Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 09, 2018 | |
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 | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 7,802,593 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Current Period Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Investments | ||
Available-for-sale fixed maturity securities at fair value (amortized cost: $134,551,407 and $143,621,947 as of September 30, 2018 and December 31, 2017, respectively) | $ 132,839,018 | $ 149,683,139 |
Available-for-sale preferred stock at fair value (cost: $99,945 as of September 30, 2018 and December 31, 2017) | 98,180 | 100,720 |
Equity securities (available-for-sale in 2017) at fair value (cost: $185,655 and $502,919 as of September 30, 2018 and December 31, 2017, respectively) | 201,383 | 571,427 |
Mortgage loans on real estate | 121,505,716 | 102,496,451 |
Investment real estate | 2,442,440 | 2,382,966 |
Policy loans | 1,755,270 | 1,660,175 |
Short-term investments | 135,963 | 547,969 |
Other long-term investments | 58,255,713 | 55,814,583 |
Total investments | 317,233,683 | 313,257,430 |
Cash and cash equivalents | 29,913,662 | 31,496,159 |
Accrued investment income | 2,727,777 | 2,544,963 |
Recoverable from reinsurers | 1,775,081 | 1,340,700 |
Assets held in trust under coinsurance agreement | 15,831,355 | |
Agents' balances and due premiums | 1,517,547 | 1,485,305 |
Deferred policy acquisition costs | 28,172,290 | 24,555,902 |
Value of insurance business acquired | 5,271,221 | 5,526,645 |
Other assets | 11,956,822 | 10,920,570 |
Total assets | 414,399,438 | 391,127,674 |
Policy liabilities | ||
Policyholders' account balances | 294,738,874 | 292,909,762 |
Future policy benefits | 54,316,902 | 49,663,099 |
Policy claims | 1,030,040 | 1,148,513 |
Other policy liabilities | 68,331 | 68,490 |
Total policy liabilities | 350,154,147 | 343,789,864 |
Funds withheld under coinsurance agreement | 18,720,257 | |
Deferred federal income taxes | 2,398,299 | 2,961,929 |
Other liabilities | 4,034,342 | 3,123,702 |
Total liabilities | 375,307,045 | 349,875,495 |
Shareholders' equity | ||
Common stock, par value $.01 per share (20,000,000 shares authorized, 8,050,173 issued as of September 30, 2018 and December 31, 2017 and 7,802,593 outstanding as of September 30, 2018 and December 31, 2017) | 80,502 | 80,502 |
Additional paid-in capital | 28,684,598 | 28,684,598 |
Treasury stock, at cost (247,580 shares as of September 30, 2018 and December 31, 2017) | (893,947) | (893,947) |
Accumulated other comprehensive income (loss) | (1,331,860) | 4,760,951 |
Accumulated earnings | 12,553,100 | 8,620,075 |
Total shareholders' equity | 39,092,393 | 41,252,179 |
Total liabilities and shareholders' equity | $ 414,399,438 | $ 391,127,674 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Available-for-sale fixed maturity securities at cost | $ 134,551,407 | $ 143,621,947 |
Available-for-sale equity securities at cost | 99,945 | 99,945 |
Equity securities, cost | $ 185,655 | $ 502,919 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Premiums | $ 4,701,250 | $ 4,058,629 | $ 13,760,857 | $ 11,560,664 |
Net investment income | 4,979,031 | 4,631,892 | 14,701,414 | 12,296,827 |
Net realized investment gains (losses) | 245,059 | (3,486) | 269,531 | 254,108 |
Loss on other-than-temporary impairments | (224,250) | |||
Service fees | 66,474 | 3,560 | 300,035 | 10,849 |
Other income | 11,977 | 21,689 | 58,149 | 81,527 |
Total revenues | 10,003,791 | 8,712,284 | 29,089,986 | 23,979,725 |
Benefits, Claims and Expenses | ||||
Increase in future policy benefits | 1,719,073 | 1,291,943 | 4,684,724 | 3,733,907 |
Death benefits | 876,629 | 1,310,697 | 3,963,815 | 3,744,278 |
Surrenders | 203,287 | 186,202 | 666,128 | 717,790 |
Interest credited to policyholders | 2,329,858 | 2,293,419 | 6,941,291 | 6,530,403 |
Dividend, endowment and supplementary life contract benefits | 64,339 | 68,492 | 197,034 | 200,260 |
Total benefits and claims | 5,193,186 | 5,150,753 | 16,452,992 | 14,926,638 |
Policy acquisition costs deferred | (1,673,638) | (2,369,432) | (6,162,096) | (7,370,469) |
Amortization of deferred policy acquisition costs | 682,295 | 890,135 | 2,677,918 | 2,318,277 |
Amortization of value of insurance business acquired | 83,935 | 88,625 | 255,424 | 298,089 |
Commissions | 1,934,194 | 2,051,910 | 5,963,852 | 6,641,883 |
Other underwriting, insurance and acquisition expenses | 1,849,373 | 1,362,524 | 4,981,401 | 4,588,947 |
Total expenses | 2,876,159 | 2,023,762 | 7,716,499 | 6,476,727 |
Total benefits, claims and expenses | 8,069,345 | 7,174,515 | 24,169,491 | 21,403,365 |
Income before total federal income tax expense (benefit) | 1,934,446 | 1,537,769 | 4,920,495 | 2,576,360 |
Current federal income tax expense (benefit) | (1,320) | 18,589 | ||
Deferred federal income tax expense | 409,687 | 294,437 | 1,055,978 | 501,597 |
Total federal income tax expense | 409,687 | 293,117 | 1,055,978 | 520,186 |
Net income | $ 1,524,759 | $ 1,244,652 | $ 3,864,517 | $ 2,056,174 |
Net income per common share basic and diluted (in dollars per share) | $ 0.20 | $ 0.16 | $ 0.50 | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Net income | $ 1,524,759 | $ 1,244,652 | $ 3,864,517 | $ 2,056,174 | |
Other Comprehensive Income (loss) | |||||
Total net unrealized investment gains (losses) arising during the period | (717,379) | 703,274 | (7,531,191) | 4,423,541 | |
Cumulative effect, adoption of accounting guidance for equity securities | (68,508) | ||||
Less net realized investment gains (losses) having no credit losses | [1] | 205,453 | (3,486) | 244,930 | (36,799) |
Net unrealized investment gains (losses) | (922,832) | 706,760 | (7,844,629) | 4,460,340 | |
Less adjustment to deferred acquisition costs | (14,204) | 10,532 | (132,210) | 79,810 | |
Other comprehensive income (loss) before federal income tax expense | (908,628) | 696,228 | (7,712,419) | 4,380,530 | |
Federal income tax expense (benefit) | (190,813) | 139,246 | (1,619,608) | 876,107 | |
Total other comprehensive income (loss) | (717,815) | 556,982 | (6,092,811) | 3,504,423 | |
Total comprehensive income (loss) | $ 806,944 | $ 1,801,634 | $ (2,228,294) | $ 5,560,597 | |
[1] | These items appear within net realized investment gains (losses) and other-than-temporary impairments 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 |
Balance at Dec. 31, 2016 | $ 80,502 | $ 28,684,598 | $ (893,947) | $ 818,676 | $ 7,590,446 | $ 36,280,275 |
Comprehensive income: | ||||||
Net income | 2,056,174 | 2,056,174 | ||||
Other comprehensive income | 3,504,423 | 3,504,423 | ||||
Balance at Dec. 31, 2016 | 80,502 | 28,684,598 | (893,947) | 818,676 | 7,590,446 | 36,280,275 |
Balance at Sep. 30, 2017 | 80,502 | 28,684,598 | (893,947) | 4,323,099 | 9,646,620 | 41,840,872 |
Balance at Jun. 30, 2017 | 3,766,117 | |||||
Comprehensive income: | ||||||
Net income | 1,244,652 | |||||
Other comprehensive income | 556,982 | 556,982 | ||||
Balance at Jun. 30, 2017 | 3,766,117 | |||||
Balance at Sep. 30, 2017 | 80,502 | 28,684,598 | (893,947) | 4,323,099 | 9,646,620 | 41,840,872 |
Balance at Dec. 31, 2017 | 80,502 | 28,684,598 | (893,947) | 4,760,951 | 8,620,075 | 41,252,179 |
Comprehensive income: | ||||||
Net income | 3,864,517 | 3,864,517 | ||||
Other comprehensive income | (6,092,811) | (6,092,811) | ||||
Balance at Dec. 31, 2017 | 80,502 | 28,684,598 | (893,947) | 4,760,951 | 8,620,075 | 41,252,179 |
Balance at Sep. 30, 2018 | 80,502 | 28,684,598 | (893,947) | (1,331,860) | 12,553,100 | 39,092,393 |
Balance at Jun. 30, 2018 | (614,045) | |||||
Comprehensive income: | ||||||
Net income | 1,524,759 | |||||
Other comprehensive income | (717,815) | (717,815) | ||||
Balance at Jun. 30, 2018 | (614,045) | |||||
Balance at Sep. 30, 2018 | 80,502 | 28,684,598 | (893,947) | (1,331,860) | 12,553,100 | 39,092,393 |
Comprehensive income: | ||||||
Cumulative effect, adoption of accounting guidance for equity securities | $ 68,508 | $ 68,508 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities | ||
Net income | $ 3,864,517 | $ 2,056,174 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for depreciation | 109,116 | 109,435 |
Accretion of discount on investments | (2,951,473) | (2,298,768) |
Net realized investment gains | (269,531) | (254,108) |
Loss on other-than-temporary impairment | 224,250 | |
Amortization of policy acquisition cost | 2,677,918 | 2,318,277 |
Policy acquisition costs deferred | (6,162,096) | (7,370,469) |
Amortization of loan origination fees | 32,376 | 44,351 |
Amortization of value of insurance business acquired | 255,424 | 298,089 |
Allowance for mortgage loan losses | 61,083 | 105,024 |
Provision for deferred federal income tax expense | 1,055,978 | 501,597 |
Interest credited to policyholders | 6,941,291 | 6,530,403 |
Change in assets and liabilities: | ||
Policy loans | (95,095) | (28,655) |
Short-term investments | 412,006 | |
Accrued investment income | (182,814) | (441,475) |
Recoverable from reinsurers | (434,381) | 101,829 |
Assets held in trust under coinsurance agreement | (15,831,355) | |
Agents' balances and due premiums | (32,242) | (183,349) |
Other assets (excludes depreciation of $320 in 2017 and change in receivable for securities sold of ($185,389) and $5,738,274 in 2018 and 2017, respectively) | (850,863) | (939,617) |
Future policy benefits | 4,653,803 | 3,736,262 |
Policy claims | (118,473) | 29,307 |
Other policy liabilities | (159) | 20,633 |
Other liabilities (excludes change in payable for securities purchased of $142,361 and ($57,976) in 2018 and 2017, respectively) | 768,279 | (4,144,719) |
Net cash provided by (used in) operating activities | (6,096,691) | 414,471 |
Investing activities | ||
Purchases of fixed maturity securities | (11,958,357) | (32,830,057) |
Maturities of fixed maturity securities | 4,876,000 | 6,762,000 |
Sales of fixed maturity securities | 15,933,074 | 10,378,173 |
Purchases of equity securities | (53,828) | (2,832) |
Sales of equity securities | 361,947 | |
Joint venture distributions | 34,877 | |
Purchases of mortgage loans | (47,077,889) | (44,857,137) |
Payments on mortgage loans | 28,034,586 | 16,129,739 |
Purchases of other long-term investments | (6,068,995) | (14,036,084) |
Payments on other long-term investments | 6,606,259 | 5,863,095 |
Sale on other long-term investments | 792,012 | |
Sale of real estate | 261,470 | 190,084 |
Net change in receivable and payable for securities sold and purchased | (43,028) | 5,680,298 |
Net cash used in investing activities | (9,093,884) | (45,930,709) |
Financing activities | ||
Policyholders' account deposits | 35,533,959 | 54,296,750 |
Policyholders' account withdrawals | (21,925,881) | (14,044,954) |
Net cash provided by financing activities | 13,608,078 | 40,251,796 |
Decrease in cash | (1,582,497) | (5,264,442) |
Cash and cash equivalents, beginning of period | 31,496,159 | 34,223,945 |
Cash and cash equivalents, end of period | $ 29,913,662 | $ 28,959,503 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Depreciation | $ 320 | |
IncreaseDecreaseInReceivableForSecuritiesSold | (185,389) | 5,738,274 |
Change in payable of securities purchased | $ 142,361 | $ (57,976) |
Supplemental Disclosure - Cash
Supplemental Disclosure - Cash and Non-cash Impact on Investing | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | During 2017 $729,737 third not In connection with this transfer, the non-cash impact on investing activities is summarized as follows: Nine Months Ended September 30, 2017 Reduction in available-for-securities fixed maturity securities $ 729,737 Other long-term investments (729,737 ) Net cash used in investing activities $ - During 2018 2017, $378,411 $142,455 In connection with these foreclosures, the non-cash impact on investing activities is summarized as follows: Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Reduction in mortgage loans due to foreclosure $ 378,411 $ 142,455 Investment real estate held-for-sale acquired through foreclosure (378,411 ) (142,455 ) Net cash used in investing activities $ - $ - See notes to consolidated financial statements (unaudited). |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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, $3,055,916. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 X. not The results of operations for the nine September 30, 2018 not December 31, 2018 not 10 December 31, 2017. 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 September 30, 2018 On November 8, 2018, $1.5 October 31, 2019 1% 360 Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, not 1 2 3 4 5 July 2015, one March 31, 2018. not 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 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 may December 15, 2018. July 2018, 2018 11 840, 840 840. January 2019. 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 Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In November 2016, The updated guidance is effective for annual and interim periods beginning after 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, 2019, January 1, 2017. not Compensation — Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, one The updated guidance is effective for reporting periods beginning after December 15, 2017. first not not no Compensation — Stock Compensation: Scope of Modification Accounting In May 2017, The updated guidance is effective for the quarter ending March 31, 2018. not not Target Improvement to Accounting for Hedging Activities In August 2017, The updated guidance is effective for reporting periods beginning after December 15, 2018. December 15, 2018. not not no Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On February 14, 2018, 2017. 2017 December 15, 2018 2017 December 31, 2017. not Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, The updated guidance is effective for reporting periods beginning after December 15, 2019. not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, The updated guidance is effective for reporting periods beginning after December 15, 2020. may not |
Note 2 - Investments
Note 2 - Investments | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Investments Investments in fixed maturity and preferred stock available-for-sale and equity securities as of September 30, 2018 December 31, 2017 Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value September 30, 2018 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 2,979,866 $ 9,761 $ 119,300 $ 2,870,327 States and political subdivisions 9,314,448 101,294 61,109 9,354,633 Residential mortgage-backed securities 24,918 31,552 - 56,470 Corporate bonds 101,310,347 955,437 2,081,931 100,183,853 Asset-backed 253,676 1,462 - 255,138 Foreign bonds 20,668,152 83,698 633,253 20,118,597 Total fixed maturity securities 134,551,407 1,183,204 2,895,593 132,839,018 Preferred stock 99,945 95 1,860 98,180 Equity securities Mutual funds 91,981 - 15,245 76,736 Corporate common stock 93,674 30,973 - 124,647 Total equity securities 185,655 30,973 15,245 201,383 Total fixed maturity, preferred stock and equity securities $ 134,837,007 $ 1,214,272 $ 2,912,698 $ 133,138,581 December 31, 2017 Fixed maturity securities U.S. government and U.S. government agencies $ 2,989,688 $ 48,720 $ 65,341 $ 2,973,067 States and political subdivisions 9,368,393 337,442 20,148 9,685,687 Residential mortgage-backed securities 29,573 41,736 - 71,309 Corporate bonds 109,340,273 5,248,291 491,556 114,097,008 Foreign bonds 21,894,020 1,134,999 172,951 22,856,068 Total fixed maturity securities 143,621,947 6,811,188 749,996 149,683,139 Preferred stock 99,945 775 - 100,720 Equity securities Mutual funds 347,942 1,124 - 349,066 Corporate common stock 154,977 67,384 - 222,361 Total equity securities 502,919 68,508 - 571,427 Total fixed maturity, preferred stock and equity securities $ 144,224,811 $ 6,880,471 $ 749,996 $ 150,355,286 First Trinity Financial Corporation and Subsidiaries Notes to Consolidated Financial Statements September 30, 2018 (Unaudited) 2. Investments 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 September 30, 2018 December 31, 2017 Unrealized Number of Fair Value Loss Securities September 30, 2018 (Unaudited) Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 119,951 $ 5,098 1 States and political subdivisions 2,824,688 25,056 18 Corporate bonds 57,136,200 1,697,585 211 Foreign bonds 13,757,533 538,846 48 Total less than 12 months in an unrealized loss position 73,838,372 2,266,585 278 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 1,440,760 114,202 5 States and political subdivisions 509,217 36,053 4 Corporate bonds 3,686,822 384,346 16 Foreign bonds 639,015 94,407 2 Total more than 12 months in an unrealized loss position 6,275,814 629,008 27 Total fixed maturity securities in an unrealized loss position 80,114,186 2,895,593 305 Preferred stock, less than 12 months in an unrealized loss position 48,140 1,860 1 Equity securities (mutual funds), less than 12 months in an unrealized loss position 76,736 15,245 1 Total fixed maturity, preferred stock and equity securities in an unrealized loss position $ 80,239,062 $ 2,912,698 $ 307 December 31, 2017 Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 326,163 $ 3,897 2 States and political subdivisions 608,342 6,889 3 Corporate bonds 5,995,898 130,337 23 Foreign bonds 2,061,178 98,520 7 Total less than 12 months in an unrealized loss position 8,991,581 239,643 35 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 1,338,617 61,444 5 States and political subdivisions 579,008 13,259 4 Corporate bonds 5,139,898 361,219 20 Foreign bonds 501,875 74,431 3 Total more than 12 months in an unrealized loss position 7,559,398 510,353 32 Total fixed maturity securities in an unrealized loss position $ 16,550,979 $ 749,996 $ 67 As of September 30, 2018, 305 $2,895,593, $80,114,186 $83,009,779. September 30, 2018. 305 97%. As of December 31, 2017, 67 $749,996, $16,550,979 $17,300,975. December 31, 2017. 67 96%. As of September 30, 2018, one $1,860, $48,140 $50,000. 96%. As of September 30, 2018, one $15,245, $76,736 $91,981. 83%. As of December 31, 2017, no Fixed maturity securities were 96% 93% September 30, 2018 December 31, 2017, 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 no three nine September 30, 2018 December 31, 2017. Management believes that the Company will fully recover its cost basis in the securities held as of September 30, 2018, not not Net unrealized gains (losses) 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 September 30, 2018 December 31, 2017, (Unaudited) September 30, 2018 December 31, 2017 Unrealized appreciation (depreciation) on available-for-sale securities $ (1,714,154 ) $ 6,130,475 Adjustment to deferred acquisition costs 28,255 (103,955 ) Deferred income taxes 354,039 (1,265,569 ) Net unrealized appreciation (depreciation) on available-for-sale securities $ (1,331,860 ) $ 4,760,951 The Company’s investment in lottery prize cash flows categorized as other long-term investments in the statement of financial position was $58,255,713 $55,814,583 September 30, 2018 December 31, 2017, The amortized cost and fair value of fixed maturity available-for-sale securities and other long-term investments as of September 30, 2018, September 30, 2018 (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 $ 4,276,974 $ 4,294,839 $ 8,397,085 $ 8,499,751 Due after one year through five years 25,798,481 25,921,074 24,362,037 26,306,144 Due after five years through ten years 40,802,369 39,975,538 16,759,405 20,207,607 Due after ten years 63,648,665 62,591,097 8,737,186 13,371,726 Due at multiple maturity dates 24,918 56,470 - - $ 134,551,407 $ 132,839,018 $ 58,255,713 $ 68,385,228 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, investment real estate and other long-term investments for the three nine September 30, 2018 2017 Three Months Ended September 30, (Unaudited) Fixed Maturity Securities Equity Securities Investment Real Estate 2018 2017 2018 2017 2018 2017 Proceeds $ 12,320,142 $ 4,536,924 $ 346,535 $ - $ 206,617 $ - Gross realized gains 305,883 37,337 25,683 - 52,971 - Gross realized losses (100,430 ) (40,823 ) (58 ) - - - Loss on other-than-temporary impairment - - - - - - Three Months Ended September 30, (Unaudited) Other Long-Term Investments 2018 2017 Proceeds $ - $ - Gross realized gains - - Gross realized losses - - Loss on other-than-temporary impairment - - Nine Months Ended September 30, (Unaudited) Fixed Maturity Securities Equity Securities Investment Real Estate 2018 2017 2018 2017 2018 2017 Proceeds $ 20,809,074 $ 17,140,173 $ 361,947 $ - $ 261,470 $ 190,084 Gross realized gains 386,403 564,589 25,790 - 52,971 6,050 Gross realized losses (141,473 ) (377,138 ) (58 ) - (1,322 ) (1,668 ) Loss on other-than-temporary impairment - (224,250 ) - - - - Nine Months Ended September 30, (Unaudited) Other Long-Term Investments 2018 2017 Proceeds $ - $ 792,012 Gross realized gains - 62,275 Gross realized losses - - Loss on other-than-temporary impairment - - The accumulated change in unrealized investment gains (losses) for fixed maturity and preferred stock available-for-sale and equity securities for the three nine September 30, 2018 2017 three nine September 30, 2018 2017 Three Months Ended September 30, (Unaudited) Nine Months Ended September 30, (Unaudited) 2018 2017 2018 2017 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ (921,992 ) $ 694,379 $ (7,773,581 ) $ 4,429,221 Preferred stock (840 ) 82 (2,540 ) 5,660 Equity securities - 12,299 - 25,459 Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 205,453 (3,486 ) 244,930 187,451 Equity securities, sale of securities 25,625 - 25,732 - Equity securities, changes in fair value (38,990 ) - (52,780 ) - Investment real estate 52,971 - 51,649 4,382 Other long-term investments - - - 62,275 Major categories of net investment income for the three nine September 30, 2018 2017 Three Months Ended September 30, (Unaudited) Nine Months Ended September 30, (Unaudited) 2018 2017 2018 2017 Fixed maturity securities $ 1,492,224 $ 1,731,931 $ 4,792,648 $ 4,887,826 Preferred stock and equity securities 24,280 4,382 57,397 14,540 Other long-term investments 995,100 967,959 2,974,163 2,707,438 Mortgage loans 2,877,910 2,431,884 8,253,828 6,101,462 Policy loans 31,055 28,640 90,480 84,657 Real estate 94,102 93,943 282,108 281,366 Short-term and other investments 92,711 20,227 160,392 117,764 Gross investment income 5,607,382 5,278,966 16,611,016 14,195,053 Investment expenses (628,351 ) (647,074 ) (1,909,602 ) (1,898,226 ) Net investment income $ 4,979,031 $ 4,631,892 $ 14,701,414 $ 12,296,827 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 September 30, 2018 December 31, 2017, $4,355,887 $4,308,853, September 30, 2018 December 31, 2017, $4,238,579 $4,307,439, The Company’s mortgage loans by property type as of September 30, 2018 December 31, 2017 (Unaudited) September 30, 2018 December 31, 2017 Residential mortgage loans $ 112,856,562 $ 100,700,241 Commercial mortgage loans by property type Apartment 696,500 - Industrial 1,528,587 430,613 Lodging 113,160 - Office building 1,766,622 137,703 Retail 4,544,285 1,227,894 Total commercial mortgage loans by property type 8,649,154 1,796,210 Total mortgage loans $ 121,505,716 $ 102,496,451 There were 14 $1,049,742 90 September 30, 2018. 23 $3,094,155 90 December 31, 2017. There were no September 30, 2018 December 31, 2017. $520,867 $352,277 September 30, 2018 December 31, 2017, The Company’s investment real estate as of September 30, 2018 December 31, 2017 (Unaudited) September 30, 2018 December 31, 2017 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 (1,304,299 ) (1,195,183 ) Buildings net of accumulated depreciation 963,258 1,072,374 Residential real estate - held for sale 520,867 352,277 Total residential real estate 520,867 352,277 Investment real estate, net of accumulated depreciation $ 2,442,440 $ 2,382,966 TLIC owns approximately six one 20,000 one fourth one four three one During 2018 $378,411 2018, $209,821. $51,649 $261,470. During 2017 $207,482 2017, $185,702. $4,382 $190,084. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
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, preferred stock and equity securities that are measured and reported at fair market value on the statement of financial position. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three may Level 1 1 Level 2 1 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 September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total September 30, 2018 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 2,870,327 $ - $ 2,870,327 States and political subdivisions - 9,354,633 - 9,354,633 Residential mortgage-backed securities - 56,470 - 56,470 Corporate bonds - 100,183,853 - 100,183,853 Asset-backed - 255,138 - 255,138 Foreign bonds - 20,118,597 - 20,118,597 Total fixed maturity securities $ - $ 132,839,018 $ - $ 132,839,018 Preferred stock, available-for-sale $ 98,180 $ - $ - $ 98,180 Equity securities Mutual funds $ - $ 76,736 $ - $ 76,736 Corporate common stock 62,078 - 62,569 124,647 Total equity securities $ 62,078 $ 76,736 $ 62,569 $ 201,383 December 31, 2017 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 2,973,067 $ - $ 2,973,067 States and political subdivisions - 9,685,687 - 9,685,687 Residential mortgage-backed securities - 71,309 - 71,309 Corporate bonds - 114,097,008 - 114,097,008 Foreign bonds - 22,856,068 - 22,856,068 Total fixed maturity securities $ - $ 149,683,139 $ - $ 149,683,139 Preferred stock, available-for-sale $ 100,720 $ - $ - $ 100,720 Equity securities Mutual funds $ - $ 349,066 $ - $ 349,066 Corporate common stock 160,861 - 61,500 222,361 Total equity securities $ 160,861 $ 349,066 $ 61,500 $ 571,427 As of September 30, 2018 December 31, 2017, 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 until such time as these small insurance holding companies commence significant operations. The joint venture investment with a mortgage loan originator is accounted for under the equity method of accounting. 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 preferred stock is included in Level 1 1 2 3. 1 2 not The Company’s fixed maturity and preferred stock available-for-sale and equity securities portfolio is highly liquid and allows for a high percentage of the portfolio to be priced through pricing services. The change in the fair value of the Company’s Level 3 nine September 30, 2018 2017 Unaudited Nine Months Ended September 30, 2018 2017 Beginning balance $ 61,500 $ 61,500 Purchases 10,200 - Joint venture net income 40,746 - Sales (15,000 ) - Joint venture distribution (34,877 ) - Ending balance $ 62,569 $ 61,500 The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not September 30, 2018 December 31, 2017, Financial Instruments Disclosed, But Not Carrying Fair Amount Value Level 1 Level 2 Level 3 September 30, 2018 (Unaudited) Financial assets Mortgage loans on real estate Commercial $ 8,649,154 $ 8,560,861 $ - $ - $ 8,560,861 Residential 112,856,562 109,871,804 - - 109,871,804 Policy loans 1,755,270 1,755,270 - - 1,755,270 Short-term investments 135,963 135,963 135,963 - - Other long-term investments 58,255,713 68,385,228 - - 68,385,228 Cash and cash equivalents 29,913,662 29,913,662 29,913,662 - - Accrued investment income 2,727,777 2,727,777 - - 2,727,777 Total financial assets $ 214,294,101 $ 221,350,565 $ 30,049,625 $ - $ 191,300,940 Financial liabilities Policyholders' account balances $ 294,738,874 $ 241,572,894 $ - $ - $ 241,572,894 Policy claims 1,030,040 1,030,040 - - 1,030,040 Total financial liabilities $ 295,768,914 $ 242,602,934 $ - $ - $ 242,602,934 December 31, 2017 Financial assets Mortgage loans on real estate Commercial $ 1,796,210 $ 1,783,385 $ - $ - $ 1,783,385 Residential 100,700,241 102,192,001 - - 102,192,001 Policy loans 1,660,175 1,660,175 - - 1,660,175 Short-term investments 547,969 547,969 547,969 - - Other long-term investments 55,814,583 68,298,585 - - 68,298,585 Cash and cash equivalents 31,496,159 31,496,159 31,496,159 - - Accrued investment income 2,544,963 2,544,963 - - 2,544,963 Total financial assets $ 194,560,300 $ 208,523,237 $ 32,044,128 $ - $ 176,479,109 Financial liabilities Policyholders' account balances $ 292,909,762 $ 243,234,637 $ - $ - $ 243,234,637 Policy claims 1,148,513 1,148,513 - - 1,148,513 Total financial liabilities $ 294,058,275 $ 244,383,150 $ - $ - $ 244,383,150 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: 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 (includes apartment, industrial, lodging, office building and retail), the discount rate used was assumed to be the interest rate on the last commercial mortgage loan acquired by the Company. Cash and Cash Equivalents, Short-Term Investments, Accrued Investment Income and Policy Loans The carrying value of these financial instruments approximates their fair values. Cash and cash equivalents and short-term investments are included in Level 1 Other Long-Term Investments Other long-term investments are comprised of lottery prize receivables and fair value is derived by using a discounted cash flow approach. Projected cash flows are discounted using the average Citigroup Pension Liability Index in effect at the end of each period. Investment Contracts – Policyholders’ Account Balances The fair value for liabilities under investment-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and the nonperformance risk of the liabilities. The fair values for insurance contracts other than investment-type contracts are not Policy Claims The carrying amounts reported for these liabilities approximate their fair value. |
Note 4 - Segment Data
Note 4 - Segment Data | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 December 31, 2017 three nine September 30, 2018 2017 Three Months Ended September 30, (Unaudited) Nine Months Ended September 30, (Unaudited) 2018 2017 2018 2017 Revenues: Life insurance operations $ 5,556,358 $ 4,723,138 $ 16,095,222 $ 13,321,087 Annuity operations 4,346,120 3,903,408 12,647,899 10,377,974 Corporate operations 101,313 85,738 346,865 280,664 Total $ 10,003,791 $ 8,712,284 $ 29,089,986 $ 23,979,725 Income before income taxes: Life insurance operations $ 305,976 $ 345,522 $ 605,498 $ 899,547 Annuity operations 1,522,702 1,141,492 4,013,123 1,488,848 Corporate operations 105,768 50,755 301,874 187,965 Total $ 1,934,446 $ 1,537,769 $ 4,920,495 $ 2,576,360 Depreciation and amortization expense: Life insurance operations $ 829,610 $ 858,012 $ 3,044,057 $ 1,828,933 Annuity operations (15,587 ) 178,063 30,777 941,219 Total $ 814,023 $ 1,036,075 $ 3,074,834 $ 2,770,152 (Unaudited) Assets: September 30, 2018 December 31, 2017 Life insurance operations $ 64,870,773 $ 56,780,793 Annuity operations 343,736,487 328,727,443 Corporate operations 5,792,178 5,619,438 Total $ 414,399,438 $ 391,127,674 |
Note 5 - Federal Income Taxes
Note 5 - Federal Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
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 2015 2017 |
Note 6 - Legal Matters and Cont
Note 6 - Legal Matters and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 6 . Legal Matters and Contingent Liabilities A lawsuit filed by the Company and Chairman, President and Chief Executive Officer, Gregg E. Zahn, against former Company Board of Directors member Wayne Pettigrew and Mr. Pettigrew's company, Group & Pension Planners, Inc. (the "Defendants"), concluded on February 17, 2017. 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 the jury awarded the Company $800,000 $3,500,000 Mr. Pettigrew has appealed this decision but has failed to post an appeal bond. As a consequence, the Company and Mr. Zahn are in the process of executing on the judgments against Mr. Pettigrew’s assets. The Company and Mr. Zahn have so far collected some property and money in the execution process and will continue to execute on the judgments. Any money or property collected to date during the execution of the judgments are held in an escrow by a third not September 30, 2018 Prior to being acquired 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, November 27, 2017 December 1, 2017 two 1 95 376.360 2 3 During 2018, June 11, 2018. $1.85 95 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 - Line of Credit
Note 7 - Line of Credit | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Through June 30, 2018, $1.0 July 2017 June 30, 2018. 1% 360 not 2018 2017. |
Note 8 - Other Comprehensive In
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 8 . Ot her Comprehensive Income (Loss) and Accumulated O ther Comprehensive Income ( L oss) The changes in the components of the Company’s accumulated other comprehensive income (loss) for the three nine September 30, 2018 2017 Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (loss) Three Months Ended September 30, 2018 and 2017 (Unaudited) Balance as of July 1, 2018 $ (625,159 ) $ 11,114 $ (614,045 ) Other comprehensive loss before reclassifications, net of tax (566,729 ) 11,221 (555,508 ) Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax 162,307 - 162,307 Other comprehensive loss (729,036 ) 11,221 (717,815 ) Balance as of September 30, 2018 $ (1,354,195 ) $ 22,335 $ (1,331,860 ) Balance as of July 1, 2017 $ 3,834,781 $ (68,664 ) $ 3,766,117 Other comprehensive income before reclassifications, net of tax 562,619 (8,426 ) 554,193 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax (2,789 ) - (2,789 ) Other comprehensive income 565,408 (8,426 ) 556,982 Balance as of September 30, 2017 $ 4,400,189 $ (77,090 ) $ 4,323,099 Nine Months Ended September 30, 2018 and 2017 (Unaudited) Balance as of January 1, 2018 $ 4,843,061 $ (82,110 ) $ 4,760,951 Other comprehensive loss before reclassifications, net of tax (6,003,761 ) 104,445 (5,899,316 ) Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax 193,495 - 193,495 Other comprehensive loss (6,197,256 ) 104,445 (6,092,811 ) Balance as of September 30, 2018 $ (1,354,195 ) $ 22,335 $ (1,331,860 ) Balance as of January 1, 2017 $ 831,917 $ (13,241 ) $ 818,676 Other comprehensive income before reclassifications, net of tax 3,538,833 (63,849 ) 3,474,984 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax (29,439 ) - (29,439 ) Other comprehensive income 3,568,272 (63,849 ) 3,504,423 Balance as of September 30, 2017 $ 4,400,189 $ (77,090 ) $ 4,323,099 The pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for each component for the three nine September 30, 2018 2017 Three Months Ended September 30, 2018 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (717,379 ) $ (150,650 ) $ (566,729 ) Reclassification adjustment for net gains included in operations having no credit losses 205,453 43,146 162,307 Net unrealized losses on investments (922,832 ) (193,796 ) (729,036 ) Adjustment to deferred acquisition costs 14,204 2,983 11,221 Total other comprehensive loss $ (908,628 ) $ (190,813 ) $ (717,815 ) Three Months Ended September 30, 2017 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 703,274 $ 140,655 $ 562,619 Reclassification adjustment for net losses included in operations having no credit losses (3,486 ) (697 ) (2,789 ) Net unrealized gains on investments 706,760 141,352 565,408 Adjustment to deferred acquisition costs (10,532 ) (2,106 ) (8,426 ) Total other comprehensive income $ 696,228 $ 139,246 $ 556,982 Nine Months Ended September 30, 2018 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (7,599,699 ) $ (1,595,938 ) $ (6,003,761 ) Reclassification adjustment for net gains included in operations having no credit losses 244,930 51,435 193,495 Net unrealized losses on investments (7,844,629 ) (1,647,373 ) (6,197,256 ) Adjustment to deferred acquisition costs 132,210 27,765 104,445 Total other comprehensive loss $ (7,712,419 ) $ (1,619,608 ) $ (6,092,811 ) Nine Months Ended September 30, 2017 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,423,541 $ 884,708 $ 3,538,833 Reclassification adjustment for net losses included in operations having no credit losses (36,799 ) (7,360 ) (29,439 ) Net unrealized gains on investments 4,460,340 892,068 3,568,272 Adjustment to deferred acquisition costs (79,810 ) (15,961 ) (63,849 ) Total other comprehensive income $ 4,380,530 $ 876,107 $ 3,504,423 Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. The pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income (loss) to the Company’s consolidated statement of operations for the three nine September 30, 2018 2017 Three Months Ended September 30, (Unaudited) Nine Months Ended September 30, (Unaudited) Reclassification Adjustments 2018 2017 2018 2017 Unrealized gains (losses) on available-for-sale securities having no credit losses: Realized gains (losses) on sales of securities (a) $ 205,453 $ (3,486 ) $ 244,930 $ (36,799 ) Income tax expense (benefit) (b) 43,146 (697 ) 51,435 (7,360 ) Total reclassification adjustments $ 162,307 $ (2,789 ) $ 193,495 $ (29,439 ) (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 9 - Allowance for Loan Los
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Premiums Receivable Note [Text Block] | 9 . Allowance for Loan Losses from Mortgage Loans on Real Estate The allowance for possible loan losses from investments in mortgage loans on real estate 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 mortgage loan portfolio. The allowance, in the judgment of the Company, is necessary to reserve for estimated loan losses inherent in the mortgage loan portfolio and reduces the carrying value of investments in mortgage loans on real estate 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 mortgage loan portfolio, the economy and changes in interest rates. The Company’s allowance for possible mortgage loan consists of specific valuation allowances established for probable losses on specific loans and a portfolio reserve for probable incurred but not Mortgage 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 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 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 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 September 30, 2018, $634,817 third September 30, 2018, $430,885 $4,662,792 September 30, 2018 $203,932 $40,786,373 $403,898 $80,719,343 September 30, 2018. As of December 31, 2017, $564,479 third December 31, 2017, $394,978 $4,925,259 December 31, 2017 $169,501 $33,900,260 $342,815 $68,596,191 December 31, 2017. The balances of and changes in the Company’s credit losses related to residential and commercial (includes apartment, industrial, lodging, office building and retail) mortgage loans on real estate as of and for the three nine September 30, 2018 2017 $40,786,373 $32,381,460 September 30, 2018 2017, one third Unaudited Three Months Ended September 30, Residential Mortgage Loans Commercial Mortgage Loans Total 2018 2017 2018 2017 2018 2017 Allowance, beginning $ 372,352 $ 336,180 $ 37,944 $ 9,278 $ 410,296 $ 345,458 Charge offs - - - - - - Recoveries - - - - - - Provision (9,539 ) 4,121 3,141 (128 ) (6,398 ) 3,993 Allowance, ending $ 362,813 $ 340,301 $ 41,085 $ 9,150 $ 403,898 $ 349,451 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 362,813 $ 340,301 $ 41,085 $ 9,150 $ 403,898 $ 349,451 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 72,543,552 $ 68,810,689 $ 8,175,791 $ 1,820,866 $ 80,719,343 $ 70,631,555 (Unaudited) Nine Months Ended September 30, Residential Mortgage Loans Commercial Mortgage Loans Total 2018 2017 2018 2017 2018 2017 Allowance, beginning $ 333,789 $ 238,121 $ 9,026 $ 6,306 $ 342,815 $ 244,427 Charge offs - - - - - - Recoveries - - - - - - Provision 29,024 102,180 32,059 2,844 61,083 105,024 Allowance, ending $ 362,813 $ 340,301 $ 41,085 $ 9,150 $ 403,898 $ 349,451 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 362,813 $ 340,301 $ 41,085 $ 9,150 $ 403,898 $ 349,451 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 72,543,552 $ 68,810,689 $ 8,175,791 $ 1,820,866 $ 80,719,343 $ 70,631,555 The Company utilizes the ratio of the carrying value of individual 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 (includes apartment, industrial, lodging, office building and retail) mortgage loans on real estate by credit quality using this ratio as of September 30, 2018 December 31, 2017 Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Over 70% to 80% $ 21,785,852 $ 19,515,632 $ 588,028 $ - $ 22,373,880 $ 19,515,632 Over 60% to 70% 40,666,684 36,192,035 1,792,207 - 42,458,891 36,192,035 Over 50% to 60% 24,660,854 25,121,248 757,229 835,093 25,418,083 25,956,341 Over 40% to 50% 15,482,145 12,923,381 2,040,413 - 17,522,558 12,923,381 Over 30% to 40% 4,305,553 4,303,273 2,363,418 658,296 6,668,971 4,961,569 Over 20% to 30% 2,654,072 1,867,670 967,801 159,671 3,621,873 2,027,341 Over 10% to 20% 2,426,480 727,245 140,058 143,150 2,566,538 870,395 10% or less 874,922 49,757 - - 874,922 49,757 Total $ 112,856,562 $ 100,700,241 $ 8,649,154 $ 1,796,210 $ 121,505,716 $ 102,496,451 |
Supplemental Disclosure - Cas_2
Supplemental Disclosure - Cash and Non-cash Impact on Investing (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2017 Reduction in available-for-securities fixed maturity securities $ 729,737 Other long-term investments (729,737 ) Net cash used in investing activities $ - Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Reduction in mortgage loans due to foreclosure $ 378,411 $ 142,455 Investment real estate held-for-sale acquired through foreclosure (378,411 ) (142,455 ) Net cash used in investing activities $ - $ - |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value September 30, 2018 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 2,979,866 $ 9,761 $ 119,300 $ 2,870,327 States and political subdivisions 9,314,448 101,294 61,109 9,354,633 Residential mortgage-backed securities 24,918 31,552 - 56,470 Corporate bonds 101,310,347 955,437 2,081,931 100,183,853 Asset-backed 253,676 1,462 - 255,138 Foreign bonds 20,668,152 83,698 633,253 20,118,597 Total fixed maturity securities 134,551,407 1,183,204 2,895,593 132,839,018 Preferred stock 99,945 95 1,860 98,180 Equity securities Mutual funds 91,981 - 15,245 76,736 Corporate common stock 93,674 30,973 - 124,647 Total equity securities 185,655 30,973 15,245 201,383 Total fixed maturity, preferred stock and equity securities $ 134,837,007 $ 1,214,272 $ 2,912,698 $ 133,138,581 December 31, 2017 Fixed maturity securities U.S. government and U.S. government agencies $ 2,989,688 $ 48,720 $ 65,341 $ 2,973,067 States and political subdivisions 9,368,393 337,442 20,148 9,685,687 Residential mortgage-backed securities 29,573 41,736 - 71,309 Corporate bonds 109,340,273 5,248,291 491,556 114,097,008 Foreign bonds 21,894,020 1,134,999 172,951 22,856,068 Total fixed maturity securities 143,621,947 6,811,188 749,996 149,683,139 Preferred stock 99,945 775 - 100,720 Equity securities Mutual funds 347,942 1,124 - 349,066 Corporate common stock 154,977 67,384 - 222,361 Total equity securities 502,919 68,508 - 571,427 Total fixed maturity, preferred stock and equity securities $ 144,224,811 $ 6,880,471 $ 749,996 $ 150,355,286 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Unrealized Number of Fair Value Loss Securities September 30, 2018 (Unaudited) Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 119,951 $ 5,098 1 States and political subdivisions 2,824,688 25,056 18 Corporate bonds 57,136,200 1,697,585 211 Foreign bonds 13,757,533 538,846 48 Total less than 12 months in an unrealized loss position 73,838,372 2,266,585 278 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 1,440,760 114,202 5 States and political subdivisions 509,217 36,053 4 Corporate bonds 3,686,822 384,346 16 Foreign bonds 639,015 94,407 2 Total more than 12 months in an unrealized loss position 6,275,814 629,008 27 Total fixed maturity securities in an unrealized loss position 80,114,186 2,895,593 305 Preferred stock, less than 12 months in an unrealized loss position 48,140 1,860 1 Equity securities (mutual funds), less than 12 months in an unrealized loss position 76,736 15,245 1 Total fixed maturity, preferred stock and equity securities in an unrealized loss position $ 80,239,062 $ 2,912,698 $ 307 December 31, 2017 Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 326,163 $ 3,897 2 States and political subdivisions 608,342 6,889 3 Corporate bonds 5,995,898 130,337 23 Foreign bonds 2,061,178 98,520 7 Total less than 12 months in an unrealized loss position 8,991,581 239,643 35 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 1,338,617 61,444 5 States and political subdivisions 579,008 13,259 4 Corporate bonds 5,139,898 361,219 20 Foreign bonds 501,875 74,431 3 Total more than 12 months in an unrealized loss position 7,559,398 510,353 32 Total fixed maturity securities in an unrealized loss position $ 16,550,979 $ 749,996 $ 67 |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Unaudited) September 30, 2018 December 31, 2017 Unrealized appreciation (depreciation) on available-for-sale securities $ (1,714,154 ) $ 6,130,475 Adjustment to deferred acquisition costs 28,255 (103,955 ) Deferred income taxes 354,039 (1,265,569 ) Net unrealized appreciation (depreciation) on available-for-sale securities $ (1,331,860 ) $ 4,760,951 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended September 30, (Unaudited) Fixed Maturity Securities Equity Securities Investment Real Estate 2018 2017 2018 2017 2018 2017 Proceeds $ 12,320,142 $ 4,536,924 $ 346,535 $ - $ 206,617 $ - Gross realized gains 305,883 37,337 25,683 - 52,971 - Gross realized losses (100,430 ) (40,823 ) (58 ) - - - Loss on other-than-temporary impairment - - - - - - Three Months Ended September 30, (Unaudited) Other Long-Term Investments 2018 2017 Proceeds $ - $ - Gross realized gains - - Gross realized losses - - Loss on other-than-temporary impairment - - Nine Months Ended September 30, (Unaudited) Fixed Maturity Securities Equity Securities Investment Real Estate 2018 2017 2018 2017 2018 2017 Proceeds $ 20,809,074 $ 17,140,173 $ 361,947 $ - $ 261,470 $ 190,084 Gross realized gains 386,403 564,589 25,790 - 52,971 6,050 Gross realized losses (141,473 ) (377,138 ) (58 ) - (1,322 ) (1,668 ) Loss on other-than-temporary impairment - (224,250 ) - - - - Nine Months Ended September 30, (Unaudited) Other Long-Term Investments 2018 2017 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 September 30, (Unaudited) Nine Months Ended September 30, (Unaudited) 2018 2017 2018 2017 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ (921,992 ) $ 694,379 $ (7,773,581 ) $ 4,429,221 Preferred stock (840 ) 82 (2,540 ) 5,660 Equity securities - 12,299 - 25,459 Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 205,453 (3,486 ) 244,930 187,451 Equity securities, sale of securities 25,625 - 25,732 - Equity securities, changes in fair value (38,990 ) - (52,780 ) - Investment real estate 52,971 - 51,649 4,382 Other long-term investments - - - 62,275 |
Investment Income [Table Text Block] | Three Months Ended September 30, (Unaudited) Nine Months Ended September 30, (Unaudited) 2018 2017 2018 2017 Fixed maturity securities $ 1,492,224 $ 1,731,931 $ 4,792,648 $ 4,887,826 Preferred stock and equity securities 24,280 4,382 57,397 14,540 Other long-term investments 995,100 967,959 2,974,163 2,707,438 Mortgage loans 2,877,910 2,431,884 8,253,828 6,101,462 Policy loans 31,055 28,640 90,480 84,657 Real estate 94,102 93,943 282,108 281,366 Short-term and other investments 92,711 20,227 160,392 117,764 Gross investment income 5,607,382 5,278,966 16,611,016 14,195,053 Investment expenses (628,351 ) (647,074 ) (1,909,602 ) (1,898,226 ) Net investment income $ 4,979,031 $ 4,631,892 $ 14,701,414 $ 12,296,827 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Unaudited) September 30, 2018 December 31, 2017 Residential mortgage loans $ 112,856,562 $ 100,700,241 Commercial mortgage loans by property type Apartment 696,500 - Industrial 1,528,587 430,613 Lodging 113,160 - Office building 1,766,622 137,703 Retail 4,544,285 1,227,894 Total commercial mortgage loans by property type 8,649,154 1,796,210 Total mortgage loans $ 121,505,716 $ 102,496,451 |
Schedule of Real Estate Properties [Table Text Block] | (Unaudited) September 30, 2018 December 31, 2017 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 (1,304,299 ) (1,195,183 ) Buildings net of accumulated depreciation 963,258 1,072,374 Residential real estate - held for sale 520,867 352,277 Total residential real estate 520,867 352,277 Investment real estate, net of accumulated depreciation $ 2,442,440 $ 2,382,966 |
Available For Sale Fixed Maturity Securities [Member] | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2018 (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 $ 4,276,974 $ 4,294,839 $ 8,397,085 $ 8,499,751 Due after one year through five years 25,798,481 25,921,074 24,362,037 26,306,144 Due after five years through ten years 40,802,369 39,975,538 16,759,405 20,207,607 Due after ten years 63,648,665 62,591,097 8,737,186 13,371,726 Due at multiple maturity dates 24,918 56,470 - - $ 134,551,407 $ 132,839,018 $ 58,255,713 $ 68,385,228 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total September 30, 2018 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 2,870,327 $ - $ 2,870,327 States and political subdivisions - 9,354,633 - 9,354,633 Residential mortgage-backed securities - 56,470 - 56,470 Corporate bonds - 100,183,853 - 100,183,853 Asset-backed - 255,138 - 255,138 Foreign bonds - 20,118,597 - 20,118,597 Total fixed maturity securities $ - $ 132,839,018 $ - $ 132,839,018 Preferred stock, available-for-sale $ 98,180 $ - $ - $ 98,180 Equity securities Mutual funds $ - $ 76,736 $ - $ 76,736 Corporate common stock 62,078 - 62,569 124,647 Total equity securities $ 62,078 $ 76,736 $ 62,569 $ 201,383 December 31, 2017 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 2,973,067 $ - $ 2,973,067 States and political subdivisions - 9,685,687 - 9,685,687 Residential mortgage-backed securities - 71,309 - 71,309 Corporate bonds - 114,097,008 - 114,097,008 Foreign bonds - 22,856,068 - 22,856,068 Total fixed maturity securities $ - $ 149,683,139 $ - $ 149,683,139 Preferred stock, available-for-sale $ 100,720 $ - $ - $ 100,720 Equity securities Mutual funds $ - $ 349,066 $ - $ 349,066 Corporate common stock 160,861 - 61,500 222,361 Total equity securities $ 160,861 $ 349,066 $ 61,500 $ 571,427 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Unaudited Nine Months Ended September 30, 2018 2017 Beginning balance $ 61,500 $ 61,500 Purchases 10,200 - Joint venture net income 40,746 - Sales (15,000 ) - Joint venture distribution (34,877 ) - Ending balance $ 62,569 $ 61,500 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Amount Value Level 1 Level 2 Level 3 September 30, 2018 (Unaudited) Financial assets Mortgage loans on real estate Commercial $ 8,649,154 $ 8,560,861 $ - $ - $ 8,560,861 Residential 112,856,562 109,871,804 - - 109,871,804 Policy loans 1,755,270 1,755,270 - - 1,755,270 Short-term investments 135,963 135,963 135,963 - - Other long-term investments 58,255,713 68,385,228 - - 68,385,228 Cash and cash equivalents 29,913,662 29,913,662 29,913,662 - - Accrued investment income 2,727,777 2,727,777 - - 2,727,777 Total financial assets $ 214,294,101 $ 221,350,565 $ 30,049,625 $ - $ 191,300,940 Financial liabilities Policyholders' account balances $ 294,738,874 $ 241,572,894 $ - $ - $ 241,572,894 Policy claims 1,030,040 1,030,040 - - 1,030,040 Total financial liabilities $ 295,768,914 $ 242,602,934 $ - $ - $ 242,602,934 December 31, 2017 Financial assets Mortgage loans on real estate Commercial $ 1,796,210 $ 1,783,385 $ - $ - $ 1,783,385 Residential 100,700,241 102,192,001 - - 102,192,001 Policy loans 1,660,175 1,660,175 - - 1,660,175 Short-term investments 547,969 547,969 547,969 - - Other long-term investments 55,814,583 68,298,585 - - 68,298,585 Cash and cash equivalents 31,496,159 31,496,159 31,496,159 - - Accrued investment income 2,544,963 2,544,963 - - 2,544,963 Total financial assets $ 194,560,300 $ 208,523,237 $ 32,044,128 $ - $ 176,479,109 Financial liabilities Policyholders' account balances $ 292,909,762 $ 243,234,637 $ - $ - $ 243,234,637 Policy claims 1,148,513 1,148,513 - - 1,148,513 Total financial liabilities $ 294,058,275 $ 244,383,150 $ - $ - $ 244,383,150 |
Note 4 - Segment Data (Tables)
Note 4 - Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, (Unaudited) Nine Months Ended September 30, (Unaudited) 2018 2017 2018 2017 Revenues: Life insurance operations $ 5,556,358 $ 4,723,138 $ 16,095,222 $ 13,321,087 Annuity operations 4,346,120 3,903,408 12,647,899 10,377,974 Corporate operations 101,313 85,738 346,865 280,664 Total $ 10,003,791 $ 8,712,284 $ 29,089,986 $ 23,979,725 Income before income taxes: Life insurance operations $ 305,976 $ 345,522 $ 605,498 $ 899,547 Annuity operations 1,522,702 1,141,492 4,013,123 1,488,848 Corporate operations 105,768 50,755 301,874 187,965 Total $ 1,934,446 $ 1,537,769 $ 4,920,495 $ 2,576,360 Depreciation and amortization expense: Life insurance operations $ 829,610 $ 858,012 $ 3,044,057 $ 1,828,933 Annuity operations (15,587 ) 178,063 30,777 941,219 Total $ 814,023 $ 1,036,075 $ 3,074,834 $ 2,770,152 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (Unaudited) Assets: September 30, 2018 December 31, 2017 Life insurance operations $ 64,870,773 $ 56,780,793 Annuity operations 343,736,487 328,727,443 Corporate operations 5,792,178 5,619,438 Total $ 414,399,438 $ 391,127,674 |
Note 8 - Other Comprehensive _2
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (loss) Three Months Ended September 30, 2018 and 2017 (Unaudited) Balance as of July 1, 2018 $ (625,159 ) $ 11,114 $ (614,045 ) Other comprehensive loss before reclassifications, net of tax (566,729 ) 11,221 (555,508 ) Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax 162,307 - 162,307 Other comprehensive loss (729,036 ) 11,221 (717,815 ) Balance as of September 30, 2018 $ (1,354,195 ) $ 22,335 $ (1,331,860 ) Balance as of July 1, 2017 $ 3,834,781 $ (68,664 ) $ 3,766,117 Other comprehensive income before reclassifications, net of tax 562,619 (8,426 ) 554,193 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax (2,789 ) - (2,789 ) Other comprehensive income 565,408 (8,426 ) 556,982 Balance as of September 30, 2017 $ 4,400,189 $ (77,090 ) $ 4,323,099 Nine Months Ended September 30, 2018 and 2017 (Unaudited) Balance as of January 1, 2018 $ 4,843,061 $ (82,110 ) $ 4,760,951 Other comprehensive loss before reclassifications, net of tax (6,003,761 ) 104,445 (5,899,316 ) Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax 193,495 - 193,495 Other comprehensive loss (6,197,256 ) 104,445 (6,092,811 ) Balance as of September 30, 2018 $ (1,354,195 ) $ 22,335 $ (1,331,860 ) Balance as of January 1, 2017 $ 831,917 $ (13,241 ) $ 818,676 Other comprehensive income before reclassifications, net of tax 3,538,833 (63,849 ) 3,474,984 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax (29,439 ) - (29,439 ) Other comprehensive income 3,568,272 (63,849 ) 3,504,423 Balance as of September 30, 2017 $ 4,400,189 $ (77,090 ) $ 4,323,099 |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, 2018 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (717,379 ) $ (150,650 ) $ (566,729 ) Reclassification adjustment for net gains included in operations having no credit losses 205,453 43,146 162,307 Net unrealized losses on investments (922,832 ) (193,796 ) (729,036 ) Adjustment to deferred acquisition costs 14,204 2,983 11,221 Total other comprehensive loss $ (908,628 ) $ (190,813 ) $ (717,815 ) Three Months Ended September 30, 2017 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 703,274 $ 140,655 $ 562,619 Reclassification adjustment for net losses included in operations having no credit losses (3,486 ) (697 ) (2,789 ) Net unrealized gains on investments 706,760 141,352 565,408 Adjustment to deferred acquisition costs (10,532 ) (2,106 ) (8,426 ) Total other comprehensive income $ 696,228 $ 139,246 $ 556,982 Nine Months Ended September 30, 2018 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (7,599,699 ) $ (1,595,938 ) $ (6,003,761 ) Reclassification adjustment for net gains included in operations having no credit losses 244,930 51,435 193,495 Net unrealized losses on investments (7,844,629 ) (1,647,373 ) (6,197,256 ) Adjustment to deferred acquisition costs 132,210 27,765 104,445 Total other comprehensive loss $ (7,712,419 ) $ (1,619,608 ) $ (6,092,811 ) Nine Months Ended September 30, 2017 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,423,541 $ 884,708 $ 3,538,833 Reclassification adjustment for net losses included in operations having no credit losses (36,799 ) (7,360 ) (29,439 ) Net unrealized gains on investments 4,460,340 892,068 3,568,272 Adjustment to deferred acquisition costs (79,810 ) (15,961 ) (63,849 ) Total other comprehensive income $ 4,380,530 $ 876,107 $ 3,504,423 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, (Unaudited) Nine Months Ended September 30, (Unaudited) Reclassification Adjustments 2018 2017 2018 2017 Unrealized gains (losses) on available-for-sale securities having no credit losses: Realized gains (losses) on sales of securities (a) $ 205,453 $ (3,486 ) $ 244,930 $ (36,799 ) Income tax expense (benefit) (b) 43,146 (697 ) 51,435 (7,360 ) Total reclassification adjustments $ 162,307 $ (2,789 ) $ 193,495 $ (29,439 ) |
Note 9 - Allowance for Loan L_2
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Unaudited Three Months Ended September 30, Residential Mortgage Loans Commercial Mortgage Loans Total 2018 2017 2018 2017 2018 2017 Allowance, beginning $ 372,352 $ 336,180 $ 37,944 $ 9,278 $ 410,296 $ 345,458 Charge offs - - - - - - Recoveries - - - - - - Provision (9,539 ) 4,121 3,141 (128 ) (6,398 ) 3,993 Allowance, ending $ 362,813 $ 340,301 $ 41,085 $ 9,150 $ 403,898 $ 349,451 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 362,813 $ 340,301 $ 41,085 $ 9,150 $ 403,898 $ 349,451 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 72,543,552 $ 68,810,689 $ 8,175,791 $ 1,820,866 $ 80,719,343 $ 70,631,555 (Unaudited) Nine Months Ended September 30, Residential Mortgage Loans Commercial Mortgage Loans Total 2018 2017 2018 2017 2018 2017 Allowance, beginning $ 333,789 $ 238,121 $ 9,026 $ 6,306 $ 342,815 $ 244,427 Charge offs - - - - - - Recoveries - - - - - - Provision 29,024 102,180 32,059 2,844 61,083 105,024 Allowance, ending $ 362,813 $ 340,301 $ 41,085 $ 9,150 $ 403,898 $ 349,451 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 362,813 $ 340,301 $ 41,085 $ 9,150 $ 403,898 $ 349,451 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 72,543,552 $ 68,810,689 $ 8,175,791 $ 1,820,866 $ 80,719,343 $ 70,631,555 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Over 70% to 80% $ 21,785,852 $ 19,515,632 $ 588,028 $ - $ 22,373,880 $ 19,515,632 Over 60% to 70% 40,666,684 36,192,035 1,792,207 - 42,458,891 36,192,035 Over 50% to 60% 24,660,854 25,121,248 757,229 835,093 25,418,083 25,956,341 Over 40% to 50% 15,482,145 12,923,381 2,040,413 - 17,522,558 12,923,381 Over 30% to 40% 4,305,553 4,303,273 2,363,418 658,296 6,668,971 4,961,569 Over 20% to 30% 2,654,072 1,867,670 967,801 159,671 3,621,873 2,027,341 Over 10% to 20% 2,426,480 727,245 140,058 143,150 2,566,538 870,395 10% or less 874,922 49,757 - - 874,922 49,757 Total $ 112,856,562 $ 100,700,241 $ 8,649,154 $ 1,796,210 $ 121,505,716 $ 102,496,451 |
Supplemental Disclosure - Cas_3
Supplemental Disclosure - Cash and Non-cash Impact on Investing (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Reduction in Available-for-sale Securities Fixed Maturity Securities | $ 729,737 | $ 729,737 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 378,411 | 142,455 | |
Residential Mortgage [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 378,411 | $ 142,455 | $ 207,482 |
Supplemental Disclosure - Cas_4
Supplemental Disclosure - Cash and Non-cash Impact on Investing - Supplement Disclosures to Consolidated Statements of Cash Flows (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Reduction in available-for-securities fixed maturity securities | $ 729,737 | $ 729,737 | |
Other long-term investments | (729,737) | ||
Net cash used in investing activities | |||
Reduction in mortgage loans due to foreclosure | 378,411 | 142,455 | |
Investment real estate held-for-sale acquired through foreclosure | $ (378,411) | $ (142,455) |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Nov. 08, 2018USD ($) | Apr. 28, 2015USD ($) | Dec. 28, 2011USD ($) | Dec. 31, 2008USD ($) | Dec. 23, 2008USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018$ / shares | Dec. 31, 2004USD ($) | Dec. 31, 2012USD ($)shares | Mar. 08, 2013USD ($) | Mar. 08, 2013USD ($)shares | Sep. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2017$ / shares | Aug. 31, 2009 |
Proceeds from Issuance of Private Placement | $ 1,450,000 | |||||||||||||
Number Of Private Placements | 2 | 1 | ||||||||||||
Proceeds from Issuance Initial Public Offering | $ 25,669,480 | |||||||||||||
Number of Public Offerings | 2 | |||||||||||||
Common Stock Dividends, Shares | shares | 702,685 | |||||||||||||
Number of Stock Dividends | 2 | |||||||||||||
Treasury Stock, Shares, Acquired | shares | 247,580 | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 893,947 | |||||||||||||
Number of Subsidiaries Merged | 2 | |||||||||||||
Liabilities Assumed Under Reinsurance Assumption Agreement | $ 3,055,916 | |||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Line of Credit [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||||||||||
Line of Credit [Member] | Prime Rate [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||
Line of Credit [Member] | Subsequent Event [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | |||||||||||||
Debt Instrument, Maturity Date | Oct. 31, 2019 | |||||||||||||
Line of Credit [Member] | Subsequent Event [Member] | Prime Rate [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||
Retained Earnings [Member] | ||||||||||||||
Dividends, Total | $ 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% | |||||||||||||
Business Combination, Consideration Transferred, Total | $ 13,855,129 | |||||||||||||
First Trinity Financial Corporation [Member] | First Life America Corporation [Member | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||
Business Combination, Consideration Transferred, Total | $ 2,695,234 | |||||||||||||
Business Combination, Acquisition Related Costs | $ 195,234 | |||||||||||||
Debt Instrument, Term | 15 years | |||||||||||||
Debt Instrument, Face Amount | $ 250,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||
Trinity Life Insurance Company [Member] | ||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | 100.00% | ||||||||||||
Family Benefit Life Insurance Company [Member] | Trinity Life Insurance Company [Member] | ||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | 100.00% | ||||||||||||
First Trinity Capital Corporation [Member] | ||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | |||||||||||||
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) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($)ft²a | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 307 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 2,912,698 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 80,239,062 | ||||
Investment Impaired Par Value | $ 650,000 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 0 | $ 0 | $ 207,450 | $ 224,250 | |
Deposit Assets, Total | 4,355,887 | 4,308,853 | |||
Other Assets, Fair Value Disclosure | $ 4,238,579 | $ 4,307,439 | |||
Number Of Loans Past Due | 14 | 23 | |||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 1,049,742 | $ 3,094,155 | |||
Past Due Loans, Term Past Due | 90 days | 90 days | |||
Number of Mortgage Loans in Default | 0 | 0 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 378,411 | $ 142,455 | |||
Real Estate Investments, Net, Total | 2,442,440 | $ 2,382,966 | |||
Proceeds from Sale of Real Estate Held-for-investment, Total | 261,470 | 190,084 | |||
Residential Mortgage [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | 378,411 | $ 142,455 | 207,482 | ||
Real Estate Investments, Net, Total | 209,821 | 185,702 | |||
Gains (Losses) on Sales of Investment Real Estate | 51,649 | 4,382 | |||
Proceeds from Sale of Real Estate Held-for-investment, Total | $ 261,470 | 190,084 | |||
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | |||||
Area of Land | a | 6.5 | ||||
Residential Real Estate - Held for Sale [Member] | |||||
Real Estate Investment Property, at Cost, Total | $ 520,867 | $ 352,277 | |||
Held for the Production of Income [Member] | Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Office Building [Member] | |||||
Area of Real Estate Property | ft² | 20,000 | ||||
Assets Held-for-sale not Part of a Disposal Group [Member] | Jefferson City Missouri [Member] | FBLIC [Member] | |||||
Area of Land | a | 0.5 | ||||
Debt Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 305 | 67 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 2,895,593 | $ 749,996 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 80,114,186 | 16,550,979 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 83,009,779 | $ 17,300,975 | |||
Fair Value to Cost Ratio | 97.00% | 96.00% | |||
Fixed Maturity Securities, Investment Grade Percentage | 96.00% | 93.00% | |||
Preferred Stock [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 1,860 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 48,140 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 50,000 | ||||
Fair Value to Cost Ratio | 96.00% | ||||
Equity Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 15,245 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 76,736 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 91,981 | ||||
Fair Value to Cost Ratio | 83.00% | ||||
Lottery Prize Cash Flows [Member] | |||||
Other Investments, Total | $ 58,255,713 | $ 55,814,583 |
Note 2 - Investments - Availabl
Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Securities, amortized cost | $ 134,837,007 | $ 144,224,811 |
Securities, gross unrealized gains | 1,214,272 | 6,880,471 |
Securities, gross unrealized losses | 2,912,698 | 749,996 |
Available-for-sale securities | 133,138,581 | 150,355,286 |
Securities, gross unrealized gains | 1,214,272 | 6,880,471 |
US Treasury and Government [Member] | ||
Securities, amortized cost | 2,979,866 | 2,989,688 |
Securities, gross unrealized gains | 9,761 | 48,720 |
Securities, gross unrealized losses | 119,300 | 65,341 |
Available-for-sale securities | 2,870,327 | 2,973,067 |
Securities, gross unrealized gains | 9,761 | 48,720 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities, amortized cost | 9,314,448 | 9,368,393 |
Securities, gross unrealized gains | 101,294 | 337,442 |
Securities, gross unrealized losses | 61,109 | 20,148 |
Available-for-sale securities | 9,354,633 | 9,685,687 |
Securities, gross unrealized gains | 101,294 | 337,442 |
Residential Mortgage Backed Securities [Member] | ||
Securities, amortized cost | 24,918 | 29,573 |
Securities, gross unrealized gains | 31,552 | 41,736 |
Securities, gross unrealized losses | ||
Available-for-sale securities | 56,470 | 71,309 |
Securities, gross unrealized gains | 31,552 | 41,736 |
Corporate Debt Securities [Member] | ||
Securities, amortized cost | 101,310,347 | 109,340,273 |
Securities, gross unrealized gains | 955,437 | 5,248,291 |
Securities, gross unrealized losses | 2,081,931 | 491,556 |
Available-for-sale securities | 100,183,853 | 114,097,008 |
Securities, gross unrealized gains | 955,437 | 5,248,291 |
Debt Security, Government, Non-US [Member] | ||
Securities, amortized cost | 20,668,152 | 21,894,020 |
Securities, gross unrealized gains | 83,698 | 1,134,999 |
Securities, gross unrealized losses | 633,253 | 172,951 |
Available-for-sale securities | 20,118,597 | 22,856,068 |
Securities, gross unrealized gains | 83,698 | 1,134,999 |
Debt Securities [Member] | ||
Securities, amortized cost | 134,551,407 | 143,621,947 |
Securities, gross unrealized gains | 1,183,204 | 6,811,188 |
Securities, gross unrealized losses | 2,895,593 | 749,996 |
Available-for-sale securities | 132,839,018 | 149,683,139 |
Securities, gross unrealized gains | 1,183,204 | 6,811,188 |
Preferred Stock [Member] | ||
Securities, amortized cost | 99,945 | 99,945 |
Securities, gross unrealized gains | 95 | 775 |
Securities, gross unrealized losses | 1,860 | |
Available-for-sale securities | 98,180 | 100,720 |
Securities, gross unrealized gains | 95 | 775 |
Asset-backed Securities [Member] | ||
Securities, amortized cost | 253,676 | |
Securities, gross unrealized gains | 1,462 | |
Securities, gross unrealized losses | ||
Available-for-sale securities | 255,138 | |
Securities, gross unrealized gains | 1,462 | |
Mutual Fund [Member] | ||
Securities, amortized cost | 91,981 | 347,942 |
Securities, gross unrealized gains | 1,124 | |
Securities, gross unrealized losses | 15,245 | |
Available-for-sale securities | 76,736 | 349,066 |
Securities, gross unrealized gains | 1,124 | |
Common Stock [Member] | ||
Securities, amortized cost | 93,674 | 154,977 |
Securities, gross unrealized gains | 30,973 | 67,384 |
Securities, gross unrealized losses | ||
Available-for-sale securities | 124,647 | 222,361 |
Securities, gross unrealized gains | 30,973 | 67,384 |
Equity Securities [Member] | ||
Securities, amortized cost | 185,655 | 502,919 |
Securities, gross unrealized gains | 30,973 | 68,508 |
Securities, gross unrealized losses | 15,245 | |
Available-for-sale securities | 201,383 | 571,427 |
Securities, gross unrealized gains | $ 30,973 | $ 68,508 |
Note 2 - Investments - Securiti
Note 2 - Investments - Securities in an Unrealized Loss Position (Details) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Available-for-sale securities, continuous unrealized loss position, fair value | $ 80,239,062 | |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ 2,912,698 | |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 307 | |
US Government Agencies Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 119,951 | $ 326,163 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 5,098 | $ 3,897 |
Securities in an unrealized loss position, less than twelve months, number | 1 | 2 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,440,760 | $ 1,338,617 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 114,202 | $ 61,444 |
Securities in an unrealized loss position, more than twelve months, number | 5 | 5 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 2,824,688 | $ 608,342 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 25,056 | $ 6,889 |
Securities in an unrealized loss position, less than twelve months, number | 18 | 3 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 509,217 | $ 579,008 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 36,053 | $ 13,259 |
Securities in an unrealized loss position, more than twelve months, number | 4 | 4 |
Corporate Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 57,136,200 | $ 5,995,898 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 1,697,585 | $ 130,337 |
Securities in an unrealized loss position, less than twelve months, number | 211 | 23 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 3,686,822 | $ 5,139,898 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 384,346 | $ 361,219 |
Securities in an unrealized loss position, more than twelve months, number | 16 | 20 |
Debt Security, Government, Non-US [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 13,757,533 | $ 2,061,178 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 538,846 | $ 98,520 |
Securities in an unrealized loss position, less than twelve months, number | 48 | 7 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 639,015 | $ 501,875 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 94,407 | $ 74,431 |
Securities in an unrealized loss position, more than twelve months, number | 2 | 3 |
Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 73,838,372 | $ 8,991,581 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 2,266,585 | $ 239,643 |
Securities in an unrealized loss position, less than twelve months, number | 278 | 35 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 6,275,814 | $ 7,559,398 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 629,008 | $ 510,353 |
Securities in an unrealized loss position, more than twelve months, number | 27 | 32 |
Available-for-sale securities, continuous unrealized loss position, fair value | $ 80,114,186 | $ 16,550,979 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ 2,895,593 | $ 749,996 |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 305 | 67 |
Preferred Stock [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 48,140 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 1,860 | |
Securities in an unrealized loss position, less than twelve months, number | 1 | |
Available-for-sale securities, continuous unrealized loss position, fair value | $ 48,140 | |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ 1,860 | |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 1 | 0 |
Equity Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 76,736 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 15,245 | |
Securities in an unrealized loss position, less than twelve months, number | 1 | |
Available-for-sale securities, continuous unrealized loss position, fair value | $ 76,736 | |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ 15,245 | |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 1 | 0 |
Note 2 - Investments - Net Unre
Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Unrealized appreciation (depreciation) on available-for-sale securities | $ (1,714,154) | $ 6,130,475 |
Adjustment to deferred acquisition costs | 28,255 | (103,955) |
Deferred income taxes | 354,039 | (1,265,569) |
Net unrealized appreciation (depreciation) on available-for-sale securities | $ (1,331,860) | $ 4,760,951 |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fixed maturity available-for-sale securities - amortized cost | $ 134,551,407 | $ 143,621,947 |
Fixed maturity available-for-sale securities - fair value | 132,839,018 | $ 149,683,139 |
Fixed Maturities [Member] | ||
Due in one year or less - amortized cost | 4,276,974 | |
Due in one year or less - fair value | 4,294,839 | |
Due in one year through five years - amortized cost | 25,798,481 | |
Due after one year through five years | 25,921,074 | |
Due after five years through ten years - amortized cost | 40,802,369 | |
Due after five years through ten years - fair value | 39,975,538 | |
Due after ten years - amortized cost | 63,648,665 | |
Due after ten years - fair value | 62,591,097 | |
Due at multiple maturity dates - amortized cost | 24,918 | |
Due at multiple maturity dates - fair value | 56,470 | |
Fixed maturity available-for-sale securities - amortized cost | 134,551,407 | |
Fixed maturity available-for-sale securities - fair value | 132,839,018 | |
Other Long-term Investments [Member] | ||
Due in one year or less - amortized cost | 8,397,085 | |
Due in one year or less - fair value | 8,499,751 | |
Due in one year through five years - amortized cost | 24,362,037 | |
Due after one year through five years | 26,306,144 | |
Due after five years through ten years - amortized cost | 16,759,405 | |
Due after five years through ten years - fair value | 20,207,607 | |
Due after ten years - amortized cost | 8,737,186 | |
Due after ten years - fair value | 13,371,726 | |
Due at multiple maturity dates - amortized cost | ||
Due at multiple maturity dates - fair value | ||
Fixed maturity available-for-sale securities - amortized cost | 58,255,713 | |
Fixed maturity available-for-sale securities - fair value | $ 68,385,228 |
Note 2 - Investments - Proceeds
Note 2 - Investments - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fixed Maturities [Member] | ||||
Proceeds from sale, maturity, or collection of investments | $ 12,320,142 | $ 4,536,924 | $ 20,809,074 | $ 17,140,173 |
Gross realized gains on sale of investments | 305,883 | 37,337 | 386,403 | 564,589 |
Gross realized losses on sale of investments | (100,430) | (40,823) | (141,473) | (377,138) |
Loss on other-than-temporary impairment | (224,250) | |||
Other Long-term Investments [Member] | ||||
Proceeds from sale, maturity, or collection of investments | 792,012 | |||
Gross realized gains on sale of investments | 62,275 | |||
Gross realized losses on sale of investments | ||||
Loss on other-than-temporary impairment | ||||
Equity Securities [Member] | ||||
Proceeds from sale, maturity, or collection of investments | 346,535 | 361,947 | ||
Gross realized gains on sale of investments | 25,683 | 25,790 | ||
Gross realized losses on sale of investments | (58) | (58) | ||
Loss on other-than-temporary impairment | ||||
Mortgages [Member] | ||||
Proceeds from sale, maturity, or collection of investments | 206,617 | 261,470 | 190,084 | |
Gross realized gains on sale of investments | 52,971 | 52,971 | 6,050 | |
Gross realized losses on sale of investments | (1,322) | (1,668) | ||
Loss on other-than-temporary impairment |
Note 2 - Investments - Accumula
Note 2 - Investments - Accumulated Change in Net Unrealized Investment Gains (Losses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Change in unrealized investment gains (losses) | $ (729,036) | $ 565,408 | $ (6,197,256) | $ 3,568,272 |
Fixed Maturities [Member] | ||||
Change in unrealized investment gains (losses) | (921,992) | 694,379 | (7,773,581) | 4,429,221 |
Fixed maturity securities | 205,453 | (3,486) | 244,930 | 187,451 |
Preferred Stock [Member] | ||||
Change in unrealized investment gains (losses) | (840) | 82 | (2,540) | 5,660 |
Equity Securities [Member] | ||||
Change in unrealized investment gains (losses) | $ 12,299 | 25,459 | ||
Equity securities, sale of securities | 25,625 | 25,732 | ||
Equity securities, changes in fair value | (38,990) | (52,780) | ||
Real Estate Investment [Member] | ||||
Net realized investment gains (losses) | $ 52,971 | $ 51,649 | 4,382 | |
Other Long-term Investments [Member] | ||||
Net realized investment gains (losses) | $ 62,275 |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Gross Investment income | $ 5,607,382 | $ 5,278,966 | $ 16,611,016 | $ 14,195,053 |
Investment expenses | (628,351) | (647,074) | (1,909,602) | (1,898,226) |
Net investment income | 4,979,031 | 4,631,892 | 14,701,414 | 12,296,827 |
Fixed Maturities [Member] | ||||
Gross Investment income | 1,492,224 | 1,731,931 | 4,792,648 | 4,887,826 |
Preferred stock and Equity Securities [Member] | ||||
Gross Investment income | 24,280 | 4,382 | 57,397 | 14,540 |
Other Long-term Investments [Member] | ||||
Gross Investment income | 995,100 | 967,959 | 2,974,163 | 2,707,438 |
Mortgages [Member] | ||||
Gross Investment income | 2,877,910 | 2,431,884 | 8,253,828 | 6,101,462 |
Policy Loans [Member] | ||||
Gross Investment income | 31,055 | 28,640 | 90,480 | 84,657 |
Real Estate Investment [Member] | ||||
Gross Investment income | 94,102 | 93,943 | 282,108 | 281,366 |
Short-term Investments [Member] | ||||
Gross Investment income | $ 92,711 | $ 20,227 | $ 160,392 | $ 117,764 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 121,505,716 | $ 102,496,451 |
Residential Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 112,856,562 | 100,700,241 |
Commercial Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 8,649,154 | 1,796,210 |
Commercial Portfolio Segment [Member] | Industrial Property [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 1,528,587 | 430,613 |
Commercial Portfolio Segment [Member] | Apartment Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 696,500 | |
Commercial Portfolio Segment [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 113,160 | |
Commercial Portfolio Segment [Member] | Office Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 1,766,622 | 137,703 |
Commercial Portfolio Segment [Member] | Retail Site [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 4,544,285 | $ 1,227,894 |
Note 2 - Investments - Investme
Note 2 - Investments - Investment Real Estate (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Investment real estate, net | $ 2,442,440 | $ 2,382,966 |
Land Held for the Production of Income [Member] | ||
Real Estate Investment Property, at Cost, Total | 213,160 | 213,160 |
Land Held for Sale [Member] | ||
Real Estate Investment Property, at Cost, Total | 745,155 | 745,155 |
Land [Member] | ||
Real Estate Investment Property, at Cost, Total | 958,315 | 958,315 |
Building Held for the Production of Income [Member] | ||
Real Estate Investment Property, at Cost, Total | 2,267,557 | 2,267,557 |
Less - accumulated depreciation | (1,304,299) | (1,195,183) |
Investment real estate, net | 963,258 | 1,072,374 |
Residential Real Estate - Held for Sale [Member] | ||
Real Estate Investment Property, at Cost, Total | $ 520,867 | $ 352,277 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) | Sep. 30, 2018 | Dec. 31, 2017 |
Number Of Private Placement Common Stocks | 2 | 2 |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Fair Value Measured on a Recurring Basis (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Available-for-sale securities | $ 133,138,581 | $ 150,355,286 |
Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 98,180 | 100,720 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 98,180 | 100,720 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
US Treasury and Government [Member] | ||
Available-for-sale securities | 2,870,327 | 2,973,067 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 2,870,327 | 2,973,067 |
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 | 2,870,327 | 2,973,067 |
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 | 9,354,633 | 9,685,687 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 9,354,633 | 9,685,687 |
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 | 9,354,633 | 9,685,687 |
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 | 56,470 | 71,309 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 56,470 | 71,309 |
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 | 56,470 | 71,309 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 100,183,853 | 114,097,008 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 100,183,853 | 114,097,008 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 100,183,853 | 114,097,008 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Asset-backed Securities [Member] | ||
Available-for-sale securities | 255,138 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 255,138 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 255,138 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Debt Security, Government, Non-US [Member] | ||
Available-for-sale securities | 20,118,597 | 22,856,068 |
Debt Security, Government, Non-US [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 20,118,597 | 22,856,068 |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 20,118,597 | 22,856,068 |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Debt Securities [Member] | ||
Available-for-sale securities | 132,839,018 | 149,683,139 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 132,839,018 | 149,683,139 |
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 | 132,839,018 | 149,683,139 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 76,736 | 349,066 |
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 | 76,736 | 349,066 |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Common Stock [Member] | ||
Available-for-sale securities | 124,647 | 222,361 |
Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 124,647 | 222,361 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 62,078 | 160,861 |
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 | 62,569 | 61,500 |
Equity Securities [Member] | ||
Available-for-sale securities | 201,383 | 571,427 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 201,383 | 571,427 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 62,078 | 160,861 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 76,736 | 349,066 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | $ 62,569 | $ 61,500 |
Note 3 - Fair Value Measureme_5
Note 3 - Fair Value Measurements - Note 3 - Fair Value Measurement - Change in Fair Value of Available-for-sale Equity Securities (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Beginning balance | $ 61,500 | $ 61,500 |
Purchases | 10,200 | |
Joint venture net income | 40,746 | |
Sales | (15,000) | |
Joint venture distribution | (34,877) | |
Ending balance | $ 62,569 | $ 61,500 |
Note 3 - Fair Value Measureme_6
Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Policy loans | $ 1,755,270 | $ 1,660,175 |
Short-term investments | 135,963 | 547,969 |
Accrued investment income | 2,727,777 | 2,544,963 |
Policy claims | 1,030,040 | 1,148,513 |
Reported Value Measurement [Member] | ||
Policy loans | 1,755,270 | 1,660,175 |
Short-term investments | 135,963 | 547,969 |
Other long-term investments | 58,255,713 | 55,814,583 |
Cash and cash equivalents | 29,913,662 | 31,496,159 |
Accrued investment income | 2,727,777 | 2,544,963 |
Total financial assets | 214,294,101 | 194,560,300 |
Policyholders' account balances | 294,738,874 | 292,909,762 |
Policy claims | 1,030,040 | 1,148,513 |
Total financial liabilities | 295,768,914 | 294,058,275 |
Reported Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 8,649,154 | 1,796,210 |
Reported Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 112,856,562 | 100,700,241 |
Estimate of Fair Value Measurement [Member] | ||
Policy loans | 1,755,270 | 1,660,175 |
Short-term investments | 135,963 | 547,969 |
Other long-term investments | 68,385,228 | 68,298,585 |
Cash and cash equivalents | 29,913,662 | 31,496,159 |
Accrued investment income | 2,727,777 | 2,544,963 |
Total financial assets | 221,350,565 | 208,523,237 |
Policyholders' account balances | 241,572,894 | 243,234,637 |
Policy claims | 1,030,040 | 1,148,513 |
Total financial liabilities | 242,602,934 | 244,383,150 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Policy loans | ||
Short-term investments | 135,963 | 547,969 |
Other long-term investments | ||
Cash and cash equivalents | 29,913,662 | 31,496,159 |
Accrued investment income | ||
Total financial assets | 30,049,625 | 32,044,128 |
Policyholders' account balances | ||
Policy claims | ||
Total financial liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Policy loans | ||
Short-term investments | ||
Other long-term investments | ||
Cash and cash equivalents | ||
Accrued investment income | ||
Total financial assets | ||
Policyholders' account balances | ||
Policy claims | ||
Total financial liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Policy loans | 1,755,270 | 1,660,175 |
Short-term investments | ||
Other long-term investments | 68,385,228 | 68,298,585 |
Cash and cash equivalents | ||
Accrued investment income | 2,727,777 | 2,544,963 |
Total financial assets | 191,300,940 | 176,479,109 |
Policyholders' account balances | 241,572,894 | 243,234,637 |
Policy claims | 1,030,040 | 1,148,513 |
Total financial liabilities | 242,602,934 | 244,383,150 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 8,560,861 | 1,783,385 |
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 | 8,560,861 | 1,783,385 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 109,871,804 | 102,192,001 |
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 | $ 109,871,804 | $ 102,192,001 |
Note 4 - Segment Data - Operati
Note 4 - Segment Data - Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total revenue | $ 10,003,791 | $ 8,712,284 | $ 29,089,986 | $ 23,979,725 |
Income before income taxes | 1,934,446 | 1,537,769 | 4,920,495 | 2,576,360 |
Depreciation and amortization expense | 814,023 | 1,036,075 | 3,074,834 | 2,770,152 |
Life Insurance Operations [Member] | ||||
Total revenue | 5,556,358 | 4,723,138 | 16,095,222 | 13,321,087 |
Income before income taxes | 305,976 | 345,522 | 605,498 | 899,547 |
Depreciation and amortization expense | 829,610 | 858,012 | 3,044,057 | 1,828,933 |
Annuity Operations [Member] | ||||
Total revenue | 4,346,120 | 3,903,408 | 12,647,899 | 10,377,974 |
Income before income taxes | 1,522,702 | 1,141,492 | 4,013,123 | 1,488,848 |
Depreciation and amortization expense | (15,587) | 178,063 | 30,777 | 941,219 |
Corporate Segment [Member] | ||||
Total revenue | 101,313 | 85,738 | 346,865 | 280,664 |
Income before income taxes | $ 105,768 | $ 50,755 | $ 301,874 | $ 187,965 |
Note 4 - Segment Data - Assets
Note 4 - Segment Data - Assets (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Total assets | $ 414,399,438 | $ 391,127,674 |
Life Insurance Operations [Member] | ||
Total assets | 64,870,773 | 56,780,793 |
Annuity Operations [Member] | ||
Total assets | 343,736,487 | 328,727,443 |
Corporate Segment [Member] | ||
Total assets | $ 5,792,178 | $ 5,619,438 |
Note 5 - Federal Income Taxes (
Note 5 - Federal Income Taxes (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Domestic Tax Authority [Member] | |
Open Tax Year | 2015 2016 2017 |
Note 6 - Legal Matters and Co_2
Note 6 - Legal Matters and Contingent Liabilities (Details Textual) - USD ($) | Jun. 11, 2018 | Feb. 17, 2017 |
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] | ||
Loss Contingency, Damages Paid, Value | $ 1,850,000 |
Note 7 - Line of Credit (Detail
Note 7 - Line of Credit (Details Textual) - Line of Credit [Member] - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | ||
Proceeds from Lines of Credit, Total | $ 0 | $ 0 | |
Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 8 - Other Comprehensive _3
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Balance | $ 41,252,179 | $ 36,280,275 | ||
Total other comprehensive income (loss) | $ (717,815) | $ 556,982 | (6,092,811) | 3,504,423 |
Balance | 39,092,393 | 41,840,872 | 39,092,393 | 41,840,872 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Balance | (625,159) | 3,834,781 | 4,843,061 | 831,917 |
Other comprehensive loss before reclassifications, net of tax | (566,729) | 562,619 | (6,003,761) | 3,538,833 |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | 162,307 | (2,789) | 193,495 | (29,439) |
Total other comprehensive income (loss) | (729,036) | 565,408 | (6,197,256) | 3,568,272 |
Other comprehensive income before reclassifications, net of tax | (566,729) | 562,619 | (6,003,761) | 3,538,833 |
Balance | (1,354,195) | 4,400,189 | (1,354,195) | 4,400,189 |
Adjustment to Deferred Acquisition Costs [Member] | ||||
Balance | 11,114 | (68,664) | (82,110) | (13,241) |
Other comprehensive loss before reclassifications, net of tax | 11,221 | (8,426) | 104,445 | (63,849) |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | ||||
Total other comprehensive income (loss) | 11,221 | (8,426) | 104,445 | (63,849) |
Other comprehensive income before reclassifications, net of tax | 11,221 | (8,426) | 104,445 | (63,849) |
Balance | 22,335 | (77,090) | 22,335 | (77,090) |
AOCI Attributable to Parent [Member] | ||||
Balance | (614,045) | 3,766,117 | 4,760,951 | 818,676 |
Other comprehensive loss before reclassifications, net of tax | (555,508) | 554,193 | (5,899,316) | 3,474,984 |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | 162,307 | (2,789) | 193,495 | (29,439) |
Total other comprehensive income (loss) | (717,815) | 556,982 | (6,092,811) | 3,504,423 |
Other comprehensive income before reclassifications, net of tax | (555,508) | 554,193 | (5,899,316) | 3,474,984 |
Balance | $ (1,331,860) | $ 4,323,099 | $ (1,331,860) | $ 4,323,099 |
Note 8 - Other Comprehensive _4
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Unrealized holding losses arising during the period, pretax | $ (717,379) | $ 703,274 | $ (7,531,191) | $ 4,423,541 | |
Unrealized holding gains arising during the period, income tax expense | (150,650) | 140,655 | (1,595,938) | 884,708 | |
Unrealized holding gains arising during the period, net of tax | (566,729) | 562,619 | (6,003,761) | 3,538,833 | |
Realized gains (losses) on sales of securities | [1] | 205,453 | (3,486) | 244,930 | (36,799) |
Income tax expense (benefit) | [2] | 43,146 | (697) | 51,435 | (7,360) |
Reclassification adjustment for net gains included in operations having no credit losses, net of tax | 162,307 | (2,789) | 193,495 | (29,439) | |
Net unrealized losses on investments, pretax | (922,832) | 706,760 | (7,844,629) | 4,460,340 | |
Net unrealized gains on investments, income tax expense | (193,796) | 141,352 | (1,647,373) | 892,068 | |
Net unrealized gains on investments, net of tax | (729,036) | 565,408 | (6,197,256) | 3,568,272 | |
Adjustment to deferred acquisition costs, pretax | 14,204 | (10,532) | 132,210 | (79,810) | |
Adjustment to deferred acquisition costs, income tax expense | 2,983 | (2,106) | 27,765 | (15,961) | |
Adjustment to deferred acquisition costs, net of tax | 11,221 | (8,426) | 104,445 | (63,849) | |
Total other comprehensive loss, pretax | (908,628) | 696,228 | (7,712,419) | 4,380,530 | |
Total other comprehensive income, income tax expense | (190,813) | 139,246 | (1,619,608) | 876,107 | |
Total other comprehensive income, net of tax | $ (717,815) | $ 556,982 | $ (6,092,811) | $ 3,504,423 | |
[1] | These items appear within net realized investment gains (losses) and other-than-temporary impairments in the consolidated statements of operations. | ||||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 8 - Other Comprehensive _5
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Reclassified From Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Realized gains (losses) on sales of securities | [1] | $ 205,453 | $ (3,486) | $ 244,930 | $ (36,799) |
Income tax expense (benefit) | [2] | 43,146 | (697) | 51,435 | (7,360) |
Total reclassification adjustments | $ 162,307 | $ (2,789) | $ 193,495 | $ (29,439) | |
[1] | These items appear within net realized investment gains (losses) and other-than-temporary impairments in the consolidated statements of operations. | ||||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 9 - Allowance for Loan L_3
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 121,505,716 | $ 102,496,451 | |
Financing Receivable, Collectively Evaluated for Impairment | 80,719,343 | 68,596,191 | |
Independent Mortgage Loan Balances [Member] | |||
Financing Receivable, Allowance for Credit Losses, Ending Balance | 403,898 | 342,815 | |
One Loan Originator and Investments [Member] | Independent Mortgage Loan Balances [Member] | |||
Escrow Deposit | 634,817 | 564,479 | |
One Loan Originator [Member] | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 40,786,373 | $ 32,381,460 | |
One Loan Originator [Member] | Independent Mortgage Loan Balances [Member] | |||
Escrow Amount Available | 430,885 | 394,978 | |
Advances To Loan Originator | 4,662,792 | 4,925,259 | |
Residential Real Estate - Held for Sale [Member] | Independent Mortgage Loan Balances [Member] | |||
Escrow Amount Available | 203,932 | 169,501 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 40,786,373 | $ 33,900,260 |
Note 9 - Allowance for Loan L_4
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate - Allowance for Loss On Premium Financing (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Provision | $ 61,083 | $ 105,024 | |||
Financing Receivable, Collectively Evaluated for Impairment | $ 80,719,343 | 80,719,343 | $ 68,596,191 | ||
Residential Portfolio Segment [Member] | |||||
Allowance, beginning | 372,352 | $ 336,180 | 333,789 | 238,121 | |
Provision | (9,539) | 4,121 | 29,024 | 102,180 | |
Allowance, ending | 362,813 | 340,301 | 362,813 | 340,301 | |
Collectively evaluated for impairment | 362,813 | 340,301 | 362,813 | 340,301 | |
Financing Receivable, Collectively Evaluated for Impairment | 72,543,552 | 68,810,689 | 72,543,552 | 68,810,689 | |
Charge offs | |||||
Recoveries | |||||
Individually evaluated for impairment | |||||
Individually evaluated for impairment | |||||
Commercial Portfolio Segment [Member] | |||||
Allowance, beginning | 37,944 | 9,278 | 9,026 | 6,306 | |
Provision | 3,141 | (128) | 32,059 | 2,844 | |
Allowance, ending | 41,085 | 9,150 | 41,085 | 9,150 | |
Collectively evaluated for impairment | 41,085 | 9,150 | 41,085 | 9,150 | |
Financing Receivable, Collectively Evaluated for Impairment | 8,175,791 | 1,820,866 | 8,175,791 | 1,820,866 | |
Charge offs | |||||
Recoveries | |||||
Individually evaluated for impairment | |||||
Individually evaluated for impairment | |||||
Premium Finance Loans [Member] | |||||
Allowance, beginning | 410,296 | 345,458 | 342,815 | 244,427 | |
Provision | (6,398) | 3,993 | 61,083 | 105,024 | |
Allowance, ending | 403,898 | 349,451 | 403,898 | 349,451 | |
Collectively evaluated for impairment | 403,898 | 349,451 | 403,898 | 349,451 | |
Financing Receivable, Collectively Evaluated for Impairment | 80,719,343 | 70,631,555 | 80,719,343 | 70,631,555 | |
Charge offs | |||||
Recoveries | |||||
Individually evaluated for impairment | |||||
Individually evaluated for impairment |
Note 9 - Allowance for Loan L_5
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate - Mortgage Loan to Value Ratios (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Mortgage loans on real estate | $ 121,505,716 | $ 102,496,451 |
Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 22,373,880 | 19,515,632 |
Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 42,458,891 | 36,192,035 |
Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 25,418,083 | 25,956,341 |
Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 17,522,558 | 12,923,381 |
Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 6,668,971 | 4,961,569 |
Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 3,621,873 | 2,027,341 |
Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 2,566,538 | 870,395 |
Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | 874,922 | 49,757 |
Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 112,856,562 | 100,700,241 |
Residential Portfolio Segment [Member] | Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 21,785,852 | 19,515,632 |
Residential Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 40,666,684 | 36,192,035 |
Residential Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 24,660,854 | 25,121,248 |
Residential Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 15,482,145 | 12,923,381 |
Residential Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 4,305,553 | 4,303,273 |
Residential Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 2,654,072 | 1,867,670 |
Residential Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 2,426,480 | 727,245 |
Residential Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | 874,922 | 49,757 |
Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 8,649,154 | 1,796,210 |
Commercial Portfolio Segment [Member] | Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 588,028 | |
Commercial Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 1,792,207 | |
Commercial Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 757,229 | 835,093 |
Commercial Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 2,040,413 | |
Commercial Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 2,363,418 | 658,296 |
Commercial Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 967,801 | 159,671 |
Commercial Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 140,058 | 143,150 |
Commercial Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate |