Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 08, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | First Trinity Financial Corp. | |
Entity Central Index Key | 0001395585 | |
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 Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(g) Security | Common Stock, $.01 Par Value | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 116,547 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,854,912 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Current Period Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Investments | ||
Mortgage loans on real estate | $ 166,881,532 | $ 162,404,640 |
Investment real estate | 2,659,478 | 1,951,759 |
Policy loans | 2,087,602 | 2,026,301 |
Short-term investments | 1,832,872 | 1,831,087 |
Other long-term investments | 73,146,105 | 71,824,480 |
Total investments | 408,698,391 | 419,242,515 |
Cash and cash equivalents | 16,728,153 | 23,212,170 |
Accrued investment income | 5,348,548 | 5,207,823 |
Recoverable from reinsurers | 3,455,756 | 1,244,733 |
Assets held in trust under coinsurance agreement | 100,291,192 | 105,089,240 |
Agents' balances and due premiums | 1,980,608 | 1,618,115 |
Deferred policy acquisition costs | 39,199,188 | 38,005,639 |
Value of insurance business acquired | 4,811,474 | 4,891,448 |
Other assets | 11,018,287 | 6,424,691 |
Total assets | 591,531,597 | 604,936,374 |
Policy liabilities | ||
Policyholders' account balances | 362,198,197 | 363,083,838 |
Future policy benefits | 67,807,951 | 65,015,390 |
Policy claims | 1,139,262 | 1,399,393 |
Other policy liabilities | 84,921 | 132,975 |
Total policy liabilities | 431,230,331 | 429,631,596 |
Funds withheld under coinsurance agreement | 101,038,693 | 105,638,974 |
Deferred federal income taxes | 3,752,091 | 6,345,918 |
Other liabilities | 5,993,680 | 5,901,624 |
Total liabilities | 542,014,795 | 547,518,112 |
Shareholders' equity | ||
Additional paid-in capital | 30,429,150 | 28,684,598 |
Treasury stock, at cost (247,580 shares as of March 31, 2020 and December 31, 2019) | (893,947) | (893,947) |
Accumulated other comprehensive income (loss) | (820,296) | 9,616,660 |
Accumulated earnings | 20,719,705 | 19,930,449 |
Total shareholders' equity | 49,516,802 | 57,418,262 |
Total liabilities and shareholders' equity | 591,531,597 | 604,936,374 |
Common Class A [Member] | ||
Shareholders' equity | ||
Common stock | 81,025 | 80,502 |
Common Class B [Member] | ||
Shareholders' equity | ||
Common stock | 1,165 | |
Debt Securities [Member] | ||
Investments | ||
Available-for-sale securities at fair value | 161,876,414 | 178,951,324 |
Preferred Stock [Member] | ||
Investments | ||
Available-for-sale securities at fair value | 49,600 | 51,900 |
Equity Securities [Member] | ||
Investments | ||
Equity securities at fair value (cost: $182,375 and $180,194 as of March 31, 2020 and December 31, 2019, respectively) | $ 164,788 | $ 201,024 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Treasury stock, shares (in shares) | 247,580 | 247,580 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 8,102,492 | 8,050,173 |
Common stock, shares outstanding (in shares) | 7,854,912 | 7,802,593 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 10,000,000 | |
Common stock, shares issued (in shares) | 116,547 | |
Common stock, shares outstanding (in shares) | 116,547 | |
Debt Securities [Member] | ||
Available-for-sale securities at cost | $ 162,916,429 | $ 166,760,448 |
Preferred Stock [Member] | ||
Available-for-sale securities at cost | 49,945 | 49,945 |
Equity Securities [Member] | ||
Equity securities, cost | $ 182,375 | $ 180,194 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Premiums | $ 6,365,876 | $ 5,530,806 |
Net investment income | 6,269,843 | 5,573,456 |
Net realized investment gains | 23,502 | 53,720 |
Service fees | 10,871 | 427,734 |
Other income | 13,414 | 38,984 |
Total revenues | 12,683,506 | 11,624,700 |
Benefits and claims | ||
Increase in future policy benefits | 2,641,119 | 2,151,600 |
Death benefits | 1,611,780 | 1,632,780 |
Surrenders | 410,364 | 350,407 |
Interest credited to policyholders | 3,063,245 | 2,550,672 |
Dividend, endowment and supplementary life contract benefits | 82,699 | 68,669 |
Total benefits and claims | 7,809,207 | 6,754,128 |
Policy acquisition costs deferred | (2,384,968) | (3,615,460) |
Amortization of deferred policy acquisition costs | 1,213,274 | 764,346 |
Amortization of value of insurance business acquired | 79,974 | 81,447 |
Commissions | 2,308,163 | 3,572,572 |
Other underwriting, insurance and acquisition expenses | 2,641,472 | 2,265,575 |
Total expenses | 3,857,915 | 3,068,480 |
Total benefits, claims and expenses | 11,667,122 | 9,822,608 |
Income before total federal income tax expense | 1,016,384 | 1,802,092 |
Current federal income tax expense | 46,575 | 303,002 |
Deferred federal income tax expense | 180,553 | 76,894 |
Total federal income tax expense | 227,128 | 379,896 |
Net income | $ 789,256 | $ 1,422,196 |
Common Class A [Member] | ||
Net income per common share basic and diluted | ||
Net income per common share basic and diluted (in dollars per share) | $ 0.0992 | $ 0.1823 |
Common Class B [Member] | ||
Net income per common share basic and diluted | ||
Net income per common share basic and diluted (in dollars per share) | $ 0.0843 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net income | $ 789,256 | $ 1,422,196 | |
Other Comprehensive Income (loss) | |||
Total net unrealized gains (losses) arising during the period | (13,171,272) | 5,127,250 | |
Less net realized investment gains having no credit losses | [1] | 61,919 | 40,075 |
Net unrealized gains (losses) | (13,233,191) | 5,087,175 | |
Less adjustment to deferred acquisition costs | (21,855) | 12,497 | |
Other comprehensive income (loss) before income tax expense (benefit) | (13,211,336) | 5,074,678 | |
Income tax expense (benefit) | (2,774,380) | 1,065,684 | |
Total other comprehensive income (loss) | (10,436,956) | 4,008,994 | |
Total comprehensive income (loss) | $ (9,647,700) | $ 5,431,190 | |
[1] | These items appear within net realized investment gains in the consolidated statements of operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2018 | $ 80,502 | $ 28,684,598 | $ (893,947) | $ (2,576,631) | $ 13,830,729 | $ 39,125,251 | |
Net income | 1,422,196 | 1,422,196 | |||||
Other comprehensive income (loss) | 4,008,994 | 4,008,994 | |||||
Balance at Mar. 31, 2019 | 80,502 | 28,684,598 | (893,947) | 1,432,363 | 15,252,925 | 44,556,441 | |
Balance at Dec. 31, 2019 | 80,502 | 28,684,598 | (893,947) | 9,616,660 | 19,930,449 | 57,418,262 | |
Net income | 789,256 | 789,256 | |||||
Other comprehensive income (loss) | (10,436,956) | (10,436,956) | |||||
Acquisition of K-TENN Insurance Company | 1,688 | 1,744,552 | 1,746,240 | ||||
Recapitalization | (1,165) | 1,165 | |||||
Balance at Mar. 31, 2020 | $ 81,025 | $ 1,165 | $ 30,429,150 | $ (893,947) | $ (820,296) | $ 20,719,705 | $ 49,516,802 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net income | $ 789,256 | $ 1,422,196 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for depreciation | 36,372 | 36,372 |
Accretion of discount on investments | (1,253,547) | (1,167,169) |
Net realized investment gains | (23,502) | (53,720) |
Amortization of policy acquisition cost | 1,213,274 | 764,346 |
Policy acquisition costs deferred | (2,384,968) | (3,615,460) |
Amortization of loan origination fees | 5,117 | 7,460 |
Amortization of value of insurance business acquired | 79,974 | 81,447 |
Allowance for mortgage loan losses | (1,860) | 33,217 |
Provision for deferred federal income tax expense | 180,553 | 76,894 |
Interest credited to policyholders | 3,063,245 | 2,550,672 |
Change in assets and liabilities: | ||
Policy loans | (60,256) | (25,467) |
Short-term investments | (1,785) | (914,153) |
Accrued investment income | (140,235) | (509,603) |
Recoverable from reinsurers | (2,211,023) | (149,010) |
Assets held in trust under coinsurance agreement | 4,798,048 | (19,715,191) |
Agents' balances and due premiums | (358,507) | (102,830) |
Other assets (excludes change in receivable for securities sold of $33,600 in 2019) | (4,593,135) | (1,152,822) |
Future policy benefits | 2,641,978 | 2,115,019 |
Policy claims | (260,131) | 347,272 |
Other policy liabilities | (57,266) | 5,338 |
Other liabilities (exclude change in payable for securities purchased of $575,435 and ($124,160) in 2020 and 2019, respectively) | (493,625) | 16,749,404 |
Net cash provided by (used in) operating activities | 967,977 | (3,215,788) |
Investing activities | ||
Purchases of fixed maturity securities | (1,005,000) | (6,536,434) |
Maturities of fixed maturity securities | 200,000 | 2,600,000 |
Sales of fixed maturity securities | 5,350,987 | 799,846 |
Purchases of equity securities | (29,220) | (27,784) |
Acquisition of K-TENN Insurance Company | 1,110,299 | |
Joint venture distribution | 27,039 | 23,824 |
Purchases of mortgage loans | (19,403,227) | (21,818,443) |
Payments on mortgage loans | 14,244,785 | 8,694,982 |
Purchases of other long-term investments | (3,258,188) | (5,629,292) |
Payments on other long-term investments | 3,284,263 | 2,850,460 |
Net change in receivable and payable for securities sold and purchased | 575,435 | (90,560) |
Net cash provided by (used in) investing activities | 1,097,173 | (19,133,401) |
Financing activities | ||
Policyholders' account deposits | 1,769,421 | 70,719,584 |
Policyholders' account withdrawals | (10,318,588) | (8,740,280) |
Net cash provided by (used in) financing activities | (8,549,167) | 61,979,304 |
Increase (decrease) in cash and cash equivalents | (6,484,017) | 39,630,115 |
Cash and cash equivalents, beginning of period | 23,212,170 | 29,665,605 |
Cash and cash equivalents, end of period | $ 16,728,153 | $ 69,295,720 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Change in receivable for securities sold | $ 33,600 | |
Change in payable of securities purchased | $ 575,435 | $ (124,160) |
Supplemental Disclosure - Cash
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | First Trinity Financial Corporation and Subsidiaries Consolidated Statements of Cash Flows (continued) Supplemental Disclosure – Cash and Non-Cash Impact on Operating, Investing and Financing Activities During the three March 31, 2020 2019, $744,091 $99,218, In conjunction with this foreclosure, the non-cash impact on investing activities is summarized as follows: Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Reductions in mortgage loans due to foreclosure $ 744,091 $ 99,218 Investment real estate held-for-sale acquired through foreclosure (744,091 ) (99,218 ) Net cash used in investing activities $ - $ - On January 1, 2020, $1,916,281 $170,041. In conjunction with this 2020 March 31, 2020 Cash used in acquisition of K-TENN Insurance Company $ - Cash provided in acquisition of K-TENN Insurance Company 1,110,299 Increase in cash from acquisition of K-TENN Insurance Company 1,110,299 Fair value of assets acquired in acquisition of K-TENN Insurance Company (excluding cash) Available-for-sale fixed maturity securities 800,000 Policy loans 1,045 Accrued investment income 490 Due premiums 3,986 Other assets 461 Total fair value of assets acquired (excluding cash) 805,982 Fair value of liabilities assumed in acquisition of K-TENN Insurance Company Future policy benefits 150,583 Other policy liabilities 9,212 Other liabilities 10,246 Total fair value of liabilities assumed 170,041 Fair value of net assets acquired in acquisition of K-TENN Insurance Company (excluding cash) 635,941 Fair value of net assets acquired in acquisition of K-TENN Insurance Company (including cash) $ 1,746,240 See notes to consolidated financial statements (unaudited). |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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”), First Trinity Capital Corporation (“FTCC”) and Trinity American, Inc. (“TAI”). 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. The Company owns 100% March 24, 2016 2019. 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. The Company has also purchased 247,580 $893,947 Acquisition s On December 23, 2008, 100% $2,695,234 $195,234. On December 31, 2008, 15 $250,000 6% On August 31, 2009, two On December 28, 2011, 100% $13,855,129. On April 28, 2015, $3,644,839 $3,055,916 $588,923. On April 3, 2018, 100% 2019. $250,000. Effective January 1, 2020, 100% 168,866 $1,746,240. $1,746,240 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 three March 31, 2020 not December 31, 2020 not 10 December 31, 2019. As a result of Coronavirus Disease 2019, March 11, 2020, 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 On October 2, 2019, 1. An amendment and restatement of FTFC’s Certificate of Incorporation to authorize 40,000,000 10,000,000 2. An amendment and restatement of FTFC’s Certificate of Incorporation to automatically reclassify each issued and outstanding share of our existing common stock as one 1 one 1 These proposals received Form A regulatory approval from the OID on February 27, 2020 December 31, 2019. March 12, 2020. March 12, 2020, one one 85% may one .85 100% 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 Effective April 1, 2020, 0% 90%. Management has evaluated all events subsequent to March 31, 2020 Recent Accounting Pronouncements Leases In February 2016, 2016 02 12 two no not In July 2018, February 2016 ( 2018 11 may Consequently, if this transition method is elected, an entity’s reporting for the comparative periods prior to adoption presented in the financial statements would continue to be in accordance with current lease guidance. The amendments also provide lessors with a practical expedient to combine non-lease components (e.g., a fee for common area maintenance when leasing office space) with the associated lease component rather than accounting for those components separately if certain criteria are met. The updated guidance requires entities to recognize a right-of-use asset and lease liability equal to the present value of lease payments for all leases other than those that are less than one December 15, 2018. In December 2018, 2018 20 not not The Company adopted this guidance in first 2019. 2019 not Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13 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 was effective for reporting periods beginning after December 15, 2019. December 15, 2022. December 15, 2018. not Intangibles - Goodwill and Other In January 2017, 2017 04 2 1 The implied fair value of goodwill is currently determined in Step 2 1 1 1 may not 2 1. The Company adopted this guidance in first 2020. 2020 not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 The updated guidance was effective for reporting periods beginning after December 15, 2020. December 15, 2023. may With respect to the market risk benefits, an insurance entity should apply the amendments retrospectively as of the beginning of the earliest period presented. The Company expects that the impact on the Company’s results of operations, financial position and liquidity at the date of adoption of the updated guidance in 2024 Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, 2018 13 The Company adopted this guidance in first 2020. 2020 not Income Taxes - Simplifying the Accounting for Income Taxes December 2019, 2019 12 March 31, 2021. not |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 December 31, 2019 Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value March 31, 2020 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 1,679,790 $ 3,497 $ - $ 1,683,287 States and political subdivisions 9,317,430 720,408 - 10,037,838 Residential mortgage-backed securities 18,043 15,291 - 33,334 Corporate bonds 117,044,796 5,155,796 5,415,004 116,785,588 Asset-backed securities 2,082,445 8,330 107,083 1,983,692 Exchange traded securities 500,000 - 200,000 300,000 Foreign bonds 31,473,925 973,199 2,194,449 30,252,675 Certificate of deposits 800,000 - - 800,000 Total fixed maturity securities 162,916,429 6,876,521 7,916,536 161,876,414 Preferred stock 49,945 - 345 49,600 Equity securities Mutual funds 91,981 - 21,713 70,268 Corporate common stock 90,394 4,126 - 94,520 Total equity securities 182,375 4,126 21,713 164,788 Total fixed maturity, preferred stock and equity securities $ 163,148,749 $ 6,880,647 $ 7,938,594 $ 162,090,802 December 31, 2019 Fixed maturity securities U.S. government and U.S. government agencies $ 1,679,731 $ 431 $ 11,129 $ 1,669,033 States and political subdivisions 9,536,120 617,063 2,252 10,150,931 Residential mortgage-backed securities 20,289 22,167 - 42,456 Corporate bonds 121,143,923 9,528,168 144,337 130,527,754 Asset-backed securities 2,116,056 68,395 - 2,184,451 Exchange traded securities 500,000 48,400 - 548,400 Foreign bonds 31,764,329 2,427,523 363,553 33,828,299 Total fixed maturity securities 166,760,448 12,712,147 521,271 178,951,324 Preferred stock 49,945 1,955 - 51,900 Equity securities Mutual funds 91,981 - 2,629 89,352 Corporate common stock 88,213 23,459 - 111,672 Total equity securities 180,194 23,459 2,629 201,024 Total fixed maturity, preferred stock and equity securities $ 166,990,587 $ 12,737,561 $ 523,900 $ 179,204,248 All securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2020 December 31, 2019 Unrealized Number of Fair Value Loss Securities March 31, 2020 (Unaudited) Fixed maturity securities Less than 12 months in an unrealized loss position Corporate bonds $ 46,202,498 $ 4,859,166 159 Asset-backed securities 1,270,692 107,083 4 Exchange traded securities 300,000 200,000 2 Foreign bonds 12,033,032 1,393,462 38 Total less than 12 months in an unrealized loss position 59,806,222 6,559,711 203 More than 12 months in an unrealized loss position Corporate bonds 523,430 555,838 5 Foreign bonds 623,575 800,987 4 Total more than 12 months in an unrealized loss position 1,147,005 1,356,825 9 Total fixed maturity securities in an unrealized loss position 60,953,227 7,916,536 212 Preferred stock, less than 12 months in an unrealized loss position 49,600 345 1 Equity securities (mutual funds), less than 12 months in an unrealized loss position 70,268 21,713 1 Total fixed maturity, preferred stock and equity securities in an unrealized loss position $ 61,073,095 $ 7,938,594 $ 214 December 31, 2019 Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 1,097,626 $ 6,841 3 States and political subdivisions 103,007 2,252 1 Corporate bonds 3,049,765 59,915 7 Foreign bonds 345,243 7,857 1 Total less than 12 months in an unrealized loss position 4,595,641 76,865 12 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 445,943 4,288 2 Corporate bonds 1,245,410 84,422 6 Foreign bonds 1,070,459 355,696 4 Total more than 12 months in an unrealized loss position 2,761,812 444,406 12 Total fixed maturity securities in an unrealized loss position 7,357,453 521,271 24 Equity securities (mutual funds), greater than 12 months in an unrealized loss position 89,352 2,629 1 Total fixed maturity, preferred stock and equity securities in an unrealized loss position $ 7,446,805 $ 523,900 $ 25 As of March 31, 2020, 212 $7,916,536, $60,953,227 $68,869,763. March 31, 2020. 212 89%. As of December 31, 2019, 24 $521,271, $7,357,453 $7,878,724. December 31, 2019. 24 93%. As of March 31, 2020, one $21,713, $70,268 $91,981. 76%. As of December 31, 2019, one $2,629, $89,352 $91,981. 97%. As of March 31, 2020, one $345, $49,600 $49,945. 99%. Fixed maturity securities were 97% March 31, 2020 December 31, 2019. 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 There were no three March 31, 2020 2019. Management believes that the Company will fully recover its cost basis in the securities held as of March 31, 2020, not not Net unrealized gains (losses) included in other comprehensive income (loss) for investments classified as available-for-sale, net of the effect of deferred income taxes and deferred acquisition costs assuming that the appreciation (depreciation) had been realized as of March 31, 2020 December 31, 2019, (Unaudited) March 31, 2020 December 31, 2019 Unrealized appreciation (depreciation) on available-for-sale securities $ (1,040,360 ) $ 12,192,831 Adjustment to deferred acquisition costs 2,011 (19,844 ) Deferred income taxes 218,053 (2,556,327 ) Net unrealized appreciation (depreciation) on available-for-sale securities $ (820,296 ) $ 9,616,660 The Company’s investment in lottery prize cash flows categorized as other long-term investments in the statement of financial position was $73,146,105 $71,824,480 March 31, 2020 December 31, 2019, The amortized cost and fair value of fixed maturity available-for-sale securities and other long-term investments as of March 31, 2020, March 31, 2020 (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 $ 2,664,450 $ 2,655,860 $ 11,233,730 $ 11,466,462 Due after one year through five years 26,292,616 24,761,240 35,104,570 39,433,436 Due after five years through ten years 55,372,399 54,289,104 19,387,198 25,495,424 Due after ten years 78,568,921 80,136,876 7,420,607 13,500,163 Due at multiple maturity dates 18,043 33,334 - - $ 162,916,429 $ 161,876,414 $ 73,146,105 $ 89,895,485 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 for the three March 31, 2020 2019 Three Months Ended March 31, (Unaudited) Fixed Maturity Securities 2020 2019 Proceeds $ 5,550,987 $ 3,399,846 Gross realized gains 65,309 44,555 Gross realized losses (3,390 ) (4,480 ) The accumulated change in unrealized investment gains (losses) for fixed maturity and preferred stock available-for-sale for the three March 31, 2020 2019 three March 31, 2020 2019 Three Months Ended March 31, (Unaudited) 2020 2019 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ (13,230,891 ) $ 5,077,355 Preferred stock (2,300 ) 9,820 Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 61,919 40,075 Equity securities, changes in fair value (38,417 ) 13,645 Major categories of net investment income for the three March 31, 2020 2019 Three Months Ended March 31, (Unaudited) 2020 2019 Fixed maturity securities $ 1,838,382 $ 1,529,476 Preferred stock and equity securities 32,323 34,218 Other long-term investments 1,347,138 1,150,757 Mortgage loans 3,570,405 3,182,848 Policy loans 37,707 32,273 Real estate 68,682 64,296 Short-term and other investments 24,537 244,840 Gross investment income 6,919,174 6,238,708 Investment expenses (649,331 ) (665,252 ) Net investment income $ 6,269,843 $ 5,573,456 TLIC and FBLIC are required to hold assets on deposit with various state insurance departments for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of March 31, 2020 December 31, 2019, $4,798,357 $4,434,662, March 31, 2020 December 31, 2019, $4,844,525 $4,468,783, The Company’s mortgage loans by property type as of March 31, 2020 December 31, 2019 (Unaudited) March 31, 2020 December 31, 2019 Residential mortgage loans $ 153,328,603 $ 150,002,865 Commercial mortgage loans by property type Apartment 964,351 1,604,934 Industrial 1,605,214 1,619,250 Lodging 729,042 729,603 Office building 4,322,652 3,676,396 Retail 5,931,670 4,771,592 Total commercial mortgage loans by property type 13,552,929 12,401,775 Total mortgage loans $ 166,881,532 $ 162,404,640 There were 35 $5,727,927 90 March 31, 2020. 23 $4,427,317 90 December 31, 2019. There were no March 31, 2020. $1,691,980 December 31, 2019 not The Company’s investment real estate as of March 31, 2020 December 31, 2019 (Unaudited) March 31, 2020 December 31, 2019 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 (1,522,531 ) (1,486,159 ) Buildings net of accumulated depreciation 745,026 781,398 Residential real estate - held for sale 956,137 212,046 Total residential real estate 956,137 212,046 Investment real estate, net of accumulated depreciation $ 2,659,478 $ 1,951,759 TLIC owns approximately six one 20,000 one fourth one four three one During 2020 two $744,091 2019, one $99,218 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total March 31, 2020 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 1,683,287 $ - $ 1,683,287 States and political subdivisions - 10,037,838 - 10,037,838 Residential mortgage-backed securities - 33,334 - 33,334 Corporate bonds - 116,785,588 - 116,785,588 Asset-backed securities - 1,983,692 - 1,983,692 Exchange traded securities - 300,000 - 300,000 Foreign bonds - 30,252,675 - 30,252,675 Certificate of deposits - 800,000 - 800,000 Total fixed maturity securities $ - $ 161,876,414 $ - $ 161,876,414 Preferred stock, available-for-sale $ 49,600 $ - $ - $ 49,600 Equity securities Mutual funds $ - $ 70,268 $ - $ 70,268 Corporate common stock 28,232 - 66,288 94,520 Total equity securities $ 28,232 $ 70,268 $ 66,288 $ 164,788 December 31, 2019 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 1,669,033 $ - $ 1,669,033 States and political subdivisions - 10,150,931 - 10,150,931 Residential mortgage-backed securities - 42,456 - 42,456 Corporate bonds - 130,527,754 - 130,527,754 Asset-backed securities - 2,184,451 - 2,184,451 Exchange traded securities - 548,400 - 548,400 Foreign bonds - 33,828,299 - 33,828,299 Total fixed maturity securities $ - $ 178,951,324 $ - $ 178,951,324 Preferred stock, available-for-sale $ 51,900 $ - $ - $ 51,900 Equity securities Mutual funds $ - $ 89,352 $ - $ 89,352 Corporate common stock 47,565 - 64,107 111,672 Total equity securities $ 47,565 $ 89,352 $ 64,107 $ 201,024 As of March 31, 2020 December 31, 2019, 3 two no These private placement common 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 securities and equity securities are 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 three March 31, 2020 March 31, 2019 Unaudited Three Months Ended March 31, 2020 2019 Beginning balance $ 64,107 $ 64,036 Joint venture net income 29,220 27,784 Joint venture distribution (27,039 ) (23,824 ) Ending balance $ 66,288 $ 67,996 The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not March 31, 2020 December 31, 2019, Financial instruments disclosed, but not Carrying Fair Amount Value Level 1 Level 2 Level 3 March 31, 2020 (Unaudited) Financial assets Mortgage loans on real estate Commercial $ 13,552,929 $ 13,043,147 $ - $ - $ 13,043,147 Residential 153,328,603 166,202,080 - - 166,202,080 Policy loans 2,087,602 2,087,602 - - 2,087,602 Short-term investments 1,832,872 1,832,872 1,832,872 - - Other long-term investments 73,146,105 89,895,485 - - 89,895,485 Cash and cash equivalents 16,728,153 16,728,153 16,728,153 - - Accrued investment income 5,348,548 5,348,548 - - 5,348,548 Total financial assets $ 266,024,812 $ 295,137,887 $ 18,561,025 $ - $ 276,576,862 Financial liabilities Policyholders' account balances $ 362,198,197 $ 383,873,719 $ - $ - $ 383,873,719 Policy claims 1,139,262 1,139,262 - - 1,139,262 Total financial liabilities $ 363,337,459 $ 385,012,981 $ - $ - $ 385,012,981 December 31, 2019 Financial assets Mortgage loans on real estate Commercial $ 12,401,775 $ 12,280,704 $ - $ - $ 12,280,704 Residential 150,002,865 152,443,349 - - 152,443,349 Policy loans 2,026,301 2,026,301 - - 2,026,301 Short-term investments 1,831,087 1,831,087 1,831,087 - - Other long-term investments 71,824,480 88,235,019 - - 88,235,019 Cash and cash equivalents 23,212,170 23,212,170 23,212,170 - - Accrued investment income 5,207,823 5,207,823 - - 5,207,823 Total financial assets $ 266,506,501 $ 285,236,453 $ 25,043,257 $ - $ 260,193,196 Financial liabilities Policyholders' account balances $ 363,083,838 $ 355,557,123 $ - $ - $ 355,557,123 Policy claims 1,399,393 1,399,393 - - 1,399,393 Total financial liabilities $ 364,483,231 $ 356,956,516 $ - $ - $ 356,956,516 The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment was required to interpret market data to develop these estimates. Accordingly, the estimates are not may The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto: Fixed Maturity Securities , Preferred Stock and Equity Securities The fair value of fixed maturity securities and equity securities are based on the principles previously discussed as Level 1, 2 3. Mortgage Loans on Real Estate The fair values for mortgage loans are estimated using discounted cash flow analyses. For residential mortgage loans, the discount rate used was indexed to the LIBOR yield curve adjusted for an appropriate credit spread. For commercial (includes apartment, industrial, lodging, office building and retail) mortgage loans, the discount rate used was assumed to be the interest rate on the last commercial mortgage acquired by the Company. Cash and Cash Equivalents, Short-Term Investments, Accrued Investment Income 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 FTSE 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 | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. Segment Data The Company has a life insurance segment, consisting of the life insurance operations of TLIC and FBLIC, an annuity segment, consisting of the annuity operations of TLIC and FBLIC and a corporate segment. Results for the parent company and the operations of FTCC, after elimination of intercompany amounts, are allocated to the corporate segment. These segments as of March 31, 2020 December 31, 2019 three March 31, 2020 2019 Three Months Ended March 31, (Unaudited) 2020 2019 Revenues: Life insurance operations $ 7,325,468 $ 6,471,048 Annuity operations 5,220,251 4,970,032 Corporate operations 137,787 183,620 Total $ 12,683,506 $ 11,624,700 Income before income taxes: Life insurance operations $ 64,404 $ 197,559 Annuity operations 911,918 1,502,612 Corporate operations 40,062 101,921 Total $ 1,016,384 $ 1,802,092 Depreciation and amortization expense: Life insurance operations $ 1,032,387 $ 830,461 Annuity operations 302,350 59,164 Total $ 1,334,737 $ 889,625 (Unaudited) March 31, 2020 December 31, 2019 Assets: Life insurance operations $ 100,203,463 $ 99,612,420 Annuity operations 487,458,536 500,738,949 Corporate operations 3,869,598 4,585,005 Total $ 591,531,597 $ 604,936,374 |
Note 5 - Federal Income Taxes
Note 5 - Federal Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
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 2016 2019 |
Note 6 - Legal Matters and Cont
Note 6 - Legal Matters and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
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, in 2013 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 appealed this decision. The appeal challenged two February 28, 2020, not not In 2013, no 2013 no 2013 no may not Guaranty fund assessments, brought about by the insolvency of life and health insurers, are levied at the discretion of the various state guaranty fund associations to cover association obligations. In most states, guaranty fund assessments may five |
Note 7 - Other Comprehensive In
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 7 . Ot her Comprehensive Income (Loss) and Accumulated O ther Comprehensive Income (Loss) The changes in the components of the Company’s accumulated other comprehensive income (loss) for the three March 31, 2020 2019 Three Months Ended March 31, 2020 and 2019 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of January 1, 2020 $ 9,632,323 $ (15,663 ) $ 9,616,660 Other comprehensive loss before reclassifications, net of tax (10,405,305 ) 17,265 (10,388,040 ) Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax 48,916 - 48,916 Other comprehensive loss (10,454,221 ) 17,265 (10,436,956 ) Balance as of March 31, 2020 $ (821,898 ) $ 1,602 $ (820,296 ) Balance as of January 1, 2019 $ (2,584,643 ) $ 8,012 $ (2,576,631 ) Other comprehensive income before reclassifications, net of tax 4,050,528 (9,874 ) 4,040,654 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 31,660 - 31,660 Other comprehensive income 4,018,868 (9,874 ) 4,008,994 Balance as of March 31, 2019 $ 1,434,225 $ (1,862 ) $ 1,432,363 The pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for each component for the three March 31, 2020 2019 Income Tax Pretax Expense (Benefit) Net of Tax Three Months Ended March 31, 2020 (Unaudited) Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (13,171,272 ) $ (2,765,967 ) $ (10,405,305 ) Reclassification adjustment for net gains included in operations having no credit losses 61,919 13,003 48,916 Net unrealized losses on investments (13,233,191 ) (2,778,970 ) (10,454,221 ) Adjustment to deferred acquisition costs 21,855 4,590 17,265 Total other comprehensive loss $ (13,211,336 ) $ (2,774,380 ) $ (10,436,956 ) Three Months Ended March 31, 2019 (Unaudited) Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 5,127,250 $ 1,076,722 $ 4,050,528 Reclassification adjustment for net gains included in operations having no credit losses 40,075 8,415 31,660 Net unrealized gains on investments 5,087,175 1,068,307 4,018,868 Adjustment to deferred acquisition costs (12,497 ) (2,623 ) (9,874 ) Total other comprehensive income $ 5,074,678 $ 1,065,684 $ 4,008,994 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 March 31, 2020 2019 Three Months Ended March 31, (Unaudited) Reclassification Adjustments 2020 2019 Unrealized gains (losses) on available-for-sale securities having no credit losses: Realized gains on sales of securities (a) $ 61,919 $ 40,075 Income tax expense (b) 13,003 8,415 Total reclassification adjustments $ 48,916 $ 31,660 (a) These items appear within net realized investment gains in the consolidated statements of operations. (b) These items appear within federal income taxes in the consolidated statements of operations. |
Note 8 - Allowance for Loan Los
Note 8 - Allowance for Loan Losses From Mortgage Loans on Real Estate | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Premiums Receivable Note [Text Block] | 8 . 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 losses 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 March 31, 2020, $808,028 third March 31, 2020, $480,196 $4,717,541 March 31, 2020 $327,832 $66,609,678 $503,518 $100,271,854 March 31, 2020. As of December 31, 2019, $798,753 third December 31, 2019, $489,965 $4,436,787 December 31, 2019 $308,788 $61,757,602 $505,378 $100,647,038 December 31, 2019. The balances of and changes in the Company’s credit losses related to mortgage loans on real estate as of and for the three March 31, 2020 2019 $66,609,678 $51,127,965 March 31, 2020 2019, one third As of and for the Three Months Ended March 31, (Unaudited) Residential Mortgage Loans Commercial Mortgage Loans Total 2020 2019 2020 2019 2020 2019 Allowance, beginning $ 443,057 $ 374,209 $ 62,321 $ 49,957 $ 505,378 $ 424,166 Charge offs - - - - - - Recoveries - - - - - - Provision (7,644 ) 31,339 5,784 1,878 (1,860 ) 33,217 Allowance, ending $ 435,413 $ 405,548 $ 68,105 $ 51,835 $ 503,518 $ 457,383 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 435,413 $ 405,548 $ 68,105 $ 51,835 $ 503,518 $ 457,383 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 86,718,925 $ 81,739,302 $ 13,552,929 $ 10,315,019 $ 100,271,854 $ 92,054,321 The Company utilizes the ratio of the carrying value of individual residential and commercial mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s residential and commercial mortgage loans on real estate by credit quality using this ratio as of March 31, 2020 December 31, 2019 Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Over 70% to 80% $ 45,759,251 $ 42,607,615 $ 273,446 $ 274,954 $ 46,032,697 $ 42,882,569 Over 60% to 70% 50,222,292 50,158,843 1,789,787 2,320,734 52,012,079 52,479,577 Over 50% to 60% 28,572,276 28,939,576 2,159,117 1,318,536 30,731,393 30,258,112 Over 40% to 50% 13,369,016 13,160,306 2,122,389 2,142,354 15,491,405 15,302,660 Over 30% to 40% 8,711,066 8,023,690 1,166,313 1,800,952 9,877,379 9,824,642 Over 20% to 30% 3,076,206 3,806,361 2,694,374 1,235,799 5,770,580 5,042,160 Over 10% to 20% 2,711,189 2,677,037 3,297,865 3,308,446 6,009,054 5,985,483 10% or less 907,307 629,437 49,638 - 956,945 629,437 Total $ 153,328,603 $ 150,002,865 $ 13,552,929 $ 12,401,775 $ 166,881,532 $ 162,404,640 |
Note 9 - Coinsurance
Note 9 - Coinsurance | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | 9. Coinsurance Effective January 1, 2018, 90% December 31, 2017 In accordance with this annuity coinsurance agreement, TLIC holds assets and recognizes a funds withheld liability for the benefit of the assuming company in an amount at least equal to the annuity reserves in accordance with U.S. statutory accounting principles generated by this ceded business with a corresponding funds withheld liability recorded. In addition, the assuming company maintains a trust related to this ceded business amounting to at least an additional 4% may 30 |
Note 10 - Line of Credit
Note 10 - Line of Credit | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 1 0 . Line of Credit On November 8, 2019, $1.5 September 15, 2020. 1% 360 5%. No March 31, 2020 December 31, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | Company Capitalization The Company raised $1,450,000 two 2004 $25,669,480 two one June 22, 2005 February 23, 2007; June 29, 2010 April 30, 2012 August 15, 2012 March 8, 2013. 7,347,488 $3,624,518 702,685 two 2011 2012. The Company has also purchased 247,580 $893,947 |
Business Combinations Policy [Policy Text Block] | Acquisition s On December 23, 2008, 100% $2,695,234 $195,234. On December 31, 2008, 15 $250,000 6% On August 31, 2009, two On December 28, 2011, 100% $13,855,129. On April 28, 2015, $3,644,839 $3,055,916 $588,923. On April 3, 2018, 100% 2019. $250,000. Effective January 1, 2020, 100% 168,866 $1,746,240. $1,746,240 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 X. not The results of operations for the three March 31, 2020 not December 31, 2020 not 10 December 31, 2019. As a result of Coronavirus Disease 2019, March 11, 2020, |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made in the prior year and prior quarter financial statements to conform to current year and current quarter classifications. These reclassifications had no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may may |
Common Stock Policy [Policy Text Block] | Common Stock Common stock is fully paid, non-assessable and has a par value of $.01 On October 2, 2019, 1. An amendment and restatement of FTFC’s Certificate of Incorporation to authorize 40,000,000 10,000,000 2. An amendment and restatement of FTFC’s Certificate of Incorporation to automatically reclassify each issued and outstanding share of our existing common stock as one 1 one 1 These proposals received Form A regulatory approval from the OID on February 27, 2020 December 31, 2019. March 12, 2020. March 12, 2020, one one 85% may one .85 100% |
Treasury Stock [Policy Text Block] | Treasury Stock Treasury stock, representing shares of the Company’s common stock that have been reacquired after having been issued and fully paid, is recorded at the reacquisition cost and the shares are no |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Effective April 1, 2020, 0% 90%. Management has evaluated all events subsequent to March 31, 2020 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Leases In February 2016, 2016 02 12 two no not In July 2018, February 2016 ( 2018 11 may Consequently, if this transition method is elected, an entity’s reporting for the comparative periods prior to adoption presented in the financial statements would continue to be in accordance with current lease guidance. The amendments also provide lessors with a practical expedient to combine non-lease components (e.g., a fee for common area maintenance when leasing office space) with the associated lease component rather than accounting for those components separately if certain criteria are met. The updated guidance requires entities to recognize a right-of-use asset and lease liability equal to the present value of lease payments for all leases other than those that are less than one December 15, 2018. In December 2018, 2018 20 not not The Company adopted this guidance in first 2019. 2019 not Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13 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 was effective for reporting periods beginning after December 15, 2019. December 15, 2022. December 15, 2018. not Intangibles - Goodwill and Other In January 2017, 2017 04 2 1 The implied fair value of goodwill is currently determined in Step 2 1 1 1 may not 2 1. The Company adopted this guidance in first 2020. 2020 not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 The updated guidance was effective for reporting periods beginning after December 15, 2020. December 15, 2023. may With respect to the market risk benefits, an insurance entity should apply the amendments retrospectively as of the beginning of the earliest period presented. The Company expects that the impact on the Company’s results of operations, financial position and liquidity at the date of adoption of the updated guidance in 2024 Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, 2018 13 The Company adopted this guidance in first 2020. 2020 not Income Taxes - Simplifying the Accounting for Income Taxes December 2019, 2019 12 March 31, 2021. not |
Supplemental Disclosure - Cas_2
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Reductions in mortgage loans due to foreclosure $ 744,091 $ 99,218 Investment real estate held-for-sale acquired through foreclosure (744,091 ) (99,218 ) Net cash used in investing activities $ - $ - |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | March 31, 2020 Cash used in acquisition of K-TENN Insurance Company $ - Cash provided in acquisition of K-TENN Insurance Company 1,110,299 Increase in cash from acquisition of K-TENN Insurance Company 1,110,299 Fair value of assets acquired in acquisition of K-TENN Insurance Company (excluding cash) Available-for-sale fixed maturity securities 800,000 Policy loans 1,045 Accrued investment income 490 Due premiums 3,986 Other assets 461 Total fair value of assets acquired (excluding cash) 805,982 Fair value of liabilities assumed in acquisition of K-TENN Insurance Company Future policy benefits 150,583 Other policy liabilities 9,212 Other liabilities 10,246 Total fair value of liabilities assumed 170,041 Fair value of net assets acquired in acquisition of K-TENN Insurance Company (excluding cash) 635,941 Fair value of net assets acquired in acquisition of K-TENN Insurance Company (including cash) $ 1,746,240 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value March 31, 2020 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 1,679,790 $ 3,497 $ - $ 1,683,287 States and political subdivisions 9,317,430 720,408 - 10,037,838 Residential mortgage-backed securities 18,043 15,291 - 33,334 Corporate bonds 117,044,796 5,155,796 5,415,004 116,785,588 Asset-backed securities 2,082,445 8,330 107,083 1,983,692 Exchange traded securities 500,000 - 200,000 300,000 Foreign bonds 31,473,925 973,199 2,194,449 30,252,675 Certificate of deposits 800,000 - - 800,000 Total fixed maturity securities 162,916,429 6,876,521 7,916,536 161,876,414 Preferred stock 49,945 - 345 49,600 Equity securities Mutual funds 91,981 - 21,713 70,268 Corporate common stock 90,394 4,126 - 94,520 Total equity securities 182,375 4,126 21,713 164,788 Total fixed maturity, preferred stock and equity securities $ 163,148,749 $ 6,880,647 $ 7,938,594 $ 162,090,802 December 31, 2019 Fixed maturity securities U.S. government and U.S. government agencies $ 1,679,731 $ 431 $ 11,129 $ 1,669,033 States and political subdivisions 9,536,120 617,063 2,252 10,150,931 Residential mortgage-backed securities 20,289 22,167 - 42,456 Corporate bonds 121,143,923 9,528,168 144,337 130,527,754 Asset-backed securities 2,116,056 68,395 - 2,184,451 Exchange traded securities 500,000 48,400 - 548,400 Foreign bonds 31,764,329 2,427,523 363,553 33,828,299 Total fixed maturity securities 166,760,448 12,712,147 521,271 178,951,324 Preferred stock 49,945 1,955 - 51,900 Equity securities Mutual funds 91,981 - 2,629 89,352 Corporate common stock 88,213 23,459 - 111,672 Total equity securities 180,194 23,459 2,629 201,024 Total fixed maturity, preferred stock and equity securities $ 166,990,587 $ 12,737,561 $ 523,900 $ 179,204,248 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Unrealized Number of Fair Value Loss Securities March 31, 2020 (Unaudited) Fixed maturity securities Less than 12 months in an unrealized loss position Corporate bonds $ 46,202,498 $ 4,859,166 159 Asset-backed securities 1,270,692 107,083 4 Exchange traded securities 300,000 200,000 2 Foreign bonds 12,033,032 1,393,462 38 Total less than 12 months in an unrealized loss position 59,806,222 6,559,711 203 More than 12 months in an unrealized loss position Corporate bonds 523,430 555,838 5 Foreign bonds 623,575 800,987 4 Total more than 12 months in an unrealized loss position 1,147,005 1,356,825 9 Total fixed maturity securities in an unrealized loss position 60,953,227 7,916,536 212 Preferred stock, less than 12 months in an unrealized loss position 49,600 345 1 Equity securities (mutual funds), less than 12 months in an unrealized loss position 70,268 21,713 1 Total fixed maturity, preferred stock and equity securities in an unrealized loss position $ 61,073,095 $ 7,938,594 $ 214 December 31, 2019 Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 1,097,626 $ 6,841 3 States and political subdivisions 103,007 2,252 1 Corporate bonds 3,049,765 59,915 7 Foreign bonds 345,243 7,857 1 Total less than 12 months in an unrealized loss position 4,595,641 76,865 12 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 445,943 4,288 2 Corporate bonds 1,245,410 84,422 6 Foreign bonds 1,070,459 355,696 4 Total more than 12 months in an unrealized loss position 2,761,812 444,406 12 Total fixed maturity securities in an unrealized loss position 7,357,453 521,271 24 Equity securities (mutual funds), greater than 12 months in an unrealized loss position 89,352 2,629 1 Total fixed maturity, preferred stock and equity securities in an unrealized loss position $ 7,446,805 $ 523,900 $ 25 |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Unaudited) March 31, 2020 December 31, 2019 Unrealized appreciation (depreciation) on available-for-sale securities $ (1,040,360 ) $ 12,192,831 Adjustment to deferred acquisition costs 2,011 (19,844 ) Deferred income taxes 218,053 (2,556,327 ) Net unrealized appreciation (depreciation) on available-for-sale securities $ (820,296 ) $ 9,616,660 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended March 31, (Unaudited) Fixed Maturity Securities 2020 2019 Proceeds $ 5,550,987 $ 3,399,846 Gross realized gains 65,309 44,555 Gross realized losses (3,390 ) (4,480 ) |
Investment Income [Table Text Block] | Three Months Ended March 31, (Unaudited) 2020 2019 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ (13,230,891 ) $ 5,077,355 Preferred stock (2,300 ) 9,820 Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 61,919 40,075 Equity securities, changes in fair value (38,417 ) 13,645 Three Months Ended March 31, (Unaudited) 2020 2019 Fixed maturity securities $ 1,838,382 $ 1,529,476 Preferred stock and equity securities 32,323 34,218 Other long-term investments 1,347,138 1,150,757 Mortgage loans 3,570,405 3,182,848 Policy loans 37,707 32,273 Real estate 68,682 64,296 Short-term and other investments 24,537 244,840 Gross investment income 6,919,174 6,238,708 Investment expenses (649,331 ) (665,252 ) Net investment income $ 6,269,843 $ 5,573,456 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Unaudited) March 31, 2020 December 31, 2019 Residential mortgage loans $ 153,328,603 $ 150,002,865 Commercial mortgage loans by property type Apartment 964,351 1,604,934 Industrial 1,605,214 1,619,250 Lodging 729,042 729,603 Office building 4,322,652 3,676,396 Retail 5,931,670 4,771,592 Total commercial mortgage loans by property type 13,552,929 12,401,775 Total mortgage loans $ 166,881,532 $ 162,404,640 |
Schedule of Real Estate Properties [Table Text Block] | (Unaudited) March 31, 2020 December 31, 2019 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 (1,522,531 ) (1,486,159 ) Buildings net of accumulated depreciation 745,026 781,398 Residential real estate - held for sale 956,137 212,046 Total residential real estate 956,137 212,046 Investment real estate, net of accumulated depreciation $ 2,659,478 $ 1,951,759 |
Available For Sale Fixed Maturity Securities [Member] | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2020 (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 $ 2,664,450 $ 2,655,860 $ 11,233,730 $ 11,466,462 Due after one year through five years 26,292,616 24,761,240 35,104,570 39,433,436 Due after five years through ten years 55,372,399 54,289,104 19,387,198 25,495,424 Due after ten years 78,568,921 80,136,876 7,420,607 13,500,163 Due at multiple maturity dates 18,043 33,334 - - $ 162,916,429 $ 161,876,414 $ 73,146,105 $ 89,895,485 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total March 31, 2020 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 1,683,287 $ - $ 1,683,287 States and political subdivisions - 10,037,838 - 10,037,838 Residential mortgage-backed securities - 33,334 - 33,334 Corporate bonds - 116,785,588 - 116,785,588 Asset-backed securities - 1,983,692 - 1,983,692 Exchange traded securities - 300,000 - 300,000 Foreign bonds - 30,252,675 - 30,252,675 Certificate of deposits - 800,000 - 800,000 Total fixed maturity securities $ - $ 161,876,414 $ - $ 161,876,414 Preferred stock, available-for-sale $ 49,600 $ - $ - $ 49,600 Equity securities Mutual funds $ - $ 70,268 $ - $ 70,268 Corporate common stock 28,232 - 66,288 94,520 Total equity securities $ 28,232 $ 70,268 $ 66,288 $ 164,788 December 31, 2019 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 1,669,033 $ - $ 1,669,033 States and political subdivisions - 10,150,931 - 10,150,931 Residential mortgage-backed securities - 42,456 - 42,456 Corporate bonds - 130,527,754 - 130,527,754 Asset-backed securities - 2,184,451 - 2,184,451 Exchange traded securities - 548,400 - 548,400 Foreign bonds - 33,828,299 - 33,828,299 Total fixed maturity securities $ - $ 178,951,324 $ - $ 178,951,324 Preferred stock, available-for-sale $ 51,900 $ - $ - $ 51,900 Equity securities Mutual funds $ - $ 89,352 $ - $ 89,352 Corporate common stock 47,565 - 64,107 111,672 Total equity securities $ 47,565 $ 89,352 $ 64,107 $ 201,024 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Unaudited Three Months Ended March 31, 2020 2019 Beginning balance $ 64,107 $ 64,036 Joint venture net income 29,220 27,784 Joint venture distribution (27,039 ) (23,824 ) Ending balance $ 66,288 $ 67,996 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Amount Value Level 1 Level 2 Level 3 March 31, 2020 (Unaudited) Financial assets Mortgage loans on real estate Commercial $ 13,552,929 $ 13,043,147 $ - $ - $ 13,043,147 Residential 153,328,603 166,202,080 - - 166,202,080 Policy loans 2,087,602 2,087,602 - - 2,087,602 Short-term investments 1,832,872 1,832,872 1,832,872 - - Other long-term investments 73,146,105 89,895,485 - - 89,895,485 Cash and cash equivalents 16,728,153 16,728,153 16,728,153 - - Accrued investment income 5,348,548 5,348,548 - - 5,348,548 Total financial assets $ 266,024,812 $ 295,137,887 $ 18,561,025 $ - $ 276,576,862 Financial liabilities Policyholders' account balances $ 362,198,197 $ 383,873,719 $ - $ - $ 383,873,719 Policy claims 1,139,262 1,139,262 - - 1,139,262 Total financial liabilities $ 363,337,459 $ 385,012,981 $ - $ - $ 385,012,981 December 31, 2019 Financial assets Mortgage loans on real estate Commercial $ 12,401,775 $ 12,280,704 $ - $ - $ 12,280,704 Residential 150,002,865 152,443,349 - - 152,443,349 Policy loans 2,026,301 2,026,301 - - 2,026,301 Short-term investments 1,831,087 1,831,087 1,831,087 - - Other long-term investments 71,824,480 88,235,019 - - 88,235,019 Cash and cash equivalents 23,212,170 23,212,170 23,212,170 - - Accrued investment income 5,207,823 5,207,823 - - 5,207,823 Total financial assets $ 266,506,501 $ 285,236,453 $ 25,043,257 $ - $ 260,193,196 Financial liabilities Policyholders' account balances $ 363,083,838 $ 355,557,123 $ - $ - $ 355,557,123 Policy claims 1,399,393 1,399,393 - - 1,399,393 Total financial liabilities $ 364,483,231 $ 356,956,516 $ - $ - $ 356,956,516 |
Note 4 - Segment Data (Tables)
Note 4 - Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, (Unaudited) 2020 2019 Revenues: Life insurance operations $ 7,325,468 $ 6,471,048 Annuity operations 5,220,251 4,970,032 Corporate operations 137,787 183,620 Total $ 12,683,506 $ 11,624,700 Income before income taxes: Life insurance operations $ 64,404 $ 197,559 Annuity operations 911,918 1,502,612 Corporate operations 40,062 101,921 Total $ 1,016,384 $ 1,802,092 Depreciation and amortization expense: Life insurance operations $ 1,032,387 $ 830,461 Annuity operations 302,350 59,164 Total $ 1,334,737 $ 889,625 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (Unaudited) March 31, 2020 December 31, 2019 Assets: Life insurance operations $ 100,203,463 $ 99,612,420 Annuity operations 487,458,536 500,738,949 Corporate operations 3,869,598 4,585,005 Total $ 591,531,597 $ 604,936,374 |
Note 7 - Other Comprehensive _2
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2020 and 2019 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of January 1, 2020 $ 9,632,323 $ (15,663 ) $ 9,616,660 Other comprehensive loss before reclassifications, net of tax (10,405,305 ) 17,265 (10,388,040 ) Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax 48,916 - 48,916 Other comprehensive loss (10,454,221 ) 17,265 (10,436,956 ) Balance as of March 31, 2020 $ (821,898 ) $ 1,602 $ (820,296 ) Balance as of January 1, 2019 $ (2,584,643 ) $ 8,012 $ (2,576,631 ) Other comprehensive income before reclassifications, net of tax 4,050,528 (9,874 ) 4,040,654 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 31,660 - 31,660 Other comprehensive income 4,018,868 (9,874 ) 4,008,994 Balance as of March 31, 2019 $ 1,434,225 $ (1,862 ) $ 1,432,363 |
Comprehensive Income (Loss) [Table Text Block] | Income Tax Pretax Expense (Benefit) Net of Tax Three Months Ended March 31, 2020 (Unaudited) Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (13,171,272 ) $ (2,765,967 ) $ (10,405,305 ) Reclassification adjustment for net gains included in operations having no credit losses 61,919 13,003 48,916 Net unrealized losses on investments (13,233,191 ) (2,778,970 ) (10,454,221 ) Adjustment to deferred acquisition costs 21,855 4,590 17,265 Total other comprehensive loss $ (13,211,336 ) $ (2,774,380 ) $ (10,436,956 ) Three Months Ended March 31, 2019 (Unaudited) Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 5,127,250 $ 1,076,722 $ 4,050,528 Reclassification adjustment for net gains included in operations having no credit losses 40,075 8,415 31,660 Net unrealized gains on investments 5,087,175 1,068,307 4,018,868 Adjustment to deferred acquisition costs (12,497 ) (2,623 ) (9,874 ) Total other comprehensive income $ 5,074,678 $ 1,065,684 $ 4,008,994 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, (Unaudited) Reclassification Adjustments 2020 2019 Unrealized gains (losses) on available-for-sale securities having no credit losses: Realized gains on sales of securities (a) $ 61,919 $ 40,075 Income tax expense (b) 13,003 8,415 Total reclassification adjustments $ 48,916 $ 31,660 |
Note 8 - Allowance for Loan L_2
Note 8 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | As of and for the Three Months Ended March 31, (Unaudited) Residential Mortgage Loans Commercial Mortgage Loans Total 2020 2019 2020 2019 2020 2019 Allowance, beginning $ 443,057 $ 374,209 $ 62,321 $ 49,957 $ 505,378 $ 424,166 Charge offs - - - - - - Recoveries - - - - - - Provision (7,644 ) 31,339 5,784 1,878 (1,860 ) 33,217 Allowance, ending $ 435,413 $ 405,548 $ 68,105 $ 51,835 $ 503,518 $ 457,383 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 435,413 $ 405,548 $ 68,105 $ 51,835 $ 503,518 $ 457,383 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 86,718,925 $ 81,739,302 $ 13,552,929 $ 10,315,019 $ 100,271,854 $ 92,054,321 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Over 70% to 80% $ 45,759,251 $ 42,607,615 $ 273,446 $ 274,954 $ 46,032,697 $ 42,882,569 Over 60% to 70% 50,222,292 50,158,843 1,789,787 2,320,734 52,012,079 52,479,577 Over 50% to 60% 28,572,276 28,939,576 2,159,117 1,318,536 30,731,393 30,258,112 Over 40% to 50% 13,369,016 13,160,306 2,122,389 2,142,354 15,491,405 15,302,660 Over 30% to 40% 8,711,066 8,023,690 1,166,313 1,800,952 9,877,379 9,824,642 Over 20% to 30% 3,076,206 3,806,361 2,694,374 1,235,799 5,770,580 5,042,160 Over 10% to 20% 2,711,189 2,677,037 3,297,865 3,308,446 6,009,054 5,985,483 10% or less 907,307 629,437 49,638 - 956,945 629,437 Total $ 153,328,603 $ 150,002,865 $ 13,552,929 $ 12,401,775 $ 166,881,532 $ 162,404,640 |
Supplemental Disclosure - Cas_3
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 744,091 | $ 99,218 | |
K-TENN Insurance Company ("K-TENN") [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 1,916,281 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 170,041 | $ 170,041 | |
Residential Mortgage [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 744,091 | $ 99,218 |
Supplemental Disclosure - Cas_4
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities - Supplement Disclosures to Consolidated Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reductions in mortgage loans due to foreclosure | $ 744,091 | $ 99,218 |
Investment real estate held-for-sale acquired through foreclosure | (744,091) | (99,218) |
Net cash used in investing activities |
Supplemental Disclosure - Cas_5
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities - Acquisition (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | |
Cash provided in acquisition of K-TENN Insurance Company | $ 1,110,299 | ||
K-TENN Insurance Company ("K-TENN") [Member] | |||
Cash used in acquisition of K-TENN Insurance Company | |||
Cash provided in acquisition of K-TENN Insurance Company | 1,110,299 | ||
Increase in cash from acquisition of K-TENN Insurance Company | 1,110,299 | ||
Available-for-sale fixed maturity securities | 800,000 | ||
Policy loans | 1,045 | ||
Accrued investment income | 490 | ||
Due premiums | 3,986 | ||
Other assets | 461 | ||
Total fair value of assets acquired (excluding cash) | 805,982 | ||
Future policy benefits | 150,583 | ||
Other policy liabilities | 9,212 | ||
Other liabilities | 10,246 | ||
Total fair value of liabilities assumed | 170,041 | $ 170,041 | |
Fair value of net assets acquired in acquisition of K-TENN Insurance Company (excluding cash) | 635,941 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 1,746,240 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Apr. 03, 2018USD ($) | Apr. 28, 2015USD ($) | Dec. 28, 2011USD ($) | Dec. 31, 2008USD ($) | Dec. 23, 2008USD ($) | Mar. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2004USD ($) | Dec. 31, 2012shares | Dec. 31, 2015USD ($)shares | Mar. 08, 2013USD ($) | Mar. 08, 2013USD ($)shares | Apr. 01, 2020 | Mar. 12, 2020shares | Dec. 31, 2019$ / sharesshares | Aug. 31, 2009 |
Proceeds from Issuance of Private Placement | $ 1,450,000 | ||||||||||||||
Number Of Private Placements | 2 | 1 | |||||||||||||
Proceeds from Issuance Initial Public Offering | $ 25,669,480 | ||||||||||||||
Number of Public Offerings | 2 | ||||||||||||||
Common Stock Dividends, Shares (in shares) | shares | 702,685 | ||||||||||||||
Number of Stock Dividends | 2 | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 247,580 | ||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 893,947 | ||||||||||||||
Number of Subsidiaries Merged | 2 | ||||||||||||||
Asset Acquired Under Assumption Reinsurance Agreement | $ 3,644,839 | ||||||||||||||
Liabilities Assumed Under Reinsurance Assumption Agreement | 3,055,916 | ||||||||||||||
Gain on Reinsurance Assumption | $ 588,923 | ||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
Conversion Rate of Common Class B into Class A (in shares) | shares | 0.85 | ||||||||||||||
Common Class A [Member] | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||
Common Stock, Shares Authorized (in shares) | shares | 40,000,000 | 40,000,000 | 20,000,000 | ||||||||||||
Percent of Dividends | 100.00% | ||||||||||||||
Common Class B [Member] | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
Common Stock, Shares Authorized (in shares) | shares | 10,000,000 | 10,000,000 | |||||||||||||
Percent of Dividends | 85.00% | ||||||||||||||
Office Furniture, Equipment and Software [Member] | Maximum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||||||||||
Trinity American, Inc. ("TAI") [Member] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
Business Combination, Consideration Transferred, Total | $ 250,000 | ||||||||||||||
K-TENN Insurance Company ("K-TENN") [Member] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
Business Combination, Consideration Transferred, Total | $ 1,746,240 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 168,866 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 1,746,240 | ||||||||||||||
Trinity American, Inc. ("TAI") [Member] | |||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | ||||||||||||||
Term Products 10 Year [Member] | |||||||||||||||
Term Products Number of Years (Year) | 10 years | ||||||||||||||
Term Products 15 Year [Member] | |||||||||||||||
Term Products Number of Years (Year) | 15 years | ||||||||||||||
Term Products 20 Year [Member] | |||||||||||||||
Term Products Number of Years (Year) | 20 years | ||||||||||||||
Term Products 30 Year [Member] | |||||||||||||||
Term Products Number of Years (Year) | 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 (Year) | 15 years | ||||||||||||||
Debt Instrument, Face Amount | $ 250,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||||||
Trinity Life Insurance Company [Member] | |||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | ||||||||||||||
Family Benefit Life Insurance Company [Member] | Trinity Life Insurance Company [Member] | |||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | ||||||||||||||
First Trinity Capital Corporation [Member] | |||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100.00% | ||||||||||||||
First Trinity Capital Corporation [Member] | First Life America Corporation [Member | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 7,347,488 | ||||||||||||||
Payments of Stock Issuance Costs | $ 3,624,518 | ||||||||||||||
Offshore Annuity and Life Insurance Company [Member] | |||||||||||||||
Reinsurance Agreement, Percent Ceded | 90.00% | ||||||||||||||
Offshore Annuity and Life Insurance Company [Member] | Subsequent Event [Member] | |||||||||||||||
Reinsurance Agreement, Percent Ceded | 0.00% |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)ft²a | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | $ 0 | $ 0 | |
Deposit Assets, Total | 4,798,357 | 4,434,662 | |
Other Assets, Fair Value Disclosure | $ 4,844,525 | $ 4,468,783 | |
Number Of Loans Past Due | 35 | 23 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 5,727,927 | $ 4,427,317 | |
Past Due Loans, Term Past Due (Day) | 90 days | 90 days | |
Number of Mortgage Loans in Default | 0 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 1,691,980 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 744,091 | $ 99,218 | |
Residential Mortgage [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 744,091 | $ 99,218 | |
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | |||
Area of Land (Acre) | a | 6.5 | ||
Topeka Kansas [Member] | Trinity Life Insurance Company [Member] | Held for the Production of Income [Member] | Office Building [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 20,000 | ||
Jefferson City Missouri [Member] | FBLIC [Member] | Assets Held-for-sale not Part of a Disposal Group [Member] | |||
Area of Land (Acre) | a | 0.5 | ||
Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 212 | 24 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 7,916,536 | $ 521,271 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 60,953,227 | 7,357,453 | |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 68,869,763 | $ 7,878,724 | |
Fair Value to Cost Ratio | 89.00% | 93.00% | |
Fixed Maturity Securities, Investment Grade Percentage | 97.00% | 97.00% | |
Equity Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 21,713 | $ 2,629 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 70,268 | 89,352 | |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 91,981 | $ 91,981 | |
Fair Value to Cost Ratio | 76.00% | 97.00% | |
Preferred Stock [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 345 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 49,600 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 49,945 | ||
Fair Value to Cost Ratio | 99.00% | ||
Lottery Prize Cash Flows [Member] | |||
Other Investments, Total | $ 73,146,105 | $ 71,824,480 |
Note 2 - Investments - Availabl
Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, amortized cost or cost | $ 163,148,749 | $ 166,990,587 |
Debt and Equity Securities, gross unrealized gains | 6,880,647 | 12,737,561 |
Debt and Equity Securities, gross unrealized losses | 7,938,594 | 523,900 |
Debt and Equity Securities, fair value | 162,090,802 | 179,204,248 |
US Treasury and Government [Member] | ||
Available-for-sale securities at cost | 1,679,790 | 1,679,731 |
Securities, gross unrealized gains | 3,497 | 431 |
Securities, gross unrealized losses | 11,129 | |
Fixed maturity available-for-sale securities - fair value | 1,683,287 | 1,669,033 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities at cost | 9,317,430 | 9,536,120 |
Securities, gross unrealized gains | 720,408 | 617,063 |
Securities, gross unrealized losses | 2,252 | |
Fixed maturity available-for-sale securities - fair value | 10,037,838 | 10,150,931 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities at cost | 18,043 | 20,289 |
Securities, gross unrealized gains | 15,291 | 22,167 |
Securities, gross unrealized losses | ||
Fixed maturity available-for-sale securities - fair value | 33,334 | 42,456 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities at cost | 117,044,796 | 121,143,923 |
Securities, gross unrealized gains | 5,155,796 | 9,528,168 |
Securities, gross unrealized losses | 5,415,004 | 144,337 |
Fixed maturity available-for-sale securities - fair value | 116,785,588 | 130,527,754 |
Asset-backed Securities [Member] | ||
Available-for-sale securities at cost | 2,082,445 | 2,116,056 |
Securities, gross unrealized gains | 8,330 | 68,395 |
Securities, gross unrealized losses | 107,083 | |
Fixed maturity available-for-sale securities - fair value | 1,983,692 | 2,184,451 |
Exchange-traded Debt Securities [Member] | ||
Available-for-sale securities at cost | 500,000 | 500,000 |
Securities, gross unrealized gains | 48,400 | |
Securities, gross unrealized losses | 200,000 | |
Fixed maturity available-for-sale securities - fair value | 300,000 | 548,400 |
Debt Security, Government, Non-US [Member] | ||
Available-for-sale securities at cost | 31,473,925 | 31,764,329 |
Securities, gross unrealized gains | 973,199 | 2,427,523 |
Securities, gross unrealized losses | 2,194,449 | 363,553 |
Fixed maturity available-for-sale securities - fair value | 30,252,675 | 33,828,299 |
Certificates of Deposit [Member] | ||
Available-for-sale securities at cost | 800,000 | |
Securities, gross unrealized gains | ||
Securities, gross unrealized losses | ||
Fixed maturity available-for-sale securities - fair value | 800,000 | |
Debt Securities [Member] | ||
Available-for-sale securities at cost | 162,916,429 | 166,760,448 |
Securities, gross unrealized gains | 6,876,521 | 12,712,147 |
Securities, gross unrealized losses | 7,916,536 | 521,271 |
Fixed maturity available-for-sale securities - fair value | 161,876,414 | 178,951,324 |
Preferred Stock [Member] | ||
Available-for-sale securities at cost | 49,945 | 49,945 |
Securities, gross unrealized gains | 1,955 | |
Securities, gross unrealized losses | 345 | |
Fixed maturity available-for-sale securities - fair value | 49,600 | 51,900 |
Mutual Fund [Member] | ||
Equity Securities, cost | 91,981 | 91,981 |
Equity securities, gross unrealized gains | ||
Equity Securities, gross unrealized losses | 21,713 | 2,629 |
Equity securities | 70,268 | 89,352 |
Common Stock [Member] | ||
Equity Securities, cost | 90,394 | 88,213 |
Equity securities, gross unrealized gains | 4,126 | 23,459 |
Equity Securities, gross unrealized losses | ||
Equity securities | 94,520 | 111,672 |
Equity Securities [Member] | ||
Equity Securities, cost | 182,375 | 180,194 |
Equity securities, gross unrealized gains | 4,126 | 23,459 |
Equity Securities, gross unrealized losses | 21,713 | 2,629 |
Equity securities | $ 164,788 | $ 201,024 |
Note 2 - Investments - Securiti
Note 2 - Investments - Securities in an Unrealized Loss Position (Details) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt and equity securities in an unrealized loss position, fair value | $ 61,073,095 | $ 7,446,805 |
Debt and equity securities in an unrealized loss position, unrealized loss | $ 7,938,594 | $ 523,900 |
Debt and equity securities in an unrealized loss position, number | 214 | 25 |
Corporate Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 46,202,498 | $ 3,049,765 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 4,859,166 | $ 59,915 |
Securities in an unrealized loss position, less than twelve months, number | 159 | 7 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 523,430 | $ 1,070,459 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 555,838 | $ 355,696 |
Securities in an unrealized loss position, more than twelve months, number | 5 | 4 |
Asset-backed Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 1,270,692 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 107,083 | |
Securities in an unrealized loss position, less than twelve months, number | 4 | |
Exchange-traded Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 300,000 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 200,000 | |
Securities in an unrealized loss position, less than twelve months, number | 2 | |
Debt Security, Government, Non-US [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 12,033,032 | $ 345,243 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 1,393,462 | $ 7,857 |
Securities in an unrealized loss position, less than twelve months, number | 38 | 1 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 623,575 | $ 2,761,812 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 800,987 | $ 444,406 |
Securities in an unrealized loss position, more than twelve months, number | 4 | 12 |
Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 59,806,222 | $ 4,595,641 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 6,559,711 | $ 76,865 |
Securities in an unrealized loss position, less than twelve months, number | 203 | 12 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,147,005 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 1,356,825 | |
Securities in an unrealized loss position, more than twelve months, number | 9 | |
Securities in an unrealized loss position, fair value | $ 60,953,227 | $ 7,357,453 |
Securities in an unrealized loss position, unrealized loss | $ 7,916,536 | $ 521,271 |
Securities in an unrealized loss position, number | 212 | 24 |
Preferred Stock [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 49,600 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 345 | |
Securities in an unrealized loss position, less than twelve months, number | 1 | |
Equity Securities [Member] | ||
Equity securities in an unrealized loss position, less than twelve months, fair value | $ 70,268 | |
Equity securities in an unrealized loss position, less than twelve months, unrealized loss | $ 21,713 | |
Equity securities in an unrealized loss position, less than twelve months, number | 1 | |
Equity securities in an unrealized loss position, more than twelve months, fair value | $ 89,352 | |
Equity securities in an unrealized loss position, more than twelve months, unrealized loss | $ 2,629 | |
Equity securities in an unrealized loss position, more than twelve months, number | 1 | |
US Treasury and Government [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 1,097,626 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 6,841 | |
Securities in an unrealized loss position, less than twelve months, number | 3 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 445,943 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 4,288 | |
Securities in an unrealized loss position, more than twelve months, number | 2 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 103,007 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 2,252 | |
Securities in an unrealized loss position, less than twelve months, number | 1 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,245,410 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 84,422 | |
Securities in an unrealized loss position, more than twelve months, number | 6 |
Note 2 - Investments - Net Unre
Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Unrealized appreciation (depreciation) on available-for-sale securities | $ (1,040,360) | $ 12,192,831 |
Adjustment to deferred acquisition costs | 2,011 | (19,844) |
Deferred income taxes | 218,053 | (2,556,327) |
Net unrealized appreciation (depreciation) on available-for-sale securities | $ (820,296) | $ 9,616,660 |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) | Mar. 31, 2020USD ($) |
Fixed Maturities [Member] | |
Due in one year or less - amortized cost | $ 2,664,450 |
Due in one year or less - fair value | 2,655,860 |
Due in one year through five years - amortized cost | 26,292,616 |
Due after one year through five years | 24,761,240 |
Due after five years through ten years - amortized cost | 55,372,399 |
Due after five years through ten years - fair value | 54,289,104 |
Due after ten years - amortized cost | 78,568,921 |
Due after ten years - fair value | 80,136,876 |
Due at multiple maturity dates - amortized cost | 18,043 |
Due at multiple maturity dates - fair value | 33,334 |
Fixed maturity available-for-sale securities - amortized cost | 162,916,429 |
Fixed maturity available-for-sale securities - fair value | 161,876,414 |
Other Long-term Investments [Member] | |
Due in one year or less - amortized cost | 11,233,730 |
Due in one year or less - fair value | 11,466,462 |
Due in one year through five years - amortized cost | 35,104,570 |
Due after one year through five years | 39,433,436 |
Due after five years through ten years - amortized cost | 19,387,198 |
Due after five years through ten years - fair value | 25,495,424 |
Due after ten years - amortized cost | 7,420,607 |
Due after ten years - fair value | 13,500,163 |
Due at multiple maturity dates - amortized cost | |
Due at multiple maturity dates - fair value | |
Fixed maturity available-for-sale securities - amortized cost | 73,146,105 |
Fixed maturity available-for-sale securities - fair value | $ 89,895,485 |
Note 2 - Investments - Proceeds
Note 2 - Investments - Proceeds and Gross Realized Gains (Losses) (Details) - Fixed Maturities [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Proceeds from sale, maturity, or collection of investments | $ 5,550,987 | $ 3,399,846 |
Gross realized gains on sale of investments | 65,309 | 44,555 |
Gross realized losses on sale of investments | $ (3,390) | $ (4,480) |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Change in unrealized investment gains (losses) | $ (10,454,221) | $ 4,018,868 |
Gross Investment income | 6,919,174 | 6,238,708 |
Investment expenses | (649,331) | (665,252) |
Net investment income | 6,269,843 | 5,573,456 |
Fixed Maturities [Member] | ||
Change in unrealized investment gains (losses) | (13,230,891) | 5,077,355 |
Net realized investment gains (losses) | 61,919 | 40,075 |
Gross Investment income | 1,838,382 | 1,529,476 |
Equity Securities [Member] | ||
Equity securities, changes in fair value | (38,417) | 13,645 |
Gross Investment income | 32,323 | 34,218 |
Other Long-term Investments [Member] | ||
Gross Investment income | 1,347,138 | 1,150,757 |
Preferred Stock [Member] | ||
Change in unrealized investment gains (losses) | (2,300) | 9,820 |
Mortgages [Member] | ||
Gross Investment income | 3,570,405 | 3,182,848 |
Policy Loans [Member] | ||
Gross Investment income | 37,707 | 32,273 |
Real Estate Investment [Member] | ||
Gross Investment income | 68,682 | 64,296 |
Short-term Investments [Member] | ||
Gross Investment income | $ 24,537 | $ 244,840 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 166,881,532 | $ 162,404,640 |
Residential Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 153,328,603 | 150,002,865 |
Commercial Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 13,552,929 | 12,401,775 |
Commercial Portfolio Segment [Member] | Industrial Property [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 1,605,214 | 1,619,250 |
Commercial Portfolio Segment [Member] | Apartment Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 964,351 | 1,604,934 |
Commercial Portfolio Segment [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 729,042 | 729,603 |
Commercial Portfolio Segment [Member] | Office Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 4,322,652 | 3,676,396 |
Commercial Portfolio Segment [Member] | Retail Site [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 5,931,670 | $ 4,771,592 |
Note 2 - Investments - Investme
Note 2 - Investments - Investment Real Estate (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Investment real estate, net | $ 2,659,478 | $ 1,951,759 |
Land Held for the Production of Income [Member] | ||
Investment real estate | 213,160 | 213,160 |
Land Held for Sale [Member] | ||
Investment real estate | 745,155 | 745,155 |
Land [Member] | ||
Investment real estate | 958,315 | 958,315 |
Building Held for the Production of Income [Member] | ||
Investment real estate | 2,267,557 | 2,267,557 |
Less - accumulated depreciation | (1,522,531) | (1,486,159) |
Investment real estate, net | 745,026 | 781,398 |
Residential Real Estate - Held for Sale [Member] | ||
Investment real estate | $ 956,137 | $ 212,046 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) | Mar. 31, 2020 | Dec. 31, 2019 |
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Recurring [Member] | ||
Equity securities | $ 164,788 | $ 201,024 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 28,232 | 47,565 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 70,268 | 89,352 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 66,288 | 64,107 |
US Treasury and Government [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,683,287 | 1,669,033 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,683,287 | 1,669,033 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,683,287 | 1,669,033 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 10,037,838 | 10,150,931 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 10,037,838 | 10,150,931 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 10,037,838 | 10,150,931 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Residential Mortgage Backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 33,334 | 42,456 |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 33,334 | 42,456 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 33,334 | 42,456 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Corporate Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 116,785,588 | 130,527,754 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 116,785,588 | 130,527,754 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 116,785,588 | 130,527,754 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Asset-backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,983,692 | 2,184,451 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,983,692 | 2,184,451 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,983,692 | 2,184,451 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Exchange-traded Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 300,000 | 548,400 |
Exchange-traded Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 300,000 | 548,400 |
Exchange-traded Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Exchange-traded Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 300,000 | 548,400 |
Exchange-traded Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Debt Security, Government, Non-US [Member] | ||
Fixed maturity available-for-sale securities - fair value | 30,252,675 | 33,828,299 |
Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 30,252,675 | 33,828,299 |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 30,252,675 | 33,828,299 |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Certificates of Deposit [Member] | ||
Fixed maturity available-for-sale securities - fair value | 800,000 | |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 800,000 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 800,000 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 161,876,414 | 178,951,324 |
Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 161,876,414 | 178,951,324 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 161,876,414 | 178,951,324 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Preferred Stock [Member] | ||
Fixed maturity available-for-sale securities - fair value | 49,600 | 51,900 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 49,600 | 51,900 |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 49,600 | 51,900 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Mutual Fund [Member] | ||
Equity securities | 70,268 | 89,352 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 70,268 | 89,352 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 70,268 | 89,352 |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | ||
Common Stock [Member] | ||
Equity securities | 94,520 | 111,672 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 94,520 | 111,672 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 28,232 | 47,565 |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | ||
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | $ 66,288 | $ 64,107 |
Note 3 - Fair Value Measureme_5
Note 3 - Fair Value Measurements - Change in Fair Value of Available-for-sale Equity Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Beginning balance | $ 64,107 | $ 64,036 |
Joint venture net income | 29,220 | 27,784 |
Joint venture distribution | (27,039) | (23,824) |
Ending balance | $ 66,288 | $ 67,996 |
Note 3 - Fair Value Measureme_6
Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Policy loans | $ 2,087,602 | $ 2,026,301 |
Accrued investment income | 5,348,548 | 5,207,823 |
Policy claims | 1,139,262 | 1,399,393 |
Reported Value Measurement [Member] | ||
Policy loans | 2,087,602 | 2,026,301 |
Short-term investments | 1,832,872 | 1,831,087 |
Other long-term investments | 73,146,105 | 71,824,480 |
Cash and cash equivalents | 16,728,153 | 23,212,170 |
Accrued investment income | 5,348,548 | 5,207,823 |
Total financial assets | 266,024,812 | 266,506,501 |
Policyholders' account balances | 362,198,197 | 363,083,838 |
Policy claims | 1,139,262 | 1,399,393 |
Total financial liabilities | 363,337,459 | 364,483,231 |
Reported Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 13,552,929 | 12,401,775 |
Reported Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 153,328,603 | 150,002,865 |
Estimate of Fair Value Measurement [Member] | ||
Policy loans | 2,087,602 | 2,026,301 |
Short-term investments | 1,832,872 | 1,831,087 |
Other long-term investments | 89,895,485 | 88,235,019 |
Cash and cash equivalents | 16,728,153 | 23,212,170 |
Accrued investment income | 5,348,548 | 5,207,823 |
Total financial assets | 295,137,887 | 285,236,453 |
Policyholders' account balances | 383,873,719 | 355,557,123 |
Policy claims | 1,139,262 | 1,399,393 |
Total financial liabilities | 385,012,981 | 356,956,516 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Policy loans | ||
Short-term investments | 1,832,872 | 1,831,087 |
Other long-term investments | ||
Cash and cash equivalents | 16,728,153 | 23,212,170 |
Accrued investment income | ||
Total financial assets | 18,561,025 | 25,043,257 |
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 | 2,087,602 | 2,026,301 |
Short-term investments | ||
Other long-term investments | 89,895,485 | 88,235,019 |
Cash and cash equivalents | ||
Accrued investment income | 5,348,548 | 5,207,823 |
Total financial assets | 276,576,862 | 260,193,196 |
Policyholders' account balances | 383,873,719 | 355,557,123 |
Policy claims | 1,139,262 | 1,399,393 |
Total financial liabilities | 385,012,981 | 356,956,516 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 13,043,147 | 12,280,704 |
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 | 13,043,147 | 12,280,704 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 166,202,080 | 152,443,349 |
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 | $ 166,202,080 | $ 152,443,349 |
Note 4 - Segment Data - Segment
Note 4 - Segment Data - Segment Data - Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total revenue | $ 12,683,506 | $ 11,624,700 |
Income before income taxes | 1,016,384 | 1,802,092 |
Depreciation and amortization expense | 1,334,737 | 889,625 |
Life Insurance Operations [Member] | ||
Total revenue | 7,325,468 | 6,471,048 |
Income before income taxes | 64,404 | 197,559 |
Depreciation and amortization expense | 1,032,387 | 830,461 |
Annuity Operations [Member] | ||
Total revenue | 5,220,251 | 4,970,032 |
Income before income taxes | 911,918 | 1,502,612 |
Depreciation and amortization expense | 302,350 | 59,164 |
Corporate Segment [Member] | ||
Total revenue | 137,787 | 183,620 |
Income before income taxes | $ 40,062 | $ 101,921 |
Note 4 - Segment Data - Assets
Note 4 - Segment Data - Assets (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Total assets | $ 591,531,597 | $ 604,936,374 |
Life Insurance Operations [Member] | ||
Total assets | 100,203,463 | 99,612,420 |
Annuity Operations [Member] | ||
Total assets | 487,458,536 | 500,738,949 |
Corporate Segment [Member] | ||
Total assets | $ 3,869,598 | $ 4,585,005 |
Note 5 - Federal Income Taxes (
Note 5 - Federal Income Taxes (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Domestic Tax Authority [Member] | |
Open Tax Year | 2016 2017 2018 2019 |
Note 6 - Legal Matters and Co_2
Note 6 - Legal Matters and Contingent Liabilities (Details Textual) - Case No. CJ-2013-03385 [Member] - Mr. Pettigrew [Member] | Feb. 17, 2017USD ($) |
First Trinity Financial Corporation [Member] | |
Loss Contingency, Damages Awarded, Value | $ 800,000 |
Mr. Zahn [Member] | |
Loss Contingency, Damages Awarded, Value | $ 3,500,000 |
Note 7 - Other Comprehensive _3
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 57,418,262 | $ 39,125,251 |
Total other comprehensive income (loss) | (10,436,956) | 4,008,994 |
Balance | 49,516,802 | 44,556,441 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | 9,632,323 | (2,584,643) |
Other comprehensive loss before reclassifications, net of tax | (10,405,305) | 4,050,528 |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | 48,916 | 31,660 |
Total other comprehensive income (loss) | (10,454,221) | 4,018,868 |
Balance | (821,898) | 1,434,225 |
Adjustment to Deferred Acquisition Costs [Member] | ||
Balance | (15,663) | 8,012 |
Other comprehensive loss before reclassifications, net of tax | 17,265 | (9,874) |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | ||
Total other comprehensive income (loss) | 17,265 | (9,874) |
Balance | 1,602 | (1,862) |
AOCI Attributable to Parent [Member] | ||
Balance | 9,616,660 | (2,576,631) |
Other comprehensive loss before reclassifications, net of tax | (10,388,040) | 4,040,654 |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | 48,916 | 31,660 |
Total other comprehensive income (loss) | (10,436,956) | 4,008,994 |
Balance | $ (820,296) | $ 1,432,363 |
Note 7 - Other Comprehensive _4
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Unrealized holding gains (losses) arising during the period, pretax | $ (13,171,272) | $ 5,127,250 | |
Unrealized holding losses arising during the period, income tax expense (benefit) | (2,765,967) | 1,076,722 | |
Unrealized holding losses arising during the period, net of tax | (10,405,305) | 4,050,528 | |
Realized gains (losses) on sales of securities | [1] | 61,919 | 40,075 |
Income tax expense (benefit) | [2] | 13,003 | 8,415 |
Reclassification adjustment for net gains included in operations having no credit losses, net of tax | 48,916 | 31,660 | |
Net unrealized losses on investments, pretax | (13,233,191) | 5,087,175 | |
Net unrealized losses on investments, income tax expense (benefit) | (2,778,970) | 1,068,307 | |
Net unrealized losses on investments, net of tax | (10,454,221) | 4,018,868 | |
Adjustment to deferred acquisition costs, pretax | 21,855 | (12,497) | |
Adjustment to deferred acquisition costs, income tax expense (benefit) | 4,590 | (2,623) | |
Adjustment to deferred acquisition costs, net of tax | 17,265 | (9,874) | |
Total other comprehensive loss, pretax | (13,211,336) | 5,074,678 | |
Total other comprehensive loss, income tax expense (benefit) | (2,774,380) | 1,065,684 | |
Total other comprehensive loss, net of tax | $ (10,436,956) | $ 4,008,994 | |
[1] | These items appear within net realized investment gains in the consolidated statements of operations. | ||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 7 - Other Comprehensive _5
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Reclassified From Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Realized gains (losses) on sales of securities | [1] | $ 61,919 | $ 40,075 |
Income tax expense (benefit) | [2] | 13,003 | 8,415 |
Total reclassification adjustments | $ 48,916 | $ 31,660 | |
[1] | These items appear within net realized investment gains in the consolidated statements of operations. | ||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 8 - Allowance for Loan L_3
Note 8 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 166,881,532 | $ 162,404,640 |
Financing Receivable, Collectively Evaluated for Impairment | 100,271,854 | 100,647,038 |
Independent Mortgage Loan Balances [Member] | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 503,518 | 505,378 |
One Loan Originator and Investments [Member] | Independent Mortgage Loan Balances [Member] | ||
Escrow Deposit | 808,028 | 798,753 |
Escrow Amount Available | 480,196 | 489,965 |
Advances To Loan Originator | 4,717,541 | 4,436,787 |
Residential Real Estate - Held for Sale [Member] | Independent Mortgage Loan Balances [Member] | ||
Escrow Amount Available | 327,832 | 308,788 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 66,609,678 | 61,757,602 |
One Loan Originator [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 66,609,678 | $ 51,127,965 |
Note 8 - Allowance for Loan L_4
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate - Allowance for Loss on Premium Financing (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Provision | $ (1,860) | $ 33,217 | |
Financing Receivable, Collectively Evaluated for Impairment | 100,271,854 | $ 100,647,038 | |
Residential Portfolio Segment [Member] | |||
Allowance, beginning | 443,057 | 374,209 | |
Provision | (7,644) | 31,339 | |
Allowance, ending | 435,413 | 405,548 | |
Collectively evaluated for impairment | 435,413 | 405,548 | |
Financing Receivable, Collectively Evaluated for Impairment | 86,718,925 | 81,739,302 | |
Commercial Portfolio Segment [Member] | |||
Allowance, beginning | 62,321 | 49,957 | |
Provision | 5,784 | 1,878 | |
Allowance, ending | 68,105 | 51,835 | |
Collectively evaluated for impairment | 68,105 | 51,835 | |
Financing Receivable, Collectively Evaluated for Impairment | 13,552,929 | 10,315,019 | |
Premium Finance Loans [Member] | |||
Allowance, beginning | 505,378 | 424,166 | |
Provision | (1,860) | 33,217 | |
Allowance, ending | 503,518 | 457,383 | |
Collectively evaluated for impairment | 503,518 | 457,383 | |
Financing Receivable, Collectively Evaluated for Impairment | $ 100,271,854 | $ 92,054,321 |
Note 8 - Allowance for Loan L_5
Note 8 - Allowance for Loan Losses From Mortgage Loans on Real Estate - Mortgage Loan to Value Ratios (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Mortgage loans on real estate | $ 166,881,532 | $ 162,404,640 |
Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 46,032,697 | 42,882,569 |
Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 52,012,079 | 52,479,577 |
Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 30,731,393 | 30,258,112 |
Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 15,491,405 | 15,302,660 |
Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 9,877,379 | 9,824,642 |
Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 5,770,580 | 5,042,160 |
Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 6,009,054 | 5,985,483 |
Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | 956,945 | 629,437 |
Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 153,328,603 | 150,002,865 |
Residential Portfolio Segment [Member] | Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 45,759,251 | 42,607,615 |
Residential Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 50,222,292 | 50,158,843 |
Residential Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 28,572,276 | 28,939,576 |
Residential Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 13,369,016 | 13,160,306 |
Residential Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 8,711,066 | 8,023,690 |
Residential Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 3,076,206 | 3,806,361 |
Residential Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 2,711,189 | 2,677,037 |
Residential Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | 907,307 | 629,437 |
Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 13,552,929 | 12,401,775 |
Commercial Portfolio Segment [Member] | Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 273,446 | 274,954 |
Commercial Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 1,789,787 | 2,320,734 |
Commercial Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 2,159,117 | 1,318,536 |
Commercial Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 2,122,389 | 2,142,354 |
Commercial Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 1,166,313 | 1,800,952 |
Commercial Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 2,694,374 | 1,235,799 |
Commercial Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 3,297,865 | 3,308,446 |
Commercial Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | $ 49,638 |
Note 9 - Coinsurance (Details T
Note 9 - Coinsurance (Details Textual) | Mar. 31, 2020 | Jan. 01, 2018 |
Percent Ceded | 90.00% | |
Additional Percentage of Assets in Trust above Required Annuity Reserve | 4.00% |
Note 10 - Line of Credit (Detai
Note 10 - Line of Credit (Details Textual) - Line of Credit [Member] - USD ($) $ in Thousands | Nov. 08, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | ||
Long-term Line of Credit, Total | $ 0 | $ 0 | |
Minimum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |