Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001395585 | |
Entity Registrant Name | First Trinity Financial Corp. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-52613 | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 34-1991436 | |
Entity Address, Address Line One | 7633 East 63rd Place, Suite 230 | |
Entity Address, City or Town | Tulsa | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 74133-1246 | |
City Area Code | 918 | |
Local Phone Number | 249-2438 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 101,102 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,661,696 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Investments | ||
Available-for-sale securities at fair value | $ 1,251,800 | $ 0 |
Mortgage loans on real estate | 169,710,121 | 174,909,062 |
Investment real estate | 1,146,932 | 757,936 |
Policy loans | 2,134,919 | 2,108,678 |
Short-term investments | 2,851,073 | 3,309,020 |
Other long-term investments | 68,187,353 | 71,025,133 |
Total investments | 418,702,839 | 422,960,668 |
Cash and cash equivalents | 55,199,237 | 40,230,095 |
Accrued investment income | 5,105,328 | 5,370,508 |
Recoverable from reinsurers | 1,088,924 | 1,234,221 |
Assets held in trust under coinsurance agreement | 109,418,301 | 112,160,307 |
Agents' balances and due premiums | 1,950,135 | 2,154,322 |
Deferred policy acquisition costs | 47,197,236 | 44,513,669 |
Value of insurance business acquired | 4,449,657 | 4,592,977 |
Other assets | 10,049,650 | 10,378,502 |
Total assets | 653,161,307 | 643,595,269 |
Policy liabilities | ||
Policyholders' account balances | 374,177,380 | 362,519,753 |
Future policy benefits | 81,806,540 | 76,673,797 |
Policy claims | 1,760,189 | 2,099,548 |
Other policy liabilities | 88,253 | 119,699 |
Total policy liabilities | 457,832,362 | 441,412,797 |
Funds withheld under coinsurance agreement | 109,070,339 | 112,681,925 |
Deferred federal income taxes | 9,096,302 | 9,220,905 |
Other liabilities | 8,168,843 | 10,427,430 |
Total liabilities | 584,167,846 | 573,743,057 |
Shareholders' equity | ||
Additional paid-in capital | 39,078,485 | 39,078,485 |
Treasury stock, at cost (247,580 shares as of June 30, 2021 and December 31, 2020 ) | (893,947) | (893,947) |
Accumulated other comprehensive income | 15,899,716 | 17,518,858 |
Accumulated earnings | 14,819,103 | 14,058,712 |
Total shareholders' equity | 68,993,461 | 69,852,212 |
Total liabilities and shareholders' equity | 653,161,307 | 643,595,269 |
Common Class A [Member] | ||
Shareholders' equity | ||
Common stock | 89,093 | 89,093 |
Common Class B [Member] | ||
Shareholders' equity | ||
Common stock | 1,011 | 1,011 |
Debt Securities [Member] | ||
Investments | ||
Available-for-sale securities at fair value | 173,100,934 | 170,647,836 |
Equity Securities [Member] | ||
Investments | ||
Equity securities at fair value (cost: $278,333 and $183,219 as of June 30, 2021 and December 31, 2020, respectively) | $ 319,707 | $ 203,003 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities at cost | $ 1,250,000 | |
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 | 40,000,000 |
Common stock, shares issued (in shares) | 8,909,276 | 8,909,276 |
Common stock, shares outstanding (in shares) | 8,661,696 | 8,661,696 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 101,102 | 101,102 |
Common stock, shares outstanding (in shares) | 101,102 | 101,102 |
Debt Securities [Member] | ||
Available-for-sale securities at cost | $ 152,958,511 | $ 148,431,010 |
Equity Securities [Member] | ||
Equity securities, cost | $ 278,333 | $ 183,219 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Premiums | $ 7,879,433 | $ 6,439,224 | $ 14,859,309 | $ 12,805,100 |
Net investment income | 6,072,502 | 5,876,073 | 12,221,344 | 12,145,916 |
Net realized investment gains | 118,268 | 410,380 | 170,363 | 433,882 |
Service fees | 81,601 | 7,025 | 179,588 | 17,896 |
Other income | 45,567 | 105,377 | 59,341 | 118,791 |
Total revenues | 14,197,371 | 12,838,079 | 27,489,945 | 25,521,585 |
Benefits and claims | ||||
Increase in future policy benefits | 3,045,748 | 2,467,039 | 5,201,933 | 5,108,158 |
Death benefits | 2,269,494 | 2,482,528 | 5,793,212 | 4,094,308 |
Surrenders | 372,659 | 228,541 | 721,565 | 638,905 |
Interest credited to policyholders | 3,088,957 | 3,056,982 | 6,207,492 | 6,120,227 |
Dividend, endowment and supplementary life contract benefits | 71,156 | 70,519 | 143,066 | 153,218 |
Total benefits and claims | 8,848,014 | 8,305,609 | 18,067,268 | 16,114,816 |
Policy acquisition costs deferred | (3,353,999) | (2,693,003) | (6,183,472) | (5,077,971) |
Amortization of deferred policy acquisition costs | 1,733,139 | 1,307,138 | 3,522,962 | 2,520,412 |
Amortization of value of insurance business acquired | 68,151 | 73,576 | 143,320 | 153,550 |
Commissions | 3,138,640 | 2,497,928 | 6,011,223 | 4,806,091 |
Other underwriting, insurance and acquisition expenses | 2,176,280 | 2,735,448 | 4,860,942 | 5,376,920 |
Total expenses | 3,762,211 | 3,921,087 | 8,354,975 | 7,779,002 |
Total benefits, claims and expenses | 12,610,225 | 12,226,696 | 26,422,243 | 23,893,818 |
Income before total federal income tax expense | 1,587,146 | 611,383 | 1,067,702 | 1,627,767 |
Current federal income tax expense (benefit) | 1,510 | (46,575) | 1,510 | 0 |
Deferred federal income tax expense | 364,593 | 184,362 | 305,801 | 364,915 |
Total federal income tax expense | 366,103 | 137,787 | 307,311 | 364,915 |
Net income | $ 1,221,043 | $ 473,596 | $ 760,391 | $ 1,262,852 |
Common Class A [Member] | ||||
Net income per common share basic and diluted | ||||
Net income per common share basic and diluted (in dollars per share) | $ 0.1396 | $ 0.0541 | $ 0.0869 | $ 0.1444 |
Common Class B [Member] | ||||
Net income per common share basic and diluted | ||||
Net income per common share basic and diluted (in dollars per share) | $ 0.1186 | $ 0.0460 | $ 0.0739 | $ 0.1227 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Net income | $ 1,221,043 | $ 473,596 | $ 760,391 | $ 1,262,852 | |
Other comprehensive income (loss) | |||||
Total net unrealized investment gains (losses) arising during the period | 4,754,493 | 15,880,590 | (1,968,938) | 2,709,318 | |
Less net realized investment gains having no credit losses | [1] | 66,014 | 256,220 | 103,665 | 318,139 |
Net unrealized investment gains (losses) | 4,688,479 | 15,624,370 | (2,072,603) | 2,391,179 | |
Less adjustment to deferred acquisition costs | (7,328) | 31,673 | (23,057) | 9,818 | |
Other comprehensive income (loss) before federal income tax expense (benefit) | 4,695,807 | 15,592,697 | (2,049,546) | 2,381,361 | |
Federal income tax expense (benefit) | 986,119 | 3,274,466 | (430,404) | 500,086 | |
Total other comprehensive income (loss) | 3,709,688 | 12,318,231 | (1,619,142) | 1,881,275 | |
Total comprehensive income (loss) | $ 4,930,731 | $ 12,791,827 | $ (858,751) | $ 3,144,127 | |
[1] | These items appear within net realized investment gains (losses) in the consolidated statements of operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2019 | $ 80,502 | $ 0 | $ 28,684,598 | $ (893,947) | $ 9,616,660 | $ 19,930,449 | $ 57,418,262 |
Net income | 0 | 0 | 0 | 0 | 0 | 1,262,852 | 1,262,852 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 1,881,275 | 0 | 1,881,275 |
Shareholders' cash dividend | 0 | 0 | 0 | 0 | 0 | (384,734) | (384,734) |
Acquisition of K-TENN Insurance Company | 1,688 | 0 | 1,744,552 | 0 | 0 | 0 | 1,746,240 |
Recapitalization | (1,011) | 1,011 | 0 | 0 | 0 | 0 | 0 |
Balance at Jun. 30, 2020 | 81,179 | 1,011 | 30,429,150 | (893,947) | 11,497,935 | 20,808,567 | 61,923,895 |
Balance at Dec. 31, 2019 | 80,502 | 0 | 28,684,598 | (893,947) | 9,616,660 | 19,930,449 | 57,418,262 |
Shareholders' cash dividend | (393,178) | ||||||
Balance at Dec. 31, 2020 | 89,093 | 1,011 | 39,078,485 | (893,947) | 17,518,858 | 14,058,712 | 69,852,212 |
Balance at Mar. 31, 2020 | 81,179 | 1,011 | 30,429,150 | (893,947) | (820,296) | 20,719,705 | 49,516,802 |
Net income | 0 | 0 | 0 | 0 | 0 | 473,596 | 473,596 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 12,318,231 | 0 | 12,318,231 |
Shareholders' cash dividend | 0 | 0 | 0 | 0 | 0 | (384,734) | (384,734) |
Balance at Jun. 30, 2020 | 81,179 | 1,011 | 30,429,150 | (893,947) | 11,497,935 | 20,808,567 | 61,923,895 |
Balance at Dec. 31, 2020 | 89,093 | 1,011 | 39,078,485 | (893,947) | 17,518,858 | 14,058,712 | 69,852,212 |
Net income | 0 | 0 | 0 | 0 | 0 | 760,391 | 760,391 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (1,619,142) | 0 | (1,619,142) |
Balance at Jun. 30, 2021 | 89,093 | 1,011 | 39,078,485 | (893,947) | 15,899,716 | 14,819,103 | 68,993,461 |
Balance at Mar. 31, 2021 | 89,093 | 1,011 | 39,078,485 | (893,947) | 12,190,028 | 13,598,060 | 64,062,730 |
Net income | 0 | 0 | 0 | 0 | 0 | 1,221,043 | 1,221,043 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 3,709,688 | 0 | 3,709,688 |
Balance at Jun. 30, 2021 | $ 89,093 | $ 1,011 | $ 39,078,485 | $ (893,947) | $ 15,899,716 | $ 14,819,103 | $ 68,993,461 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Operating activities | |||||
Net income | $ 1,221,043 | $ 473,596 | $ 760,391 | $ 1,262,852 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Provision for depreciation | 0 | 72,744 | |||
Accretion of discount on investments | (2,448,867) | (2,538,970) | |||
Net realized investment gains | (118,268) | (410,380) | (170,363) | (433,882) | |
Amortization of policy acquisition cost | 1,733,139 | 1,307,138 | 3,522,962 | 2,520,412 | |
Policy acquisition costs deferred | (3,353,999) | (2,693,003) | (6,183,472) | (5,077,971) | |
Amortization of loan origination fees | 43,585 | 26,508 | |||
Amortization of value of insurance business acquired | 68,151 | 73,576 | 143,320 | 153,550 | |
Allowance for mortgage loan losses | (97,966) | 4,069 | |||
Provision for deferred federal income tax expense | 364,593 | 184,362 | 305,801 | 364,915 | |
Interest credited to policyholders | 3,088,957 | 3,056,982 | 6,207,492 | 6,120,227 | |
Change in assets and liabilities: | |||||
Policy loans | (26,241) | (17,608) | |||
Short-term investments | 457,947 | (1,118,142) | |||
Accrued investment income | 265,180 | (267,145) | |||
Recoverable from reinsurers | 145,297 | 22,877 | |||
Assets held in trust under coinsurance agreement | 2,043,041 | (2,459,182) | |||
Agents' balances and due premiums | 204,187 | (412,171) | |||
Other assets | 328,852 | (8,698,283) | |||
Future policy benefits | 5,132,743 | 5,077,052 | |||
Policy claims | (339,359) | (132,268) | |||
Other policy liabilities | (31,446) | (5,199) | |||
Other liabilities (excludes change in payable for securities purchased of $1,171,985 and $333,156 in 2021 and 2020, respectively) | (3,430,572) | (1,045,175) | |||
Net cash provided by (used in) operating activities | 6,832,512 | (6,580,790) | |||
Investing activities | |||||
Maturities of fixed maturity securities | 700,000 | 548,500 | |||
Sales of fixed maturity securities | 3,268,218 | 11,165,264 | |||
Purchases of equity securities | (145,168) | (47,963) | |||
Sales of equity securities | 89 | 0 | |||
Acquisition of K-TENN Insurance Company | 0 | 1,110,299 | |||
Joint venture distributions | 50,054 | 49,933 | |||
Purchases of mortgage loans | (48,117,912) | (37,894,403) | |||
Payments on mortgage loans | 53,161,263 | 32,894,590 | |||
Purchases of other long-term investments | (882,027) | (3,942,291) | |||
Payments on other long-term investments | 6,224,896 | 5,541,855 | |||
Sale of real estate | 75,940 | 682,945 | |||
Net change in receivable and payable for securities sold and purchased | 1,171,985 | 333,156 | |||
Net cash provided by investing activities | 5,599,116 | 9,436,885 | |||
Financing activities | |||||
Policyholders' account deposits | 19,382,246 | 6,012,739 | |||
Policyholders' account withdrawals | (16,844,732) | (14,644,858) | |||
Shareholders' cash dividend | 0 | (384,734) | |||
Net cash provided by (used in) financing activities | 2,537,514 | (9,016,853) | |||
Increase (decrease) in cash and cash equivalents | 14,969,142 | (6,160,758) | |||
Cash and cash equivalents, beginning of period | 40,230,095 | 23,212,170 | $ 23,212,170 | ||
Cash and cash equivalents, end of period | $ 55,199,237 | $ 17,051,412 | 55,199,237 | 17,051,412 | $ 40,230,095 |
Debt Securities [Member] | |||||
Investing activities | |||||
Purchases of securities | (8,658,222) | (1,005,000) | |||
Preferred Stock [Member] | |||||
Investing activities | |||||
Purchases of securities | $ (1,250,000) | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Change in payable of securities purchased | $ 1,171,985 | $ 333,156 |
Supplemental Disclosure - Cash
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Disclosure – Cash and Non-Cash Impact on Investing Activities (Unaudited) During the six June 30, 2021 2020, In conjunction with this foreclosure, the non-cash impact on investing activities is summarized as follows: Unaudited Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Reductions in mortgage loans due to foreclosure $ 458,587 $ 744,091 Investment real estate held-for-sale acquired through foreclosure (458,587 ) (744,091 ) Net cash used in investing activities $ - $ - On January 1, 2020, 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 (unaudited). |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations First Trinity Financial Corporation (the “Company” or “FTFC”) is the parent holding company of Trinity Life Insurance Company (“TLIC”), Family Benefit Life Insurance Company (“FBLIC”), Trinity Mortgage Corporation (“TMC”), formerly known as First Trinity Capital Corporation (“FTCC”) and Trinity American, Inc. (“TAI”). The Company was incorporated in Oklahoma on April 19, 2004, The Company owns 100% of TLIC. TLIC owns 100% of FBLIC. TLIC and FBLIC are primarily engaged in the business of marketing, underwriting and distributing a broad range of individual life insurance and annuity products to individuals. TLIC’s and FBLIC’s current product portfolio consists of a modified premium whole life insurance policy with a flexible premium deferred annuity rider, whole life, term, final expense, accidental death and dismemberment and annuity products. The term products are both renewable and convertible and issued for 10, 15, The Company owns 100% of TMC that was incorporated in 2006, January 2007. 2020 third The Company owns 100% of TAI (formerly known as Citizens American Life, Inc.). TAI was incorporated in Barbados, West Indies on March 24, 2016 2019. Company Capitalization The Company raised $1,450,000 from two private placement stock offerings during 2004 June 22, 2005 February 23, 2007; June 29, 2010 April 30, 2012 August 15, 2012 March 8, 2013. January 1, 2020, The Company also issued 702,685 shares of its common stock in connection with two stock dividends paid to shareholders in 2011 2012 In 2020, 10% The Company has also purchased 247,580 shares of treasury stock at a cost of $893,947 from former members of the Board of Directors including the former Chairman of the Board of Directors, a former agent, the former spouse of the Company’s Chairman, Chief Executive Officer and President and a charitable organization where a former member of the Board of Directors had donated shares of the Company’s common stock. Company Recapitalization On October 2, 2019, ● An amendment and restatement of FTFC’s Certificate of Incorporation to authorize 40,000,000 shares of Class A common stock and 10,000,000 shares of Class B common stock and to establish the relative rights, preferences and privileges of, and the restrictions and limitations on, the Class A common stock and the Class B common stock. ● 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 may one .85 Acquisition of Other Companies On December 23, 2008, On December 31, 2008, On August 31, 2009, On December 28, 2011, On April 28, 2015, On April 3, 2018, 2019. Effective January 1, 2020, Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 X. not The results of operations for the six June 30, 2021 not December 31, 2021 not 10 December 31, 2020. Management continues to actively monitor the COVID- 2019 Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Reclassifications Certain reclassifications have been made in the prior year and prior quarter financial statements to conform to current year and current quarter classifications. These reclassifications had no Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may may Common Stock Class A and Class B common stock are fully paid, non-assessable and has a par value of $ .01 Treasury Stock Treasury stock, representing shares of the Company’s common stock that have been reacquired after having been issued and fully paid, is recorded at the reacquisition cost and the shares are no Subsequent Events Management has evaluated all events subsequent to June 30, 2021 Recent Accounting Pronouncements 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 first 2021. not |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Investments in fixed maturity and preferred stock available-for-sale and equity securities as of June 30, 2021 December 31, 2020 Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value June 30, 2021 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 429,608 $ 2,310 $ 57 $ 431,861 States and political subdivisions 8,349,010 789,796 22,399 9,116,407 Residential mortgage-backed securities 12,048 14,482 - 26,530 Corporate bonds 112,390,476 15,186,992 35,230 127,542,238 Asset-backed securities 1,763,144 63,605 4,447 1,822,302 Exchange traded securities 500,644 25,956 - 526,600 Foreign bonds 29,113,581 4,116,360 11,747 33,218,194 Certificate of deposits 400,000 16,802 - 416,802 Total fixed maturity securities 152,958,511 20,216,303 73,880 173,100,934 Preferred stock securities 1,250,000 1,800 - 1,251,800 Equity securities Mutual funds 91,981 - 10,215 81,766 Corporate common stock 186,352 51,589 - 237,941 Total equity securities 278,333 51,589 10,215 319,707 Total fixed maturity, preferred stock and equity securities $ 154,486,844 $ 20,269,692 $ 84,095 $ 174,672,441 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 securities 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 deposits 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 All securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of June 30, 2021 December 31, 2020 Unrealized Number of Fair Value Loss Securities June 30, 2021 (Unaudited) Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 100,265 $ 57 1 Corporate bonds 2,595,569 6,632 8 Foreign bonds 550,630 11,747 1 Total less than 12 months in an unrealized loss position 3,246,464 18,436 10 More than 12 months in an unrealized loss position States and political subdivisions $ 630,978 $ 22,399 1 Corporate bonds 774,644 28,598 2 Asset-backed securities 363,859 4,447 1 Total more than 12 months in an unrealized loss position 1,769,481 55,444 4 Total fixed maturity securities in an unrealized loss position 5,015,945 73,880 14 Equity securities (mutual funds), less than 12 months in an unrealized loss position 81,766 10,215 1 Total fixed maturity and equity securities in an unrealized loss position $ 5,097,711 $ 84,095 $ 15 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 securities 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 As of June 30, 2021, June 30, 2021. 14 As of December 31, 2020, December 31, 2020. 17 As of June 30, 2021, As of December 31, 2020, Fixed maturity securities were 93% and 97% investment grade as rated by Standard & Poor’s as of June 30, 2021 December 31, 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 The Company recorded one 2020. 2020, December 31, 2020. no 2020 no six June 30, 2021. Management believes that the Company will fully recover its cost basis in the securities held as of June 30, 2021, not not Net unrealized gains included in other comprehensive income for investments classified as available-for-sale, net of the effect of deferred income taxes and deferred acquisition costs assuming that the appreciation had been realized as of June 30, 2021 December 31, 2020, (Unaudited) June 30, 2021 December 31, 2020 Unrealized appreciation on available-for-sale securities $ 20,144,223 $ 22,216,826 Adjustment to deferred acquisition costs (18,000 ) (41,057 ) Deferred income taxes (4,226,507 ) (4,656,911 ) Net unrealized appreciation on available-for-sale securities $ 15,899,716 $ 17,518,858 The Company’s investment in lottery prize cash flows categorized as other long-term investments in the statement of financial position was $68,187,353 and $71,025,133 as of June 30, 2021 December 31, 2020, The amortized cost and fair value of fixed maturity available-for-sale securities and other long-term investments as of June 30, 2021, June 30, 2021 (Unaudited) Fixed Maturity Available-For-Sale Securities Other Long-Term Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 3,503,378 $ 3,538,257 $ 11,949,329 $ 12,194,405 Due after one year through five years 34,165,680 36,397,719 34,763,987 39,296,880 Due after five years through ten years 40,665,433 45,431,053 15,349,969 20,526,749 Due after ten years 74,611,972 87,707,376 6,124,068 11,720,675 Due at multiple maturity dates 12,048 26,529 - - $ 152,958,511 $ 173,100,934 $ 68,187,353 $ 83,738,709 Expected maturities will differ from contractual maturities because borrowers may Proceeds and gross realized gains (losses) from the sales, calls and maturities of fixed maturity securities available-for-sale, equity securities, investment real estate and mortgage loans on real estate for the three six June 30, 2021 2020 Three Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Investment Real Estate Mortgage Loans on Real Estate 2021 2020 2021 2020 2021 2020 2021 2020 Proceeds $ 1,549,139 $ 6,162,777 $ 1 $ - $ 75,940 $ 682,945 $ 53,161,263 $ 18,649,805 Gross realized gains 66,349 281,178 - - 6,349 33,696 38,670 108,099 Gross realized losses (335 ) (24,958 ) - - - - - - Six Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Investment Real Estate Mortgage Loans on Real Estate 2021 2020 2021 2020 2021 2020 2021 2020 Proceeds $ 3,968,218 $ 11,713,764 $ 89 $ - $ 75,940 $ 682,945 $ 53,161,263 $ 32,894,590 Gross realized gains 130,499 346,487 89 - 6,349 33,696 38,670 108,099 Gross realized losses (26,834 ) (28,348 ) - - - - - - The accumulated change in unrealized investment gains (losses) for fixed maturity and preferred stock available-for-sale for the three six June 30, 2021 2020 three six June 30, 2021 2020 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2021 2020 2021 2020 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ 4,686,679 $ 15,623,530 $ (2,074,403 ) $ 2,392,639 Preferred stock 1,800 840 1,800 (1,460 ) Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 66,014 256,220 103,665 318,139 Equity securities, sale of securities - - 89 - Equity securities, changes in fair value 7,235 12,365 21,590 (26,052 ) Investment real estate 6,349 33,696 6,349 33,696 Mortgage loans on real estate 38,670 108,099 38,670 108,099 Major categories of net investment income for the three six June 30, 2021 2020 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2021 2020 2021 2020 Fixed maturity securities $ 1,727,496 $ 1,674,340 $ 3,423,390 $ 3,512,722 Preferred stock and equity securities 26,405 23,746 43,404 56,069 Other long-term investments 1,222,180 1,304,285 2,505,074 2,651,423 Mortgage loans 3,478,075 3,796,491 7,226,307 7,366,896 Policy loans 38,957 38,122 77,575 75,829 Real estate - 68,681 - 137,363 Short-term and other investments 35,078 29,280 44,373 53,817 Gross investment income 6,528,191 6,934,945 13,320,123 13,854,119 Investment expenses (455,689 ) (1,058,872 ) (1,098,779 ) (1,708,203 ) Net investment income $ 6,072,502 $ 5,876,073 $ 12,221,344 $ 12,145,916 TLIC and FBLIC are required to hold assets on deposit with various state insurance departments for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of June 30, 2021 December 31, 2020, June 30, 2021 December 31, 2020, The Company’s mortgage loans by property type as of June 30, 2021 December 31, 2020 (Unaudited) June 30, 2021 December 31, 2020 Residential mortgage loans $ 159,917,212 $ 163,906,373 Commercial mortgage loans by property type Apartment 1,588,189 - Industrial 653,367 670,708 Lodging 284,281 290,889 Office building 3,902,583 4,596,331 Retail 3,364,489 5,444,761 Total commercial mortgage loans by property type 9,792,909 11,002,689 Total mortgage loans $ 169,710,121 $ 174,909,062 There were 11 loans with a remaining principal balance of $3,300,516 that were more than 90 days past due as of June 30, 2021. December 31, 2020. There were no mortgage loans in default and in the foreclosure process as of June 30, 2021. December 31, 2020. The Company’s investment real estate as of June 30, 2021 December 31, 2020 (Unaudited) June 30, 2021 December 31, 2020 Land - held for investment $ 540,436 $ 540,436 Total land 540,436 540,436 Residential real estate - held for sale 606,496 217,500 Total residential real estate 606,496 217,500 Investment real estate, net of accumulated depreciation $ 1,146,932 $ 757,936 On November 16, 2020, TLIC owns approximately three acres of undeveloped land located in Topeka, Kansas with a carrying value of $409,436. FBLIC owns approximately one During 2021, one 2021, During 2020, 2020, |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. 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 June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total June 30, 2021 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 431,861 $ - $ 431,861 States and political subdivisions - 9,116,407 - 9,116,407 Residential mortgage-backed securities - 26,530 - 26,530 Corporate bonds - 127,542,238 - 127,542,238 Asset-backed securities - 1,822,302 - 1,822,302 Exchange traded securities - 526,600 - 526,600 Foreign bonds - 33,218,194 - 33,218,194 Certificate of deposits - 416,802 - 416,802 Total fixed maturity securities $ - $ 173,100,934 $ - $ 173,100,934 Preferred stock securities, available-for-sale $ 1,251,800 $ - $ - $ 1,251,800 Equity securities Mutual funds $ - $ 81,766 $ - $ 81,766 Corporate common stock 181,744 - 56,197 237,941 Total equity securities $ 181,744 $ 81,766 $ 56,197 $ 319,707 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 securities - 2,037,269 - 2,037,269 Exchange traded securities - 499,800 - 499,800 Foreign bonds 34,198,367 34,198,367 Certificate of deposits - 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 As of June 30, 2021 December 31, 2020, 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 six June 30, 2021 2020 Unaudited Six Months Ended June 30, 2021 2020 Beginning balance $ 67,133 $ 64,107 Joint venture net income 39,118 47,963 Joint venture distribution (50,054 ) (49,933 ) Ending balance $ 56,197 $ 62,137 The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not June 30, 2021 December 31, 2020, Financial instruments disclosed, but not Carrying Fair Amount Value Level 1 Level 2 Level 3 June 30, 2021 (Unaudited) Financial assets Mortgage loans on real estate Commercial and Industrial $ 9,792,909 $ 9,905,493 $ - $ - $ 9,905,493 Residential 159,917,212 179,276,307 - - 179,276,307 Policy loans 2,134,919 2,134,919 - - 2,134,919 Short-term investments 2,851,073 2,851,073 2,851,073 - - Other long-term investments 68,187,353 83,738,709 - - 83,738,709 Cash and cash equivalents 55,199,237 55,199,237 55,199,237 - - Accrued investment income 5,105,328 5,105,328 - - 5,105,328 Total financial assets $ 303,188,031 $ 338,211,066 $ 58,050,310 $ - $ 280,160,756 Financial liabilities Policyholders' account balances $ 374,177,380 $ 380,368,117 $ - $ - $ 380,368,117 Policy claims 1,760,189 1,760,189 - - 1,760,189 Total financial liabilities $ 375,937,569 $ 382,128,306 $ - $ - $ 382,128,306 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 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, Preferred Stock and Equity Securities The fair value of fixed maturity securities, preferred stock 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 - Segment Data
Note 4 - Segment Data | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. 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 June 30, 2021 December 31, 2020 three six June 30, 2021 2020 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2021 2020 2021 2020 Revenues: Life insurance operations $ 9,026,587 $ 7,517,213 $ 17,063,471 $ 14,842,681 Annuity operations 4,982,940 5,129,076 10,024,471 10,349,328 Corporate operations 187,844 191,790 402,003 329,576 Total $ 14,197,371 $ 12,838,079 $ 27,489,945 $ 25,521,585 Income (loss) before income taxes: Life insurance operations $ 827,254 $ (400,643 ) $ (114,755 ) $ (336,239 ) Annuity operations 735,409 799,259 1,259,939 1,711,177 Corporate operations 24,483 212,767 (77,482 ) 252,829 Total $ 1,587,146 $ 611,383 $ 1,067,702 $ 1,627,767 Depreciation and amortization expense: Life insurance operations $ 1,541,698 $ 1,151,910 $ 3,082,892 $ 2,184,297 Annuity operations 298,615 286,567 626,975 588,917 Total $ 1,840,313 $ 1,438,477 $ 3,709,867 $ 2,773,214 (Unaudited) June 30, 2021 December 31, 2020 Assets: Life insurance operations $ 123,593,451 $ 120,484,734 Annuity operations 524,931,681 518,257,307 Corporate operations 4,636,175 4,853,228 Total $ 653,161,307 $ 643,595,269 |
Note 5 - Federal Income Taxes
Note 5 - Federal Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. The provision for federal income taxes is based on the asset and liability method of accounting for income taxes. Deferred income taxes are provided for the cumulative temporary differences between balances of assets and liabilities determined under GAAP and the balances using tax bases. The Company has no not not 2017 2019 |
Note 6 - Legal Matters and Cont
Note 6 - Legal Matters and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 6. A lawsuit filed by the Company and Chairman, President and Chief Executive Officer, Gregg E. Zahn, 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 of damages against Mr. Pettigrew. In addition, the jury found that Mr. Pettigrew had defamed Mr. Zahn and intentionally inflicted emotional distress on Mr. Zahn and awarded Mr. Zahn $3,500,000 of damages against Mr. Pettigrew. In addition to the original damages awarded by the jury, the Company and Mr. Zahn began to aggressively communicate the correction of the untrue statements to outside parties. 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 7 - Line of Credit
Note 7 - Line of Credit | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. On September 25, 2020, September 15, 2021. 360 $1.5 June 30, 2021 December 31, 2020. |
Note 8 - Other Comprehensive In
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 8. The changes in the components of the Company’s accumulated other comprehensive income (loss) for the three six June 30, 2021 2020 Three Months Ended June 30, 2021 and 2020 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of April 1, 2021 $ 12,210,023 $ (19,995 ) $ 12,190,028 Other comprehensive income before reclassifications, net of tax 3,756,050 5,789 3,761,839 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 52,151 - 52,151 Other comprehensive income 3,703,899 5,789 3,709,688 Balance as of June 30, 2021 $ 15,913,922 $ (14,206 ) $ 15,899,716 Balance as of April 1, 2020 $ (821,898 ) $ 1,602 $ (820,296 ) Other comprehensive income before reclassifications, net of tax 12,545,666 (25,021 ) 12,520,645 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 202,414 - 202,414 Other comprehensive income 12,343,252 (25,021 ) 12,318,231 Balance as of June 30, 2020 $ 11,521,354 $ (23,419 ) $ 11,497,935 Six Months Ended June 30, 2021 and 2020 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of January 1, 2021 $ 17,551,279 $ (32,421 ) $ 17,518,858 Other comprehensive loss before reclassifications, net of tax (1,555,462 ) 18,215 (1,537,247 ) Less amounts reclassified from accumulated other comprehensive income (loss) having no credit losses, net of tax 81,895 - 81,895 Other comprehensive loss (1,637,357 ) 18,215 (1,619,142 ) Balance as of June 30, 2021 $ 15,913,922 $ (14,206 ) $ 15,899,716 Balance as of January 1, 2020 $ 9,632,323 $ (15,663 ) $ 9,616,660 Other comprehensive income before reclassifications, net of tax 2,140,361 (7,756 ) 2,132,605 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 251,330 - 251,330 Other comprehensive income 1,889,031 (7,756 ) 1,881,275 Balance as of June 30, 2020 $ 11,521,354 $ (23,419 ) $ 11,497,935 The pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for each component for the three six June 30, 2021 2020 Three Months Ended June 30, 2021 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,754,493 $ 998,443 $ 3,756,050 Reclassification adjustment for net gains included in operations having no credit losses 66,014 13,863 52,151 Net unrealized gains on investments 4,688,479 984,580 3,703,899 Adjustment to deferred acquisition costs 7,328 1,539 5,789 Total other comprehensive income $ 4,695,807 $ 986,119 $ 3,709,688 Three Months Ended June 30, 2020 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 15,880,590 $ 3,334,924 $ 12,545,666 Reclassification adjustment for net gains included in operations having no credit losses 256,220 53,806 202,414 Net unrealized gains on investments 15,624,370 3,281,118 12,343,252 Adjustment to deferred acquisition costs (31,673 ) (6,652 ) (25,021 ) Total other comprehensive income $ 15,592,697 $ 3,274,466 $ 12,318,231 Six Months Ended June 30, 2021 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (1,968,938 ) $ (413,476 ) $ (1,555,462 ) Reclassification adjustment for net gains included in operations having no credit losses 103,665 21,770 81,895 Net unrealized losses on investments (2,072,603 ) (435,246 ) (1,637,357 ) Adjustment to deferred acquisition costs 23,057 4,842 18,215 Total other comprehensive loss $ (2,049,546 ) $ (430,404 ) $ (1,619,142 ) Six Months Ended June 30, 2020 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 2,709,318 $ 568,957 $ 2,140,361 Reclassification adjustment for net gains included in operations having no credit losses 318,139 66,809 251,330 Net unrealized gains on investments 2,391,179 502,148 1,889,031 Adjustment to deferred acquisition costs (9,818 ) (2,062 ) (7,756 ) Total other comprehensive income $ 2,381,361 $ 500,086 $ 1,881,275 Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. The pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income (loss) to the Company’s consolidated statement of operations for the three six June 30, 2021 2020 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) Reclassification Adjustments 2021 2020 2021 2020 Unrealized gains (losses) on available-for-sale securities having no credit losses: Realized gains on sales of securities (a) $ 66,014 $ 256,220 $ 103,665 $ 318,139 Income tax expense (b) 13,863 53,806 21,770 66,809 Total reclassification adjustments $ 52,151 $ 202,414 $ 81,895 $ 251,330 (a) These items appear within net realized investment gains (losses) in the consolidated statements of operations. (b) These items appear within federal income taxes in the consolidated statements of operations. |
Note 9 - Allowance for Loan Los
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Premiums Receivable Note [Text Block] | 9. The allowance for possible loan losses from investments in mortgage loans on real estate is a reserve established through a provision for possible loan losses charged to expense which represents, in the Company’s judgment, the known and inherent credit losses existing in the mortgage loan portfolio. The allowance, in the judgment of the Company, is necessary to reserve for estimated loan losses inherent in the mortgage loan portfolio and reduces the carrying value of investments in mortgage loans on real estate to the estimated net realizable value on the consolidated statement of financial position. While the Company utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including the performance of the mortgage loan portfolio, the economy and changes in interest rates. The Company’s allowance for possible mortgage loan losses consists of specific valuation allowances established for probable losses on specific loans and a portfolio reserve for probable incurred but not Mortgage loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the mortgage loan agreement. Factors considered by the Company in determining impairment include payment status, collateral value of the real estate subject to the mortgage loan, and the probability of collecting scheduled principal and interest payments when due. Mortgage loans that experience insignificant payment delays and payment shortfalls generally are not The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the mortgage loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. As of June 30, 2021, third June 30, 2021, June 30, 2021 June 30, 2021. As of December 31, 2020, third December 31, 2020, December 31, 2020 December 31, 2020. The balances of and changes in the Company’s credit losses related to mortgage loans on real estate as of and for the three six June 30, 2021 2020 June 30, 2021 2020, one third Unaudited Three Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Total 2021 2020 2021 2020 2021 2020 Allowance, beginning $ 462,774 $ 435,413 $ 48,406 $ 68,105 $ 511,180 $ 503,518 Charge offs - - - - - - Recoveries - - - - - - Provision (68,056 ) 8,077 804 (2,148 ) (67,252 ) 5,929 Allowance, ending $ 394,718 $ 443,490 $ 49,210 $ 65,957 $ 443,928 $ 509,447 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 394,718 $ 443,490 $ 49,210 $ 65,957 $ 443,928 $ 509,447 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 78,548,772 $ 88,304,680 $ 9,792,909 $ 13,125,448 $ 88,341,681 $ 101,430,128 (Unaudited) Six Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Total 2021 2020 2021 2020 2021 2020 Allowance, beginning $ 486,604 $ 443,057 $ 55,290 $ 62,321 $ 541,894 $ 505,378 Charge offs - - - - - - Recoveries - - - - - - Provision (91,886 ) 433 (6,080 ) 3,636 (97,966 ) 4,069 Allowance, ending $ 394,718 $ 443,490 $ 49,210 $ 65,957 $ 443,928 $ 509,447 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 394,718 $ 443,490 $ 49,210 $ 65,957 $ 443,928 $ 509,447 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 78,548,772 $ 88,304,680 $ 9,792,909 $ 13,125,448 $ 88,341,681 $ 101,430,128 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 and industrial mortgage loans on real estate by credit quality using this ratio as of June 30, 2021 December 31, 2020 Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Over 70% to 80% $ 56,416,732 $ 53,905,657 $ - $ - $ 56,416,732 $ 53,905,657 Over 60% to 70% 41,921,893 50,752,236 2,489,817 1,608,934 44,411,710 52,361,170 Over 50% to 60% 26,765,793 27,493,242 2,190,739 2,391,856 28,956,532 29,885,098 Over 40% to 50% 15,750,629 13,875,675 950,144 786,143 16,700,773 14,661,818 Over 30% to 40% 7,954,704 7,846,306 1,637,521 1,176,419 9,592,225 9,022,725 Over 20% to 30% 8,123,070 5,538,886 2,206,172 2,774,020 10,329,242 8,312,906 Over 10% to 20% 2,559,437 3,699,228 318,516 2,072,994 2,877,953 5,772,222 10% or less 424,954 795,143 - 192,323 424,954 987,466 Total $ 159,917,212 $ 163,906,373 $ 9,792,909 $ 11,002,689 $ 169,710,121 $ 174,909,062 |
Note 10 - Coinsurance
Note 10 - Coinsurance | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | 10. Effective January 1, 2018, December 31, 2017 April 1, 2020, 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% of assets above the annuity reserve required under U.S. statutory accounting principles. This coinsurance agreement may 30 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | Company Capitalization The Company raised $1,450,000 from two private placement stock offerings during 2004 June 22, 2005 February 23, 2007; June 29, 2010 April 30, 2012 August 15, 2012 March 8, 2013. January 1, 2020, The Company also issued 702,685 shares of its common stock in connection with two stock dividends paid to shareholders in 2011 2012 In 2020, 10% The Company has also purchased 247,580 shares of treasury stock at a cost of $893,947 from former members of the Board of Directors including the former Chairman of the Board of Directors, a former agent, the former spouse of the Company’s Chairman, Chief Executive Officer and President and a charitable organization where a former member of the Board of Directors had donated shares of the Company’s common stock. |
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 shares of Class A common stock and 10,000,000 shares of Class B common stock and to establish the relative rights, preferences and privileges of, and the restrictions and limitations on, the Class A common stock and the Class B common stock. ● 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 may one .85 |
Business Combinations Policy [Policy Text Block] | Acquisition of Other Companies On December 23, 2008, On December 31, 2008, On August 31, 2009, On December 28, 2011, On April 28, 2015, On April 3, 2018, 2019. Effective January 1, 2020, |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 X. not The results of operations for the six June 30, 2021 not December 31, 2021 not 10 December 31, 2020. Management continues to actively monitor the COVID- 2019 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made in the prior year and prior quarter financial statements to conform to current year and current quarter classifications. These reclassifications had no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may may |
Common Stock Policy [Policy Text Block] | Common Stock Class A and Class B common stock are fully paid, non-assessable and has a par value of $ .01 |
Treasury Stock [Policy Text Block] | Treasury Stock Treasury stock, representing shares of the Company’s common stock that have been reacquired after having been issued and fully paid, is recorded at the reacquisition cost and the shares are no |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Management has evaluated all events subsequent to June 30, 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements 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 first 2021. not |
Supplemental Disclosure - Cas_2
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Unaudited Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Reductions in mortgage loans due to foreclosure $ 458,587 $ 744,091 Investment real estate held-for-sale acquired through foreclosure (458,587 ) (744,091 ) Net cash used in investing activities $ - $ - |
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) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value June 30, 2021 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 429,608 $ 2,310 $ 57 $ 431,861 States and political subdivisions 8,349,010 789,796 22,399 9,116,407 Residential mortgage-backed securities 12,048 14,482 - 26,530 Corporate bonds 112,390,476 15,186,992 35,230 127,542,238 Asset-backed securities 1,763,144 63,605 4,447 1,822,302 Exchange traded securities 500,644 25,956 - 526,600 Foreign bonds 29,113,581 4,116,360 11,747 33,218,194 Certificate of deposits 400,000 16,802 - 416,802 Total fixed maturity securities 152,958,511 20,216,303 73,880 173,100,934 Preferred stock securities 1,250,000 1,800 - 1,251,800 Equity securities Mutual funds 91,981 - 10,215 81,766 Corporate common stock 186,352 51,589 - 237,941 Total equity securities 278,333 51,589 10,215 319,707 Total fixed maturity, preferred stock and equity securities $ 154,486,844 $ 20,269,692 $ 84,095 $ 174,672,441 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 securities 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 deposits 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Unrealized Number of Fair Value Loss Securities June 30, 2021 (Unaudited) Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 100,265 $ 57 1 Corporate bonds 2,595,569 6,632 8 Foreign bonds 550,630 11,747 1 Total less than 12 months in an unrealized loss position 3,246,464 18,436 10 More than 12 months in an unrealized loss position States and political subdivisions $ 630,978 $ 22,399 1 Corporate bonds 774,644 28,598 2 Asset-backed securities 363,859 4,447 1 Total more than 12 months in an unrealized loss position 1,769,481 55,444 4 Total fixed maturity securities in an unrealized loss position 5,015,945 73,880 14 Equity securities (mutual funds), less than 12 months in an unrealized loss position 81,766 10,215 1 Total fixed maturity and equity securities in an unrealized loss position $ 5,097,711 $ 84,095 $ 15 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 securities 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 |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Unaudited) June 30, 2021 December 31, 2020 Unrealized appreciation on available-for-sale securities $ 20,144,223 $ 22,216,826 Adjustment to deferred acquisition costs (18,000 ) (41,057 ) Deferred income taxes (4,226,507 ) (4,656,911 ) Net unrealized appreciation on available-for-sale securities $ 15,899,716 $ 17,518,858 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Investment Real Estate Mortgage Loans on Real Estate 2021 2020 2021 2020 2021 2020 2021 2020 Proceeds $ 1,549,139 $ 6,162,777 $ 1 $ - $ 75,940 $ 682,945 $ 53,161,263 $ 18,649,805 Gross realized gains 66,349 281,178 - - 6,349 33,696 38,670 108,099 Gross realized losses (335 ) (24,958 ) - - - - - - Six Months Ended June 30, (Unaudited) Fixed Maturity Securities Equity Securities Investment Real Estate Mortgage Loans on Real Estate 2021 2020 2021 2020 2021 2020 2021 2020 Proceeds $ 3,968,218 $ 11,713,764 $ 89 $ - $ 75,940 $ 682,945 $ 53,161,263 $ 32,894,590 Gross realized gains 130,499 346,487 89 - 6,349 33,696 38,670 108,099 Gross realized losses (26,834 ) (28,348 ) - - - - - - |
Investment Income [Table Text Block] | Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2021 2020 2021 2020 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ 4,686,679 $ 15,623,530 $ (2,074,403 ) $ 2,392,639 Preferred stock 1,800 840 1,800 (1,460 ) Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities 66,014 256,220 103,665 318,139 Equity securities, sale of securities - - 89 - Equity securities, changes in fair value 7,235 12,365 21,590 (26,052 ) Investment real estate 6,349 33,696 6,349 33,696 Mortgage loans on real estate 38,670 108,099 38,670 108,099 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2021 2020 2021 2020 Fixed maturity securities $ 1,727,496 $ 1,674,340 $ 3,423,390 $ 3,512,722 Preferred stock and equity securities 26,405 23,746 43,404 56,069 Other long-term investments 1,222,180 1,304,285 2,505,074 2,651,423 Mortgage loans 3,478,075 3,796,491 7,226,307 7,366,896 Policy loans 38,957 38,122 77,575 75,829 Real estate - 68,681 - 137,363 Short-term and other investments 35,078 29,280 44,373 53,817 Gross investment income 6,528,191 6,934,945 13,320,123 13,854,119 Investment expenses (455,689 ) (1,058,872 ) (1,098,779 ) (1,708,203 ) Net investment income $ 6,072,502 $ 5,876,073 $ 12,221,344 $ 12,145,916 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Unaudited) June 30, 2021 December 31, 2020 Residential mortgage loans $ 159,917,212 $ 163,906,373 Commercial mortgage loans by property type Apartment 1,588,189 - Industrial 653,367 670,708 Lodging 284,281 290,889 Office building 3,902,583 4,596,331 Retail 3,364,489 5,444,761 Total commercial mortgage loans by property type 9,792,909 11,002,689 Total mortgage loans $ 169,710,121 $ 174,909,062 |
Schedule of Real Estate Properties [Table Text Block] | (Unaudited) June 30, 2021 December 31, 2020 Land - held for investment $ 540,436 $ 540,436 Total land 540,436 540,436 Residential real estate - held for sale 606,496 217,500 Total residential real estate 606,496 217,500 Investment real estate, net of accumulated depreciation $ 1,146,932 $ 757,936 |
Available For Sale Fixed Maturity Securities [Member] | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 30, 2021 (Unaudited) Fixed Maturity Available-For-Sale Securities Other Long-Term Investments Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 3,503,378 $ 3,538,257 $ 11,949,329 $ 12,194,405 Due after one year through five years 34,165,680 36,397,719 34,763,987 39,296,880 Due after five years through ten years 40,665,433 45,431,053 15,349,969 20,526,749 Due after ten years 74,611,972 87,707,376 6,124,068 11,720,675 Due at multiple maturity dates 12,048 26,529 - - $ 152,958,511 $ 173,100,934 $ 68,187,353 $ 83,738,709 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total June 30, 2021 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 431,861 $ - $ 431,861 States and political subdivisions - 9,116,407 - 9,116,407 Residential mortgage-backed securities - 26,530 - 26,530 Corporate bonds - 127,542,238 - 127,542,238 Asset-backed securities - 1,822,302 - 1,822,302 Exchange traded securities - 526,600 - 526,600 Foreign bonds - 33,218,194 - 33,218,194 Certificate of deposits - 416,802 - 416,802 Total fixed maturity securities $ - $ 173,100,934 $ - $ 173,100,934 Preferred stock securities, available-for-sale $ 1,251,800 $ - $ - $ 1,251,800 Equity securities Mutual funds $ - $ 81,766 $ - $ 81,766 Corporate common stock 181,744 - 56,197 237,941 Total equity securities $ 181,744 $ 81,766 $ 56,197 $ 319,707 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 securities - 2,037,269 - 2,037,269 Exchange traded securities - 499,800 - 499,800 Foreign bonds 34,198,367 34,198,367 Certificate of deposits - 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 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Unaudited Six Months Ended June 30, 2021 2020 Beginning balance $ 67,133 $ 64,107 Joint venture net income 39,118 47,963 Joint venture distribution (50,054 ) (49,933 ) Ending balance $ 56,197 $ 62,137 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Amount Value Level 1 Level 2 Level 3 June 30, 2021 (Unaudited) Financial assets Mortgage loans on real estate Commercial and Industrial $ 9,792,909 $ 9,905,493 $ - $ - $ 9,905,493 Residential 159,917,212 179,276,307 - - 179,276,307 Policy loans 2,134,919 2,134,919 - - 2,134,919 Short-term investments 2,851,073 2,851,073 2,851,073 - - Other long-term investments 68,187,353 83,738,709 - - 83,738,709 Cash and cash equivalents 55,199,237 55,199,237 55,199,237 - - Accrued investment income 5,105,328 5,105,328 - - 5,105,328 Total financial assets $ 303,188,031 $ 338,211,066 $ 58,050,310 $ - $ 280,160,756 Financial liabilities Policyholders' account balances $ 374,177,380 $ 380,368,117 $ - $ - $ 380,368,117 Policy claims 1,760,189 1,760,189 - - 1,760,189 Total financial liabilities $ 375,937,569 $ 382,128,306 $ - $ - $ 382,128,306 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 |
Note 4 - Segment Data (Tables)
Note 4 - Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) 2021 2020 2021 2020 Revenues: Life insurance operations $ 9,026,587 $ 7,517,213 $ 17,063,471 $ 14,842,681 Annuity operations 4,982,940 5,129,076 10,024,471 10,349,328 Corporate operations 187,844 191,790 402,003 329,576 Total $ 14,197,371 $ 12,838,079 $ 27,489,945 $ 25,521,585 Income (loss) before income taxes: Life insurance operations $ 827,254 $ (400,643 ) $ (114,755 ) $ (336,239 ) Annuity operations 735,409 799,259 1,259,939 1,711,177 Corporate operations 24,483 212,767 (77,482 ) 252,829 Total $ 1,587,146 $ 611,383 $ 1,067,702 $ 1,627,767 Depreciation and amortization expense: Life insurance operations $ 1,541,698 $ 1,151,910 $ 3,082,892 $ 2,184,297 Annuity operations 298,615 286,567 626,975 588,917 Total $ 1,840,313 $ 1,438,477 $ 3,709,867 $ 2,773,214 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (Unaudited) June 30, 2021 December 31, 2020 Assets: Life insurance operations $ 123,593,451 $ 120,484,734 Annuity operations 524,931,681 518,257,307 Corporate operations 4,636,175 4,853,228 Total $ 653,161,307 $ 643,595,269 |
Note 8 - Other Comprehensive _2
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, 2021 and 2020 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of April 1, 2021 $ 12,210,023 $ (19,995 ) $ 12,190,028 Other comprehensive income before reclassifications, net of tax 3,756,050 5,789 3,761,839 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 52,151 - 52,151 Other comprehensive income 3,703,899 5,789 3,709,688 Balance as of June 30, 2021 $ 15,913,922 $ (14,206 ) $ 15,899,716 Balance as of April 1, 2020 $ (821,898 ) $ 1,602 $ (820,296 ) Other comprehensive income before reclassifications, net of tax 12,545,666 (25,021 ) 12,520,645 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 202,414 - 202,414 Other comprehensive income 12,343,252 (25,021 ) 12,318,231 Balance as of June 30, 2020 $ 11,521,354 $ (23,419 ) $ 11,497,935 Six Months Ended June 30, 2021 and 2020 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Income (Loss) Balance as of January 1, 2021 $ 17,551,279 $ (32,421 ) $ 17,518,858 Other comprehensive loss before reclassifications, net of tax (1,555,462 ) 18,215 (1,537,247 ) Less amounts reclassified from accumulated other comprehensive income (loss) having no credit losses, net of tax 81,895 - 81,895 Other comprehensive loss (1,637,357 ) 18,215 (1,619,142 ) Balance as of June 30, 2021 $ 15,913,922 $ (14,206 ) $ 15,899,716 Balance as of January 1, 2020 $ 9,632,323 $ (15,663 ) $ 9,616,660 Other comprehensive income before reclassifications, net of tax 2,140,361 (7,756 ) 2,132,605 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax 251,330 - 251,330 Other comprehensive income 1,889,031 (7,756 ) 1,881,275 Balance as of June 30, 2020 $ 11,521,354 $ (23,419 ) $ 11,497,935 |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, 2021 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 4,754,493 $ 998,443 $ 3,756,050 Reclassification adjustment for net gains included in operations having no credit losses 66,014 13,863 52,151 Net unrealized gains on investments 4,688,479 984,580 3,703,899 Adjustment to deferred acquisition costs 7,328 1,539 5,789 Total other comprehensive income $ 4,695,807 $ 986,119 $ 3,709,688 Three Months Ended June 30, 2020 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 15,880,590 $ 3,334,924 $ 12,545,666 Reclassification adjustment for net gains included in operations having no credit losses 256,220 53,806 202,414 Net unrealized gains on investments 15,624,370 3,281,118 12,343,252 Adjustment to deferred acquisition costs (31,673 ) (6,652 ) (25,021 ) Total other comprehensive income $ 15,592,697 $ 3,274,466 $ 12,318,231 Six Months Ended June 30, 2021 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (1,968,938 ) $ (413,476 ) $ (1,555,462 ) Reclassification adjustment for net gains included in operations having no credit losses 103,665 21,770 81,895 Net unrealized losses on investments (2,072,603 ) (435,246 ) (1,637,357 ) Adjustment to deferred acquisition costs 23,057 4,842 18,215 Total other comprehensive loss $ (2,049,546 ) $ (430,404 ) $ (1,619,142 ) Six Months Ended June 30, 2020 (Unaudited) Income Tax Pretax Expense (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 2,709,318 $ 568,957 $ 2,140,361 Reclassification adjustment for net gains included in operations having no credit losses 318,139 66,809 251,330 Net unrealized gains on investments 2,391,179 502,148 1,889,031 Adjustment to deferred acquisition costs (9,818 ) (2,062 ) (7,756 ) Total other comprehensive income $ 2,381,361 $ 500,086 $ 1,881,275 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) Reclassification Adjustments 2021 2020 2021 2020 Unrealized gains (losses) on available-for-sale securities having no credit losses: Realized gains on sales of securities (a) $ 66,014 $ 256,220 $ 103,665 $ 318,139 Income tax expense (b) 13,863 53,806 21,770 66,809 Total reclassification adjustments $ 52,151 $ 202,414 $ 81,895 $ 251,330 |
Note 9 - Allowance for Loan L_2
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Unaudited Three Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Total 2021 2020 2021 2020 2021 2020 Allowance, beginning $ 462,774 $ 435,413 $ 48,406 $ 68,105 $ 511,180 $ 503,518 Charge offs - - - - - - Recoveries - - - - - - Provision (68,056 ) 8,077 804 (2,148 ) (67,252 ) 5,929 Allowance, ending $ 394,718 $ 443,490 $ 49,210 $ 65,957 $ 443,928 $ 509,447 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 394,718 $ 443,490 $ 49,210 $ 65,957 $ 443,928 $ 509,447 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 78,548,772 $ 88,304,680 $ 9,792,909 $ 13,125,448 $ 88,341,681 $ 101,430,128 (Unaudited) Six Months Ended June 30, Residential Mortgage Loans Commercial Mortgage Loans Total 2021 2020 2021 2020 2021 2020 Allowance, beginning $ 486,604 $ 443,057 $ 55,290 $ 62,321 $ 541,894 $ 505,378 Charge offs - - - - - - Recoveries - - - - - - Provision (91,886 ) 433 (6,080 ) 3,636 (97,966 ) 4,069 Allowance, ending $ 394,718 $ 443,490 $ 49,210 $ 65,957 $ 443,928 $ 509,447 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 394,718 $ 443,490 $ 49,210 $ 65,957 $ 443,928 $ 509,447 Carrying Values: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 78,548,772 $ 88,304,680 $ 9,792,909 $ 13,125,448 $ 88,341,681 $ 101,430,128 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Over 70% to 80% $ 56,416,732 $ 53,905,657 $ - $ - $ 56,416,732 $ 53,905,657 Over 60% to 70% 41,921,893 50,752,236 2,489,817 1,608,934 44,411,710 52,361,170 Over 50% to 60% 26,765,793 27,493,242 2,190,739 2,391,856 28,956,532 29,885,098 Over 40% to 50% 15,750,629 13,875,675 950,144 786,143 16,700,773 14,661,818 Over 30% to 40% 7,954,704 7,846,306 1,637,521 1,176,419 9,592,225 9,022,725 Over 20% to 30% 8,123,070 5,538,886 2,206,172 2,774,020 10,329,242 8,312,906 Over 10% to 20% 2,559,437 3,699,228 318,516 2,072,994 2,877,953 5,772,222 10% or less 424,954 795,143 - 192,323 424,954 987,466 Total $ 159,917,212 $ 163,906,373 $ 9,792,909 $ 11,002,689 $ 169,710,121 $ 174,909,062 |
Supplemental Disclosure - Cas_3
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 458,587 | $ 744,091 | ||
K-TENN Insurance Company ("K-TENN") [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 1,916,281 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | $ 170,041 | $ 170,041 | ||
Residential Mortgage [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 458,587 | $ 744,091 | $ 797,158 |
Supplemental Disclosure - Cas_4
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities - Supplement Disclosures (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Reductions in mortgage loans due to foreclosure | $ 458,587 | $ 744,091 |
Investment real estate held-for-sale acquired through foreclosure | (458,587) | (744,091) |
Net cash used in investing activities | $ 0 | $ 0 |
Supplemental Disclosure - Cas_5
Supplemental Disclosure - Cash and Non-Cash Impact on Operating, Investing and Financing Activities - Acquisition (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
Cash provided in acquisition of K-TENN Insurance Company | $ 0 | $ 1,110,299 | ||
K-TENN Insurance Company ("K-TENN") [Member] | ||||
Cash used in acquisition of K-TENN Insurance Company | $ 0 | |||
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 ($) | Dec. 23, 2008USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / 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 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.05 | |||||||||||||||
Dividends, Cash, Total | $ 384,734 | $ 384,734 | $ 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 | |||||||||||||||
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 | 40,000,000 | 40,000,000 | |||||||||||||
Percent of Dividends | 100.00% | |||||||||||||||
Common Class B [Member] | ||||||||||||||||
Common Stock, Shares Authorized (in shares) | shares | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||
Percent of Dividends | 85.00% | |||||||||||||||
Retained Earnings [Member] | ||||||||||||||||
Dividends, Common Stock, Total | $ 8,657,249 | $ 5,270,138 | ||||||||||||||
Dividends, Cash, Total | $ 384,734 | $ 384,734 | ||||||||||||||
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 Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,746,240 | |||||||||||||||
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 ($)ft²a | Jun. 30, 2021USD ($)a | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2021 |
Deposit Assets, Total | $ 4,460,866 | $ 4,464,398 | |||
Other Assets, Fair Value Disclosure | $ 4,519,496 | $ 4,531,967 | |||
Number Of Loans Past Due | 11 | 24 | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 3,300,516 | $ 3,979,997 | |||
Past Due Loans, Term Past Due (Day) | 90 days | 90 days | |||
Number of Mortgage Loans in Default | 0 | 0 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 458,587 | $ 744,091 | |||
Real Estate Investments, Net, Total | 1,146,932 | $ 757,936 | |||
Proceeds from Sale of Real Estate Held-for-investment, Total | 75,940 | 682,945 | |||
Residential Mortgage [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | 458,587 | $ 744,091 | 797,158 | ||
Real Estate Investments, Net, Total | 69,591 | 791,704 | |||
Gains (Losses) on Sales of Investment Real Estate | 6,349 | 106,665 | |||
Proceeds from Sale of Real Estate Held-for-investment, Total | $ 75,940 | $ 898,369 | |||
Trinity Life Insurance Company [Member] | Topeka Kansas [Member] | Office Building [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 20,000 | ||||
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 | ||||
Debt Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 14 | 17 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 73,880 | $ 251,015 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,015,945 | 4,953,706 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 5,089,825 | $ 5,204,721 | |||
Fair Value to Cost Ratio | 99.00% | 95.00% | |||
Fixed Maturity Securities, Investment Grade Percentage | 92.00% | ||||
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 | $ 10,215 | $ 7,739 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 81,766 | 84,242 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | $ 91,981 | $ 91,981 | |||
Fair Value to Cost Ratio | 93.00% | 97.00% | |||
Fixed Maturity Securities, Investment Grade Percentage | 89.00% | ||||
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 | $ 68,187,353 | $ 71,025,133 |
Note 2 - Investments - Availabl
Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities at cost | $ 1,250,000 | |
Fixed maturity available-for-sale securities - fair value | 1,251,800 | $ 0 |
Available-for-sale securities at fair value | 1,251,800 | 0 |
Debt and Equity Securities, amortized cost or cost | 154,486,844 | 148,614,229 |
Debt and Equity Securities, gross unrealized gains | 20,269,692 | 22,495,364 |
Debt and Equity Securities, gross unrealized losses | 84,095 | 258,754 |
Debt and Equity Securities, fair value | 174,672,441 | 170,850,839 |
Debt and Equity Securities, gross unrealized gains | 20,269,692 | 22,495,364 |
Debt and Equity Securities, fair value | 174,672,441 | 170,850,839 |
US Treasury and Government [Member] | ||
Available-for-sale securities at cost | 429,608 | 430,735 |
Securities, gross unrealized gains | 2,310 | 3,568 |
Securities, gross unrealized losses | 57 | 0 |
Fixed maturity available-for-sale securities - fair value | 431,861 | 434,303 |
Securities, gross unrealized gains | 2,310 | 3,568 |
Available-for-sale securities at fair value | 431,861 | 434,303 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities at cost | 8,349,010 | 8,830,403 |
Securities, gross unrealized gains | 789,796 | 891,285 |
Securities, gross unrealized losses | 22,399 | 31,932 |
Fixed maturity available-for-sale securities - fair value | 9,116,407 | 9,689,756 |
Securities, gross unrealized gains | 789,796 | 891,285 |
Available-for-sale securities at fair value | 9,116,407 | 9,689,756 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities at cost | 12,048 | 14,022 |
Securities, gross unrealized gains | 14,482 | 14,420 |
Securities, gross unrealized losses | 0 | 0 |
Fixed maturity available-for-sale securities - fair value | 26,530 | 28,442 |
Securities, gross unrealized gains | 14,482 | 14,420 |
Available-for-sale securities at fair value | 26,530 | 28,442 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities at cost | 112,390,476 | 106,387,417 |
Securities, gross unrealized gains | 15,186,992 | 16,859,782 |
Securities, gross unrealized losses | 35,230 | 111,840 |
Fixed maturity available-for-sale securities - fair value | 127,542,238 | 123,135,359 |
Securities, gross unrealized gains | 15,186,992 | 16,859,782 |
Available-for-sale securities at fair value | 127,542,238 | 123,135,359 |
Asset-backed Securities [Member] | ||
Available-for-sale securities at cost | 1,763,144 | 2,052,174 |
Securities, gross unrealized gains | 63,605 | 32,908 |
Securities, gross unrealized losses | 4,447 | 47,813 |
Fixed maturity available-for-sale securities - fair value | 1,822,302 | 2,037,269 |
Securities, gross unrealized gains | 63,605 | 32,908 |
Available-for-sale securities at fair value | 1,822,302 | 2,037,269 |
Exchange-traded Debt Securities [Member] | ||
Available-for-sale securities at cost | 500,644 | 500,000 |
Securities, gross unrealized gains | 25,956 | 0 |
Securities, gross unrealized losses | 0 | 200 |
Fixed maturity available-for-sale securities - fair value | 526,600 | 499,800 |
Securities, gross unrealized gains | 25,956 | 0 |
Available-for-sale securities at fair value | 526,600 | 499,800 |
Debt Security, Government, Non-US [Member] | ||
Available-for-sale securities at cost | 29,113,581 | 29,616,259 |
Securities, gross unrealized gains | 4,116,360 | 4,641,338 |
Securities, gross unrealized losses | 11,747 | 59,230 |
Fixed maturity available-for-sale securities - fair value | 33,218,194 | 34,198,367 |
Securities, gross unrealized gains | 4,116,360 | 4,641,338 |
Available-for-sale securities at fair value | 33,218,194 | 34,198,367 |
Certificates of Deposit [Member] | ||
Available-for-sale securities at cost | 400,000 | 600,000 |
Securities, gross unrealized gains | 16,802 | 24,540 |
Securities, gross unrealized losses | 0 | 0 |
Fixed maturity available-for-sale securities - fair value | 416,802 | 624,540 |
Securities, gross unrealized gains | 16,802 | 24,540 |
Available-for-sale securities at fair value | 416,802 | 624,540 |
Debt Securities [Member] | ||
Available-for-sale securities at cost | 152,958,511 | 148,431,010 |
Securities, gross unrealized gains | 20,216,303 | 22,467,841 |
Securities, gross unrealized losses | 73,880 | 251,015 |
Fixed maturity available-for-sale securities - fair value | 173,100,934 | 170,647,836 |
Securities, gross unrealized gains | 20,216,303 | 22,467,841 |
Available-for-sale securities at fair value | 173,100,934 | 170,647,836 |
Mutual Fund [Member] | ||
Equity Securities, cost | 91,981 | 91,981 |
Equity securities, gross unrealized gains | 0 | 0 |
Equity Securities, gross unrealized losses | 10,215 | 7,739 |
Equity securities | 81,766 | 84,242 |
Common Stock [Member] | ||
Equity Securities, cost | 186,352 | 91,238 |
Equity securities, gross unrealized gains | 51,589 | 27,523 |
Equity Securities, gross unrealized losses | 0 | 0 |
Equity securities | 237,941 | 118,761 |
Equity Securities [Member] | ||
Equity Securities, cost | 278,333 | 183,219 |
Equity securities, gross unrealized gains | 51,589 | 27,523 |
Equity Securities, gross unrealized losses | 10,215 | 7,739 |
Equity securities | 319,707 | $ 203,003 |
Preferred Stock [Member] | ||
Available-for-sale securities at cost | 1,250,000 | |
Securities, gross unrealized gains | 1,800 | |
Securities, gross unrealized losses | 0 | |
Fixed maturity available-for-sale securities - fair value | 1,251,800 | |
Securities, gross unrealized gains | 1,800 | |
Available-for-sale securities at fair value | $ 1,251,800 |
Note 2 - Investments - Securiti
Note 2 - Investments - Securities in an Unrealized Loss Position (Details) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt and equity securities in an unrealized loss position, fair value | $ 5,097,711 | $ 5,037,948 |
Debt and equity securities in an unrealized loss position, unrealized loss | $ 84,095 | $ 258,754 |
Debt and equity securities in an unrealized loss position, number | 15 | 18 |
US Government Agencies Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 100,265 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 57 | |
Securities in an unrealized loss position, less than twelve months, number | 1 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 625,098 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 31,932 | |
Securities in an unrealized loss position, less than twelve months, number | 1 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 630,978 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 22,399 | |
Securities in an unrealized loss position, more than twelve months, number | 1 | |
Corporate Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 2,595,569 | $ 878,716 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 6,632 | $ 41,508 |
Securities in an unrealized loss position, less than twelve months, number | 8 | 3 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 774,644 | $ 1,084,205 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 28,598 | $ 70,332 |
Securities in an unrealized loss position, more than twelve months, number | 2 | 3 |
Debt Security, Government, Non-US [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 550,630 | $ 285,569 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 11,747 | $ 28,282 |
Securities in an unrealized loss position, less than twelve months, number | 1 | 4 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 532,875 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 30,948 | |
Securities in an unrealized loss position, more than twelve months, number | 1 | |
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 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 363,859 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 4,447 | |
Securities in an unrealized loss position, more than twelve months, number | 1 | |
Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 3,246,464 | $ 3,336,626 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 18,436 | $ 149,735 |
Securities in an unrealized loss position, less than twelve months, number | 10 | 13 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,769,481 | $ 1,617,080 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 55,444 | $ 101,280 |
Securities in an unrealized loss position, more than twelve months, number | 4 | 4 |
Securities in an unrealized loss position, fair value | $ 5,015,945 | $ 4,953,706 |
Securities in an unrealized loss position, unrealized loss | $ 73,880 | $ 251,015 |
Securities in an unrealized loss position, number | 14 | 17 |
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 | |
Equity Securities [Member] | ||
Equity securities in an unrealized loss position, less than twelve months, fair value | $ 81,766 | $ 84,242 |
Equity securities in an unrealized loss position, less than twelve months, unrealized loss | $ 10,215 | $ 7,739 |
Equity securities in an unrealized loss position, less than twelve months, number | 1 | 1 |
Note 2 - Investments - Net Unre
Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Unrealized appreciation on available-for-sale securities | $ 20,144,223 | $ 22,216,826 |
Adjustment to deferred acquisition costs | (18,000) | (41,057) |
Deferred income taxes | (4,226,507) | (4,656,911) |
Net unrealized appreciation on available-for-sale securities | $ 15,899,716 | $ 17,518,858 |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fixed maturity available-for-sale securities - amortized cost | $ 1,250,000 | |
Fixed maturity available-for-sale securities - fair value | 1,251,800 | $ 0 |
Fixed Maturities [Member] | ||
Due in one year or less - amortized cost | 3,503,378 | |
Due in one year or less - fair value | 3,538,257 | |
Due in one year through five years - amortized cost | 34,165,680 | |
Due after one year through five years- fair value | 36,397,719 | |
Due after five years through ten years - amortized cost | 40,665,433 | |
Due after five years through ten years - fair value | 45,431,053 | |
Due after ten years - amortized cost | 74,611,972 | |
Due after ten years - fair value | 87,707,376 | |
Due at multiple maturity dates - amortized cost | 12,048 | |
Due at multiple maturity dates - fair value | 26,529 | |
Fixed maturity available-for-sale securities - amortized cost | 152,958,511 | |
Fixed maturity available-for-sale securities - fair value | 173,100,934 | |
Other Long-term Investments [Member] | ||
Due in one year or less - amortized cost | 11,949,329 | |
Due in one year or less - fair value | 12,194,405 | |
Due in one year through five years - amortized cost | 34,763,987 | |
Due after one year through five years- fair value | 39,296,880 | |
Due after five years through ten years - amortized cost | 15,349,969 | |
Due after five years through ten years - fair value | 20,526,749 | |
Due after ten years - amortized cost | 6,124,068 | |
Due after ten years - fair value | 11,720,675 | |
Due at multiple maturity dates - amortized cost | 0 | |
Due at multiple maturity dates - fair value | 0 | |
Fixed maturity available-for-sale securities - amortized cost | 68,187,353 | |
Fixed maturity available-for-sale securities - fair value | $ 83,738,709 |
Note 2 - Investments - Proceeds
Note 2 - Investments - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fixed Maturities [Member] | ||||
Proceeds from sale, maturity, or collection of investments | $ 1,549,139 | $ 6,162,777 | $ 3,968,218 | $ 11,713,764 |
Gross realized gains on sale of investments | 66,349 | 281,178 | 130,499 | 346,487 |
Gross realized losses on sale of investments | (335) | (24,958) | (26,834) | (28,348) |
Equity Securities [Member] | ||||
Proceeds from sale, maturity, or collection of investments | 1 | 0 | 89 | 0 |
Gross realized gains on sale of investments | 0 | 0 | 89 | 0 |
Gross realized losses on sale of investments | 0 | 0 | 0 | 0 |
Real Estate Investment [Member] | ||||
Proceeds from sale, maturity, or collection of investments | 75,940 | 682,945 | 75,940 | 682,945 |
Gross realized gains on sale of investments | 6,349 | 33,696 | 6,349 | 33,696 |
Gross realized losses on sale of investments | 0 | 0 | 0 | 0 |
Mortgages [Member] | ||||
Proceeds from sale, maturity, or collection of investments | 53,161,263 | 18,649,805 | 53,161,263 | 32,894,590 |
Gross realized gains on sale of investments | 38,670 | 108,099 | 38,670 | 108,099 |
Gross realized losses on sale of investments | $ 0 | $ 0 | $ 0 | $ 0 |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Change in unrealized investment gains (losses) | $ 3,703,899 | $ 12,343,252 | $ (1,637,357) | $ 1,889,031 |
Gross Investment income | 6,528,191 | 6,934,945 | 13,320,123 | 13,854,119 |
Investment expenses | (455,689) | (1,058,872) | (1,098,779) | (1,708,203) |
Net investment income | 6,072,502 | 5,876,073 | 12,221,344 | 12,145,916 |
Fixed Maturities [Member] | ||||
Change in unrealized investment gains (losses) | 4,686,679 | 15,623,530 | (2,074,403) | 2,392,639 |
Net realized investment gains (losses) | 66,014 | 256,220 | 103,665 | 318,139 |
Gross Investment income | 1,727,496 | 1,674,340 | 3,423,390 | 3,512,722 |
Equity Securities [Member] | ||||
Equity securities, sale of securities | 0 | 0 | 89 | 0 |
Equity securities, changes in fair value | 7,235 | 12,365 | 21,590 | (26,052) |
Gross Investment income | 26,405 | 23,746 | 43,404 | 56,069 |
Preferred Stock [Member] | ||||
Change in unrealized investment gains (losses) | 1,800 | 840 | 1,800 | (1,460) |
Other Long-term Investments [Member] | ||||
Gross Investment income | 1,222,180 | 1,304,285 | 2,505,074 | 2,651,423 |
Mortgages [Member] | ||||
Net realized investment gains (losses) | 38,670 | 108,099 | 38,670 | 108,099 |
Gross Investment income | 3,478,075 | 3,796,491 | 7,226,307 | 7,366,896 |
Policy Loans [Member] | ||||
Gross Investment income | 38,957 | 38,122 | 77,575 | 75,829 |
Real Estate Investment [Member] | ||||
Net realized investment gains (losses) | 6,349 | 33,696 | 6,349 | 33,696 |
Gross Investment income | 0 | 68,681 | 0 | 137,363 |
Short-term Investments [Member] | ||||
Gross Investment income | $ 35,078 | $ 29,280 | $ 44,373 | $ 53,817 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 169,710,121 | $ 174,909,062 |
Residential Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 159,917,212 | 163,906,373 |
Commercial Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 9,792,909 | 11,002,689 |
Commercial Portfolio Segment [Member] | Industrial Property [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 653,367 | 670,708 |
Commercial Portfolio Segment [Member] | Apartment Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 1,588,189 | 0 |
Commercial Portfolio Segment [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 284,281 | 290,889 |
Commercial Portfolio Segment [Member] | Office Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 3,902,583 | 4,596,331 |
Commercial Portfolio Segment [Member] | Retail Site [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 3,364,489 | $ 5,444,761 |
Note 2 - Investments - Investme
Note 2 - Investments - Investment Real Estate (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2020 |
Investment real estate, net | $ 1,146,932 | $ 757,936 |
Land Held for Sale [Member] | ||
Investment real estate | 540,436 | 540,436 |
Land [Member] | ||
Investment real estate | 540,436 | 540,436 |
Residential Real Estate - Held for Sale [Member] | ||
Investment real estate | 606,496 | 217,500 |
Residential [Member] | ||
Investment real estate | $ 606,496 | $ 217,500 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) | Jun. 30, 2021 | Dec. 31, 2020 |
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 ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fixed maturity available-for-sale securities - fair value | $ 1,251,800 | $ 0 |
Fair Value, Recurring [Member] | ||
Equity securities | 319,707 | 203,003 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 181,744 | 51,629 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 81,766 | 84,242 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 56,197 | 67,132 |
US Treasury and Government [Member] | ||
Fixed maturity available-for-sale securities - fair value | 431,861 | 434,303 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 431,861 | 434,303 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 431,861 | 434,303 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,116,407 | 9,689,756 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,116,407 | 9,689,756 |
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 | 0 | 0 |
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 | 9,116,407 | 9,689,756 |
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 | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 26,530 | 28,442 |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 26,530 | 28,442 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 26,530 | 28,442 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 127,542,238 | 123,135,359 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 127,542,238 | 123,135,359 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 127,542,238 | 123,135,359 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Asset-backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,822,302 | 2,037,269 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,822,302 | 2,037,269 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,822,302 | 2,037,269 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Exchange-traded Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 526,600 | 499,800 |
Exchange-traded Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 526,600 | 499,800 |
Exchange-traded Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Exchange-traded Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 526,600 | 499,800 |
Exchange-traded Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Debt Security, Government, Non-US [Member] | ||
Fixed maturity available-for-sale securities - fair value | 33,218,194 | 34,198,367 |
Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 33,218,194 | 34,198,367 |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 33,218,194 | 34,198,367 |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | |
Certificates of Deposit [Member] | ||
Fixed maturity available-for-sale securities - fair value | 416,802 | 624,540 |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 416,802 | 624,540 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 416,802 | 624,540 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 173,100,934 | 170,647,836 |
Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 173,100,934 | 170,647,836 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 173,100,934 | 170,647,836 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Preferred Stock [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,251,800 | |
Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,251,800 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,251,800 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | |
Mutual Fund [Member] | ||
Equity securities | 81,766 | 84,242 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 81,766 | 84,242 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 0 | 0 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 81,766 | 84,242 |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 0 | 0 |
Common Stock [Member] | ||
Equity securities | 237,941 | 118,761 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 237,941 | 118,761 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 181,744 | 51,629 |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 0 | 0 |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | $ 56,197 | $ 67,132 |
Note 3 - Fair Value Measureme_5
Note 3 - Fair Value Measurements - Change in Fair Value of Available-for-sale Equity Securities (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Beginning balance | $ 67,133 | $ 64,107 |
Joint venture net income | 39,118 | 47,963 |
Joint venture distribution | (50,054) | (49,933) |
Ending balance | $ 56,197 | $ 62,137 |
Note 3 - Fair Value Measureme_6
Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Policy loans | $ 2,134,919 | $ 2,108,678 |
Accrued investment income | 5,105,328 | 5,370,508 |
Policy claims | 1,760,189 | 2,099,548 |
Reported Value Measurement [Member] | ||
Policy loans | 2,134,919 | 2,108,678 |
Short-term investments | 2,851,073 | 3,309,020 |
Other long-term investments | 68,187,353 | 71,025,133 |
Cash and cash equivalents | 55,199,237 | 40,230,095 |
Accrued investment income | 5,105,328 | 5,370,508 |
Total financial assets | 303,188,031 | 296,952,496 |
Policyholders' account balances | 374,177,380 | 362,519,753 |
Policy claims | 1,760,189 | 2,099,548 |
Total financial liabilities | 375,937,569 | 364,619,301 |
Reported Value Measurement [Member] | Commercial and Industrial [Member] | ||
Mortgage loans on real estate | 9,792,909 | |
Reported Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 11,002,689 | |
Reported Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 159,917,212 | 163,906,373 |
Estimate of Fair Value Measurement [Member] | ||
Policy loans | 2,134,919 | 2,108,678 |
Short-term investments | 2,851,073 | 3,309,020 |
Other long-term investments | 83,738,709 | 89,264,246 |
Cash and cash equivalents | 55,199,237 | 40,230,095 |
Accrued investment income | 5,105,328 | 5,370,508 |
Total financial assets | 338,211,066 | 336,170,946 |
Policyholders' account balances | 380,368,117 | 380,666,901 |
Policy claims | 1,760,189 | 2,099,548 |
Total financial liabilities | 382,128,306 | 382,766,449 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Policy loans | 0 | 0 |
Short-term investments | 2,851,073 | 3,309,020 |
Other long-term investments | 0 | 0 |
Cash and cash equivalents | 55,199,237 | 40,230,095 |
Accrued investment income | 0 | 0 |
Total financial assets | 58,050,310 | 43,539,115 |
Policyholders' account balances | 0 | 0 |
Policy claims | 0 | 0 |
Total financial liabilities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Policy loans | 0 | 0 |
Short-term investments | 0 | 0 |
Other long-term investments | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Accrued investment income | 0 | 0 |
Total financial assets | 0 | 0 |
Policyholders' account balances | 0 | 0 |
Policy claims | 0 | 0 |
Total financial liabilities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Policy loans | 2,134,919 | 2,108,678 |
Short-term investments | 0 | 0 |
Other long-term investments | 83,738,709 | 89,264,246 |
Cash and cash equivalents | 0 | 0 |
Accrued investment income | 5,105,328 | 5,370,508 |
Total financial assets | 280,160,756 | 292,631,831 |
Policyholders' account balances | 380,368,117 | 380,666,901 |
Policy claims | 1,760,189 | 2,099,548 |
Total financial liabilities | 382,128,306 | 382,766,449 |
Estimate of Fair Value Measurement [Member] | Commercial and Industrial [Member] | ||
Mortgage loans on real estate | 9,905,493 | |
Estimate of Fair Value Measurement [Member] | Commercial and Industrial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage loans on real estate | 0 | |
Estimate of Fair Value Measurement [Member] | Commercial and Industrial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans on real estate | 0 | |
Estimate of Fair Value Measurement [Member] | Commercial and Industrial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage loans on real estate | 9,905,493 | |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 11,085,406 | |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage loans on real estate | 0 | |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans on real estate | 0 | |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage loans on real estate | 11,085,406 | |
Estimate of Fair Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 179,276,307 | 184,802,993 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage loans on real estate | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans on real estate | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage loans on real estate | $ 179,276,307 | $ 184,802,993 |
Note 4 - Segment Data - Segment
Note 4 - Segment Data - Segment Data - Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total revenue | $ 14,197,371 | $ 12,838,079 | $ 27,489,945 | $ 25,521,585 |
Income before income taxes | 1,587,146 | 611,383 | 1,067,702 | 1,627,767 |
Depreciation and amortization expense | 1,840,313 | 1,438,477 | 3,709,867 | 2,773,214 |
Life Insurance Operations [Member] | ||||
Total revenue | 9,026,587 | 7,517,213 | 17,063,471 | 14,842,681 |
Income before income taxes | 827,254 | (400,643) | (114,755) | (336,239) |
Depreciation and amortization expense | 1,541,698 | 1,151,910 | 3,082,892 | 2,184,297 |
Annuity Operations [Member] | ||||
Total revenue | 4,982,940 | 5,129,076 | 10,024,471 | 10,349,328 |
Income before income taxes | 735,409 | 799,259 | 1,259,939 | 1,711,177 |
Depreciation and amortization expense | 298,615 | 286,567 | 626,975 | 588,917 |
Corporate Segment [Member] | ||||
Total revenue | 187,844 | 191,790 | 402,003 | 329,576 |
Income before income taxes | $ 24,483 | $ 212,767 | $ (77,482) | $ 252,829 |
Note 4 - Segment Data - Assets
Note 4 - Segment Data - Assets (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Total assets | $ 653,161,307 | $ 643,595,269 |
Life Insurance Operations [Member] | ||
Total assets | 123,593,451 | 120,484,734 |
Annuity Operations [Member] | ||
Total assets | 524,931,681 | 518,257,307 |
Corporate Segment [Member] | ||
Total assets | $ 4,636,175 | $ 4,853,228 |
Note 5 - Federal Income Taxes (
Note 5 - Federal Income Taxes (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Domestic Tax Authority [Member] | |
Open Tax Year | 2017 2018 2019 |
Note 6 - Legal Matters and Co_2
Note 6 - Legal Matters and Contingent Liabilities (Details Textual) - Case No. CJ-2013-03385 [Member] - Mr. Pettigrew [Member] | Feb. 17, 2017USD ($) |
First Trinity Financial Corporation [Member] | |
Loss Contingency, Damages Awarded, Value | $ 800,000 |
Mr. Zahn [Member] | |
Loss Contingency, Damages Awarded, Value | $ 3,500,000 |
Note 7 - Line of Credit (Detail
Note 7 - Line of Credit (Details Textual) - Line of Credit [Member] - USD ($) $ in Thousands | Sep. 25, 2020 | Sep. 25, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | $ 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% |
Note 8 - Other Comprehensive _3
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balance | $ 64,062,730 | $ 49,516,802 | $ 69,852,212 | $ 57,418,262 |
Total other comprehensive income (loss) | 3,709,688 | 12,318,231 | (1,619,142) | 1,881,275 |
Balance | 68,993,461 | 61,923,895 | 68,993,461 | 61,923,895 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Balance | 12,210,023 | (821,898) | 17,551,279 | 9,632,323 |
Other comprehensive income (loss) before reclassifications, net of tax | 3,756,050 | 12,545,666 | (1,555,462) | 2,140,361 |
Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax | 52,151 | 202,414 | 81,895 | 251,330 |
Total other comprehensive income (loss) | 3,703,899 | 12,343,252 | (1,637,357) | 1,889,031 |
Balance | 15,913,922 | 11,521,354 | 15,913,922 | 11,521,354 |
Adjustment to Deferred Acquisition Costs [Member] | ||||
Balance | (19,995) | 1,602 | (32,421) | (15,663) |
Other comprehensive income (loss) before reclassifications, net of tax | 5,789 | (25,021) | 18,215 | (7,756) |
Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 5,789 | (25,021) | 18,215 | (7,756) |
Balance | (14,206) | (23,419) | (14,206) | (23,419) |
AOCI Attributable to Parent [Member] | ||||
Balance | 12,190,028 | (820,296) | 17,518,858 | 9,616,660 |
Other comprehensive income (loss) before reclassifications, net of tax | 3,761,839 | 12,520,645 | (1,537,247) | 2,132,605 |
Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax | 52,151 | 202,414 | 81,895 | 251,330 |
Total other comprehensive income (loss) | 3,709,688 | 12,318,231 | (1,619,142) | 1,881,275 |
Balance | $ 15,899,716 | $ 11,497,935 | $ 15,899,716 | $ 11,497,935 |
Note 8 - Other Comprehensive _4
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Unrealized holding gains (losses) arising during the period, pretax | $ 4,754,493 | $ 15,880,590 | $ (1,968,938) | $ 2,709,318 | |
Unrealized holding gains (losses) arising during the period, income tax expense (benefit) | 998,443 | 3,334,924 | (413,476) | 568,957 | |
Unrealized holding gains (losses) arising during the period, net of tax | 3,756,050 | 12,545,666 | (1,555,462) | 2,140,361 | |
Realized gains (losses) on sales of securities | [1] | 66,014 | 256,220 | 103,665 | 318,139 |
Income tax expense (benefit) | [2] | 13,863 | 53,806 | 21,770 | 66,809 |
Reclassification adjustment for net gains included in operation having no credit losses, net of tax | 52,151 | 202,414 | 81,895 | 251,330 | |
Net unrealized gains (losses) on investments, pretax | 4,688,479 | 15,624,370 | (2,072,603) | 2,391,179 | |
Net unrealized gains (losses) on investments, income tax expense (benefit) | 984,580 | 3,281,118 | (435,246) | 502,148 | |
Net unrealized gains (losses) on investments, net of tax | 3,703,899 | 12,343,252 | (1,637,357) | 1,889,031 | |
Adjustment to deferred acquisition costs, pretax | 7,328 | (31,673) | 23,057 | (9,818) | |
Adjustment to deferred acquisition costs, income tax expense (benefit) | 1,539 | (6,652) | 4,842 | (2,062) | |
Adjustment to deferred acquisition costs, net of tax | 5,789 | (25,021) | 18,215 | (7,756) | |
Total other comprehensive income (loss), pretax | 4,695,807 | 15,592,697 | (2,049,546) | 2,381,361 | |
Total other comprehensive income (loss), income tax expense (benefit) | 986,119 | 3,274,466 | (430,404) | 500,086 | |
Total other comprehensive income (loss), net of tax | $ 3,709,688 | $ 12,318,231 | $ (1,619,142) | $ 1,881,275 | |
[1] | These items appear within net realized investment gains (losses) in the consolidated statements of operations. | ||||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 8 - Other Comprehensive _5
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Reclassified From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Realized gains (losses) on sales of securities | [1] | $ 66,014 | $ 256,220 | $ 103,665 | $ 318,139 |
Income tax expense (benefit) | [2] | 13,863 | 53,806 | 21,770 | 66,809 |
Total reclassification adjustments | $ 52,151 | $ 202,414 | $ 81,895 | $ 251,330 | |
[1] | These items appear within net realized investment gains (losses) in the consolidated statements of operations. | ||||
[2] | These items appear within federal income taxes in the consolidated statements of operations. |
Note 9 - Allowance for Loan L_3
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 169,710,121 | $ 174,909,062 | |
Financing Receivable, Collectively Evaluated for Impairment | 88,341,681 | 107,880,342 | |
Independent Mortgage Loan Balances [Member] | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 443,928 | 541,894 | |
One Loan Originator and Investments [Member] | Independent Mortgage Loan Balances [Member] | |||
Escrow Deposit | 848,457 | 766,667 | |
Escrow Amount Available | 441,615 | 431,523 | |
Advances To Loan Originator | 3,570,356 | 4,996,358 | |
Residential Real Estate - Held for Sale [Member] | Independent Mortgage Loan Balances [Member] | |||
Escrow Amount Available | 406,842 | 335,144 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 81,368,440 | $ 67,028,720 | |
One Loan Originator [Member] | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 81,368,440 | $ 65,497,241 |
Note 9 - Allowance for Loan L_4
Note 9 - Allowance for Loan Losses From Mortgage Loans On Real Estate - Allowance for Loss on Premium Financing (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Provision | $ (97,966) | $ 4,069 | |||
Financing Receivable, Collectively Evaluated for Impairment | $ 88,341,681 | 88,341,681 | $ 107,880,342 | ||
Residential Portfolio Segment [Member] | |||||
Allowance, beginning | 462,774 | $ 435,413 | 486,604 | 443,057 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (68,056) | 8,077 | (91,886) | 433 | |
Allowance, ending | 394,718 | 443,490 | 394,718 | 443,490 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Collectively evaluated for impairment | 394,718 | 443,490 | 394,718 | 443,490 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Impairment | 78,548,772 | 88,304,680 | 78,548,772 | 88,304,680 | |
Commercial Portfolio Segment [Member] | |||||
Allowance, beginning | 48,406 | 68,105 | 55,290 | 62,321 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 804 | (2,148) | (6,080) | 3,636 | |
Allowance, ending | 49,210 | 65,957 | 49,210 | 65,957 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Collectively evaluated for impairment | 49,210 | 65,957 | 49,210 | 65,957 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Impairment | 9,792,909 | 13,125,448 | 9,792,909 | 13,125,448 | |
Premium Finance Loans [Member] | |||||
Allowance, beginning | 511,180 | 503,518 | 541,894 | 505,378 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (67,252) | 5,929 | (97,966) | 4,069 | |
Allowance, ending | 443,928 | 509,447 | 443,928 | 509,447 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Collectively evaluated for impairment | 443,928 | 509,447 | 443,928 | 509,447 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Impairment | $ 88,341,681 | $ 101,430,128 | $ 88,341,681 | $ 101,430,128 |
Note 9 - Allowance for Loan L_5
Note 9 - Allowance for Loan Losses From Mortgage Loans on Real Estate - Mortgage Loan to Value Ratios (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage loans on real estate | $ 169,710,121 | $ 174,909,062 |
Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 56,416,732 | 53,905,657 |
Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 44,411,710 | 52,361,170 |
Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 28,956,532 | 29,885,098 |
Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 16,700,773 | 14,661,818 |
Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 9,592,225 | 9,022,725 |
Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 10,329,242 | 8,312,906 |
Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 2,877,953 | 5,772,222 |
Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | 424,954 | 987,466 |
Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 159,917,212 | 163,906,373 |
Residential Portfolio Segment [Member] | Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 56,416,732 | 53,905,657 |
Residential Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 41,921,893 | 50,752,236 |
Residential Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 26,765,793 | 27,493,242 |
Residential Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 15,750,629 | 13,875,675 |
Residential Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 7,954,704 | 7,846,306 |
Residential Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 8,123,070 | 5,538,886 |
Residential Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 2,559,437 | 3,699,228 |
Residential Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | 424,954 | 795,143 |
Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 9,792,909 | 11,002,689 |
Commercial Portfolio Segment [Member] | Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 0 | 0 |
Commercial Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 2,489,817 | 1,608,934 |
Commercial Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 2,190,739 | 2,391,856 |
Commercial Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 950,144 | 786,143 |
Commercial Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 1,637,521 | 1,176,419 |
Commercial Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 2,206,172 | 2,774,020 |
Commercial Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 318,516 | 2,072,994 |
Commercial Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | $ 0 | $ 192,323 |
Note 10 - Coinsurance (Details
Note 10 - Coinsurance (Details Textual) | Jun. 30, 2021 | Apr. 01, 2020 | Jan. 01, 2018 |
Percent Ceded | 0.00% | 90.00% | |
Additional Percentage of Assets in Trust above Required Annuity Reserve | 4.00% |