Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 08, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | First Trinity Financial Corp. | ||
Entity Central Index Key | 0001395585 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 0 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Class A Common Stock, $0.01 Par Value Class B Common Stock, $0.01 Par Value | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 8,661,696 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 101,102 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Investments | ||
Mortgage loans on real estate | $ 174,909,062 | $ 162,404,640 |
Investment real estate | 757,936 | 1,951,759 |
Policy loans | 2,108,678 | 2,026,301 |
Short-term investments | 3,309,020 | 1,831,087 |
Other long-term investments | 71,025,133 | 71,824,480 |
Total investments | 422,960,668 | 419,242,515 |
Cash and cash equivalents | 40,230,095 | 23,212,170 |
Accrued investment income | 5,370,508 | 5,207,823 |
Recoverable from reinsurers | 1,234,221 | 1,244,733 |
Assets held in trust under coinsurance agreement | 112,160,307 | 105,089,240 |
Agents' balances and due premiums | 2,154,322 | 1,618,115 |
Deferred policy acquisition costs | 44,513,669 | 38,005,639 |
Value of insurance business acquired | 4,592,977 | 4,891,448 |
Other assets | 10,378,502 | 6,424,691 |
Total assets | 643,595,269 | 604,936,374 |
Policy liabilities | ||
Policyholders' account balances | 362,519,753 | 363,083,838 |
Future policy benefits | 76,673,797 | 65,015,390 |
Policy claims | 2,099,548 | 1,399,393 |
Other policy liabilities | 119,699 | 132,975 |
Total policy liabilities | 441,412,797 | 429,631,596 |
Funds withheld under coinsurance agreement | 112,681,925 | 105,638,974 |
Deferred federal income taxes | 9,220,905 | 6,345,918 |
Other liabilities | 10,427,430 | 5,901,624 |
Total liabilities | 573,743,057 | 547,518,112 |
Shareholders' equity | ||
Additional paid-in capital | 39,078,485 | 28,684,598 |
Treasury stock, at cost (247,580 shares as of December 31, 2020 and 2019) | (893,947) | (893,947) |
Accumulated other comprehensive income | 17,518,858 | 9,616,660 |
Accumulated earnings | 14,058,712 | 19,930,449 |
Total shareholders' equity | 69,852,212 | 57,418,262 |
Total liabilities and shareholders' equity | 643,595,269 | 604,936,374 |
Common Class A [Member] | ||
Shareholders' equity | ||
Common stock | 89,093 | 80,502 |
Common Class B [Member] | ||
Shareholders' equity | ||
Common stock | 1,011 | |
Debt Securities [Member] | ||
Investments | ||
Available-for-sale securities at fair value | 170,647,836 | 178,951,324 |
Preferred Stock [Member] | ||
Investments | ||
Available-for-sale securities at fair value | 51,900 | |
Equity Securities [Member] | ||
Investments | ||
Equity securities at fair value (cost: $183,219 and $180,194 as of December 31, 2020 and 2019, respectively) | $ 203,003 | $ 201,024 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parentheticals) - USD ($) | Dec. 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) | 8,909,276 | 8,050,173 |
Common stock, shares outstanding (in shares) | 8,661,696 | 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) | 101,102 | |
Common stock, shares outstanding (in shares) | 101,102 | |
Debt Securities [Member] | ||
Available-for-sale securities at cost | $ 148,431,010 | $ 166,760,448 |
Preferred Stock [Member] | ||
Available-for-sale securities at cost | 49,945 | |
Equity Securities [Member] | ||
Equity securities, cost | $ 183,219 | $ 180,194 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | ||
Premiums | $ 28,047,507 | $ 23,125,090 |
Net investment income | 24,084,301 | 24,370,040 |
Net realized investment gains | 1,007,268 | 967,978 |
Loss on other-than-temporary impairments | (801,340) | |
Service fees | 264,513 | 1,087,181 |
Other income | 188,756 | 226,406 |
Total revenues | 52,791,005 | 49,776,695 |
Benefits and claims | ||
Increase in future policy benefits | 11,551,696 | 8,769,777 |
Death benefits | 9,469,318 | 6,555,001 |
Surrenders | 1,156,546 | 1,000,447 |
Interest credited to policyholders | 12,276,268 | 11,782,286 |
Dividend, endowment and supplementary life contract benefits | 311,868 | 287,946 |
Total benefits and claims | 34,765,696 | 28,395,457 |
Policy acquisition costs deferred | (11,856,420) | (12,369,350) |
Amortization of deferred policy acquisition costs | 5,327,177 | 4,015,480 |
Amortization of value of insurance business acquired | 298,471 | 294,422 |
Commissions | 11,073,570 | 12,125,929 |
Other underwriting, insurance and acquisition expenses | 9,101,717 | 9,095,141 |
Total expenses | 13,944,515 | 13,161,622 |
Total benefits, claims and expenses | 48,710,211 | 41,557,079 |
Income before total federal income tax expense | 4,080,794 | 8,219,616 |
Current federal income tax expense | 127,701 | 1,388,711 |
Deferred federal income tax expense | 774,403 | 731,185 |
Total federal income tax expense | 902,104 | 2,119,896 |
Net income | $ 3,178,690 | $ 6,099,720 |
Common Class A [Member] | ||
Net income per common share basic and diluted | ||
Net income per common share basic and diluted (in dollars per share) | $ 0.3638 | $ 0.7098 |
Common Class B [Member] | ||
Net income per common share basic and diluted | ||
Net income per common share basic and diluted (in dollars per share) | $ 0.2707 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Net income | $ 3,178,690 | $ 6,099,720 | |
Other comprehensive income | |||
Total net unrealized investment gains arising during the period | 9,775,829 | 16,454,021 | |
Less net realized investment gains (losses) | [1] | (248,166) | 989,507 |
Net unrealized investment gains | 10,023,995 | 15,464,514 | |
Adjustment to deferred acquisition costs | 21,213 | 29,968 | |
Other comprehensive income before federal income tax expense | 10,002,782 | 15,434,546 | |
Federal income tax expense | 2,100,584 | 3,241,255 | |
Total other comprehensive income | 7,902,198 | 12,193,291 | |
Total comprehensive income | $ 11,080,888 | $ 18,293,011 | |
[1] | These items appear within net realized investment gains and loss on other-than-temporary impairments in the consolidated statements of operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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] | Common Class A [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 | 6,099,720 | 6,099,720 | ||||||
Other comprehensive income | 12,193,291 | 12,193,291 | ||||||
Balance at Dec. 31, 2019 | 80,502 | 28,684,598 | (893,947) | 9,616,660 | 19,930,449 | 57,418,262 | ||
Net income | 3,178,690 | 3,178,690 | ||||||
Other comprehensive income | 7,902,198 | 7,902,198 | ||||||
Shareholders' cash dividend | (393,178) | (393,178) | ||||||
Change in shareholders' equity due to the stock dividend | 7,914 | 8,649,335 | $ 8,657,249 | |||||
Shareholders' stock dividend | (8,657,249) | |||||||
Acquisition of K-TENN Insurance Company | 1,688 | 1,744,552 | 1,746,240 | |||||
Recapitalization | (1,011) | 1,011 | ||||||
Balance at Dec. 31, 2020 | $ 89,093 | $ 1,011 | $ 39,078,485 | $ (893,947) | $ 17,518,858 | $ 14,058,712 | $ 69,852,212 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||
Net income | $ 3,178,690 | $ 6,099,720 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for depreciation | 121,240 | 145,488 |
Accretion of discount on investments | (4,989,868) | (4,636,264) |
Net realized investment gains | (1,007,268) | (967,978) |
Loss on other-than-temporary impairments | 801,340 | |
Amortization of policy acquisition cost | 5,327,177 | 4,015,480 |
Policy acquisition costs deferred | (11,856,420) | (12,369,350) |
Amortization of loan origination fees | 33,263 | 25,717 |
Amortization of value of insurance business acquired | 298,471 | 294,422 |
Allowance for mortgage loan losses | 36,516 | 81,212 |
Provision for deferred federal income tax expense | 774,403 | 731,185 |
Interest credited to policyholders | 12,276,268 | 11,782,286 |
Change in assets and liabilities: | ||
Policy loans | (81,332) | (216,962) |
Short-term investments | (1,477,933) | (934,716) |
Accrued investment income | (162,195) | (2,534,845) |
Recoverable from reinsurers | 10,512 | 1,078,424 |
Assets held in trust under coinsurance agreement | 2,323,976 | (72,491,100) |
Agents' balances and due premiums | (532,221) | (199,199) |
Other assets (excludes change in receivable for securities sold of ($33,600) in 2019) | (3,953,350) | 4,761,321 |
Future policy benefits | 11,507,824 | 8,753,883 |
Policy claims | 700,155 | 297,136 |
Other policy liabilities | (22,488) | 60,416 |
Other liabilities (excludes change in payable of securities purchased of $377,481 and ($393,198) in 2020 and 2019, respectively) | 4,138,079 | (1,823,446) |
Net cash provided by (used in) operating activities | 17,444,839 | (58,047,170) |
Investing activities | ||
Purchases of fixed maturity securities | (4,010,067) | (65,657,914) |
Maturities of fixed maturity securities | 945,500 | 4,525,000 |
Sales of fixed maturity securities | 21,385,624 | 29,175,106 |
Sales of preferred stock | 50,000 | 50,000 |
Purchases of equity securities | (90,292) | (115,357) |
Sales of equity securities | 19,371 | |
Acquisition of K-TENN Insurance Company | 1,110,299 | |
Joint venture distribution | 87,267 | 115,286 |
Purchases of mortgage loans | (77,131,267) | (74,689,461) |
Payments on mortgage loans | 64,250,033 | 42,502,954 |
Purchases of other long-term investments | (5,788,546) | (18,605,374) |
Collections on other long-term investments | 11,755,897 | 10,899,349 |
Sales of real estate | 2,216,780 | 350,817 |
Net change in receivable and payable for securities sold and purchased | 377,481 | (359,598) |
Net cash provided by (used in) investing activities | 15,158,709 | (71,789,821) |
Financing activities | ||
Policyholders' account deposits | 24,283,570 | 163,781,048 |
Policyholders' account withdrawals | (39,476,015) | (40,397,492) |
Shareholders' cash dividends | (393,178) | |
Net cash provided by (used in) financing activities | (15,585,623) | 123,383,556 |
Increase (decrease) in cash and cash equivalents | 17,017,925 | (6,453,435) |
Cash and cash equivalents, beginning of period | 23,212,170 | 29,665,605 |
Cash and cash equivalents, end of period | $ 40,230,095 | $ 23,212,170 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in receivable for securities sold | $ (33,600) | |
Change in payable of securities purchased | $ 377,481 | $ (393,198) |
Supplemental Disclosure - Cash
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities | 12 Months Ended |
Dec. 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 2020 2019, $797,158 $99,218, In conjunction with these foreclosures, the non-cash impact on investing activities is summarized as follows: Year Ended Year Ended December 31, 2020 December 31, 2019 Reductions in mortgage loans due to foreclosure $ 797,158 $ 99,218 Investment real estate held-for-sale acquired through foreclosure (797,158 ) (99,218 ) Net cash used in investing activities $ - $ - In 2020, 791,339 10% November 12, 2020. 2020 Year Ended December 31, 2020 Fair value of Class A common stock shares issued in connection with the stock dividend (791,339 shares issued in 2020) $ 8,657,249 Reduction in accumulated earnings due to stock dividend (8,657,249 ) Increase in Class A common stock, par value $.01 due to stock dividend 7,914 Increase in additional paid-in-capital due to the stock dividend 8,649,335 Change in shareholders' equity due to the stock dividend $ - See notes to consolidated financial statements. On January 1, 2020, $1,916,281 $170,041. In conjunction with this 2020 December 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. |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Organization and Significant Accounting Policies 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”), Trinity Mortgage Corporation (“TMC”), formerly known as First Trinity Capital Corporation 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. third 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 January 1, 2020, 168,866 The Company also issued 702,685 two 2011 2012 $5,270,138 $5,270,138 In 2020, $0.05 $393,178 791,339 10% 10% $8,657,249 $8,657,249 The Company has also purchased 247,580 $893,947 Company Recapitalization On October 2, 2019, ● An amendment and restatement of FTFC's Certificate of Incorporation to authorize 40,000,000 10,000,000 ● 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 Oklahoma Insurance Department (“OID”) on February 27, 2020 December 31, 2019, March 12, 2020. March 12, 2020, one one 85% may one .85 100% Acquisition of Other Companies On December 23, 2008, 100% $2,695,234 $195,234. On December 31, 2008, 15 $250,000 6% On August 31, 2009, two On December 28, 2011, 100% $13,855,129. On April 28, 2015, $3,644,839, $3,055,916 $588,923. 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Reclassifications Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management's knowledge of current events and actions it may may Investments Fixed maturity securities comprised of bonds and preferred stocks are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income. The amortized cost of fixed maturity securities available-for-sale is adjusted for amortization of premium and accretion of discount to maturity. Interest income on fixed maturity securities, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. Dividend income on preferred stocks are recognized in net investment income when declared. The amortized cost of fixed maturity securities available-for-sale and the cost of preferred stocks are written down to fair value when a decline in value is considered to be other-than-temporary. The Company evaluates the difference between the cost or amortized cost and estimated fair value of its fixed maturity and preferred stock investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in stockholders' equity. If a decline in a security's fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management's judgment as to the financial position and future prospects of the entity issuing the security. It is not may Likewise, if a change occurs in the Company's intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security's expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. Equity securities are comprised of mutual funds and common stocks and are carried at fair value. The associated unrealized gains and losses are included in net realized investment gains (losses). Dividends from these investments are recognized in net investment income when declared. Mortgage loans are carried at unpaid balances, net of unamortized premium or discounts. Interest income and the amortization of premiums or discounts are included in net investment income. Mortgage loan fees, certain direct loan origination costs, and purchase premiums and discounts on loans are recognized as an adjustment of yield by the interest method based on the contractual terms of the loan. In certain circumstances, prepayments may not Investment real estate in buildings held for the production of income is carried at cost less accumulated depreciation. Depreciation on investment real estate in buildings held for the production of income was calculated over an estimated useful life of 19 Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Other long term investments are comprised of lottery prize receivables and are carried at amortized cost. Interest income and the accretion of discount are included in net investment income. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and money market instruments. Short-term investments Short-term investments include funds that have a maturity of more than 90 one Investment Income and Realized Gains and Losses on Sales of Investments Interest and dividends earned on investments are included in net investment income. Realized gains and losses on sales of investments are recognized in operations on the specific identification basis. Deferred Policy Acquisition Costs Commissions and other acquisition costs which vary with and are primarily related to the successful production of new business are deferred and amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. Deferred acquisition costs for the successful production of traditional life insurance contracts are deferred to the extent deemed recoverable and amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Deferred acquisition costs related to the successful production of insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed (i.e., limited-payment long-duration annuity contracts) are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. To the extent that realized gains and losses on fixed income securities result in adjustments to deferred acquisition costs related to insurance and annuity products, such adjustments are reflected as a component of the amortization of deferred acquisition costs. Deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income (Loss)” in the shareholders' equity section of the statement of financial position. Allowance for Loan Losses from Mortgage Loans 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 residential and commercial mortgage loan portfolio. The allowance, in the judgment of the Company, is necessary to reserve for estimated loan losses inherent in the residential and commercial mortgage loan portfolios 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 residential and commercial mortgage loan portfolios, 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 Property and Equipment Property and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and computer software is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three ten Reinsurance The Company cedes reinsurance under various agreements allowing management to control exposure to potential losses arising from large risks and providing additional capacity for growth. Estimated reinsurance recoverable balances are reported as assets and are recognized in a manner consistent with the liabilities related to the underlying reinsured ceded contracts. The Company also assumes reinsurance under various agreements allowing management to increase growth in assets and profitability. Estimated reinsurance payable balances are reported as liabilities and are recognized in a manner consistent with the assets related to the underlying assumed reinsurance contracts. Value of Insurance Business Acquired As a result of the Company's purchases of FLAC and FBLIC, an asset was recorded in the application of purchase accounting to recognize the value of acquired insurance in force. The Company's value of acquired insurance in force is an intangible asset with a definite life and is amortized under Financial Accounting Standards Board (“FASB”) guidance. The value of acquired insurance in force is amortized primarily over the emerging profit of the related policies using the same assumptions that were used in computing liabilities for future policy benefits. For the amortization of the value of acquired insurance in force, the Company periodically reviews its estimates of gross profits. The most significant assumptions involved in the estimation of gross profits include interest rate spreads, future financial market performance, business surrender/lapse rates, mortality and morbidity, expenses and the impact of realized investment gains and losses. In the event actual experience differs significantly from assumptions or assumptions are significantly revised, the Company is required to record a charge or credit to amortization expense for the period in which an adjustment is made. As of December 31, 2020 2019, $4,146,901 $3,848,430, five $272,004 2021, $229,910 2022, $219,350 2023, $201,304 2024 $212,373 2025. Other Assets and Other Liabilities Other assets consist primarily of advances to mortgage loan originator, receivable for securities sold, federal and state income taxes recoverable, guaranty funds, notes receivable, prepaid assets, deposits, other receivables and property and equipment. Other liabilities consist primarily of accrued expenses payable, accounts payable, remittance and suspense items not Policyholders Account Balances The Company's liability for policyholders' account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus interest credited less policyholders' withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.25% 4.50%. 2.50% 4.00%. Future Policy Benefits The Company's liability for future policy benefits is primarily comprised of the present value of estimated future payments to or on behalf of policyholders, where the timing and amount of payment depends on policyholder mortality or morbidity, less the present value of future net premiums. For life insurance and annuity products, expected mortality and morbidity is generally based on the Company's historical experience or standard industry tables including a provision for the risk of adverse deviation. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality, morbidity and interest rate assumptions are “locked-in” upon the issuance of new insurance with fixed and guaranteed terms, significant changes in experience or assumptions may Policy Claims Policy claim liabilities represent the estimated liabilities for claims reported plus estimated incurred but not Federal Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under U.S. GAAP and balances determined using tax bases. A valuation allowance is established for the amount of the deferred tax asset that exceeds the amount of the estimated future taxable income needed to utilize the future tax benefits. Common Stock Common stock is fully paid, non-assessable and has a par value of $.01 Treasury Stock Treasury stock, representing shares of the Company's common stock that have been reacquired after having been issued and fully paid, is recorded at the reacquisition cost and the shares are no Accumulated Other Comprehensive Income (Loss) FASB guidance requires the inclusion of unrealized gains or losses on available-for-sale securities, net of tax, as a component of other comprehensive income (loss). Unrealized gains and losses recognized in accumulated other comprehensive income (loss) that are later recognized in net income through a reclassification adjustment are identified on the specific identification method. In addition, deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income (Loss)” in the shareholders' equity section of the statement of financial position. Revenues and Expenses Revenues on traditional life insurance products consist of direct premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Acquisition costs for traditional life insurance contracts are deferred to the extent deemed recoverable and are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Traditional life insurance products are treated as long-duration contracts since they generally remain in force for the lifetime of the insured. Deferred acquisition costs related to insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. These types of insurance and annuity contracts are treated as long-duration insurance contracts since they generally remain in force for an extended period. Net Income Per Common Share Basic and Diluted For the year ended December 31, 2020, 85% 85,937 8,747,633 8,661,696 85,937 For the year ended December 31, 2020, The weighted average outstanding common shares basic for the year ended December 31, 2020 8,661,696 101,102 10% November 12, 2020 November 12, 2020. The weighted average outstanding common shares basic and diluted for the year ended December 31, 2019 8,593,932. 10% November 12, 2020 November 12, 2020. Subsequent Events Management has evaluated all events subsequent to December 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. not Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13 The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. 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. 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, 2024. not 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. not Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, 2019 12 March 31, 2021. not |
Note 2 - Investments
Note 2 - Investments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Investments Fixed Maturity, Preferred Stock and Equity Securities Investments in fixed maturity, preferred stock and equity securities as of December 31, 2020 2019 Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value December 31, 2020 Fixed maturity securities U.S. government and U.S. government agencies $ 430,735 $ 3,568 $ - $ 434,303 States and political subdivisions 8,830,403 891,285 31,932 9,689,756 Residential mortgage-backed securities 14,022 14,420 - 28,442 Corporate bonds 106,387,417 16,859,782 111,840 123,135,359 Asset-backed 2,052,174 32,908 47,813 2,037,269 Exchange traded securities 500,000 - 200 499,800 Foreign bonds 29,616,259 4,641,338 59,230 34,198,367 Certificate of deposit 600,000 24,540 - 624,540 Total fixed maturity securities 148,431,010 22,467,841 251,015 170,647,836 Equity securities Mutual funds 91,981 - 7,739 84,242 Corporate common stock 91,238 27,523 - 118,761 Total equity securities 183,219 27,523 7,739 203,003 Total fixed maturity and equity securities $ 148,614,229 $ 22,495,364 $ 258,754 $ 170,850,839 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 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 December 31, 2020 2019 Unrealized Number of Fair Value Loss Securities December 31, 2020 Fixed maturity securities Less than 12 months in an unrealized loss position States and political subdivisions $ 625,098 $ 31,932 1 Corporate bonds 878,716 41,508 3 Asset-backed 1,047,443 47,813 3 Exchange traded securities 499,800 200 2 Foreign bonds 285,569 28,282 4 Total less than 12 months in an unrealized loss position 3,336,626 149,735 13 More than 12 months in an unrealized loss position Corporate bonds 1,084,205 70,332 3 Foreign bonds 532,875 30,948 1 Total more than 12 months in an unrealized loss position 1,617,080 101,280 4 Total fixed maturity securities in an unrealized loss position 4,953,706 251,015 17 Equity securities (mutual funds), less than 12 months in an unrealized loss position 84,242 7,739 1 Total fixed maturity and equity securities in an unrealized loss position $ 5,037,948 $ 258,754 $ 18 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 and equity securities in an unrealized loss position $ 7,446,805 $ 523,900 $ 25 As of December 31, 2020, 17 $251,015, $4,953,706 $5,204,721. December 31, 2020. 17 95%. As of December 31, 2019, 24 $521,271, $7,357,453 $7,878,724. December 31, 2019. 24 93%. As of December 31, 2020, one $7,739, $84,242 $91,981. 92%. As of December 31, 2019, one $2,629, $89,352 $91,981. 97%. Fixed maturity securities was 97% December 31, 2020 December 31, 2019. The Company recorded one 2020. 2020, $850,000 $801,340 December 31, 2020. no 2020. 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 Based on management's review, the Company experienced one December 31, 2020. no December 31, 2019. one 2020, December 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 had been realized as of December 31, 2020 2019 December 31, 2020 December 31, 2019 Unrealized appreciation on available-for-sale securities $ 22,216,826 $ 12,192,831 Adjustment to deferred acquisition costs (41,057 ) (19,844 ) Deferred income taxes (4,656,911 ) (2,556,327 ) Net unrealized appreciation on available-for-sale securities $ 17,518,858 $ 9,616,660 The amortized cost and fair value of fixed maturity available-for-sale securities as of December 31, 2020, December 31, 2020 Amortized Cost Fair Value Due in one year or less $ 2,447,947 $ 2,463,051 Due in one year through five years 25,300,158 27,089,443 Due after five years through ten years 44,586,011 50,363,587 Due after ten years 76,082,872 90,703,313 Due at multiple maturity dates 14,022 28,442 $ 148,431,010 $ 170,647,836 Expected maturities will differ from contractual maturities because borrowers may Proceeds and gross realized gains (losses) from the sales, calls and maturities of fixed maturity securities available-for-sale, equity securities, investment real estate, mortgage loans on real estate and preferred stock available-for-sale for the years ended December 31, 2020 2019 Years Ended December 31, Fixed Maturity Securities Equity Securities Investment Real Estate 2020 2019 2020 2019 2020 2019 Proceeds $ 22,331,124 $ 33,700,106 $ - $ 19,371 $ 2,216,780 $ 350,817 Gross realized gains 643,593 1,289,675 - 12,372 347,039 5,158 Gross realized losses (90,474 ) (300,168 ) - - - (48,343 ) Loss on other-than-temporary impairment (801,340 ) - - - - - Years Ended December 31, Mortgage Loans on Real Estate Preferred Stock 2020 2019 2020 2019 Proceeds $ 6,345,816 $ - $ 50,000 $ 50,000 Gross realized gains 108,101 - 55 - Gross realized losses - - - - Loss on other-than-temporary impairment - - - - The accumulated change in net unrealized investment gains (losses) for fixed maturity and preferred stock available-for-sale for the years ended December 31, 2020 2019 December 31, 2020 2019 Years Ended December 31, 2020 2019 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ 10,025,950 $ 15,453,194 Preferred stock (1,955 ) 11,320 Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 553,119 989,507 Equity securities, sale of securities - 12,372 Equity securities, changes in fair value (1,046 ) 9,284 Investment real estate 347,039 (43,185 ) Mortgage loans on real estate 108,101 - Preferred stock 55 - Mortgage Loans on Real Estate The Company's mortgage loans by property type as of December 31, 2020 2019 December 31, 2020 December 31, 2019 Residential mortgage loans $ 163,906,373 $ 150,002,865 Commercial mortgage loans by property type Apartment - 1,604,934 Industrial 670,708 1,619,250 Lodging 290,889 729,603 Office building 4,596,331 3,676,396 Retail 5,444,761 4,771,592 Total commercial mortgage loans by property type 11,002,689 12,401,775 Total mortgage loans $ 174,909,062 $ 162,404,640 The Company utilizes the ratio of the carrying value of individual mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company's residential and commercial (includes apartment, industrial, lodging, office building and retail) mortgage loans on real estate by credit quality using this ratio as of December 31, 2020 2019 December 31, Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans Loan-To-Value Ratio 2020 2019 2020 2019 2020 2019 Over 70% to 80% $ 53,905,657 $ 42,607,615 $ - $ 274,954 $ 53,905,657 $ 42,882,569 Over 60% to 70% 50,752,236 50,158,843 1,608,934 2,320,734 52,361,170 52,479,577 Over 50% to 60% 27,493,242 28,939,576 2,391,856 1,318,536 29,885,098 30,258,112 Over 40% to 50% 13,875,675 13,160,306 786,143 2,142,354 14,661,818 15,302,660 Over 30% to 40% 7,846,306 8,023,690 1,176,419 1,800,952 9,022,725 9,824,642 Over 20% to 30% 5,538,886 3,806,361 2,774,020 1,235,799 8,312,906 5,042,160 Over 10% to 20% 3,699,228 2,677,037 2,072,994 3,308,446 5,772,222 5,985,483 10% or less 795,143 629,437 192,323 - 987,466 629,437 Total $ 163,906,373 $ 150,002,865 $ 11,002,689 $ 12,401,775 $ 174,909,062 $ 162,404,640 The outstanding principal balance of mortgage loans, by the most significant states, as of December 31, 2020 2019 December 31, 2020 December 31, 2019 Amount Percentage Amount Percentage Alabama $ 1,205,848 0.69 % $ 1,150,160 0.71 % Arizona 1,111,244 0.64 % 1,709,789 1.05 % Arkansas 618,038 0.35 % 697,748 0.43 % California 8,054,996 4.61 % 7,010,828 4.32 % Colorado 56,621 0.03 % 57,431 0.04 % Connecticut 985,525 0.56 % 901,101 0.55 % Delaware 520,569 0.30 % 458,587 0.28 % District of Columbia 720,000 0.41 % 720,000 0.44 % Florida 41,034,631 23.46 % 29,921,779 18.42 % Georgia 9,918,563 5.67 % 10,459,089 6.44 % Hawaii 227,068 0.13 % 229,865 0.14 % Idaho 212,409 0.12 % 638,967 0.39 % Illinois 5,018,145 2.87 % 6,659,219 4.10 % Indiana 916,706 0.52 % 1,181,493 0.73 % Kansas 375,870 0.21 % 548,138 0.34 % Kentucky - 0.00 % 94,619 0.06 % Louisiana 503,787 0.29 % 241,748 0.15 % Maine 126,414 0.07 % 128,112 0.08 % Maryland 589,487 0.34 % 757,860 0.47 % Massachusetts 2,005,130 1.15 % 2,174,988 1.34 % Michigan 236,135 0.14 % 192,050 0.12 % Minnesota 880,922 0.50 % 32,286 0.02 % Mississippi 80,830 0.05 % 81,653 0.05 % Missouri 2,283,186 1.31 % 3,130,470 1.93 % Nevada 11,668 0.01 % 165,092 0.10 % New Hampshire - 0.00 % 132,040 0.08 % New Jersey 8,683,341 4.96 % 7,470,226 4.60 % New Mexico 80,975 0.05 % 81,497 0.05 % New York 4,915,742 2.81 % 3,864,479 2.38 % North Carolina 2,356,697 1.35 % 3,926,787 2.42 % Ohio 4,732,716 2.71 % 2,438,541 1.50 % Oklahoma 510,194 0.29 % 612,075 0.38 % Oregon 563,014 0.32 % 1,647,107 1.01 % Pennsylvania 637,063 0.36 % 67,195 0.04 % South Carolina 728,933 0.42 % 183,078 0.11 % Tennessee 4,211,195 2.41 % 4,024,710 2.48 % Texas 67,127,667 38.38 % 65,639,490 40.42 % Utah 2,000,000 1.14 % 2,000,000 1.23 % Vermont 231,266 0.13 % 241,470 0.15 % Virginia 400,502 0.23 % 486,846 0.30 % Washington 325,369 0.19 % 345,986 0.21 % Wisconsin 208,905 0.12 % 328,573 0.20 % Mortgage loan allowance and unamortized origination fees (498,309 ) -0.30 % (428,532 ) -0.26 % $ 174,909,062 100 % $ 162,404,640 100 % There were 24 $3,979,997 90 December 31, 2020. 23 $4,427,317 90 December 31, 2019. There were no December 31, 2020. $1,691,980 December 31, 2019 not During 2020 $797,158 2019 $99,218 The principal balances of the 1,260 December 31, 2020 $163,906,373 $262 $974,550 3.43% 25.64%. 28 December 31, 2020 $11,002,689 $9,293 $2,000,000 6.21% 10.51%. The principal balances of the 1,211 December 31, 2019 $150,002,865 $262 $1,000,000 3.43% 26.18%. 30 December 31, 2019 $12,401,775 $53,066 $2,000,000 5.75% 20.60%. There are allowances for losses on mortgage loans of $541,894 $505,378 December 31, 2020 2019, December 31, 2020, $766,667 third one December 31, 2019, $798,753 third one In 2020 2019 not Investment real estate On November 16, 2020, 20,000 three $1,078,037. $240,374 $1,318,411. TLIC owns approximately three $409,436. FBLIC owns approximately one $131,000. During 2020 $797,158 2020, $791,704. $106,665 $898,369. During 2019 $99,218 2019, $394,002. $43,185 $350,817. The Company's investment real estate as of December 31, 2020 2019 December 31, 2020 2019 Land - held for the production of income $ - $ 213,160 Land - held for investment 540,436 745,155 Total land 540,436 958,315 Building - held for the production of income - 2,267,557 Less - accumulated depreciation - (1,486,159 ) Buildings net of accumulated depreciation - 781,398 Residential real estate - held for sale 217,500 212,046 Total residential real estate 217,500 212,046 Investment real estate, net of accumulated depreciation $ 757,936 $ 1,951,759 Other Long-Term Investments The Company's investment in lottery prize cash flows was $71,025,133 $71,824,480 December 31, 2020 2019, The amortized cost and estimated fair value of lottery prize cash flows, by contractual maturity, as of December 31, 2020 December 31, 2020 Amortized Cost Fair Value Due in one year or less $ 11,650,859 $ 11,907,881 Due in one year through five years 35,471,691 40,458,580 Due after five years through ten years 17,207,454 23,489,469 Due after ten years 6,695,129 13,408,316 $ 71,025,133 $ 89,264,246 The outstanding balance of lottery prize cash flows, by state lottery, as of December 31, 2020 2019 December 31, 2020 December 31, 2019 Amount Percentage Amount Percentage Arizona $ 418,672 0.59 % $ 450,573 0.63 % California 7,361,932 10.37 % 7,772,309 10.82 % Colorado - 0.00 % 41,000 0.06 % Connecticut 2,649,985 3.73 % 2,670,153 3.72 % Florida 49,470 0.07 % 92,145 0.13 % Georgia 4,245,463 5.98 % 4,003,717 5.57 % Illinois 727,077 1.02 % 458,280 0.64 % Indiana 5,927,346 8.35 % 5,398,417 7.52 % Maine 157,136 0.22 % 146,290 0.20 % Massachusetts 16,519,603 23.26 % 15,481,300 21.55 % Michigan 247,786 0.35 % 264,403 0.37 % Missouri 91,881 0.13 % 100,406 0.14 % New Jersey 429,240 0.60 % 175,493 0.24 % New York 23,089,597 32.51 % 24,807,063 34.54 % Ohio 4,298,468 6.05 % 4,775,235 6.65 % Oregon 112,728 0.16 % 144,013 0.20 % Pennsylvania 1,632,023 2.30 % 1,753,190 2.44 % Texas 2,479,933 3.49 % 2,673,036 3.72 % Virginia 59,759 0.08 % 70,671 0.10 % Vermont 247,065 0.35 % 259,677 0.36 % Washington 279,969 0.39 % 287,109 0.40 % $ 71,025,133 100.00 % $ 71,824,480 100.00 % Major categories of net investment income for the years ended December 31, 2020 2019 Years Ended December 31, 2020 2019 Fixed maturity securities $ 7,159,792 $ 7,419,650 Preferred stock and equity securities 103,037 131,823 Other long-term investments 5,166,428 4,860,323 Mortgage loans 14,651,491 13,544,895 Policy loans 153,316 137,492 Real estate 252,047 269,123 Short-term and other investments 101,129 637,999 Gross investment income 27,587,240 27,001,305 Investment expenses (3,502,939 ) (2,631,265 ) Net investment income $ 24,084,301 $ 24,370,040 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Dec. 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 December 31, 2020 2019 Level 1 Level 2 Level 3 Total December 31, 2020 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 434,303 $ - $ 434,303 States and political subdivisions - 9,689,756 - 9,689,756 Residential mortgage-backed securities - 28,442 - 28,442 Corporate bonds - 123,135,359 - 123,135,359 Asset-backed - 2,037,269 - 2,037,269 Exchange traded securities - 499,800 - 499,800 Foreign bonds 34,198,367 34,198,367 Certificate of deposit - 624,540 - 624,540 Total fixed maturity securities $ - $ 170,647,836 $ - $ 170,647,836 Equity securities Mutual funds $ - $ 84,242 $ - $ 84,242 Corporate common stock 51,629 - 67,132 118,761 Total equity securities $ 51,629 $ 84,242 $ 67,132 $ 203,003 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 - 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 December 31, 2020 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 December 31, 2020 2019 December 31, 2020 2019 Beginning balance $ 64,107 $ 64,036 Joint venture net income 90,292 115,357 Joint venture distribution (87,267 ) (115,286 ) Ending balance $ 67,132 $ 64,107 Fair Value of Financial Instruments The carrying amount and fair value of the Company's financial assets and financial liabilities disclosed, but not December 31, 2020 2019, Carrying Fair Amount Value Level 1 Level 2 Level 3 December 31, 2020 Financial assets Mortgage loans on real estate Commercial $ 11,002,689 $ 11,085,406 $ - $ - $ 11,085,406 Residential 163,906,373 184,802,993 - - 184,802,993 Policy loans 2,108,678 2,108,678 - - 2,108,678 Short-term investments 3,309,020 3,309,020 3,309,020 - - Other long-term investments 71,025,133 89,264,246 - - 89,264,246 Cash and cash equivalents 40,230,095 40,230,095 40,230,095 - - Accrued investment income 5,370,508 5,370,508 - - 5,370,508 Total financial assets $ 296,952,496 $ 336,170,946 $ 43,539,115 $ - $ 292,631,831 Financial liabilities Policyholders' account balances $ 362,519,753 $ 380,666,901 $ - $ - $ 380,666,901 Policy claims 2,099,548 2,099,548 - - 2,099,548 Total financial liabilities $ 364,619,301 $ 382,766,449 $ - $ - $ 382,766,449 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 both residential and commercial mortgage loans, the discount rate used was indexed to the LIBOR yield curve adjusted for an appropriate credit spread. 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 - Special Deposits
Note 4 - Special Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 4. Special Deposits TLIC and FBLIC are required to hold assets on deposit for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of December 31, 2020 2019, $4,464,398 $4,434,662, December 31, 2020 2019, $4,531,967 $4,468,783, |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses From Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Premiums Receivable Note [Text Block] | 5. Allowance for Loan Losses from Mortgage Loans on Real Estate As of December 31, 2020, $766,667 third December 31, 2020, $431,523 $4,996,358 December 31, 2020 $335,144 $67,028,720 $541,894 $107,880,342 December 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 residential and commercial (includes apartment, industrial, lodging, office building and retail) mortgage loans on real estate as of and for the years ended December 31, 2020 2019 $67,028,720 $61,757,602 December 31, 2020 2019, one third Years Ended December 31, 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 43,547 68,848 (7,031 ) 12,364 36,516 81,212 Allowance, ending $ 486,604 $ 443,057 $ 55,290 $ 62,321 $ 541,894 $ 505,378 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 486,604 $ 443,057 $ 55,290 $ 62,321 $ 541,894 $ 505,378 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 96,877,653 $ 88,245,263 $ 11,002,689 $ 12,401,775 $ 107,880,342 $ 100,647,038 |
Note 6 - Deferred Policy Acquis
Note 6 - Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deferred Policy Acquisition Costs [Text Block] | 6. Deferred Policy Acquisition Costs The balances of and changes in deferred acquisition costs as of and for the years ended December 31, 2020 2019 2020 2019 Balance, beginning of year $ 38,005,639 $ 29,681,737 Capitalization of commissions, sales and issue expenses 11,856,420 12,369,350 Amortization (5,327,177 ) (4,015,480 ) Deferred acquisition costs allocated to investments (21,213 ) (29,968 ) Balance, end of year $ 44,513,669 $ 38,005,639 |
Note 7 - Federal Income Taxes
Note 7 - Federal Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Federal Income Taxes FTFC filed 2019 2018 five Certain items included in income reported for financial statement purposes are not A reconciliation of federal income tax expense computed by applying the federal income tax rate of 21% December 31, 2020 2019, Years Ended December 31, 2020 2019 Expected tax expense $ 856,967 $ 1,726,119 Capital gain taxes 152,306 14,536 Net operating losses 44,547 207,580 Future policy benefits 9,011 208,197 Reinsurance recoverable 6,813 (205,559 ) Alternative minimum taxes - 164,432 Adjustment of prior years' taxes (46,466 ) (54,793 ) Difference in book versus tax basis of available-for-sale securities (179,854 ) 9,721 Other 58,780 49,663 Total income tax expense $ 902,104 $ 2,119,896 Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax liabilities and assets as of December 31, 2020 2019 December 31, 2020 2019 Deferred tax liabilities: Net unrealized investment gains $ 4,656,911 $ 2,556,327 Deferred policy acquisition costs 7,775,267 6,463,579 Value of insurance business acquired 964,525 1,027,204 Reinsurance recoverable 248,175 241,362 Due premiums 87,937 30,800 Investment real estate 23,425 40,627 Available-for-sale fixed maturity securities - 78,207 Other 18,635 13,544 Total deferred tax liabilities 13,774,875 10,451,650 Deferred tax assets: Policyholders' account balances and future policy benefits 3,591,696 3,181,433 Net operating loss carryforward 679,303 774,003 Mortgage loans 104,645 89,992 Available-for-sale fixed maturity securities 100,582 - Policy claims 32,494 16,366 Available-for-sale equity securities 20,864 21,056 Unearned investment income 14,978 13,105 Dividend liability 9,408 9,777 Total deferred tax assets 4,553,970 4,105,732 Net deferred tax liabilities $ 9,220,905 $ 6,345,918 FTFC has net operating loss carryforwards of $2,700,063 2027 2033. 2020, $985,666 January 1, 2020 2020 2019, $596,123 January 1, 2019 2019 $534,713 2020 2020 five $534,713 not The Company has no not not 2017 2020 |
Note 8 - Reinsurance
Note 8 - Reinsurance | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | 8. Reinsurance TLIC participates in ceded and assumed reinsurance in order to provide risk diversification, additional capacity for future growth and limit the maximum net loss potential arising from large risks. TLIC reinsures all amounts of risk on any one $100,000 TLIC is a party to an Automatic Retrocession Pool Agreement (the “Reinsurance Pool”) with Optimum Re, Catholic Order of Foresters, American Home Life Insurance Company and Woodmen of the World. The agreement provides for automatic retrocession of coverage in excess of Optimum Re's retention on business ceded to Optimum Re by the other parties to the Reinsurance Pool. TLIC's maximum exposure on any one $100,000. January 1, 2008, Effective September 29, 2005, 50/50 January 1, 2005. 50% June 24, 2006, FBLIC also participates in reinsurance in order to provide risk diversification, additional capacity for future growth and limit the maximum net loss potential arising from large risks. FBLIC reinsures initial amounts of risk on any one $100,000 To the extent that the reinsurance companies are unable to meet their obligations under the reinsurance agreements, TLIC and FBLIC remain primarily liable for the entire amount at risk. Statutory reinsurance assumed and ceded amounts for TLIC and FBLIC for 2020 2019 2020 2019 Premiums assumed $ 3,023,178 $ 1,777,449 Commissions and expense allowances assumed 1,494,464 1,413,057 Benefits assumed 88,171 8,001 Reserve credits assumed 2,944,668 1,279,582 In force amount assumed 56,417,493 41,056,032 Premiums ceded 2,130,523 71,936,037 Commissions and expense allowances ceded 80,383 2,670,202 Benefits ceded 2,234,094 1,208,109 Reserve credits ceded 104,593,282 103,142,179 In force amount ceded 57,739,638 43,641,121 Effective January 1, 2018, 90% December 31, 2017 April 1, 2020, 0% 90%. 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. In addition, the assuming company maintains a trust related to this ceded business amounting to at least an additional 4% may 30 In 2019, October 1, 2018, 100% September 30, 2018 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Operating Leases [Text Block] | 9. Leases The Company leases 7,302 October 1, 2015 September 30, 2020. August 1, 2020 September 30, 2027. 6,769 7,302 $85,198 $97,489 December 31, 2020 2019, In accordance with the current lease, the Company was provided an allowance of $54,152 not $77,000 $8,123 $10,830 December 31, 2020 2019, $113,747, $116,029, $118,365, $120,720 $123,130 2021, 2022, 2023, 2024 2025, On November 16, 2020, 20,000 three $1,078,037. $240,374 $1,318,411. November 16, 2020. Prior to November 16, 2020, 10,000 five June 1, 2016 May 31, 2021, five June 1, 2021 May 31, 2026. June 1, 2021, 120 July 1, 2016, $88,833 59 5.00%. $18,508 June 1, 2018 May 31, 2019, $18,584 June 1, 2019 May 31, 2020 $18,578 June 1, 2020 November 16, 2020. Prior to November 16, 2020, 2,500 September 1, 2015 August 31, 2017 three August 31, 2020. September 1, 2020. September 1, 2020 August 31, 2028 2 August 31, 2030. September 1, 2028, 90 $34,507 September 1, 2020 96 5.00%. $4,293 September 1, 2018 August 31, 2019, $4,310 September 1, 2019 August 31, 2020 $4,433 September 1, 2020 November 16, 2020. |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity and Statutory Accounting Practices | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Shareholders Equity and Statutory Accounting Practices TLIC is domiciled in Oklahoma and prepares its statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the OID. FBLIC is domiciled in Missouri and prepares its statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the MDCI. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners, state laws, regulations, and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not The statutory net income (loss) for TLIC amounted to ( $1,526,638 $652,807 December 31, 2020 2019, $13,638,231 $12,451,837 December 31, 2020 2019, $799,751 $2,150,286 December 31, 2020 2019, $10,259,330 $9,185,113 December 31, 2020 2019, TLIC is subject to Oklahoma laws and FBLIC is subject to Missouri laws that limit the amount of dividends insurance companies can pay to stockholders without approval of the respective Departments of Insurance. The maximum dividend, which may twelve 10% December 31 may $1,363,823 2021 $1,025,933 2021 no 2020 2019. no |
Note 11 - Segment Data
Note 11 - Segment Data | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Segment Data The Company has a life insurance segment, consisting of the life insurance operations of TLIC, FBLIC and TAI, an annuity segment, consisting of the annuity operations of TLIC, FBLIC and TAI and a corporate segment. Results for the parent company and the operations of TMC, after elimination of intercompany amounts, are allocated to the corporate segment. These segments as of and for the years ended December 31, 2020 2019 Year Ended December 31, 2020 2019 Revenues: Life insurance operations $ 32,236,531 $ 27,170,994 Annuity operations 19,724,655 21,931,249 Corporate operations 829,819 674,452 Total $ 52,791,005 $ 49,776,695 Income before income taxes: Life insurance operations $ 337,686 $ 2,333,441 Annuity operations 2,986,150 5,397,194 Corporate operations 756,958 488,981 Total $ 4,080,794 $ 8,219,616 Depreciation and amortization expense: Life insurance operations $ 4,733,751 $ 3,663,864 Annuity operations 1,046,400 817,243 Total $ 5,780,151 $ 4,481,107 December 31, 2020 2019 Assets: Life insurance operations $ 120,484,734 $ 99,612,420 Annuity operations 518,257,307 500,738,949 Corporate operations 4,853,228 4,585,005 Total $ 643,595,269 $ 604,936,374 |
Note 12 - Concentrations of Cre
Note 12 - Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 12. Concentrations of Credit Risk Credit risk is limited by diversifying the Company's investments. The Company maintains cash and cash equivalents at multiple institutions. The Federal Deposit Insurance Corporation insures accounts up to $250,000. $32,645,110 December 31, 2020. not The Company's lottery prize receivables due from various states and the geographical distribution of the Company's mortgage loans by state are summarized in Note 2. |
Note 13 - Contingent Liabilitie
Note 13 - Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 13. Contingent Liabilities A lawsuit filed by the Company and Chairman, President and Chief Executive Officer, Gregg E. Zahn, in 2013 February 17, 2017. The jury originally 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. In February 2020, not December 2020, It remains the Company's intention to again vigorously prosecute this action against the Defendants for damages and for correction of the defamatory statements. In the opinion of the Company's management, the ultimate resolution of any contingencies that 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 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. On April 15, 2020, one $400,000 one 5.00%. 100,000 |
Note 15 - Other Comprehensive I
Note 15 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. Other Comprehensive Income and Accumulated Other Comprehensive Income (Loss) The changes in the components of the Company's accumulated other comprehensive income (loss) for the years ended December 31, 2020 2019 Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Year Ended December 31, 2020 Balance as of January 1, 2020 $ 9,632,323 $ (15,663 ) $ 9,616,660 Other comprehensive income before reclassifications, net of tax 7,722,905 (16,758 ) 7,706,147 Less amounts reclassified from accumulated other comprehensive income, net of tax (196,051 ) - (196,051 ) Other comprehensive income 7,918,956 (16,758 ) 7,902,198 Balance as of December 31, 2020 $ 17,551,279 $ (32,421 ) $ 17,518,858 Year Ended December 31, 2019 Balance as of January 1, 2019 $ (2,584,643 ) $ 8,012 $ (2,576,631 ) Other comprehensive income before reclassifications, net of tax 12,998,677 (23,675 ) 12,975,002 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 781,711 - 781,711 Other comprehensive income 12,216,966 (23,675 ) 12,193,291 Balance as of December 31, 2019 $ 9,632,323 $ (15,663 ) $ 9,616,660 The pretax components of the Company's other comprehensive income and the related income tax expense (benefit) for each component for the years ended December 31, 2020 2019 Income Tax Expense Pretax (Benefit) Net of Tax Year Ended December 31, 2020 Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 9,775,829 $ 2,052,924 $ 7,722,905 Reclassification adjustment for net losses included in operation (248,166 ) (52,115 ) (196,051 ) Net unrealized gains on investments 10,023,995 2,105,039 7,918,956 Adjustment to deferred acquisition costs (21,213 ) (4,455 ) (16,758 ) Total other comprehensive income $ 10,002,782 $ 2,100,584 $ 7,902,198 Year Ended December 31, 2019 Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 16,454,021 $ 3,455,344 $ 12,998,677 Reclassification adjustment for net gains included in operation having no credit losses 989,507 207,796 781,711 Net unrealized gains on investments 15,464,514 3,247,548 12,216,966 Adjustment to deferred acquisition costs (29,968 ) (6,293 ) (23,675 ) Total other comprehensive income $ 15,434,546 $ 3,241,255 $ 12,193,291 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 statements of operations for the years ended December 31, 2020 2019 Years Ended December 31, Reclassification Adjustments 2020 2019 Realized gains (losses) on sales of securities (a) $ (248,166 ) $ 989,507 Income tax expense (benefit) (b) (52,115 ) 207,796 Total reclassification adjustments $ (196,051 ) $ 781,711 (a) These items appear within net realized investment gains and loss on other-than-temporary impairments in the consolidated statements of operations. (b) These items appear within federal income taxes in the consolidated statements of operations. |
Note 16 - Line of Credit
Note 16 - Line of Credit | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 16. On September 25, 2020, $1.5 September 15, 2021. 1% 360 4.5%. $1.5 1% No December 31, 2020 December 31, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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 January 1, 2020, 168,866 The Company also issued 702,685 two 2011 2012 $5,270,138 $5,270,138 In 2020, $0.05 $393,178 791,339 10% 10% $8,657,249 $8,657,249 The Company has also purchased 247,580 $893,947 |
Company Recapitalization [Policy Text Block] | Company Recapitalization On October 2, 2019, ● An amendment and restatement of FTFC's Certificate of Incorporation to authorize 40,000,000 10,000,000 ● 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 Oklahoma Insurance Department (“OID”) on February 27, 2020 December 31, 2019, March 12, 2020. March 12, 2020, one one 85% may one .85 100% |
Business Combinations Policy [Policy Text Block] | Acquisition of Other Companies On December 23, 2008, 100% $2,695,234 $195,234. On December 31, 2008, 15 $250,000 6% On August 31, 2009, two On December 28, 2011, 100% $13,855,129. On April 28, 2015, $3,644,839, $3,055,916 $588,923. 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no . |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management's knowledge of current events and actions it may may |
Investment, Policy [Policy Text Block] | Investments Fixed maturity securities comprised of bonds and preferred stocks are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income. The amortized cost of fixed maturity securities available-for-sale is adjusted for amortization of premium and accretion of discount to maturity. Interest income on fixed maturity securities, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. Dividend income on preferred stocks are recognized in net investment income when declared. The amortized cost of fixed maturity securities available-for-sale and the cost of preferred stocks are written down to fair value when a decline in value is considered to be other-than-temporary. The Company evaluates the difference between the cost or amortized cost and estimated fair value of its fixed maturity and preferred stock investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in stockholders' equity. If a decline in a security's fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management's judgment as to the financial position and future prospects of the entity issuing the security. It is not may Likewise, if a change occurs in the Company's intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security's expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. Equity securities are comprised of mutual funds and common stocks and are carried at fair value. The associated unrealized gains and losses are included in net realized investment gains (losses). Dividends from these investments are recognized in net investment income when declared. Mortgage loans are carried at unpaid balances, net of unamortized premium or discounts. Interest income and the amortization of premiums or discounts are included in net investment income. Mortgage loan fees, certain direct loan origination costs, and purchase premiums and discounts on loans are recognized as an adjustment of yield by the interest method based on the contractual terms of the loan. In certain circumstances, prepayments may not Investment real estate in buildings held for the production of income is carried at cost less accumulated depreciation. Depreciation on investment real estate in buildings held for the production of income was calculated over an estimated useful life of 19 Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Other long term investments are comprised of lottery prize receivables and are carried at amortized cost. Interest income and the accretion of discount are included in net investment income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and money market instruments. |
Short Term Investments [Policy Text Block] | Short-term investments Short-term investments include funds that have a maturity of more than 90 one |
Revenue [Policy Text Block] | Investment Income and Realized Gains and Losses on Sales of Investments Interest and dividends earned on investments are included in net investment income. Realized gains and losses on sales of investments are recognized in operations on the specific identification basis. |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | Deferred Policy Acquisition Costs Commissions and other acquisition costs which vary with and are primarily related to the successful production of new business are deferred and amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. Deferred acquisition costs for the successful production of traditional life insurance contracts are deferred to the extent deemed recoverable and amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Deferred acquisition costs related to the successful production of insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed (i.e., limited-payment long-duration annuity contracts) are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. To the extent that realized gains and losses on fixed income securities result in adjustments to deferred acquisition costs related to insurance and annuity products, such adjustments are reflected as a component of the amortization of deferred acquisition costs. Deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income (Loss)” in the shareholders' equity section of the statement of financial position. |
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block] | Allowance for Loan Losses from Mortgage Loans 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 residential and commercial mortgage loan portfolio. The allowance, in the judgment of the Company, is necessary to reserve for estimated loan losses inherent in the residential and commercial mortgage loan portfolios 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 residential and commercial mortgage loan portfolios, 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 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and computer software is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three ten |
Reinsurance Accounting Policy [Policy Text Block] | Reinsurance The Company cedes reinsurance under various agreements allowing management to control exposure to potential losses arising from large risks and providing additional capacity for growth. Estimated reinsurance recoverable balances are reported as assets and are recognized in a manner consistent with the liabilities related to the underlying reinsured ceded contracts. The Company also assumes reinsurance under various agreements allowing management to increase growth in assets and profitability. Estimated reinsurance payable balances are reported as liabilities and are recognized in a manner consistent with the assets related to the underlying assumed reinsurance contracts. |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy [Policy Text Block] | Value of Insurance Business Acquired As a result of the Company's purchases of FLAC and FBLIC, an asset was recorded in the application of purchase accounting to recognize the value of acquired insurance in force. The Company's value of acquired insurance in force is an intangible asset with a definite life and is amortized under Financial Accounting Standards Board (“FASB”) guidance. The value of acquired insurance in force is amortized primarily over the emerging profit of the related policies using the same assumptions that were used in computing liabilities for future policy benefits. For the amortization of the value of acquired insurance in force, the Company periodically reviews its estimates of gross profits. The most significant assumptions involved in the estimation of gross profits include interest rate spreads, future financial market performance, business surrender/lapse rates, mortality and morbidity, expenses and the impact of realized investment gains and losses. In the event actual experience differs significantly from assumptions or assumptions are significantly revised, the Company is required to record a charge or credit to amortization expense for the period in which an adjustment is made. As of December 31, 2020 2019, $4,146,901 $3,848,430, five $272,004 2021, $229,910 2022, $219,350 2023, $201,304 2024 $212,373 2025. |
Other Assets and Liabilities, Policy [Policy Text Block] | Other Assets and Other Liabilities Other assets consist primarily of advances to mortgage loan originator, receivable for securities sold, federal and state income taxes recoverable, guaranty funds, notes receivable, prepaid assets, deposits, other receivables and property and equipment. Other liabilities consist primarily of accrued expenses payable, accounts payable, remittance and suspense items not |
Policyholder Accounts, Policy [Policy Text Block] | Policyholders Account Balances The Company's liability for policyholders' account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus interest credited less policyholders' withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.25% 4.50%. 2.50% 4.00%. |
Liability for Future Policy Benefit [Policy Text Block] | Future Policy Benefits The Company's liability for future policy benefits is primarily comprised of the present value of estimated future payments to or on behalf of policyholders, where the timing and amount of payment depends on policyholder mortality or morbidity, less the present value of future net premiums. For life insurance and annuity products, expected mortality and morbidity is generally based on the Company's historical experience or standard industry tables including a provision for the risk of adverse deviation. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality, morbidity and interest rate assumptions are “locked-in” upon the issuance of new insurance with fixed and guaranteed terms, significant changes in experience or assumptions may |
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | Policy Claims Policy claim liabilities represent the estimated liabilities for claims reported plus estimated incurred but not |
Income Tax, Policy [Policy Text Block] | Federal Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under U.S. GAAP and balances determined using tax bases. A valuation allowance is established for the amount of the deferred tax asset that exceeds the amount of the estimated future taxable income needed to utilize the future tax benefits. |
Common Stock Policy [Policy Text Block] | Common Stock Common stock is fully paid, non-assessable and has a par value of $.01 |
Treasury Stock [Policy Text Block] | Treasury Stock Treasury stock, representing shares of the Company's common stock that have been reacquired after having been issued and fully paid, is recorded at the reacquisition cost and the shares are no |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) FASB guidance requires the inclusion of unrealized gains or losses on available-for-sale securities, net of tax, as a component of other comprehensive income (loss). Unrealized gains and losses recognized in accumulated other comprehensive income (loss) that are later recognized in net income through a reclassification adjustment are identified on the specific identification method. In addition, deferred acquisition costs related to limited-payment long-duration insurance and annuity contracts are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from available-for-sale securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of “Accumulated Other Comprehensive Income (Loss)” in the shareholders' equity section of the statement of financial position. |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Revenues and Expenses Revenues on traditional life insurance products consist of direct premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized in a systematic manner based on the related contract revenues or gross profits as appropriate. Acquisition costs for traditional life insurance contracts are deferred to the extent deemed recoverable and are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing future policy benefit liabilities. Traditional life insurance products are treated as long-duration contracts since they generally remain in force for the lifetime of the insured. Deferred acquisition costs related to insurance and annuity products that subject the Company to mortality or morbidity risk over a period that extends beyond the period or periods in which premiums are collected and that have terms that are fixed and guaranteed are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. These types of insurance and annuity contracts are treated as long-duration insurance contracts since they generally remain in force for an extended period. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Common Share Basic and Diluted For the year ended December 31, 2020, 85% 85,937 8,747,633 8,661,696 85,937 For the year ended December 31, 2020, The weighted average outstanding common shares basic for the year ended December 31, 2020 8,661,696 101,102 10% November 12, 2020 November 12, 2020. The weighted average outstanding common shares basic and diluted for the year ended December 31, 2019 8,593,932. 10% November 12, 2020 November 12, 2020. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Management has evaluated all events subsequent to December 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. not Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13 The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. 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. 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, 2024. not 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. not Income Taxes - Simplifying the Accounting for Income Taxes In 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) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended Year Ended December 31, 2020 December 31, 2019 Reductions in mortgage loans due to foreclosure $ 797,158 $ 99,218 Investment real estate held-for-sale acquired through foreclosure (797,158 ) (99,218 ) Net cash used in investing activities $ - $ - Year Ended December 31, 2020 Fair value of Class A common stock shares issued in connection with the stock dividend (791,339 shares issued in 2020) $ 8,657,249 Reduction in accumulated earnings due to stock dividend (8,657,249 ) Increase in Class A common stock, par value $.01 due to stock dividend 7,914 Increase in additional paid-in-capital due to the stock dividend 8,649,335 Change in shareholders' equity due to the stock dividend $ - |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | December 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) | 12 Months Ended |
Dec. 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 December 31, 2020 Fixed maturity securities U.S. government and U.S. government agencies $ 430,735 $ 3,568 $ - $ 434,303 States and political subdivisions 8,830,403 891,285 31,932 9,689,756 Residential mortgage-backed securities 14,022 14,420 - 28,442 Corporate bonds 106,387,417 16,859,782 111,840 123,135,359 Asset-backed 2,052,174 32,908 47,813 2,037,269 Exchange traded securities 500,000 - 200 499,800 Foreign bonds 29,616,259 4,641,338 59,230 34,198,367 Certificate of deposit 600,000 24,540 - 624,540 Total fixed maturity securities 148,431,010 22,467,841 251,015 170,647,836 Equity securities Mutual funds 91,981 - 7,739 84,242 Corporate common stock 91,238 27,523 - 118,761 Total equity securities 183,219 27,523 7,739 203,003 Total fixed maturity and equity securities $ 148,614,229 $ 22,495,364 $ 258,754 $ 170,850,839 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 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 December 31, 2020 Fixed maturity securities Less than 12 months in an unrealized loss position States and political subdivisions $ 625,098 $ 31,932 1 Corporate bonds 878,716 41,508 3 Asset-backed 1,047,443 47,813 3 Exchange traded securities 499,800 200 2 Foreign bonds 285,569 28,282 4 Total less than 12 months in an unrealized loss position 3,336,626 149,735 13 More than 12 months in an unrealized loss position Corporate bonds 1,084,205 70,332 3 Foreign bonds 532,875 30,948 1 Total more than 12 months in an unrealized loss position 1,617,080 101,280 4 Total fixed maturity securities in an unrealized loss position 4,953,706 251,015 17 Equity securities (mutual funds), less than 12 months in an unrealized loss position 84,242 7,739 1 Total fixed maturity and equity securities in an unrealized loss position $ 5,037,948 $ 258,754 $ 18 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 and equity securities in an unrealized loss position $ 7,446,805 $ 523,900 $ 25 |
Unrealized Gain (Loss) on Investments [Table Text Block] | December 31, 2020 December 31, 2019 Unrealized appreciation on available-for-sale securities $ 22,216,826 $ 12,192,831 Adjustment to deferred acquisition costs (41,057 ) (19,844 ) Deferred income taxes (4,656,911 ) (2,556,327 ) Net unrealized appreciation on available-for-sale securities $ 17,518,858 $ 9,616,660 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2020 Amortized Cost Fair Value Due in one year or less $ 11,650,859 $ 11,907,881 Due in one year through five years 35,471,691 40,458,580 Due after five years through ten years 17,207,454 23,489,469 Due after ten years 6,695,129 13,408,316 $ 71,025,133 $ 89,264,246 |
Realized Gain (Loss) on Investments [Table Text Block] | Years Ended December 31, Fixed Maturity Securities Equity Securities Investment Real Estate 2020 2019 2020 2019 2020 2019 Proceeds $ 22,331,124 $ 33,700,106 $ - $ 19,371 $ 2,216,780 $ 350,817 Gross realized gains 643,593 1,289,675 - 12,372 347,039 5,158 Gross realized losses (90,474 ) (300,168 ) - - - (48,343 ) Loss on other-than-temporary impairment (801,340 ) - - - - - Years Ended December 31, Mortgage Loans on Real Estate Preferred Stock 2020 2019 2020 2019 Proceeds $ 6,345,816 $ - $ 50,000 $ 50,000 Gross realized gains 108,101 - 55 - Gross realized losses - - - - Loss on other-than-temporary impairment - - - - |
Investment Income [Table Text Block] | Years Ended December 31, 2020 2019 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ 10,025,950 $ 15,453,194 Preferred stock (1,955 ) 11,320 Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 553,119 989,507 Equity securities, sale of securities - 12,372 Equity securities, changes in fair value (1,046 ) 9,284 Investment real estate 347,039 (43,185 ) Mortgage loans on real estate 108,101 - Preferred stock 55 - Years Ended December 31, 2020 2019 Fixed maturity securities $ 7,159,792 $ 7,419,650 Preferred stock and equity securities 103,037 131,823 Other long-term investments 5,166,428 4,860,323 Mortgage loans 14,651,491 13,544,895 Policy loans 153,316 137,492 Real estate 252,047 269,123 Short-term and other investments 101,129 637,999 Gross investment income 27,587,240 27,001,305 Investment expenses (3,502,939 ) (2,631,265 ) Net investment income $ 24,084,301 $ 24,370,040 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 December 31, 2019 Residential mortgage loans $ 163,906,373 $ 150,002,865 Commercial mortgage loans by property type Apartment - 1,604,934 Industrial 670,708 1,619,250 Lodging 290,889 729,603 Office building 4,596,331 3,676,396 Retail 5,444,761 4,771,592 Total commercial mortgage loans by property type 11,002,689 12,401,775 Total mortgage loans $ 174,909,062 $ 162,404,640 December 31, 2020 December 31, 2019 Amount Percentage Amount Percentage Alabama $ 1,205,848 0.69 % $ 1,150,160 0.71 % Arizona 1,111,244 0.64 % 1,709,789 1.05 % Arkansas 618,038 0.35 % 697,748 0.43 % California 8,054,996 4.61 % 7,010,828 4.32 % Colorado 56,621 0.03 % 57,431 0.04 % Connecticut 985,525 0.56 % 901,101 0.55 % Delaware 520,569 0.30 % 458,587 0.28 % District of Columbia 720,000 0.41 % 720,000 0.44 % Florida 41,034,631 23.46 % 29,921,779 18.42 % Georgia 9,918,563 5.67 % 10,459,089 6.44 % Hawaii 227,068 0.13 % 229,865 0.14 % Idaho 212,409 0.12 % 638,967 0.39 % Illinois 5,018,145 2.87 % 6,659,219 4.10 % Indiana 916,706 0.52 % 1,181,493 0.73 % Kansas 375,870 0.21 % 548,138 0.34 % Kentucky - 0.00 % 94,619 0.06 % Louisiana 503,787 0.29 % 241,748 0.15 % Maine 126,414 0.07 % 128,112 0.08 % Maryland 589,487 0.34 % 757,860 0.47 % Massachusetts 2,005,130 1.15 % 2,174,988 1.34 % Michigan 236,135 0.14 % 192,050 0.12 % Minnesota 880,922 0.50 % 32,286 0.02 % Mississippi 80,830 0.05 % 81,653 0.05 % Missouri 2,283,186 1.31 % 3,130,470 1.93 % Nevada 11,668 0.01 % 165,092 0.10 % New Hampshire - 0.00 % 132,040 0.08 % New Jersey 8,683,341 4.96 % 7,470,226 4.60 % New Mexico 80,975 0.05 % 81,497 0.05 % New York 4,915,742 2.81 % 3,864,479 2.38 % North Carolina 2,356,697 1.35 % 3,926,787 2.42 % Ohio 4,732,716 2.71 % 2,438,541 1.50 % Oklahoma 510,194 0.29 % 612,075 0.38 % Oregon 563,014 0.32 % 1,647,107 1.01 % Pennsylvania 637,063 0.36 % 67,195 0.04 % South Carolina 728,933 0.42 % 183,078 0.11 % Tennessee 4,211,195 2.41 % 4,024,710 2.48 % Texas 67,127,667 38.38 % 65,639,490 40.42 % Utah 2,000,000 1.14 % 2,000,000 1.23 % Vermont 231,266 0.13 % 241,470 0.15 % Virginia 400,502 0.23 % 486,846 0.30 % Washington 325,369 0.19 % 345,986 0.21 % Wisconsin 208,905 0.12 % 328,573 0.20 % Mortgage loan allowance and unamortized origination fees (498,309 ) -0.30 % (428,532 ) -0.26 % $ 174,909,062 100 % $ 162,404,640 100 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans Loan-To-Value Ratio 2020 2019 2020 2019 2020 2019 Over 70% to 80% $ 53,905,657 $ 42,607,615 $ - $ 274,954 $ 53,905,657 $ 42,882,569 Over 60% to 70% 50,752,236 50,158,843 1,608,934 2,320,734 52,361,170 52,479,577 Over 50% to 60% 27,493,242 28,939,576 2,391,856 1,318,536 29,885,098 30,258,112 Over 40% to 50% 13,875,675 13,160,306 786,143 2,142,354 14,661,818 15,302,660 Over 30% to 40% 7,846,306 8,023,690 1,176,419 1,800,952 9,022,725 9,824,642 Over 20% to 30% 5,538,886 3,806,361 2,774,020 1,235,799 8,312,906 5,042,160 Over 10% to 20% 3,699,228 2,677,037 2,072,994 3,308,446 5,772,222 5,985,483 10% or less 795,143 629,437 192,323 - 987,466 629,437 Total $ 163,906,373 $ 150,002,865 $ 11,002,689 $ 12,401,775 $ 174,909,062 $ 162,404,640 |
Schedule of Real Estate Properties [Table Text Block] | December 31, 2020 2019 Land - held for the production of income $ - $ 213,160 Land - held for investment 540,436 745,155 Total land 540,436 958,315 Building - held for the production of income - 2,267,557 Less - accumulated depreciation - (1,486,159 ) Buildings net of accumulated depreciation - 781,398 Residential real estate - held for sale 217,500 212,046 Total residential real estate 217,500 212,046 Investment real estate, net of accumulated depreciation $ 757,936 $ 1,951,759 |
Investment Holdings, Other than Securities [Table Text Block] | December 31, 2020 December 31, 2019 Amount Percentage Amount Percentage Arizona $ 418,672 0.59 % $ 450,573 0.63 % California 7,361,932 10.37 % 7,772,309 10.82 % Colorado - 0.00 % 41,000 0.06 % Connecticut 2,649,985 3.73 % 2,670,153 3.72 % Florida 49,470 0.07 % 92,145 0.13 % Georgia 4,245,463 5.98 % 4,003,717 5.57 % Illinois 727,077 1.02 % 458,280 0.64 % Indiana 5,927,346 8.35 % 5,398,417 7.52 % Maine 157,136 0.22 % 146,290 0.20 % Massachusetts 16,519,603 23.26 % 15,481,300 21.55 % Michigan 247,786 0.35 % 264,403 0.37 % Missouri 91,881 0.13 % 100,406 0.14 % New Jersey 429,240 0.60 % 175,493 0.24 % New York 23,089,597 32.51 % 24,807,063 34.54 % Ohio 4,298,468 6.05 % 4,775,235 6.65 % Oregon 112,728 0.16 % 144,013 0.20 % Pennsylvania 1,632,023 2.30 % 1,753,190 2.44 % Texas 2,479,933 3.49 % 2,673,036 3.72 % Virginia 59,759 0.08 % 70,671 0.10 % Vermont 247,065 0.35 % 259,677 0.36 % Washington 279,969 0.39 % 287,109 0.40 % $ 71,025,133 100.00 % $ 71,824,480 100.00 % |
Available For Sale Fixed Maturity Securities [Member] | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2020 Amortized Cost Fair Value Due in one year or less $ 2,447,947 $ 2,463,051 Due in one year through five years 25,300,158 27,089,443 Due after five years through ten years 44,586,011 50,363,587 Due after ten years 76,082,872 90,703,313 Due at multiple maturity dates 14,022 28,442 $ 148,431,010 $ 170,647,836 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total December 31, 2020 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 434,303 $ - $ 434,303 States and political subdivisions - 9,689,756 - 9,689,756 Residential mortgage-backed securities - 28,442 - 28,442 Corporate bonds - 123,135,359 - 123,135,359 Asset-backed - 2,037,269 - 2,037,269 Exchange traded securities - 499,800 - 499,800 Foreign bonds 34,198,367 34,198,367 Certificate of deposit - 624,540 - 624,540 Total fixed maturity securities $ - $ 170,647,836 $ - $ 170,647,836 Equity securities Mutual funds $ - $ 84,242 $ - $ 84,242 Corporate common stock 51,629 - 67,132 118,761 Total equity securities $ 51,629 $ 84,242 $ 67,132 $ 203,003 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 - 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] | December 31, 2020 2019 Beginning balance $ 64,107 $ 64,036 Joint venture net income 90,292 115,357 Joint venture distribution (87,267 ) (115,286 ) Ending balance $ 67,132 $ 64,107 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Amount Value Level 1 Level 2 Level 3 December 31, 2020 Financial assets Mortgage loans on real estate Commercial $ 11,002,689 $ 11,085,406 $ - $ - $ 11,085,406 Residential 163,906,373 184,802,993 - - 184,802,993 Policy loans 2,108,678 2,108,678 - - 2,108,678 Short-term investments 3,309,020 3,309,020 3,309,020 - - Other long-term investments 71,025,133 89,264,246 - - 89,264,246 Cash and cash equivalents 40,230,095 40,230,095 40,230,095 - - Accrued investment income 5,370,508 5,370,508 - - 5,370,508 Total financial assets $ 296,952,496 $ 336,170,946 $ 43,539,115 $ - $ 292,631,831 Financial liabilities Policyholders' account balances $ 362,519,753 $ 380,666,901 $ - $ - $ 380,666,901 Policy claims 2,099,548 2,099,548 - - 2,099,548 Total financial liabilities $ 364,619,301 $ 382,766,449 $ - $ - $ 382,766,449 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 5 - Allowance for Loan L_2
Note 5 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended December 31, 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 43,547 68,848 (7,031 ) 12,364 36,516 81,212 Allowance, ending $ 486,604 $ 443,057 $ 55,290 $ 62,321 $ 541,894 $ 505,378 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 486,604 $ 443,057 $ 55,290 $ 62,321 $ 541,894 $ 505,378 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 96,877,653 $ 88,245,263 $ 11,002,689 $ 12,401,775 $ 107,880,342 $ 100,647,038 |
Note 6 - Deferred Policy Acqu_2
Note 6 - Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2020 2019 Balance, beginning of year $ 38,005,639 $ 29,681,737 Capitalization of commissions, sales and issue expenses 11,856,420 12,369,350 Amortization (5,327,177 ) (4,015,480 ) Deferred acquisition costs allocated to investments (21,213 ) (29,968 ) Balance, end of year $ 44,513,669 $ 38,005,639 |
Note 7 - Federal Income Taxes (
Note 7 - Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2020 2019 Expected tax expense $ 856,967 $ 1,726,119 Capital gain taxes 152,306 14,536 Net operating losses 44,547 207,580 Future policy benefits 9,011 208,197 Reinsurance recoverable 6,813 (205,559 ) Alternative minimum taxes - 164,432 Adjustment of prior years' taxes (46,466 ) (54,793 ) Difference in book versus tax basis of available-for-sale securities (179,854 ) 9,721 Other 58,780 49,663 Total income tax expense $ 902,104 $ 2,119,896 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred tax liabilities: Net unrealized investment gains $ 4,656,911 $ 2,556,327 Deferred policy acquisition costs 7,775,267 6,463,579 Value of insurance business acquired 964,525 1,027,204 Reinsurance recoverable 248,175 241,362 Due premiums 87,937 30,800 Investment real estate 23,425 40,627 Available-for-sale fixed maturity securities - 78,207 Other 18,635 13,544 Total deferred tax liabilities 13,774,875 10,451,650 Deferred tax assets: Policyholders' account balances and future policy benefits 3,591,696 3,181,433 Net operating loss carryforward 679,303 774,003 Mortgage loans 104,645 89,992 Available-for-sale fixed maturity securities 100,582 - Policy claims 32,494 16,366 Available-for-sale equity securities 20,864 21,056 Unearned investment income 14,978 13,105 Dividend liability 9,408 9,777 Total deferred tax assets 4,553,970 4,105,732 Net deferred tax liabilities $ 9,220,905 $ 6,345,918 |
Note 8 - Reinsurance (Tables)
Note 8 - Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | 2020 2019 Premiums assumed $ 3,023,178 $ 1,777,449 Commissions and expense allowances assumed 1,494,464 1,413,057 Benefits assumed 88,171 8,001 Reserve credits assumed 2,944,668 1,279,582 In force amount assumed 56,417,493 41,056,032 Premiums ceded 2,130,523 71,936,037 Commissions and expense allowances ceded 80,383 2,670,202 Benefits ceded 2,234,094 1,208,109 Reserve credits ceded 104,593,282 103,142,179 In force amount ceded 57,739,638 43,641,121 |
Note 11 - Segment Data (Tables)
Note 11 - Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2020 2019 Revenues: Life insurance operations $ 32,236,531 $ 27,170,994 Annuity operations 19,724,655 21,931,249 Corporate operations 829,819 674,452 Total $ 52,791,005 $ 49,776,695 Income before income taxes: Life insurance operations $ 337,686 $ 2,333,441 Annuity operations 2,986,150 5,397,194 Corporate operations 756,958 488,981 Total $ 4,080,794 $ 8,219,616 Depreciation and amortization expense: Life insurance operations $ 4,733,751 $ 3,663,864 Annuity operations 1,046,400 817,243 Total $ 5,780,151 $ 4,481,107 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2020 2019 Assets: Life insurance operations $ 120,484,734 $ 99,612,420 Annuity operations 518,257,307 500,738,949 Corporate operations 4,853,228 4,585,005 Total $ 643,595,269 $ 604,936,374 |
Note 15 - Other Comprehensive_2
Note 15 - Other Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Year Ended December 31, 2020 Balance as of January 1, 2020 $ 9,632,323 $ (15,663 ) $ 9,616,660 Other comprehensive income before reclassifications, net of tax 7,722,905 (16,758 ) 7,706,147 Less amounts reclassified from accumulated other comprehensive income, net of tax (196,051 ) - (196,051 ) Other comprehensive income 7,918,956 (16,758 ) 7,902,198 Balance as of December 31, 2020 $ 17,551,279 $ (32,421 ) $ 17,518,858 Year Ended December 31, 2019 Balance as of January 1, 2019 $ (2,584,643 ) $ 8,012 $ (2,576,631 ) Other comprehensive income before reclassifications, net of tax 12,998,677 (23,675 ) 12,975,002 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 781,711 - 781,711 Other comprehensive income 12,216,966 (23,675 ) 12,193,291 Balance as of December 31, 2019 $ 9,632,323 $ (15,663 ) $ 9,616,660 |
Comprehensive Income (Loss) [Table Text Block] | Income Tax Expense Pretax (Benefit) Net of Tax Year Ended December 31, 2020 Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 9,775,829 $ 2,052,924 $ 7,722,905 Reclassification adjustment for net losses included in operation (248,166 ) (52,115 ) (196,051 ) Net unrealized gains on investments 10,023,995 2,105,039 7,918,956 Adjustment to deferred acquisition costs (21,213 ) (4,455 ) (16,758 ) Total other comprehensive income $ 10,002,782 $ 2,100,584 $ 7,902,198 Year Ended December 31, 2019 Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 16,454,021 $ 3,455,344 $ 12,998,677 Reclassification adjustment for net gains included in operation having no credit losses 989,507 207,796 781,711 Net unrealized gains on investments 15,464,514 3,247,548 12,216,966 Adjustment to deferred acquisition costs (29,968 ) (6,293 ) (23,675 ) Total other comprehensive income $ 15,434,546 $ 3,241,255 $ 12,193,291 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Years Ended December 31, Reclassification Adjustments 2020 2019 Realized gains (losses) on sales of securities (a) $ (248,166 ) $ 989,507 Income tax expense (benefit) (b) (52,115 ) 207,796 Total reclassification adjustments $ (196,051 ) $ 781,711 |
Supplemental Disclosure - Cas_3
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities (Details Textual) - USD ($) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2012 | Jan. 01, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 797,158 | $ 99,218 | ||
Common Stock Dividends, Shares (in shares) | 702,685 | |||
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 | ||
Common Class A [Member] | ||||
Common Stock Dividends, Shares (in shares) | 791,339 | |||
Dividends, Common Stock, Stock Percent | 10.00% | |||
Residential Mortgage [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 797,158 | $ 99,218 |
Supplemental Disclosure - Cas_4
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities - Supplement Disclosures (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reductions in mortgage loans due to foreclosure | $ 797,158 | $ 99,218 |
Investment real estate held-for-sale acquired through foreclosure | (797,158) | (99,218) |
Net cash used in investing activities | ||
Change in shareholders' equity due to the stock dividend | ||
Retained Earnings [Member] | ||
Reduction in accumulated earnings due to stock dividend | (8,657,249) | |
Additional Paid-in Capital [Member] | ||
Change in shareholders' equity due to the stock dividend | 8,649,335 | |
Common Class A [Member] | ||
Change in shareholders' equity due to the stock dividend | 8,657,249 | |
Common Class A [Member] | Common Stock [Member] | ||
Change in shareholders' equity due to the stock dividend | $ 7,914 |
Supplemental Disclosure - Cas_5
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities - Supplement Disclosures (Details) (Parentheticals) - $ / shares | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2012 | Dec. 31, 2019 | |
Shares issued (in shares) | 702,685 | ||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Common Class A [Member] | |||
Shares issued (in shares) | 791,339 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common Class A [Member] | Common Stock [Member] | |||
Common stock, par value (in dollars per share) | $ 0.01 |
Supplemental Disclosure - Cas_6
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities - Acquisition (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 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 | $ 1,746,240 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Jan. 01, 2020USD ($)shares | Apr. 03, 2018USD ($) | Apr. 28, 2015USD ($) | Dec. 28, 2011USD ($) | Dec. 31, 2008USD ($) | Dec. 23, 2008USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2004USD ($) | Dec. 31, 2012USD ($)shares | Mar. 08, 2013USD ($) | Mar. 08, 2013USD ($)shares | Oct. 02, 2019shares | 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 | |||||||||||||
Stock Issued During Period, Value, Stock Dividend | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.05 | |||||||||||||
Dividends, Cash, Total | $ 393,178 | |||||||||||||
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 | |||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 4,146,901 | $ 3,848,430 | ||||||||||||
Present Value of Future Insurance Profits, Expected Amortization, Year One | 272,004 | |||||||||||||
Present Value of Future Insurance Profits, Expected Amortization, Year Two | 229,910 | |||||||||||||
Present Value of Future Insurance Profits, Expected Amortization, Year Three | 219,350 | |||||||||||||
Present Value of Future Insurance Profits, Expected Amortization, Year Four | 201,304 | |||||||||||||
Present Value of Future Insurance Profits, Expected Amortization, Year Five | $ 212,373 | |||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||
Common Stock Shares Allocated To Stockholders (in shares) | shares | 8,747,633 | |||||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted (in shares) | shares | 8,593,932 | |||||||||||||
Minimum [Member] | ||||||||||||||
Liability for Policyholder Contract Deposits, Interest Rate | 2.25% | |||||||||||||
Policyholder Dividends, Rate on Policy Earnings | 2.50% | |||||||||||||
Maximum [Member] | ||||||||||||||
Liability for Policyholder Contract Deposits, Interest Rate | 4.50% | |||||||||||||
Policyholder Dividends, Rate on Policy Earnings | 4.00% | |||||||||||||
Investment Real Estate [Member] | ||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 19 years | |||||||||||||
Office Furniture, Equipment and Software [Member] | Minimum [Member] | ||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||||||||
Office Furniture, Equipment and Software [Member] | Maximum [Member] | ||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||||||||||
Common Class A [Member] | ||||||||||||||
Common Stock Dividends, Shares (in shares) | shares | 791,339 | |||||||||||||
Stock Issued During Period, Value, Stock Dividend | $ 8,657,249 | |||||||||||||
Dividends, Common Stock, Stock Percent | 10.00% | |||||||||||||
Common Stock, Shares Authorized (in shares) | shares | 40,000,000 | 20,000,000 | 40,000,000 | |||||||||||
Percent of Dividends | 100.00% | |||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||
Common Stock Shares Allocated To Stockholders (in shares) | shares | 8,661,696 | |||||||||||||
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | shares | 8,661,696 | |||||||||||||
Common Class B [Member] | ||||||||||||||
Common Stock, Shares Authorized (in shares) | shares | 10,000,000 | 10,000,000 | ||||||||||||
Percent of Dividends | 85.00% | |||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||
Right To Receive Dividend Percentage | 85.00% | |||||||||||||
Common Stock Shares Allocated To Stockholders (in shares) | shares | 85,937 | |||||||||||||
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | shares | 101,102 | |||||||||||||
Retained Earnings [Member] | ||||||||||||||
Dividends, Common Stock, Total | $ 8,657,249 | $ 5,270,138 | ||||||||||||
Dividends, Cash, Total | 393,178 | |||||||||||||
Common Stock Including Additional Paid in Capital [Member] | ||||||||||||||
Stock Issued During Period, Value, Stock Dividend | $ 5,270,138 | |||||||||||||
K-TENN Insurance Company ("K-TENN") [Member] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 168,866 | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||
Business Combination, Consideration Transferred, Total | $ 1,746,240 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 1,746,240 | $ 1,746,240 | ||||||||||||
Trinity American, Inc. ("TAI") [Member] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||
Business Combination, Consideration Transferred, Total | $ 250,000 | |||||||||||||
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 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | Nov. 16, 2020USD ($)ft²a | Dec. 31, 2020USD ($)a | Dec. 31, 2019USD ($) | Sep. 01, 2010ft² |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ 801,340 | |||
Number Of Loans Past Due | 24 | 23 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 3,979,997 | $ 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 | $ 797,158 | 99,218 | ||
Allowance for Loan and Lease Losses, Real Estate | 541,894 | 505,378 | ||
Real Estate Investments, Net, Total | 757,936 | 1,951,759 | ||
Proceeds from Sale of Real Estate Held-for-investment, Total | $ 2,216,780 | 350,817 | ||
Trinity Life Insurance Company [Member] | Topeka Kansas [Member] | ||||
Area of Land (Acre) | a | 3 | |||
Trinity Life Insurance Company [Member] | Topeka Kansas [Member] | Office Building [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 20,000 | 2,500 | ||
Real Estate Held-for-sale | $ 1,078,037 | |||
Gain (Loss) on Investments, Total | 240,374 | |||
Proceeds from Sale of Real Estate, Total | $ 1,318,411 | |||
TLIC [Member] | Topeka Kansas [Member] | ||||
Area of Land (Acre) | a | 3 | |||
TLIC [Member] | Topeka Kansas [Member] | Assets Held-for-sale not Part of a Disposal Group [Member] | ||||
Area of Land (Acre) | a | 3 | |||
TLIC [Member] | Topeka Kansas [Member] | Office Building [Member] | ||||
Real Estate Held-for-sale | $ 1,078,037 | |||
Gain (Loss) on Investments, Total | 240,374 | |||
Proceeds from Sale of Real Estate, Total | $ 1,318,411 | |||
TLIC [Member] | Topeka Kansas [Member] | Underdeveloped Land [Member] | ||||
Land | $ 409,436 | |||
FBLIC [Member] | Jefferson City Missouri [Member] | Assets Held-for-sale not Part of a Disposal Group [Member] | ||||
Area of Land (Acre) | a | 0.5 | |||
FBLIC [Member] | Jefferson City Missouri [Member] | Underdeveloped Land [Member] | ||||
Land | $ 131,000 | |||
Independent Mortgage Loan Balances [Member] | ||||
Escrow Deposit | 766,667 | 798,753 | ||
Commercial Portfolio Segment [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | 53,066 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Ending Balance | $ 11,002,689 | $ 12,401,775 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | 28 | 30 | ||
Minimum [Member] | Commercial Portfolio Segment [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 9,293 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 6.21% | 5.75% | ||
Maximum [Member] | Commercial Portfolio Segment [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 2,000,000 | $ 2,000,000 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 10.51% | 20.60% | ||
Residential Mortgage [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 797,158 | $ 99,218 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,260 | 1,211 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Ending Balance | 163,906,373 | 150,002,865 | ||
Real Estate Investments, Net, Total | 791,704 | 394,002 | ||
Gains (Losses) on Sales of Investment Real Estate | 106,665 | (43,185) | ||
Proceeds from Sale of Real Estate Held-for-investment, Total | 898,369 | 350,817 | ||
Residential Mortgage [Member] | Minimum [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 262 | $ 262 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 3.43% | 3.43% | ||
Residential Mortgage [Member] | Maximum [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 974,550 | $ 1,000,000 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 25.64% | 26.18% | ||
Debt Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 17 | 24 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 251,015 | $ 521,271 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,953,706 | 7,357,453 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 5,204,721 | $ 7,878,724 | ||
Fair Value to Cost Ratio | 95.00% | 93.00% | ||
Fixed Maturity Securities, Investment Grade Percentage | 92.00% | 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 | $ 7,739 | $ 2,629 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 84,242 | 89,352 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 91,981 | $ 91,981 | ||
Fair Value to Cost Ratio | 97.00% | |||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | ||||
Debt Security, Corporate, Non-US [Member] | ||||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | 850,000 | |||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | 801,340 | |||
Lottery Prize Cash Flows [Member] | ||||
Other Investments, Total | $ 71,025,133 | $ 71,824,480 |
Note 2 - Investments - Availabl
Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, amortized cost or cost | $ 148,614,229 | $ 166,990,587 |
Debt and Equity Securities, gross unrealized gains | 22,495,364 | 12,737,561 |
Debt and Equity Securities, gross unrealized losses | 258,754 | 523,900 |
Debt and Equity Securities, fair value | 170,850,839 | 179,204,248 |
US Treasury and Government [Member] | ||
Available-for-sale securities at cost | 430,735 | 1,679,731 |
Securities, gross unrealized gains | 3,568 | 431 |
Securities, gross unrealized losses | 11,129 | |
Fixed maturity available-for-sale securities - fair value | 434,303 | 1,669,033 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities at cost | 8,830,403 | 9,536,120 |
Securities, gross unrealized gains | 891,285 | 617,063 |
Securities, gross unrealized losses | 31,932 | 2,252 |
Fixed maturity available-for-sale securities - fair value | 9,689,756 | 10,150,931 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities at cost | 14,022 | 20,289 |
Securities, gross unrealized gains | 14,420 | 22,167 |
Securities, gross unrealized losses | ||
Fixed maturity available-for-sale securities - fair value | 28,442 | 42,456 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities at cost | 106,387,417 | 121,143,923 |
Securities, gross unrealized gains | 16,859,782 | 9,528,168 |
Securities, gross unrealized losses | 111,840 | 144,337 |
Fixed maturity available-for-sale securities - fair value | 123,135,359 | 130,527,754 |
Asset-backed Securities [Member] | ||
Available-for-sale securities at cost | 2,052,174 | 2,116,056 |
Securities, gross unrealized gains | 32,908 | 68,395 |
Securities, gross unrealized losses | 47,813 | |
Fixed maturity available-for-sale securities - fair value | 2,037,269 | 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 | |
Fixed maturity available-for-sale securities - fair value | 499,800 | 548,400 |
Debt Security, Government, Non-US [Member] | ||
Available-for-sale securities at cost | 29,616,259 | 31,764,329 |
Securities, gross unrealized gains | 4,641,338 | 2,427,523 |
Securities, gross unrealized losses | 59,230 | 363,553 |
Fixed maturity available-for-sale securities - fair value | 34,198,367 | 33,828,299 |
Debt Securities [Member] | ||
Available-for-sale securities at cost | 148,431,010 | 166,760,448 |
Securities, gross unrealized gains | 22,467,841 | 12,712,147 |
Securities, gross unrealized losses | 251,015 | 521,271 |
Fixed maturity available-for-sale securities - fair value | 170,647,836 | 178,951,324 |
Preferred Stock [Member] | ||
Available-for-sale securities at cost | 49,945 | |
Securities, gross unrealized gains | 1,955 | |
Securities, gross unrealized losses | ||
Fixed maturity available-for-sale securities - fair value | 51,900 | |
Mutual Fund [Member] | ||
Equity Securities, cost | 91,981 | 91,981 |
Equity securities, gross unrealized gains | ||
Equity Securities, gross unrealized losses | 7,739 | 2,629 |
Equity securities | 84,242 | 89,352 |
Certificates of Deposit [Member] | ||
Available-for-sale securities at cost | 600,000 | |
Securities, gross unrealized gains | 24,540 | |
Securities, gross unrealized losses | ||
Fixed maturity available-for-sale securities - fair value | 624,540 | |
Common Stock [Member] | ||
Equity Securities, cost | 91,238 | 88,213 |
Equity securities, gross unrealized gains | 27,523 | 23,459 |
Equity Securities, gross unrealized losses | ||
Equity securities | 118,761 | 111,672 |
Equity Securities [Member] | ||
Equity Securities, cost | 183,219 | 180,194 |
Equity securities, gross unrealized gains | 27,523 | 23,459 |
Equity Securities, gross unrealized losses | 7,739 | 2,629 |
Equity securities | $ 203,003 | $ 201,024 |
Note 2 - Investments - Securiti
Note 2 - Investments - Securities in an Unrealized Loss Position (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt and equity securities in an unrealized loss position, fair value | $ 5,037,948 | $ 7,446,805 |
Debt and equity securities in an unrealized loss position, unrealized loss | $ 258,754 | $ 523,900 |
Debt and equity securities in an unrealized loss position, number | 18 | 25 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 625,098 | $ 103,007 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 31,932 | $ 2,252 |
Securities in an unrealized loss position, less than twelve months, number | 1 | 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 | |
Corporate Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 878,716 | $ 3,049,765 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 41,508 | $ 59,915 |
Securities in an unrealized loss position, less than twelve months, number | 3 | 7 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,084,205 | $ 1,245,410 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 70,332 | $ 84,422 |
Securities in an unrealized loss position, more than twelve months, number | 3 | 6 |
Asset-backed Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 1,047,443 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 47,813 | |
Securities in an unrealized loss position, less than twelve months, number | 3 | |
Exchange-traded Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 499,800 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 200 | |
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 | $ 285,569 | $ 345,243 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 28,282 | $ 7,857 |
Securities in an unrealized loss position, less than twelve months, number | 4 | 1 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 532,875 | $ 1,070,459 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 30,948 | $ 355,696 |
Securities in an unrealized loss position, more than twelve months, number | 1 | 4 |
Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 3,336,626 | $ 4,595,641 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 149,735 | $ 76,865 |
Securities in an unrealized loss position, less than twelve months, number | 13 | 12 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,617,080 | $ 2,761,812 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 101,280 | $ 444,406 |
Securities in an unrealized loss position, more than twelve months, number | 4 | 12 |
Securities in an unrealized loss position, fair value | $ 4,953,706 | $ 7,357,453 |
Securities in an unrealized loss position, unrealized loss | $ 251,015 | $ 521,271 |
Securities in an unrealized loss position, number | 17 | 24 |
Equity Securities [Member] | ||
Equity securities in an unrealized loss position, less than twelve months, fair value | $ 84,242 | |
Equity securities in an unrealized loss position, less than twelve months, unrealized loss | $ 7,739 | |
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 |
Note 2 - Investments - Net Unre
Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Unrealized appreciation on available-for-sale securities | $ 22,216,826 | $ 12,192,831 |
Adjustment to deferred acquisition costs | (41,057) | (19,844) |
Deferred income taxes | (4,656,911) | (2,556,327) |
Net unrealized appreciation on available-for-sale securities | $ 17,518,858 | $ 9,616,660 |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) - Fixed Maturities [Member] | Dec. 31, 2020USD ($) |
Due in one year or less - amortized cost | $ 2,447,947 |
Due in one year or less - fair value | 2,463,051 |
Due in one year through five years- amortized cost | 25,300,158 |
Due in one year through five years - fair value | 27,089,443 |
Due after five years through ten years - amortized cost | 44,586,011 |
Due after five years through ten years - fair value | 50,363,587 |
Due after ten years - amortized cost | 76,082,872 |
Due after ten years - fair value | 90,703,313 |
Due at multiple maturity dates - amortized cost | 14,022 |
Due at multiple maturity dates - fair value | 28,442 |
Fixed maturity available-for-sale securities - amortized cost | 148,431,010 |
Fixed maturity available-for-sale securities - fair value | $ 170,647,836 |
Note 2 - Investments - Proceeds
Note 2 - Investments - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loss on other-than-temporary impairments | $ (801,340) | |
Fixed Maturities [Member] | ||
Proceeds from sale, maturity, or collection of investments | 22,331,124 | 33,700,106 |
Gross realized gains on sale of investments | 643,593 | 1,289,675 |
Gross realized losses on sale of investments | (90,474) | (300,168) |
Loss on other-than-temporary impairments | (801,340) | |
Equity Securities [Member] | ||
Proceeds from sale, maturity, or collection of investments | 19,371 | |
Gross realized gains on sale of investments | 12,372 | |
Gross realized losses on sale of investments | ||
Loss on other-than-temporary impairments | ||
Investment Real Estate [Member] | ||
Proceeds from sale, maturity, or collection of investments | 2,216,780 | 350,817 |
Gross realized gains on sale of investments | 347,039 | 5,158 |
Gross realized losses on sale of investments | (48,343) | |
Loss on other-than-temporary impairments | ||
Mortgages [Member] | ||
Proceeds from sale, maturity, or collection of investments | 6,345,816 | |
Gross realized gains on sale of investments | 108,101 | |
Gross realized losses on sale of investments | ||
Loss on other-than-temporary impairments | ||
Preferred Stock [Member] | ||
Proceeds from sale, maturity, or collection of investments | 50,000 | 50,000 |
Gross realized gains on sale of investments | 55 | |
Gross realized losses on sale of investments | ||
Loss on other-than-temporary impairments |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in unrealized investment gains (losses) | $ 7,918,956 | $ 12,216,966 |
Gross Investment income | 27,587,240 | 27,001,305 |
Investment expenses | (3,502,939) | (2,631,265) |
Net investment income | 24,084,301 | 24,370,040 |
Fixed Maturities [Member] | ||
Change in unrealized investment gains (losses) | 10,025,950 | 15,453,194 |
Net realized investment gains (losses) | 553,119 | 989,507 |
Gross Investment income | 7,159,792 | 7,419,650 |
Equity Securities [Member] | ||
Equity securities, sale of securities | 12,372 | |
Equity securities, changes in fair value | (1,046) | 9,284 |
Gross Investment income | 103,037 | 131,823 |
Preferred Stock [Member] | ||
Change in unrealized investment gains (losses) | (1,955) | 11,320 |
Net realized investment gains (losses) | 55 | |
Other Long-term Investments [Member] | ||
Gross Investment income | 5,166,428 | 4,860,323 |
Mortgages [Member] | ||
Net realized investment gains (losses) | 108,101 | |
Gross Investment income | 14,651,491 | 13,544,895 |
Policy Loans [Member] | ||
Gross Investment income | 153,316 | 137,492 |
Real Estate Investment [Member] | ||
Net realized investment gains (losses) | 347,039 | (43,185) |
Gross Investment income | 252,047 | 269,123 |
Short-term Investments [Member] | ||
Gross Investment income | $ 101,129 | $ 637,999 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 174,909,062 | $ 162,404,640 |
Mortgage loans on real estate, percentage | 100.00% | 100.00% |
Mortgage loan allowance and unamortized origination fees | $ (498,309) | $ (428,532) |
Mortgage loan allowance and unamortized origination fees, percentage | (0.30%) | (0.26%) |
Alabama [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 1,205,848 | $ 1,150,160 |
Mortgage loans on real estate, percentage | 0.69% | 0.71% |
Arizona1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 1,111,244 | $ 1,709,789 |
Mortgage loans on real estate, percentage | 0.64% | 1.05% |
Arkansas [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 618,038 | $ 697,748 |
Mortgage loans on real estate, percentage | 0.35% | 0.43% |
California1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 8,054,996 | $ 7,010,828 |
Mortgage loans on real estate, percentage | 4.61% | 4.32% |
Colorado1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 56,621 | $ 57,431 |
Mortgage loans on real estate, percentage | 0.03% | 0.04% |
CONNECTICUT | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 985,525 | $ 901,101 |
Mortgage loans on real estate, percentage | 0.56% | 0.55% |
Delaware [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 520,569 | $ 458,587 |
Mortgage loans on real estate, percentage | 0.30% | 0.28% |
DISTRICT OF COLUMBIA | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 720,000 | $ 720,000 |
Mortgage loans on real estate, percentage | 0.41% | 0.44% |
FLORIDA | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 41,034,631 | $ 29,921,779 |
Mortgage loans on real estate, percentage | 23.46% | 18.42% |
Georgia1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 9,918,563 | $ 10,459,089 |
Mortgage loans on real estate, percentage | 5.67% | 6.44% |
HAWAII | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 227,068 | $ 229,865 |
Mortgage loans on real estate, percentage | 0.13% | 0.14% |
Idaho [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 212,409 | $ 638,967 |
Mortgage loans on real estate, percentage | 0.12% | 0.39% |
Illinois1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 5,018,145 | $ 6,659,219 |
Mortgage loans on real estate, percentage | 2.87% | 4.10% |
Indiana1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 916,706 | $ 1,181,493 |
Mortgage loans on real estate, percentage | 0.52% | 0.73% |
KANSAS | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 375,870 | $ 548,138 |
Mortgage loans on real estate, percentage | 0.21% | 0.34% |
Kentucky1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 94,619 | |
Mortgage loans on real estate, percentage | 0.00% | 0.06% |
Louisiana1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 503,787 | $ 241,748 |
Mortgage loans on real estate, percentage | 0.29% | 0.15% |
Maine [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 126,414 | $ 128,112 |
Mortgage loans on real estate, percentage | 0.07% | 0.08% |
Maryland [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 589,487 | $ 757,860 |
Mortgage loans on real estate, percentage | 0.34% | 0.47% |
Massachusetts1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 2,005,130 | $ 2,174,988 |
Mortgage loans on real estate, percentage | 1.15% | 1.34% |
MICHIGAN | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 236,135 | $ 192,050 |
Mortgage loans on real estate, percentage | 0.14% | 0.12% |
Minnesota1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 880,922 | $ 32,286 |
Mortgage loans on real estate, percentage | 0.50% | 0.02% |
Mississippi [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 80,830 | $ 81,653 |
Mortgage loans on real estate, percentage | 0.05% | 0.05% |
Missouri1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 2,283,186 | $ 3,130,470 |
Mortgage loans on real estate, percentage | 1.31% | 1.93% |
NEVADA | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 11,668 | $ 165,092 |
Mortgage loans on real estate, percentage | 0.01% | 0.10% |
NEW HAMPSHIRE | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 132,040 | |
Mortgage loans on real estate, percentage | 0.00% | 0.08% |
NEW JERSEY | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 8,683,341 | $ 7,470,226 |
Mortgage loans on real estate, percentage | 4.96% | 4.60% |
NEW MEXICO | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 80,975 | $ 81,497 |
Mortgage loans on real estate, percentage | 0.05% | 0.05% |
NEW YORK | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 4,915,742 | $ 3,864,479 |
Mortgage loans on real estate, percentage | 2.81% | 2.38% |
North Carolina [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 2,356,697 | $ 3,926,787 |
Mortgage loans on real estate, percentage | 1.35% | 2.42% |
OHIO | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 4,732,716 | $ 2,438,541 |
Mortgage loans on real estate, percentage | 2.71% | 1.50% |
OKLAHOMA | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 510,194 | $ 612,075 |
Mortgage loans on real estate, percentage | 0.29% | 0.38% |
OREGON | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 563,014 | $ 1,647,107 |
Mortgage loans on real estate, percentage | 0.32% | 1.01% |
Pennsylvania1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 637,063 | $ 67,195 |
Mortgage loans on real estate, percentage | 0.36% | 0.04% |
South Carolina [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 728,933 | $ 183,078 |
Mortgage loans on real estate, percentage | 0.42% | 0.11% |
Tennessee [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 4,211,195 | $ 4,024,710 |
Mortgage loans on real estate, percentage | 2.41% | 2.48% |
TEXAS | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 67,127,667 | $ 65,639,490 |
Mortgage loans on real estate, percentage | 38.38% | 40.42% |
UTAH | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 2,000,000 | $ 2,000,000 |
Mortgage loans on real estate, percentage | 1.14% | 1.23% |
VERMONT | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 231,266 | $ 241,470 |
Mortgage loans on real estate, percentage | 0.13% | 0.15% |
Virginia1 [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 400,502 | $ 486,846 |
Mortgage loans on real estate, percentage | 0.23% | 0.30% |
WASHINGTON | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 325,369 | $ 345,986 |
Mortgage loans on real estate, percentage | 0.19% | 0.21% |
WISCONSIN | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 208,905 | $ 328,573 |
Mortgage loans on real estate, percentage | 0.12% | 0.20% |
Residential Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 163,906,373 | $ 150,002,865 |
Commercial Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 11,002,689 | 12,401,775 |
Commercial Portfolio Segment [Member] | Industrial Property [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 670,708 | 1,619,250 |
Commercial Portfolio Segment [Member] | Apartment Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 1,604,934 | |
Commercial Portfolio Segment [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 290,889 | 729,603 |
Commercial Portfolio Segment [Member] | Office Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 4,596,331 | 3,676,396 |
Commercial Portfolio Segment [Member] | Retail Site [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 5,444,761 | $ 4,771,592 |
Note 2 - Investments - Mortga_2
Note 2 - Investments - Mortgage Loan to Value Ratios (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage loans on real estate | $ 174,909,062 | $ 162,404,640 |
Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 163,906,373 | 150,002,865 |
Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 11,002,689 | 12,401,775 |
Mortgage Loans on Real Estate [Member] | ||
Mortgage loans on real estate | 174,909,062 | 162,404,640 |
Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 53,905,657 | 42,882,569 |
Loan to Value Range1 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 53,905,657 | 42,607,615 |
Loan to Value Range1 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 274,954 | |
Loan to Value Range1 [Member] | Minimum [Member] | ||
Loan to value ratio | 70.00% | |
Loan to Value Range1 [Member] | Maximum [Member] | ||
Loan to value ratio | 80.00% | |
Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | $ 52,361,170 | 52,479,577 |
Loan to Value Range 2 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 50,752,236 | 50,158,843 |
Loan to Value Range 2 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 1,608,934 | 2,320,734 |
Loan to Value Range 2 [Member] | Minimum [Member] | ||
Loan to value ratio | 60.00% | |
Loan to Value Range 2 [Member] | Maximum [Member] | ||
Loan to value ratio | 70.00% | |
Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | $ 29,885,098 | 30,258,112 |
Loan to Value Range 3 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 27,493,242 | 28,939,576 |
Loan to Value Range 3 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 2,391,856 | 1,318,536 |
Loan to Value Range 3 [Member] | Minimum [Member] | ||
Loan to value ratio | 50.00% | |
Loan to Value Range 3 [Member] | Maximum [Member] | ||
Loan to value ratio | 60.00% | |
Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | $ 14,661,818 | 15,302,660 |
Loan to Value Range 4 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 13,875,675 | 13,160,306 |
Loan to Value Range 4 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 786,143 | 2,142,354 |
Loan to Value Range 4 [Member] | Minimum [Member] | ||
Loan to value ratio | 40.00% | |
Loan to Value Range 4 [Member] | Maximum [Member] | ||
Loan to value ratio | 50.00% | |
Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | $ 9,022,725 | 9,824,642 |
Loan to Value Range 5 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 7,846,306 | 8,023,690 |
Loan to Value Range 5 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 1,176,419 | 1,800,952 |
Loan to Value Range 5 [Member] | Minimum [Member] | ||
Loan to value ratio | 30.00% | |
Loan to Value Range 5 [Member] | Maximum [Member] | ||
Loan to value ratio | 40.00% | |
Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | $ 8,312,906 | 5,042,160 |
Loan to Value Range 6 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 5,538,886 | 3,806,361 |
Loan to Value Range 6 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 2,774,020 | 1,235,799 |
Loan to Value Range 6 [Member] | Minimum [Member] | ||
Loan to value ratio | 20.00% | |
Loan to Value Range 6 [Member] | Maximum [Member] | ||
Loan to value ratio | 30.00% | |
Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | $ 5,772,222 | 5,985,483 |
Loan to Value Range 7 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 3,699,228 | 2,677,037 |
Loan to Value Range 7 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 2,072,994 | 3,308,446 |
Loan to Value Range 7 [Member] | Minimum [Member] | ||
Loan to value ratio | 10.00% | |
Loan to Value Range 7 [Member] | Maximum [Member] | ||
Loan to value ratio | 20.00% | |
Loan to Value Range 8 [Member] | Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | $ 795,143 | 629,437 |
Loan to Value Range 8 [Member] | Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 192,323 | |
Loan to Value Range 8 [Member] | Mortgage Loans on Real Estate [Member] | ||
Mortgage loans on real estate | $ 987,466 | $ 629,437 |
Loan to Value Range 8 [Member] | Minimum [Member] | Residential Portfolio Segment [Member] | ||
Loan to value ratio | 0.00% | |
Loan to Value Range 8 [Member] | Maximum [Member] | Residential Portfolio Segment [Member] | ||
Loan to value ratio | 10.00% |
Note 2 - Investments - Investme
Note 2 - Investments - Investment Real Estate (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Investment real estate, net | $ 757,936 | $ 1,951,759 |
Land Held for the Production of Income [Member] | ||
Investment real estate | 213,160 | |
Land Held for Sale [Member] | ||
Investment real estate | 540,436 | 745,155 |
Land [Member] | ||
Investment real estate | 540,436 | 958,315 |
Building Held for the Production of Income [Member] | ||
Investment real estate | 2,267,557 | |
Less - accumulated depreciation | (1,486,159) | |
Investment real estate, net | 781,398 | |
Residential Real Estate - Held for Sale [Member] | ||
Investment real estate | $ 217,500 | $ 212,046 |
Note 2 - Investments - Lottery
Note 2 - Investments - Lottery Prize Cash Flows, by Contractual Maturity (Details) - Lottery Prize Cash Flows [Member] | Dec. 31, 2020USD ($) |
Due in one year or less, amortized cost | $ 11,650,859 |
Due in one year or less, fair value | 11,907,881 |
Due in one year through five years, amortized cost | 35,471,691 |
Due in one year through five years, fair value | 40,458,580 |
Due after five years through ten years, amortized cost | 17,207,454 |
Due after five years through ten years, fair value | 23,489,469 |
Due after ten years, amortized cost | 6,695,129 |
Due after ten years, fair value | 13,408,316 |
Due, amortized cost | 71,025,133 |
Due, fair value | $ 89,264,246 |
Note 2 - Investments - Lotter_2
Note 2 - Investments - Lottery Prize Cash Flows, by State Lottery (Details) - Lottery Prize Cash Flows [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Other Investments, Total | $ 71,025,133 | $ 71,824,480 |
Other investments, percentage | 100.00% | 100.00% |
Arizona1 [Member] | ||
Other Investments, Total | $ 418,672 | $ 450,573 |
Other investments, percentage | 0.59% | 0.63% |
California1 [Member] | ||
Other Investments, Total | $ 7,361,932 | $ 7,772,309 |
Other investments, percentage | 10.37% | 10.82% |
Colorado1 [Member] | ||
Other Investments, Total | $ 41,000 | |
Other investments, percentage | 0.00% | 0.06% |
Connecticut1 [Member] | ||
Other Investments, Total | $ 2,649,985 | $ 2,670,153 |
Other investments, percentage | 3.73% | 3.72% |
Florida1 [Member] | ||
Other Investments, Total | $ 49,470 | $ 92,145 |
Other investments, percentage | 0.07% | 0.13% |
Georgia1 [Member] | ||
Other Investments, Total | $ 4,245,463 | $ 4,003,717 |
Other investments, percentage | 5.98% | 5.57% |
Illinois1 [Member] | ||
Other Investments, Total | $ 727,077 | $ 458,280 |
Other investments, percentage | 1.02% | 0.64% |
Indiana1 [Member] | ||
Other Investments, Total | $ 5,927,346 | $ 5,398,417 |
Other investments, percentage | 8.35% | 7.52% |
Maine [Member] | ||
Other Investments, Total | $ 157,136 | $ 146,290 |
Other investments, percentage | 0.22% | 0.20% |
Massachusetts1 [Member] | ||
Other Investments, Total | $ 16,519,603 | $ 15,481,300 |
Other investments, percentage | 23.26% | 21.55% |
Michigan1 [Member] | ||
Other Investments, Total | $ 247,786 | $ 264,403 |
Other investments, percentage | 0.35% | 0.37% |
Missouri1 [Member] | ||
Other Investments, Total | $ 91,881 | $ 100,406 |
Other investments, percentage | 0.13% | 0.14% |
New Jersey1 [Member] | ||
Other Investments, Total | $ 429,240 | $ 175,493 |
Other investments, percentage | 0.60% | 0.24% |
New York1 [Member] | ||
Other Investments, Total | $ 23,089,597 | $ 24,807,063 |
Other investments, percentage | 32.51% | 34.54% |
Ohio1 [Member] | ||
Other Investments, Total | $ 4,298,468 | $ 4,775,235 |
Other investments, percentage | 6.05% | 6.65% |
OREGON | ||
Other Investments, Total | $ 112,728 | $ 144,013 |
Other investments, percentage | 0.16% | 0.20% |
Pennsylvania1 [Member] | ||
Other Investments, Total | $ 1,632,023 | $ 1,753,190 |
Other investments, percentage | 2.30% | 2.44% |
Texas1 [Member] | ||
Other Investments, Total | $ 2,479,933 | $ 2,673,036 |
Other investments, percentage | 3.49% | 3.72% |
VIRGINIA | ||
Other Investments, Total | $ 59,759 | $ 70,671 |
Other investments, percentage | 0.08% | 0.10% |
VERMONT | ||
Other Investments, Total | $ 247,065 | $ 259,677 |
Other investments, percentage | 0.35% | 0.36% |
Washington [Member] | ||
Other Investments, Total | $ 279,969 | $ 287,109 |
Other investments, percentage | 0.39% | 0.40% |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) | Dec. 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 ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Recurring [Member] | ||
Equity securities | $ 203,003 | $ 201,024 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 51,629 | 47,565 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 84,242 | 89,352 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 67,132 | 64,107 |
US Treasury and Government [Member] | ||
Fixed maturity available-for-sale securities - fair value | 434,303 | 1,669,033 |
Available-for-sale securities at fair value | 434,303 | 1,669,033 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 434,303 | 1,669,033 |
Available-for-sale securities at fair value | 434,303 | 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 | ||
Available-for-sale securities at 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 | 434,303 | 1,669,033 |
Available-for-sale securities at fair value | 434,303 | 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 | ||
Available-for-sale securities at fair value | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,689,756 | 10,150,931 |
Available-for-sale securities at fair value | 9,689,756 | 10,150,931 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,689,756 | 10,150,931 |
Available-for-sale securities at fair value | 9,689,756 | 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 | ||
Available-for-sale securities at 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 | 9,689,756 | 10,150,931 |
Available-for-sale securities at fair value | 9,689,756 | 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 | ||
Available-for-sale securities at fair value | ||
Residential Mortgage Backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 28,442 | 42,456 |
Available-for-sale securities at fair value | 28,442 | 42,456 |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 28,442 | 42,456 |
Available-for-sale securities at fair value | 28,442 | 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 | ||
Available-for-sale securities at 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 | 28,442 | 42,456 |
Available-for-sale securities at fair value | 28,442 | 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 | ||
Available-for-sale securities at fair value | ||
Corporate Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 123,135,359 | 130,527,754 |
Available-for-sale securities at fair value | 123,135,359 | 130,527,754 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 123,135,359 | 130,527,754 |
Available-for-sale securities at fair value | 123,135,359 | 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 | ||
Available-for-sale securities at fair value | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 123,135,359 | 130,527,754 |
Available-for-sale securities at fair value | 123,135,359 | 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 | ||
Available-for-sale securities at fair value | ||
Asset-backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 2,037,269 | 2,184,451 |
Available-for-sale securities at fair value | 2,037,269 | 2,184,451 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 2,037,269 | 2,184,451 |
Available-for-sale securities at fair value | 2,037,269 | 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 | ||
Available-for-sale securities at fair value | ||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 2,037,269 | 2,184,451 |
Available-for-sale securities at fair value | 2,037,269 | 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 | ||
Available-for-sale securities at fair value | ||
Exchange-traded Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 499,800 | 548,400 |
Available-for-sale securities at fair value | 499,800 | 548,400 |
Exchange-traded Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 499,800 | 548,400 |
Available-for-sale securities at fair value | 499,800 | 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 | ||
Available-for-sale securities at 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 | 499,800 | 548,400 |
Available-for-sale securities at fair value | 499,800 | 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 | ||
Available-for-sale securities at fair value | ||
Debt Security, Government, Non-US [Member] | ||
Fixed maturity available-for-sale securities - fair value | 34,198,367 | 33,828,299 |
Available-for-sale securities at fair value | 34,198,367 | 33,828,299 |
Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 34,198,367 | 33,828,299 |
Available-for-sale securities at fair value | 34,198,367 | 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 | ||
Available-for-sale securities at 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 | 34,198,367 | 33,828,299 |
Available-for-sale securities at fair value | 34,198,367 | 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 | ||
Available-for-sale securities at fair value | ||
Certificates of Deposit [Member] | ||
Fixed maturity available-for-sale securities - fair value | 624,540 | |
Available-for-sale securities at fair value | 624,540 | |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 624,540 | |
Available-for-sale securities at fair value | 624,540 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Available-for-sale securities at fair value | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 624,540 | |
Available-for-sale securities at fair value | 624,540 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Available-for-sale securities at fair value | ||
Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 170,647,836 | 178,951,324 |
Available-for-sale securities at fair value | 170,647,836 | 178,951,324 |
Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 170,647,836 | 178,951,324 |
Available-for-sale securities at fair value | 170,647,836 | 178,951,324 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Available-for-sale securities at fair value | ||
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 170,647,836 | 178,951,324 |
Available-for-sale securities at fair value | 170,647,836 | 178,951,324 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Available-for-sale securities at fair value | ||
Preferred Stock [Member] | ||
Fixed maturity available-for-sale securities - fair value | 51,900 | |
Available-for-sale securities at fair value | 51,900 | |
Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 51,900 | |
Available-for-sale securities at fair value | 51,900 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 51,900 | |
Available-for-sale securities at fair value | 51,900 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Available-for-sale securities at fair value | ||
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | ||
Available-for-sale securities at fair value | ||
Mutual Fund [Member] | ||
Equity securities | 84,242 | 89,352 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 84,242 | 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 | 84,242 | 89,352 |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | ||
Common Stock [Member] | ||
Equity securities | 118,761 | 111,672 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 118,761 | 111,672 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 51,629 | 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 | $ 67,132 | $ 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 ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 64,107 | $ 64,036 |
Joint venture net income | 90,292 | 115,357 |
Joint venture distribution | (87,267) | (115,286) |
Ending balance | $ 67,132 | $ 64,107 |
Note 3 - Fair Value Measureme_6
Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Policy loans | $ 2,108,678 | $ 2,026,301 |
Accrued investment income | 5,370,508 | 5,207,823 |
Policy claims | 2,099,548 | 1,399,393 |
Reported Value Measurement [Member] | ||
Policy loans | 2,108,678 | 2,026,301 |
Short-term investments | 3,309,020 | 1,831,087 |
Other long-term investments | 71,025,133 | 71,824,480 |
Cash and cash equivalents | 40,230,095 | 23,212,170 |
Accrued investment income | 5,370,508 | 5,207,823 |
Total financial assets | 296,952,496 | 266,506,501 |
Policyholders' account balances | 362,519,753 | 363,083,838 |
Policy claims | 2,099,548 | 1,399,393 |
Total financial liabilities | 364,619,301 | 364,483,231 |
Reported Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 11,002,689 | 12,401,775 |
Reported Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 163,906,373 | 150,002,865 |
Estimate of Fair Value Measurement [Member] | ||
Policy loans | 2,108,678 | 2,026,301 |
Short-term investments | 3,309,020 | 1,831,087 |
Other long-term investments | 89,264,246 | 88,235,019 |
Cash and cash equivalents | 40,230,095 | 23,212,170 |
Accrued investment income | 5,370,508 | 5,207,823 |
Total financial assets | 336,170,946 | 285,236,453 |
Policyholders' account balances | 380,666,901 | 355,557,123 |
Policy claims | 2,099,548 | 1,399,393 |
Total financial liabilities | 382,766,449 | 356,956,516 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Policy loans | ||
Short-term investments | 3,309,020 | 1,831,087 |
Other long-term investments | ||
Cash and cash equivalents | 40,230,095 | 23,212,170 |
Accrued investment income | ||
Total financial assets | 43,539,115 | 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 | 2,108,678 | 2,026,301 |
Short-term investments | ||
Other long-term investments | 89,264,246 | 88,235,019 |
Cash and cash equivalents | ||
Accrued investment income | 5,370,508 | 5,207,823 |
Total financial assets | 292,631,831 | 260,193,196 |
Policyholders' account balances | 380,666,901 | 355,557,123 |
Policy claims | 2,099,548 | 1,399,393 |
Total financial liabilities | 382,766,449 | 356,956,516 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 11,085,406 | 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 | 11,085,406 | 12,280,704 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 184,802,993 | 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 | $ 184,802,993 | $ 152,443,349 |
Note 4 - Special Deposits (Deta
Note 4 - Special Deposits (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deposit Assets, Total | $ 4,464,398 | $ 4,434,662 |
Other Assets, Fair Value Disclosure | $ 4,531,967 | $ 4,468,783 |
Note 5 - Allowance for Loan L_3
Note 5 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 174,909,062 | $ 162,404,640 |
Financing Receivable, Collectively Evaluated for Impairment | 107,880,342 | 100,647,038 |
Independent Mortgage Loan Balances [Member] | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 541,894 | 505,378 |
One Loan Originator and Investments [Member] | Independent Mortgage Loan Balances [Member] | ||
Escrow Deposit | 766,667 | 798,753 |
Escrow Amount Available | 431,523 | 489,965 |
Advances To Loan Originator | 4,996,358 | 4,436,787 |
Residential Real Estate - Held for Sale [Member] | Independent Mortgage Loan Balances [Member] | ||
Escrow Amount Available | 335,144 | 308,788 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 67,028,720 | 61,757,602 |
One Loan Originator [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 67,028,720 | $ 61,757,602 |
Note 5 - Allowance for Loan L_4
Note 5 - Allowance for Loan Losses From Mortgage Loans On Real Estate - Allowance for Loss on Premium Financing (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Provision | $ 36,516 | $ 81,212 |
Financing Receivable, Collectively Evaluated for Impairment | 107,880,342 | 100,647,038 |
Residential Portfolio Segment [Member] | ||
Allowance, beginning | 443,057 | 374,209 |
Provision | 43,547 | 68,848 |
Allowance, ending | 486,604 | 443,057 |
Collectively evaluated for impairment | 486,604 | 443,057 |
Financing Receivable, Collectively Evaluated for Impairment | 96,877,653 | 88,245,263 |
Commercial Portfolio Segment [Member] | ||
Allowance, beginning | 62,321 | 49,957 |
Provision | (7,031) | 12,364 |
Allowance, ending | 55,290 | 62,321 |
Collectively evaluated for impairment | 55,290 | 62,321 |
Financing Receivable, Collectively Evaluated for Impairment | 11,002,689 | 12,401,775 |
Premium Finance Loans [Member] | ||
Allowance, beginning | 505,378 | 424,166 |
Provision | 36,516 | 81,212 |
Allowance, ending | 541,894 | 505,378 |
Collectively evaluated for impairment | 541,894 | 505,378 |
Financing Receivable, Collectively Evaluated for Impairment | $ 107,880,342 | $ 100,647,038 |
Note 6 - Deferred Policy Acqu_3
Note 6 - Deferred Policy Acquisition Costs - Deferred Acquisition Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, beginning of year | $ 38,005,639 | $ 29,681,737 |
Capitalization of commissions, sales and issue expenses | 11,856,420 | 12,369,350 |
Amortization | (5,327,177) | (4,015,480) |
Deferred acquisition costs allocated to investments | (21,213) | (29,968) |
Balance, end of year | $ 44,513,669 | $ 38,005,639 |
Note 7 - Federal Income Taxes_2
Note 7 - Federal Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Operating Loss Carryforwards, Total | $ 2,700,063 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 985,666 | $ 596,123 |
TLIC [Member] | ||
Operating Loss Carryforwards, Total | $ 534,713 |
Note 7 - Federal Income Taxes -
Note 7 - Federal Income Taxes - Reconciliation of Federal Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expected tax expense | $ 856,967 | $ 1,726,119 |
Capital gain taxes | 152,306 | 14,536 |
Net operating losses | 44,547 | 207,580 |
Future policy benefits | 9,011 | 208,197 |
Reinsurance recoverable | 6,813 | (205,559) |
Alternative minimum taxes | 164,432 | |
Adjustment of prior years' taxes | (46,466) | (54,793) |
Difference in book versus tax basis of available-for-sale securities | (179,854) | 9,721 |
Other | 58,780 | 49,663 |
Total federal income tax expense | $ 902,104 | $ 2,119,896 |
Note 7 - Federal Income Taxes_3
Note 7 - Federal Income Taxes - Deferred Taxes (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax liabilities: | ||
Net unrealized investment gains | $ 4,656,911 | $ 2,556,327 |
Deferred policy acquisition costs | 7,775,267 | 6,463,579 |
Value of insurance business acquired | 964,525 | 1,027,204 |
Reinsurance recoverable | 248,175 | 241,362 |
Due premiums | 87,937 | 30,800 |
Investment real estate | 23,425 | 40,627 |
Available-for-sale fixed maturity securities | 78,207 | |
Other | 18,635 | 13,544 |
Total deferred tax liabilities | 13,774,875 | 10,451,650 |
Deferred tax assets: | ||
Policyholders' account balances and future policy benefits | 3,591,696 | 3,181,433 |
Net operating loss carryforward | 679,303 | 774,003 |
Mortgage loans | 104,645 | 89,992 |
Available-for-sale fixed maturity securities | 100,582 | |
Policy claims | 32,494 | 16,366 |
Available-for-sale equity securities | 20,864 | 21,056 |
Unearned investment income | 14,978 | 13,105 |
Dividend liability | 9,408 | 9,777 |
Total deferred tax assets | 4,553,970 | 4,105,732 |
Net deferred tax liabilities | $ 9,220,905 | $ 6,345,918 |
Note 8 - Reinsurance (Details T
Note 8 - Reinsurance (Details Textual) - USD ($) | Apr. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2018 |
Reinsurance Life Insurance Maximum Exposure | $ 100,000 | ||
Percent Ceded | 50.00% | ||
The Assuming Offshore Company [Member] | |||
Additional Percentage of Assets in Trust above Required Annuity Reserve | 4.00% | ||
Trinity American, Inc. ("TAI") [Member] | Trinity Life Insurance Company [Member] | |||
Percent Ceded | 100.00% | ||
First Life America Corporation [Member | |||
Reinsurance Life Insurance Maximum Exposure | $ 100,000 | ||
Percent Ceded | 0.00% | 90.00% |
Note 8 - Reinsurance - Reinsura
Note 8 - Reinsurance - Reinsurance Assumed and Ceded (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums assumed | $ 3,023,178 | $ 1,777,449 |
Commissions and expense allowances assumed | 1,494,464 | 1,413,057 |
Benefits assumed | 88,171 | 8,001 |
Reserve credits assumed | 2,944,668 | 1,279,582 |
In force amount assumed | 56,417,493 | 41,056,032 |
Premiums ceded | 2,130,523 | 71,936,037 |
Commissions and expense allowances ceded | 80,383 | 2,670,202 |
Benefits ceded | 2,234,094 | 1,208,109 |
Reserve credits ceded | 104,593,282 | 103,142,179 |
In force amount ceded | $ 57,739,638 | $ 43,641,121 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - Topeka Kansas [Member] | Nov. 16, 2020USD ($)ft²a | Sep. 01, 2020USD ($) | Jun. 01, 2016 | Dec. 31, 2019USD ($) | Aug. 31, 2019USD ($) | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Jun. 01, 2020USD ($) | Jun. 01, 2019USD ($) | Jun. 01, 2018USD ($) | Jul. 01, 2016USD ($) | Oct. 01, 2015USD ($)ft² | Sep. 01, 2015 | Jun. 01, 2011ft² | Sep. 01, 2010ft² |
Trinity Life Insurance Company [Member] | |||||||||||||||
Area of Land (Acre) | a | 3 | ||||||||||||||
Office Building [Member] | Trinity Life Insurance Company [Member] | |||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 20,000 | 2,500 | |||||||||||||
Operating Leases, Leasehold Improvement, Allowance | $ 34,507 | $ 88,833 | |||||||||||||
Real Estate Held-for-sale | 1,078,037 | ||||||||||||||
Gain (Loss) on Investments, Total | 240,374 | ||||||||||||||
Proceeds from Sale of Real Estate, Total | $ 1,318,411 | ||||||||||||||
Lessee, Operating Lease, Term of Contract (Year) | 2 years | 8 years | 5 years | 3 years | |||||||||||
Operating Leases, Notice to Terminate Term (Day) | 90 days | 120 days | |||||||||||||
Operating Lease, Allowance on Leasehold Improments, Interest Rate | 5.00% | 5.00% | |||||||||||||
Operating Lease, Monthly Payment Receivables | $ 18,578 | $ 18,584 | $ 18,508 | ||||||||||||
Operating Leases, Rental Payments | $ 4,433 | $ 4,310 | $ 4,293 | ||||||||||||
Office Building [Member] | Trinity Life Insurance Company [Member] | Lease Agreement for 10,000 Square Feet [Member] | |||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 10,000 | ||||||||||||||
Office Space [Member] | |||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 7,302 | 6,769 | |||||||||||||
Operating Lease, Expense | $ 85,198 | $ 97,489 | |||||||||||||
Operating Leases, Leasehold Improvement, Allowance | 77,000 | $ 54,152 | |||||||||||||
Operating Leases, Leasehold Improvement, Allowance Amortization | 8,123 | $ 10,830 | |||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Year One | 113,747 | ||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 116,029 | ||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 118,365 | ||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 120,720 | ||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Year Five | $ 123,130 |
Note 10 - Shareholders' Equit_2
Note 10 - Shareholders' Equity and Statutory Accounting Practices (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory Accounting Practices, Statutory Net Income Amount | $ 799,751 | $ (2,150,286) |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance, Total | $ 10,259,330 | 9,185,113 |
Maximum Dividend Percent | 10.00% | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments, Total | $ 1,025,933 | |
Payments of Dividends, Total | 393,178 | |
Trinity Life Insurance Company [Member] | ||
Payments of Dividends, Total | 0 | 0 |
Trinity Life Insurance Company [Member] | ||
Statutory Accounting Practices, Statutory Net Income Amount | (1,526,638) | 652,807 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance, Total | 13,638,231 | 12,451,837 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments, Total | 1,363,823 | |
Trinity Life Insurance Company [Member] | First Trinity Financial Corporation [Member] | ||
Payments of Dividends, Total | $ 0 | $ 0 |
Note 11 - Segment Data - Segmen
Note 11 - Segment Data - Segment Data - Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 52,791,005 | $ 49,776,695 |
Income before income taxes | 4,080,794 | 8,219,616 |
Depreciation and amortization expense | 5,780,151 | 4,481,107 |
Life Insurance Operations [Member] | ||
Total revenue | 32,236,531 | 27,170,994 |
Income before income taxes | 337,686 | 2,333,441 |
Depreciation and amortization expense | 4,733,751 | 3,663,864 |
Annuity Operations [Member] | ||
Total revenue | 19,724,655 | 21,931,249 |
Income before income taxes | 2,986,150 | 5,397,194 |
Depreciation and amortization expense | 1,046,400 | 817,243 |
Corporate Segment [Member] | ||
Total revenue | 829,819 | 674,452 |
Income before income taxes | $ 756,958 | $ 488,981 |
Note 11 - Segment Data - Assets
Note 11 - Segment Data - Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Total assets | $ 643,595,269 | $ 604,936,374 |
Life Insurance Operations [Member] | ||
Total assets | 120,484,734 | 99,612,420 |
Annuity Operations [Member] | ||
Total assets | 518,257,307 | 500,738,949 |
Corporate Segment [Member] | ||
Total assets | $ 4,853,228 | $ 4,585,005 |
Note 12 - Concentrations of C_2
Note 12 - Concentrations of Credit Risk (Details Textual) | Dec. 31, 2020USD ($) |
Cash, FDIC Insured Amount | $ 250,000 |
Cash, Uninsured Amount | $ 32,645,110 |
Note 13 - Contingent Liabilit_2
Note 13 - 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 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - Collateralized Loan to Related Party [Member] - Former Chairman of The Board of Directors [Member] | Apr. 15, 2019USD ($)shares |
Due from Related Parties, Total | $ | $ 400,000 |
Related Party Transaction Term (Year) | 1 year |
Related Party Transaction, Rate | 5.00% |
Related Party Transactions, Common Stock as Collateral (in shares) | shares | 100,000 |
Note 15 - Other Comprehensive_3
Note 15 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 57,418,262 | $ 39,125,251 |
Total other comprehensive income | 7,902,198 | 12,193,291 |
Balance | 69,852,212 | 57,418,262 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | 9,632,323 | (2,584,643) |
Other comprehensive income before reclassifications, net of tax | 7,722,905 | 12,998,677 |
Less amounts reclassified from accumulated other comprehensive income, net of tax | (196,051) | 781,711 |
Total other comprehensive income | 7,918,956 | 12,216,966 |
Balance | 17,551,279 | 9,632,323 |
Adjustment to Deferred Acquisition Costs [Member] | ||
Balance | (15,663) | 8,012 |
Other comprehensive income before reclassifications, net of tax | (16,758) | (23,675) |
Less amounts reclassified from accumulated other comprehensive income, net of tax | ||
Total other comprehensive income | (16,758) | (23,675) |
Balance | (32,421) | (15,663) |
AOCI Attributable to Parent [Member] | ||
Balance | 9,616,660 | (2,576,631) |
Other comprehensive income before reclassifications, net of tax | 7,706,147 | 12,975,002 |
Less amounts reclassified from accumulated other comprehensive income, net of tax | (196,051) | 781,711 |
Total other comprehensive income | 7,902,198 | 12,193,291 |
Balance | $ 17,518,858 | $ 9,616,660 |
Note 15 - Other Comprehensive_4
Note 15 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Unrealized holding gains (losses) arising during the period, pretax | $ 9,775,829 | $ 16,454,021 | |
Unrealized holding gains (losses) arising during the period, income tax expense (benefit) | 2,052,924 | 3,455,344 | |
Unrealized holding gains (losses) arising during the period, net of tax | 7,722,905 | 12,998,677 | |
Realized gains (losses) on sales of securities | [1] | (248,166) | 989,507 |
Income tax expense (benefit) | [2] | (52,115) | 207,796 |
Reclassification adjustment for net losses included in operation, net of tax | (196,051) | 781,711 | |
Net unrealized gains (losses) on investments, pretax | 10,023,995 | 15,464,514 | |
Net unrealized gains (losses) on investments, income tax expense (benefit) | 2,105,039 | 3,247,548 | |
Net unrealized gains (losses) on investments, net of tax | 7,918,956 | 12,216,966 | |
Adjustment to deferred acquisition costs, pretax | (21,213) | (29,968) | |
Adjustment to deferred acquisition costs, income tax expense (benefit) | (4,455) | (6,293) | |
Adjustment to deferred acquisition costs, net of tax | (16,758) | (23,675) | |
Total other comprehensive income (loss), pretax | 10,002,782 | 15,434,546 | |
Total other comprehensive income (loss), income tax expense (benefit) | 2,100,584 | 3,241,255 | |
Total other comprehensive income (loss), net of tax | $ 7,902,198 | $ 12,193,291 | |
[1] | These items appear within net realized investment gains and loss on other-than-temporary impairments in the consolidated statements of operations. | ||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 15 - Other Comprehensive_5
Note 15 - Other Comprehensive Income and Accumulated Other Comprehensive Income - Reclassified From Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Realized gains (losses) on sales of securities | [1] | $ (248,166) | $ 989,507 |
Income tax expense (benefit) | [2] | (52,115) | 207,796 |
Total reclassification adjustments | $ (196,051) | $ 781,711 | |
[1] | These items appear within net realized investment gains and loss on other-than-temporary impairments in the consolidated statements of operations. | ||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 16 - Line of Credit (Detai
Note 16 - Line of Credit (Details Textual) - Line of Credit [Member] - USD ($) $ in Thousands | Sep. 25, 2020 | Sep. 25, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 08, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.00% | ||||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||
Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||
Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |