Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 9,384,340 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments | ||
Mortgage loans on real estate | $ 214,332,145 | $ 239,831,447 |
Investment real estate | 1,455,774 | 1,305,403 |
Policy loans | 3,523,881 | 3,474,116 |
Short-term investments | 0 | 298,257 |
Other long-term investments | 60,361,724 | 61,487,939 |
Total investments | 429,816,821 | 456,517,640 |
Cash and cash equivalents | 34,896,988 | 33,839,741 |
Accrued investment income | 5,932,837 | 6,214,459 |
Recoverable from reinsurers | 10,141,633 | 10,353,674 |
Assets held in trust under coinsurance agreement | ||
Mortgage loans on real estate | 214,332,145 | 239,831,447 |
Payable for securities | (5,945) | (4,414) |
Cash and cash equivalents | 34,896,988 | 33,839,741 |
Agents' balances and due premiums | 1,413,901 | 1,284,003 |
Deferred policy acquisition costs | 61,394,593 | 60,795,108 |
Value of insurance business acquired | 3,726,016 | 3,777,353 |
Other assets | 18,682,087 | 19,299,098 |
Total assets | 631,375,381 | 672,021,535 |
Policy liabilities | ||
Policyholders' account balances | 361,193,652 | 391,247,676 |
Future policy benefits | 126,197,182 | 123,729,530 |
Policy claims | 2,108,130 | 2,410,243 |
Other policy liabilities | 237,725 | 250,294 |
Total policy liabilities | 489,736,689 | 517,637,743 |
Funds withheld under coinsurance agreement | 59,523,100 | 77,257,253 |
Deferred federal income taxes | 4,431,860 | 4,228,189 |
Other liabilities | 12,423,387 | 8,882,142 |
Total liabilities | 566,115,036 | 608,005,327 |
Shareholders' equity | ||
Additional paid-in capital | 43,668,023 | 43,668,023 |
Treasury stock, at cost (247,580 shares as of March 31, 2024 and December 31, 2023) | (893,947) | (893,947) |
Accumulated other comprehensive loss | (10,191,324) | (9,641,308) |
Accumulated earnings | 32,580,263 | 30,786,110 |
Total shareholders' equity | 65,260,345 | 64,016,208 |
Total liabilities and shareholders' equity | 631,375,381 | 672,021,535 |
Common Class A [Member] | ||
Shareholders' equity | ||
Common stock | 96,319 | 96,319 |
Common Class B [Member] | ||
Shareholders' equity | ||
Common stock | 1,011 | 1,011 |
Trinity Life Insurance Company [Member] | ||
Investments | ||
Mortgage loans on real estate | 18,681,745 | 27,581,881 |
Cash and cash equivalents | 1,989,618 | 711,733 |
Assets held in trust under coinsurance agreement | ||
Mortgage loans on real estate | 18,681,745 | 27,581,881 |
Cash and cash equivalents | 1,989,618 | 711,733 |
Total assets held in trust under coinsurance agreement | 65,370,505 | 79,940,459 |
Debt Securities [Member] | ||
Investments | ||
Available-for-sale fixed maturity securities at fair value | 149,703,695 | 149,700,948 |
Assets held in trust under coinsurance agreement | ||
Available-for-sale fixed maturity securities at fair value | 149,703,695 | 149,700,948 |
Debt Securities [Member] | Trinity Life Insurance Company [Member] | ||
Investments | ||
Available-for-sale fixed maturity securities at fair value | 44,705,087 | 51,651,259 |
Assets held in trust under coinsurance agreement | ||
Available-for-sale fixed maturity securities at fair value | 44,705,087 | 51,651,259 |
Equity Securities [Member] | ||
Investments | ||
Equity securities at fair value (cost: $268,451 and $287,375 as of March 31, 2024 and December 31, 2023, respectively) | $ 439,602 | $ 419,530 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | |
Debt Securities [Member] | ||
Available-for-sale securities at cost | $ 162,607,102 | $ 161,908,230 |
Debt Securities [Member] | Trinity Life Insurance Company [Member] | ||
Available-for-sale securities at cost | $ 49,918,244 | $ 56,824,160 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Premiums | $ 9,651,005 | $ 9,108,309 |
Net investment income | 7,957,877 | 7,627,816 |
Net realized investment gains (losses) | 40,061 | (31,451) |
Service fees | 247,682 | 982,848 |
Other income | 645,583 | 419 |
Total revenues | 18,542,208 | 17,687,941 |
Benefits and claims | ||
Increase in future policy benefits | 2,581,015 | 3,287,664 |
Death benefits | 3,510,753 | 3,953,162 |
Surrenders | 577,357 | 432,866 |
Interest credited to policyholders | 3,667,484 | 3,616,106 |
Dividend, endowment and supplementary life contract benefits | 85,016 | 81,272 |
Total benefits and claims | 10,421,625 | 11,371,070 |
Policy acquisition costs deferred | (2,925,293) | (3,735,611) |
Amortization of deferred policy acquisition costs | 2,325,711 | 2,021,411 |
Amortization of value of insurance business acquired | 51,337 | 68,242 |
Commissions | 2,781,727 | 3,560,008 |
Other underwriting, insurance and acquisition expenses | 3,609,499 | 3,154,894 |
Total expenses | 5,842,981 | 5,068,944 |
Total benefits, claims and expenses | 16,264,606 | 16,440,014 |
Income before total federal income tax expense | 2,277,602 | 1,247,927 |
Current federal income tax expense | 133,572 | 145,873 |
Deferred federal income tax expense | 349,877 | 86,958 |
Total federal income tax expense | 483,449 | 232,831 |
Net income | $ 1,794,153 | $ 1,015,096 |
Common Class A [Member] | ||
Net income per common share | ||
Common stock (in dollars per share) | $ 0.1895 | $ 0.1072 |
Common Class B [Member] | ||
Net income per common share | ||
Common stock (in dollars per share) | $ 0.161 | $ 0.0911 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net income | $ 1,794,153 | $ 1,015,096 | |
Other comprehensive income (loss) | |||
Total net unrealized gains (losses) arising during the period | (697,823) | 3,576,936 | |
Less net realized investment losses having no credit losses | [1] | (1,698) | (18,322) |
Net unrealized gains (losses) | (696,125) | 3,595,258 | |
Less adjustment to deferred acquisition costs | 97 | 1,091 | |
Other comprehensive income (loss) before income tax expense (benefit) | (696,222) | 3,594,167 | |
Income tax expense (benefit) | (146,206) | 754,776 | |
Total other comprehensive income (loss) | (550,016) | 2,839,391 | |
Total comprehensive income | $ 1,244,137 | $ 3,854,487 | |
[1]These items appear within net realized investment gains in the consolidated statements of operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] Common Class A [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] Common Class B [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] Common Class A [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] Common Class B [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 230,036 | $ (230,036) | $ 0 | $ 96,319 | $ 1,011 | $ 43,668,023 | $ (893,947) | $ (14,089,643) | $ 22,870,749 | $ 51,652,512 | $ 96,319 | $ 1,011 | $ 43,668,023 | $ (893,947) | $ (14,319,679) | $ 23,100,785 | $ 51,652,512 |
Net income | 0 | 0 | 0 | 0 | 0 | 1,015,096 | 1,015,096 | ||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 2,839,391 | 0 | 2,839,391 | ||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 2,839,391 | 0 | 2,839,391 | ||||||||||||||
Balance at Mar. 31, 2023 | 96,319 | 1,011 | 43,668,023 | (893,947) | (11,250,252) | 23,885,845 | 55,506,999 | ||||||||||||||
Balance at Dec. 31, 2023 | 96,319 | 1,011 | 43,668,023 | (893,947) | (9,641,308) | 30,786,110 | 64,016,208 | ||||||||||||||
Net income | 0 | 0 | 0 | 0 | 0 | 1,794,153 | 1,794,153 | ||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (550,016) | 0 | (550,016) | ||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (550,016) | 0 | (550,016) | ||||||||||||||
Balance at Mar. 31, 2024 | $ 96,319 | $ 1,011 | $ 43,668,023 | $ (893,947) | $ (10,191,324) | $ 32,580,263 | $ 65,260,345 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net income | $ 1,794,153 | $ 1,015,096 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Accretion of discount on investments | (1,182,060) | (1,234,765) |
Net realized investment (gains) losses | (40,061) | 31,451 |
Amortization of policy acquisition cost | 2,325,711 | 2,021,411 |
Policy acquisition costs deferred | (2,925,293) | (3,735,611) |
Amortization of value of insurance business acquired | 51,337 | 68,242 |
Allowance for mortgage loan losses | (112,141) | (34,282) |
Provision for deferred federal income tax expense | 349,877 | 86,958 |
Interest credited to policyholders | 3,667,484 | 3,616,106 |
Change in assets and liabilities: | ||
Accrued investment income | 281,622 | (297,762) |
Recoverable from reinsurers | 212,041 | 206,578 |
Assets held in trust under coinsurance agreement | 15,583,777 | 1,813,341 |
Agents' balances and due premiums | (129,898) | (12,705) |
Other assets | 617,011 | (1,393,604) |
Future policy benefits | 2,467,652 | 3,051,771 |
Policy claims | (302,113) | (234,022) |
Other policy liabilities | (12,569) | 95,007 |
Other liabilities (exclude change in payable for securities purchased of ($1,469) and $757,048 in 2024 and 2023, respectively) | 3,542,714 | (1,744,341) |
Net cash provided by operating activities | 26,189,244 | 3,318,869 |
Investing activities | ||
Purchases of fixed maturity securities | (1,778,887) | (223,594) |
Maturities of fixed maturity securities | 500,000 | 355,000 |
Sales of fixed maturity securities | 533,349 | 1,428,450 |
Purchases of equity securities | (13,040) | (27,056) |
Joint venture distribution | 31,964 | 23,567 |
Purchases of mortgage loans | (11,016,161) | (30,763,562) |
Payments on mortgage loans | 36,539,747 | 39,540,138 |
Purchases of other long-term investments | (1,636,177) | (5,444,219) |
Payments on other long-term investments | 3,929,669 | 3,710,613 |
Policy loans | (49,765) | (158,154) |
Short-term investments | 298,257 | (216,152) |
Net cash provided by investing activities | 27,337,487 | 8,982,079 |
Financing activities | ||
Policyholders' account deposits | 7,327,231 | 32,853,989 |
Policyholders' account withdrawals | (59,796,715) | (23,365,092) |
Net cash provided by (used in) financing activities | (52,469,484) | 9,488,897 |
Increase in cash and cash equivalents | 1,057,247 | 21,789,845 |
Cash and cash equivalents, beginning of period | 33,839,741 | 33,542,725 |
Cash and cash equivalents, end of period | 34,896,988 | 55,332,570 |
Receivables Excluding Policy Loan Receivables [Member] | ||
Investing activities | ||
Net change in receivable and payable for securities sold and purchased | $ (1,469) | $ 757,048 |
Supplemental Disclosure - Cash
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | First Trinity Financial Corporation and Subsidiaries Consolidated Statements of Cash Flows (continued) Supplemental Disclosure – Cash and Non-Cash Impact on Operating, Investing and Financing Activities During the three March 31, 2024, In conjunction with this foreclosure, the non-cash impact on investing activities is summarized as follows: Three Months Ended March 31, 2024 Reductions in mortgage loans due to foreclosure $ 150,371 Investment real estate held-for-sale acquired through foreclosure (150,371 ) Net cash used in investing activities $ - See notes to consolidated financial statements (unaudited). |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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”) 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. 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. 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. 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, On January 4, 2022, March 1, 2022, Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 X. not The results of operations for the three March 31, 2024 not December 31, 2024 not 10 December 31, 2023. In first 2023, 2016 13 Fixed maturity securities comprised of bonds and redeemable preferred securities are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income (loss). The amortized cost of fixed maturity securities available-for-sale is adjusted for amortization of premium and accretion of discount to maturity. Interest income on fixed maturity securities, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. Dividend income on redeemable preferred securities are recognized in net investment income when declared. The amortized cost of fixed maturity securities available-for-sale are written down to fair value when a decline in value is considered to be other-than-temporary. The Company evaluates the difference between the cost or amortized cost and estimated fair value of its fixed maturity securities to determine whether any decline in value is the result of a credit loss or other factors. An allowance for credit losses is recorded against available-for-sale securities to reflect the amount of an unrealized loss attributed to credit. This impairment is limited by the amount that the fair value is less than the amortized cost basis. Any remaining unrealized loss is recognized in other comprehensive income (loss) with no The assessment and determination of whether or not may If the Company intends to sell the fixed maturity security or will be more likely than not Equity securities are comprised of mutual funds and common stocks and are carried at fair value. The associated unrealized gains and losses are included in net realized investment gains (losses). Dividends from these investments are recognized in net investment income when declared. Mortgage loans are carried at unpaid balances, net of unamortized premium or discounts. This measurement of mortgage loans on an amortized cost basis is reduced by an allowance for credit losses representing a valuation allowance that is deducted from the amortized costs basis of mortgage loans to present the net carrying value at the amount expected to be collected on the mortgage loans. Interest income and the amortization of premiums or discounts are included in net investment income. Mortgage loan fees, certain direct loan origination costs, and purchase premiums and discounts on loans are recognized as an adjustment of yield by the interest method based on the contractual terms of the loan. In certain circumstances, prepayments may The statement of operations reflects the measurement of credit losses for newly recognized mortgage loans as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported mortgage loan balances. The Company uses judgment in determining the relevant information and estimation methods that are appropriate in establishing the valuation allowance for credit losses. The allowance for credit losses for mortgage loans with a more-than-insignificant amount of credit determination since origination is determined and the initial allowance for credit losses should be added to the purchase price of mortgage loans rather than being reported as a credit loss expenses. The Company, however, has established and will continue to establish a valuation allowance for mortgage loans on real estate that are not not not not not 2023. While the Company utilizes its best judgment and information available, the ultimate adequacy of this allowance is dependent upon a variety of factors beyond our control, including the performance of the residential and commercial mortgage loan portfolio, the economy and changes in interest rates. The 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 The Company considers mortgage loans on real estate 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. Impairment is measured on a loan-by-loan basis. Factors that the Company considers 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 on real estate 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. Investment real estate in land held for both the production of income and for sale is carried at cost. Investment real estate obtained through foreclosure on mortgage loans on real estate is carried at the lower of acquisition cost or net realizable value. Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Other long-term investments are comprised of lottery prize receivables and are carried at amortized cost. Interest income and the accretion of discount are included in net investment income. These investments are backed by the lottery departments at the various states by U.S. Treasury Bonds and Notes or in the case of Pennsylvania, by annuities purchased from a highly rated life insurance company. Given this support to lottery prize receivables, the Company has not not 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 and Treasury Stock Class A and Class B common stock are both fully paid, non-assessable and has a par value of $.01 one one may one .85 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 Funds Withheld Coinsurance In accordance with an annuity coinsurance agreement with an offshore annuity and life insurance company, TLIC holds assets and recognizes a funds withheld liability for the benefit of the assuming company in an amount at least equal to the annuity reserves in accordance with U.S. statutory accounting principles generated by this ceded business. In addition, the assuming company maintains a trust related to this ceded business amounting to at least an additional 4% may 30 In addition, in accordance with this annuity coinsurance agreement, investment income, investment expenses, other income and other expenses earned or incurred in relation to the operations of this annuity coinsurance agreement are not Consolidated Statements of Operations not Consolidated Statements of Financial Position no not Consolidated Statement of Comprehensive Loss The Company’s Consolidated Statement of Cash Flows one not Cybersecurity The Company has established and continues to enhance its cybersecurity enterprise risk management program. The Company’s executive team meets formally at least monthly, and informally as needed, to set and maintain a strategy focused on achieving a high level of cybersecurity protection. The Company’s executive management team makes quarterly reports to the Company’s Board of Directors and Audit Committee. The Company’s executive management team is enhanced by the inclusion of an information technology external consultant to advise the Company’s executive management team and to focus on developing and maintaining external and internal cybersecurity. Working with Company executives and staff, the information technology consultant advises and helps the Company implement its strategy with respect to: ● Computer hardware and software, ● Security access, logging and user termination, ● In house and remote user access – user accounts, password protection, authentication, monitoring usage, intrusion detection, incident identification and related controls, ● Encryption, ● System change control, ● Data back up and remote sites, ● Data recovery, ● And Disaster recovery The Company also utilizes training to foster an environment of information security awareness, training and education. Beyond making employees aware of its cybersecurity risk management program, strategy and governance, this training also introduces all employees to many types of cybersecurity risks to introduce skepticism and enhance skills to identify and report potential situations encountered to the executive management team for further assessment. Subsequent Events In April 2024, 2020, 2021 2022. Management has evaluated all events subsequent to March 31, 2024 Adopted Accounting Standards Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13 The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, are 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 amended the current other-than-temporary impairment model for available-for-sale debt securities and requires 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 first 2023 January 1, 2023 Troubled Debt Restructurings and Vintage Disclosures In March 2022, 2022 2 first 2023. not Recent Accounting Pronouncements 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 December 15, 2025. not may 2025 Transition for Sold Contracts In December 2022, 2022 5 2018 12 2018 12 no may not The amendments in this guidance are effective for fiscal years beginning after December 15, 2024. not 2025 Improvements to Reportable Segment Disclosures In November 2023, 2023 07 significant expense principle other segment items one one The amendments in this guidance are effective for fiscal years beginning after December 15, 2023, December 15, 2024. 2024 2025. Improvements to Income Tax Disclosures In December 2023, 2023 09 five 5 not The amendments in this guidance are effective for public companies for fiscal years beginning after December 15, 2024. 2025. Cybersecurity Risk Management, Strategy, Governance and Incident Disclosures by Public Companies On July 26, 2023, 8 four The rule also requires periodic disclosures of, among other things, details on the company’s processes to assess, identify, and manage cybersecurity risks, cybersecurity governance, and management’s role in overseeing such a compliance program, including the board of directors’ oversight of cybersecurity risks. Certain reporting requirements under the Cybersecurity Final Rule become effective as early as December 2023. The Company has never had a material cyber security incident but will follow the Cybersecurity Final Rule regarding timely disclosure of a material cyber security incident. The Company has also disclosed its strategy and governance with respect to its cybersecurity risk management program in this March 31, 2024 10 |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Investments in fixed maturity available-for-sale securities as of March 31, 2024 December 31, 2023 Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value March 31, 2024 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 5,587,705 $ 2,474 $ 17,279 $ 5,572,900 States and political subdivisions 9,760,532 84,415 413,413 9,431,534 U.S. government agency mortgage backed securities 9,868,837 67,432 10,709 9,925,560 Commercial mortgage-backed securities 10,635,235 - 1,841,977 8,793,258 Residential mortgage-backed securities 9,984 4,012 - 13,996 Corporate bonds 84,913,230 72,286 7,152,624 77,832,892 Asset-backed securities 12,572,492 15,619 904,269 11,683,842 Exchange traded securities 946,700 - 460,700 486,000 Foreign bonds 27,062,387 7,985 2,112,959 24,957,413 Redeemable preferred securities 1,250,000 - 243,700 1,006,300 Total fixed maturity securities $ 162,607,102 $ 254,223 $ 13,157,630 $ 149,703,695 Fixed maturity securities held in trust under coinsurance agreement $ 49,918,244 $ 28,027 $ 5,241,184 $ 44,705,087 December 31, 2023 Fixed maturity securities U.S. government and U.S. government agencies $ 3,806,419 $ 14,360 $ 22,495 $ 3,798,284 States and political subdivisions 9,773,549 97,215 338,894 9,531,870 U.S. government agency mortgage backed securities 10,097,479 208,985 - 10,306,464 Commercial mortgage-backed securities 10,629,003 - 2,157,465 8,471,538 Residential mortgage-backed securities 9,986 4,328 - 14,314 Corporate bonds 85,901,454 65,239 6,625,386 79,341,307 Asset-backed securities 12,466,601 43,424 1,017,529 11,492,496 Exchange traded securities 882,631 - 406,631 476,000 Foreign bonds 27,091,108 24,186 1,902,619 25,212,675 Redeemable preferred securities 1,250,000 - 194,000 1,056,000 Total fixed maturity securities $ 161,908,230 $ 457,737 $ 12,665,019 $ 149,700,948 Fixed maturity securities held in trust under coinsurance agreement $ 56,824,160 $ 53,496 $ 5,226,397 $ 51,651,259 All securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2024 December 31, 2023 Unrealized Number of Fair Value Loss Securities March 31, 2024 (Unaudited) Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 331,109 $ 2,209 2 States and political subdivisions 1,222,525 22,091 4 U.S. government agency mortgage backed securities 1,176,756 10,709 2 Corporate bonds 2,751,347 37,688 12 Foreign bonds 969,669 19,977 3 Redeemable preferred securities 682,500 67,500 2 Total less than 12 months in an unrealized loss position 7,133,906 160,174 25 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 1,884,332 15,070 3 States and political subdivisions 4,341,644 391,322 20 Commercial mortgage-backed securities 8,793,258 1,841,977 24 Corporate bonds 71,602,527 7,114,936 214 Asset-backed securities 7,591,372 904,269 21 Exchange traded securities 486,000 460,700 2 Foreign bonds 23,685,983 2,092,982 62 Redeemable preferred securities 323,800 176,200 2 Total more than 12 months in an unrealized loss position 118,708,916 12,997,456 348 Total fixed maturity securities in an unrealized loss position $ 125,842,822 $ 13,157,630 373 Fixed maturity securities held in trust under coinsurance agreement Total less than 12 months in an unrealized loss position $ 2,302,290 $ 14,222 11 Total more than 12 months in an unrealized loss position 40,549,718 5,226,962 155 Total fixed maturity securities held in trust under coinsurance agreement in a unrealized loss position $ 42,852,008 $ 5,241,184 166 December 31, 2023 Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 231,010 $ 100 1 States and political subdivisions 120,734 588 1 Corporate bonds 3,762,988 78,589 14 Foreign bonds 502,835 8,573 2 Total less than 12 months in an unrealized loss position 4,617,567 87,850 18 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 1,876,612 22,395 3 States and political subdivisions 4,411,017 338,306 21 Commercial mortgage-backed securities 8,471,538 2,157,465 24 Corporate bonds 72,550,042 6,546,797 214 Asset-backed securities 7,390,830 1,017,529 20 Exchange traded securities 476,000 406,631 2 Foreign bonds 23,164,587 1,894,046 61 Redeemable preferred securities 306,000 194,000 2 Total more than 12 months in an unrealized loss position 118,646,626 12,577,169 347 Total fixed maturity securities in an unrealized loss position $ 123,264,193 $ 12,665,019 365 Fixed maturity securities held in trust under coinsurance agreement Total less than 12 months in an unrealized loss position $ 1,400,820 $ 5,810 7 Total more than 12 months in an unrealized loss position 47,082,945 5,220,587 180 Total fixed maturity securities held in trust under coinsurance agreement in a unrealized loss position $ 48,483,765 $ 5,226,397 187 As of March 31, 2024, March 31, 2024. As of December 31, 2023, December 31, 2023. 365 The change in the current estimate of credit losses on fixed maturity available-for-sale securities for the three March 31, 2024 December 31, 2023, (Unaudited) March 31, 2024 December 31, 2023 Beginning balance $ (430,470 ) $ - Cumulative adjustment to accumulated earnings as of January 1, 2023 - (291,185 ) Current estimate of credit losses (57,095 ) (139,285 ) Ending balance $ (487,565 ) $ (430,470 ) Net unrealized losses included in other comprehensive income (loss) for investments classified as available-for-sale, net of the effect of deferred income taxes and deferred acquisition costs assuming that the depreciation had been realized as of March 31, 2024 December 31, 2023, (Unaudited) March 31, 2024 December 31, 2023 Unrealized depreciation on available-for-sale securities $ (12,903,407 ) $ (12,207,282 ) Adjustment to deferred acquisition costs 2,997 3,094 Deferred income taxes 2,709,086 2,562,880 Net unrealized depreciation on available-for-sale securities $ (10,191,324 ) $ (9,641,308 ) Assets held in trust under coinsurance agreement Unrealized depreciation on fixed maturity securities available-for-sale $ (5,213,157 ) $ (5,172,901 ) The Company’s investment in lottery prize cash flows categorized as other long-term investments in the statement of financial position was $60,361,724 and $61,487,939 as of March 31, 2024 December 31, 2023, The amortized cost and fair value of fixed maturity available-for-sale securities and other long-term investments as of March 31, 2024, March 31, 2024 (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 $ 3,109,890 $ 3,209,077 $ 13,828,003 $ 14,019,403 Due after one year through five years 38,108,325 36,333,894 31,517,089 33,570,252 Due after five years through ten years 21,569,511 20,276,208 10,066,463 11,764,302 Due after ten years 87,924,157 80,070,962 4,950,169 6,685,942 Due at multiple maturity dates 11,895,219 9,813,554 - - $ 162,607,102 $ 149,703,695 $ 60,361,724 $ 66,039,899 The amortized cost and fair value of fixed maturity available-for-sale securities held in trust under coinsurance agreement as of March 31, 2024, March 31, 2024 (Unaudited) Fixed Maturity Available-For-Sale Securities Amortized Cost Fair Value Due in one year or less $ 883,635 $ 880,434 Due after one year through five years 22,330,916 21,799,964 Due after five years through ten years 6,780,603 6,623,565 Due after ten years 16,815,995 12,707,223 Due at multiple maturity dates 3,107,095 2,693,901 $ 49,918,244 $ 44,705,087 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 and mortgage loans on real estate for the three March 31, 2024 2023 Three Months Ended March 31, (Unaudited) Fixed Maturity Securities Mortgage Loans on Real Estate 2024 2023 2024 2023 Proceeds $ 1,033,349 $ 1,783,450 $ 36,539,747 $ - Gross realized gains 374 15,899 59,858 - Gross realized losses (2,072 ) (34,221 ) - - The accumulated change in unrealized investment gains (losses) for fixed maturity available-for-sale for the three March 31, 2024 2023 three March 31, 2024 2023 Three Months Ended March 31, (Unaudited) 2024 2023 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ (696,125 ) $ 3,595,258 Fixed maturity securities held in trust under coinsurance agreement (40,256 ) 1,057,780 Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities (1,698 ) (18,322 ) Fixed maturity securities credit losses (57,095 ) (6,923 ) Equity securities, changes in fair value 38,996 (6,206 ) Mortgage loans on real estate 59,858 - Major categories of net investment income for the three March 31, 2024 2023 Three Months Ended March 31, (Unaudited) 2024 2023 Fixed maturity securities $ 1,762,025 $ 1,560,033 Equity securities 14,634 28,255 Other long-term investments 1,167,243 1,360,330 Mortgage loans 4,947,517 4,724,356 Policy loans 68,751 56,576 Short-term and other investments 472,439 494,678 Gross investment income 8,432,609 8,224,228 Investment expenses (474,732 ) (596,412 ) Net investment income $ 7,957,877 $ 7,627,816 TLIC and FBLIC are required to hold assets on deposit with various state insurance departments for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, The Company’s mortgage loans by property type as of March 31, 2024 December 31, 2023 (Unaudited) March 31, 2024 December 31, 2023 Residential mortgage loans $ 200,685,200 $ 224,258,534 Commercial mortgage loans by property type Agricultural 983,975 986,207 Apartment 2,790,336 3,108,829 Industrial 1,257,630 1,267,264 Lodging 24,517 24,727 Office building 5,318,269 5,652,487 Retail 3,272,218 4,533,399 Total commercial mortgage loans by property type 13,646,945 15,572,913 Total mortgage loans $ 214,332,145 $ 239,831,447 Mortgage loans held in trust under coinsurance agreement Commercial mortgage loans $ 18,681,745 $ 27,714,891 Less unearned interest on mortgage loans - 133,010 Total mortgage loans held in trust under coinsurance agreement $ 18,681,745 $ 27,581,881 There were 23 mortgage loans with a remaining principal balance of $7,589,422 that were more than 90 days past due as of March 31, 2024. March 31, 2023. There were nine mortgage loans in default and in the foreclosure process with a remaining principal balance of $3,391,263 as of March 31, 2024. March 31, 2023. The Company’s investment real estate as of March 31, 2024 December 31, 2023 (Unaudited) March 31, 2024 December 31, 2023 Land - held for investment $ 540,436 $ 540,436 Residential real estate - held for sale 915,338 764,967 Total investment in real estate $ 1,455,774 $ 1,305,403 TLIC owns approximately three FBLIC owns approximately one During 2024, 2023, |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 and equity securities that are measured and reported at fair market value on the statement of financial position. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three may Level 1 1 Level 2 1 not 2 Level 3 no 3 not The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may 3 3 The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total March 31, 2024 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 5,572,900 $ - $ 5,572,900 States and political subdivisions - 9,431,534 - 9,431,534 U.S. government agency mortgage backed securities - 9,925,560 - 9,925,560 Commercial mortgage-backed securities - 8,793,258 - 8,793,258 Residential mortgage-backed securities - 13,996 - 13,996 Corporate bonds - 77,832,892 - 77,832,892 Asset-backed securities - 11,683,842 - 11,683,842 Exchange traded securities - 486,000 - 486,000 Foreign bonds - 24,957,413 - 24,957,413 Redeemable preferred securities - 1,006,300 - 1,006,300 Total fixed maturity securities $ - $ 149,703,695 $ - $ 149,703,695 Fixed maturity securities, available-for-sale held in trust under coinsurance agreement $ - $ 44,705,087 $ - $ 44,705,087 Equity securities Mutual funds $ - $ 52,661 $ - $ 52,661 Corporate common stock 340,625 - 46,316 386,941 Total equity securities $ 340,625 $ 52,661 $ 46,316 $ 439,602 December 31, 2023 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,798,284 $ - $ 3,798,284 States and political subdivisions - 9,531,870 - 9,531,870 U.S. government agency mortgage backed securities - 10,306,464 - 10,306,464 Commercial mortgage-backed securities - 8,471,538 - 8,471,538 Residential mortgage-backed securities - 14,314 - 14,314 Corporate bonds - 79,341,307 - 79,341,307 Asset-backed securities - 11,492,496 - 11,492,496 Exchange traded securities - 476,000 - 476,000 Foreign bonds - 25,212,675 - 25,212,675 Redeemable preferred securities - 1,056,000 - 1,056,000 Total fixed maturity securities $ - $ 149,700,948 $ - $ 149,700,948 Fixed maturity securities, available-for-sale held in trust under coinsurance agreement $ - $ 51,651,259 $ - $ 51,651,259 Equity securities Mutual funds $ - $ 50,226 $ - $ 50,226 Corporate common stock 304,064 - 65,240 369,304 Total equity securities $ 304,064 $ 50,226 $ 65,240 $ 419,530 As of March 31, 2024 December 31, 2023, 3 no This private placement common stock represents an investment in a small insurance holding company. The fair value for this security was determined through the use of unobservable assumptions about market participants. The Company has assumed a willing market participant would purchase the security for the same price as the Company paid until such time as this small insurance holding company commences 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 equity securities are included in Level 1 2 3. 1 2 not The Company’s fixed maturity available-for-sale securities and equity securities are highly liquid and allows for a high percentage of the portfolio to be priced through pricing services. The change in the fair value of the Company’s Level 3 three March 31, 2024 December 31, 2023 (Unaudited) March 31, 2024 December 31, 2023 Beginning balance $ 65,240 $ 53,996 Joint venture net income 13,040 130,550 Joint venture distribution (31,964 ) (119,306 ) Ending balance $ 46,316 $ 65,240 The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not March 31, 2024 December 31, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 March 31, 2024 (Unaudited) Financial assets Mortgage loans on real estate Commercial $ 13,646,945 $ 12,797,976 $ - $ - $ 12,797,976 Residential 200,685,200 185,012,567 - - 185,012,567 Policy loans 3,523,881 3,523,881 - - 3,523,881 Other long-term investments 60,361,724 66,039,899 - - 66,039,899 Cash and cash equivalents 34,896,988 34,896,988 34,896,988 - - Accrued investment income 5,932,837 5,932,837 - - 5,932,837 Total financial assets $ 319,047,575 $ 308,204,148 $ 34,896,988 $ - $ 273,307,160 Held in trust under coinsurance agreement Mortgage loans on real estate Commercial $ 18,681,745 $ 18,681,745 $ - $ - $ 18,681,745 Cash and cash equivalents 1,989,618 1,989,618 1,989,618 - - Total financial assets held in trust under coinsurance agreement $ 20,671,363 $ 20,671,363 $ 1,989,618 $ - $ 18,681,745 Financial liabilities Policyholders' account balances $ 361,193,652 $ 312,787,161 $ - $ - $ 312,787,161 Policy claims 2,108,130 2,108,130 - - 2,108,130 Total financial liabilities $ 363,301,782 $ 314,895,291 $ - $ - $ 314,895,291 December 31, 2023 Financial assets Mortgage loans on real estate Commercial $ 15,572,913 $ 14,803,724 $ - $ - $ 14,803,724 Residential 224,258,534 196,514,414 - - 196,514,414 Policy loans 3,474,116 3,474,116 - - 3,474,116 Short-term investments 298,257 298,257 298,257 - - Other long-term investments 61,487,939 68,023,717 - - 68,023,717 Cash and cash equivalents 33,839,741 33,839,741 33,839,741 - - Accrued investment income 6,214,459 6,214,459 - - 6,214,459 Total financial assets $ 345,145,959 $ 323,168,428 $ 34,137,998 $ - $ 289,030,430 Held in trust under coinsurance agreement Mortgage loans on real estate Commercial $ 27,714,891 $ 27,714,891 $ - $ - $ 27,714,891 Less unearned interest on mortgage loans 133,010 133,010 - - 133,010 Cash and cash equivalents 711,733 711,733 711,733 - - Total financial assets held in trust under coinsurance agreement $ 28,293,614 $ 28,293,614 $ 711,733 $ - $ 27,581,881 Financial liabilities Policyholders' account balances $ 391,247,676 $ 344,806,580 $ - $ - $ 344,806,580 Policy claims 2,410,243 2,410,243 - - 2,410,243 Total financial liabilities $ 393,657,919 $ 347,216,823 $ - $ - $ 347,216,823 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 and Equity Securities The fair value of fixed maturity securities and equity securities are based on the principles previously discussed as Level 1, 2 3. Mortgage Loans on Real Estate The fair values for mortgage loans are estimated using discounted cash flow analyses. For both residential and commercial mortgage loans, the discount rate used was indexed to the Secured Overnight Financing Rate as of March 31, 2024 December 31, 2023. Cash and Cash Equivalents, Short-Term Investments, Accrued Investment Income and Policy Loans The carrying value of these financial instruments approximates their fair values. Cash and cash equivalents and short-term investments are included in Level 1 Other Long-Term Investments Other long-term investments are comprised of lottery prize receivables and fair value is derived by using a discounted cash flow approach. Projected cash flows are discounted using the average FTSE Pension Liability Index in effect at the end of each period. Investment Contracts Policyholders Account Balances The fair value for liabilities under investment-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and the nonperformance risk of the liabilities. The fair values for insurance contracts other than investment-type contracts are not Policy Claims The carrying amounts reported for these liabilities approximate their fair value. |
Note 4 - Segment Data
Note 4 - Segment Data | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 December 31, 2023 three March 31, 2024 2023 Three Months Ended March 31, (Unaudited) 2024 2023 Revenues: Life insurance operations $ 11,850,178 $ 10,825,816 Annuity operations 6,178,515 6,081,155 Corporate operations 513,515 780,970 Total $ 18,542,208 $ 17,687,941 Income before federal income taxes: Life insurance operations $ 1,888,230 $ (248,274 ) Annuity operations 607,602 1,009,698 Corporate operations (218,230 ) 486,503 Total $ 2,277,602 $ 1,247,927 Depreciation and amortization expense: Life insurance operations $ 2,023,307 $ 1,756,514 Annuity operations 353,741 333,138 Total $ 2,377,048 $ 2,089,652 (Unaudited) March 31, 2024 December 31, 2023 Assets: Life insurance operations $ 164,132,871 $ 164,653,497 Annuity operations 455,954,053 495,979,724 Corporate operations 11,288,457 11,388,314 Total $ 631,375,381 $ 672,021,535 |
Note 5 - Federal Income Taxes
Note 5 - Federal Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
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 2020 2022 |
Note 6 - Contingent Liabilities
Note 6 - Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 6. From time to time, we are a party to various legal proceedings in the ordinary course of business. While management is unable to predict the ultimate outcome of these actions, it believes that any ultimate liability arising from them will not not not three A lawsuit filed by the Company and its Chairman and Chief Executive Officer, Gregg E. Zahn (“Mr. Zahn”) styled First Trinity Financial Corporation and Gregg E. Zahn vs. C. Wayne Pettigrew and Group & Pension Planners was originally filed in 2013 In February 2017, February 2020, December, 2020. no no not The Company, through its life insurance subsidiary, TLIC, commenced two one June 29, 2020 March 4, 2022, No. 652780/2020” No. 651023/2022” no no not Guaranty fund assessments, brought about by the insolvency of life and health insurers, are levied at the discretion of the various state guaranty fund associations to cover association obligations. In most states, guaranty fund assessments may five |
Note 7 - Other Comprehensive In
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 7. The changes in the components of the Company’s accumulated other comprehensive income (loss) for the three March 31, 2024 2023 Three Months Ended March 31, 2024 and 2023 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Loss Balance as of January 1, 2024 $ (9,643,766 ) $ 2,458 $ (9,641,308 ) Other comprehensive loss before reclassifications, net of tax (551,280 ) (77 ) (551,357 ) Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax (1,341 ) - (1,341 ) Other comprehensive loss (549,939 ) (77 ) (550,016 ) Balance as of March 31, 2024 $ (10,193,705 ) $ 2,381 $ (10,191,324 ) Balance as of January 1, 2023 $ (14,323,715 ) $ 4,036 $ (14,319,679 ) Cumulative effect adjustment as of January 1, 2023 Accumulated credit loss January 1, 2023 230,036 - 230,036 Other comprehensive income before reclassifications, net of tax 2,825,779 (862 ) 2,824,917 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax (14,474 ) - (14,474 ) Other comprehensive income 2,840,253 (862 ) 2,839,391 Balance as of March 31, 2023 $ (11,253,426 ) $ 3,174 $ (11,250,252 ) The pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for each component for the three March 31, 2024 2023 Income Tax Pretax Expense (Benefit) Net of Tax Three Months Ended March 31, 2024 (Unaudited) Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (697,823 ) $ (146,543 ) $ (551,280 ) Reclassification adjustment for net losses included in operations having no credit losses (1,698 ) (357 ) (1,341 ) Net unrealized losses on investments (696,125 ) (146,186 ) (549,939 ) Adjustment to deferred acquisition costs (97 ) (20 ) (77 ) Total other comprehensive loss $ (696,222 ) $ (146,206 ) $ (550,016 ) Three Months Ended March 31, 2023 (Unaudited) Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 3,576,936 $ 751,157 $ 2,825,779 Reclassification adjustment for net losses included in operations having no credit losses (18,322 ) (3,848 ) (14,474 ) Net unrealized gains on investments 3,595,258 755,005 2,840,253 Adjustment to deferred acquisition costs (1,091 ) (229 ) (862 ) Total other comprehensive income $ 3,594,167 $ 754,776 $ 2,839,391 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 loss to the Company’s consolidated statement of operations for the three March 31, 2024 2023 Three Months Ended March 31, (Unaudited) Reclassification Adjustments 2024 2023 Realized losses on sales of securities (a) $ (1,698 ) $ (18,322 ) Income tax benefit (b) (357 ) (3,848 ) Total reclassification adjustments $ (1,341 ) $ (14,474 ) (a) These items appear within net realized investment gains in the consolidated statements of operations. (b) These items appear within federal income taxes in the consolidated statements of operations. |
Note 8 - Allowance for Loan Los
Note 8 - Allowance for Loan Losses From Mortgage Loans on Real Estate | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Premiums Receivable Note [Text Block] | 8. As of March 31, 2024, third March 31, 2024, March 31, 2024 March 31, 2024. As of December 31, 2023, third December 31, 2023, December 31, 2023 December 31, 2023. As of March 31, 2024, The balances of and changes in the Company’s credit losses related to mortgage loans on real estate as of and for the three March 31, 2024 2023 March 31, 2024 2023, one third As of and for the Three Months Ended March 31, (Unaudited) Residential Mortgage Loans Commercial Mortgage Loans Total 2024 2023 2024 2023 2024 2023 Allowance, beginning $ 1,085,919 $ 1,030,424 $ 78,183 $ 90,024 $ 1,164,102 $ 1,120,448 Charge offs - - - - - - Recoveries - - - - - - Provision (102,463 ) (33,500 ) (9,678 ) (782 ) (112,141 ) (34,282 ) Allowance, ending $ 983,456 $ 996,924 $ 68,505 $ 89,242 $ 1,051,961 $ 1,086,166 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 983,456 $ 996,924 $ 68,505 $ 89,242 $ 1,051,961 $ 1,086,166 Carrying Values: Individually evaluated for reserve allowance $ - $ - $ - $ - $ - $ - Collectively evaluated for reserve allowance $ 195,707,709 $ 198,388,187 $ 13,632,467 $ 17,759,044 $ 209,340,176 $ 216,147,231 The Company utilizes the ratio of the carrying value of individual residential and commercial mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s residential and commercial mortgage loans on real estate by credit quality using this ratio as of March 31, 2024 December 31, 2023 Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Over 70% to 80% $ 73,025,141 $ 75,718,654 $ 2,097,436 $ 2,099,950 $ 75,122,577 $ 77,818,604 Over 60% to 70% 55,686,948 65,525,308 1,490,792 2,958,186 57,177,740 68,483,494 Over 50% to 60% 30,806,282 38,548,660 1,335,086 1,809,817 32,141,368 40,358,477 Over 40% to 50% 21,636,683 22,283,148 2,774,305 2,394,557 24,410,988 24,677,705 Over 30% to 40% 10,298,868 10,056,308 3,788,819 3,817,212 14,087,687 13,873,520 Over 20% to 30% 5,486,674 7,929,094 463,473 463,856 5,950,147 8,392,950 Over 10% to 20% 3,035,340 3,178,001 1,697,034 1,714,394 4,732,374 4,892,395 10% or less 709,264 1,019,361 - 314,941 709,264 1,334,302 Total $ 200,685,200 $ 224,258,534 $ 13,646,945 $ 15,572,913 $ 214,332,145 $ 239,831,447 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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. 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. |
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, On January 4, 2022, March 1, 2022, |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 X. not The results of operations for the three March 31, 2024 not December 31, 2024 not 10 December 31, 2023. In first 2023, 2016 13 Fixed maturity securities comprised of bonds and redeemable preferred securities are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income (loss). The amortized cost of fixed maturity securities available-for-sale is adjusted for amortization of premium and accretion of discount to maturity. Interest income on fixed maturity securities, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. Dividend income on redeemable preferred securities are recognized in net investment income when declared. The amortized cost of fixed maturity securities available-for-sale are written down to fair value when a decline in value is considered to be other-than-temporary. The Company evaluates the difference between the cost or amortized cost and estimated fair value of its fixed maturity securities to determine whether any decline in value is the result of a credit loss or other factors. An allowance for credit losses is recorded against available-for-sale securities to reflect the amount of an unrealized loss attributed to credit. This impairment is limited by the amount that the fair value is less than the amortized cost basis. Any remaining unrealized loss is recognized in other comprehensive income (loss) with no The assessment and determination of whether or not may If the Company intends to sell the fixed maturity security or will be more likely than not Equity securities are comprised of mutual funds and common stocks and are carried at fair value. The associated unrealized gains and losses are included in net realized investment gains (losses). Dividends from these investments are recognized in net investment income when declared. Mortgage loans are carried at unpaid balances, net of unamortized premium or discounts. This measurement of mortgage loans on an amortized cost basis is reduced by an allowance for credit losses representing a valuation allowance that is deducted from the amortized costs basis of mortgage loans to present the net carrying value at the amount expected to be collected on the mortgage loans. Interest income and the amortization of premiums or discounts are included in net investment income. Mortgage loan fees, certain direct loan origination costs, and purchase premiums and discounts on loans are recognized as an adjustment of yield by the interest method based on the contractual terms of the loan. In certain circumstances, prepayments may The statement of operations reflects the measurement of credit losses for newly recognized mortgage loans as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported mortgage loan balances. The Company uses judgment in determining the relevant information and estimation methods that are appropriate in establishing the valuation allowance for credit losses. The allowance for credit losses for mortgage loans with a more-than-insignificant amount of credit determination since origination is determined and the initial allowance for credit losses should be added to the purchase price of mortgage loans rather than being reported as a credit loss expenses. The Company, however, has established and will continue to establish a valuation allowance for mortgage loans on real estate that are not not not not not 2023. While the Company utilizes its best judgment and information available, the ultimate adequacy of this allowance is dependent upon a variety of factors beyond our control, including the performance of the residential and commercial mortgage loan portfolio, the economy and changes in interest rates. The 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 The Company considers mortgage loans on real estate 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. Impairment is measured on a loan-by-loan basis. Factors that the Company considers 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 on real estate 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. Investment real estate in land held for both the production of income and for sale is carried at cost. Investment real estate obtained through foreclosure on mortgage loans on real estate is carried at the lower of acquisition cost or net realizable value. Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Other long-term investments are comprised of lottery prize receivables and are carried at amortized cost. Interest income and the accretion of discount are included in net investment income. These investments are backed by the lottery departments at the various states by U.S. Treasury Bonds and Notes or in the case of Pennsylvania, by annuities purchased from a highly rated life insurance company. Given this support to lottery prize receivables, the Company has not not |
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 and Treasury Stock Class A and Class B common stock are both fully paid, non-assessable and has a par value of $.01 one one may one .85 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 |
Reinsurance Accounting Policy [Policy Text Block] | Funds Withheld Coinsurance In accordance with an annuity coinsurance agreement with an offshore annuity and life insurance company, TLIC holds assets and recognizes a funds withheld liability for the benefit of the assuming company in an amount at least equal to the annuity reserves in accordance with U.S. statutory accounting principles generated by this ceded business. In addition, the assuming company maintains a trust related to this ceded business amounting to at least an additional 4% may 30 In addition, in accordance with this annuity coinsurance agreement, investment income, investment expenses, other income and other expenses earned or incurred in relation to the operations of this annuity coinsurance agreement are not Consolidated Statements of Operations not Consolidated Statements of Financial Position no not Consolidated Statement of Comprehensive Loss The Company’s Consolidated Statement of Cash Flows one not |
Cybersecurity [Policy Text Block] | Cybersecurity The Company has established and continues to enhance its cybersecurity enterprise risk management program. The Company’s executive team meets formally at least monthly, and informally as needed, to set and maintain a strategy focused on achieving a high level of cybersecurity protection. The Company’s executive management team makes quarterly reports to the Company’s Board of Directors and Audit Committee. The Company’s executive management team is enhanced by the inclusion of an information technology external consultant to advise the Company’s executive management team and to focus on developing and maintaining external and internal cybersecurity. Working with Company executives and staff, the information technology consultant advises and helps the Company implement its strategy with respect to: ● Computer hardware and software, ● Security access, logging and user termination, ● In house and remote user access – user accounts, password protection, authentication, monitoring usage, intrusion detection, incident identification and related controls, ● Encryption, ● System change control, ● Data back up and remote sites, ● Data recovery, ● And Disaster recovery The Company also utilizes training to foster an environment of information security awareness, training and education. Beyond making employees aware of its cybersecurity risk management program, strategy and governance, this training also introduces all employees to many types of cybersecurity risks to introduce skepticism and enhance skills to identify and report potential situations encountered to the executive management team for further assessment. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events In April 2024, 2020, 2021 2022. Management has evaluated all events subsequent to March 31, 2024 |
New Accounting Pronouncements, Policy [Policy Text Block] | Adopted Accounting Standards Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13 The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, are 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 amended the current other-than-temporary impairment model for available-for-sale debt securities and requires 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 first 2023 January 1, 2023 Troubled Debt Restructurings and Vintage Disclosures In March 2022, 2022 2 first 2023. not Recent Accounting Pronouncements 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 December 15, 2025. not may 2025 Transition for Sold Contracts In December 2022, 2022 5 2018 12 2018 12 no may not The amendments in this guidance are effective for fiscal years beginning after December 15, 2024. not 2025 Improvements to Reportable Segment Disclosures In November 2023, 2023 07 significant expense principle other segment items one one The amendments in this guidance are effective for fiscal years beginning after December 15, 2023, December 15, 2024. 2024 2025. Improvements to Income Tax Disclosures In December 2023, 2023 09 five 5 not The amendments in this guidance are effective for public companies for fiscal years beginning after December 15, 2024. 2025. Cybersecurity Risk Management, Strategy, Governance and Incident Disclosures by Public Companies On July 26, 2023, 8 four The rule also requires periodic disclosures of, among other things, details on the company’s processes to assess, identify, and manage cybersecurity risks, cybersecurity governance, and management’s role in overseeing such a compliance program, including the board of directors’ oversight of cybersecurity risks. Certain reporting requirements under the Cybersecurity Final Rule become effective as early as December 2023. The Company has never had a material cyber security incident but will follow the Cybersecurity Final Rule regarding timely disclosure of a material cyber security incident. The Company has also disclosed its strategy and governance with respect to its cybersecurity risk management program in this March 31, 2024 10 |
Supplemental Disclosure - Cas_2
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended March 31, 2024 Reductions in mortgage loans due to foreclosure $ 150,371 Investment real estate held-for-sale acquired through foreclosure (150,371 ) Net cash used in investing activities $ - |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Cost Unrealized Unrealized Fair or Cost Gains Losses Value March 31, 2024 (Unaudited) Fixed maturity securities U.S. government and U.S. government agencies $ 5,587,705 $ 2,474 $ 17,279 $ 5,572,900 States and political subdivisions 9,760,532 84,415 413,413 9,431,534 U.S. government agency mortgage backed securities 9,868,837 67,432 10,709 9,925,560 Commercial mortgage-backed securities 10,635,235 - 1,841,977 8,793,258 Residential mortgage-backed securities 9,984 4,012 - 13,996 Corporate bonds 84,913,230 72,286 7,152,624 77,832,892 Asset-backed securities 12,572,492 15,619 904,269 11,683,842 Exchange traded securities 946,700 - 460,700 486,000 Foreign bonds 27,062,387 7,985 2,112,959 24,957,413 Redeemable preferred securities 1,250,000 - 243,700 1,006,300 Total fixed maturity securities $ 162,607,102 $ 254,223 $ 13,157,630 $ 149,703,695 Fixed maturity securities held in trust under coinsurance agreement $ 49,918,244 $ 28,027 $ 5,241,184 $ 44,705,087 December 31, 2023 Fixed maturity securities U.S. government and U.S. government agencies $ 3,806,419 $ 14,360 $ 22,495 $ 3,798,284 States and political subdivisions 9,773,549 97,215 338,894 9,531,870 U.S. government agency mortgage backed securities 10,097,479 208,985 - 10,306,464 Commercial mortgage-backed securities 10,629,003 - 2,157,465 8,471,538 Residential mortgage-backed securities 9,986 4,328 - 14,314 Corporate bonds 85,901,454 65,239 6,625,386 79,341,307 Asset-backed securities 12,466,601 43,424 1,017,529 11,492,496 Exchange traded securities 882,631 - 406,631 476,000 Foreign bonds 27,091,108 24,186 1,902,619 25,212,675 Redeemable preferred securities 1,250,000 - 194,000 1,056,000 Total fixed maturity securities $ 161,908,230 $ 457,737 $ 12,665,019 $ 149,700,948 Fixed maturity securities held in trust under coinsurance agreement $ 56,824,160 $ 53,496 $ 5,226,397 $ 51,651,259 |
Gain (Loss) on Securities [Table Text Block] | Unrealized Number of Fair Value Loss Securities March 31, 2024 (Unaudited) Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 331,109 $ 2,209 2 States and political subdivisions 1,222,525 22,091 4 U.S. government agency mortgage backed securities 1,176,756 10,709 2 Corporate bonds 2,751,347 37,688 12 Foreign bonds 969,669 19,977 3 Redeemable preferred securities 682,500 67,500 2 Total less than 12 months in an unrealized loss position 7,133,906 160,174 25 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 1,884,332 15,070 3 States and political subdivisions 4,341,644 391,322 20 Commercial mortgage-backed securities 8,793,258 1,841,977 24 Corporate bonds 71,602,527 7,114,936 214 Asset-backed securities 7,591,372 904,269 21 Exchange traded securities 486,000 460,700 2 Foreign bonds 23,685,983 2,092,982 62 Redeemable preferred securities 323,800 176,200 2 Total more than 12 months in an unrealized loss position 118,708,916 12,997,456 348 Total fixed maturity securities in an unrealized loss position $ 125,842,822 $ 13,157,630 373 Fixed maturity securities held in trust under coinsurance agreement Total less than 12 months in an unrealized loss position $ 2,302,290 $ 14,222 11 Total more than 12 months in an unrealized loss position 40,549,718 5,226,962 155 Total fixed maturity securities held in trust under coinsurance agreement in a unrealized loss position $ 42,852,008 $ 5,241,184 166 December 31, 2023 Fixed maturity securities Less than 12 months in an unrealized loss position U.S. government and U.S. government agencies $ 231,010 $ 100 1 States and political subdivisions 120,734 588 1 Corporate bonds 3,762,988 78,589 14 Foreign bonds 502,835 8,573 2 Total less than 12 months in an unrealized loss position 4,617,567 87,850 18 More than 12 months in an unrealized loss position U.S. government and U.S. government agencies 1,876,612 22,395 3 States and political subdivisions 4,411,017 338,306 21 Commercial mortgage-backed securities 8,471,538 2,157,465 24 Corporate bonds 72,550,042 6,546,797 214 Asset-backed securities 7,390,830 1,017,529 20 Exchange traded securities 476,000 406,631 2 Foreign bonds 23,164,587 1,894,046 61 Redeemable preferred securities 306,000 194,000 2 Total more than 12 months in an unrealized loss position 118,646,626 12,577,169 347 Total fixed maturity securities in an unrealized loss position $ 123,264,193 $ 12,665,019 365 Fixed maturity securities held in trust under coinsurance agreement Total less than 12 months in an unrealized loss position $ 1,400,820 $ 5,810 7 Total more than 12 months in an unrealized loss position 47,082,945 5,220,587 180 Total fixed maturity securities held in trust under coinsurance agreement in a unrealized loss position $ 48,483,765 $ 5,226,397 187 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Table Text Block] | (Unaudited) March 31, 2024 December 31, 2023 Beginning balance $ (430,470 ) $ - Cumulative adjustment to accumulated earnings as of January 1, 2023 - (291,185 ) Current estimate of credit losses (57,095 ) (139,285 ) Ending balance $ (487,565 ) $ (430,470 ) |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Unaudited) March 31, 2024 December 31, 2023 Unrealized depreciation on available-for-sale securities $ (12,903,407 ) $ (12,207,282 ) Adjustment to deferred acquisition costs 2,997 3,094 Deferred income taxes 2,709,086 2,562,880 Net unrealized depreciation on available-for-sale securities $ (10,191,324 ) $ (9,641,308 ) Assets held in trust under coinsurance agreement Unrealized depreciation on fixed maturity securities available-for-sale $ (5,213,157 ) $ (5,172,901 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2024 (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 $ 3,109,890 $ 3,209,077 $ 13,828,003 $ 14,019,403 Due after one year through five years 38,108,325 36,333,894 31,517,089 33,570,252 Due after five years through ten years 21,569,511 20,276,208 10,066,463 11,764,302 Due after ten years 87,924,157 80,070,962 4,950,169 6,685,942 Due at multiple maturity dates 11,895,219 9,813,554 - - $ 162,607,102 $ 149,703,695 $ 60,361,724 $ 66,039,899 March 31, 2024 (Unaudited) Fixed Maturity Available-For-Sale Securities Amortized Cost Fair Value Due in one year or less $ 883,635 $ 880,434 Due after one year through five years 22,330,916 21,799,964 Due after five years through ten years 6,780,603 6,623,565 Due after ten years 16,815,995 12,707,223 Due at multiple maturity dates 3,107,095 2,693,901 $ 49,918,244 $ 44,705,087 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended March 31, (Unaudited) Fixed Maturity Securities Mortgage Loans on Real Estate 2024 2023 2024 2023 Proceeds $ 1,033,349 $ 1,783,450 $ 36,539,747 $ - Gross realized gains 374 15,899 59,858 - Gross realized losses (2,072 ) (34,221 ) - - |
Investment Income [Table Text Block] | Three Months Ended March 31, (Unaudited) 2024 2023 Change in unrealized investment gains (losses): Available-for-sale securities: Fixed maturity securities $ (696,125 ) $ 3,595,258 Fixed maturity securities held in trust under coinsurance agreement (40,256 ) 1,057,780 Net realized investment gains (losses): Available-for-sale securities: Fixed maturity securities (1,698 ) (18,322 ) Fixed maturity securities credit losses (57,095 ) (6,923 ) Equity securities, changes in fair value 38,996 (6,206 ) Mortgage loans on real estate 59,858 - Three Months Ended March 31, (Unaudited) 2024 2023 Fixed maturity securities $ 1,762,025 $ 1,560,033 Equity securities 14,634 28,255 Other long-term investments 1,167,243 1,360,330 Mortgage loans 4,947,517 4,724,356 Policy loans 68,751 56,576 Short-term and other investments 472,439 494,678 Gross investment income 8,432,609 8,224,228 Investment expenses (474,732 ) (596,412 ) Net investment income $ 7,957,877 $ 7,627,816 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Unaudited) March 31, 2024 December 31, 2023 Residential mortgage loans $ 200,685,200 $ 224,258,534 Commercial mortgage loans by property type Agricultural 983,975 986,207 Apartment 2,790,336 3,108,829 Industrial 1,257,630 1,267,264 Lodging 24,517 24,727 Office building 5,318,269 5,652,487 Retail 3,272,218 4,533,399 Total commercial mortgage loans by property type 13,646,945 15,572,913 Total mortgage loans $ 214,332,145 $ 239,831,447 Mortgage loans held in trust under coinsurance agreement Commercial mortgage loans $ 18,681,745 $ 27,714,891 Less unearned interest on mortgage loans - 133,010 Total mortgage loans held in trust under coinsurance agreement $ 18,681,745 $ 27,581,881 |
Schedule of Real Estate Properties [Table Text Block] | (Unaudited) March 31, 2024 December 31, 2023 Land - held for investment $ 540,436 $ 540,436 Residential real estate - held for sale 915,338 764,967 Total investment in real estate $ 1,455,774 $ 1,305,403 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total March 31, 2024 (Unaudited) Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 5,572,900 $ - $ 5,572,900 States and political subdivisions - 9,431,534 - 9,431,534 U.S. government agency mortgage backed securities - 9,925,560 - 9,925,560 Commercial mortgage-backed securities - 8,793,258 - 8,793,258 Residential mortgage-backed securities - 13,996 - 13,996 Corporate bonds - 77,832,892 - 77,832,892 Asset-backed securities - 11,683,842 - 11,683,842 Exchange traded securities - 486,000 - 486,000 Foreign bonds - 24,957,413 - 24,957,413 Redeemable preferred securities - 1,006,300 - 1,006,300 Total fixed maturity securities $ - $ 149,703,695 $ - $ 149,703,695 Fixed maturity securities, available-for-sale held in trust under coinsurance agreement $ - $ 44,705,087 $ - $ 44,705,087 Equity securities Mutual funds $ - $ 52,661 $ - $ 52,661 Corporate common stock 340,625 - 46,316 386,941 Total equity securities $ 340,625 $ 52,661 $ 46,316 $ 439,602 December 31, 2023 Fixed maturity securities, available-for-sale U.S. government and U.S. government agencies $ - $ 3,798,284 $ - $ 3,798,284 States and political subdivisions - 9,531,870 - 9,531,870 U.S. government agency mortgage backed securities - 10,306,464 - 10,306,464 Commercial mortgage-backed securities - 8,471,538 - 8,471,538 Residential mortgage-backed securities - 14,314 - 14,314 Corporate bonds - 79,341,307 - 79,341,307 Asset-backed securities - 11,492,496 - 11,492,496 Exchange traded securities - 476,000 - 476,000 Foreign bonds - 25,212,675 - 25,212,675 Redeemable preferred securities - 1,056,000 - 1,056,000 Total fixed maturity securities $ - $ 149,700,948 $ - $ 149,700,948 Fixed maturity securities, available-for-sale held in trust under coinsurance agreement $ - $ 51,651,259 $ - $ 51,651,259 Equity securities Mutual funds $ - $ 50,226 $ - $ 50,226 Corporate common stock 304,064 - 65,240 369,304 Total equity securities $ 304,064 $ 50,226 $ 65,240 $ 419,530 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (Unaudited) March 31, 2024 December 31, 2023 Beginning balance $ 65,240 $ 53,996 Joint venture net income 13,040 130,550 Joint venture distribution (31,964 ) (119,306 ) Ending balance $ 46,316 $ 65,240 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Amount Value Level 1 Level 2 Level 3 March 31, 2024 (Unaudited) Financial assets Mortgage loans on real estate Commercial $ 13,646,945 $ 12,797,976 $ - $ - $ 12,797,976 Residential 200,685,200 185,012,567 - - 185,012,567 Policy loans 3,523,881 3,523,881 - - 3,523,881 Other long-term investments 60,361,724 66,039,899 - - 66,039,899 Cash and cash equivalents 34,896,988 34,896,988 34,896,988 - - Accrued investment income 5,932,837 5,932,837 - - 5,932,837 Total financial assets $ 319,047,575 $ 308,204,148 $ 34,896,988 $ - $ 273,307,160 Held in trust under coinsurance agreement Mortgage loans on real estate Commercial $ 18,681,745 $ 18,681,745 $ - $ - $ 18,681,745 Cash and cash equivalents 1,989,618 1,989,618 1,989,618 - - Total financial assets held in trust under coinsurance agreement $ 20,671,363 $ 20,671,363 $ 1,989,618 $ - $ 18,681,745 Financial liabilities Policyholders' account balances $ 361,193,652 $ 312,787,161 $ - $ - $ 312,787,161 Policy claims 2,108,130 2,108,130 - - 2,108,130 Total financial liabilities $ 363,301,782 $ 314,895,291 $ - $ - $ 314,895,291 December 31, 2023 Financial assets Mortgage loans on real estate Commercial $ 15,572,913 $ 14,803,724 $ - $ - $ 14,803,724 Residential 224,258,534 196,514,414 - - 196,514,414 Policy loans 3,474,116 3,474,116 - - 3,474,116 Short-term investments 298,257 298,257 298,257 - - Other long-term investments 61,487,939 68,023,717 - - 68,023,717 Cash and cash equivalents 33,839,741 33,839,741 33,839,741 - - Accrued investment income 6,214,459 6,214,459 - - 6,214,459 Total financial assets $ 345,145,959 $ 323,168,428 $ 34,137,998 $ - $ 289,030,430 Held in trust under coinsurance agreement Mortgage loans on real estate Commercial $ 27,714,891 $ 27,714,891 $ - $ - $ 27,714,891 Less unearned interest on mortgage loans 133,010 133,010 - - 133,010 Cash and cash equivalents 711,733 711,733 711,733 - - Total financial assets held in trust under coinsurance agreement $ 28,293,614 $ 28,293,614 $ 711,733 $ - $ 27,581,881 Financial liabilities Policyholders' account balances $ 391,247,676 $ 344,806,580 $ - $ - $ 344,806,580 Policy claims 2,410,243 2,410,243 - - 2,410,243 Total financial liabilities $ 393,657,919 $ 347,216,823 $ - $ - $ 347,216,823 |
Note 4 - Segment Data (Tables)
Note 4 - Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, (Unaudited) 2024 2023 Revenues: Life insurance operations $ 11,850,178 $ 10,825,816 Annuity operations 6,178,515 6,081,155 Corporate operations 513,515 780,970 Total $ 18,542,208 $ 17,687,941 Income before federal income taxes: Life insurance operations $ 1,888,230 $ (248,274 ) Annuity operations 607,602 1,009,698 Corporate operations (218,230 ) 486,503 Total $ 2,277,602 $ 1,247,927 Depreciation and amortization expense: Life insurance operations $ 2,023,307 $ 1,756,514 Annuity operations 353,741 333,138 Total $ 2,377,048 $ 2,089,652 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (Unaudited) March 31, 2024 December 31, 2023 Assets: Life insurance operations $ 164,132,871 $ 164,653,497 Annuity operations 455,954,053 495,979,724 Corporate operations 11,288,457 11,388,314 Total $ 631,375,381 $ 672,021,535 |
Note 7 - Other Comprehensive _2
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2024 and 2023 (Unaudited) Unrealized Appreciation Accumulated (Depreciation) on Adjustment to Other Available-For-Sale Deferred Acquisition Comprehensive Securities Costs Loss Balance as of January 1, 2024 $ (9,643,766 ) $ 2,458 $ (9,641,308 ) Other comprehensive loss before reclassifications, net of tax (551,280 ) (77 ) (551,357 ) Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax (1,341 ) - (1,341 ) Other comprehensive loss (549,939 ) (77 ) (550,016 ) Balance as of March 31, 2024 $ (10,193,705 ) $ 2,381 $ (10,191,324 ) Balance as of January 1, 2023 $ (14,323,715 ) $ 4,036 $ (14,319,679 ) Cumulative effect adjustment as of January 1, 2023 Accumulated credit loss January 1, 2023 230,036 - 230,036 Other comprehensive income before reclassifications, net of tax 2,825,779 (862 ) 2,824,917 Less amounts reclassified from accumulated other comprehensive income having no credit losses, net of tax (14,474 ) - (14,474 ) Other comprehensive income 2,840,253 (862 ) 2,839,391 Balance as of March 31, 2023 $ (11,253,426 ) $ 3,174 $ (11,250,252 ) |
Comprehensive Income (Loss) [Table Text Block] | Income Tax Pretax Expense (Benefit) Net of Tax Three Months Ended March 31, 2024 (Unaudited) Other comprehensive loss: Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (697,823 ) $ (146,543 ) $ (551,280 ) Reclassification adjustment for net losses included in operations having no credit losses (1,698 ) (357 ) (1,341 ) Net unrealized losses on investments (696,125 ) (146,186 ) (549,939 ) Adjustment to deferred acquisition costs (97 ) (20 ) (77 ) Total other comprehensive loss $ (696,222 ) $ (146,206 ) $ (550,016 ) Three Months Ended March 31, 2023 (Unaudited) Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 3,576,936 $ 751,157 $ 2,825,779 Reclassification adjustment for net losses included in operations having no credit losses (18,322 ) (3,848 ) (14,474 ) Net unrealized gains on investments 3,595,258 755,005 2,840,253 Adjustment to deferred acquisition costs (1,091 ) (229 ) (862 ) Total other comprehensive income $ 3,594,167 $ 754,776 $ 2,839,391 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, (Unaudited) Reclassification Adjustments 2024 2023 Realized losses on sales of securities (a) $ (1,698 ) $ (18,322 ) Income tax benefit (b) (357 ) (3,848 ) Total reclassification adjustments $ (1,341 ) $ (14,474 ) |
Note 8 - Allowance for Loan L_2
Note 8 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | As of and for the Three Months Ended March 31, (Unaudited) Residential Mortgage Loans Commercial Mortgage Loans Total 2024 2023 2024 2023 2024 2023 Allowance, beginning $ 1,085,919 $ 1,030,424 $ 78,183 $ 90,024 $ 1,164,102 $ 1,120,448 Charge offs - - - - - - Recoveries - - - - - - Provision (102,463 ) (33,500 ) (9,678 ) (782 ) (112,141 ) (34,282 ) Allowance, ending $ 983,456 $ 996,924 $ 68,505 $ 89,242 $ 1,051,961 $ 1,086,166 Allowance, ending: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment $ 983,456 $ 996,924 $ 68,505 $ 89,242 $ 1,051,961 $ 1,086,166 Carrying Values: Individually evaluated for reserve allowance $ - $ - $ - $ - $ - $ - Collectively evaluated for reserve allowance $ 195,707,709 $ 198,388,187 $ 13,632,467 $ 17,759,044 $ 209,340,176 $ 216,147,231 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Residential Mortgage Loans Commercial Mortgage Loans Total Mortgage Loans (Unaudited) (Unaudited) (Unaudited) Loan-To-Value Ratio March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Over 70% to 80% $ 73,025,141 $ 75,718,654 $ 2,097,436 $ 2,099,950 $ 75,122,577 $ 77,818,604 Over 60% to 70% 55,686,948 65,525,308 1,490,792 2,958,186 57,177,740 68,483,494 Over 50% to 60% 30,806,282 38,548,660 1,335,086 1,809,817 32,141,368 40,358,477 Over 40% to 50% 21,636,683 22,283,148 2,774,305 2,394,557 24,410,988 24,677,705 Over 30% to 40% 10,298,868 10,056,308 3,788,819 3,817,212 14,087,687 13,873,520 Over 20% to 30% 5,486,674 7,929,094 463,473 463,856 5,950,147 8,392,950 Over 10% to 20% 3,035,340 3,178,001 1,697,034 1,714,394 4,732,374 4,892,395 10% or less 709,264 1,019,361 - 314,941 709,264 1,334,302 Total $ 200,685,200 $ 224,258,534 $ 13,646,945 $ 15,572,913 $ 214,332,145 $ 239,831,447 |
Supplemental Disclosure - Cas_3
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 150,371 | |
Residential Mortgage [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 150,371 | $ 764,967 |
Supplemental Disclosure - Cas_4
Supplemental Disclosure - Cash and Non-cash Impact on Operating, Investing and Financing Activities - Supplement Disclosures (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Reductions in mortgage loans due to foreclosure | $ 150,371 |
Investment real estate held-for-sale acquired through foreclosure | (150,371) |
Net cash used in investing activities | $ 0 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | 93 Months Ended | 110 Months Ended | ||||||||||||
Jan. 04, 2022 shares | Jan. 01, 2020 USD ($) shares | Apr. 03, 2018 USD ($) | Apr. 28, 2015 USD ($) | Dec. 28, 2011 USD ($) | Dec. 31, 2008 USD ($) | Dec. 23, 2008 USD ($) | Apr. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2004 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2012 USD ($) shares | Mar. 08, 2013 USD ($) | Mar. 08, 2013 USD ($) shares | Jan. 01, 2023 USD ($) | Oct. 02, 2019 | 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 | $ 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 | |||||||||||||||||
Percentage of Dividends Received Upon Merger or Liquidation Activity | 100% | |||||||||||||||||
Retained Earnings (Accumulated Deficit) | $ 32,580,263 | $ 30,786,110 | ||||||||||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||||||||||
Retained Earnings (Accumulated Deficit) | $ 230,036 | |||||||||||||||||
Internal Revenue Service (IRS) [Member] | Subsequent Event [Member] | ||||||||||||||||||
Proceeds from Income Tax Refund, Federal | $ 8,087,076 | |||||||||||||||||
Proceeds from Income Tax Refund, Interest, Federal | $ 602,307 | |||||||||||||||||
Conversion of Common Stock Class B into Common Stock Class A [Member] | ||||||||||||||||||
Conversion of Stock, Number of Stock Convertible by Each Share (in shares) | shares | 0.85 | |||||||||||||||||
Trinity American, Inc. ("TAI") [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 250,000 | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||||||||||||
K-TENN Insurance Company ("K-TENN") [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 1,746,240 | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 168,866 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 1,746,240 | |||||||||||||||||
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% | |||||||||||||||||
Percent of Dividends | 100% | |||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||
Right To Receive Dividend Percentage | 85% | |||||||||||||||||
Common Class A [Member] | Royalty Capital Life Insurance Company (RCLIC) [Member] | ||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 722,644 | |||||||||||||||||
Retained Earnings [Member] | ||||||||||||||||||
Dividends, Common Stock, Total | $ 8,657,249 | $ 5,270,138 | ||||||||||||||||
Common Stock Including Additional Paid in Capital [Member] | ||||||||||||||||||
Stock Issued During Period, Value, Stock Dividend | $ 5,270,138 | |||||||||||||||||
Trinity American, Inc. ("TAI") [Member] | ||||||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100% | |||||||||||||||||
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 Combination, Consideration Transferred, Total | $ 13,855,129 | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||||||||||||
First Trinity Financial Corporation [Member] | First Life America Corporation [Member | ||||||||||||||||||
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% | |||||||||||||||||
Trinity Life Insurance Company [Member] | ||||||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100% | |||||||||||||||||
Family Benefit Life Insurance Company [Member] | Trinity Life Insurance Company [Member] | ||||||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100% | |||||||||||||||||
First Trinity Capital Corporation [Member] | ||||||||||||||||||
Wholly Owned Subsidiary Ownership Percentage | 100% | |||||||||||||||||
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) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) a | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Other Investments | $ 60,361,724 | $ 61,487,939 | |
Deposit Assets | 6,290,392 | 4,609,927 | |
Other Assets, Fair Value Disclosure | $ 6,267,556 | $ 4,596,130 | |
Number Of Loans Past Due | 23 | 30 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 7,589,422 | $ 6,404,793 | |
Past Due Loans, Term Past Due (Year) | 90 years | 90 years | |
Number of Mortgage Loans in Default | 9 | 4 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 3,391,263 | $ 1,060,578 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | 150,371 | ||
Topeka Kansas [Member] | TLIC [Member] | Underdeveloped Land [Member] | |||
Land | $ 409,436 | ||
Jefferson City Missouri [Member] | FBLIC [Member] | Assets Held-for-sale not Part of a Disposal Group [Member] | |||
Area of Land (Acre) | a | 0.5 | ||
Jefferson City Missouri [Member] | FBLIC [Member] | Underdeveloped Land [Member] | |||
Land | $ 131,000 | ||
Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 373 | 365 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 13,157,630 | $ 12,665,019 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 125,842,822 | 123,264,193 | |
Amortized Cost of Debt Securities Available for Sale in an Unrealized Loss Position | $ 139,000,452 | $ 135,929,212 | |
Fair Value to Cost Ratio | 91% | 91% | |
Residential Mortgage [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 150,371 | $ 764,967 |
Note 2 - Investments - Availabl
Note 2 - Investments - Available-for-sale Fixed Maturity and Equity Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
US Treasury and Government [Member] | ||
Available-for-sale securities at cost | $ 5,587,705 | $ 3,806,419 |
Securities, gross unrealized gains | 2,474 | 14,360 |
Securities, gross unrealized losses | 17,279 | 22,495 |
Fixed maturity available-for-sale securities - fair value | 5,572,900 | 3,798,284 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities at cost | 9,760,532 | 9,773,549 |
Securities, gross unrealized gains | 84,415 | 97,215 |
Securities, gross unrealized losses | 413,413 | 338,894 |
Fixed maturity available-for-sale securities - fair value | 9,431,534 | 9,531,870 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Available-for-sale securities at cost | 9,868,837 | 10,097,479 |
Securities, gross unrealized gains | 67,432 | 208,985 |
Securities, gross unrealized losses | 10,709 | 0 |
Fixed maturity available-for-sale securities - fair value | 9,925,560 | 10,306,464 |
Commercial Mortgage-Backed Securities [Member] | ||
Available-for-sale securities at cost | 10,635,235 | 10,629,003 |
Securities, gross unrealized gains | 0 | 0 |
Securities, gross unrealized losses | 1,841,977 | 2,157,465 |
Fixed maturity available-for-sale securities - fair value | 8,793,258 | 8,471,538 |
Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale securities at cost | 9,984 | 9,986 |
Securities, gross unrealized gains | 4,012 | 4,328 |
Securities, gross unrealized losses | 0 | 0 |
Fixed maturity available-for-sale securities - fair value | 13,996 | 14,314 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities at cost | 84,913,230 | 85,901,454 |
Securities, gross unrealized gains | 72,286 | 65,239 |
Securities, gross unrealized losses | 7,152,624 | 6,625,386 |
Fixed maturity available-for-sale securities - fair value | 77,832,892 | 79,341,307 |
Asset-Backed Securities [Member] | ||
Available-for-sale securities at cost | 12,572,492 | 12,466,601 |
Securities, gross unrealized gains | 15,619 | 43,424 |
Securities, gross unrealized losses | 904,269 | 1,017,529 |
Fixed maturity available-for-sale securities - fair value | 11,683,842 | 11,492,496 |
Exchange-traded Debt Securities [Member] | ||
Available-for-sale securities at cost | 946,700 | 882,631 |
Securities, gross unrealized gains | 0 | 0 |
Securities, gross unrealized losses | 460,700 | 406,631 |
Fixed maturity available-for-sale securities - fair value | 486,000 | 476,000 |
Debt Security, Government, Non-US [Member] | ||
Available-for-sale securities at cost | 27,062,387 | 27,091,108 |
Securities, gross unrealized gains | 7,985 | 24,186 |
Securities, gross unrealized losses | 2,112,959 | 1,902,619 |
Fixed maturity available-for-sale securities - fair value | 24,957,413 | 25,212,675 |
Redeemable Preferred Stock [Member] | ||
Available-for-sale securities at cost | 1,250,000 | 1,250,000 |
Securities, gross unrealized gains | 0 | 0 |
Securities, gross unrealized losses | 243,700 | 194,000 |
Fixed maturity available-for-sale securities - fair value | 1,006,300 | 1,056,000 |
Debt Securities [Member] | ||
Available-for-sale securities at cost | 162,607,102 | 161,908,230 |
Securities, gross unrealized gains | 254,223 | 457,737 |
Securities, gross unrealized losses | 13,157,630 | 12,665,019 |
Fixed maturity available-for-sale securities - fair value | 149,703,695 | 149,700,948 |
Debt Securities [Member] | Trinity Life Insurance Company [Member] | ||
Available-for-sale securities at cost | 49,918,244 | 56,824,160 |
Securities, gross unrealized gains | 28,027 | 53,496 |
Securities, gross unrealized losses | 5,241,184 | 5,226,397 |
Fixed maturity available-for-sale securities - fair value | $ 44,705,087 | $ 51,651,259 |
Note 2 - Investments - Securiti
Note 2 - Investments - Securities in an Unrealized Loss Position (Details) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
US Government Agencies Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 331,109 | $ 231,010 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 2,209 | $ 100 |
Securities in an unrealized loss position, less than twelve months, number | 2 | 1 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,884,332 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 15,070 | |
Securities in an unrealized loss position, more than twelve months, number | 3 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 1,222,525 | $ 120,734 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 22,091 | $ 588 |
Securities in an unrealized loss position, less than twelve months, number | 4 | 1 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 4,341,644 | $ 4,411,017 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 391,322 | $ 338,306 |
Securities in an unrealized loss position, more than twelve months, number | 20 | 21 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 1,176,756 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 10,709 | |
Securities in an unrealized loss position, less than twelve months, number | 2 | |
Corporate Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 2,751,347 | $ 3,762,988 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 37,688 | $ 78,589 |
Securities in an unrealized loss position, less than twelve months, number | 12 | 14 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 71,602,527 | $ 72,550,042 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 7,114,936 | $ 6,546,797 |
Securities in an unrealized loss position, more than twelve months, number | 214 | 214 |
Debt Security, Government, Non-US [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 969,669 | $ 502,835 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 19,977 | $ 8,573 |
Securities in an unrealized loss position, less than twelve months, number | 3 | 2 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 23,685,983 | $ 23,164,587 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 2,092,982 | $ 1,894,046 |
Securities in an unrealized loss position, more than twelve months, number | 62 | 61 |
Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 7,133,906 | $ 4,617,567 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 160,174 | $ 87,850 |
Securities in an unrealized loss position, less than twelve months, number | 25 | 18 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 118,708,916 | $ 118,646,626 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 12,997,456 | $ 12,577,169 |
Securities in an unrealized loss position, more than twelve months, number | 348 | 347 |
Securities in an unrealized loss position, fair value | $ 125,842,822 | $ 123,264,193 |
Securities in an unrealized loss position, unrealized loss | $ 13,157,630 | $ 12,665,019 |
Securities in an unrealized loss position, number | 373 | 365 |
Debt Securities [Member] | Trinity Life Insurance Company [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 2,302,290 | $ 1,400,820 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 14,222 | $ 5,810 |
Securities in an unrealized loss position, less than twelve months, number | 11 | 7 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 40,549,718 | $ 47,082,945 |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 5,226,962 | $ 5,220,587 |
Securities in an unrealized loss position, more than twelve months, number | 155 | 180 |
Securities in an unrealized loss position, fair value | $ 42,852,008 | $ 48,483,765 |
Securities in an unrealized loss position, unrealized loss | $ 5,241,184 | $ 5,226,397 |
Securities in an unrealized loss position, number | 166 | 187 |
Redeemable Preferred Stock [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 682,500 | $ 306,000 |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 67,500 | $ 194,000 |
Securities in an unrealized loss position, less than twelve months, number | 2 | 2 |
Securities in an unrealized loss position, more than twelve months, fair value | $ 323,800 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 176,200 | |
Securities in an unrealized loss position, more than twelve months, number | 2 | |
US Government Corporations and Agencies Securities [Member] | ||
Securities in an unrealized loss position, more than twelve months, fair value | $ 1,876,612 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 22,395 | |
Securities in an unrealized loss position, more than twelve months, number | 3 | |
Commercial Mortgage-Backed Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 8,471,538 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 2,157,465 | |
Securities in an unrealized loss position, less than twelve months, number | 24 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 8,793,258 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 1,841,977 | |
Securities in an unrealized loss position, more than twelve months, number | 24 | |
Asset-Backed Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 7,390,830 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 1,017,529 | |
Securities in an unrealized loss position, less than twelve months, number | 20 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 7,591,372 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 904,269 | |
Securities in an unrealized loss position, more than twelve months, number | 21 | |
Exchange-traded Debt Securities [Member] | ||
Securities in an unrealized loss position, less than twelve months, fair value | $ 476,000 | |
Securities in an unrealized loss position, less than twelve months, unrealized loss | $ 406,631 | |
Securities in an unrealized loss position, less than twelve months, number | 2 | |
Securities in an unrealized loss position, more than twelve months, fair value | $ 486,000 | |
Securities in an unrealized loss position, more than twelve months, unrealized loss | $ 460,700 | |
Securities in an unrealized loss position, more than twelve months, number | 2 |
Note 2 - Investments - Change i
Note 2 - Investments - Change in Estimate of Credit Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Beginning balance | $ (430,470) | $ 0 |
Current estimate of credit losses | (57,095) | (139,285) |
Ending balance | (487,565) | (430,470) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Beginning balance | $ 0 | (291,185) |
Ending balance | $ 0 |
Note 2 - Investments - Net Unre
Note 2 - Investments - Net Unrealized Gains Included in Accumulated Other Comprehensive Income (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Unrealized depreciation on available-for-sale securities | $ (12,903,407) | $ (12,207,282) |
Adjustment to deferred acquisition costs | 2,997 | 3,094 |
Deferred income taxes | 2,709,086 | 2,562,880 |
Net unrealized depreciation on available-for-sale securities | (10,191,324) | (9,641,308) |
Trinity Life Insurance Company [Member] | ||
Unrealized depreciation on available-for-sale securities | $ (5,213,157) | $ (5,172,901) |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity Available-for-sale Securities by Contractual Maturities (Details) | Mar. 31, 2024 USD ($) |
Fixed Maturities [Member] | |
Due in one year or less - amortized cost | $ 3,109,890 |
Due in one year or less - fair value | 3,209,077 |
Due in one year through five years - amortized cost | 38,108,325 |
Due after one year through five years- fair value | 36,333,894 |
Due after five years through ten years - amortized cost | 21,569,511 |
Due after five years through ten years - fair value | 20,276,208 |
Due after ten years - amortized cost | 87,924,157 |
Due after ten years - fair value | 80,070,962 |
Due at multiple maturity dates - amortized cost | 11,895,219 |
Due at multiple maturity dates - fair value | 9,813,554 |
Fixed maturity available-for-sale securities - amortized cost | 162,607,102 |
Fixed maturity available-for-sale securities - fair value | 149,703,695 |
Fixed Maturities [Member] | Trinity Life Insurance Company [Member] | |
Due in one year or less - amortized cost | 883,635 |
Due in one year or less - fair value | 880,434 |
Due in one year through five years - amortized cost | 22,330,916 |
Due after one year through five years- fair value | 21,799,964 |
Due after five years through ten years - amortized cost | 6,780,603 |
Due after five years through ten years - fair value | 6,623,565 |
Due after ten years - amortized cost | 16,815,995 |
Due after ten years - fair value | 12,707,223 |
Due at multiple maturity dates - amortized cost | 3,107,095 |
Due at multiple maturity dates - fair value | 2,693,901 |
Fixed maturity available-for-sale securities - amortized cost | 49,918,244 |
Fixed maturity available-for-sale securities - fair value | 44,705,087 |
Other Long-Term Investments [Member] | |
Due in one year or less - amortized cost | 13,828,003 |
Due in one year or less - fair value | 14,019,403 |
Due in one year through five years - amortized cost | 31,517,089 |
Due after one year through five years- fair value | 33,570,252 |
Due after five years through ten years - amortized cost | 10,066,463 |
Due after five years through ten years - fair value | 11,764,302 |
Due after ten years - amortized cost | 4,950,169 |
Due after ten years - fair value | 6,685,942 |
Due at multiple maturity dates - amortized cost | 0 |
Due at multiple maturity dates - fair value | 0 |
Fixed maturity available-for-sale securities - amortized cost | 60,361,724 |
Fixed maturity available-for-sale securities - fair value | $ 66,039,899 |
Note 2 - Investments - Proceeds
Note 2 - Investments - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fixed Maturities [Member] | ||
Proceeds from sale, maturity, or collection of investments | $ 1,033,349 | $ 1,783,450 |
Gross realized gains on sale of investments | 374 | 15,899 |
Gross realized losses on sale of investments | (2,072) | (34,221) |
Equity Securities [Member] | ||
Proceeds from sale, maturity, or collection of investments | 36,539,747 | 0 |
Gross realized gains on sale of investments | 59,858 | 0 |
Gross realized losses on sale of investments | $ 0 | $ 0 |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Investment Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Change in unrealized investment gains (losses) | $ (549,939) | $ 2,840,253 |
Gross Investment income | 8,432,609 | 8,224,228 |
Investment expenses | (474,732) | (596,412) |
Net investment income | 7,957,877 | 7,627,816 |
Fixed Maturities [Member] | ||
Change in unrealized investment gains (losses) | (696,125) | 3,595,258 |
Net realized investment gains (losses) | (1,698) | (18,322) |
Fixed maturity securities credit losses | (57,095) | (6,923) |
Gross Investment income | 1,762,025 | 1,560,033 |
Fixed Maturities [Member] | Trinity Life Insurance Company [Member] | ||
Change in unrealized investment gains (losses) | (40,256) | 1,057,780 |
Equity Securities [Member] | ||
Fixed maturity securities credit losses | 38,996 | (6,206) |
Gross Investment income | 14,634 | 28,255 |
Other Long-Term Investments [Member] | ||
Gross Investment income | 1,167,243 | 1,360,330 |
Mortgages [Member] | ||
Net realized investment gains (losses) | 59,858 | 0 |
Gross Investment income | 4,947,517 | 4,724,356 |
Policy Loans [Member] | ||
Gross Investment income | 68,751 | 56,576 |
Short-Term Investments [Member] | ||
Gross Investment income | $ 472,439 | $ 494,678 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans on Real Estate (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 214,332,145 | $ 239,831,447 |
Trinity Life Insurance Company [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 18,681,745 | 27,581,881 |
Less unearned interest on mortgage loans | 0 | 133,010 |
Total mortgage loans held in trust under coinsurance agreement | 18,681,745 | 27,581,881 |
Residential Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 200,685,200 | 224,258,534 |
Commercial Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 13,646,945 | 15,572,913 |
Commercial Portfolio Segment [Member] | Trinity Life Insurance Company [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 18,681,745 | 27,714,891 |
Commercial Portfolio Segment [Member] | Industrial Property [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 1,257,630 | 1,267,264 |
Commercial Portfolio Segment [Member] | Agriculture [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 983,975 | 986,207 |
Commercial Portfolio Segment [Member] | Apartment Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 2,790,336 | 3,108,829 |
Commercial Portfolio Segment [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 24,517 | 24,727 |
Commercial Portfolio Segment [Member] | Office Building [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 5,318,269 | 5,652,487 |
Commercial Portfolio Segment [Member] | Retail Site [Member] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 3,272,218 | $ 4,533,399 |
Note 2 - Investments - Investme
Note 2 - Investments - Investment Real Estate (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investment real estate | $ 1,455,774 | $ 1,305,403 |
Land Held for Sale [Member] | ||
Investment real estate | 540,436 | 540,436 |
Residential Real Estate - Held for Sale [Member] | ||
Investment real estate | $ 915,338 | $ 764,967 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Fair Value Measured on a Recurring Basis (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Recurring [Member] | ||
Equity securities | $ 439,602 | $ 419,530 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 340,625 | 304,064 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 52,661 | 50,226 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 46,316 | 65,240 |
US Treasury and Government [Member] | ||
Fixed maturity available-for-sale securities - fair value | 5,572,900 | 3,798,284 |
Available-for-sale fixed maturity securities at fair value | 5,572,900 | 3,798,284 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 5,572,900 | 3,798,284 |
Available-for-sale fixed maturity securities at fair value | 5,572,900 | 3,798,284 |
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 |
Available-for-sale fixed maturity securities at 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 | 5,572,900 | 3,798,284 |
Available-for-sale fixed maturity securities at fair value | 5,572,900 | 3,798,284 |
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 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,431,534 | 9,531,870 |
Available-for-sale fixed maturity securities at fair value | 9,431,534 | 9,531,870 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,431,534 | 9,531,870 |
Available-for-sale fixed maturity securities at fair value | 9,431,534 | 9,531,870 |
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 |
Available-for-sale fixed maturity securities at 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 | 9,431,534 | 9,531,870 |
Available-for-sale fixed maturity securities at fair value | 9,431,534 | 9,531,870 |
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 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,925,560 | 10,306,464 |
Available-for-sale fixed maturity securities at fair value | 9,925,560 | 10,306,464 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,925,560 | 10,306,464 |
Available-for-sale fixed maturity securities at fair value | 9,925,560 | 10,306,464 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 9,925,560 | 10,306,464 |
Available-for-sale fixed maturity securities at fair value | 9,925,560 | 10,306,464 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 8,793,258 | 8,471,538 |
Available-for-sale fixed maturity securities at fair value | 8,793,258 | 8,471,538 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 8,793,258 | 8,471,538 |
Available-for-sale fixed maturity securities at fair value | 8,793,258 | 8,471,538 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 8,793,258 | 8,471,538 |
Available-for-sale fixed maturity securities at fair value | 8,793,258 | 8,471,538 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 13,996 | 14,314 |
Available-for-sale fixed maturity securities at fair value | 13,996 | 14,314 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 13,996 | 14,314 |
Available-for-sale fixed maturity securities at fair value | 13,996 | 14,314 |
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 |
Available-for-sale fixed maturity securities at 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 | 13,996 | 14,314 |
Available-for-sale fixed maturity securities at fair value | 13,996 | 14,314 |
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 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 77,832,892 | 79,341,307 |
Available-for-sale fixed maturity securities at fair value | 77,832,892 | 79,341,307 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 77,832,892 | 79,341,307 |
Available-for-sale fixed maturity securities at fair value | 77,832,892 | 79,341,307 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at 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 | 77,832,892 | 79,341,307 |
Available-for-sale fixed maturity securities at fair value | 77,832,892 | 79,341,307 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Asset-Backed Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 11,683,842 | 11,492,496 |
Available-for-sale fixed maturity securities at fair value | 11,683,842 | 11,492,496 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 11,683,842 | 11,492,496 |
Available-for-sale fixed maturity securities at fair value | 11,683,842 | 11,492,496 |
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at 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 | 11,683,842 | 11,492,496 |
Available-for-sale fixed maturity securities at fair value | 11,683,842 | 11,492,496 |
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Exchange-traded Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 486,000 | 476,000 |
Available-for-sale fixed maturity securities at fair value | 486,000 | 476,000 |
Exchange-traded Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 486,000 | 476,000 |
Available-for-sale fixed maturity securities at fair value | 486,000 | 476,000 |
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 |
Available-for-sale fixed maturity securities at 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 | 486,000 | 476,000 |
Available-for-sale fixed maturity securities at fair value | 486,000 | 476,000 |
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 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Debt Security, Government, Non-US [Member] | ||
Fixed maturity available-for-sale securities - fair value | 24,957,413 | 25,212,675 |
Available-for-sale fixed maturity securities at fair value | 24,957,413 | 25,212,675 |
Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 24,957,413 | 25,212,675 |
Available-for-sale fixed maturity securities at fair value | 24,957,413 | 25,212,675 |
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 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 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 | 24,957,413 | 25,212,675 |
Available-for-sale fixed maturity securities at fair value | 24,957,413 | 25,212,675 |
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 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Redeemable Preferred Stock [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,006,300 | 1,056,000 |
Available-for-sale fixed maturity securities at fair value | 1,006,300 | 1,056,000 |
Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,006,300 | 1,056,000 |
Available-for-sale fixed maturity securities at fair value | 1,006,300 | 1,056,000 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 1,006,300 | 1,056,000 |
Available-for-sale fixed maturity securities at fair value | 1,006,300 | 1,056,000 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Debt Securities [Member] | ||
Fixed maturity available-for-sale securities - fair value | 149,703,695 | 149,700,948 |
Available-for-sale fixed maturity securities at fair value | 149,703,695 | 149,700,948 |
Debt Securities [Member] | Trinity Life Insurance Company [Member] | ||
Fixed maturity available-for-sale securities - fair value | 44,705,087 | 51,651,259 |
Available-for-sale fixed maturity securities at fair value | 44,705,087 | 51,651,259 |
Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 149,703,695 | 149,700,948 |
Available-for-sale fixed maturity securities at fair value | 149,703,695 | 149,700,948 |
Debt Securities [Member] | Fair Value, Recurring [Member] | Trinity Life Insurance Company [Member] | ||
Fixed maturity available-for-sale securities - fair value | 44,705,087 | 51,651,259 |
Available-for-sale fixed maturity securities at fair value | 44,705,087 | 51,651,259 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Trinity Life Insurance Company [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at 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 | 149,703,695 | 149,700,948 |
Available-for-sale fixed maturity securities at fair value | 149,703,695 | 149,700,948 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Trinity Life Insurance Company [Member] | ||
Fixed maturity available-for-sale securities - fair value | 44,705,087 | 51,651,259 |
Available-for-sale fixed maturity securities at fair value | 44,705,087 | 51,651,259 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Trinity Life Insurance Company [Member] | ||
Fixed maturity available-for-sale securities - fair value | 0 | 0 |
Available-for-sale fixed maturity securities at fair value | 0 | 0 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 52,661 | 50,226 |
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 | 52,661 | 50,226 |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 386,941 | 369,304 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity securities | 340,625 | 304,064 |
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 | $ 46,316 | $ 65,240 |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Change in Fair Value of Available-for-sale Equity Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Beginning balance | $ 65,240 | $ 53,996 |
Joint venture net income | 13,040 | 130,550 |
Joint venture distribution | (31,964) | (119,306) |
Ending balance | $ 46,316 | $ 65,240 |
Note 3 - Fair Value Measureme_5
Note 3 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Policy loans | $ 3,523,881 | $ 3,474,116 |
Accrued investment income | 5,932,837 | 6,214,459 |
Policy claims | 2,108,130 | 2,410,243 |
Trinity Life Insurance Company [Member] | ||
Less unearned interest on mortgage loans | 0 | 133,010 |
Reported Value Measurement [Member] | ||
Policy loans | 3,523,881 | 3,474,116 |
Other long-term investments | 60,361,724 | 61,487,939 |
Cash and cash equivalents | 34,896,988 | 33,839,741 |
Accrued investment income | 5,932,837 | 6,214,459 |
Total financial assets | 319,047,575 | 345,145,959 |
Policyholders' account balances | 361,193,652 | 391,247,676 |
Policy claims | 2,108,130 | 2,410,243 |
Total financial liabilities | 363,301,782 | 393,657,919 |
Short-term investments | 298,257 | |
Reported Value Measurement [Member] | Trinity Life Insurance Company [Member] | ||
Cash and cash equivalents | 1,989,618 | 711,733 |
Total financial assets | 20,671,363 | 28,293,614 |
Less unearned interest on mortgage loans | 133,010 | |
Reported Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 13,646,945 | 15,572,913 |
Reported Value Measurement [Member] | Commercial [Member] | Trinity Life Insurance Company [Member] | ||
Mortgage loans on real estate | 18,681,745 | 27,714,891 |
Reported Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 200,685,200 | 224,258,534 |
Estimate of Fair Value Measurement [Member] | ||
Policy loans | 3,523,881 | 3,474,116 |
Other long-term investments | 66,039,899 | 68,023,717 |
Cash and cash equivalents | 34,896,988 | 33,839,741 |
Accrued investment income | 5,932,837 | 6,214,459 |
Total financial assets | 308,204,148 | 323,168,428 |
Policyholders' account balances | 312,787,161 | 344,806,580 |
Policy claims | 2,108,130 | 2,410,243 |
Total financial liabilities | 314,895,291 | 347,216,823 |
Short-term investments | 298,257 | |
Estimate of Fair Value Measurement [Member] | Trinity Life Insurance Company [Member] | ||
Cash and cash equivalents | 1,989,618 | 711,733 |
Total financial assets | 20,671,363 | 28,293,614 |
Less unearned interest on mortgage loans | 133,010 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Policy loans | 0 | 0 |
Other long-term investments | 0 | 0 |
Cash and cash equivalents | 34,896,988 | 33,839,741 |
Accrued investment income | 0 | 0 |
Total financial assets | 34,896,988 | 34,137,998 |
Policyholders' account balances | 0 | 0 |
Policy claims | 0 | 0 |
Total financial liabilities | 0 | 0 |
Short-term investments | 298,257 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Trinity Life Insurance Company [Member] | ||
Cash and cash equivalents | 1,989,618 | 711,733 |
Total financial assets | 1,989,618 | 711,733 |
Less unearned interest on mortgage loans | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Policy loans | 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 |
Short-term investments | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Trinity Life Insurance Company [Member] | ||
Cash and cash equivalents | 0 | 0 |
Total financial assets | 0 | 0 |
Less unearned interest on mortgage loans | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Policy loans | 3,523,881 | 3,474,116 |
Other long-term investments | 66,039,899 | 68,023,717 |
Cash and cash equivalents | 0 | 0 |
Accrued investment income | 5,932,837 | 6,214,459 |
Total financial assets | 273,307,160 | 289,030,430 |
Policyholders' account balances | 312,787,161 | 344,806,580 |
Policy claims | 2,108,130 | 2,410,243 |
Total financial liabilities | 314,895,291 | 347,216,823 |
Short-term investments | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Trinity Life Insurance Company [Member] | ||
Cash and cash equivalents | 0 | 0 |
Total financial assets | 18,681,745 | 27,581,881 |
Less unearned interest on mortgage loans | 133,010 | |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | ||
Mortgage loans on real estate | 12,797,976 | 14,803,724 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Trinity Life Insurance Company [Member] | ||
Mortgage loans on real estate | 18,681,745 | 27,714,891 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage loans on real estate | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | Trinity Life Insurance Company [Member] | ||
Mortgage loans on real estate | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans on real estate | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | Trinity Life Insurance Company [Member] | ||
Mortgage loans on real estate | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage loans on real estate | 12,797,976 | 14,803,724 |
Estimate of Fair Value Measurement [Member] | Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | Trinity Life Insurance Company [Member] | ||
Mortgage loans on real estate | 18,681,745 | 27,714,891 |
Estimate of Fair Value Measurement [Member] | Residential [Member] | ||
Mortgage loans on real estate | 185,012,567 | 196,514,414 |
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 | $ 185,012,567 | $ 196,514,414 |
Note 4 - Segment Data - Segment
Note 4 - Segment Data - Segment Data - Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total revenue | $ 18,542,208 | $ 17,687,941 |
Income before income taxes | 2,277,602 | 1,247,927 |
Depreciation and amortization expense | 2,377,048 | 2,089,652 |
Life Insurance Operations [Member] | ||
Total revenue | 11,850,178 | 10,825,816 |
Income before income taxes | 1,888,230 | (248,274) |
Depreciation and amortization expense | 2,023,307 | 1,756,514 |
Annuity Operations [Member] | ||
Total revenue | 6,178,515 | 6,081,155 |
Income before income taxes | 607,602 | 1,009,698 |
Depreciation and amortization expense | 353,741 | 333,138 |
Corporate Segment [Member] | ||
Total revenue | 513,515 | 780,970 |
Income before income taxes | $ (218,230) | $ 486,503 |
Note 4 - Segment Data - Assets
Note 4 - Segment Data - Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Total assets | $ 631,375,381 | $ 672,021,535 |
Life Insurance Operations [Member] | ||
Total assets | 164,132,871 | 164,653,497 |
Annuity Operations [Member] | ||
Total assets | 455,954,053 | 495,979,724 |
Corporate Segment [Member] | ||
Total assets | $ 11,288,457 | $ 11,388,314 |
Note 6 - Contingent Liabiliti_2
Note 6 - Contingent Liabilities (Details Textual) | 3 Months Ended | 20 Months Ended | |||
Mar. 04, 2022 | Jun. 29, 2020 | Feb. 17, 2017 USD ($) | Mar. 31, 2024 | Mar. 04, 2022 | |
Case No. CJ-2013-03385 [Member] | Mr. Pettigrew [Member] | First Trinity Financial Corporation [Member] | |||||
Loss Contingency, Damages Awarded, Value | $ 800,000 | ||||
Case No. CJ-2013-03385 [Member] | Mr. Pettigrew [Member] | Mr. Zahn [Member] | |||||
Loss Contingency, Damages Awarded, Value | $ 3,500,000 | ||||
Pending Litigation [Member] | |||||
Loss Contingency, Number of Lawsuits | 3 | ||||
Pending Litigation [Member] | Trinity Life Insurance Company [Member] | |||||
Loss Contingency, Number of Lawsuits | 1 | 1 | 2 |
Note 7 - Other Comprehensive _3
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance | $ 64,016,208 | $ 51,652,512 |
Total other comprehensive income (loss) | (550,016) | 2,839,391 |
Balance | 65,260,345 | 55,506,999 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 0 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Balance | (9,643,766) | (14,323,715) |
Other comprehensive income (loss) before reclassifications, net of tax | (551,280) | 2,825,779 |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | (1,341) | (14,474) |
Total other comprehensive income (loss) | (549,939) | 2,840,253 |
Balance | (10,193,705) | (11,253,426) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 230,036 | |
Adjustment to Deferred Acquisition Costs [Member] | ||
Balance | 2,458 | 4,036 |
Other comprehensive income (loss) before reclassifications, net of tax | (77) | (862) |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | 0 | 0 |
Total other comprehensive income (loss) | (77) | (862) |
Balance | 2,381 | 3,174 |
Adjustment to Deferred Acquisition Costs [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 0 | |
AOCI Attributable to Parent [Member] | ||
Balance | (9,641,308) | (14,319,679) |
Other comprehensive income (loss) before reclassifications, net of tax | (551,357) | 2,824,917 |
Less amounts reclassified from accumulated other comprehensive loss having no credit losses, net of tax | (1,341) | (14,474) |
Total other comprehensive income (loss) | (550,016) | 2,839,391 |
Balance | $ (10,191,324) | (11,250,252) |
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | $ 230,036 |
Note 7 - Other Comprehensive _4
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Unrealized holding losses arising during the period, pretax | $ (697,823) | $ 3,576,936 | |
Unrealized holding losses arising during the period, tax | (146,543) | 751,157 | |
Unrealized holding losses arising during the period, net of tax | (551,280) | 2,825,779 | |
Realized gains (losses) on sales of securities | [1] | (1,698) | (18,322) |
Income tax expense (benefit) | [2] | (357) | (3,848) |
Reclassification adjustment for net gains included in operation having no credit losses, net of tax | (1,341) | (14,474) | |
Net unrealized losses on investments | (696,125) | 3,595,258 | |
Net unrealized losses on investments, tax | (146,186) | 755,005 | |
Net unrealized losses on investments, net of tax | (549,939) | 2,840,253 | |
Adjustment to deferred acquisition costs, pretax | (97) | (1,091) | |
Adjustment to deferred acquisition costs, income tax expense (benefit), tax | (20) | (229) | |
Adjustment to deferred acquisition costs, net of tax | (77) | (862) | |
Total other comprehensive income, pretax | (696,222) | 3,594,167 | |
Total other comprehensive loss, tax | (146,206) | 754,776 | |
Total other comprehensive loss, net of tax | $ (550,016) | $ 2,839,391 | |
[1]These items appear within net realized investment gains in the consolidated statements of operations.[2]These items appear within federal income taxes in the consolidated statements of operations. |
Note 7 - Other Comprehensive _5
Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Reclassified From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Realized gains (losses) on sales of securities | [1] | $ (1,698) | $ (18,322) |
Income tax expense (benefit) | [2] | (357) | (3,848) |
Total reclassification adjustments | $ (1,341) | $ (14,474) | |
[1]These items appear within net realized investment gains in the consolidated statements of operations.[2]These items appear within federal income taxes in the consolidated statements of operations. |
Note 8 - Allowance for Loan L_3
Note 8 - Allowance for Loan Losses From Mortgage Loans on Real Estate (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 214,332,145 | $ 239,831,447 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 209,340,176 | 231,656,235 | |
One Loan Originator and Investments [Member] | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 4,991,969 | $ 17,356,264 | |
One Loan Originator and Investments [Member] | Independent Mortgage Loan Balances [Member] | |||
Escrow Deposit | 890,612 | 890,915 | |
Escrow Amount Available | 865,652 | 850,039 | |
Advances To Loan Originator | 4,647,828 | 4,487,715 | |
Residential Real Estate - Held for Sale [Member] | Independent Mortgage Loan Balances [Member] | |||
Escrow Amount Available | 24,960 | 40,876 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 4,991,969 | 8,175,212 | |
Financing Receivable, Allowance for Credit Loss | 1,051,961 | $ 1,164,102 | |
Residential Real Estate - Held for Sale [Member] | Independent Mortgage Loan Balances [Member] | Related Parties [Member] | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 2,040,000 |
Note 8 - Allowance for Loan L_4
Note 8 - Allowance for Loan Losses From Mortgage Loans On Real Estate - Allowance for Loss on Premium Financing (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Collectively Evaluated for Credit Loss | $ 209,340,176 | $ 231,656,235 | |
Residential Portfolio Segment [Member] | |||
Allowance, beginning | 1,085,919 | $ 1,030,424 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (102,463) | (33,500) | |
Allowance, ending | 983,456 | 996,924 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 983,456 | 996,924 | |
Individually evaluated for reserve allowance | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 195,707,709 | 198,388,187 | |
Commercial Portfolio Segment [Member] | |||
Allowance, beginning | 78,183 | 90,024 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (9,678) | (782) | |
Allowance, ending | 68,505 | 89,242 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 68,505 | 89,242 | |
Individually evaluated for reserve allowance | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 13,632,467 | 17,759,044 | |
Premium Finance Loans [Member] | |||
Allowance, beginning | 1,164,102 | 1,120,448 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (112,141) | (34,282) | |
Allowance, ending | 1,051,961 | 1,086,166 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,051,961 | 1,086,166 | |
Individually evaluated for reserve allowance | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Credit Loss | $ 209,340,176 | $ 216,147,231 |
Note 8 - Allowance for Loan L_5
Note 8 - Allowance for Loan Losses From Mortgage Loans on Real Estate - Mortgage Loan to Value Ratios (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Mortgage loans on real estate | $ 214,332,145 | $ 239,831,447 |
Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 75,122,577 | 77,818,604 |
Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 57,177,740 | 68,483,494 |
Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 32,141,368 | 40,358,477 |
Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 24,410,988 | 24,677,705 |
Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 14,087,687 | 13,873,520 |
Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 5,950,147 | 8,392,950 |
Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 4,732,374 | 4,892,395 |
Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | 709,264 | 1,334,302 |
Residential Portfolio Segment [Member] | ||
Mortgage loans on real estate | 200,685,200 | 224,258,534 |
Residential Portfolio Segment [Member] | Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 73,025,141 | 75,718,654 |
Residential Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 55,686,948 | 65,525,308 |
Residential Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 30,806,282 | 38,548,660 |
Residential Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 21,636,683 | 22,283,148 |
Residential Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 10,298,868 | 10,056,308 |
Residential Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 5,486,674 | 7,929,094 |
Residential Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 3,035,340 | 3,178,001 |
Residential Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | 709,264 | 1,019,361 |
Commercial Portfolio Segment [Member] | ||
Mortgage loans on real estate | 13,646,945 | 15,572,913 |
Commercial Portfolio Segment [Member] | Loan to Value Range1 [Member] | ||
Mortgage loans on real estate | 2,097,436 | 2,099,950 |
Commercial Portfolio Segment [Member] | Loan to Value Range 2 [Member] | ||
Mortgage loans on real estate | 1,490,792 | 2,958,186 |
Commercial Portfolio Segment [Member] | Loan to Value Range 3 [Member] | ||
Mortgage loans on real estate | 1,335,086 | 1,809,817 |
Commercial Portfolio Segment [Member] | Loan to Value Range 4 [Member] | ||
Mortgage loans on real estate | 2,774,305 | 2,394,557 |
Commercial Portfolio Segment [Member] | Loan to Value Range 5 [Member] | ||
Mortgage loans on real estate | 3,788,819 | 3,817,212 |
Commercial Portfolio Segment [Member] | Loan to Value Range 6 [Member] | ||
Mortgage loans on real estate | 463,473 | 463,856 |
Commercial Portfolio Segment [Member] | Loan to Value Range 7 [Member] | ||
Mortgage loans on real estate | 1,697,034 | 1,714,394 |
Commercial Portfolio Segment [Member] | Loan to Value Range 8 [Member] | ||
Mortgage loans on real estate | $ 0 | $ 314,941 |