Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 07, 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 | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Current Period Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Investments | ||
Available-for-sale fixed maturity securities at fair value (amortized cost: $146,815,391 and $128,310,265 as of June 30, 2017 and December 31, 2016, respectively) | $ 151,551,123 | $ 129,311,155 |
Available-for-sale equity securities at fair value (cost: $601,207 and $599,400 as of June 30, 2017 and December 31, 2016, respectively) | 658,952 | 638,407 |
Mortgage loans on real estate | 100,337,059 | 74,371,286 |
Investment real estate | 2,248,228 | 2,506,673 |
Policy loans | 1,604,260 | 1,598,116 |
Other long-term investments | 57,895,580 | 46,788,873 |
Total investments | 314,295,202 | 255,214,510 |
Cash and cash equivalents | 17,541,778 | 34,223,945 |
Accrued investment income | 2,517,930 | 2,176,770 |
Recoverable from reinsurers | 1,230,910 | 1,258,938 |
Agents' balances and due premiums | 1,643,690 | 1,419,250 |
Deferred policy acquisition costs | 21,695,607 | 18,191,990 |
Value of insurance business acquired | 5,699,371 | 5,908,835 |
Other assets | 13,628,298 | 14,858,375 |
Total assets | 378,252,786 | 333,252,613 |
Policy liabilities | ||
Policyholders' account balances | 285,235,552 | 245,346,489 |
Future policy benefits | 46,708,192 | 44,266,227 |
Policy claims | 915,170 | 997,814 |
Other policy liabilities | 77,758 | 69,854 |
Total policy liabilities | 332,936,672 | 290,680,384 |
Deferred federal income taxes | 1,637,491 | 693,470 |
Other liabilities | 3,639,385 | 5,598,484 |
Total liabilities | 338,213,548 | 296,972,338 |
Shareholders' equity | ||
Common stock, par value $.01 per share (20,000,000 shares authorized, 8,050,173 issued as of June 30, 2017 and December 31, 2016 and 7,802,593 outstanding as of June 30, 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 June 30, 2017 and December 31, 2016) | (893,947) | (893,947) |
Accumulated other comprehensive income | 3,766,117 | 818,676 |
Accumulated earnings | 8,401,968 | 7,590,446 |
Total shareholders' equity | 40,039,238 | 36,280,275 |
Total liabilities and shareholders' equity | $ 378,252,786 | $ 333,252,613 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Position (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale fixed maturity securities at cost | $ 146,815,391 | $ 128,310,265 |
Available-for-sale equity securities at cost | $ 601,207 | $ 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | ||||
Premiums | $ 3,880,345 | $ 3,037,033 | $ 7,502,035 | $ 6,229,575 |
Net investment income | 3,995,064 | 3,258,634 | 7,664,935 | 6,618,837 |
Net realized investment gains | 91,088 | 166,093 | 257,594 | 146,942 |
Loss on other-than-temporary impairments | (224,250) | (224,250) | ||
Other income | 17,235 | 7,893 | 67,127 | 15,206 |
Total revenues | 7,759,482 | 6,469,653 | 15,267,441 | 13,010,560 |
Benefits and claims | ||||
Increase in future policy benefits | 1,482,159 | 1,279,874 | 2,441,964 | 2,638,018 |
Death benefits | 887,745 | 1,034,230 | 2,433,581 | 1,986,288 |
Surrenders | 248,212 | 198,643 | 531,588 | 336,369 |
Interest credited to policyholders | 2,201,930 | 1,681,501 | 4,236,984 | 3,335,221 |
Dividend, endowment and supplementary life contract benefits | 64,795 | 67,454 | 131,768 | 133,512 |
Total benefits and claims | 4,884,841 | 4,261,702 | 9,775,885 | 8,429,408 |
Policy acquisition costs deferred | (2,586,318) | (1,542,926) | (5,001,037) | (3,119,135) |
Amortization of deferred policy acquisition costs | 747,306 | 355,491 | 1,428,142 | 1,052,037 |
Amortization of value of insurance business acquired | 107,296 | 99,078 | 209,464 | 189,210 |
Commissions | 2,345,063 | 1,548,635 | 4,589,973 | 2,828,721 |
Other underwriting, insurance and acquisition expenses | 1,572,220 | 1,345,086 | 3,226,423 | 2,879,526 |
Total expenses | 2,185,567 | 1,805,364 | 4,452,965 | 3,830,359 |
Total benefits, claims and expenses | 7,070,408 | 6,067,066 | 14,228,850 | 12,259,767 |
Income before total federal income tax expense | 689,074 | 402,587 | 1,038,591 | 750,793 |
Current federal income tax expense | 19,909 | 34,212 | 19,909 | 37,510 |
Deferred federal income tax expense | 119,121 | 30,276 | 207,160 | 79,871 |
Total federal income tax expense | 139,030 | 64,488 | 227,069 | 117,381 |
Net income | $ 550,044 | $ 338,099 | $ 811,522 | $ 633,412 |
Net income per common share basic and diluted (in dollars per share) | $ 0.07 | $ 0.04 | $ 0.10 | $ 0.08 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Net income | $ 550,044 | $ 338,099 | $ 811,522 | $ 633,412 | |
Other Comprehensive Income (loss) | |||||
Total net unrealized investment gains arising during the period | 2,477,183 | 4,602,854 | 3,720,267 | 8,382,376 | |
Less net realized investment gains (losses) | [1] | (197,332) | 151,677 | (33,313) | 128,951 |
Net unrealized investment gains | 2,674,515 | 4,451,177 | 3,753,580 | 8,253,425 | |
Less adjustment to deferred acquisition costs | 49,778 | 67,083 | 69,278 | 127,213 | |
Other comprehensive income before federal income tax expense | 2,624,737 | 4,384,094 | 3,684,302 | 8,126,212 | |
Federal income tax expense | 524,948 | 876,817 | 736,861 | 1,625,240 | |
Total other comprehensive income | 2,099,789 | 3,507,277 | 2,947,441 | 6,500,972 | |
Total comprehensive income | $ 2,649,833 | $ 3,845,376 | $ 3,758,963 | $ 7,134,384 | |
[1] | These items appear within net realized investment gains (losses) and other-than-temporary impairment in the consolidated statements 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 |
Other comprehensive income | $ 6,500,972 | $ 6,500,972 | ||||
Balance at Jun. 30, 2016 | 80,502 | 28,684,598 | (893,947) | 3,845,155 | 5,633,119 | 37,349,427 |
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 | 633,412 | 633,412 | ||||
Other comprehensive income | 2,947,441 | 2,947,441 | ||||
Balance at Jun. 30, 2017 | 80,502 | 28,684,598 | (893,947) | 3,766,117 | 8,401,968 | 40,039,238 |
Balance at Dec. 31, 2016 | 80,502 | 28,684,598 | (893,947) | 818,676 | 7,590,446 | 36,280,275 |
Comprehensive income: | ||||||
Net income | $ 811,522 | $ 811,522 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net income | $ 811,522 | $ 633,412 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for depreciation | 73,063 | 73,060 |
Accretion of discount on investments | (1,386,429) | (797,906) |
Net realized investment gains | (257,594) | (146,942) |
Loss on other-than-temporary impairment | 224,250 | |
Amortization of deferred policy acquisition costs | 1,428,142 | 1,052,037 |
Policy acquisition costs deferred | (5,001,037) | (3,119,135) |
Mortgage loan origination fees deferred | (4,531) | |
Amortization of loan origination fees | 23,408 | 22,784 |
Amortization of value of insurance business acquired | 209,464 | 189,210 |
Allowance for mortgage loan losses | 101,031 | 14,516 |
Deferred federal income tax expense | 207,160 | 79,871 |
Interest credited to policyholders | 4,236,984 | 3,335,221 |
Change in assets and liabilities: | ||
Accrued investment income | (341,160) | 23,481 |
Policy loans | (6,144) | (35,875) |
Short-term investments | 549,822 | |
Recoverable from reinsurers | 28,028 | (18,218) |
Agents' balances and due premiums | (224,440) | (193,879) |
Other assets (excludes depreciation of $320 in 2017 and change in receivable for securities sold of $609,014 and ($2,588,281) in 2017 and 2016, respectively). | 620,743 | (1,811,870) |
Future policy benefits | 2,441,965 | 2,645,718 |
Policy claims | (82,644) | 144,812 |
Other policy liabilities | 7,904 | (7,869) |
Other liabilities (excludes change in payable for securities purchased of ($80,176) and $499 in 2017 and 2016, respectively). | (1,878,923) | 2,156,346 |
Net cash provided by operating activities | 1,235,293 | 4,784,065 |
Investing activities | ||
Purchases of fixed maturity securities | (32,301,685) | (3,936,924) |
Maturities of fixed maturity securities | 4,868,000 | 3,554,000 |
Sales of fixed maturity securities | 7,735,249 | 3,940,211 |
Purchases of equity securities | (1,807) | (8,990) |
Sales of equity securities | 128,010 | |
Purchases of mortgage loans | (36,741,329) | (9,362,778) |
Payments on mortgage loans | 10,724,113 | 3,661,522 |
Purchases of other long-term investments | (13,362,692) | (7,101,665) |
Payments on other long-term investments | 3,999,678 | 1,948,073 |
Sale on other long-term investments | 792,012 | |
Purchase of real estate | (198,622) | |
Sale of real estate | 190,084 | |
Net change in receivable and payable for securities sold and purchased | 528,838 | (2,587,782) |
Net cash used in investing activities | (53,569,539) | (9,964,945) |
Financing activities | ||
Policyholders' account deposits | 45,682,170 | 14,145,326 |
Policyholders' account withdrawals | (10,030,091) | (7,205,527) |
Net cash provided by financing activities | 35,652,079 | 6,939,799 |
Increase (decrease) in cash | (16,682,167) | 1,758,919 |
Cash and cash equivalents, beginning of period | 34,223,945 | 9,047,586 |
Cash and cash equivalents, end of period | $ 17,541,778 | $ 10,806,505 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation | $ 320 | |
Change in receivable for securities sold | 609,014 | $ (2,588,281) |
Change in payable for securities purchased | $ (80,176) | $ 499 |
Supplemental Disclosures -Cash
Supplemental Disclosures -Cash and Non-cash Impact on Investing Activities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | During 2017 $729,737 third not In conjunction with this transfer, the non-cash impact on investing activities is summarized as follows: Six Months Ended June 30, 2017 Reduction in available-for-securities fixed maturity securities $ 729,737 Other long-term invesments (729,737 ) Net cash provided (used) in investing activities $ - |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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. no 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 X. not The results of operations for the six June 30, 2017 not December 31, 2017 not 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 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 Subsequent Events Management has evaluated all events subsequent to June 30, 2017 Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, not 1 2 3 4 5 In July 2015, one March 31, 2018. not 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 one The guidance is effective for annual periods ending after December 15, 2016, not no Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. not 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. not Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting In March 2016, December 15, 2016, not Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments In March 2016, not December 15, 2016. not 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 The updated guidance is effective for reporting periods beginning after December 15, 2019. December 15, 2018. not Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In August 2016, eight December 15, 2017, not Consolidation – Interests Held through Related Parties that Are Under Common Control In October 2016, December 15, 2016, not Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In November 2016, December 15, 2017, not Business Combinations – Clarifying the Definition of a Business In January 2017, not The updated guidance is effective for annual and interim periods beginning after December 15, 2017, not Intangibles – Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, no December 15, 2017, January 1, 2017. not 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 not not no |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Jun. 30, 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 June 30, 2017 December 31, 2016 Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value June 30, 2017 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 3,513,372 $ 76,996 $ 57,654 $ 3,532,714 States and political subdivisions 9,403,827 268,163 33,354 9,638,636 Residential mortgage-backed securities 32,278 39,442 - 71,720 Corporate bonds 112,783,805 4,279,059 712,679 116,350,185 Foreign bonds 21,082,109 986,298 110,539 21,957,868 Total fixed maturity securities 146,815,391 5,649,958 914,226 151,551,123 Equity securities Mutual funds 346,284 1,044 - 347,328 Corporate preferred stock 99,945 2,033 40 101,938 Corporate common stock 154,978 54,708 - 209,686 Total equity securities 601,207 57,785 40 658,952 Total fixed maturity and equity securities $ 147,416,598 $ 5,707,743 $ 914,266 $ 152,210,075 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 June 30, 2017 December 31, 2016 Unrealized Number of Fair Value Loss Securities June 30, 2017 (Unaudited) Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 1,887,412 $ 42,684 7 States and political subdivisions 1,970,827 33,354 11 Corporate bonds 6,613,829 104,812 22 Foreign bonds 1,104,060 34,248 5 Total less than 12 months 11,576,128 215,098 45 More than 12 months U.S. government and U.S. government agencies 335,031 14,970 1 Corporate bonds 5,925,592 607,867 27 Foreign bonds 502,375 76,291 3 Total more than 12 months 6,762,998 699,128 31 Total fixed maturity securities in an unrealized loss position 18,339,126 914,226 76 Equity securities Less than 12 months Corporate preferred stock 49,960 40 1 Total less than 12 months 49,960 40 1 Total equity securities in an unrealized loss position 49,960 40 1 Total fixed maturity and equity securities in an unrealized loss position $ 18,389,086 $ 914,266 77 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 in an unrealized loss position 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 in an unrealized loss position 185,473 6,454 3 Total fixed maturity and equity securities in an unrealized loss position $ 42,434,255 $ 2,005,808 173 As of June 30, 2017, 76 $914,226, $18,339,126 $19,253,352. June 30, 2017. 76 95%. As of December 31, 2016, 170 $1,999,354, $42,248,782 $44,248,136. December 31, 2016. 170 95%. As of June 30, 2017, one $40, $49,960 $50,000. 99.9%. As of December 31, 2016, three $6,454, $185,473 $191,927. 97%. Fixed maturity securities were 93% 92% June 30, 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 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 The Company has recorded other-than-temporary impairments on its fixed maturity available-for-sale investment in an energy corporation with a total par value of $650,000 fourth 2016 $207,450 second 2017 $224,250 The Company experienced no three six June 30, 2017 December 31, 2016. Management believes that the Company will fully recover its cost basis in the securities held as of June 30, 2017, not not 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 June 30, 2017 December 31, 2016, (Unaudited) June 30, 2017 December 31, 2016 Unrealized appreciation on available-for-sale securities $ 4,793,477 $ 1,039,897 Adjustment to deferred acquisition costs (85,831 ) (16,553 ) Deferred income taxes (941,529 ) (204,668 ) Net unrealized appreciation on available-for-sale securities $ 3,766,117 $ 818,676 The Company’s investment in lottery prize cash flows categorized as other long-term investments in the statement of financial position was $57,895,580 $46,788,873 June 30, 2017 December 31, 2016, The amortized cost and fair value of fixed maturity available-for-sale securities and other long-term investments as of June 30, 2017, June 30, 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 $ 9,129,356 $ 9,228,487 $ 8,369,492 $ 8,501,590 Due after one year through five years 30,195,177 31,184,027 23,279,727 25,343,966 Due after five years through ten years 40,929,284 42,130,385 16,234,072 19,781,009 Due after ten years 66,529,296 68,936,504 10,012,289 15,992,575 Due at multiple maturity dates 32,278 71,720 - - $ 146,815,391 $ 151,551,123 $ 57,895,580 $ 69,619,140 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, investment real estate and other long-term investments for the three six June 30, 2017 2016 Three Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2017 2016 2017 2016 2017 2016 2017 2016 Proceeds $ 8,154,018 $ 5,219,798 $ - $ 19,210 $ 5,598,724 $ 2,089,278 $ 82,917 $ - Gross realized gains 356,147 155,956 - 8,711 - 14,416 3,563 - Gross realized losses (329,229 ) (12,990 ) - - - - (1,668 ) - Loss on other-than-temporary impairment (224,250 ) - - - - - - - Three Months Ended June 30, (Unaudited) Other Long-Term Investments 2017 2016 Proceeds $ 792,012 $ - Gross realized gains 62,275 - Gross realized losses - - Loss on other-than-temporary impairment - - Six Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2017 2016 2017 2016 2017 2016 2017 2016 Proceeds $ 12,603,249 $ 7,494,211 $ - $ 128,010 $ 10,724,113 $ 3,661,522 $ 190,084 $ - Gross realized gains 527,252 163,050 - 8,711 - 17,991 6,050 - Gross realized losses (336,315 ) (41,342 ) - (1,468 ) - - (1,668 ) - Loss on other-than-temporary impairment (224,250 ) - - - - - - - Six Months Ended June 30, (Unaudited) Other Long-Term Investments 2017 2016 Proceeds $ 792,012 $ - Gross realized gains 62,275 - Gross realized losses - - Loss on other-than-temporary impairment - - The accumulated change in net unrealized investment gains (losses) for fixed maturity and equity securities available-for-sale for the three six June 30, 2017 2016 three six June 30, 2017 2016 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2017 2016 2017 2016 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ 2,673,801 $ 4,452,781 $ 3,734,842 $ 8,260,179 Equity securities 714 (1,604 ) 18,738 (6,754 ) Net realized investment gains: Available-for-sale securities: Fixed maturity securities 26,918 142,966 190,937 121,708 Equity securities - 8,711 - 7,243 Mortgage loans on real estate - 14,416 - 17,991 Investment real estate 1,895 - 4,382 - Other long-term investments 62,275 - 62,275 - Major categories of net investment income for the three six June 30, 2017 2016 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2017 2016 2017 2016 Fixed maturity securities $ 1,665,525 $ 1,533,301 $ 3,155,895 $ 3,100,519 Equity securities 5,086 6,658 10,158 13,840 Other long-term investments 882,009 622,502 1,739,479 1,170,324 Mortgage loans 1,876,637 1,328,427 3,544,031 2,681,498 Policy loans 28,453 26,491 56,017 52,589 Real estate 93,712 91,968 187,423 183,936 Short-term and other investments 112,798 69,874 223,084 142,144 Gross investment income 4,664,220 3,679,221 8,916,087 7,344,850 Investment expenses (669,156 ) (420,587 ) (1,251,152 ) (726,013 ) Net investment income $ 3,995,064 $ 3,258,634 $ 7,664,935 $ 6,618,837 TLIC and FBLIC are required to hold assets on deposit with various state insurance departments for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of June 30, 2017 December 31, 2016, $4,117,454 $4,099,405, As of June 30, 2017 December 31, 2016, $4,155,323 $4,125,116, The Company’s mortgage loans by property type as of June 30, 2017 December 31, 2016 (Unaudited) June 30, 2017 December 31, 2016 Commercial and industrial mortgage loans Retail stores $ 1,271,853 $ 1,075,324 Office buildings 139,198 179,484 Industrial 435,200 - Total commercial and industrial mortgage loans 1,846,251 1,254,808 Residential mortgage loans 98,490,808 73,116,478 Total mortgage loans $ 100,337,059 $ 74,371,286 The Company’s investment real estate as of June 30, 2017 December 31, 2016 (Unaudited) June 30, 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 (1,122,439 ) (1,049,695 ) Buildings net of accumulated depreciation 1,145,118 1,217,862 Residential real estate - held for sale 144,795 330,496 Total residential real estate 144,795 330,496 Investment real estate, net of accumulated depreciation $ 2,248,228 $ 2,506,673 TLIC owns approximately six one 20,000 one fourth one four three one fourth 2016 $4,892 During 2017, $185,702. $4,382 $190,084. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 consolidated 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 not 2 Level 3 no 3 not 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 June 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total June 30, 2017 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,532,714 $ - $ 3,532,714 States and political subdivisions - 9,638,636 - 9,638,636 Residential mortgage-backed securities - 71,720 - 71,720 Corporate bonds - 116,350,185 - 116,350,185 Foreign bonds - 21,957,868 - 21,957,868 Total fixed maturity securities $ - $ 151,551,123 $ - $ 151,551,123 Equity securities, available-for-sale Mutual funds $ - $ 347,328 $ - $ 347,328 Corporate preferred stock 101,938 - - 101,938 Corporate common stock 148,186 - 61,500 209,686 Total equity securities $ 250,124 $ 347,328 $ 61,500 $ 658,952 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 June 30, 2017 December 31, 2016, 3 two no 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. 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 third 2 2 The Company’s equity securities are included in Level 1 2 3. 1 2 not 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 June 30, 2017 December 31, 2016, Financial Instruments Disclosed, But Not Carrying Fair Amount Value Level 1 Level 2 Level 3 June 30, 2017 (Unaudited) Financial assets Mortgage loans on real estate Commercial and industrial $ 1,846,251 $ 1,850,988 $ - $ - $ 1,850,988 Residential 98,490,808 101,495,994 - - 101,495,994 Policy loans 1,604,260 1,604,260 - - 1,604,260 Other long-term investments 57,895,580 69,619,140 - - 69,619,140 Cash and cash equivalents 17,541,778 17,541,778 17,541,778 - - Accrued investment income 2,517,930 2,517,930 - - 2,517,930 Total financial assets $ 179,896,607 $ 194,630,090 $ 17,541,778 $ - $ 177,088,312 Financial liabilities Policyholders' account balances $ 285,235,552 $ 245,080,798 $ - $ - $ 245,080,798 Policy claims 915,170 915,170 - - 915,170 Total financial liabilities $ 286,150,722 $ 245,995,968 $ - $ - $ 245,995,968 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 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 Policy Claims The carrying amounts reported for these liabilities approximate their fair value. |
Note 4 - Segment Data
Note 4 - Segment Data | 6 Months Ended |
Jun. 30, 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 June 30, 2017 December 31, 2016 for the three six June 30, 2017 2016 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2017 2016 2017 2016 Revenues: Life insurance operations $ 4,413,296 $ 3,602,546 $ 8,597,949 $ 7,347,790 Annuity operations 3,285,595 2,718,287 6,474,566 5,355,711 Corporate operations 60,591 148,820 194,926 307,059 Total $ 7,759,482 $ 6,469,653 $ 15,267,441 $ 13,010,560 Income before income taxes: Life insurance operations $ 436,176 $ 22,562 $ 554,026 $ 52,515 Annuity operations 186,941 350,169 347,356 578,425 Corporate operations 65,957 29,856 137,209 119,853 Total $ 689,074 $ 402,587 $ 1,038,591 $ 750,793 Depreciation and amortization expense: Life insurance operations $ 556,637 $ 324,040 $ 970,921 $ 998,587 Annuity operations 343,108 182,591 763,156 338,503 Corporate operations - - - - Total $ 899,745 $ 506,631 $ 1,734,077 $ 1,337,090 (Unaudited) June 30, 2017 December 31, 2016 Assets: Life insurance operations $ 52,871,600 $ 50,577,282 Annuity operations 318,272,021 275,745,766 Corporate operations 7,109,165 6,929,565 Total $ 378,252,786 $ 333,252,613 |
Note 5 - Federal Income Taxes
Note 5 - Federal Income Taxes | 6 Months Ended |
Jun. 30, 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. The Company has no not not 2013 2016 |
Note 6 - Legal Matters and Cont
Note 6 - Legal Matters and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 6. 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. No. 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, not not 95 November 22, 2013, three 95 not 95 On June 18, 2015, 95 not 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 not First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2017 (Unaudited) 6. On February 1, 2016, $2,548,939 95 July 21, 2016, three 95 On August 1, 2016, November 27, 2017. On May 13, 2015, April 29, 2015, 95 No On September 28, 2015, not Doyle Nimmo subsequently submitted a claim and tendered the defense of these claims to Utica Mutual Insurance Company under a policy providing Insurance Agents and Brokers Errors and Omissions Liability coverage. On November 4, 2015, not On June 14, 2017, $90,000 $10,000 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 (Loss) and Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 7. Other Comprehensive Income and Accumulated Other Comprehensive Income The changes in the components of the Company’s accumulated other comprehensive income for the three six June 30, 2017 2016 Three Months Ended June 30, 2017 and 2016 (Unaudited) Unrealized Accumulated Appreciation on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income Balance as of April 1, 2017 $ 1,695,169 $ (28,841 ) $ 1,666,328 Other comprehensive income before reclassifications, net of tax 1,981,747 (39,823 ) 1,941,924 Less amounts reclassified from accumulated other comprehensive income, net of tax (157,865 ) - (157,865 ) Other comprehensive income 2,139,612 (39,823 ) 2,099,789 Balance as of June 30, 2017 $ 3,834,781 $ (68,664 ) $ 3,766,117 Balance as of April 1, 2016 $ 345,923 $ (8,045 ) $ 337,878 Other comprehensive income before reclassifications, net of tax 3,682,284 (53,666 ) 3,628,618 Less amounts reclassified from accumulated other comprehensive income, net of tax 121,341 - 121,341 Other comprehensive income 3,560,943 (53,666 ) 3,507,277 Balance as of June 30, 2016 $ 3,906,866 $ (61,711 ) $ 3,845,155 Six Months Ended June 30, 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 2,976,214 (55,423 ) 2,920,791 Less amounts reclassified from accumulated other comprehensive income, net of tax (26,650 ) - (26,650 ) Other comprehensive income 3,002,864 (55,423 ) 2,947,441 Balance as of June 30, 2017 $ 3,834,781 $ (68,664 ) $ 3,766,117 Balance as of January 1, 2016 $ (2,695,876 ) $ 40,059 $ (2,655,817 ) Other comprehensive income before reclassifications, net of tax 6,705,902 (101,770 ) 6,604,132 Less amounts reclassified from accumulated other comprehensive loss, net of tax 103,160 - 103,160 Other comprehensive income 6,602,742 (101,770 ) 6,500,972 Balance as of June 30, 2016 $ 3,906,866 $ (61,711 ) $ 3,845,155 First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2017 (Unaudited) 7. Other Comprehensive Income and Accumulated Other Comprehensive Income The pretax components of the Company’s other comprehensive income and the related income tax expense (benefit) for each component for the three six June 30, 2017 2016 Three Months Ended June 30, 2017 (Unaudited) Income Tax Pretax Expense Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 2,477,183 $ 495,436 $ 1,981,747 Reclassification adjustment for net losses included in operations (197,332 ) (39,467 ) (157,865 ) Net unrealized gains on investments 2,674,515 534,903 2,139,612 Adjustment to deferred acquisition costs (49,778 ) (9,955 ) (39,823 ) Total other comprehensive income $ 2,624,737 $ 524,948 $ 2,099,789 Three Months Ended June 30, 2016 (Unaudited) Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,602,854 $ 920,570 $ 3,682,284 Reclassification adjustment for net gains included in operations 151,677 30,336 121,341 Net unrealized gains on investments 4,451,177 890,234 3,560,943 Adjustment to deferred acquisition costs (67,083 ) (13,417 ) (53,666 ) Total other comprehensive income $ 4,384,094 $ 876,817 $ 3,507,277 Six Months Ended June 30, 2017 (Unaudited) Income Tax Pretax Expense Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 3,720,267 $ 744,053 $ 2,976,214 Reclassification adjustment for net losses included in operations (33,313 ) (6,663 ) (26,650 ) Net unrealized gains on investments 3,753,580 750,716 3,002,864 Adjustment to deferred acquisition costs (69,278 ) (13,855 ) (55,423 ) Total other comprehensive income $ 3,684,302 $ 736,861 $ 2,947,441 Six Months Ended June 30, 2016 (Unaudited) Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 8,382,376 $ 1,676,474 $ 6,705,902 Reclassification adjustment for net gains included in operations 128,951 25,791 103,160 Net unrealized gains on investments 8,253,425 1,650,683 6,602,742 Adjustment to deferred acquisition costs (127,213 ) (25,443 ) (101,770 ) Total other comprehensive income $ 8,126,212 $ 1,625,240 $ 6,500,972 First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2017 (Unaudited) 7. Other Comprehensive Income and Accumulated Other Comprehensive Income 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 six June 30, 2017 2016 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) Reclassification Adjustments 2017 2016 2017 2016 Unrealized gains on available-for-sale securities: Realized gains (losses) on sales of securities (a) $ (197,332 ) $ 151,677 $ (33,313 ) $ 128,951 Income tax expense (benefit) (b) (39,467 ) 30,336 (6,663 ) 25,791 Total reclassification adjustments $ (157,865 ) $ 121,341 $ (26,650 ) $ 103,160 (a) These items appear within net realized investment gains (losses) and other-than-temporary impairments in the consolidated statements of operations. (b) These items appear within federal income taxes in the consolidated statements of operations. |
Note 8 - Allowance for Loan Los
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing | 6 Months Ended |
Jun. 30, 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 and industrial 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 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 The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the mortgage loan or premium finance loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. As of June 30, 2017, $557,042 third June 30, 2017, $157,039 $31,407,826 one First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2017 (Unaudited) 8 . Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing In addition, the Company has an additional $345,458 $68,929,233 June 30, 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, no 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 six June 30, 2017 2016 $31,407,826 $24,629,791 June 30, 2017 2016, one third (Unaudited) As of and for the Three Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Premium Finance Loans Total 2017 2016 2017 2016 2017 2016 2017 2016 Allowance, beginning $ 280,284 $ 182,472 $ 6,197 $ 7,245 $ - $ 192,690 $ 286,481 $ 382,407 Charge offs - - - - - - - - Recoveries - - - - - - - - Provision 55,896 8,860 3,081 (713 ) - 86,972 58,977 95,119 Allowance, ending $ 336,180 $ 191,332 $ 9,278 $ 6,532 $ - $ 279,662 $ 345,458 $ 477,526 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 279,662 $ - $ 279,662 Collectively evaluated for impairment $ 336,180 $ 191,332 $ 9,278 $ 6,532 $ - $ - $ 345,458 $ 197,864 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 347,885 $ - $ 347,885 Collectively evaluated for impairment $ 67,082,982 $ 38,594,991 $ 1,846,251 $ 1,300,009 $ - $ - $ 68,929,233 $ 39,895,000 First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements June 30, 2017 (Unaudited) 8 . Allowance for Loan Losses from Mortgage Loans on Real Estate and Loans from Premium Financing (Unaudited) As of and for the Six Months Ended June 30, 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 98,059 15,344 2,972 (828 ) - 82,490 101,031 97,006 Allowance, ending $ 336,180 $ 191,332 $ 9,278 $ 6,532 $ - $ 279,662 $ 345,458 $ 477,526 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 279,662 $ - $ 279,662 Collectively evaluated for impairment $ 336,180 $ 191,332 $ 9,278 $ 6,532 $ - $ - $ 345,458 $ 197,864 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 347,885 $ - $ 347,885 Collectively evaluated for impairment $ 67,082,982 $ 38,594,991 $ 1,846,251 $ 1,300,009 $ - $ - $ 68,929,233 $ 39,895,000 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 and industrial mortgage loans on real estate by credit quality using this ratio as of June 30, 2017 December 31, 2016 Residential Mortgage Loans Commercial and Industrial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Over 70% to 80% $ 19,892,112 $ 14,559,541 $ - $ - $ 19,892,112 $ 14,559,541 Over 60% to 70% 35,279,607 29,738,887 - - 35,279,607 29,738,887 Over 50% to 60% 23,532,033 15,440,364 853,650 1,051,155 24,385,683 16,491,519 Over 40% to 50% 12,858,388 10,399,031 - - 12,858,388 10,399,031 Over 30% to 40% 4,085,833 2,184,351 665,508 203,653 4,751,341 2,388,004 Over 20% to 30% 2,055,612 467,410 182,018 - 2,237,630 467,410 Over 10% to 20% 729,887 317,936 145,075 - 874,962 317,936 10% or less 57,336 8,958 - - 57,336 8,958 Total $ 98,490,808 $ 73,116,478 $ 1,846,251 $ 1,254,808 $ 100,337,059 $ 74,371,286 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 X. not The results of operations for the six June 30, 2017 not December 31, 2017 not 10 December 31, 2016. |
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 |
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 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Management has evaluated all events subsequent to June 30, 2017 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, not 1 2 3 4 5 In July 2015, one March 31, 2018. not 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 one The guidance is effective for annual periods ending after December 15, 2016, not no Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. not 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. not Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting In March 2016, December 15, 2016, not Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments In March 2016, not December 15, 2016. not 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 The updated guidance is effective for reporting periods beginning after December 15, 2019. December 15, 2018. not Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In August 2016, eight December 15, 2017, not Consolidation – Interests Held through Related Parties that Are Under Common Control In October 2016, December 15, 2016, not Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In November 2016, December 15, 2017, not Business Combinations – Clarifying the Definition of a Business In January 2017, not The updated guidance is effective for annual and interim periods beginning after December 15, 2017, not Intangibles – Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, no December 15, 2017, January 1, 2017. not 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 not not no |
Supplemental Disclosures -Cas19
Supplemental Disclosures -Cash and Non-cash Impact on Investing Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended June 30, 2017 Reduction in available-for-securities fixed maturity securities $ 729,737 Other long-term invesments (729,737 ) Net cash provided (used) in investing activities $ - |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2017 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 3,513,372 $ 76,996 $ 57,654 $ 3,532,714 States and political subdivisions 9,403,827 268,163 33,354 9,638,636 Residential mortgage-backed securities 32,278 39,442 - 71,720 Corporate bonds 112,783,805 4,279,059 712,679 116,350,185 Foreign bonds 21,082,109 986,298 110,539 21,957,868 Total fixed maturity securities 146,815,391 5,649,958 914,226 151,551,123 Equity securities Mutual funds 346,284 1,044 - 347,328 Corporate preferred stock 99,945 2,033 40 101,938 Corporate common stock 154,978 54,708 - 209,686 Total equity securities 601,207 57,785 40 658,952 Total fixed maturity and equity securities $ 147,416,598 $ 5,707,743 $ 914,266 $ 152,210,075 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 June 30, 2017 (Unaudited) Fixed maturity securities Less than 12 months U.S. government and U.S. government agencies $ 1,887,412 $ 42,684 7 States and political subdivisions 1,970,827 33,354 11 Corporate bonds 6,613,829 104,812 22 Foreign bonds 1,104,060 34,248 5 Total less than 12 months 11,576,128 215,098 45 More than 12 months U.S. government and U.S. government agencies 335,031 14,970 1 Corporate bonds 5,925,592 607,867 27 Foreign bonds 502,375 76,291 3 Total more than 12 months 6,762,998 699,128 31 Total fixed maturity securities in an unrealized loss position 18,339,126 914,226 76 Equity securities Less than 12 months Corporate preferred stock 49,960 40 1 Total less than 12 months 49,960 40 1 Total equity securities in an unrealized loss position 49,960 40 1 Total fixed maturity and equity securities in an unrealized loss position $ 18,389,086 $ 914,266 77 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 in an unrealized loss position 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 in an unrealized loss position 185,473 6,454 3 Total fixed maturity and equity securities in an unrealized loss position $ 42,434,255 $ 2,005,808 173 |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Unaudited) June 30, 2017 December 31, 2016 Unrealized appreciation on available-for-sale securities $ 4,793,477 $ 1,039,897 Adjustment to deferred acquisition costs (85,831 ) (16,553 ) Deferred income taxes (941,529 ) (204,668 ) Net unrealized appreciation on available-for-sale securities $ 3,766,117 $ 818,676 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2017 2016 2017 2016 2017 2016 2017 2016 Proceeds $ 8,154,018 $ 5,219,798 $ - $ 19,210 $ 5,598,724 $ 2,089,278 $ 82,917 $ - Gross realized gains 356,147 155,956 - 8,711 - 14,416 3,563 - Gross realized losses (329,229 ) (12,990 ) - - - - (1,668 ) - Loss on other-than-temporary impairment (224,250 ) - - - - - - - Three Months Ended June 30, (Unaudited) Other Long-Term Investments 2017 2016 Proceeds $ 792,012 $ - Gross realized gains 62,275 - Gross realized losses - - Loss on other-than-temporary impairment - - Six Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Mortgage Loans on Real Estate Investment Real Estate 2017 2016 2017 2016 2017 2016 2017 2016 Proceeds $ 12,603,249 $ 7,494,211 $ - $ 128,010 $ 10,724,113 $ 3,661,522 $ 190,084 $ - Gross realized gains 527,252 163,050 - 8,711 - 17,991 6,050 - Gross realized losses (336,315 ) (41,342 ) - (1,468 ) - - (1,668 ) - Loss on other-than-temporary impairment (224,250 ) - - - - - - - Six Months Ended June 30, (Unaudited) Other Long-Term Investments 2017 2016 Proceeds $ 792,012 $ - Gross realized gains 62,275 - Gross realized losses - - Loss on other-than-temporary impairment - - |
Available-for-sale Securities [Table Text Block] | Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2017 2016 2017 2016 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ 2,673,801 $ 4,452,781 $ 3,734,842 $ 8,260,179 Equity securities 714 (1,604 ) 18,738 (6,754 ) Net realized investment gains: Available-for-sale securities: Fixed maturity securities 26,918 142,966 190,937 121,708 Equity securities - 8,711 - 7,243 Mortgage loans on real estate - 14,416 - 17,991 Investment real estate 1,895 - 4,382 - Other long-term investments 62,275 - 62,275 - |
Investment Income [Table Text Block] | Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2017 2016 2017 2016 Fixed maturity securities $ 1,665,525 $ 1,533,301 $ 3,155,895 $ 3,100,519 Equity securities 5,086 6,658 10,158 13,840 Other long-term investments 882,009 622,502 1,739,479 1,170,324 Mortgage loans 1,876,637 1,328,427 3,544,031 2,681,498 Policy loans 28,453 26,491 56,017 52,589 Real estate 93,712 91,968 187,423 183,936 Short-term and other investments 112,798 69,874 223,084 142,144 Gross investment income 4,664,220 3,679,221 8,916,087 7,344,850 Investment expenses (669,156 ) (420,587 ) (1,251,152 ) (726,013 ) Net investment income $ 3,995,064 $ 3,258,634 $ 7,664,935 $ 6,618,837 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Unaudited) June 30, 2017 December 31, 2016 Commercial and industrial mortgage loans Retail stores $ 1,271,853 $ 1,075,324 Office buildings 139,198 179,484 Industrial 435,200 - Total commercial and industrial mortgage loans 1,846,251 1,254,808 Residential mortgage loans 98,490,808 73,116,478 Total mortgage loans $ 100,337,059 $ 74,371,286 |
Schedule of Real Estate Properties [Table Text Block] | (Unaudited) June 30, 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 (1,122,439 ) (1,049,695 ) Buildings net of accumulated depreciation 1,145,118 1,217,862 Residential real estate - held for sale 144,795 330,496 Total residential real estate 144,795 330,496 Investment real estate, net of accumulated depreciation $ 2,248,228 $ 2,506,673 |
Available For Sale Fixed Maturity Securities [Member] | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 30, 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 $ 9,129,356 $ 9,228,487 $ 8,369,492 $ 8,501,590 Due after one year through five years 30,195,177 31,184,027 23,279,727 25,343,966 Due after five years through ten years 40,929,284 42,130,385 16,234,072 19,781,009 Due after ten years 66,529,296 68,936,504 10,012,289 15,992,575 Due at multiple maturity dates 32,278 71,720 - - $ 146,815,391 $ 151,551,123 $ 57,895,580 $ 69,619,140 |
Note 3 - Fair Value Measureme21
Note 3 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total June 30, 2017 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,532,714 $ - $ 3,532,714 States and political subdivisions - 9,638,636 - 9,638,636 Residential mortgage-backed securities - 71,720 - 71,720 Corporate bonds - 116,350,185 - 116,350,185 Foreign bonds - 21,957,868 - 21,957,868 Total fixed maturity securities $ - $ 151,551,123 $ - $ 151,551,123 Equity securities, available-for-sale Mutual funds $ - $ 347,328 $ - $ 347,328 Corporate preferred stock 101,938 - - 101,938 Corporate common stock 148,186 - 61,500 209,686 Total equity securities $ 250,124 $ 347,328 $ 61,500 $ 658,952 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 June 30, 2017 (Unaudited) Financial assets Mortgage loans on real estate Commercial and industrial $ 1,846,251 $ 1,850,988 $ - $ - $ 1,850,988 Residential 98,490,808 101,495,994 - - 101,495,994 Policy loans 1,604,260 1,604,260 - - 1,604,260 Other long-term investments 57,895,580 69,619,140 - - 69,619,140 Cash and cash equivalents 17,541,778 17,541,778 17,541,778 - - Accrued investment income 2,517,930 2,517,930 - - 2,517,930 Total financial assets $ 179,896,607 $ 194,630,090 $ 17,541,778 $ - $ 177,088,312 Financial liabilities Policyholders' account balances $ 285,235,552 $ 245,080,798 $ - $ - $ 245,080,798 Policy claims 915,170 915,170 - - 915,170 Total financial liabilities $ 286,150,722 $ 245,995,968 $ - $ - $ 245,995,968 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) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2017 2016 2017 2016 Revenues: Life insurance operations $ 4,413,296 $ 3,602,546 $ 8,597,949 $ 7,347,790 Annuity operations 3,285,595 2,718,287 6,474,566 5,355,711 Corporate operations 60,591 148,820 194,926 307,059 Total $ 7,759,482 $ 6,469,653 $ 15,267,441 $ 13,010,560 Income before income taxes: Life insurance operations $ 436,176 $ 22,562 $ 554,026 $ 52,515 Annuity operations 186,941 350,169 347,356 578,425 Corporate operations 65,957 29,856 137,209 119,853 Total $ 689,074 $ 402,587 $ 1,038,591 $ 750,793 Depreciation and amortization expense: Life insurance operations $ 556,637 $ 324,040 $ 970,921 $ 998,587 Annuity operations 343,108 182,591 763,156 338,503 Corporate operations - - - - Total $ 899,745 $ 506,631 $ 1,734,077 $ 1,337,090 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (Unaudited) June 30, 2017 December 31, 2016 Assets: Life insurance operations $ 52,871,600 $ 50,577,282 Annuity operations 318,272,021 275,745,766 Corporate operations 7,109,165 6,929,565 Total $ 378,252,786 $ 333,252,613 |
Note 7 - Other Comprehensive 23
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, 2017 and 2016 (Unaudited) Unrealized Accumulated Appreciation on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income Balance as of April 1, 2017 $ 1,695,169 $ (28,841 ) $ 1,666,328 Other comprehensive income before reclassifications, net of tax 1,981,747 (39,823 ) 1,941,924 Less amounts reclassified from accumulated other comprehensive income, net of tax (157,865 ) - (157,865 ) Other comprehensive income 2,139,612 (39,823 ) 2,099,789 Balance as of June 30, 2017 $ 3,834,781 $ (68,664 ) $ 3,766,117 Balance as of April 1, 2016 $ 345,923 $ (8,045 ) $ 337,878 Other comprehensive income before reclassifications, net of tax 3,682,284 (53,666 ) 3,628,618 Less amounts reclassified from accumulated other comprehensive income, net of tax 121,341 - 121,341 Other comprehensive income 3,560,943 (53,666 ) 3,507,277 Balance as of June 30, 2016 $ 3,906,866 $ (61,711 ) $ 3,845,155 Six Months Ended June 30, 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 2,976,214 (55,423 ) 2,920,791 Less amounts reclassified from accumulated other comprehensive income, net of tax (26,650 ) - (26,650 ) Other comprehensive income 3,002,864 (55,423 ) 2,947,441 Balance as of June 30, 2017 $ 3,834,781 $ (68,664 ) $ 3,766,117 Balance as of January 1, 2016 $ (2,695,876 ) $ 40,059 $ (2,655,817 ) Other comprehensive income before reclassifications, net of tax 6,705,902 (101,770 ) 6,604,132 Less amounts reclassified from accumulated other comprehensive loss, net of tax 103,160 - 103,160 Other comprehensive income 6,602,742 (101,770 ) 6,500,972 Balance as of June 30, 2016 $ 3,906,866 $ (61,711 ) $ 3,845,155 |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, 2017 (Unaudited) Income Tax Pretax Expense Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 2,477,183 $ 495,436 $ 1,981,747 Reclassification adjustment for net losses included in operations (197,332 ) (39,467 ) (157,865 ) Net unrealized gains on investments 2,674,515 534,903 2,139,612 Adjustment to deferred acquisition costs (49,778 ) (9,955 ) (39,823 ) Total other comprehensive income $ 2,624,737 $ 524,948 $ 2,099,789 Three Months Ended June 30, 2016 (Unaudited) Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,602,854 $ 920,570 $ 3,682,284 Reclassification adjustment for net gains included in operations 151,677 30,336 121,341 Net unrealized gains on investments 4,451,177 890,234 3,560,943 Adjustment to deferred acquisition costs (67,083 ) (13,417 ) (53,666 ) Total other comprehensive income $ 4,384,094 $ 876,817 $ 3,507,277 Six Months Ended June 30, 2017 (Unaudited) Income Tax Pretax Expense Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 3,720,267 $ 744,053 $ 2,976,214 Reclassification adjustment for net losses included in operations (33,313 ) (6,663 ) (26,650 ) Net unrealized gains on investments 3,753,580 750,716 3,002,864 Adjustment to deferred acquisition costs (69,278 ) (13,855 ) (55,423 ) Total other comprehensive income $ 3,684,302 $ 736,861 $ 2,947,441 Six Months Ended June 30, 2016 (Unaudited) Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 8,382,376 $ 1,676,474 $ 6,705,902 Reclassification adjustment for net gains included in operations 128,951 25,791 103,160 Net unrealized gains on investments 8,253,425 1,650,683 6,602,742 Adjustment to deferred acquisition costs (127,213 ) (25,443 ) (101,770 ) Total other comprehensive income $ 8,126,212 $ 1,625,240 $ 6,500,972 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) Reclassification Adjustments 2017 2016 2017 2016 Unrealized gains on available-for-sale securities: Realized gains (losses) on sales of securities (a) $ (197,332 ) $ 151,677 $ (33,313 ) $ 128,951 Income tax expense (benefit) (b) (39,467 ) 30,336 (6,663 ) 25,791 Total reclassification adjustments $ (157,865 ) $ 121,341 $ (26,650 ) $ 103,160 |
Note 8 - Allowance for Loan L24
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (Unaudited) As of and for the Three Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Premium Finance Loans Total 2017 2016 2017 2016 2017 2016 2017 2016 Allowance, beginning $ 280,284 $ 182,472 $ 6,197 $ 7,245 $ - $ 192,690 $ 286,481 $ 382,407 Charge offs - - - - - - - - Recoveries - - - - - - - - Provision 55,896 8,860 3,081 (713 ) - 86,972 58,977 95,119 Allowance, ending $ 336,180 $ 191,332 $ 9,278 $ 6,532 $ - $ 279,662 $ 345,458 $ 477,526 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 279,662 $ - $ 279,662 Collectively evaluated for impairment $ 336,180 $ 191,332 $ 9,278 $ 6,532 $ - $ - $ 345,458 $ 197,864 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 347,885 $ - $ 347,885 Collectively evaluated for impairment $ 67,082,982 $ 38,594,991 $ 1,846,251 $ 1,300,009 $ - $ - $ 68,929,233 $ 39,895,000 (Unaudited) As of and for the Six Months Ended June 30, 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 98,059 15,344 2,972 (828 ) - 82,490 101,031 97,006 Allowance, ending $ 336,180 $ 191,332 $ 9,278 $ 6,532 $ - $ 279,662 $ 345,458 $ 477,526 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 279,662 $ - $ 279,662 Collectively evaluated for impairment $ 336,180 $ 191,332 $ 9,278 $ 6,532 $ - $ - $ 345,458 $ 197,864 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 347,885 $ - $ 347,885 Collectively evaluated for impairment $ 67,082,982 $ 38,594,991 $ 1,846,251 $ 1,300,009 $ - $ - $ 68,929,233 $ 39,895,000 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Residential Mortgage Loans Commercial and Industrial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Over 70% to 80% $ 19,892,112 $ 14,559,541 $ - $ - $ 19,892,112 $ 14,559,541 Over 60% to 70% 35,279,607 29,738,887 - - 35,279,607 29,738,887 Over 50% to 60% 23,532,033 15,440,364 853,650 1,051,155 24,385,683 16,491,519 Over 40% to 50% 12,858,388 10,399,031 - - 12,858,388 10,399,031 Over 30% to 40% 4,085,833 2,184,351 665,508 203,653 4,751,341 2,388,004 Over 20% to 30% 2,055,612 467,410 182,018 - 2,237,630 467,410 Over 10% to 20% 729,887 317,936 145,075 - 874,962 317,936 10% or less 57,336 8,958 - - 57,336 8,958 Total $ 98,490,808 $ 73,116,478 $ 1,846,251 $ 1,254,808 $ 100,337,059 $ 74,371,286 |
Supplemental Disclosures -Cas25
Supplemental Disclosures -Cash and Non-cash Impact on Investing Activities (Details Textual) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Reduction in Available-for-sale Securities Fixed Maturity Securities | $ 729,737 |
Supplemental Disclosure - Cash
Supplemental Disclosure - Cash and Non-cash Impact on Investing Activities - Supplement Disclosures to Consolidated Statements of Cash Flows (Unaudited) (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Reduction in available-for-securities fixed maturity securities | $ 729,737 |
Other long-term invesments | (729,737) |
Net cash provided (used) in investing activities |
Note 1 - Organization and Sig27
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Apr. 28, 2015USD ($) | Dec. 28, 2011USD ($) | Dec. 31, 2008USD ($) | Dec. 23, 2008USD ($) | Jun. 30, 2017$ / shares | Dec. 31, 2004USD ($) | Dec. 31, 2012USD ($)shares | Mar. 08, 2013USD ($) | Mar. 08, 2013USD ($)shares | Jun. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016$ / shares | Aug. 31, 2009 |
Proceeds from Issuance Initial Public Offering | $ 25,669,480 | |||||||||||
Number of Public Offerings | 2 | |||||||||||
Proceeds from Issuance of Private Placement | $ 1,450,000 | |||||||||||
Number Of Private Placements | 2 | 1 | ||||||||||
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 | |||||||||||
Number of Subsidiaries Merged | 2 | |||||||||||
Business Combination, Consideration Transferred | $ 13,855,129 | |||||||||||
Asset Acquired Under Assumption Reinsurance Agreement | $ 3,644,839 | |||||||||||
Liabilities Assumed Under Reinsurance Assumption Agreement | 3,055,916 | |||||||||||
Gain on Reinsurance Assumption | $ 588,923 | |||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 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 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% | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Business Combination, Consideration Transferred | $ 2,695,234 | |||||||||||
Trinity Life Insurance Company [Member] | ||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | 100.00% | ||||||||||
Family Benefit Life Insurance Company [Member] | Trinity Life Insurance Company [Member] | ||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | 100.00% | ||||||||||
First Trinity Capital Corporation [Member] | ||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | 100.00% | ||||||||||
First Trinity Capital Corporation [Member] | First Life America Corporation [Member | ||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 7,347,488 | |||||||||||
Payments of Stock Issuance Costs | $ 3,624,518 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($)ft²a | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 173 | 77 | 173 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 2,005,808 | $ 914,266 | $ 2,005,808 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,434,255 | 18,389,086 | 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 | 224,250 | 207,450 | |
Deposit Assets | 4,099,405 | 4,117,454 | 4,099,405 | |
Other Assets, Fair Value Disclosure | 4,125,116 | 4,155,323 | 4,125,116 | |
Real Estate Investments, Carrying Value of Real Estate Property Sold During the Period | 185,702 | |||
Gains (Losses) on Sales of Investment Real Estate | 4,382 | |||
Proceeds from Sale of Real Estate Held-for-investment | $ 190,084 | |||
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 | $ 46,788,873 | $ 57,895,580 | $ 46,788,873 | |
Debt Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 170 | 76 | 170 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 1,999,354 | $ 914,226 | $ 1,999,354 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,248,782 | 18,339,126 | 42,248,782 | |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 44,248,136 | $ 19,253,352 | $ 44,248,136 | |
Fair Value to Cost Ratio | 95.00% | 95.00% | 95.00% | |
Fixed Maturity Securities, Investment Grade Percentage | 92.00% | 93.00% | 92.00% | |
Equity Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | 1 | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 6,454 | $ 40 | $ 6,454 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 185,473 | 49,960 | 185,473 | |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 191,927 | $ 50,000 | $ 191,927 | |
Fair Value to Cost Ratio | 97.00% | 99.90% | 97.00% |
Note 2 - Investments - Availabl
Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Securities, gross unrealized gains | $ 5,707,743 | $ 3,045,705 |
Securities, gross unrealized losses | 914,266 | 2,005,808 |
Available-for-sale securities | 152,210,075 | 129,949,562 |
Securities, amortized cost | 147,416,598 | 128,909,665 |
US Treasury and Government [Member] | ||
Securities, gross unrealized gains | 76,996 | 99,086 |
Securities, gross unrealized losses | 57,654 | 71,592 |
Available-for-sale securities | 3,532,714 | 3,185,383 |
Securities, amortized cost | 3,513,372 | 3,157,889 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities, gross unrealized gains | 268,163 | 144,947 |
Securities, gross unrealized losses | 33,354 | 66,584 |
Available-for-sale securities | 9,638,636 | 9,250,896 |
Securities, amortized cost | 9,403,827 | 9,172,533 |
Residential Mortgage Backed Securities [Member] | ||
Securities, gross unrealized gains | 39,442 | 36,757 |
Securities, gross unrealized losses | ||
Available-for-sale securities | 71,720 | 70,727 |
Securities, amortized cost | 32,278 | 33,970 |
Corporate Debt Securities [Member] | ||
Securities, gross unrealized gains | 4,279,059 | 2,324,712 |
Securities, gross unrealized losses | 712,679 | 1,613,095 |
Available-for-sale securities | 116,350,185 | 100,980,041 |
Securities, amortized cost | 112,783,805 | 100,268,424 |
Foreign Government Debt Securities [Member] | ||
Securities, gross unrealized gains | 986,298 | 394,742 |
Securities, gross unrealized losses | 110,539 | 248,083 |
Available-for-sale securities | 21,957,868 | 15,824,108 |
Securities, amortized cost | 21,082,109 | 15,677,449 |
Debt Securities [Member] | ||
Securities, gross unrealized gains | 5,649,958 | 3,000,244 |
Securities, gross unrealized losses | 914,226 | 1,999,354 |
Available-for-sale securities | 151,551,123 | 129,311,155 |
Securities, amortized cost | 146,815,391 | 128,310,265 |
Mutual Funds [Member] | ||
Securities, gross unrealized gains | 1,044 | |
Securities, gross unrealized losses | 2,869 | |
Available-for-sale securities | 347,328 | 341,914 |
Securities, amortized cost | 346,284 | 344,783 |
Preferred Stock [Member] | ||
Securities, gross unrealized gains | 2,033 | |
Securities, gross unrealized losses | 40 | 3,585 |
Available-for-sale securities | 101,938 | 96,360 |
Securities, amortized cost | 99,945 | 99,945 |
Common Stock [Member] | ||
Securities, gross unrealized gains | 54,708 | 45,461 |
Securities, gross unrealized losses | ||
Available-for-sale securities | 209,686 | 200,133 |
Securities, amortized cost | 154,978 | 154,672 |
Equity Securities [Member] | ||
Securities, gross unrealized gains | 57,785 | 45,461 |
Securities, gross unrealized losses | 40 | 6,454 |
Available-for-sale securities | 658,952 | 638,407 |
Securities, amortized cost | $ 601,207 | $ 599,400 |
Note 2 - Investments - Securiti
Note 2 - Investments - Securities in an Unrealized Loss Position (Details) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 18,389,086 | $ 42,434,255 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 914,266 | $ 2,005,808 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 77 | 173 |
US Government Agencies Debt Securities [Member] | ||
Securities in an unrealized loss position, more than twelve months, number | 1 | |
Securities in an unrealized loss position, less than twelve months, fair value | $ 1,887,412 | $ 1,878,308 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 42,684 | $ 71,592 |
Securities in an unrealized loss position, less than twelve months, number | 7 | 6 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 335,031 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | 14,970 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | 1,970,827 | $ 2,532,653 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 33,354 | $ 66,584 |
Securities in an unrealized loss position, less than twelve months, number | 11 | 14 |
Corporate Debt Securities [Member] | ||
Securities in an unrealized loss position, more than twelve months, number | 27 | 36 |
Securities in an unrealized loss position, less than twelve months, fair value | $ 6,613,829 | $ 23,721,217 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 104,812 | $ 696,066 |
Securities in an unrealized loss position, less than twelve months, number | 22 | 92 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 5,925,592 | $ 8,004,923 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 607,867 | $ 917,029 |
Foreign Government Debt Securities [Member] | ||
Securities in an unrealized loss position, more than twelve months, number | 3 | 6 |
Securities in an unrealized loss position, less than twelve months, fair value | $ 1,104,060 | $ 5,087,133 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 34,248 | $ 155,833 |
Securities in an unrealized loss position, less than twelve months, number | 5 | 16 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 502,375 | $ 1,024,548 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 76,291 | $ 92,250 |
Debt Securities [Member] | ||
Securities in an unrealized loss position, more than twelve months, number | 31 | 42 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 18,339,126 | $ 42,248,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 914,226 | $ 1,999,354 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 76 | 170 |
Securities in an unrealized loss position, less than twelve months, fair value | $ 11,576,128 | $ 33,219,311 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 215,098 | $ 990,075 |
Securities in an unrealized loss position, less than twelve months, number | 45 | 128 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 6,762,998 | $ 9,029,471 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | 699,128 | 1,009,279 |
Preferred Stock [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | 49,960 | 96,360 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 40 | $ 3,585 |
Securities in an unrealized loss position, less than twelve months, number | 1 | 2 |
Equity Securities [Member] | ||
Securities in an unrealized loss position, more than twelve months, number | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 49,960 | $ 185,473 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 40 | $ 6,454 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | 3 |
Securities in an unrealized loss position, less than twelve months, fair value | $ 49,960 | $ 96,360 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 40 | $ 3,585 |
Securities in an unrealized loss position, less than twelve months, number | 1 | 2 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 89,113 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 2,869 | |
Mutual Funds [Member] | ||
Securities in an unrealized loss position, more than twelve months, number | 1 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 89,113 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 2,869 |
Note 2 - Investments - Net Unre
Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Unrealized appreciation on available-for-sale securities | $ 4,793,477 | $ 1,039,897 |
Adjustment to deferred acquisition costs | (85,831) | (16,553) |
Deferred income taxes | (941,529) | (204,668) |
Net unrealized appreciation on available-for-sale securities | $ 3,766,117 | $ 818,676 |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Fixed maturity available-for-sale securities - amortized cost | $ 146,815,391 | $ 128,310,265 |
Fixed maturity available-for-sale securities - fair value | 151,551,123 | $ 129,311,155 |
Fixed Maturities [Member] | ||
Due in one year or less - amortized cost | 9,129,356 | |
Due in one year or less - fair value | 9,228,487 | |
Due after one year through five years | 30,195,177 | |
Due after one year through five years | 31,184,027 | |
Due after five years through ten years - amortized cost | 40,929,284 | |
Due after five years through ten years - fair value | 42,130,385 | |
Due after ten years - amortized cost | 66,529,296 | |
Due after ten years - fair value | 68,936,504 | |
Due at multiple maturity dates - amortized cost | 32,278 | |
Due at multiple maturity dates - fair value | 71,720 | |
Fixed maturity available-for-sale securities - amortized cost | 146,815,391 | |
Fixed maturity available-for-sale securities - fair value | 151,551,123 | |
Other Long-term Investments [Member] | ||
Due in one year or less - amortized cost | 8,369,492 | |
Due in one year or less - fair value | 8,501,590 | |
Due after one year through five years | 23,279,727 | |
Due after one year through five years | 25,343,966 | |
Due after five years through ten years - amortized cost | 16,234,072 | |
Due after five years through ten years - fair value | 19,781,009 | |
Due after ten years - amortized cost | 10,012,289 | |
Due after ten years - fair value | 15,992,575 | |
Due at multiple maturity dates - amortized cost | ||
Due at multiple maturity dates - fair value | ||
Fixed maturity available-for-sale securities - amortized cost | 57,895,580 | |
Fixed maturity available-for-sale securities - fair value | $ 69,619,140 |
Note 2 - Investments - Availa33
Note 2 - Investments - Available-for-sale Securities - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fixed Maturities [Member] | ||||
Gross realized gains, available-for-sale securities | $ 356,147 | $ 155,956 | $ 527,252 | $ 163,050 |
Gross realized losses, available-for-sale securities | (329,229) | (12,990) | (336,315) | (41,342) |
Loss on other-than-temporary impairment, available-for-sale securities | (224,250) | (224,250) | ||
Proceeds from sale of available-for-sale securities | 8,154,018 | 5,219,798 | 12,603,249 | 7,494,211 |
Other Long-term Investments [Member] | ||||
Gross realized gains on sale of investments | 62,275 | 62,275 | ||
Gross realized losses on sale of investments | ||||
Loss on other-than-temporary impairment, held to maturity securities | ||||
Proceeds from sale, maturity, or collection of investments | 792,012 | 792,012 | ||
Equity Securities [Member] | ||||
Gross realized gains, available-for-sale securities | 8,711 | 8,711 | ||
Gross realized losses, available-for-sale securities | (1,468) | |||
Loss on other-than-temporary impairment, available-for-sale securities | ||||
Proceeds from sale of available-for-sale securities | 19,210 | 128,010 | ||
Mortgages [Member] | ||||
Gross realized gains on sale of investments | 14,416 | 17,991 | ||
Gross realized losses on sale of investments | ||||
Loss on other-than-temporary impairment, held to maturity securities | ||||
Proceeds from sale, maturity, or collection of investments | 5,598,724 | 2,089,278 | 10,724,113 | 3,661,522 |
Real Estate Investment [Member] | ||||
Gross realized gains on sale of investments | 3,563 | 6,050 | ||
Gross realized losses on sale of investments | (1,668) | (1,668) | ||
Loss on other-than-temporary impairment, held to maturity securities | ||||
Proceeds from sale, maturity, or collection of investments | $ 82,917 | $ 190,084 |
Note 2 - Investments - Availa34
Note 2 - Investments - Available-for-sale Securities - Accumulated Change in Net Unrealized Investment Gains (Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fixed Maturities [Member] | ||||
Available-for-sale securities - change in unrealized gains | $ 2,673,801 | $ 4,452,781 | $ 3,734,842 | $ 8,260,179 |
Available-for-sale securities - realized gains | 26,918 | 142,966 | 190,937 | 121,708 |
Equity Securities [Member] | ||||
Available-for-sale securities - change in unrealized gains | 714 | (1,604) | 18,738 | (6,754) |
Available-for-sale securities - realized gains | 8,711 | 7,243 | ||
Mortgages [Member] | ||||
Held to maturity securities - realized gains | 14,416 | 17,991 | ||
Real Estate Investment [Member] | ||||
Held to maturity securities - realized gains | 1,895 | 4,382 | ||
Other Long-term Investments [Member] | ||||
Held to maturity securities - realized gains | $ 62,275 | $ 62,275 |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Gross Investment income | $ 4,664,220 | $ 3,679,221 | $ 8,916,087 | $ 7,344,850 |
Investment expenses | (669,156) | (420,587) | (1,251,152) | (726,013) |
Net investment income | 3,995,064 | 3,258,634 | 7,664,935 | 6,618,837 |
Fixed Maturities [Member] | ||||
Gross Investment income | 1,665,525 | 1,533,301 | 3,155,895 | 3,100,519 |
Equity Securities [Member] | ||||
Gross Investment income | 5,086 | 6,658 | 10,158 | 13,840 |
Other Long-term Investments [Member] | ||||
Gross Investment income | 882,009 | 622,502 | 1,739,479 | 1,170,324 |
Mortgages [Member] | ||||
Gross Investment income | 1,876,637 | 1,328,427 | 3,544,031 | 2,681,498 |
Policy Loans [Member] | ||||
Gross Investment income | 28,453 | 26,491 | 56,017 | 52,589 |
Real Estate Investment [Member] | ||||
Gross Investment income | 93,712 | 91,968 | 187,423 | 183,936 |
Short-term Investments [Member] | ||||
Gross Investment income | $ 112,798 | $ 69,874 | $ 223,084 | $ 142,144 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 100,337,059 | $ 74,371,286 |
Commercial Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 1,846,251 | 1,254,808 |
Commercial Portfolio Segment [Member] | Retail Site [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 1,271,853 | 1,075,324 |
Commercial Portfolio Segment [Member] | Office Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 139,198 | 179,484 |
Commercial Portfolio Segment [Member] | Industrial Property [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 435,200 | |
Residential Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 98,490,808 | $ 73,116,478 |
Note 2 - Investments - Investme
Note 2 - Investments - Investment Real Estate (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Investment real estate, net | $ 2,248,228 | $ 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] | ||
Less - accumulated depreciation | (1,122,439) | (1,049,695) |
Investment real estate, net | 1,145,118 | 1,217,862 |
Investment real estate | 2,267,557 | 2,267,557 |
Residential Real Estate - Held for Sale [Member] | ||
Investment real estate | $ 144,795 | $ 330,496 |
Note 3 - Fair Value Measureme38
Note 3 - Fair Value Measurements (Details Textual) | Jun. 30, 2017 | Dec. 31, 2016 |
Number Of Private Placement Common Stocks | 2 | 2 |
Note 3 - Fair Value Measureme39
Note 3 - Fair Value Measurements - Fair Value Measured on a Recurring Basis (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale securities | $ 152,210,075 | $ 129,949,562 |
US Treasury and Government [Member] | ||
Available-for-sale securities | 3,532,714 | 3,185,383 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 3,532,714 | 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 | 3,532,714 | 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 | 9,638,636 | 9,250,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 9,638,636 | 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 | 9,638,636 | 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 | 71,720 | 70,727 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 71,720 | 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 | 71,720 | 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 | 116,350,185 | 100,980,041 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 116,350,185 | 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 | 116,350,185 | 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 | 21,957,868 | 15,824,108 |
Foreign Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 21,957,868 | 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 | 21,957,868 | 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 | 151,551,123 | 129,311,155 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 151,551,123 | 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 | 151,551,123 | 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 | 347,328 | 341,914 |
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 347,328 | 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 | 347,328 | 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 | 101,938 | 96,360 |
Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 101,938 | 96,360 |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 101,938 | 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 | 209,686 | 200,133 |
Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 209,686 | 200,133 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 148,186 | 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 | 658,952 | 638,407 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 658,952 | 638,407 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 250,124 | 234,993 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 347,328 | 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 Measureme40
Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued investment income | $ 2,517,930 | $ 2,176,770 |
Policy claims | 915,170 | 997,814 |
Policy loans | 1,604,260 | 1,598,116 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 17,541,778 | 34,223,945 |
Accrued investment income | 2,517,930 | 2,176,770 |
Total financial assets | 179,896,607 | 159,158,990 |
Policyholders' account balances | 285,235,552 | 245,346,489 |
Policy claims | 915,170 | 997,814 |
Total financial liabilities | 286,150,722 | 246,344,303 |
Policy loans | 1,604,260 | 1,598,116 |
Other long-term investments | 57,895,580 | 46,788,873 |
Reported Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 1,846,251 | 1,254,808 |
Reported Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 98,490,808 | 73,116,478 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 17,541,778 | 34,223,945 |
Accrued investment income | 2,517,930 | 2,176,770 |
Total financial assets | 194,630,090 | 165,541,061 |
Policyholders' account balances | 245,080,798 | 206,541,702 |
Policy claims | 915,170 | 997,814 |
Total financial liabilities | 245,995,968 | 207,539,516 |
Policy loans | 1,604,260 | 1,598,116 |
Other long-term investments | 69,619,140 | 55,890,429 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 17,541,778 | 34,223,945 |
Accrued investment income | ||
Total financial assets | 17,541,778 | 34,223,945 |
Policyholders' account balances | ||
Policy claims | ||
Total financial liabilities | ||
Policy loans | ||
Other long-term investments | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Accrued investment income | ||
Total financial assets | ||
Policyholders' account balances | ||
Policy claims | ||
Total financial liabilities | ||
Policy loans | ||
Other long-term investments | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Accrued investment income | 2,517,930 | 2,176,770 |
Total financial assets | 177,088,312 | 131,317,116 |
Policyholders' account balances | 245,080,798 | 206,541,702 |
Policy claims | 915,170 | 997,814 |
Total financial liabilities | 245,995,968 | 207,539,516 |
Policy loans | 1,604,260 | 1,598,116 |
Other long-term investments | 69,619,140 | 55,890,429 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 1,850,988 | 1,268,140 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage loans on real estate | ||
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans on real estate | ||
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage loans on real estate | 1,850,988 | 1,268,140 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 101,495,994 | 70,383,661 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage loans on real estate | ||
Estimate of Fair Value Measurement [Member] | Residential [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans on real estate | ||
Estimate of Fair Value Measurement [Member] | Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage loans on real estate | $ 101,495,994 | $ 70,383,661 |
Note 4 - Segment Data - Segment
Note 4 - Segment Data - Segment Data - Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total revenue | $ 7,759,482 | $ 6,469,653 | $ 15,267,441 | $ 13,010,560 |
Income before income taxes | 689,074 | 402,587 | 1,038,591 | 750,793 |
Depreciation and amortization expense | 899,745 | 506,631 | 1,734,077 | 1,337,090 |
Life Insurance Operations [Member] | ||||
Total revenue | 4,413,296 | 3,602,546 | 8,597,949 | 7,347,790 |
Income before income taxes | 436,176 | 22,562 | 554,026 | 52,515 |
Depreciation and amortization expense | 556,637 | 324,040 | 970,921 | 998,587 |
Annuity Operations [Member] | ||||
Total revenue | 3,285,595 | 2,718,287 | 6,474,566 | 5,355,711 |
Income before income taxes | 186,941 | 350,169 | 347,356 | 578,425 |
Depreciation and amortization expense | 343,108 | 182,591 | 763,156 | 338,503 |
Corporate Segment [Member] | ||||
Total revenue | 60,591 | 148,820 | 194,926 | 307,059 |
Income before income taxes | 65,957 | 29,856 | 137,209 | 119,853 |
Depreciation and amortization expense |
Note 4 - Segment Data - Segme42
Note 4 - Segment Data - Segment Data - Assets (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Total assets | $ 378,252,786 | $ 333,252,613 |
Life Insurance Operations [Member] | ||
Total assets | 52,871,600 | 50,577,282 |
Annuity Operations [Member] | ||
Total assets | 318,272,021 | 275,745,766 |
Corporate Segment [Member] | ||
Total assets | $ 7,109,165 | $ 6,929,565 |
Note 5 - Federal Income Taxes (
Note 5 - Federal Income Taxes (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 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 Co44
Note 6 - Legal Matters and Contingent Liabilities (Details Textual) | Jun. 14, 2017USD ($) | Feb. 17, 2017USD ($) | Nov. 22, 2013 | Feb. 01, 2016USD ($) |
FBLIC [Member] | Utica Mutual Insurance Company [Member] | Settled Litigation [Member] | ||||
Litigation Settlement, Amount Awarded from Other Party | $ 90,000 | |||
FBLIC [Member] | Doyle Nimmo [Member] | Settled Litigation [Member] | ||||
Litigation Settlement, Amount Awarded from Other Party | $ 10,000 | |||
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 45
Note 7 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Less amounts reclassified from accumulated other comprehensive income, net of tax | $ (157,865) | $ 121,341 | $ (26,650) | $ 103,160 |
Other comprehensive income before reclassifications, net of tax | 1,941,924 | 3,628,618 | 2,920,791 | 6,604,132 |
Less amounts reclassified from accumulated other comprehensive income, net of tax | (157,865) | 121,341 | (26,650) | 103,160 |
Other comprehensive income | 2,099,789 | 3,507,277 | 2,947,441 | 6,500,972 |
Ending Balance | 3,766,117 | 3,845,155 | 3,766,117 | 3,845,155 |
Beginning Balance | 1,666,328 | 337,878 | 818,676 | (2,655,817) |
Other comprehensive income before reclassifications, net of tax | 1,941,924 | 3,628,618 | 2,920,791 | 6,604,132 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Less amounts reclassified from accumulated other comprehensive income, net of tax | (157,865) | 121,341 | (26,650) | 103,160 |
Other comprehensive income before reclassifications, net of tax | 1,981,747 | 3,682,284 | 2,976,214 | 6,705,902 |
Less amounts reclassified from accumulated other comprehensive income, net of tax | (157,865) | 121,341 | (26,650) | 103,160 |
Other comprehensive income | 2,139,612 | 3,560,943 | 3,002,864 | 6,602,742 |
Ending Balance | 3,834,781 | 3,906,866 | 3,834,781 | 3,906,866 |
Beginning Balance | 1,695,169 | 345,923 | 831,917 | (2,695,876) |
Other comprehensive income before reclassifications, net of tax | 1,981,747 | 3,682,284 | 2,976,214 | 6,705,902 |
Adjustment to Deferred Acquisition Costs [Member] | ||||
Less amounts reclassified from accumulated other comprehensive income, net of tax | ||||
Other comprehensive income before reclassifications, net of tax | (39,823) | (53,666) | (55,423) | (101,770) |
Less amounts reclassified from accumulated other comprehensive income, net of tax | ||||
Other comprehensive income | (39,823) | (53,666) | (55,423) | (101,770) |
Ending Balance | (68,664) | (61,711) | (68,664) | (61,711) |
Beginning Balance | (28,841) | (8,045) | (13,241) | 40,059 |
Other comprehensive income before reclassifications, net of tax | $ (39,823) | $ (53,666) | $ (55,423) | $ (101,770) |
Note 7 - Other Comprehensive 46
Note 7 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Adjustment to deferred acquisition costs, pretax | $ (49,778) | $ (67,083) | $ (69,278) | $ (127,213) | |
Adjustment to deferred acquisition costs, income tax expense | (9,955) | (13,417) | (13,855) | (25,443) | |
Adjustment to deferred acquisition costs, net of tax | (39,823) | (53,666) | (55,423) | (101,770) | |
Total other comprehensive income, pretax | 2,624,737 | 4,384,094 | 3,684,302 | 8,126,212 | |
Total other comprehensive income, income tax expense | 524,948 | 876,817 | 736,861 | 1,625,240 | |
Total other comprehensive income, net of tax | 2,099,789 | 3,507,277 | 2,947,441 | 6,500,972 | |
Unrealized holding gains arising during the period, pretax | 2,477,183 | 4,602,854 | 3,720,267 | 8,382,376 | |
Unrealized holding gains arising during the period, income tax expense | 495,436 | 920,570 | 744,053 | 1,676,474 | |
Unrealized holding gains arising during the period, net of tax | 1,981,747 | 3,682,284 | 2,976,214 | 6,705,902 | |
Realized gains (losses) on sales of securities | [1] | (197,332) | 151,677 | (33,313) | 128,951 |
Income tax expense (benefit) | [2] | (39,467) | 30,336 | (6,663) | 25,791 |
Less amounts reclassified from accumulated other comprehensive income, net of tax | (157,865) | 121,341 | (26,650) | 103,160 | |
Net unrealized gains on investments, pretax | 2,674,515 | 4,451,177 | 3,753,580 | 8,253,425 | |
Net unrealized gains on investments, income tax expense | 534,903 | 890,234 | 750,716 | 1,650,683 | |
Net unrealized gains on investments, net of tax | $ 2,139,612 | $ 3,560,943 | $ 3,002,864 | $ 6,602,742 | |
[1] | These items appear within net realized investment gains (losses) and other-than-temporary impairment in the consolidated statements of operations. | ||||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 7 - Other Comprehensive 47
Note 7 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Realized gains (losses) on sales of securities | [1] | $ (197,332) | $ 151,677 | $ (33,313) | $ 128,951 |
Income tax expense (benefit) | [2] | (39,467) | 30,336 | (6,663) | 25,791 |
Total reclassification adjustments | $ (157,865) | $ 121,341 | $ (26,650) | $ 103,160 | |
[1] | These items appear within net realized investment gains (losses) and other-than-temporary impairment in the consolidated statements of operations. | ||||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 8 - Allowance for Loan L48
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing (Details Textual) - USD ($) | Jun. 30, 2012 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses | $ 345,458 | $ 286,481 | $ 244,427 | $ 477,526 | $ 382,407 | $ 380,520 | |
Premiums Receivable Down Payment Percent Of Premium | 20.00% | ||||||
Premiums Receivable, Delinquent Premium Term | 25 days | ||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 100,337,059 | 74,371,286 | |||||
Premiums Receivable, Percent Of Premium | 80.00% | ||||||
One Loan Originator [Member] | |||||||
Financing Receivable, Allowance for Credit Losses | 157,039 | ||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 31,407,826 | 25,523,757 | $ 24,629,791 | ||||
One Loan Originator [Member] | Independent Mortgage Loan Balances [Member] | |||||||
Escrow Deposit | 557,042 | 525,063 | |||||
All Other Entities [Member] | |||||||
Financing Receivable, Allowance for Credit Losses | 345,458 | 244,427 | |||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 68,929,233 | $ 48,847,529 |
Note 8 - Allowance for Loan L49
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing - Allowance for Loss On Premium Financing (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Recoveries | ||||
Provision | $ 58,977 | $ 95,119 | 101,031 | 97,006 |
Allowance, ending | 345,458 | 477,526 | 345,458 | 477,526 |
Individually evaluated for impairment | 279,662 | 279,662 | ||
Collectively evaluated for impairment | 345,458 | 197,864 | 345,458 | 197,864 |
Individually evaluated for impairment | 347,885 | 347,885 | ||
Collectively evaluated for impairment | 68,929,233 | 39,895,000 | 68,929,233 | 39,895,000 |
Allowance, beginning | 286,481 | 382,407 | 244,427 | 380,520 |
Charge offs | ||||
Residential Portfolio Segment [Member] | ||||
Recoveries | ||||
Provision | 55,896 | 8,860 | 98,059 | 15,344 |
Allowance, ending | 336,180 | 191,332 | 336,180 | 191,332 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 336,180 | 191,332 | 336,180 | 191,332 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 67,082,982 | 38,594,991 | 67,082,982 | 38,594,991 |
Allowance, beginning | 280,284 | 182,472 | 238,121 | 175,988 |
Charge offs | ||||
Commercial Portfolio Segment [Member] | ||||
Recoveries | ||||
Provision | 3,081 | (713) | 2,972 | (828) |
Allowance, ending | 9,278 | 6,532 | 9,278 | 6,532 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 9,278 | 6,532 | 9,278 | 6,532 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 1,846,251 | 1,300,009 | 1,846,251 | 1,300,009 |
Allowance, beginning | 6,197 | 7,245 | 6,306 | 7,360 |
Charge offs | ||||
Premium Finance Loans [Member] | ||||
Recoveries | ||||
Provision | 86,972 | 82,490 | ||
Allowance, ending | 279,662 | 279,662 | ||
Individually evaluated for impairment | 279,662 | 279,662 | ||
Collectively evaluated for impairment | ||||
Individually evaluated for impairment | 347,885 | 347,885 | ||
Collectively evaluated for impairment | ||||
Allowance, beginning | $ 192,690 | 197,172 | ||
Charge offs |
Note 8 - Allowance for Loan L50
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate and Loans From Premium Financing - Mortgage Loan to Value Ratios (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Mortgage loans on real estate | $ 100,337,059 | $ 74,371,286 |
Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 98,490,808 | 73,116,478 |
Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 1,846,251 | 1,254,808 |
Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 19,892,112 | 14,559,541 |
Loan to Value Range1 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 19,892,112 | 14,559,541 |
Loan to Value Range1 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
Loan to Value Range1 [Member] | Maximum [Member] | ||
Loan to value ratio | 80.00% | |
Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | $ 35,279,607 | 29,738,887 |
Loan to Value Range 2 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 35,279,607 | 29,738,887 |
Loan to Value Range 2 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
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 | $ 24,385,683 | 16,491,519 |
Loan to Value Range 3 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 23,532,033 | 15,440,364 |
Loan to Value Range 3 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 853,650 | 1,051,155 |
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 | $ 12,858,388 | 10,399,031 |
Loan to Value Range 4 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 12,858,388 | 10,399,031 |
Loan to Value Range 4 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | ||
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 | $ 4,751,341 | 2,388,004 |
Loan to Value Range 5 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 4,085,833 | 2,184,351 |
Loan to Value Range 5 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 665,508 | 203,653 |
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 | $ 2,237,630 | 467,410 |
Loan to Value Range 6 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 2,055,612 | 467,410 |
Loan to Value Range 6 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 182,018 | |
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 | $ 874,962 | 317,936 |
Loan to Value Range 7 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 729,887 | 317,936 |
Loan to Value Range 7 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 145,075 | |
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 | $ 57,336 | 8,958 |
Loan to Value Range 8 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 57,336 | 8,958 |
Loan to Value Range 8 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate |