December 15, 2018. Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In August 2016, eight December 15, 2017, Consolidation – Interests Held through Related Parties that Are Under Common Control In October 2016, December 15, 2016, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In November 2016, December 15, 2017, Business Combinations – Clarifying the Definition of a Business In January 2017, The updated guidance is effective for annual and interim periods beginning after December 15, 2017, Intangibles – Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, December 15, 2017, January 1, 2017. |
Supplemental Disclosure - Cas26
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, 2016 Reductions in mortgage loans due to foreclosure $ 394,427 Investment real estate held-for-sale acquired through foreclosure (394,427 ) Net cash provided (used) in investing activities $ - Year Ended December 31, 2015 Cash used in reinsurance assumption $ - Cash provided in reinsurance assumption 64,935 Increase in cash from reinsurance assumption 64,935 Fair value of assets acquired in reinsurance assumption (excluding cash) Available-for-sale fixed maturity securities 3,534,093 Policy loans 5,869 Accrued investment income 37,792 Due premiums 2,150 Total fair value of assets acquired (excluding cash) 3,579,904 Fair value of liabilities assumed in reinsurance assumption Policyholders' account balances 2,966,827 Future policy benefits 89,089 Total fair value of liabilities assumed 3,055,916 Fair value of net assets acquired in reinsurance assumption (excluding cash) 523,988 Fair value of net assets acquired in reinsurance assumption (including cash) $ 588,923 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value December 31, 2016 Fixed maturity securities U.S. government and U.S. government agencies $ 3,157,889 $ 99,086 $ 71,592 $ 3,185,383 States and political subdivisions 9,172,533 144,947 66,584 9,250,896 Residential mortgage-backed securities 33,970 36,757 - 70,727 Corporate bonds 100,268,424 2,324,712 1,613,095 100,980,041 Foreign bonds 15,677,449 394,742 248,083 15,824,108 Total fixed maturity securities 128,310,265 3,000,244 1,999,354 129,311,155 Equity securities Mutual funds 344,783 - 2,869 341,914 Corporate preferred stock 99,945 - 3,585 96,360 Corporate common stock 154,672 45,461 - 200,133 Total equity securities 599,400 45,461 6,454 638,407 Total fixed maturity and equity securities $ 128,909,665 $ 3,045,705 $ 2,005,808 $ 129,949,562 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] | Unrealized Number of Fair Value Loss Securities December 31, 2016 Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 1,878,308 $ 71,592 6 States and political subdivisions 2,532,653 66,584 14 Corporate bonds 23,721,217 696,066 92 Foreign bonds 5,087,133 155,833 16 Total less than 12 months 33,219,311 990,075 128 More than 12 months Corporate bonds 8,004,923 917,029 36 Foreign bonds 1,024,548 92,250 6 Total more than 12 months 9,029,471 1,009,279 42 Total fixed maturity securities 42,248,782 1,999,354 170 Equity securities Less than 12 months Corporate preferred stock 96,360 3,585 2 Total less than 12 months 96,360 3,585 2 More than 12 months Mutual funds 89,113 2,869 1 Total more than 12 months 89,113 2,869 1 Total equity securities 185,473 6,454 3 Total fixed maturity and equity securities $ 42,434,255 $ 2,005,808 $ 173 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] | December 31, 2016 December 31, 2015 Unrealized appreciation (depreciation) on available-for-sale securities $ 1,039,897 $ (3,369,843 ) Adjustment to deferred acquisition costs (16,553 ) 50,073 Deferred income (taxes) benefit (204,668 ) 663,953 Net unrealized appreciation (depreciation) on available-for-sale securities $ 818,676 $ (2,655,817 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2016 Amortized Cost Fair Value Due in one year or less $ 6,348,537 $ 6,450,263 Due in one year through five years 18,336,787 19,821,696 Due after five years through ten years 13,016,677 15,570,507 Due after ten years 9,086,872 14,047,963 $ 46,788,873 $ 55,890,429 |
Realized Gain (Loss) on Investments [Table Text Block] | Years Ended December 31, Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2016 2015 2016 2015 2016 2015 2016 2015 Proceeds $ 20,532,968 $ 8,799,624 $ 324,556 $ 533,817 $ 17,550,870 $ 9,882,604 $ 43,269 $ 7,083,246 Gross realized gains 643,041 262,209 100,869 996 101,104 112,537 - 390,202 Gross realized losses (64,554 ) (78,378 ) (1,468 ) (2,898 ) (28,591 ) - (20,662 ) - Loss on other-than- temporary impairment (207,450 ) (502,013 ) - - - (23,737 ) (4,892 ) - |
Available-for-sale Securities [Table Text Block] | Years Ended December 31, 2016 2015 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ 4,473,318 $ (6,711,535 ) Equity securities (63,578 ) (49,177 ) Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 578,487 183,831 Equity securities 99,401 (1,902 ) Mortgage loans on real estate 72,513 112,537 Investment real estate (20,662 ) 390,202 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2016 December 31, 2015 Amount Percentage Amount Percentage Commercial mortgage loans Retail stores $ 1,075,324 1.45 % $ 1,272,881 2.17 % Office buildings 179,484 0.24 % 191,774 0.32 % Total commercial mortgage loans 1,254,808 1.69 % 1,464,655 2.49 % Residential mortgage loans 73,116,478 98.31 % 57,310,263 97.51 % Total mortgage loans $ 74,371,286 100.00 % $ 58,774,918 100.00 % December 31, 2016 December 31, 2015 Amount Percentage Amount Percentage Arizona $ 735,704 0.99 % $ 977,946 1.66 % California 3,516,796 4.73 % 4,164,249 7.09 % Colorado 846,964 1.14 % 914,802 1.56 % Connecticut 245,547 0.33 % 273,369 0.47 % Florida 14,157,109 19.04 % 7,014,486 11.93 % Georgia 6,761,450 9.09 % 8,238,987 14.02 % Illinois 10,984,320 14.77 % 6,765,802 11.51 % Indiana 548,783 0.74 % 451,539 0.77 % Kentucky 104,490 0.14 % 207,133 0.35 % Louisiana 256,971 0.35 % 336,896 0.57 % Michigan 491,692 0.66 % 500,148 0.85 % Minnesota 216,640 0.29 % 222,271 0.38 % Mississippi 213,286 0.29 % 139,970 0.24 % Missouri 2,466,872 3.32 % 2,890,674 4.92 % Nevada 554,223 0.75 % - 0.00 % New York 419,620 0.56 % 484,202 0.82 % North Carolina 1,048,442 1.41 % 1,011,167 1.72 % Ohio 1,737,406 2.34 % 386,740 0.66 % Oklahoma 354,890 0.48 % 227,526 0.39 % Pennsylvania 224,879 0.30 % 237,978 0.40 % South Carolina 345,682 0.46 % 1,334,346 2.27 % Tennessee 1,190,701 1.60 % 1,360,719 2.32 % Texas 26,141,950 35.14 % 19,001,668 32.33 % Utah - 0.00 % 277,440 0.47 % Washington 247,125 0.33 % 699,963 1.19 % Wisconsin 286,319 0.38 % 124,787 0.21 % All other states 273,425 0.37 % 530,110 0.90 % $ 74,371,286 100.00 % $ 58,774,918 100.00 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans Loan-To-Value Ratio 2016 2015 2016 2015 2016 2015 Over 70% to 80% $ 14,559,541 $ 15,058,997 $ - $ - $ 14,559,541 $ 15,058,997 Over 60% to 70% 29,738,887 21,749,312 - 439,250 29,738,887 22,188,562 Over 50% to 60% 15,440,364 9,700,752 1,051,155 658,693 16,491,519 10,359,445 Over 40% to 50% 10,399,031 8,553,256 - - 10,399,031 8,553,256 Over 30% to 40% 2,184,351 1,430,835 203,653 366,712 2,388,004 1,797,547 Over 20% to 30% 467,410 159,930 - - 467,410 159,930 Over 10% to 20% 317,936 650,688 - - 317,936 650,688 10% or less 8,958 6,493 - - 8,958 6,493 Total $ 73,116,478 $ 57,310,263 $ 1,254,808 $ 1,464,655 $ 74,371,286 $ 58,774,918 |
Schedule of Real Estate Properties [Table Text Block] | December 31, 2016 2015 Land - held for the production of income $ 213,160 $ 213,160 Land - held for investment 745,155 750,047 Total land 958,315 963,207 Building - held for the production of income 2,267,557 2,267,557 Less - accumulated depreciation (1,049,695 ) (904,206 ) Buildings net of accumulated depreciation 1,217,862 1,363,351 Residential real estate - held for sale 330,496 - Total residential real estate 330,496 - Investment real estate, net of accumulated depreciation $ 2,506,673 $ 2,326,558 |
Investment Holdings, Other than Securities [Table Text Block] | December 31, 2016 December 31, 2015 Amount Percentage Amount Percentage Arizona $ 67,009 0.14 % $ 79,461 0.25 % California 3,725,329 7.96 % 4,133,665 13.09 % Connecticut 1,554,844 3.32 % 908,327 2.88 % Florida 92,721 0.20 % 135,379 0.43 % Georgia 1,179,442 2.52 % 984,152 3.12 % Illinois 565,667 1.21 % 614,640 1.95 % Indiana 1,303,314 2.79 % 918,855 2.91 % Kentucky 28,411 0.06 % 54,412 0.17 % Maine 239,011 0.51 % 270,767 0.86 % Massachusetts 10,262,521 21.93 % 5,188,885 16.44 % Michigan 307,892 0.66 % 320,497 1.02 % Missouri 122,945 0.26 % - 0.00 % New Jersey 61,823 0.13 % - 0.00 % New York 19,633,916 41.97 % 14,213,676 45.02 % Ohio 3,476,857 7.43 % 260,406 0.82 % Pennsylvania 1,027,361 2.20 % 437,920 1.39 % Texas 2,540,038 5.43 % 2,734,028 8.66 % Vermont 293,573 0.63 % - 0.00 % Washington 306,199 0.65 % 311,857 0.99 % $ 46,788,873 100.00 % $ 31,566,927 100.00 % |
Investment Income [Table Text Block] | Years Ended December 31, 2016 2015 Fixed maturity securities $ 5,970,940 $ 5,542,312 Equity securities 27,364 39,329 Other long-term investments 2,685,639 1,877,725 Mortgage loans 5,774,229 4,492,150 Policy loans 107,541 101,344 Real estate 340,032 449,034 Short-term and other investments 44,013 12,278 Gross investment income 14,949,758 12,514,172 Investment expenses (1,759,115 ) (1,278,830 ) Net investment income $ 13,190,643 $ 11,235,342 |
Available For Sale Fixed Maturity Securities [Member] | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2016 Amortized Cost Fair Value Due in one year or less $ 8,590,830 $ 8,657,318 Due in one year through five years 30,254,568 30,912,175 Due after five years through ten years 43,556,384 44,016,351 Due after ten years 45,874,513 45,654,584 Due at multiple maturity dates 33,970 70,727 $ 128,310,265 $ 129,311,155 |
Note 3 - Fair Value Measureme28
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total December 31, 2016 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,185,383 $ - $ 3,185,383 States and political subdivisions - 9,250,896 - 9,250,896 Residential mortgage-backed securities - 70,727 - 70,727 Corporate bonds - 100,980,041 - 100,980,041 Foreign bonds - 15,824,108 - 15,824,108 Total fixed maturity securities $ - $ 129,311,155 $ - $ 129,311,155 Equity securities, available-for-sale Mutual funds $ - $ 341,914 $ - $ 341,914 Corporate preferred stock 96,360 - - 96,360 Corporate common stock 138,633 - 61,500 200,133 Total equity securities $ 234,993 $ 341,914 $ 61,500 $ 638,407 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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended December 31, 2016 2015 Beginning balance $ 46,500 $ 46,500 Purchases 15,000 - Sales - - Impairment - - Ending balance $ 61,500 $ 46,500 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Amount Value Level 1 Level 2 Level 3 December 31, 2016 Financial assets Mortgage loans on real estate Commercial $ 1,254,808 $ 1,268,140 $ - $ - $ 1,268,140 Residential 73,116,478 70,383,661 - - 70,383,661 Policy loans 1,598,116 1,598,116 - - 1,598,116 Other long-term investments 46,788,873 55,890,429 - - 55,890,429 Cash and cash equivalents 34,223,945 34,223,945 34,223,945 - - Accrued investment income 2,176,770 2,176,770 - - 2,176,770 Total financial assets $ 159,158,990 $ 165,541,061 $ 34,223,945 $ - $ 131,317,116 Financial liabilities Policyholders' account balances $ 245,346,489 $ 206,541,702 $ - $ - $ 206,541,702 Policy claims 997,814 997,814 - - 997,814 Total financial liabilities $ 246,344,303 $ 207,539,516 $ - $ - $ 207,539,516 December 31, 2015 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 5 - Allowance for Loan L29
Note 5 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Premium Financing Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Years Ended December 31, 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 - - - - (347,885 ) - (347,885 ) - Recoveries - - - - - (186 ) - (186 ) Provision 62,133 59,384 (1,054 ) (2,502 ) 150,713 - 211,792 56,882 Allowance, ending $ 238,121 $ 175,988 $ 6,306 $ 7,360 $ - $ 197,172 $ 244,427 $ 380,520 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 192,690 $ - $ 192,690 Collectively evaluated for impairment $ 238,121 $ 175,988 $ 6,306 $ 7,360 $ - $ 4,482 $ 244,427 $ 187,830 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 316,514 $ - $ 316,514 Collectively evaluated for impairment $ 47,592,721 $ 35,554,643 $ 1,254,808 $ 1,464,655 $ - $ 4,482 $ 48,847,529 $ 37,023,780 |
Note 6 - Deferred Policy Acqu30
Note 6 - Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2016 2015 Balance, beginning of year $ 13,015,679 $ 9,287,851 Capitalization of commissions, sales and issue expenses 7,445,304 5,204,940 Amortization (2,202,367 ) (1,563,625 ) Deferred acquisition costs allocated to investments (66,626 ) 86,513 Balance, end of year $ 18,191,990 $ 13,015,679 |
Note 7 - Federal Income Taxes (
Note 7 - Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2016 2015 Expected tax expense $ 822,726 $ 665,567 Net operating losses (690,905 ) (692,856 ) Deferred policy acquisition costs (651,873 ) (431,020 ) Accrual of discount (183,393 ) (90,611 ) Small life insurance company deduction (62,303 ) (481,855 ) Adjustment of prior years' taxes (15,075 ) 2,970 Value of life insurance business acquired 53,111 54,069 Capital gain taxes 72,249 266,528 Difference in book versus tax basis of available-for-sale fixed maturity securities 159,763 10,681 Future policy benefits 282,062 282,823 Other 42,681 (11,454 ) Total income tax benefit $ (170,957 ) $ (425,158 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 2015 Deferred tax liabilities: Net unrealized investment gains $ 204,668 $ - Available-for-sale fixed maturity securities 232,889 315,195 Deferred policy acquisition costs 2,944,563 2,013,315 Reinsurance recoverable 251,788 246,318 Investment real estate 35,940 36,000 Value of insurance business acquired 1,181,767 1,257,640 Due premiums 25,914 23,556 Mortgage loans - 21,444 Other assets 5,819 4,370 Other 3,798 5,936 Total deferred tax liabilities 4,887,146 3,923,774 Deferred tax assets: Net unrealized investment losses - 663,953 Policyholders' account balances and future policy benefits 1,965,397 1,554,886 Policy claims 25,983 23,658 Unearned investment income 9,491 10,583 Available-for-sale equity securities 48,945 73,474 Mortgage loans 7,578 - Alternative minimum tax carryforward 276,571 267,383 Net operating loss carryforward 1,843,238 1,957,917 Net capital loss carryforward 14,450 14,450 Dividend liability 10,652 11,083 Other 5,821 4,372 Total deferred tax assets 4,208,126 4,581,759 Valuation allowance (14,450 ) (691,195 ) Net deferred tax assets 4,193,676 3,890,564 Net deferred tax liabilities $ 693,470 $ 33,210 |
Note 8 - Reinsurance (Tables)
Note 8 - Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | 2016 2015 Premiums assumed $ 42,342 $ 49,173 Commissions and expense allowances assumed 57 117 Benefits assumed 21,864 54,868 Reserve credits assumed 59,226 56,790 In force amount assumed 17,621,570 18,384,754 Premiums ceded 375,796 385,571 Commissions and expense allowances ceded 4,716 10,530 Benefits ceded 197,467 243,183 Reserve credits ceded 1,057,934 1,042,395 In force amount ceded 53,453,666 60,400,768 |
Note 11 - Segment Data (Tables)
Note 11 - Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2016 2015 Revenues: Life insurance operations $ 14,996,543 $ 11,847,640 Annuity operations 11,135,950 9,647,120 Corporate operations 585,997 405,894 Total $ 26,718,490 $ 21,900,654 Income before income taxes: Life insurance operations $ 866,648 $ 852,489 Annuity operations 1,271,600 935,945 Corporate operations 281,534 169,116 Total $ 2,419,782 $ 1,957,550 Depreciation and amortization expense: Life insurance operations $ 2,081,066 $ 1,548,725 Annuity operations 759,091 609,732 Corporate operations - 82,324 Total $ 2,840,157 $ 2,240,781 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2016 2015 Assets: Life insurance operations $ 50,577,282 $ 44,151,860 Annuity operations 275,745,766 218,172,909 Corporate operations 6,929,565 6,805,073 Total $ 333,252,613 $ 269,129,842 |
Note 15 - Other Comprehensive34
Note 15 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Years Ended December 31, 2016 and 2015 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 3,904,143 (53,300 ) 3,850,843 Less amounts reclassified from accumulated other comprehensive income, net of tax 376,350 - 376,350 Other comprehensive income 3,527,793 (53,300 ) 3,474,493 Balance as of December 31, 2016 $ 831,917 $ (13,241 ) $ 818,676 Balance as of January 1, 2015 $ 2,712,694 $ (29,151 ) $ 2,683,543 Other comprehensive loss before reclassifications, net of tax (5,664,636 ) 69,210 (5,595,426 ) Less amounts reclassified from accumulated other comprehensive loss, net of tax (256,066 ) - (256,066 ) Other comprehensive loss (5,408,570 ) 69,210 (5,339,360 ) Balance as of December 31, 2015 $ (2,695,876 ) $ 40,059 $ (2,655,817 ) |
Comprehensive Income (Loss) [Table Text Block] | Year Ended December 31, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,880,178 $ 976,035 $ 3,904,143 Less reclassification adjustment for net gains included in income 470,438 94,088 376,350 Net unrealized gains on investments 4,409,740 881,947 3,527,793 Adjustment to deferred acquisition costs (66,626 ) (13,326 ) (53,300 ) Total other comprehensive income $ 4,343,114 $ 868,621 $ 3,474,493 Year Ended December 31, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (7,080,796 ) $ (1,416,160 ) $ (5,664,636 ) Less reclassification adjustment for net losses included in income (320,084 ) (64,018 ) (256,066 ) Net unrealized losses on investments (6,760,712 ) (1,352,142 ) (5,408,570 ) Adjustment to deferred acquisition costs 86,513 17,303 69,210 Total other comprehensive loss $ (6,674,199 ) $ (1,334,839 ) $ (5,339,360 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Years Ended December 31, Reclassification Adjustments 2016 2015 Unrealized gains (losses) on available-for-sale securities: Realized gains (losses) on sales of securities (a) $ 470,438 $ (320,084 ) Income tax expense (benefit) (b) 94,088 (64,018 ) Total reclassification adjustments $ 376,350 $ (256,066 ) |
Supplemental Disclosure - Cas35
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities (Details Textual) | Apr. 28, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Mortgage Loans on Real Estate, Foreclosures | $ 394,427 | ||
Asset Acquired Under Assumption Reinsurance Agreement | $ 3,644,839 | ||
Liabilities Assumed Under Reinsurance Assumption Agreement | 3,055,916 | $ 3,055,916 | |
Gain on Reinsurance Assumption | $ 588,923 | $ 588,923 | |
Residential Mortgage [Member] | |||
Number of Mortgage Loans Foreclosed | 7 | ||
Mortgage Loans on Real Estate, Foreclosures | $ 394,427 |
Supplemental Disclosure - Cas36
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities - Supplemental Disclosures to Consolidated Statements of Cash Flows (Unaudited) (Details) - USD ($) | Apr. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Reductions in mortgage loans due to foreclosure | $ 394,427 | ||
Investment real estate held-for-sale acquired through foreclosure | (394,427) | ||
Net cash provided (used) in investing activities | |||
Cash used in reinsurance assumption | |||
Cash provided in reinsurance assumption | 64,935 | ||
Increase in cash from reinsurance assumption | 64,935 | ||
Fair value of assets acquired in reinsurance assumption (excluding cash) | |||
Available-for-sale fixed maturity securities | 3,534,093 | ||
Policy loans | 5,869 | ||
Accrued investment income | 37,792 | ||
Due premiums | 2,150 | ||
Total fair value of assets acquired (excluding cash) | 3,579,904 | ||
Fair value of liabilities assumed in reinsurance assumption | |||
Policyholders' account balances | 2,966,827 | ||
Future policy benefits | 89,089 | ||
Total fair value of liabilities assumed | $ 3,055,916 | 3,055,916 | |
Fair value of net assets acquired in reinsurance assumption (excluding cash) | 523,988 | ||
Fair value of net assets acquired in reinsurance assumption (including cash) | $ 588,923 |
Note 1 - Organization and Sig37
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Apr. 28, 2015USD ($) | Dec. 28, 2011USD ($) | Dec. 23, 2008USD ($) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2004USD ($) | Dec. 31, 2012USD ($)shares | Mar. 08, 2013USD ($) | Mar. 08, 2013USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2008USD ($) |
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 | ||||||||||
Asset Acquired Under Assumption Reinsurance Agreement | $ 3,644,839 | ||||||||||
Liabilities Assumed Under Reinsurance Assumption Agreement | 3,055,916 | 3,055,916 | |||||||||
Gain on Reinsurance Assumption | $ 588,923 | $ 588,923 | |||||||||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Next Twelve Months | 339,942 | 339,942 | |||||||||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Two | 331,886 | 331,886 | |||||||||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Three | 308,179 | 308,179 | |||||||||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Four | 283,088 | 283,088 | |||||||||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Five | $ 262,097 | $ 262,097 | |||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | shares | 7,802,593 | 7,804,566 | |||||||||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Member] | |||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,831,043 | $ 2,451,678 | $ 2,831,043 | ||||||||
Minimum [Member] | |||||||||||
Liability for Policyholder Contract Deposits, Interest Rate | 2.25% | 2.25% | |||||||||
Policyholder Dividends, Rate on Policy Earnings | 2.50% | ||||||||||
Maximum [Member] | |||||||||||
Liability for Policyholder Contract Deposits, Interest Rate | 4.50% | 4.50% | |||||||||
Policyholder Dividends, Rate on Policy Earnings | 4.00% | ||||||||||
Building [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 19 years | ||||||||||
Office Furniture Equipment [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||
Office Furniture Equipment [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||
Retained Earnings [Member] | |||||||||||
Dividends | $ 5,270,138 | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | |||||||||||
Common Stock Including Additional Paid in Capital [Member] | |||||||||||
Stock Issued During Period, Value, Stock Dividend | $ 5,270,138 | ||||||||||
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 | ||||||||||
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 | $ 2,695,234 | ||||||||||
Business Combination, Acquisition Related Costs | $ 195,234 | ||||||||||
Debt Instrument, Term | 15 years | ||||||||||
Debt Instrument, Face Amount | $ 250,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||
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] | |||||||||||
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 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | Nov. 30, 2016USD ($) | Mar. 11, 2015USD ($) | Dec. 31, 2016USD ($)ft²a | Dec. 31, 2015USD ($)ft²a | Dec. 21, 2015a | Sep. 01, 2010ft² |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 173 | 293 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 2,005,808 | $ 5,740,821 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,434,255 | 69,270,577 | ||||
Investment Impaired Par Value | 650,000 | 600,000 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 207,450 | $ 502,013 | ||||
Number Of Loans Past Due | 11 | 5 | ||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 1,208,379 | $ 531,026 | ||||
Past Due Loans, Term Past Due | 90 days | 90 days | ||||
Number of Mortgage Loans in Default | 0 | 3 | ||||
Mortgage Loans in Process of Foreclosure, Amount | $ 196,606 | |||||
Mortgage Loans on Real Estate, Foreclosures | $ 394,427 | |||||
Allowance for Loan and Lease Losses, Real Estate | 244,427 | 183,348 | ||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 4,892 | |||||
Real Estate Investments, Net | 2,506,673 | 2,326,558 | ||||
Proceeds from Sale of Real Estate Held-for-investment | $ 43,269 | 7,083,246 | ||||
Area of Real Estate Property | ft² | 6,769 | |||||
Lottery Prize Cash Flows [Member] | ||||||
Other Investments | $ 46,788,873 | $ 31,566,927 | ||||
Promissory Note Payable to Grand Bank Secured by Properties InIndiana, Oklahoma, Texas, and Missouri [Member] | ||||||
Real Estate Investments, Net | $ 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 | |||||
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | ||||||
Area of Land | a | 6.5 | |||||
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Office Building [Member] | ||||||
Area of Real Estate Property | 10,000 | 2,500 | ||||
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Held for the Production of Income [Member] | Office Building [Member] | ||||||
Area of Land | a | 6.5 | |||||
Area of Real Estate Property | ft² | 20,000 | 20,000 | ||||
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 | |||||
Independent Mortgage Loan Balances [Member] | ||||||
Escrow Deposit | $ 525,063 | $ 534,330 | ||||
Minimum [Member] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 5.40% | 5.00% | ||||
Maximum [Member] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 20.78% | 18.34% | ||||
Residential Portfolio Segment [Member] | ||||||
Mortgage Loans on Real Estate, Number of Loans | 755 | 650 | ||||
Mortgage Loans on Real Estate | $ 73,116,478 | $ 57,310,263 | ||||
Residential Portfolio Segment [Member] | Minimum [Member] | ||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 2,148 | 6,251 | ||||
Residential Portfolio Segment [Member] | Maximum [Member] | ||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 864,562 | $ 876,540 | ||||
Commercial Portfolio Segment [Member] | ||||||
Mortgage Loans on Real Estate, Number of Loans | 4 | 5 | ||||
Mortgage Loans on Real Estate | $ 1,254,808 | $ 1,464,655 | ||||
Commercial Portfolio Segment [Member] | Minimum [Member] | ||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 180,386 | $ 122,449 | ||||
Mortgage Loans on Real Estate, Interest Rate | 5.75% | 5.75% | ||||
Commercial Portfolio Segment [Member] | Maximum [Member] | ||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 451,554 | $ 469,265 | ||||
Mortgage Loans on Real Estate, Interest Rate | 8.25% | 8.25% | ||||
Residential Mortgage [Member] | ||||||
Number of Mortgage Loans Foreclosed | 7 | |||||
Mortgage Loans on Real Estate, Foreclosures | $ 394,427 | |||||
Real Estate Investments, Net | $ 63,931 | |||||
Gains (Losses) on Sales of Investment Real Estate | 20,662 | |||||
Proceeds from Sale of Real Estate Held-for-investment | $ 43,269 | |||||
Debt Securities [Member] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 170 | 290 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 1,999,354 | $ 5,720,175 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,248,782 | 69,044,947 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 44,248,136 | $ 74,765,122 | ||||
Fair Value to Cost Ratio | 95.00% | 92.00% | ||||
Impairment of Investments Number of Securities | 1 | 1 | ||||
Fixed Maturity Securities, Investment Grade Percentage | 92.00% | 94.00% | ||||
Equity Securities [Member] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | 3 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 6,454 | $ 20,646 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 185,473 | 225,630 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 191,927 | $ 246,276 | ||||
Fair Value to Cost Ratio | 97.00% | 92.00% | ||||
Mortgage Loans on Real Estate [Member] | ||||||
Impairment of Investments Number of Securities | 1 | |||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 23,737 |
Note 2 - Investments - Availabl
Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Securities, amortized cost | $ 128,909,665 | $ 138,818,670 |
Securities, gross unrealized gains | 3,045,705 | 2,370,978 |
Securities, gross unrealized losses | 2,005,808 | 5,740,821 |
Available-for-sale securities | 129,949,562 | 135,448,827 |
US Treasury and Government [Member] | ||
Securities, amortized cost | 3,157,889 | 2,793,161 |
Securities, gross unrealized gains | 99,086 | 136,190 |
Securities, gross unrealized losses | 71,592 | 108,597 |
Available-for-sale securities | 3,185,383 | 2,820,754 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities, amortized cost | 9,172,533 | 8,993,848 |
Securities, gross unrealized gains | 144,947 | 61,592 |
Securities, gross unrealized losses | 66,584 | 102,835 |
Available-for-sale securities | 9,250,896 | 8,952,605 |
Residential Mortgage Backed Securities [Member] | ||
Securities, amortized cost | 33,970 | 49,980 |
Securities, gross unrealized gains | 36,757 | 43,846 |
Securities, gross unrealized losses | ||
Available-for-sale securities | 70,727 | 93,826 |
Corporate Debt Securities [Member] | ||
Securities, amortized cost | 100,268,424 | 109,164,942 |
Securities, gross unrealized gains | 2,324,712 | 1,820,894 |
Securities, gross unrealized losses | 1,613,095 | 4,234,897 |
Available-for-sale securities | 100,980,041 | 106,750,939 |
Foreign Government Debt Securities [Member] | ||
Securities, amortized cost | 15,677,449 | 17,026,524 |
Securities, gross unrealized gains | 394,742 | 185,225 |
Securities, gross unrealized losses | 248,083 | 1,273,846 |
Available-for-sale securities | 15,824,108 | 15,937,903 |
Debt Securities [Member] | ||
Securities, amortized cost | 128,310,265 | 138,028,455 |
Securities, gross unrealized gains | 3,000,244 | 2,247,747 |
Securities, gross unrealized losses | 1,999,354 | 5,720,175 |
Available-for-sale securities | 129,311,155 | 134,556,027 |
Mutual Funds [Member] | ||
Securities, amortized cost | 344,783 | 335,554 |
Securities, gross unrealized gains | ||
Securities, gross unrealized losses | 2,869 | 10,613 |
Available-for-sale securities | 341,914 | 324,941 |
Preferred Stock [Member] | ||
Securities, amortized cost | 99,945 | 259,993 |
Securities, gross unrealized gains | 6,035 | |
Securities, gross unrealized losses | 3,585 | 990 |
Available-for-sale securities | 96,360 | 265,038 |
Common Stock [Member] | ||
Securities, amortized cost | 154,672 | 194,668 |
Securities, gross unrealized gains | 45,461 | 117,196 |
Securities, gross unrealized losses | 9,043 | |
Available-for-sale securities | 200,133 | 302,821 |
Equity Securities [Member] | ||
Securities, amortized cost | 599,400 | 790,215 |
Securities, gross unrealized gains | 45,461 | 123,231 |
Securities, gross unrealized losses | 6,454 | 20,646 |
Available-for-sale securities | $ 638,407 | $ 892,800 |
Note 2 - Investments - Securiti
Note 2 - Investments - Securities in an Unrealized Loss Position (Details) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 42,434,255 | $ 69,270,577 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 2,005,808 | $ 5,740,821 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 173 | 293 |
US Government Agencies Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 1,878,308 | $ 381,592 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 71,592 | $ 20,006 |
Securities in an unrealized loss position, less than twelve months, number | 6 | 2 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 2,532,653 | $ 5,422,934 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 66,584 | $ 102,835 |
Securities in an unrealized loss position, less than twelve months, number | 14 | 26 |
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 | $ 23,721,217 | $ 46,907,532 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 696,066 | $ 2,646,997 |
Securities in an unrealized loss position, less than twelve months, number | 92 | 186 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 8,004,923 | $ 5,646,642 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 917,029 | $ 1,587,900 |
ecurities in an unrealized loss position, more than twelve months, number | 36 | 31 |
Foreign Government Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 5,087,133 | $ 9,155,830 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 155,833 | $ 879,659 |
Securities in an unrealized loss position, less than twelve months, number | 16 | 40 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,024,548 | $ 489,008 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 92,250 | $ 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 | $ 33,219,311 | $ 61,867,888 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 990,075 | $ 3,649,497 |
Securities in an unrealized loss position, less than twelve months, number | 128 | 254 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 9,029,471 | $ 7,177,059 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 1,009,279 | $ 2,070,678 |
ecurities in an unrealized loss position, more than twelve months, number | 42 | 36 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 42,248,782 | $ 69,044,947 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 1,999,354 | $ 5,720,175 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 170 | 290 |
Preferred Stock [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 96,360 | $ 109,279 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 3,585 | $ 990 |
Securities in an unrealized loss position, less than twelve months, number | 2 | 1 |
Equity Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 96,360 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 3,585 | |
Securities in an unrealized loss position, less than twelve months, number | 2 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 89,113 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 2,869 | |
ecurities in an unrealized loss position, more than twelve months, number | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 185,473 | $ 225,630 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 6,454 | $ 20,646 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | 3 |
Mutual Funds [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 74,547 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 10,613 | |
Securities in an unrealized loss position, less than twelve months, number | 1 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 89,113 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 2,869 | |
ecurities in an unrealized loss position, more than twelve months, number | 1 | |
Common Stock [Member] | ||
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 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 41,804 |
Note 2 - Investments - Net Unre
Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Unrealized appreciation (depreciation) on available-for-sale securities | $ 1,039,897 | $ (3,369,843) |
Adjustment to deferred acquisition costs | (16,553) | 50,073 |
Deferred income (taxes) benefit | (204,668) | 663,953 |
Net unrealized appreciation (depreciation) on available-for-sale securities | $ 818,676 | $ (2,655,817) |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Due after five years through ten years - amortized cost | $ 13,016,677 | |
Due after five years through ten years - fair value | 15,570,507 | |
Fixed maturity available-for-sale securities - amortized cost | 128,310,265 | $ 138,028,455 |
Fixed maturity available-for-sale securities - fair value | 129,311,155 | $ 134,556,027 |
Fixed Maturities [Member] | ||
Due in one year or less - amortized cost | 8,590,830 | |
Due in one year or less - fair value | 8,657,318 | |
Due in one year through five years - amortized cost | 30,254,568 | |
Due in one year through five years - fair value | 30,912,175 | |
Due after five years through ten years - amortized cost | 43,556,384 | |
Due after five years through ten years - fair value | 44,016,351 | |
Due after ten years - amortized cost | 45,874,513 | |
Due after ten years - fair value | 45,654,584 | |
Due at multiple maturity dates - amortized cost | 33,970 | |
Due at multiple maturity dates - fair value | 70,727 | |
Fixed maturity available-for-sale securities - amortized cost | 128,310,265 | |
Fixed maturity available-for-sale securities - fair value | $ 129,311,155 |
Note 2 - Investments - Availa43
Note 2 - Investments - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss on other-than- temporary impairment | $ (4,892) | |
Fixed Maturities [Member] | ||
Proceeds | 20,532,968 | $ 8,799,624 |
Gross realized gains | 643,041 | 262,209 |
Gross realized losses | (64,554) | (78,378) |
Loss on other-than- temporary impairment | (207,450) | (502,013) |
Equity Securities [Member] | ||
Proceeds | 324,556 | 533,817 |
Gross realized gains | 100,869 | 996 |
Gross realized losses | (1,468) | (2,898) |
Loss on other-than- temporary impairment | ||
Mortgages [Member] | ||
Proceeds | 17,550,870 | 9,882,604 |
Gross realized gains | 101,104 | 112,537 |
Gross realized losses | (28,591) | |
Loss on other-than- temporary impairment | (23,737) | |
Real Estate Investment [Member] | ||
Proceeds | 43,269 | 7,083,246 |
Gross realized gains | 390,202 | |
Gross realized losses | (20,662) | |
Loss on other-than- temporary impairment | $ (4,892) |
Note 2 - Investments - Availa44
Note 2 - Investments - Available-for-sale Securities - Accumulated Change in Net Unrealized Investment Gains (Losses) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fixed Maturities [Member] | ||
Available-for-sale securities - change in unrealized gains | $ 4,473,318 | $ (6,711,535) |
Available-for-sale securities - realized gains | 578,487 | 183,831 |
Equity Securities [Member] | ||
Available-for-sale securities - change in unrealized gains | (63,578) | (49,177) |
Available-for-sale securities - realized gains | 99,401 | (1,902) |
Mortgages [Member] | ||
Available-for-sale securities - realized gains | 72,513 | 112,537 |
Real Estate Investment [Member] | ||
Available-for-sale securities - realized gains | $ (20,662) | $ 390,202 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 74,371,286 | $ 58,774,918 |
Mortgage loans, percentage | 100.00% | 100.00% |
Commercial Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 1,254,808 | $ 1,464,655 |
Mortgage loans, percentage | 1.69% | 2.49% |
Commercial Portfolio Segment [Member] | Retail Site [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 1,075,324 | $ 1,272,881 |
Mortgage loans, percentage | 1.45% | 2.17% |
Commercial Portfolio Segment [Member] | Office Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 179,484 | $ 191,774 |
Mortgage loans, percentage | 0.24% | 0.32% |
Residential Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 73,116,478 | $ 57,310,263 |
Mortgage loans, percentage | 98.31% | 97.51% |
Arizona [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 735,704 | $ 977,946 |
Mortgage loans, percentage | 0.99% | 1.66% |
California [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 3,516,796 | $ 4,164,249 |
Mortgage loans, percentage | 4.73% | 7.09% |
Colorado [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 846,964 | $ 914,802 |
Mortgage loans, percentage | 1.14% | 1.56% |
Connecticut [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 245,547 | $ 273,369 |
Mortgage loans, percentage | 0.33% | 0.47% |
Florida [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 14,157,109 | $ 7,014,486 |
Mortgage loans, percentage | 19.04% | 11.93% |
Georgia [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 6,761,450 | $ 8,238,987 |
Mortgage loans, percentage | 9.09% | 14.02% |
Illinois [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 10,984,320 | $ 6,765,802 |
Mortgage loans, percentage | 14.77% | 11.51% |
Indiana [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 548,783 | $ 451,539 |
Mortgage loans, percentage | 0.74% | 0.77% |
Kentucky [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 104,490 | $ 207,133 |
Mortgage loans, percentage | 0.14% | 0.35% |
Louisiana [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 256,971 | $ 336,896 |
Mortgage loans, percentage | 0.35% | 0.57% |
Michigan [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 491,692 | $ 500,148 |
Mortgage loans, percentage | 0.66% | 0.85% |
Minnesota [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 216,640 | $ 222,271 |
Mortgage loans, percentage | 0.29% | 0.38% |
Mississippi [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 213,286 | $ 139,970 |
Mortgage loans, percentage | 0.29% | 0.24% |
Missouri [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 2,466,872 | $ 2,890,674 |
Mortgage loans, percentage | 3.32% | 4.92% |
Nevada [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 554,223 | |
Mortgage loans, percentage | 0.75% | 0.00% |
New York [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 419,620 | $ 484,202 |
Mortgage loans, percentage | 0.56% | 0.82% |
North Carolina [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 1,048,442 | $ 1,011,167 |
Mortgage loans, percentage | 1.41% | 1.72% |
Ohio [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 1,737,406 | $ 386,740 |
Mortgage loans, percentage | 2.34% | 0.66% |
Oklahoma [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 354,890 | $ 227,526 |
Mortgage loans, percentage | 0.48% | 0.39% |
Pennsylvania [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 224,879 | $ 237,978 |
Mortgage loans, percentage | 0.30% | 0.40% |
South Carolina [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 345,682 | $ 1,334,346 |
Mortgage loans, percentage | 0.46% | 2.27% |
Tennessee [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 1,190,701 | $ 1,360,719 |
Mortgage loans, percentage | 1.60% | 2.32% |
Texas [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 26,141,950 | $ 19,001,668 |
Mortgage loans, percentage | 35.14% | 32.33% |
Utah [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 277,440 | |
Mortgage loans, percentage | 0.00% | 0.47% |
Washington [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 247,125 | $ 699,963 |
Mortgage loans, percentage | 0.33% | 1.19% |
Wisconsin [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 286,319 | $ 124,787 |
Mortgage loans, percentage | 0.38% | 0.21% |
All Other States [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 273,425 | $ 530,110 |
Mortgage loans, percentage | 0.37% | 0.90% |
Note 2 - Investments - Mortga46
Note 2 - Investments - Mortgage Loan to Value Ratios (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage loans on real estate | $ 74,371,286 | $ 58,774,918 |
Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 73,116,478 | 57,310,263 |
Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 1,254,808 | 1,464,655 |
Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 14,559,541 | 15,058,997 |
Loan to Value Range1 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 14,559,541 | 15,058,997 |
Loan to Value Range1 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
Loan to Value Range1 [Member] | Minimum [Member] | ||
Loan to value ratio | 70.00% | |
Loan to Value Range1 [Member] | Maximum [Member] | ||
Loan to value ratio | 80.00% | |
Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | $ 29,738,887 | 22,188,562 |
Loan to Value Range 2 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 29,738,887 | 21,749,312 |
Loan to Value Range 2 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 439,250 | |
Loan to Value Range 2 [Member] | Minimum [Member] | ||
Loan to value ratio | 60.00% | |
Loan to Value Range 2 [Member] | Maximum [Member] | ||
Loan to value ratio | 70.00% | |
Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | $ 16,491,519 | 10,359,445 |
Loan to Value Range 3 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 15,440,364 | 9,700,752 |
Loan to Value Range 3 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 1,051,155 | 658,693 |
Loan to Value Range 3 [Member] | Minimum [Member] | ||
Loan to value ratio | 50.00% | |
Loan to Value Range 3 [Member] | Maximum [Member] | ||
Loan to value ratio | 60.00% | |
Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | $ 10,399,031 | 8,553,256 |
Loan to Value Range 4 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 10,399,031 | 8,553,256 |
Loan to Value Range 4 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
Loan to Value Range 4 [Member] | Minimum [Member] | ||
Loan to value ratio | 40.00% | |
Loan to Value Range 4 [Member] | Maximum [Member] | ||
Loan to value ratio | 50.00% | |
Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | $ 2,388,004 | 1,797,547 |
Loan to Value Range 5 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 2,184,351 | 1,430,835 |
Loan to Value Range 5 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 203,653 | 366,712 |
Loan to Value Range 5 [Member] | Minimum [Member] | ||
Loan to value ratio | 30.00% | |
Loan to Value Range 5 [Member] | Maximum [Member] | ||
Loan to value ratio | 40.00% | |
Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | $ 467,410 | 159,930 |
Loan to Value Range 6 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 467,410 | 159,930 |
Loan to Value Range 6 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
Loan to Value Range 6 [Member] | Minimum [Member] | ||
Loan to value ratio | 20.00% | |
Loan to Value Range 6 [Member] | Maximum [Member] | ||
Loan to value ratio | 30.00% | |
Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | $ 317,936 | 650,688 |
Loan to Value Range 7 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 317,936 | 650,688 |
Loan to Value Range 7 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
Loan to Value Range 7 [Member] | Minimum [Member] | ||
Loan to value ratio | 10.00% | |
Loan to Value Range 7 [Member] | Maximum [Member] | ||
Loan to value ratio | 20.00% | |
Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | $ 8,958 | 6,493 |
Loan to Value Range 8 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 8,958 | 6,493 |
Loan to Value Range 8 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate |
Note 2 - Investments - Investme
Note 2 - Investments - Investment Real Estate (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Investment real estate, net | $ 2,506,673 | $ 2,326,558 |
Land Held for the Production of Income [Member] | ||
Investment real estate | 213,160 | 213,160 |
Land Held for Sale [Member] | ||
Investment real estate | 745,155 | 750,047 |
Land [Member] | ||
Investment real estate | 958,315 | 963,207 |
Building Held for the Production of Income [Member] | ||
Investment real estate | 2,267,557 | 2,267,557 |
Less - accumulated depreciation | (1,049,695) | (904,206) |
Investment real estate, net | 1,217,862 | 1,363,351 |
Residential Real Estate - Held for Sale [Member] | ||
Investment real estate | $ 330,496 |
Note 2 - Investments - Lottery
Note 2 - Investments - Lottery Prize Cash Flows, by Contractual Maturity (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Due after five years through ten years, amortized cost | $ 13,016,677 | |
Due after five years through ten years, fair value | 15,570,507 | |
Due, amortized cost | 128,310,265 | $ 138,028,455 |
Due, fair value | 129,311,155 | $ 134,556,027 |
Lottery Prize Cash Flows [Member] | ||
Due in one year or less, amortized cost | 6,348,537 | |
Due in one year or less, fair value | 6,450,263 | |
Due in one year through five years, amortized cost | 18,336,787 | |
Due in one year through five years, fair value | 19,821,696 | |
Due after ten years, amortized cost | 9,086,872 | |
Due after ten years, fair value | 14,047,963 | |
Due, amortized cost | 46,788,873 | |
Due, fair value | $ 55,890,429 |
Note 2 - Investments - Lotter49
Note 2 - Investments - Lottery Prize Cash Flows, by State Lottery (Details) - Lottery Prize Cash Flows [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Other Investments | $ 46,788,873 | $ 31,566,927 |
Other investments, percentage | 100.00% | 100.00% |
Arizona [Member] | ||
Other Investments | $ 67,009 | $ 79,461 |
Other investments, percentage | 0.14% | 0.25% |
California [Member] | ||
Other Investments | $ 3,725,329 | $ 4,133,665 |
Other investments, percentage | 7.96% | 13.09% |
Connecticut [Member] | ||
Other Investments | $ 1,554,844 | $ 908,327 |
Other investments, percentage | 3.32% | 2.88% |
Florida [Member] | ||
Other Investments | $ 92,721 | $ 135,379 |
Other investments, percentage | 0.20% | 0.43% |
Georgia [Member] | ||
Other Investments | $ 1,179,442 | $ 984,152 |
Other investments, percentage | 2.52% | 3.12% |
Illinois [Member] | ||
Other Investments | $ 565,667 | $ 614,640 |
Other investments, percentage | 1.21% | 1.95% |
Indiana [Member] | ||
Other Investments | $ 1,303,314 | $ 918,855 |
Other investments, percentage | 2.79% | 2.91% |
Kentucky [Member] | ||
Other Investments | $ 28,411 | $ 54,412 |
Other investments, percentage | 0.06% | 0.17% |
Maine [Member] | ||
Other Investments | $ 239,011 | $ 270,767 |
Other investments, percentage | 0.51% | 0.86% |
Massachusetts [Member] | ||
Other Investments | $ 10,262,521 | $ 5,188,885 |
Other investments, percentage | 21.93% | 16.44% |
Michigan [Member] | ||
Other Investments | $ 307,892 | $ 320,497 |
Other investments, percentage | 0.66% | 1.02% |
Missouri [Member] | ||
Other Investments | $ 122,945 | |
Other investments, percentage | 0.26% | 0.00% |
New Jersey [Member] | ||
Other Investments | $ 61,823 | |
Other investments, percentage | 0.13% | 0.00% |
New York [Member] | ||
Other Investments | $ 19,633,916 | $ 14,213,676 |
Other investments, percentage | 41.97% | 45.02% |
Ohio [Member] | ||
Other Investments | $ 3,476,857 | $ 260,406 |
Other investments, percentage | 7.43% | 0.82% |
Pennsylvania [Member] | ||
Other Investments | $ 1,027,361 | $ 437,920 |
Other investments, percentage | 2.20% | 1.39% |
Texas [Member] | ||
Other Investments | $ 2,540,038 | $ 2,734,028 |
Other investments, percentage | 5.43% | 8.66% |
Vermont [Member] | ||
Other Investments | $ 293,573 | |
Other investments, percentage | 0.63% | 0.00% |
Washington [Member] | ||
Other Investments | $ 306,199 | $ 311,857 |
Other investments, percentage | 0.65% | 0.99% |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Gross Investment income | $ 14,949,758 | $ 12,514,172 |
Investment expenses | (1,759,115) | (1,278,830) |
Net investment income | 13,190,643 | 11,235,342 |
Fixed Maturities [Member] | ||
Gross Investment income | 5,970,940 | 5,542,312 |
Equity Securities [Member] | ||
Gross Investment income | 27,364 | 39,329 |
Other Long-term Investments [Member] | ||
Gross Investment income | 2,685,639 | 1,877,725 |
Mortgages [Member] | ||
Gross Investment income | 5,774,229 | 4,492,150 |
Policy Loans [Member] | ||
Gross Investment income | 107,541 | 101,344 |
Real Estate Investment [Member] | ||
Gross Investment income | 340,032 | 449,034 |
Short-term Investments [Member] | ||
Gross Investment income | $ 44,013 | $ 12,278 |
Note 3 - Fair Value Measureme51
Note 3 - Fair Value Measurements (Details Textual) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Number Of Private Placement Common Stocks | 2 | 2 | 1 |
Note 3 - Fair Value Measureme52
Note 3 - Fair Value Measurements - Fair Value Measured on a Recurring Basis (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale securities | $ 129,949,562 | $ 135,448,827 |
US Treasury and Government [Member] | ||
Available-for-sale securities | 3,185,383 | 2,820,754 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 3,185,383 | 2,820,754 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 3,185,383 | 2,820,754 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 9,250,896 | 8,952,605 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 9,250,896 | 8,952,605 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 9,250,896 | 8,952,605 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 70,727 | 93,826 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 70,727 | 93,826 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 70,727 | 93,826 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 100,980,041 | 106,750,939 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 100,980,041 | 106,750,939 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 100,980,041 | 106,750,939 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Foreign Government Debt Securities [Member] | ||
Available-for-sale securities | 15,824,108 | 15,937,903 |
Foreign Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 15,824,108 | 15,937,903 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 15,824,108 | 15,937,903 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Debt Securities [Member] | ||
Available-for-sale securities | 129,311,155 | 134,556,027 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 129,311,155 | 134,556,027 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 129,311,155 | 134,556,027 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Mutual Funds [Member] | ||
Available-for-sale securities | 341,914 | 324,941 |
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 341,914 | 324,941 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 341,914 | 324,941 |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Preferred Stock [Member] | ||
Available-for-sale securities | 96,360 | 265,038 |
Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 96,360 | 265,038 |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 96,360 | 211,278 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 53,760 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Common Stock [Member] | ||
Available-for-sale securities | 200,133 | 302,821 |
Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 200,133 | 302,821 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 138,633 | 256,321 |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 61,500 | 46,500 |
Equity Securities [Member] | ||
Available-for-sale securities | 638,407 | 892,800 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 638,407 | 892,800 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 234,993 | 467,599 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 341,914 | 378,701 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | $ 61,500 | $ 46,500 |
Note 3 - Fair Value Measureme53
Note 3 - Fair Value Measurement - Change in Fair Value of Available-for-sale Equity Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 46,500 | $ 46,500 |
Purchases | 15,000 | |
Sales | 0 | |
Impairment | 0 | 0 |
Ending balance | $ 61,500 | $ 46,500 |
Note 3 - Fair Value Measureme54
Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Policy loans | $ 1,598,116 | $ 1,486,317 |
Accrued investment income | 2,176,770 | 2,205,469 |
Policy claims | 997,814 | 714,928 |
Short-term investments | 599,855 | |
Reported Value Measurement [Member] | ||
Policy loans | 1,598,116 | 1,486,317 |
Other long-term investments | 46,788,873 | 31,566,927 |
Cash and cash equivalents | 34,223,945 | 9,047,586 |
Accrued investment income | 2,176,770 | 2,205,469 |
Total financial assets | 159,158,990 | 103,804,896 |
Policyholders' account balances | 245,346,489 | 197,688,616 |
Policy claims | 997,814 | 714,928 |
Total financial liabilities | 246,344,303 | 198,403,544 |
Short-term investments | 599,855 | |
Loans from premium financing | 123,824 | |
Estimate of Fair Value Measurement [Member] | ||
Policy loans | 1,598,116 | 1,486,317 |
Other long-term investments | 55,890,429 | 37,755,989 |
Cash and cash equivalents | 34,223,945 | 9,047,586 |
Accrued investment income | 2,176,770 | 2,205,469 |
Total financial assets | 165,541,061 | 110,062,187 |
Policyholders' account balances | 206,541,702 | 179,233,152 |
Policy claims | 997,814 | 714,928 |
Total financial liabilities | 207,539,516 | 179,948,080 |
Short-term investments | 599,855 | |
Loans from premium financing | 123,824 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Policy loans | ||
Other long-term investments | ||
Cash and cash equivalents | 34,223,945 | 9,047,586 |
Accrued investment income | ||
Total financial assets | 34,223,945 | 9,647,441 |
Policyholders' account balances | ||
Policy claims | ||
Total financial liabilities | ||
Short-term investments | 599,855 | |
Loans from premium financing | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Policy loans | ||
Other long-term investments | ||
Cash and cash equivalents | ||
Accrued investment income | ||
Total financial assets | ||
Policyholders' account balances | ||
Policy claims | ||
Total financial liabilities | ||
Short-term investments | ||
Loans from premium financing | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Policy loans | 1,598,116 | 1,486,317 |
Other long-term investments | 55,890,429 | 37,755,989 |
Cash and cash equivalents | ||
Accrued investment income | 2,176,770 | 2,205,469 |
Total financial assets | 131,317,116 | 100,414,746 |
Policyholders' account balances | 206,541,702 | 179,233,152 |
Policy claims | 997,814 | 714,928 |
Total financial liabilities | 207,539,516 | 179,948,080 |
Short-term investments | ||
Loans from premium financing | 123,824 | |
Commercial [Member] | Reported Value Measurement [Member] | ||
Mortgage loans on real estate | 1,254,808 | 1,464,655 |
Commercial [Member] | Estimate of Fair Value Measurement [Member] | ||
Mortgage loans on real estate | 1,268,140 | 1,486,601 |
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 | 1,268,140 | 1,486,601 |
Residential [Member] | Reported Value Measurement [Member] | ||
Mortgage loans on real estate | 73,116,478 | 57,310,263 |
Residential [Member] | Estimate of Fair Value Measurement [Member] | ||
Mortgage loans on real estate | 70,383,661 | 57,356,546 |
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 | $ 70,383,661 | $ 57,356,546 |
Note 4 - Special Deposits (Deta
Note 4 - Special Deposits (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deposit Assets | $ 4,099,405 | $ 3,989,742 |
Other Assets, Fair Value Disclosure | $ 4,125,116 | $ 4,034,042 |
Note 5 - Allowance for Loan L56
Note 5 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Premium Financing Loans (Details Textual) - USD ($) | Jun. 30, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 74,371,286 | $ 58,774,918 | ||
Financing Receivable, Allowance for Credit Losses | 244,427 | 380,520 | $ 323,824 | |
Premiums Receivable, Percent Of Premium | 80.00% | |||
Premiums Receivable Down Payment Percent Of Premium | 20.00% | |||
Premiums Receivable, Delinquent Premium Term | 25 days | |||
Premiums Receivable, Gross | 320,996 | |||
Premiums Receivable, Allowance for Doubtful Accounts | 197,172 | |||
One Loan Originator [Member] | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 25,523,757 | 21,755,620 | ||
One Loan Originator [Member] | Independent Mortgage Loan Balances [Member] | ||||
Escrow Deposit | 525,063 | 534,330 | ||
All Other Entities [Member] | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 48,847,529 | 37,019,298 | ||
Financing Receivable, Allowance for Credit Losses | $ 244,427 | $ 183,348 |
Note 5 - Allowance for Loan L57
Note 5 - Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing - Allowance for Loss on Premium Financing (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance, beginning | $ 380,520 | $ 323,824 |
Charge offs | (347,885) | 0 |
Recoveries | (186) | |
Provision | 211,792 | 56,882 |
Allowance, ending | 244,427 | 380,520 |
Individually evaluated for impairment | 192,690 | |
Collectively evaluated for impairment | 244,427 | 187,830 |
Individually evaluated for impairment | 316,514 | |
Collectively evaluated for impairment | 48,847,529 | 37,023,780 |
Residential Portfolio Segment [Member] | ||
Allowance, beginning | 175,988 | 116,604 |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 62,133 | 59,384 |
Allowance, ending | 238,121 | 175,988 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 238,121 | 175,988 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 47,592,721 | 35,554,643 |
Commercial Portfolio Segment [Member] | ||
Allowance, beginning | 7,360 | 9,862 |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (1,054) | (2,502) |
Allowance, ending | 6,306 | 7,360 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 6,306 | 7,360 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,254,808 | 1,464,655 |
Premium Finance Loans [Member] | ||
Allowance, beginning | 197,172 | 197,358 |
Charge offs | (347,885) | 0 |
Recoveries | (186) | |
Provision | 150,713 | |
Allowance, ending | 197,172 | |
Individually evaluated for impairment | 192,690 | |
Collectively evaluated for impairment | 4,482 | |
Individually evaluated for impairment | 316,514 | |
Collectively evaluated for impairment | $ 4,482 |
Note 6 - Deferred Policy Acqu58
Note 6 - Deferred Policy Acquisition Costs - Deferred Acquisition Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning of year | $ 13,015,679 | $ 9,287,851 |
Capitalization of commissions, sales and issue expenses | 7,445,304 | 5,204,940 |
Amortization | (2,202,367) | (1,563,625) |
Deferred acquisition costs allocated to investments | (66,626) | 86,513 |
Balance, end of year | $ 18,191,990 | $ 13,015,679 |
Note 7 - Federal Income Taxes59
Note 7 - Federal Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Operating Loss Carryforwards | $ 5,320,326 | $ 5,320,326 |
Capital Loss Carry Forwards | 42,500 | 42,500 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (299,347) | (53,529) |
Offsetting Operating Loss Carryforward on Taxable Income | $ 1,699,953 | 2,000,000 |
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||
Open Tax Year | 2,013 | |
Domestic Tax Authority [Member] | Latest Tax Year [Member] | ||
Open Tax Year | 2,016 | |
Trinity Life Insurance Company [Member] | ||
Operating Loss Carryforwards | $ 116,225 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (135,000) | $ (135,000) |
Family Benefit Life Insurance Company [Member] | ||
Operating Loss Carryforwards | $ 55,409 |
Note 7 - Federal Income Taxes -
Note 7 - Federal Income Taxes - Reconciliation of Federal Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Expected tax expense | $ 822,726 | $ 665,567 |
Net operating losses | (690,905) | (692,856) |
Deferred policy acquisition costs | (651,873) | (431,020) |
Accrual of discount | (183,393) | (90,611) |
Small life insurance company deduction | (62,303) | (481,855) |
Adjustment of prior years' taxes | (15,075) | 2,970 |
Value of life insurance business acquired | 53,111 | 54,069 |
Capital gain taxes | 72,249 | 266,528 |
Difference in book versus tax basis of available-for-sale fixed maturity securities | 159,763 | 10,681 |
Future policy benefits | 282,062 | 282,823 |
Other | 42,681 | (11,454) |
Total federal income tax benefit | $ (170,957) | $ (425,158) |
Note 7 - Federal Income Taxes61
Note 7 - Federal Income Taxes - Deferred Taxes (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | ||
Net unrealized investment gains | $ 204,668 | |
Available-for-sale fixed maturity securities | 232,889 | 315,195 |
Deferred policy acquisition costs | 2,944,563 | 2,013,315 |
Reinsurance recoverable | 251,788 | 246,318 |
Investment real estate | 35,940 | 36,000 |
Value of insurance business acquired | 1,181,767 | 1,257,640 |
Due premiums | 25,914 | 23,556 |
Mortgage loans | 21,444 | |
Other assets | 5,819 | 4,370 |
Other | 3,798 | 5,936 |
Total deferred tax liabilities | 4,887,146 | 3,923,774 |
Deferred tax assets: | ||
Net unrealized investment losses | 663,953 | |
Policyholders' account balances and future policy benefits | 1,965,397 | 1,554,886 |
Policy claims | 25,983 | 23,658 |
Unearned investment income | 9,491 | 10,583 |
Available-for-sale equity securities | 48,945 | 73,474 |
Mortgage loans | 7,578 | |
Alternative minimum tax carryforward | 276,571 | 267,383 |
Net operating loss carryforward | 1,843,238 | 1,957,917 |
Net capital loss carryforward | 14,450 | 14,450 |
Dividend liability | 10,652 | 11,083 |
Other | 5,821 | 4,372 |
Total deferred tax assets | 4,208,126 | 4,581,759 |
Valuation allowance | (14,450) | (691,195) |
Net deferred tax assets | 4,193,676 | 3,890,564 |
Net deferred tax liabilities | $ 693,470 | $ 33,210 |
Note 8 - Reinsurance (Details T
Note 8 - Reinsurance (Details Textual) | Dec. 31, 2016USD ($) |
Reinsurance Life Insurance Maximum Exposure | $ 75,000 |
Percent Ceded | 50.00% |
First Life America Corporation [Member | |
Reinsurance Life Insurance Maximum Exposure | $ 75,000 |
Trinity Life Insurance Company [Member] | |
Reinsurance Life Insurance Maximum Exposure | $ 75,000 |
Note 8 - Reinsurance - Reinsura
Note 8 - Reinsurance - Reinsurance Assumed and Ceded (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Premiums assumed | $ 42,342 | $ 49,173 |
Commissions and expense allowances assumed | 57 | 117 |
Benefits assumed | 21,864 | 54,868 |
Reserve credits assumed | 59,226 | 56,790 |
In force amount assumed | 17,621,570 | 18,384,754 |
Premiums ceded | 375,796 | 385,571 |
Commissions and expense allowances ceded | 4,716 | 10,530 |
Benefits ceded | 197,467 | 243,183 |
Reserve credits ceded | 1,057,934 | 1,042,395 |
In force amount ceded | $ 53,453,666 | $ 60,400,768 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | Sep. 01, 2017 | Oct. 01, 2016USD ($) | Sep. 01, 2016USD ($) | Dec. 21, 2015a | Oct. 01, 2015USD ($) | Sep. 01, 2015USD ($) | Sep. 28, 2014ft² | Jun. 01, 2011ft² | Oct. 01, 2010USD ($) | Sep. 01, 2010USD ($)ft² | Jun. 30, 2014 | Dec. 31, 2015USD ($)ft²a | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($)ft²a | Dec. 31, 2015USD ($)ft²a | Jun. 30, 2016USD ($) | Jan. 01, 2011USD ($) |
Area of Real Estate Property | ft² | 6,769 | ||||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years | ||||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||||||||||||||||
Operating Leases, Rental Payments | $ 8,630 | $ 8,461 | $ 7,897 | ||||||||||||||
Operating Lease, Rental Payment, Terms, Percentage Increase | 2.00% | ||||||||||||||||
Operating Leases, Rent Expense | $ 93,415 | $ 67,961 | |||||||||||||||
Operating Leases, Leasehold Improvement, Allowance | $ 54,152 | 39,509 | $ 120,000 | ||||||||||||||
Operating Leases, Leasehold Improvement, Allowance Amortization | $ 1,250 | $ 18,947 | 8,627 | ||||||||||||||
Operating Leases, Future Minimum Payments Receivable, Current | 104,090 | ||||||||||||||||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 106,189 | ||||||||||||||||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 108,304 | ||||||||||||||||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 82,446 | ||||||||||||||||
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | |||||||||||||||||
Area of Land | a | 6.5 | 6.5 | |||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | |||||||||||||||||
Area of Real Estate Property | 10,000 | 2,500 | |||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | 3 years | 5 years | ||||||||||||||
Operating Leases, Rental Payments | $ 4,249 | $ 4,236 | $ 3,100 | ||||||||||||||
Operating Leases, Leasehold Improvement, Allowance | 88,833 | ||||||||||||||||
Operating Leases, Future Minimum Payments Receivable, Current | 357,932 | ||||||||||||||||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 323,938 | ||||||||||||||||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 219,592 | ||||||||||||||||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 219,592 | ||||||||||||||||
Operating Lease, Monthly Payment Receivables | $ 18,299 | $ 16,598 | |||||||||||||||
Operating Leases, Notice to Terminate Term | 120 days | 90 days | |||||||||||||||
Operating Lease, Allowance on Leasehold Improments, Interest Rate | 5.00% | ||||||||||||||||
Operating Leases, Future Minimum Payments Receivable, in Five Years | $ 91,497 | ||||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | After Five Years [Member] | |||||||||||||||||
Operating Lease, Monthly Payment Receivables | 17,850 | ||||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Scenario, Forecast [Member] | |||||||||||||||||
Operating Leases, Notice to Terminate Term | 120 days | ||||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Base Rent [Member] | |||||||||||||||||
Operating Lease, Monthly Payment Receivables | 12,275 | 12,275 | |||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Base Rent [Member] | After Five Years [Member] | |||||||||||||||||
Operating Lease, Monthly Payment Receivables | 13,527 | ||||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Reimbursement of Operating Costs [Member] | |||||||||||||||||
Operating Lease, Monthly Payment Receivables | 4,323 | $ 4,323 | |||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Reimbursement of Operating Costs [Member] | After Five Years [Member] | |||||||||||||||||
Operating Lease, Monthly Payment Receivables | 4,323 | ||||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Tenant Improvements [Member] | |||||||||||||||||
Operating Lease, Monthly Payment Receivables | 1,701 | ||||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Lease Agreement for 7,500 Square Feet [Member] | |||||||||||||||||
Area of Real Estate Property | ft² | 7,500 | ||||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 2 years | ||||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 2 years | ||||||||||||||||
Operating Lease, Monthly Payment Receivables | 8,696 | ||||||||||||||||
Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Lease Agreement for 10,000 Square Feet [Member] | |||||||||||||||||
Area of Real Estate Property | ft² | 10,000 | ||||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||||||||||||||||
Operating Lease, Monthly Payment Receivables | $ 17,750 | ||||||||||||||||
Operating Leases, Notice to Terminate Term | 180 days | ||||||||||||||||
Held for the Production of Income [Member] | Office Building [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | |||||||||||||||||
Area of Real Estate Property | ft² | 20,000 | 20,000 | 20,000 | ||||||||||||||
Area of Land | a | 6.5 |
Note 10 - Shareholders' Equit65
Note 10 - Shareholders' Equity and Statury Accounting Practices (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory Accounting Practices, Statutory Net Income Amount | $ 6,645 | $ 548,318 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 9,141,799 | 10,308,963 |
Maximum Dividend Term | 1 year | |
Maximum Dividend Percent | 10.00% | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 914,179 | |
Trinity Life Insurance Company [Member] | ||
Statutory Accounting Practices, Statutory Net Income Amount | 1,927,154 | 2,191,094 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 11,129,493 | 10,771,192 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | 1,852,287 | |
Family Benefit Life Insurance Company [Member] | Trinity Life Insurance Company [Member] | ||
Payments of Dividends | $ 1,000,000 | $ 1,000,000 |
Note 11 - Segment Data - Segmen
Note 11 - Segment Data - Segment Data - Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Total revenue | $ 26,718,490 | $ 21,900,654 |
Income before income taxes | 2,419,782 | 1,957,550 |
Depreciation and amortization expense | 2,840,157 | 2,240,781 |
Life Insurance Operations [Member] | ||
Total revenue | 14,996,543 | 11,847,640 |
Income before income taxes | 866,648 | 852,489 |
Depreciation and amortization expense | 2,081,066 | 1,548,725 |
Annuity Operations [Member] | ||
Total revenue | 11,135,950 | 9,647,120 |
Income before income taxes | 1,271,600 | 935,945 |
Depreciation and amortization expense | 759,091 | 609,732 |
Corporate Segment [Member] | ||
Total revenue | 585,997 | 405,894 |
Income before income taxes | 281,534 | 169,116 |
Depreciation and amortization expense | $ 82,324 |
Note 11 - Segment Data - Segm67
Note 11 - Segment Data - Segment Data - Assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Total assets | $ 333,252,613 | $ 269,129,842 |
Life Insurance Operations [Member] | ||
Total assets | 50,577,282 | 44,151,860 |
Annuity Operations [Member] | ||
Total assets | 275,745,766 | 218,172,909 |
Corporate Segment [Member] | ||
Total assets | $ 6,929,565 | $ 6,805,073 |
Note 12 - Concentrations of C68
Note 12 - Concentrations of Credit Risk (Details Textual) | Dec. 31, 2016USD ($) |
Cash, FDIC Insured Amount | $ 250,000 |
Cash, Uninsured Amount | $ 22,117,921 |
Note 13 - Contingent Liabilit69
Note 13 - Contingent Liabilities (Details Textual) | Feb. 17, 2017USD ($) | Nov. 22, 2013 | Feb. 01, 2016USD ($) |
Decreasing Term to 95 [Member] | Pending Litigation [Member] | |||
Loss Contingency, Number of Plaintiffs | 3 | ||
Loss Contingency, Estimate of Possible Loss | $ 2,548,939 | ||
Subsequent Event [Member] | Case No. CJ-2013-03385 [Member] | Mr. Pettigrew [Member] | |||
Loss Contingency, Damages Awarded, Value | $ 4,300,000 | ||
Subsequent Event [Member] | Case No. CJ-2013-03385 [Member] | Mr. Pettigrew [Member] | First Trinity Financial Corporation [Member] | |||
Loss Contingency, Damages Awarded, Value | 800,000 | ||
Subsequent Event [Member] | Case No. CJ-2013-03385 [Member] | Mr. Pettigrew [Member] | Mr. Zahn [Member] | |||
Loss Contingency, Damages Awarded, Value | $ 3,500,000 |
Note 14 - Related Party Trans70
Note 14 - Related Party Transactions (Details Textual) - USD ($) | Apr. 15, 2015 | Dec. 31, 2015 | Dec. 31, 2016 |
Treasury Stock, Shares, Acquired | 247,580 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 38,643 | $ 893,947 | |
Former Chairman of The Board of Directors [Member] | |||
Treasury Stock, Shares, Acquired | 9,425 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 38,643 | ||
Due from Related Parties | $ 200,000 | ||
Former Chairman of The Board of Directors [Member] | Collateralized Loan to Related Party [Member] | |||
Due from Related Parties | 400,000 | ||
Related Party Transaction, Amounts of Transaction | 203,750 | ||
Payments for Advance to Affiliate | 186,250 | ||
Related Party Transaction Interest on Loan | $ 10,000 | ||
Related Party Transaction Term | 1 year | ||
Related Party Transaction, Rate | 5.00% | ||
Related Party Transactions, Common Stock as Collateral | 100,000 |
Note 15 - Other Comprehensive71
Note 15 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning Balance | $ (2,655,817) | $ 2,683,543 |
Other comprehensive income before reclassifications, net of tax | 3,850,843 | (5,595,426) |
Less amounts reclassified from accumulated other comprehensive income, net of tax | 376,350 | (256,066) |
Other comprehensive loss/income | 3,474,493 | (5,339,360) |
Ending Balance | 818,676 | (2,655,817) |
Less amounts reclassified from accumulated other comprehensive loss, net of tax | 376,350 | (256,066) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Beginning Balance | (2,695,876) | 2,712,694 |
Other comprehensive income before reclassifications, net of tax | 3,904,143 | (5,664,636) |
Less amounts reclassified from accumulated other comprehensive income, net of tax | 376,350 | (256,066) |
Other comprehensive loss/income | 3,527,793 | (5,408,570) |
Ending Balance | 831,917 | (2,695,876) |
Less amounts reclassified from accumulated other comprehensive loss, net of tax | 376,350 | (256,066) |
Adjustment to Deferred Acquisition Costs [Member] | ||
Beginning Balance | 40,059 | (29,151) |
Other comprehensive income before reclassifications, net of tax | (53,300) | 69,210 |
Less amounts reclassified from accumulated other comprehensive income, net of tax | ||
Other comprehensive loss/income | (53,300) | 69,210 |
Ending Balance | (13,241) | 40,059 |
Less amounts reclassified from accumulated other comprehensive loss, net of tax |
Note 15 - Other Comprehensive72
Note 15 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Total net unrealized gains (losses) arising during the period | $ 4,880,178 | $ (7,080,796) | |
Unrealized holding gains arising during the period, income tax expense (benefit) | 976,035 | (1,416,160) | |
Unrealized holding gains arising during the period, net of tax | 3,904,143 | (5,664,636) | |
Less net realized investment gains (losses) | [1] | 470,438 | (320,084) |
Less reclassification adjustment for net gains included in income, income tax expense (benefit) | [2] | 94,088 | (64,018) |
Less amounts reclassified from accumulated other comprehensive loss, net of tax | 376,350 | (256,066) | |
Net unrealized gains on investments, pretax | 4,409,740 | (6,760,712) | |
Net unrealized gains on investments, income tax expense (benefit) | 881,947 | (1,352,142) | |
Net unrealized gains on investments, net of tax | 3,527,793 | (5,408,570) | |
Adjustment to deferred acquisition costs, pretax | (66,626) | 86,513 | |
Adjustment to deferred acquisition costs, income tax expense (benefit) | (13,326) | 17,303 | |
Adjustment to deferred acquisition costs, net of tax | (53,300) | 69,210 | |
Total other comprehensive income, pretax | 4,343,114 | (6,674,199) | |
Total other comprehensive income, income tax expense (benefit) | 868,621 | (1,334,839) | |
Total other comprehensive income, net of tax | 3,474,493 | (5,339,360) | |
Unrealized holding losses arising during the period, pretax | 4,880,178 | (7,080,796) | |
Unrealized holding losses arising during the period, income tax expense (benefit) | 976,035 | (1,416,160) | |
Unrealized holding losses arising during the period, net of tax | 3,904,143 | (5,664,636) | |
Realized gains (losses) on sales of securities | [1] | 470,438 | (320,084) |
Income tax expense (benefit) | [2] | 94,088 | (64,018) |
Less amounts reclassified from accumulated other comprehensive income, net of tax | 376,350 | (256,066) | |
Net unrealized losses on investments, pretax | 4,409,740 | (6,760,712) | |
Net unrealized losses on investments, income tax expense (benefit) | 881,947 | (1,352,142) | |
Net unrealized losses on investments, net of tax | 3,527,793 | (5,408,570) | |
Total other comprehensive loss, pretax | 4,343,114 | (6,674,199) | |
Total other comprehensive loss, income tax expense (benefit) | 868,621 | (1,334,839) | |
Total other comprehensive loss, net of tax | $ 3,474,493 | $ (5,339,360) | |
[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 15 - Other Comprehensive73
Note 15 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Realized gains (losses) on sales of securities | [1] | $ 470,438 | $ (320,084) |
Income tax expense (benefit) | [2] | 94,088 | (64,018) |
Total reclassification adjustments | $ 376,350 | $ (256,066) | |
[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. |