Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 08, 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 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Investments | ||
Available-for-sale fixed maturity securities at fair value (amortized cost: $149,863,882 and $128,310,265 as of March 31, 2017 and December 31, 2016, respectively) | $ 151,925,813 | $ 129,311,155 |
Available-for-sale equity securities at fair value (cost: $600,529 and $599,400 as of March 31, 2017 and December 31, 2016, respectively) | 657,560 | 638,407 |
Mortgage loans on real estate | 86,878,848 | 74,371,286 |
Investment real estate | 2,365,621 | 2,506,673 |
Policy loans | 1,576,307 | 1,598,116 |
Other long-term investments | 49,515,018 | 46,788,873 |
Total investments | 292,919,167 | 255,214,510 |
Cash and cash equivalents | 25,962,536 | 34,223,945 |
Accrued investment income | 2,542,754 | 2,176,770 |
Recoverable from reinsurers | 1,211,881 | 1,258,938 |
Agents' balances and due premiums | 1,505,643 | 1,419,250 |
Deferred policy acquisition costs | 19,906,373 | 18,191,990 |
Value of insurance business acquired | 5,806,667 | 5,908,835 |
Other assets | 7,977,339 | 14,858,375 |
Total assets | 357,832,360 | 333,252,613 |
Policy liabilities | ||
Policyholders' account balances | 267,911,869 | 245,346,489 |
Future policy benefits | 45,222,673 | 44,266,227 |
Policy claims | 938,779 | 997,814 |
Other policy liabilities | 80,238 | 69,854 |
Total policy liabilities | 314,153,559 | 290,680,384 |
Deferred federal income taxes | 993,422 | 693,470 |
Other liabilities | 5,295,974 | 5,598,484 |
Total liabilities | 320,442,955 | 296,972,338 |
Shareholders' equity | ||
Common stock, par value $.01 per share (20,000,000 shares authorized, 8,050,173 issued as of March 31, 2017 and December 31, 2016 and 7,802,593 outstanding as of March 31, 2017 and December 31, 2016) | 80,502 | 80,502 |
Additional paid-in capital | 28,684,598 | 28,684,598 |
Treasury stock, at cost (247,580 shares as of March 31, 2017 and December 31, 2016) | (893,947) | (893,947) |
Accumulated other comprehensive income | 1,666,328 | 818,676 |
Accumulated earnings | 7,851,924 | 7,590,446 |
Total shareholders' equity | 37,389,405 | 36,280,275 |
Total liabilities and shareholders' equity | $ 357,832,360 | $ 333,252,613 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Position (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale fixed maturity securities at cost | $ 149,863,882 | $ 128,310,265 |
Available-for-sale equity securities at cost | $ 600,529 | $ 599,400 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 8,050,173 | 8,050,173 |
Common stock, shares outstanding (in shares) | 7,802,593 | 7,802,593 |
Treasury stock, shares (in shares) | 247,580 | 247,580 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Premiums | $ 3,621,690 | $ 3,192,542 |
Net investment income | 3,669,871 | 3,360,203 |
Net realized investment gains (losses) | 166,506 | (19,151) |
Other income | 49,892 | 7,313 |
Total revenues | 7,507,959 | 6,540,907 |
Benefits and claims | ||
Increase in future policy benefits | 959,805 | 1,358,144 |
Death benefits | 1,545,836 | 952,058 |
Surrenders | 283,376 | 137,726 |
Interest credited to policyholders | 2,035,054 | 1,653,720 |
Dividend, endowment and supplementary life contract benefits | 66,973 | 66,058 |
Total benefits and claims | 4,891,044 | 4,167,706 |
Policy acquisition costs deferred | (2,414,719) | (1,576,209) |
Amortization of deferred policy acquisition costs | 680,836 | 696,546 |
Amortization of value of insurance business acquired | 102,168 | 90,132 |
Commissions | 2,244,910 | 1,280,086 |
Other underwriting, insurance and acquisition expenses | 1,654,203 | 1,534,440 |
Total expenses | 2,267,398 | 2,024,995 |
Total benefits, claims and expenses | 7,158,442 | 6,192,701 |
Income before total federal income tax expense | 349,517 | 348,206 |
Current federal income tax expense | 3,298 | |
Deferred federal income tax expense | 88,039 | 49,595 |
Total federal income tax expense | 88,039 | 52,893 |
Net income | $ 261,478 | $ 295,313 |
Net income per common share basic and diluted (in dollars per share) | $ 0.03 | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net income | $ 261,478 | $ 295,313 | |
Other Comprehensive Income (loss) | |||
Total net unrealized gains arising during the period | 1,243,084 | 3,779,522 | |
Less net realized investment gains (losses) | [1] | 164,019 | (22,726) |
Net unrealized gains | 1,079,065 | 3,802,248 | |
Less adjustment to deferred acquisition costs | 19,500 | 60,130 | |
Other comprehensive income before income tax expense | 1,059,565 | 3,742,118 | |
Income tax expense | 211,913 | 748,423 | |
Total other comprehensive income | 847,652 | 2,993,695 | |
Total comprehensive income | $ 1,109,130 | $ 3,289,008 | |
[1] | These items appear within net realized investment gains (losses) in the consolidated statement of operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2015 | $ 80,502 | $ 28,684,598 | $ (893,947) | $ (2,655,817) | $ 4,999,707 | $ 30,215,043 |
Comprehensive income: | ||||||
Net income | 295,313 | 295,313 | ||||
Other comprehensive income | 2,993,695 | 2,993,695 | ||||
Balance at Mar. 31, 2016 | 80,502 | 28,684,598 | (893,947) | 337,878 | 5,295,020 | 33,504,051 |
Balance at Dec. 31, 2015 | 80,502 | 28,684,598 | (893,947) | (2,655,817) | 4,999,707 | 30,215,043 |
Balance at Dec. 31, 2016 | 80,502 | 28,684,598 | (893,947) | 818,676 | 7,590,446 | 36,280,275 |
Comprehensive income: | ||||||
Net income | 261,478 | 261,478 | ||||
Other comprehensive income | 847,652 | 847,652 | ||||
Balance at Mar. 31, 2017 | 80,502 | 28,684,598 | (893,947) | 1,666,328 | 7,851,924 | 37,389,405 |
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 (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net income | $ 261,478 | $ 295,313 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for depreciation | 36,531 | 36,530 |
Accretion of discount on investments | (685,817) | (375,081) |
Net realized investment losses (gains) | (166,506) | 19,151 |
Amortization of deferred policy acquisition costs | 680,836 | 696,546 |
Policy acquisition costs deferred | (2,414,719) | (1,576,209) |
Amortization of loan origination fees | 14,797 | 7,251 |
Amortization of value of insurance business acquired | 102,168 | 90,132 |
Allowance for mortgage loan losses | 42,054 | 6,369 |
Deferred federal income tax expense | 88,039 | 49,595 |
Interest credited to policyholders | 2,035,054 | 1,653,720 |
Change in assets and liabilities: | ||
Accrued investment income | (365,984) | (68,967) |
Policy loans | 21,809 | (8,261) |
Short-term investments | 549,795 | |
Recoverable from reinsurers | 47,057 | (8,587) |
Agents' balances and due premiums | (86,393) | (66,883) |
Other assets (excludes depreciation of $159 in 2017 and change in receivable for securities sold of $6,288,274 and ($1,904) in 2017 and 2016, respectively. | 592,603 | (1,441,577) |
Future policy benefits | 956,446 | 1,362,476 |
Policy claims | (59,035) | 90,501 |
Other policy liabilities | 10,384 | (2,972) |
Other liabilities (exclude change in payable for securities purchased of ($17,569) and $40,907 in 2017 and 2016, respectively. | (284,941) | 757,093 |
Net cash provided by operating activities | 825,861 | 2,065,935 |
Investing activities | ||
Purchases of fixed maturity securities available-for-sale | (26,056,647) | (2,222,996) |
Maturities of fixed maturity securities available-for-sale | 2,770,000 | 1,138,000 |
Sales of fixed maturity securities available-for-sale | 1,679,231 | 1,136,413 |
Purchases of equity securities available-for-sale | (1,129) | (4,552) |
Sales of equity securities available-for-sale | 108,800 | |
Purchases of mortgage loans | (17,643,638) | (3,710,052) |
Payments on mortgage loans | 5,125,389 | 1,572,244 |
Purchases of other long-term investments | (3,648,817) | (2,024,317) |
Payments on other long-term investments | 1,780,143 | 1,141,454 |
Sale of real estate | 107,167 | |
Net change in receivable and payable for securities sold and purchased | 6,270,705 | 39,003 |
Net cash used in investing activities | (29,617,596) | (2,826,003) |
Financing activities | ||
Policyholders' account deposits | 25,052,131 | 5,326,249 |
Policyholders' account withdrawals | (4,521,805) | (3,912,525) |
Net cash provided by financing activities | 20,530,326 | 1,413,724 |
Increase (decrease) in cash | (8,261,409) | 653,656 |
Cash and cash equivalents, beginning of period | 34,223,945 | 9,047,586 |
Cash and cash equivalents, end of period | $ 25,962,536 | $ 9,701,242 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Depreciation | $ 159 | |
Change in receivable for securities sold | 6,288,274 | $ (1,904) |
Change in payable for securities purchased | $ (17,569) | $ 40,907 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Organization and Significant Accounting Policies Nature of Operations First Trinity Financial Corporation (the “Company” or “FTFC”) is the parent holding company of Trinity Life Insurance Company (“TLIC”), Family Benefit Life Insurance Company (“FBLIC”) and First Trinity Capital Corporation (“FTCC”). The Company was incorporated in Oklahoma on April 19, 2004, The Company owns 100% 100% 10, 15, 20 30 The Company owns 100% 2006, January 2007. 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 s 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 unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 The results of operations for the three March 31, 2017 December 31, 2017 10 December 31, 2016. Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Reclassifications Certain reclassifications have been made in the prior year and prior quarter financial statements to conform to current year and current quarter classifications. These reclassifications had no effect on previously reported net income or shareholders' equity. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may may 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. Subsequent Events Management has evaluated all events subsequent to March 31, 2017 Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, (1) (2) (3) (4) (5) In July 2015, one March 31, 2018. 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, Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. Leases In February 2016, If the lease has a term of 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. Compensation — Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, employer service cost component be reported in the same lines as other employee compensation cost and that the other components (non-service costs) be presented separately from the service cost and outside of a subtotal of income from operations if one The updated guidance is effective for reporting periods beginning after December 15, 2017. first |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Investments Fixed Maturity and Equity Securities Available-For-Sale Investments in fixed maturity and equity securities available-for-sale as of March 31, 2017 December 31, 2016 Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value March 31, 2017 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 3,375,460 $ 88,510 $ 68,402 $ 3,395,568 States and political subdivisions 9,602,066 167,836 50,211 9,719,691 Residential mortgage-backed securities 33,938 36,689 - 70,627 Corporate bonds 116,778,608 2,713,348 1,202,824 118,289,132 Foreign bonds 20,073,810 544,739 167,754 20,450,795 Total fixed maturity securities 149,863,882 3,551,122 1,489,191 151,925,813 Equity securities Mutual funds 345,607 805 - 346,412 Corporate preferred stock 99,945 2,015 - 101,960 Corporate common stock 154,977 54,211 - 209,188 Total equity securities 600,529 57,031 - 657,560 Total fixed maturity and equity securities $ 150,464,411 $ 3,608,153 $ 1,489,191 $ 152,583,373 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 All securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2017 December 31, 2016 Unrealized Number of Fair Value Loss Securities March 31, 2017 (Unaudited) Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 2,086,562 $ 68,402 7 States and political subdivisions 2,518,618 50,211 13 Corporate bonds 26,306,196 480,601 85 Foreign bonds 3,271,284 105,406 12 Total less than 12 months 34,182,660 704,620 117 More than 12 months Corporate bonds 7,317,575 722,223 36 Foreign bonds 1,021,479 62,348 6 Total more than 12 months 8,339,054 784,571 42 Total fixed maturity securities $ 42,521,714 $ 1,489,191 159 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 As of March 31, 2017, 159 $1,489,191, $42,521,714 $44,010,905. March 31, 2017. 159 97%. As of December 31, 2016, 170 $1,999,354, $42,248,782 $44,248,136. December 31, 2016. 170 95%. As of March 31, 2017, As of December 31, 2016, three $6,454, $185,473 $191,927. 97%. Fixed maturity securities were 93% 92% March 31, 2017 December 31, 2016, 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. There were no impairments during the three March 31, 2017 2016. The Company recorded one fourth 2016. fourth 2016, $650,000 $207,450 December 31, 2016. The Company experienced no additional other-than-temporary impairments on fixed maturity available-for-sale securities during 2016. Management believes that the Company will fully recover its cost basis in the securities held as of March 31, 2017, Net unrealized gains included in other comprehensive income for investments classified as available-for-sale, net of the effect of deferred income taxes and deferred acquisition costs assuming that the appreciation had been realized as of March 31, 2017 December 31, 2016, (Unaudited) March 31, 2017 December 31, 2016 Unrealized appreciation on available-for-sale securities $ 2,118,962 $ 1,039,897 Adjustment to deferred acquisition costs (36,053 ) (16,553 ) Deferred income taxes (416,581 ) (204,668 ) Net unrealized appreciation on available-for-sale securities $ 1,666,328 $ 818,676 The Company’s investment in lottery prize cash flows categorized as other long-term investments in the statement of financial position was $49,515,018 $46,788,873 March 31, 2017 December 31, 2016, The amortized cost and fair value of fixed maturity available-for-sale securities and other long-term investments as of March 31, 2017, March 31, 2017 (Unaudited) Fixed Maturity Available-For-Sale Securities Other Long-Term Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 8,564,969 $ 8,646,613 $ 6,978,927 $ 7,081,822 Due after one year through five years 31,765,292 32,499,328 19,501,912 21,055,897 Due after five years through ten years 42,243,357 43,132,728 13,854,164 16,558,746 Due after ten years 67,256,326 67,576,517 9,180,015 14,151,045 Due at multiple maturity dates 33,938 70,627 - - $ 149,863,882 $ 151,925,813 $ 49,515,018 $ 58,847,510 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 securities available-for-sale, equity securities available-for-sale, mortgage loans on real estate and investment real estate for the three March 31, 2017 2016 Three Months Ended March 31, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2017 2016 2017 2016 2017 2016 2017 2016 Proceeds $ 4,449,231 $ 2,274,413 $ - $ 108,800 $ 5,125,389 $ 1,572,244 $ 107,167 $ - Gross realized gains 171,105 7,094 - - - 3,575 2,487 - Gross realized losses (7,086 ) (28,352 ) - (1,468 ) - - - - three March 31, 2017 2016 three March 31, 2017 2016 Major categories of net investment income for the three March 31, 2017 2016 Three Months Ended March 31, (Unaudited) 2017 2016 Fixed maturity securities $ 1,490,370 $ 1,567,218 Equity securities 5,072 7,182 Other long-term investments 857,470 547,822 Mortgage loans 1,667,394 1,353,071 Policy loans 27,564 26,098 Real estate 93,711 91,968 Short-term and other investments 110,286 72,270 Gross investment income 4,251,867 3,665,629 Investment expenses (581,996 ) (305,426 ) Net investment income $ 3,669,871 $ 3,360,203 TLIC and FBLIC are required to hold assets on deposit with various state insurance departments for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of March 31, 2017 December 31, 2016, $4,107,553 $4,099,405, As of March 31, 2017 December 31, 2016, $4,132,879 $4,125,116, The Company’s mortgage loans by property type as of March 31, 2017 December 31, 2016 (Unaudited) March 31, 2017 December 31, 2016 Commercial mortgage loans Retail stores $ 1,055,651 $ 1,075,324 Office buildings 177,494 179,484 Total commercial mortgage loans 1,233,145 1,254,808 Residential mortgage loans 85,645,703 73,116,478 Total mortgage loans $ 86,878,848 $ 74,371,286 The Company’s investment real estate as of March 31, 2017 December 31, 2016 (Unaudited) March 31, 2017 December 31, 2016 Land - held for the production of income $ 213,160 $ 213,160 Land - held for investment 745,155 745,155 Total land 958,315 958,315 Building - held for the production of income 2,267,557 2,267,557 Less - accumulated depreciation (1,086,067 ) (1,049,695 ) Buildings net of accumulated depreciation 1,181,490 1,217,862 Residential real estate - held for sale 225,816 330,496 Total residential real estate 225,816 330,496 Investment real estate, net of accumulated depreciation $ 2,365,621 $ 2,506,673 TLIC owns approximately six one 20,000 one fourth one four three one fourth 2016 $4,892 During 2016 seven $394,427 November 30, 2016, one $63,931. $20,662 $43,269. During 2017, $104,680. $2,487 $107,167. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) on the measurement date. The Company also considers the impact on fair value of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity. The Company holds fixed maturity and equity securities that are measured and reported at fair market value on the statement of financial position. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three 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 A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may 3 3 The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total March 31, 2017 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,395,568 $ - $ 3,395,568 States and political subdivisions - 9,719,691 - 9,719,691 Residential mortgage-backed securities - 70,627 - 70,627 Corporate bonds - 118,289,132 - 118,289,132 Foreign bonds - 20,450,795 - 20,450,795 Total fixed maturity securities $ - $ 151,925,813 $ - $ 151,925,813 Equity securities, available-for-sale Mutual funds $ - $ 346,412 $ - $ 346,412 Corporate preferred stock 101,960 - - 101,960 Corporate common stock 147,688 - 61,500 209,188 Total equity securities $ 249,648 $ 346,412 $ 61,500 $ 657,560 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 As of March 31, 2017 December 31, 2016, 3 two 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 carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value as of March 31, 2017 December 31, 2016, Financial Instruments Disclosed, But Not Carried, at Fair Value: Carrying Fair Amount Value Level 1 Level 2 Level 3 March 31, 2017 (Unaudited) Financial assets Mortgage loans on real estate Commercial $ 1,233,145 $ 1,245,615 $ - $ - $ 1,245,615 Residential 85,645,703 86,519,153 - - 86,519,153 Policy loans 1,576,307 1,576,307 - - 1,576,307 Other long-term investments 49,515,018 58,847,510 - - 58,847,510 Cash and cash equivalents 25,962,536 25,962,536 25,962,536 - - Accrued investment income 2,542,754 2,542,754 - - 2,542,754 Total financial assets $ 166,475,463 $ 150,458,439 $ 25,962,536 $ - $ 124,495,903 Financial liabilities Policyholders' account balances $ 267,911,869 $ 226,181,661 $ - $ - $ 226,181,661 Policy claims 938,779 938,779 - - 938,779 Total financial liabilities $ 268,850,648 $ 185,368,033 $ - $ - $ 185,368,033 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 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, Accrued Investment Income and Policy Loans The carrying value of these financial instruments approximates their fair values. Cash and cash equivalents 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 - Segment Data
Note 4 - Segment Data | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. Segment Data The Company has a life insurance segment, consisting of the life insurance operations of TLIC and FBLIC, an annuity segment, consisting of the annuity operations of TLIC and FBLIC and a corporate segment. Results for the parent company and the operations of FTCC, after elimination of intercompany amounts, are allocated to the corporate segment . These segments as of March 31, 2017 December 31, 2016 for the three March 31, 2017 2016 Three Months Ended March 31, (Unaudited) 2017 2016 Revenues: Life insurance operations $ 4,184,653 $ 3,745,244 Annuity operations 3,188,969 2,637,424 Corporate operations 134,337 158,239 Total $ 7,507,959 $ 6,540,907 Income before income taxes: Life insurance operations $ 117,848 $ 29,953 Annuity operations 160,414 228,256 Corporate operations 71,255 89,997 Total $ 349,517 $ 348,206 Depreciation and amortization expense: Life insurance operations $ 414,284 $ 674,547 Annuity operations 420,048 155,912 Corporate operations - - Total $ 834,332 $ 830,459 (Unaudited) March 31, 2017 December 31, 2016 Assets: Life insurance operations $ 51,429,483 $ 50,577,282 Annuity operations 299,630,314 275,745,766 Corporate operations 6,772,563 6,929,565 Total $ 357,832,360 $ 333,252,613 |
Note 5 - Federal Income Taxes
Note 5 - Federal Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. Federal Income Taxes The provision for federal income taxes is based on the asset and liability method of accounting for income taxes. Deferred income taxes are provided for the cumulative temporary differences between balances of assets and liabilities determined under GAAP and the balances using tax bases. A valuation allowance has been established due to the uncertainty of certain loss carry forwards. The Company has no known uncertain tax benefits within its provision for income taxes. In addition, the Company does not believe it would be subject to any penalties or interest relative to any open tax years and, therefore, has not accrued any such amounts. The Company files U.S. federal income tax returns and income tax returns in various state jurisdictions. The 2013 2016 |
Note 6 - Legal Matters and Cont
Note 6 - Legal Matters and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 6 . Legal Matters and Contingent Liabilities 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 can appeal this decision by the jury that will require him to post a bond in the amount of the total judgment of $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 On August 1, 2016, 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 7 - Other Comprehensive In
Note 7 - Other Comprehensive Income and Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 7 . Other Comprehensive Income and Accumulated O ther Comprehensive Income The changes in the components of the Company’s accumulated other comprehensive income for the three March 31, 2017 2016 Three Months Ended March 31, 2017 and 2016 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of January 1, 2017 $ 831,917 $ (13,241 ) $ 818,676 Other comprehensive income before reclassifications, net of tax 994,467 (15,600 ) 978,867 Less amounts reclassified from accumulated other comprehensive income, net of tax 131,215 - 131,215 Other comprehensive income 863,252 (15,600 ) 847,652 Balance as of March 31, 2017 $ 1,695,169 $ (28,841 ) $ 1,666,328 Balance as of January 1, 2016 $ (2,695,876 ) $ 40,059 $ (2,655,817 ) Other comprehensive income before reclassifications, net of tax 3,023,618 (48,104 ) 2,975,514 Less amounts reclassified from accumulated other comprehensive income, net of tax (18,181 ) - (18,181 ) Other comprehensive income 3,041,799 (48,104 ) 2,993,695 Balance as of March 31, 2016 $ 345,923 $ (8,045 ) $ 337,878 The pretax components of the Company’s other comprehensive income and the related income tax expense for each component for the three March 31, 2017 2016 Income Tax Pretax Expense Net of Tax Three Months Ended March 31, 2017 (Unaudited) Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 1,243,084 $ 248,617 $ 994,467 Reclassification adjustment for net gains included in operations 164,019 32,804 131,215 Net unrealized gains on investments 1,079,065 215,813 863,252 Adjustment to deferred acquisition costs (19,500 ) (3,900 ) (15,600 ) Total other comprehensive income $ 1,059,565 $ 211,913 $ 847,652 Three Months Ended March 31, 2016 (Unaudited) Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 3,779,522 $ 755,904 $ 3,023,618 Reclassification adjustment for net losses included in operations (22,726 ) (4,545 ) (18,181 ) Net unrealized gains on investments 3,802,248 760,449 3,041,799 Adjustment to deferred acquisition costs (60,130 ) (12,026 ) (48,104 ) Total other comprehensive income $ 3,742,118 $ 748,423 $ 2,993,695 Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. The pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income to the Company’s consolidated statement of operations for the three March 31, 2017 2016 Three Months Ended March 31, (Unaudited) Reclassification Adjustments 2017 2016 Unrealized gains on available-for-sale securities: Realized gains (losses) on sales of securities (a) $ 164,019 $ (22,726 ) Income tax expense (benefit) (b) 32,804 (4,545 ) Total reclassification adjustments $ 131,215 $ (18,181 ) (a) These items appear within net realized investment gains (losses) in the consolidated statement of operations. (b) These items appear within federal income taxes in the consolidated statement of operations. |
Note 8 - Allowance for Loan Los
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Premiums Receivable Note [Text Block] | 8 . Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing The allowance for possible loan losses from investments in mortgage loans on real estate and loans from premium financing is a reserve established through a provision for possible loan losses charged to expense which represents, in the Company’s judgment, the known and inherent credit losses existing in the residential and commercial mortgage loan and premium financing loan portfolios. The allowance, in the judgment of the Company, is necessary to reserve for estimated loan losses inherent in the residential and commercial mortgage loan and premium finance loan portfolios and reduces the carrying value of investments in mortgage loans on real estate and premium finance loans to the estimated net realizable value on the consolidated statement of financial position. While the Company utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including the performance of the residential and commercial mortgage loan and premium finance loan portfolios, the economy and changes in interest rates. The Company’s allowance for possible mortgage loan and premium finance loan losses consists of specific valuation allowances established for probable losses on specific loans and a portfolio reserve for probable incurred but not specifically identified loans. Mortgage loans and premium finance loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the mortgage loan or premium finance loan agreement. Factors considered by the Company in determining impairment include payment status, collateral value of the real estate subject to the mortgage loan, and the probability of collecting scheduled principal and interest payments when due. Mortgage loans and premium finance loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the mortgage loan or premium finance loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. As of March 31, 2017, $544,016 third March 31, 2017, $148,387 $29,677,438 one . In addition, the Company has an additional $286,481 $57,201,410 March 31, 2017. As of December 31, 2016, $525,063 third $25,523,757 one $244,427 $48,847,529 December 31, 2016. Through June 30, 2012, 80% 20% 25 As of December 31, 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 three March 31, 2017 2016 $29,677,438 $22,649,615 March 31, 2017 2016, one third As of and for the Three Months Ended March 31, (Unaudited) Residential Mortgage Loans Commercial Mortgage Loans Premium Finance Loans Total 2017 2016 2017 2016 2017 2016 2017 2016 Allowance, beginning $ 238,121 $ 175,988 $ 6,306 $ 7,360 $ - $ 197,172 $ 244,427 $ 380,520 Charge offs - - - - - - - - Recoveries - - - - - - - - Provision 42,163 6,484 (109 ) (115 ) - (4,482 ) 42,054 1,887 Allowance, ending $ 280,284 $ 182,472 $ 6,197 $ 7,245 $ - $ 192,690 $ 286,481 $ 382,407 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 192,690 $ - $ 192,690 Collectively evaluated for impairment $ 280,284 $ 182,472 $ 6,197 $ 7,245 $ - $ - $ 286,481 $ 189,717 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 347,885 $ - $ 347,885 Collectively evaluated for impairment $ 55,968,265 $ 36,840,353 $ 1,233,145 $ 1,441,814 $ - $ - $ 57,201,410 $ 38,282,167 The Company utilizes the ratio of the carrying value of individual residential and commercial mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s residential and commercial mortgage loans on real estate by credit quality using this ratio as of March 31, 2017 December 31, 2016 Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Over 70% to 80% $ 15,380,587 $ 14,559,541 $ - $ - $ 15,380,587 $ 14,559,541 Over 60% to 70% 32,049,451 29,738,887 - - 32,049,451 29,738,887 Over 50% to 60% 21,712,187 15,440,364 1,040,222 1,051,155 22,752,409 16,491,519 Over 40% to 50% 12,345,596 10,399,031 - - 12,345,596 10,399,031 Over 30% to 40% 2,276,132 2,184,351 192,923 203,653 2,469,055 2,388,004 Over 20% to 30% 1,544,076 467,410 - - 1,544,076 467,410 Over 10% to 20% 333,013 317,936 - - 333,013 317,936 10% or less 4,661 8,958 - - 4,661 8,958 Total $ 85,645,703 $ 73,116,478 $ 1,233,145 $ 1,254,808 $ 86,878,848 $ 74,371,286 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 s 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 unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 The results of operations for the three March 31, 2017 December 31, 2017 10 December 31, 2016. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made in the prior year and prior quarter financial statements to conform to current year and current quarter classifications. These reclassifications had no effect on previously reported net income or shareholders' equity. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may may |
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. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Management has evaluated all events subsequent to March 31, 2017 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, (1) (2) (3) (4) (5) In July 2015, one March 31, 2018. 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, Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. Leases In February 2016, If the lease has a term of 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. Compensation — Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, employer service cost component be reported in the same lines as other employee compensation cost and that the other components (non-service costs) be presented separately from the service cost and outside of a subtotal of income from operations if one The updated guidance is effective for reporting periods beginning after December 15, 2017. first |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value March 31, 2017 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 3,375,460 $ 88,510 $ 68,402 $ 3,395,568 States and political subdivisions 9,602,066 167,836 50,211 9,719,691 Residential mortgage-backed securities 33,938 36,689 - 70,627 Corporate bonds 116,778,608 2,713,348 1,202,824 118,289,132 Foreign bonds 20,073,810 544,739 167,754 20,450,795 Total fixed maturity securities 149,863,882 3,551,122 1,489,191 151,925,813 Equity securities Mutual funds 345,607 805 - 346,412 Corporate preferred stock 99,945 2,015 - 101,960 Corporate common stock 154,977 54,211 - 209,188 Total equity securities 600,529 57,031 - 657,560 Total fixed maturity and equity securities $ 150,464,411 $ 3,608,153 $ 1,489,191 $ 152,583,373 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Unrealized Number of Fair Value Loss Securities March 31, 2017 (Unaudited) Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 2,086,562 $ 68,402 7 States and political subdivisions 2,518,618 50,211 13 Corporate bonds 26,306,196 480,601 85 Foreign bonds 3,271,284 105,406 12 Total less than 12 months 34,182,660 704,620 117 More than 12 months Corporate bonds 7,317,575 722,223 36 Foreign bonds 1,021,479 62,348 6 Total more than 12 months 8,339,054 784,571 42 Total fixed maturity securities $ 42,521,714 $ 1,489,191 159 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 |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Unaudited) March 31, 2017 December 31, 2016 Unrealized appreciation on available-for-sale securities $ 2,118,962 $ 1,039,897 Adjustment to deferred acquisition costs (36,053 ) (16,553 ) Deferred income taxes (416,581 ) (204,668 ) Net unrealized appreciation on available-for-sale securities $ 1,666,328 $ 818,676 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended March 31, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2017 2016 2017 2016 2017 2016 2017 2016 Proceeds $ 4,449,231 $ 2,274,413 $ - $ 108,800 $ 5,125,389 $ 1,572,244 $ 107,167 $ - Gross realized gains 171,105 7,094 - - - 3,575 2,487 - Gross realized losses (7,086 ) (28,352 ) - (1,468 ) - - - - |
Investment Income [Table Text Block] | Three Months Ended March 31, (Unaudited) 2017 2016 Fixed maturity securities $ 1,490,370 $ 1,567,218 Equity securities 5,072 7,182 Other long-term investments 857,470 547,822 Mortgage loans 1,667,394 1,353,071 Policy loans 27,564 26,098 Real estate 93,711 91,968 Short-term and other investments 110,286 72,270 Gross investment income 4,251,867 3,665,629 Investment expenses (581,996 ) (305,426 ) Net investment income $ 3,669,871 $ 3,360,203 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Unaudited) March 31, 2017 December 31, 2016 Commercial mortgage loans Retail stores $ 1,055,651 $ 1,075,324 Office buildings 177,494 179,484 Total commercial mortgage loans 1,233,145 1,254,808 Residential mortgage loans 85,645,703 73,116,478 Total mortgage loans $ 86,878,848 $ 74,371,286 |
Schedule of Real Estate Properties [Table Text Block] | (Unaudited) March 31, 2017 December 31, 2016 Land - held for the production of income $ 213,160 $ 213,160 Land - held for investment 745,155 745,155 Total land 958,315 958,315 Building - held for the production of income 2,267,557 2,267,557 Less - accumulated depreciation (1,086,067 ) (1,049,695 ) Buildings net of accumulated depreciation 1,181,490 1,217,862 Residential real estate - held for sale 225,816 330,496 Total residential real estate 225,816 330,496 Investment real estate, net of accumulated depreciation $ 2,365,621 $ 2,506,673 |
Available For Sale Fixed Maturity Securities [Member] | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2017 (Unaudited) Fixed Maturity Available-For-Sale Securities Other Long-Term Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 8,564,969 $ 8,646,613 $ 6,978,927 $ 7,081,822 Due after one year through five years 31,765,292 32,499,328 19,501,912 21,055,897 Due after five years through ten years 42,243,357 43,132,728 13,854,164 16,558,746 Due after ten years 67,256,326 67,576,517 9,180,015 14,151,045 Due at multiple maturity dates 33,938 70,627 - - $ 149,863,882 $ 151,925,813 $ 49,515,018 $ 58,847,510 |
Note 3 - Fair Value Measureme19
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total March 31, 2017 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,395,568 $ - $ 3,395,568 States and political subdivisions - 9,719,691 - 9,719,691 Residential mortgage-backed securities - 70,627 - 70,627 Corporate bonds - 118,289,132 - 118,289,132 Foreign bonds - 20,450,795 - 20,450,795 Total fixed maturity securities $ - $ 151,925,813 $ - $ 151,925,813 Equity securities, available-for-sale Mutual funds $ - $ 346,412 $ - $ 346,412 Corporate preferred stock 101,960 - - 101,960 Corporate common stock 147,688 - 61,500 209,188 Total equity securities $ 249,648 $ 346,412 $ 61,500 $ 657,560 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 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Amount Value Level 1 Level 2 Level 3 March 31, 2017 (Unaudited) Financial assets Mortgage loans on real estate Commercial $ 1,233,145 $ 1,245,615 $ - $ - $ 1,245,615 Residential 85,645,703 86,519,153 - - 86,519,153 Policy loans 1,576,307 1,576,307 - - 1,576,307 Other long-term investments 49,515,018 58,847,510 - - 58,847,510 Cash and cash equivalents 25,962,536 25,962,536 25,962,536 - - Accrued investment income 2,542,754 2,542,754 - - 2,542,754 Total financial assets $ 166,475,463 $ 150,458,439 $ 25,962,536 $ - $ 124,495,903 Financial liabilities Policyholders' account balances $ 267,911,869 $ 226,181,661 $ - $ - $ 226,181,661 Policy claims 938,779 938,779 - - 938,779 Total financial liabilities $ 268,850,648 $ 185,368,033 $ - $ - $ 185,368,033 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 |
Note 4 - Segment Data (Tables)
Note 4 - Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, (Unaudited) 2017 2016 Revenues: Life insurance operations $ 4,184,653 $ 3,745,244 Annuity operations 3,188,969 2,637,424 Corporate operations 134,337 158,239 Total $ 7,507,959 $ 6,540,907 Income before income taxes: Life insurance operations $ 117,848 $ 29,953 Annuity operations 160,414 228,256 Corporate operations 71,255 89,997 Total $ 349,517 $ 348,206 Depreciation and amortization expense: Life insurance operations $ 414,284 $ 674,547 Annuity operations 420,048 155,912 Corporate operations - - Total $ 834,332 $ 830,459 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (Unaudited) March 31, 2017 December 31, 2016 Assets: Life insurance operations $ 51,429,483 $ 50,577,282 Annuity operations 299,630,314 275,745,766 Corporate operations 6,772,563 6,929,565 Total $ 357,832,360 $ 333,252,613 |
Note 7 - Other Comprehensive 21
Note 7 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2017 and 2016 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of January 1, 2017 $ 831,917 $ (13,241 ) $ 818,676 Other comprehensive income before reclassifications, net of tax 994,467 (15,600 ) 978,867 Less amounts reclassified from accumulated other comprehensive income, net of tax 131,215 - 131,215 Other comprehensive income 863,252 (15,600 ) 847,652 Balance as of March 31, 2017 $ 1,695,169 $ (28,841 ) $ 1,666,328 Balance as of January 1, 2016 $ (2,695,876 ) $ 40,059 $ (2,655,817 ) Other comprehensive income before reclassifications, net of tax 3,023,618 (48,104 ) 2,975,514 Less amounts reclassified from accumulated other comprehensive income, net of tax (18,181 ) - (18,181 ) Other comprehensive income 3,041,799 (48,104 ) 2,993,695 Balance as of March 31, 2016 $ 345,923 $ (8,045 ) $ 337,878 |
Comprehensive Income (Loss) [Table Text Block] | Income Tax Pretax Expense Net of Tax Three Months Ended March 31, 2017 (Unaudited) Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 1,243,084 $ 248,617 $ 994,467 Reclassification adjustment for net gains included in operations 164,019 32,804 131,215 Net unrealized gains on investments 1,079,065 215,813 863,252 Adjustment to deferred acquisition costs (19,500 ) (3,900 ) (15,600 ) Total other comprehensive income $ 1,059,565 $ 211,913 $ 847,652 Three Months Ended March 31, 2016 (Unaudited) Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 3,779,522 $ 755,904 $ 3,023,618 Reclassification adjustment for net losses included in operations (22,726 ) (4,545 ) (18,181 ) Net unrealized gains on investments 3,802,248 760,449 3,041,799 Adjustment to deferred acquisition costs (60,130 ) (12,026 ) (48,104 ) Total other comprehensive income $ 3,742,118 $ 748,423 $ 2,993,695 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, (Unaudited) Reclassification Adjustments 2017 2016 Unrealized gains on available-for-sale securities: Realized gains (losses) on sales of securities (a) $ 164,019 $ (22,726 ) Income tax expense (benefit) (b) 32,804 (4,545 ) Total reclassification adjustments $ 131,215 $ (18,181 ) |
Note 8 - Allowance for Loan L22
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | As of and for the Three Months Ended March 31, (Unaudited) Residential Mortgage Loans Commercial Mortgage Loans Premium Finance Loans Total 2017 2016 2017 2016 2017 2016 2017 2016 Allowance, beginning $ 238,121 $ 175,988 $ 6,306 $ 7,360 $ - $ 197,172 $ 244,427 $ 380,520 Charge offs - - - - - - - - Recoveries - - - - - - - - Provision 42,163 6,484 (109 ) (115 ) - (4,482 ) 42,054 1,887 Allowance, ending $ 280,284 $ 182,472 $ 6,197 $ 7,245 $ - $ 192,690 $ 286,481 $ 382,407 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 192,690 $ - $ 192,690 Collectively evaluated for impairment $ 280,284 $ 182,472 $ 6,197 $ 7,245 $ - $ - $ 286,481 $ 189,717 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 347,885 $ - $ 347,885 Collectively evaluated for impairment $ 55,968,265 $ 36,840,353 $ 1,233,145 $ 1,441,814 $ - $ - $ 57,201,410 $ 38,282,167 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Over 70% to 80% $ 15,380,587 $ 14,559,541 $ - $ - $ 15,380,587 $ 14,559,541 Over 60% to 70% 32,049,451 29,738,887 - - 32,049,451 29,738,887 Over 50% to 60% 21,712,187 15,440,364 1,040,222 1,051,155 22,752,409 16,491,519 Over 40% to 50% 12,345,596 10,399,031 - - 12,345,596 10,399,031 Over 30% to 40% 2,276,132 2,184,351 192,923 203,653 2,469,055 2,388,004 Over 20% to 30% 1,544,076 467,410 - - 1,544,076 467,410 Over 10% to 20% 333,013 317,936 - - 333,013 317,936 10% or less 4,661 8,958 - - 4,661 8,958 Total $ 85,645,703 $ 73,116,478 $ 1,233,145 $ 1,254,808 $ 86,878,848 $ 74,371,286 |
Note 1 - Organization and Sig23
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Apr. 28, 2015USD ($) | Dec. 28, 2011USD ($) | Dec. 31, 2008USD ($) | Dec. 23, 2008USD ($) | Mar. 31, 2017$ / shares | Dec. 31, 2004USD ($) | Dec. 31, 2012USD ($)shares | Mar. 08, 2013USD ($) | Mar. 08, 2013USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares | Aug. 31, 2009 |
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 | $ 893,947 | ||||||||||
Business Combination, Consideration Transferred | $ 13,855,129 | ||||||||||
Number of Subsidiaries Merged | 2 | ||||||||||
Asset Acquired Under Assumption Reinsurance Agreement | $ 3,644,839 | ||||||||||
Liabilities Assumed Under Reinsurance Assumption Agreement | 3,055,916 | ||||||||||
Gain on Reinsurance Assumption | $ 588,923 | ||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||||||||
Retained Earnings [Member] | |||||||||||
Dividends | $ 5,270,138 | ||||||||||
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% | ||||||||||
Family Benefit Life Insurance Company [Member] | Trinity Life Insurance Company [Member] | |||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | ||||||||||
First Trinity Capital Corporation [Member] | |||||||||||
Wholly Owned Subsidiary Ownership Percentage | 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 ($) | Mar. 31, 2017USD ($)ft²a | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 173 | 173 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 2,005,808 | $ 2,005,808 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,434,255 | 42,434,255 | |||
Investment Impaired Par Value | 650,000 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 207,450 | 207,450 | |||
Deposit Assets | $ 4,107,553 | 4,099,405 | 4,099,405 | ||
Other Assets, Fair Value Disclosure | 4,132,879 | 4,125,116 | $ 4,125,116 | ||
Number of Investment Real Estate Properties Sold | 1 | ||||
Real Estate Investments, Carrying Value of Real Estate Property Sold During the Period | $ 63,931 | 104,680 | |||
Gains (Losses) on Sales of Investment Real Estate | (20,662) | 2,487 | |||
Proceeds from Sale of Real Estate Held-for-investment | $ 43,269 | $ 107,167 | |||
Impairment of Investments Number of Securities | 0 | 0 | |||
Residential Mortgage [Member] | |||||
Number of Mortgage Loans Foreclosed | 7 | ||||
Mortgage Loans on Real Estate, Foreclosures | $ 394,427 | ||||
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | |||||
Area of Land | a | 6.5 | ||||
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Held for the Production of Income [Member] | Office Building [Member] | |||||
Area of Real Estate Property | ft² | 20,000 | ||||
Jefferson City Missouri [Member] | FBLIC [Member] | Assets Held-for-sale not Part of a Disposal Group [Member] | |||||
Area of Land | a | 0.5 | ||||
Impairment of Real Estate | 4,892 | ||||
Lottery Prize Cash Flows [Member] | |||||
Other Investments | $ 49,515,018 | $ 46,788,873 | $ 46,788,873 | ||
Debt Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 159 | 170 | 170 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 1,489,191 | $ 1,999,354 | $ 1,999,354 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,521,714 | 42,248,782 | 42,248,782 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 44,010,905 | $ 44,248,136 | $ 44,248,136 | ||
Fair Value to Cost Ratio | 97.00% | 95.00% | 95.00% | ||
Fixed Maturity Securities, Investment Grade Percentage | 93.00% | 92.00% | 92.00% | ||
Impairment of Investments Number of Securities | 1 | ||||
Equity Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 0 | 3 | 3 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 6,454 | $ 6,454 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 185,473 | 185,473 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 191,927 | $ 191,927 | |||
Fair Value to Cost Ratio | 97.00% | 97.00% |
Note 2 - Investments - Availabl
Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Securities, amortized cost | $ 150,464,411 | $ 128,909,665 |
Securities, gross unrealized gains | 3,608,153 | 3,045,705 |
Securities, gross unrealized losses | 1,489,191 | 2,005,808 |
Available-for-sale securities | 152,583,373 | 129,949,562 |
US Treasury and Government [Member] | ||
Securities, amortized cost | 3,375,460 | 3,157,889 |
Securities, gross unrealized gains | 88,510 | 99,086 |
Securities, gross unrealized losses | 68,402 | 71,592 |
Available-for-sale securities | 3,395,568 | 3,185,383 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities, amortized cost | 9,602,066 | 9,172,533 |
Securities, gross unrealized gains | 167,836 | 144,947 |
Securities, gross unrealized losses | 50,211 | 66,584 |
Available-for-sale securities | 9,719,691 | 9,250,896 |
Residential Mortgage Backed Securities [Member] | ||
Securities, amortized cost | 33,938 | 33,970 |
Securities, gross unrealized gains | 36,689 | 36,757 |
Securities, gross unrealized losses | ||
Available-for-sale securities | 70,627 | 70,727 |
Corporate Debt Securities [Member] | ||
Securities, amortized cost | 116,778,608 | 100,268,424 |
Securities, gross unrealized gains | 2,713,348 | 2,324,712 |
Securities, gross unrealized losses | 1,202,824 | 1,613,095 |
Available-for-sale securities | 118,289,132 | 100,980,041 |
Foreign Government Debt Securities [Member] | ||
Securities, amortized cost | 20,073,810 | 15,677,449 |
Securities, gross unrealized gains | 544,739 | 394,742 |
Securities, gross unrealized losses | 167,754 | 248,083 |
Available-for-sale securities | 20,450,795 | 15,824,108 |
Debt Securities [Member] | ||
Securities, amortized cost | 149,863,882 | 128,310,265 |
Securities, gross unrealized gains | 3,551,122 | 3,000,244 |
Securities, gross unrealized losses | 1,489,191 | 1,999,354 |
Available-for-sale securities | 151,925,813 | 129,311,155 |
Mutual Funds [Member] | ||
Securities, amortized cost | 345,607 | 344,783 |
Securities, gross unrealized gains | 805 | |
Securities, gross unrealized losses | 2,869 | |
Available-for-sale securities | 346,412 | 341,914 |
Preferred Stock [Member] | ||
Securities, amortized cost | 99,945 | 99,945 |
Securities, gross unrealized gains | 2,015 | |
Securities, gross unrealized losses | 3,585 | |
Available-for-sale securities | 101,960 | 96,360 |
Common Stock [Member] | ||
Securities, amortized cost | 154,977 | 154,672 |
Securities, gross unrealized gains | 54,211 | 45,461 |
Securities, gross unrealized losses | ||
Available-for-sale securities | 209,188 | 200,133 |
Equity Securities [Member] | ||
Securities, amortized cost | 600,529 | 599,400 |
Securities, gross unrealized gains | 57,031 | 45,461 |
Securities, gross unrealized losses | 6,454 | |
Available-for-sale securities | $ 657,560 | $ 638,407 |
Note 2 - Investments - Securiti
Note 2 - Investments - Securities in an Unrealized Loss Position (Details) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 42,434,255 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 2,005,808 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 173 | |
US Government Agencies Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 2,086,562 | $ 1,878,308 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 68,402 | $ 71,592 |
Securities in an unrealized loss position, less than twelve months, number | 7 | 6 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 2,518,618 | $ 2,532,653 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 50,211 | $ 66,584 |
Securities in an unrealized loss position, less than twelve months, number | 13 | 14 |
Corporate Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 26,306,196 | $ 23,721,217 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 480,601 | $ 696,066 |
Securities in an unrealized loss position, less than twelve months, number | 85 | 92 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 7,317,575 | $ 8,004,923 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 722,223 | $ 917,029 |
ecurities in an unrealized loss position, more than twelve months, number | 36 | 36 |
Foreign Government Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 3,271,284 | $ 5,087,133 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 105,406 | $ 155,833 |
Securities in an unrealized loss position, less than twelve months, number | 12 | 16 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,021,479 | $ 1,024,548 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 62,348 | $ 92,250 |
ecurities in an unrealized loss position, more than twelve months, number | 6 | 6 |
Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 34,182,660 | $ 33,219,311 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 704,620 | $ 990,075 |
Securities in an unrealized loss position, less than twelve months, number | 117 | 128 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 8,339,054 | $ 9,029,471 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 784,571 | $ 1,009,279 |
ecurities in an unrealized loss position, more than twelve months, number | 42 | 42 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 42,521,714 | $ 42,248,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 1,489,191 | $ 1,999,354 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 159 | 170 |
Preferred Stock [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 | |
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 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 6,454 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 0 | 3 |
Mutual Funds [Member] | ||
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 |
Note 2 - Investments - Net Unre
Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Unrealized appreciation on available-for-sale securities | $ 2,118,962 | $ 1,039,897 |
Adjustment to deferred acquisition costs | (36,053) | (16,553) |
Deferred income taxes | (416,581) | (204,668) |
Net unrealized appreciation on available-for-sale securities | $ 1,666,328 | $ 818,676 |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale securities - amortized cost | $ 149,863,882 | $ 128,310,265 |
Available-for-sale securities - fair value | 151,925,813 | $ 129,311,155 |
Fixed Maturities [Member] | ||
Due in one year or less - amortized cost | 8,564,969 | |
Due in one year or less - fair value | 8,646,613 | |
Due after one year through five years | 31,765,292 | |
Due after one year through five years | 32,499,328 | |
Due after five years through ten years - amortized cost | 42,243,357 | |
Due after five years through ten years - fair value | 43,132,728 | |
Due after ten years - amortized cost | 67,256,326 | |
Due after ten years - fair value | 67,576,517 | |
Due at multiple maturity dates - amortized cost | 33,938 | |
Due at multiple maturity dates - fair value | 70,627 | |
Available-for-sale securities - amortized cost | 149,863,882 | |
Available-for-sale securities - fair value | 151,925,813 | |
Other Long-term Investments [Member] | ||
Due in one year or less - amortized cost | 6,978,927 | |
Due in one year or less - fair value | 7,081,822 | |
Due after one year through five years | 19,501,912 | |
Due after one year through five years | 21,055,897 | |
Due after five years through ten years - amortized cost | 13,854,164 | |
Due after five years through ten years - fair value | 16,558,746 | |
Due after ten years - amortized cost | 9,180,015 | |
Due after ten years - fair value | 14,151,045 | |
Due at multiple maturity dates - amortized cost | ||
Due at multiple maturity dates - fair value | ||
Available-for-sale securities - amortized cost | 49,515,018 | |
Available-for-sale securities - fair value | $ 58,847,510 |
Note 2 - Investments - Availa29
Note 2 - Investments - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fixed Maturities [Member] | ||
Proceeds | $ 4,449,231 | $ 2,274,413 |
Gross realized gains | 171,105 | 7,094 |
Gross realized losses | (7,086) | (28,352) |
Equity Securities [Member] | ||
Proceeds | 108,800 | |
Gross realized gains | ||
Gross realized losses | (1,468) | |
Mortgages [Member] | ||
Proceeds | 5,125,389 | 1,572,244 |
Gross realized gains | 3,575 | |
Gross realized losses | ||
Real Estate Investment [Member] | ||
Proceeds | 107,167 | |
Gross realized gains | 2,487 | |
Gross realized losses |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gross Investment income | $ 4,251,867 | $ 3,665,629 |
Investment expenses | (581,996) | (305,426) |
Net investment income | 3,669,871 | 3,360,203 |
Fixed Maturities [Member] | ||
Gross Investment income | 1,490,370 | 1,567,218 |
Equity Securities [Member] | ||
Gross Investment income | 5,072 | 7,182 |
Other Long-term Investments [Member] | ||
Gross Investment income | 857,470 | 547,822 |
Mortgages [Member] | ||
Gross Investment income | 1,667,394 | 1,353,071 |
Policy Loans [Member] | ||
Gross Investment income | 27,564 | 26,098 |
Real Estate Investment [Member] | ||
Gross Investment income | 93,711 | 91,968 |
Short-term Investments [Member] | ||
Gross Investment income | $ 110,286 | $ 72,270 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 86,878,848 | $ 74,371,286 |
Commercial Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 1,233,145 | 1,254,808 |
Commercial Portfolio Segment [Member] | Retail Site [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 1,055,651 | 1,075,324 |
Commercial Portfolio Segment [Member] | Office Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 177,494 | 179,484 |
Residential Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 85,645,703 | $ 73,116,478 |
Note 2 - Investments - Investme
Note 2 - Investments - Investment Real Estate (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Investment real estate, net | $ 2,365,621 | $ 2,506,673 |
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 | 745,155 |
Land [Member] | ||
Investment real estate | 958,315 | 958,315 |
Building Held for the Production of Income [Member] | ||
Investment real estate | 2,267,557 | 2,267,557 |
Less - accumulated depreciation | (1,086,067) | (1,049,695) |
Investment real estate, net | 1,181,490 | 1,217,862 |
Residential Real Estate - Held for Sale [Member] | ||
Investment real estate | $ 225,816 | $ 330,496 |
Note 3 - Fair Value Measureme33
Note 3 - Fair Value Measurements (Details Textual) | Mar. 31, 2017 | Dec. 31, 2016 |
Number Of Private Placement Common Stocks | 2 | 2 |
Note 3 - Fair Value Measureme34
Note 3 - Fair Value Measurements - Fair Value Measured on a Recurring Basis (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale securities | $ 152,583,373 | $ 129,949,562 |
US Treasury and Government [Member] | ||
Available-for-sale securities | 3,395,568 | 3,185,383 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 3,395,568 | 3,185,383 |
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 | 3,395,568 | 3,185,383 |
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 | 9,719,691 | 9,250,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 9,719,691 | 9,250,896 |
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 | 9,719,691 | 9,250,896 |
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 | 70,627 | 70,727 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 70,627 | 70,727 |
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 | 70,627 | 70,727 |
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 | 118,289,132 | 100,980,041 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 118,289,132 | 100,980,041 |
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 | 118,289,132 | 100,980,041 |
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 | 20,450,795 | 15,824,108 |
Foreign Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 20,450,795 | 15,824,108 |
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 | 20,450,795 | 15,824,108 |
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 | 151,925,813 | 129,311,155 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 151,925,813 | 129,311,155 |
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 | 151,925,813 | 129,311,155 |
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 | 346,412 | 341,914 |
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 346,412 | 341,914 |
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 | 346,412 | 341,914 |
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 | 101,960 | 96,360 |
Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 101,960 | 96,360 |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 101,960 | 96,360 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
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 | 209,188 | 200,133 |
Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 209,188 | 200,133 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 147,688 | 138,633 |
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 | 61,500 |
Equity Securities [Member] | ||
Available-for-sale securities | 657,560 | 638,407 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 657,560 | 638,407 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 249,648 | 234,993 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 346,412 | 341,914 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | $ 61,500 | $ 61,500 |
Note 3 - Fair Value Measureme35
Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Policy loans | $ 1,576,307 | $ 1,598,116 |
Accrued investment income | 2,542,754 | 2,176,770 |
Policy claims | 938,779 | 997,814 |
Reported Value Measurement [Member] | ||
Policy loans | 1,576,307 | 1,598,116 |
Other long-term investments | 49,515,018 | 46,788,873 |
Cash and cash equivalents | 25,962,536 | 34,223,945 |
Accrued investment income | 2,542,754 | 2,176,770 |
Total financial assets | 166,475,463 | 159,158,990 |
Policyholders' account balances | 267,911,869 | 245,346,489 |
Policy claims | 938,779 | 997,814 |
Total financial liabilities | 268,850,648 | 246,344,303 |
Estimate of Fair Value Measurement [Member] | ||
Policy loans | 1,576,307 | 1,598,116 |
Other long-term investments | 58,847,510 | 55,890,429 |
Cash and cash equivalents | 25,962,536 | 34,223,945 |
Accrued investment income | 2,542,754 | 2,176,770 |
Total financial assets | 150,458,439 | 165,541,061 |
Policyholders' account balances | 226,181,661 | 206,541,702 |
Policy claims | 938,779 | 997,814 |
Total financial liabilities | 185,368,033 | 207,539,516 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Policy loans | ||
Other long-term investments | ||
Cash and cash equivalents | 25,962,536 | 34,223,945 |
Accrued investment income | ||
Total financial assets | 25,962,536 | 34,223,945 |
Policyholders' account balances | ||
Policy claims | ||
Total financial liabilities | ||
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 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Policy loans | 1,576,307 | 1,598,116 |
Other long-term investments | 58,847,510 | 55,890,429 |
Cash and cash equivalents | ||
Accrued investment income | 2,542,754 | 2,176,770 |
Total financial assets | 124,495,903 | 131,317,116 |
Policyholders' account balances | 226,181,661 | 206,541,702 |
Policy claims | 938,779 | 997,814 |
Total financial liabilities | 185,368,033 | 207,539,516 |
Commercial [Member] | Reported Value Measurement [Member] | ||
Mortgage loans on real estate | 1,233,145 | 1,254,808 |
Commercial [Member] | Estimate of Fair Value Measurement [Member] | ||
Mortgage loans on real estate | 1,245,615 | 1,268,140 |
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 | 1,245,615 | 1,268,140 |
Residential [Member] | Reported Value Measurement [Member] | ||
Mortgage loans on real estate | 85,645,703 | 73,116,478 |
Residential [Member] | Estimate of Fair Value Measurement [Member] | ||
Mortgage loans on real estate | 86,519,153 | 70,383,661 |
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 | $ 86,519,153 | $ 70,383,661 |
Note 4 - Segment Data - Segment
Note 4 - Segment Data - Segment Data - Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Total revenue | $ 7,507,959 | $ 6,540,907 |
Income before income taxes | 349,517 | 348,206 |
Depreciation and amortization expense | 834,332 | 830,459 |
Life Insurance Operations [Member] | ||
Total revenue | 4,184,653 | 3,745,244 |
Income before income taxes | 117,848 | 29,953 |
Depreciation and amortization expense | 414,284 | 674,547 |
Annuity Operations [Member] | ||
Total revenue | 3,188,969 | 2,637,424 |
Income before income taxes | 160,414 | 228,256 |
Depreciation and amortization expense | 420,048 | 155,912 |
Corporate Segment [Member] | ||
Total revenue | 134,337 | 158,239 |
Income before income taxes | 71,255 | 89,997 |
Depreciation and amortization expense |
Note 4 - Segment Data - Segme37
Note 4 - Segment Data - Segment Data - Assets (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Total assets | $ 357,832,360 | $ 333,252,613 |
Life Insurance Operations [Member] | ||
Total assets | 51,429,483 | 50,577,282 |
Annuity Operations [Member] | ||
Total assets | 299,630,314 | 275,745,766 |
Corporate Segment [Member] | ||
Total assets | $ 6,772,563 | $ 6,929,565 |
Note 5 - Federal Income Taxes (
Note 5 - Federal Income Taxes (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Unrecognized Tax Benefits | $ 0 |
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 |
Note 6 - Legal Matters and Co39
Note 6 - Legal Matters and Contingent Liabilities (Details Textual) | Feb. 17, 2017USD ($) | Nov. 22, 2013 | Feb. 01, 2016USD ($) |
Case No. CJ-2013-03385 [Member] | Mr. Pettigrew [Member] | |||
Loss Contingency, Damages Awarded, Value | $ 4,300,000 | ||
Case No. CJ-2013-03385 [Member] | Mr. Pettigrew [Member] | First Trinity Financial Corporation [Member] | |||
Loss Contingency, Damages Awarded, Value | 800,000 | ||
Case No. CJ-2013-03385 [Member] | Mr. Pettigrew [Member] | Mr. Zahn [Member] | |||
Loss Contingency, Damages Awarded, Value | $ 3,500,000 | ||
Decreasing Term to 95 [Member] | Pending Litigation [Member] | |||
Loss Contingency, Number of Plaintiffs | 3 | ||
Loss Contingency, Estimate of Possible Loss | $ 2,548,939 |
Note 7 - Other Comprehensive 40
Note 7 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning Balance | $ 818,676 | $ (2,655,817) |
Other comprehensive income before reclassifications, net of tax | 978,867 | 2,975,514 |
Less amounts reclassified from accumulated other comprehensive income, net of tax | 131,215 | (18,181) |
Other comprehensive income | 847,652 | 2,993,695 |
Ending Balance | 1,666,328 | 337,878 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Beginning Balance | 831,917 | (2,695,876) |
Other comprehensive income before reclassifications, net of tax | 994,467 | 3,023,618 |
Less amounts reclassified from accumulated other comprehensive income, net of tax | 131,215 | (18,181) |
Other comprehensive income | 863,252 | 3,041,799 |
Ending Balance | 1,695,169 | 345,923 |
Adjustment to Deferred Acquisition Costs [Member] | ||
Beginning Balance | (13,241) | 40,059 |
Other comprehensive income before reclassifications, net of tax | (15,600) | (48,104) |
Less amounts reclassified from accumulated other comprehensive income, net of tax | ||
Other comprehensive income | (15,600) | (48,104) |
Ending Balance | $ (28,841) | $ (8,045) |
Note 7 - Other Comprehensive 41
Note 7 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Total net unrealized gains arising during the period | $ 1,243,084 | $ 3,779,522 | |
Unrealized holding gains arising during the period, income tax expense | 248,617 | 755,904 | |
Unrealized holding gains arising during the period, net of tax | 994,467 | 3,023,618 | |
Less net realized investment gains (losses) | [1] | 164,019 | (22,726) |
Reclassification adjustment for net gains (losses) included in operations, income tax expense | [2] | 32,804 | (4,545) |
Reclassification adjustment for net gains (losses) included in operations, net of tax | 131,215 | (18,181) | |
Net unrealized gains on investments, pretax | 1,079,065 | 3,802,248 | |
Net unrealized gains on investments, income tax expense | 215,813 | 760,449 | |
Net unrealized gains on investments, net of tax | 863,252 | 3,041,799 | |
Adjustment to deferred acquisition costs, pretax | (19,500) | (60,130) | |
Adjustment to deferred acquisition costs, income tax expense | (3,900) | (12,026) | |
Adjustment to deferred acquisition costs, net of tax | (15,600) | (48,104) | |
Total other comprehensive income, pretax | 1,059,565 | 3,742,118 | |
Total other comprehensive income, income tax expense | 211,913 | 748,423 | |
Total other comprehensive income, net of tax | $ 847,652 | $ 2,993,695 | |
[1] | These items appear within net realized investment gains (losses) in the consolidated statement of operations. | ||
[2] | These items appear within federal income taxes in the consolidated statement of operations. |
Note 7 - Other Comprehensive 42
Note 7 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Realized gains (losses) on sales of securities | [1] | $ 164,019 | $ (22,726) |
Income tax expense (benefit) | [2] | 32,804 | (4,545) |
Total reclassification adjustments | $ 131,215 | $ (18,181) | |
[1] | These items appear within net realized investment gains (losses) in the consolidated statement of operations. | ||
[2] | These items appear within federal income taxes in the consolidated statement of operations. |
Note 8 - Allowance for Loan L43
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing (Details Textual) - USD ($) | Jun. 30, 2012 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses | $ 286,481 | $ 244,427 | $ 382,407 | $ 380,520 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 86,878,848 | 74,371,286 | |||
Premiums Receivable, Percent Of Premium | 80.00% | ||||
Premiums Receivable Down Payment Percent Of Premium | 20.00% | ||||
Premiums Receivable, Delinquent Premium Term | 25 days | ||||
One Loan Originator [Member] | |||||
Financing Receivable, Allowance for Credit Losses | 148,387 | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 29,677,438 | 25,523,757 | $ 22,649,615 | ||
One Loan Originator [Member] | Independent Mortgage Loan Balances [Member] | |||||
Escrow Deposit | 544,016 | 525,063 | |||
All Other Entities [Member] | |||||
Financing Receivable, Allowance for Credit Losses | 286,481 | 244,427 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 57,201,410 | $ 48,847,529 |
Note 8 - Allowance for Loan L44
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing - Allowance for Loss On Premium Financing (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance, beginning | $ 244,427 | $ 380,520 |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 42,054 | 1,887 |
Allowance, ending | 286,481 | 382,407 |
Individually evaluated for impairment | 0 | 192,690 |
Collectively evaluated for impairment | 286,481 | 189,717 |
Individually evaluated for impairment | 0 | 347,885 |
Collectively evaluated for impairment | 57,201,410 | 38,282,167 |
Residential Portfolio Segment [Member] | ||
Allowance, beginning | 238,121 | 175,988 |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 42,163 | 6,484 |
Allowance, ending | 280,284 | 182,472 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 280,284 | 182,472 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 55,968,265 | 36,840,353 |
Commercial Portfolio Segment [Member] | ||
Allowance, beginning | 6,306 | 7,360 |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (109) | (115) |
Allowance, ending | 6,197 | 7,245 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 6,197 | 7,245 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,233,145 | 1,441,814 |
Premium Finance Loans [Member] | ||
Allowance, beginning | 0 | 197,172 |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | (4,482) |
Allowance, ending | 0 | 192,690 |
Individually evaluated for impairment | 0 | 192,690 |
Collectively evaluated for impairment | 0 | 0 |
Individually evaluated for impairment | 0 | 347,885 |
Collectively evaluated for impairment | $ 0 | $ 0 |
Note 8 - Allowance for Loan L45
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing - Mortgage Loan to Value Ratios (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Mortgage loans on real estate | $ 86,878,848 | $ 74,371,286 |
Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 85,645,703 | 73,116,478 |
Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 1,233,145 | 1,254,808 |
Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 15,380,587 | 14,559,541 |
Loan to Value Range1 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 15,380,587 | 14,559,541 |
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 | $ 32,049,451 | $ 29,738,887 |
Loan to Value Range 2 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 32,049,451 | 29,738,887 |
Loan to Value Range 2 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
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 | $ 22,752,409 | $ 16,491,519 |
Loan to Value Range 3 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 21,712,187 | 15,440,364 |
Loan to Value Range 3 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 1,040,222 | $ 1,051,155 |
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 | $ 12,345,596 | $ 10,399,031 |
Loan to Value Range 4 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 12,345,596 | 10,399,031 |
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 | $ 2,469,055 | $ 2,388,004 |
Loan to Value Range 5 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 2,276,132 | 2,184,351 |
Loan to Value Range 5 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 192,923 | $ 203,653 |
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 | $ 1,544,076 | $ 467,410 |
Loan to Value Range 6 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 1,544,076 | 467,410 |
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 | $ 333,013 | $ 317,936 |
Loan to Value Range 7 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 333,013 | 317,936 |
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 | $ 4,661 | $ 8,958 |
Loan to Value Range 8 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 4,661 | 8,958 |
Loan to Value Range 8 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
Loan to Value Range 8 [Member] | Minimum [Member] | ||
Loan to value ratio | 10.00% | |
Loan to Value Range 8 [Member] | Maximum [Member] | ||
Loan to value ratio | 10.00% |