Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001681903 | |
Entity Registrant Name | ICC Holdings, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38046 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 81-3359409 | |
Entity Address, Address Line One | 225 20th Street | |
Entity Address, City or Town | Rock Island | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 61201 | |
City Area Code | 309 | |
Local Phone Number | 793-1700 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | ICCH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,155,138 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
Investments and cash: | |||
Fixed maturity securities (amortized cost of $103,689,841 at 9/30/2022 and $102,145,223 at 12/31/2021) | $ 91,727,759 | $ 105,841,543 | |
Other invested assets | 4,556,769 | 3,086,568 | |
Property held for investment, at cost, net of accumulated depreciation of $563,073 at 9/30/2022 and $464,713 at 12/31/2021 | 5,831,065 | 5,509,114 | |
Cash and cash equivalents | 3,280,008 | 4,606,378 | |
Total investments and cash | 125,921,481 | 145,432,250 | |
Accrued investment income | 776,896 | 659,413 | |
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 9/30/2022 and 12/31/2021 | 30,320,652 | 27,199,804 | |
Ceded unearned premiums | 977,283 | 967,022 | |
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 9/30/2022 and 12/31/2021 | 14,768,237 | 14,521,219 | |
Federal income taxes | 4,097,155 | 195,694 | |
Deferred policy acquisition costs, net | 7,202,485 | 6,538,844 | |
Property and equipment, at cost, net of accumulated depreciation of $6,499,976 at 9/30/2022 and $6,243,055 at 12/31/2021 | 3,314,731 | 3,144,218 | |
Other assets | 2,046,289 | 1,343,504 | |
Total assets | 189,425,209 | 200,001,968 | |
Liabilities: | |||
Unpaid losses and settlement expenses | 68,630,450 | 61,834,809 | |
Unearned premiums | 40,193,784 | 36,212,266 | |
Reinsurance balances payable | 1,227,713 | 1,368,294 | |
Corporate debt | 15,000,000 | 18,455,342 | |
Accrued expenses | 5,213,706 | 5,441,611 | |
Income taxes - deferred | 0 | 954,862 | |
Other liabilities | 2,510,388 | 1,030,870 | |
Total liabilities | 132,776,041 | 125,298,054 | |
Equity: | |||
Common stock | [1] | 35,000 | 35,000 |
Treasury stock, at cost | [2] | (5,423,190) | (3,155,399) |
Additional paid-in capital | 33,032,189 | 32,965,136 | |
Accumulated other comprehensive (loss) earnings, net of tax | (9,450,111) | 2,920,027 | |
Retained earnings | 40,623,729 | 44,282,895 | |
Less: Unearned Employee Stock Ownership Plan shares at cost | [3] | (2,168,449) | (2,343,745) |
Total equity | 56,649,168 | 74,703,914 | |
Total liabilities and equity | 189,425,209 | 200,001,968 | |
Common Stock [Member] | |||
Investments and cash: | |||
Common stocks at fair value | 17,763,670 | 23,608,197 | |
Preferred Stock [Member] | |||
Investments and cash: | |||
Common stocks at fair value | $ 2,762,210 | $ 2,780,450 | |
[1]Par value $0.01; authorized: 2022 - 10,000,000 shares and 2021 – 10,000,000 shares; issued: 2022 – 3,500,000 shares and 2021 – 3,500,000 shares; outstanding: 2022 – 3,156,285 and 2021 – 3,291,852 shares[2]2022 – 343,715 shares and 2021 – 208,148 shares[3]2022 – 216,845 shares and 2021 – 234,374 shares |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Fixed maturity securities, amortized cost | $ 103,689,841 | $ 102,145,223 |
Property held for investment, accumulated depreciation | 563,073 | 464,713 |
Premiums and reinsurance balances receivable, allowances for uncollectible amounts | 100,000 | 100,000 |
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts | 0 | 0 |
Property and equipment, at cost, accumulated depreciation | $ 6,499,976 | $ 6,243,055 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 3,500,000 | 3,500,000 |
Common stock, shares outstanding (in shares) | 3,156,285 | 3,291,852 |
Treasury stock, shares (in shares) | 343,715 | 208,148 |
Unearned Employee Stock Ownership Plan (in shares) | 216,845 | 234,374 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net premiums earned | $ 17,724,441 | $ 14,079,395 | $ 50,765,760 | $ 38,860,915 |
Net investment income | 1,027,631 | 823,912 | 2,896,901 | 2,409,036 |
Net realized investment gains | 41,206 | 287,455 | 785,600 | 824,070 |
Net unrealized losses on equity securities | (1,084,289) | (212,136) | (6,181,492) | 1,392,999 |
Other income | 85,402 | 58,590 | 333,059 | 196,624 |
Consolidated revenues | 17,794,391 | 15,037,216 | 48,599,828 | 43,683,644 |
Losses and settlement expenses | 10,386,524 | 8,814,522 | 34,390,330 | 25,281,508 |
Policy acquisition costs and other operating expenses | 6,360,896 | 5,442,542 | 18,136,104 | 14,957,143 |
Interest expense on debt | 46,409 | 62,379 | 149,661 | 174,095 |
General corporate expenses | 189,708 | 171,105 | 563,626 | 531,222 |
Total expenses | 16,983,537 | 14,490,548 | 53,239,721 | 40,943,968 |
Earnings before income taxes | 810,854 | 546,668 | (4,639,893) | 2,739,676 |
Total income tax expense | 181,114 | 122,405 | (980,726) | 590,806 |
Net earnings | 629,740 | 424,263 | (3,659,167) | 2,148,870 |
Other comprehensive loss, net of tax | (3,408,937) | (680,975) | (12,370,138) | (1,826,510) |
Comprehensive loss | $ (2,779,197) | $ (256,712) | $ (16,029,305) | $ 322,360 |
Basic net earnings per share (in dollars per share) | $ 0.21 | $ 0.14 | $ (1.20) | $ 0.71 |
Diluted net earnings per share (in dollars per share) | $ 0.20 | $ 0.14 | $ (1.19) | $ 0.70 |
Basic (in shares) | 3,060,693 | 3,068,199 | 3,061,961 | 3,042,035 |
Diluted (in shares) | 3,074,236 | 3,083,867 | 3,075,504 | 3,057,704 |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (1,084,289) | $ (212,136) | $ (6,181,492) | $ 1,392,999 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Unearned ESOP [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance at Dec. 31, 2020 | $ 35,000 | $ (3,153,838) | $ (2,578,115) | $ 32,780,436 | $ 40,140,115 | $ 5,520,091 | $ 72,743,689 | |
Purchase of treasury stock | 0 | (103,407) | 0 | 0 | 0 | 0 | (103,407) | |
Net earnings | 0 | 0 | 0 | 0 | 2,148,870 | 0 | 2,148,870 | |
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 0 | (1,826,510) | (1,826,510) | |
Restricted stock unit expense | 0 | 137,599 | [1] | 0 | (544) | 0 | 0 | 137,055 |
ESOP compensation expense | 0 | 0 | 175,296 | 95,869 | 0 | 0 | 271,165 | |
Balance at Sep. 30, 2021 | 35,000 | (3,119,646) | (2,402,819) | 32,875,761 | 42,288,985 | 3,693,581 | 73,370,862 | |
Balance at Dec. 31, 2021 | 35,000 | (3,155,399) | (2,343,745) | 32,965,136 | 44,282,895 | 2,920,027 | 74,703,914 | |
Purchase of treasury stock | 0 | (2,469,237) | 0 | 0 | 0 | 0 | (2,469,237) | |
Net earnings | 0 | 0 | 0 | 0 | (3,659,167) | 0 | (3,659,167) | |
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 0 | (12,370,138) | (12,370,138) | |
Restricted stock unit expense | 0 | 201,446 | 0 | (49,871) | 0 | 0 | 151,575 | |
ESOP compensation expense | 0 | 0 | 175,296 | 116,924 | 0 | 0 | 292,220 | |
Balance at Sep. 30, 2022 | $ 35,000 | $ (5,423,190) | $ (2,168,449) | $ 33,032,189 | $ 40,623,728 | $ (9,450,111) | $ 56,649,168 | |
[1]Amount represents restricted stock units that have fully vested in the period |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net (loss) earnings | $ (3,659,167) | $ 2,148,870 |
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities | ||
Net realized investment gains | (785,600) | (824,070) |
Net unrealized losses (gains) on equity securities | 6,181,492 | (1,392,999) |
Depreciation | 555,853 | 485,688 |
Deferred income tax | (1,516,967) | 218,885 |
Amortization of bond premium and discount | 156,310 | 209,740 |
Stock-based compensation expense | 443,795 | 408,220 |
Change in: | ||
Accrued investment income | (117,483) | (52,792) |
Premiums and reinsurance balances receivable | (3,120,848) | (2,656,012) |
Ceded unearned premiums | (10,261) | (96,603) |
Reinsurance balances payable | (140,581) | 804,998 |
Reinsurance balances recoverable | (247,018) | (1,456,368) |
Deferred policy acquisition costs | (663,641) | (854,536) |
Unpaid losses and settlement expenses | 6,795,641 | (285,054) |
Unearned premiums | 3,981,518 | 5,132,116 |
Accrued expenses | (227,905) | 773,976 |
Current federal income tax | (51,091) | 268,235 |
Other | 776,736 | (188,107) |
Net cash provided by operating activities | 8,350,783 | 2,644,187 |
Cash flows from investing activities: | ||
Fixed maturity securities | (15,502,187) | (17,102,938) |
Other invested assets | (1,698,503) | (350,000) |
Property held for investment | (723,619) | (1,630,760) |
Property and equipment | (620,441) | (647,962) |
Proceeds from sales, maturities and calls of: | ||
Fixed maturity securities | 13,800,029 | 11,921,877 |
Other invested assets | 227,482 | 304,987 |
Property held for investment | 278,679 | 1,470,533 |
Property and equipment | 17,064 | 44,963 |
Net cash used in investing activities | (3,752,573) | (11,492,590) |
Cash flows from financing activities: | ||
Proceeds from loans | 5,000,000 | 9,000,000 |
Repayments of borrowed funds | (8,455,342) | (4,007,552) |
Purchase of treasury stock | (2,469,237) | (103,407) |
Net cash (used in) provided by financing activities | (5,924,580) | 4,889,041 |
Net decrease in cash and cash equivalents | (1,326,370) | (3,959,362) |
Cash and cash equivalents at beginning of year | 4,606,378 | 6,598,842 |
Cash and cash equivalents at end of period | 3,280,008 | 2,639,480 |
Supplemental information: | ||
Federal income tax paid | 160,000 | 65,000 |
Interest paid | 144,300 | 170,100 |
Common Stock [Member] | ||
Cash flows from investing activities: | ||
Equity securities | (2,945,823) | (8,119,260) |
Proceeds from sales, maturities and calls of: | ||
Equity securities | 3,976,938 | 2,734,181 |
Preferred Stock [Member] | ||
Cash flows from investing activities: | ||
Equity securities | (1,208,744) | (458,734) |
Proceeds from sales, maturities and calls of: | ||
Equity securities | $ 646,552 | $ 340,523 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. DESCRIPTION OF BUSINESS ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. 10 We are a specialty insurance carrier primarily underwriting commercial multi-peril, liquor liability, workers’ compensation, and umbrella liability coverages for the food and beverage industry through our subsidiary insurance company, ICC. ICC writes business in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 20.3% and 22.1% of the premium is written in Illinois for the three September 30, 2022 2021 nine September 30, 2022 2021 one B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10 not 10 December 31, 2021 2021 10 not September 30, 2022 not The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates. C. SIGNIFICANT ACCOUNTING POLICIES The Company reported its significant accounting policies in the 2021 10 D. PROSPECTIVE ACCOUNTING STANDARDS For information regarding accounting standards that the Company has not Note 1 Summary of Significant Accounting Policies 2021 10 2012 107 107 2 3 10 December 31, 2022. ASU 2016 13 January 1, 2023. E. PROPERTY AND EQUIPMENT Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended September 30, 2022 2021 no As of September 30, December 31, 2022 2021 Automobiles $ 637,306 $ 507,889 Furniture and fixtures 516,413 512,268 Computer equipment and software 4,643,990 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,814,707 9,387,273 Accumulated depreciation (6,499,976 ) (6,243,055 ) Net property and equipment $ 3,314,731 $ 3,144,218 F. COMPREHENSIVE EARNINGS Comprehensive (loss) earnings include net (loss) earnings plus unrealized (losses) gains on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings and comprehensive earnings, the Company used a 21% tax rate. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) of $(3,288,000) and $ fo nine September 30, 2022 2021 The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Nine-Months Ended September 30, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification (12,370,634 ) (1,729,126 ) Amount reclassified from accumulated other comprehensive loss 496 (97,384 ) Net current period other comprehensive loss (12,370,138 ) (1,826,510 ) Ending balance $ (9,450,111 ) $ 3,693,581 The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements. Three-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (748,597 ) $ 157,205 $ (591,392 ) Reclassification adjustment for losses (gains) included in net earnings — — — (113,397 ) 23,814 (89,583 ) Total other comprehensive loss $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (861,994 ) $ 181,019 $ (680,975 ) Nine-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (15,659,030 ) $ 3,288,396 $ (12,370,634 ) $ (2,188,767 ) $ 459,641 $ (1,729,126 ) Reclassification adjustment for losses (gains) included in net earnings 628 (132 ) 496 (123,271 ) 25,887 (97,384 ) Total other comprehensive loss $ (15,658,402 ) $ 3,288,264 $ (12,370,138 ) $ (2,312,038 ) $ 485,528 $ (1,826,510 ) The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented: Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Nine-Month Periods Ended Details about Accumulated Other September 30, September 30, Affected Line Item in the Statement Comprehensive Earnings Component 2022 2021 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ — $ (113,397 ) $ 628 $ (123,271 ) Net realized investment (gains) — 23,814 (132 ) 25,887 Income tax expense Total reclassification adjustment, net of tax $ — $ (89,583 ) $ 496 $ (97,384 ) G. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The ongoing COVID- 19 |
Note 2 - Investments
Note 2 - Investments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. INVESTMENTS The Company’s investments are primarily composed of fixed income debt securities and common and preferred equity securities. We carry our equity securities at fair value and categorize all our fixed maturity debt securities as available-for-sale (AFS), which are carried at fair value. When available, quoted market prices are obtained to determine fair value for the Company’s investments. If a quoted market price is not no 3 Note 3 Fair Value Disclosures not Available-for-Sale Fixed Maturity and Equity Securities The following tables are a summary of the proceeds from sales, maturities, and calls of AFS fixed maturity and equity securities and the related gross realized gains and losses. For the Three-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 1,185,955 $ — $ — $ — Common stocks 600,120 112,306 (59,628 ) 52,678 Preferred stocks 242,844 1,004 (12,476 ) (11,472 ) 2021 Fixed maturity securities $ 5,737,579 $ 113,397 $ — $ 113,397 Common stocks 769,346 198,390 (24,333 ) 174,057 Preferred stocks — — — — For the Nine-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 13,800,029 $ 105,918 $ (106,546 ) $ (628 ) Common stocks 3,976,938 1,052,648 (254,260 ) 798,388 Preferred stocks 646,552 8,749 (20,909 ) (12,160 ) 2021 Fixed maturity securities $ 11,921,877 $ 132,853 $ (9,582 ) $ 123,271 Common stocks 2,734,181 753,159 (90,072 ) 663,087 Preferred stocks 340,523 37,711 — 37,711 The amortized cost and estimated fair value of fixed income securities at September 30, 2022 Amortized Cost Fair Value Due in one year or less $ 1,595,530 $ 1,584,923 Due after one year through five years 15,569,947 14,762,906 Due after five years through 10 years 19,819,683 17,066,596 Due after 10 years 26,662,556 21,602,374 Asset and mortgage backed securities without a specific due date 39,826,320 36,504,808 Redeemable preferred stocks 215,805 206,152 Total fixed maturity securities $ 103,689,841 $ 91,727,759 Expected maturities may The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at September 30, 2022 December 31, 2021 Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,352,998 $ 1,245,719 $ — $ (107,279 ) MBS/ABS/CMBS 39,826,320 36,504,807 579 (3,322,092 ) Corporate 40,797,326 36,080,909 10,194 (4,726,611 ) Municipal 21,497,392 17,690,172 41,619 (3,848,839 ) Redeemable preferred stock 215,805 206,152 1,320 (10,973 ) Total fixed maturity securities $ 103,689,841 $ 91,727,759 $ 53,712 $ (12,015,794 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2021 Fixed maturity securities: U.S. Treasury $ 1,352,044 $ 1,345,992 $ 11,276 $ (17,328 ) MBS/ABS/CMBS 40,712,275 41,023,871 607,483 (295,887 ) Corporate 38,959,905 41,206,964 2,434,738 (187,679 ) Municipal 20,905,194 22,031,831 1,149,998 (23,361 ) Redeemable preferred stock 215,805 232,885 17,080 — Total fixed maturity securities $ 102,145,223 $ 105,841,543 $ 4,220,575 $ (524,255 ) All the Company’s collateralized securities carry an average credit rating of AA+ by one Note 3 Fair Value Disclosures, September 30, 2022 December 31, 2021 ANALYSIS The following tables are also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ 613,609 $ 632,109 $ 1,245,718 $ 391,250 $ 291,891 $ 683,141 Amortized cost 652,633 700,364 1,352,997 400,408 300,061 700,469 Unrealized loss (39,024 ) (68,255 ) (107,279 ) (9,158 ) (8,170 ) (17,328 ) MBS/ABS/CMBS Fair value 27,169,391 9,308,869 36,478,260 20,403,757 1,124,095 21,527,852 Amortized cost 29,014,459 10,785,893 39,800,352 20,647,568 1,176,171 21,823,739 Unrealized loss (1,845,068 ) (1,477,024 ) (3,322,092 ) (243,811 ) (52,076 ) (295,887 ) Corporate Fair value 30,368,813 4,359,237 34,728,050 6,428,166 995,235 7,423,401 Amortized cost 33,917,388 5,537,273 39,454,661 6,590,227 1,020,853 7,611,080 Unrealized loss (3,548,575 ) (1,178,036 ) (4,726,611 ) (162,061 ) (25,618 ) (187,679 ) Municipal Fair value 14,034,490 581,522 14,616,012 2,676,052 269,247 2,945,299 Amortized cost 17,691,796 773,055 18,464,851 2,695,269 273,391 2,968,660 Unrealized loss (3,657,306 ) (191,533 ) (3,848,839 ) (19,217 ) (4,144 ) (23,361 ) Redeemable preferred stock Fair value 135,922 — 135,922 — — — Cost 146,895 — 146,895 — — — Unrealized loss (10,973 ) — (10,973 ) — — — Total Fair value 72,322,225 14,881,737 87,203,962 29,899,225 2,680,468 32,579,693 Amortized cost 81,423,171 17,796,585 99,219,756 30,333,472 2,770,476 33,103,948 Unrealized loss (9,100,946 ) $ (2,914,848 ) $ (12,015,794 ) $ (434,247 ) $ (90,008 ) $ (524,255 ) The fixed income portfolio contained 242 securities in an unrealized loss position as of September 30, 2022 12 not not not There were no nine September 30, 2022 September 30, 2021 September 30, 2022 not may not September 30, 2022 December 31, 2021 UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES Net unrealized (losses) recognized during the three nine September 30, 2022 September 30, 2022 three nine September 30, 2021 September 30, 2021 Other Invested Assets Other invested assets as of September 30, 2022 December 31, 2021 Other invested assets as of September 30, 2022 December 31, 2021 nine September 30, 2022 December 31, 2021 no September 30, 2022 December 31, 2021 In addition, other invested assets include a membership in the Federal Home Loan Bank of Chicago (FHLBC) with a carrying value of $425,000 and $300,000 as of September 30, 2022 December 31, 2021 In November 2021, may September 30, 2022 December 31, 2021 no |
Note 3 - Fair Value Disclosures
Note 3 - Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. FAIR VALUE DISCLOSURES Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. The fair value of certain financial instruments is determined based on their underlying characteristics and relevant transactions in the marketplace. GAAP guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance also describes three may The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level: ● Level 1 ● Level 2 ● Level 3 one As a part of the process to determine fair value, management utilizes widely recognized, third third Corporate, Agencies, and Municipal Bonds two 2. 2. Mortgage-backed Securities (MBS), Collateralized Mortgage Obligations (CMO), Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS) 2. 2. U.S. Treasury Bonds, Common Stocks and Exchange Traded Funds 1 1. Preferred Stock not not 2. 2. Due to the relatively short-term nature of cash and cash equivalents, their carrying amounts are reasonable estimates of fair value. Other invested assets include notes receivable, stock, and a membership in the Federal Home Loan Bank of Chicago (FHLBC). Notes receivable are carried at outstanding balance plus accrued interest. Stock and the membership in FHLBC are carried at cost. Assets measured at fair value on a recurring basis as of September 30, 2022 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,245,719 $ — $ — $ 1,245,719 MBS/ABS/CMBS — 36,504,807 — 36,504,807 Corporate — 36,080,909 — 36,080,909 Municipal — 17,690,172 — 17,690,172 Redeemable preferred stocks — 206,152 — 206,152 Total fixed maturity securities 1,245,719 90,482,040 — 91,727,759 Equity securities Common stocks 17,763,670 — — 17,763,670 Perpetual preferred stocks — 2,762,210 — 2,762,210 Total equity securities 17,763,670 2,762,210 — 20,525,880 Total marketable investments measured at fair value $ 19,009,389 $ 93,244,250 $ — $ 112,253,639 Assets measured at fair value on a recurring basis as of December 31, 2021 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,345,992 $ — $ — $ 1,345,992 MBS/ABS/CMBS — 41,023,871 — 41,023,871 Corporate — 41,206,964 — 41,206,964 Municipal — 22,031,831 — 22,031,831 Redeemable preferred stocks — 232,885 — 232,885 Total fixed maturity securities 1,345,992 104,495,551 — 105,841,543 Equity securities Common stocks 23,608,197 — — 23,608,197 Perpetual preferred stocks — 2,780,450 — 2,780,450 Total equity securities 23,608,197 2,780,450 — 26,388,647 Total marketable investments measured at fair value $ 24,954,189 $ 107,276,001 $ — $ 132,230,190 As noted in the previous tables, the Company did not 3 September 30, 2022 December 31, 2021 1 2 nine September 30, 2022 2021 |
Note 4 - Debt
Note 4 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. DEBT Debt Obligation Debt Obligations As of September 30, 2022 December 31, 2021 ICC Holdings, Inc. secured a loan with a commercial bank in March 2017 five April 2022, The Company also has borrowing capacity of $42.0 million, which is 25% of net admitted statutory assets of Illinois Casualty Company as of the prior year-end. As part of the Company’s response to COVID- 19, March 2020 five In May 2021 five A one May 2021. May 2022 five The Company has $18.8 million in bonds pledged as collateral for all FHLBC loans. Revolving Line of Credit We increased our revolving line of credit with a commercial bank from $2.0 million to $4.0 million in July 2022. July 2023. September 30, 2022 no nine September 30, 2022 2021 |
Note 5 - Reinsurance
Note 5 - Reinsurance | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | 5. REINSURANCE In the ordinary course of business, the Company assumes and cedes premiums and selected insured risks with other insurance companies, known as reinsurance. A large portion of the reinsurance is put into effect under contracts known as treaties and, in some instances, by negotiation on each individual risk (known as facultative reinsurance). In addition, there are several types of treaties including quota share, excess of loss and catastrophe reinsurance contracts that protect against losses over stipulated amounts arising from any one Through the purchase of reinsurance, the Company also generally limits its net loss on any individual risk to a maximum of $1,000,000 for casualty and workers’ compensation business and $750,000 for property, although certain treaties contain an annual aggregate deductible before reinsurance applies. Premiums, written and earned, along with losses and settlement expenses incurred for the periods presented is summarized as follows: Three-Month Periods Ended September 30, 2022 2021 WRITTEN Direct $ 20,900,412 $ 18,356,903 Reinsurance assumed 59,970 41,008 Reinsurance ceded (2,550,345 ) (2,812,181 ) Net $ 18,410,037 $ 15,585,730 EARNED Direct $ 20,224,145 $ 16,839,315 Reinsurance assumed 54,569 37,998 Reinsurance ceded (2,554,273 ) (2,797,918 ) Net $ 17,724,441 $ 14,079,395 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 11,226,504 $ 11,186,326 Reinsurance assumed 20,590 16,452 Reinsurance ceded (860,570 ) (2,388,256 ) Net $ 10,386,524 $ 8,814,522 Nine-Month Periods Ended September 30, 2022 2021 WRITTEN Direct $ 61,695,027 $ 52,045,372 Reinsurance assumed 129,328 34,661 Reinsurance ceded (7,087,338 ) (8,183,606 ) Net $ 54,737,017 $ 43,896,427 EARNED Direct $ 57,720,789 $ 46,897,960 Reinsurance assumed 122,048 49,958 Reinsurance ceded (7,077,077 ) (8,087,003 ) Net $ 50,765,760 $ 38,860,915 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 39,364,381 $ 33,992,513 Reinsurance assumed 68,283 26,703 Reinsurance ceded (5,042,334 ) (8,737,708 ) Net $ 34,390,330 $ 25,281,508 |
Note 6 - Unpaid Losses and Sett
Note 6 - Unpaid Losses and Settlement Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 6. UNPAID LOSSES AND SETTLEMENT EXPENSES The following table is a reconciliation of the Company’s unpaid losses and settlement expenses: For the Three-Months Ended September 30, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 70,381 $ 63,858 Less: Ceded 15,527 15,918 Net 54,854 47,940 Increase in incurred losses and settlement expense: Current year 9,825 8,582 Prior years 562 233 Total incurred 10,387 8,815 Deduct: Loss and settlement expense payments for claims incurred: Current year 5,758 5,384 Prior years 5,620 4,557 Total paid 11,378 9,941 Net unpaid losses and settlement expense - end of the period 53,862 46,815 Plus: Reinsurance recoverable on unpaid losses 14,768 14,476 Gross unpaid losses and settlement expense - end of the period $ 68,630 $ 61,291 For the Nine-Months Ended September 30, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 61,835 $ 61,576 Less: Ceded 14,521 13,020 Net 47,314 48,556 Increase in incurred losses and settlement expense: Current year 29,309 23,818 Prior years 5,081 1,464 Total incurred 34,390 25,282 Deduct: Loss and settlement expense payments for claims incurred: Current year 11,752 10,195 Prior years 16,089 16,829 Total paid 27,841 27,024 Net unpaid losses and settlement expense - end of the period 53,862 46,815 Plus: Reinsurance recoverable on unpaid losses 14,768 14,476 Gross unpaid losses and settlement expense - end of the period $ 68,630 $ 61,291 For the nine September 30, 2022 2021 nine September 30, 2022 2020; one 2017; one 2021; two 2020; one nine September 30, 2021 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The Company’s effective tax rate for the nine September 30, 2022 2021 Income tax expense for the nine September 30, 2022 2021 For the Three-Months Ended September 30, 2022 2021 Provision for income taxes at the statutory federal tax rates $ 170,279 $ 114,800 Increase (reduction) in taxes resulting from: Dividends received deduction (10,010 ) (8,657 ) Tax-exempt interest income (12,011 ) (14,890 ) Proration of tax-exempt interest and dividends received deduction (2,217 ) 5,685 Nondeductible expenses 32,766 25,302 Officer life insurance, net 2,307 165 Total $ 181,114 $ 122,405 For the Nine-Months Ended September 30, 2022 2021 Provision for income taxes at the statutory federal tax rates $ (974,378 ) $ 575,332 Increase (reduction) in taxes resulting from: Dividends received deduction (32,408 ) (24,732 ) Tax-exempt interest income (38,323 ) (44,437 ) Proration of tax-exempt interest and dividends received deduction 9,581 16,748 Nondeductible expenses 60,177 67,397 Officer life insurance, net (5,375 ) 498 Total $ (980,726 ) $ 590,806 Management believes it is more likely than not As of September 30, 2022 December 31, 2021 not 2018 2022 December 31, 2021 September 30, 2022 no |
Note 8 - Employee Benefits
Note 8 - Employee Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. EMPLOYEE BENEFITS ESOP In connection with our conversion and public offering, we established an ESOP. The ESOP borrowed from the Company to purchase 350,000 shares in the offering. The issuance of the shares to the ESOP resulted in a contra account established in the equity section of the balance sheet for the unallocated shares at an amount equal to their $10.00 per share purchase price. The Company may nine September 30, 2022 2021 No A compensation expense charge is booked monthly during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For the nine September 30, 2022 ted to shares of our c December 31, 2022 nine September 30, 2021 December 31, 2021 RESTRICTED STOCK UNITS Restricted stock units (RSUs) were granted for the first February 2018 April one third three first September 30, 2022 December 31, 2021 RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 $ 259,059 $ 13.30 Granted 219,945 17.05 Vested (151,575 ) 13.63 Nonvested at September 30, 2022 $ 327,429 $ 15.40 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. SUBSEQUENT EVENTS Subsequent events have been evaluated through the date the financial statements were issued. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10 not 10 December 31, 2021 2021 10 not September 30, 2022 not The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | D. PROSPECTIVE ACCOUNTING STANDARDS For information regarding accounting standards that the Company has not Note 1 Summary of Significant Accounting Policies 2021 10 2012 107 107 2 3 10 December 31, 2022. ASU 2016 13 January 1, 2023. |
Property, Plant and Equipment, Policy [Policy Text Block] | E. PROPERTY AND EQUIPMENT Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended September 30, 2022 2021 no As of September 30, December 31, 2022 2021 Automobiles $ 637,306 $ 507,889 Furniture and fixtures 516,413 512,268 Computer equipment and software 4,643,990 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,814,707 9,387,273 Accumulated depreciation (6,499,976 ) (6,243,055 ) Net property and equipment $ 3,314,731 $ 3,144,218 |
Comprehensive Income, Policy [Policy Text Block] | F. COMPREHENSIVE EARNINGS Comprehensive (loss) earnings include net (loss) earnings plus unrealized (losses) gains on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings and comprehensive earnings, the Company used a 21% tax rate. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) of $(3,288,000) and $ fo nine September 30, 2022 2021 The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Nine-Months Ended September 30, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification (12,370,634 ) (1,729,126 ) Amount reclassified from accumulated other comprehensive loss 496 (97,384 ) Net current period other comprehensive loss (12,370,138 ) (1,826,510 ) Ending balance $ (9,450,111 ) $ 3,693,581 The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements. Three-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (748,597 ) $ 157,205 $ (591,392 ) Reclassification adjustment for losses (gains) included in net earnings — — — (113,397 ) 23,814 (89,583 ) Total other comprehensive loss $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (861,994 ) $ 181,019 $ (680,975 ) Nine-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (15,659,030 ) $ 3,288,396 $ (12,370,634 ) $ (2,188,767 ) $ 459,641 $ (1,729,126 ) Reclassification adjustment for losses (gains) included in net earnings 628 (132 ) 496 (123,271 ) 25,887 (97,384 ) Total other comprehensive loss $ (15,658,402 ) $ 3,288,264 $ (12,370,138 ) $ (2,312,038 ) $ 485,528 $ (1,826,510 ) The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented: Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Nine-Month Periods Ended Details about Accumulated Other September 30, September 30, Affected Line Item in the Statement Comprehensive Earnings Component 2022 2021 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ — $ (113,397 ) $ 628 $ (123,271 ) Net realized investment (gains) — 23,814 (132 ) 25,887 Income tax expense Total reclassification adjustment, net of tax $ — $ (89,583 ) $ 496 $ (97,384 ) |
Risk And Uncertainties [Policy Text Block] | G. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The ongoing COVID- 19 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of September 30, December 31, 2022 2021 Automobiles $ 637,306 $ 507,889 Furniture and fixtures 516,413 512,268 Computer equipment and software 4,643,990 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,814,707 9,387,273 Accumulated depreciation (6,499,976 ) (6,243,055 ) Net property and equipment $ 3,314,731 $ 3,144,218 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Nine-Months Ended September 30, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification (12,370,634 ) (1,729,126 ) Amount reclassified from accumulated other comprehensive loss 496 (97,384 ) Net current period other comprehensive loss (12,370,138 ) (1,826,510 ) Ending balance $ (9,450,111 ) $ 3,693,581 |
Comprehensive Income (Loss) [Table Text Block] | Three-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (748,597 ) $ 157,205 $ (591,392 ) Reclassification adjustment for losses (gains) included in net earnings — — — (113,397 ) 23,814 (89,583 ) Total other comprehensive loss $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (861,994 ) $ 181,019 $ (680,975 ) Nine-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (15,659,030 ) $ 3,288,396 $ (12,370,634 ) $ (2,188,767 ) $ 459,641 $ (1,729,126 ) Reclassification adjustment for losses (gains) included in net earnings 628 (132 ) 496 (123,271 ) 25,887 (97,384 ) Total other comprehensive loss $ (15,658,402 ) $ 3,288,264 $ (12,370,138 ) $ (2,312,038 ) $ 485,528 $ (1,826,510 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Nine-Month Periods Ended Details about Accumulated Other September 30, September 30, Affected Line Item in the Statement Comprehensive Earnings Component 2022 2021 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ — $ (113,397 ) $ 628 $ (123,271 ) Net realized investment (gains) — 23,814 (132 ) 25,887 Income tax expense Total reclassification adjustment, net of tax $ — $ (89,583 ) $ 496 $ (97,384 ) |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Realized Gain (Loss) [Table Text Block] | For the Three-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 1,185,955 $ — $ — $ — Common stocks 600,120 112,306 (59,628 ) 52,678 Preferred stocks 242,844 1,004 (12,476 ) (11,472 ) 2021 Fixed maturity securities $ 5,737,579 $ 113,397 $ — $ 113,397 Common stocks 769,346 198,390 (24,333 ) 174,057 Preferred stocks — — — — For the Nine-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 13,800,029 $ 105,918 $ (106,546 ) $ (628 ) Common stocks 3,976,938 1,052,648 (254,260 ) 798,388 Preferred stocks 646,552 8,749 (20,909 ) (12,160 ) 2021 Fixed maturity securities $ 11,921,877 $ 132,853 $ (9,582 ) $ 123,271 Common stocks 2,734,181 753,159 (90,072 ) 663,087 Preferred stocks 340,523 37,711 — 37,711 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Due in one year or less $ 1,595,530 $ 1,584,923 Due after one year through five years 15,569,947 14,762,906 Due after five years through 10 years 19,819,683 17,066,596 Due after 10 years 26,662,556 21,602,374 Asset and mortgage backed securities without a specific due date 39,826,320 36,504,808 Redeemable preferred stocks 215,805 206,152 Total fixed maturity securities $ 103,689,841 $ 91,727,759 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,352,998 $ 1,245,719 $ — $ (107,279 ) MBS/ABS/CMBS 39,826,320 36,504,807 579 (3,322,092 ) Corporate 40,797,326 36,080,909 10,194 (4,726,611 ) Municipal 21,497,392 17,690,172 41,619 (3,848,839 ) Redeemable preferred stock 215,805 206,152 1,320 (10,973 ) Total fixed maturity securities $ 103,689,841 $ 91,727,759 $ 53,712 $ (12,015,794 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2021 Fixed maturity securities: U.S. Treasury $ 1,352,044 $ 1,345,992 $ 11,276 $ (17,328 ) MBS/ABS/CMBS 40,712,275 41,023,871 607,483 (295,887 ) Corporate 38,959,905 41,206,964 2,434,738 (187,679 ) Municipal 20,905,194 22,031,831 1,149,998 (23,361 ) Redeemable preferred stock 215,805 232,885 17,080 — Total fixed maturity securities $ 102,145,223 $ 105,841,543 $ 4,220,575 $ (524,255 ) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | September 30, 2022 December 31, 2021 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ 613,609 $ 632,109 $ 1,245,718 $ 391,250 $ 291,891 $ 683,141 Amortized cost 652,633 700,364 1,352,997 400,408 300,061 700,469 Unrealized loss (39,024 ) (68,255 ) (107,279 ) (9,158 ) (8,170 ) (17,328 ) MBS/ABS/CMBS Fair value 27,169,391 9,308,869 36,478,260 20,403,757 1,124,095 21,527,852 Amortized cost 29,014,459 10,785,893 39,800,352 20,647,568 1,176,171 21,823,739 Unrealized loss (1,845,068 ) (1,477,024 ) (3,322,092 ) (243,811 ) (52,076 ) (295,887 ) Corporate Fair value 30,368,813 4,359,237 34,728,050 6,428,166 995,235 7,423,401 Amortized cost 33,917,388 5,537,273 39,454,661 6,590,227 1,020,853 7,611,080 Unrealized loss (3,548,575 ) (1,178,036 ) (4,726,611 ) (162,061 ) (25,618 ) (187,679 ) Municipal Fair value 14,034,490 581,522 14,616,012 2,676,052 269,247 2,945,299 Amortized cost 17,691,796 773,055 18,464,851 2,695,269 273,391 2,968,660 Unrealized loss (3,657,306 ) (191,533 ) (3,848,839 ) (19,217 ) (4,144 ) (23,361 ) Redeemable preferred stock Fair value 135,922 — 135,922 — — — Cost 146,895 — 146,895 — — — Unrealized loss (10,973 ) — (10,973 ) — — — Total Fair value 72,322,225 14,881,737 87,203,962 29,899,225 2,680,468 32,579,693 Amortized cost 81,423,171 17,796,585 99,219,756 30,333,472 2,770,476 33,103,948 Unrealized loss (9,100,946 ) $ (2,914,848 ) $ (12,015,794 ) $ (434,247 ) $ (90,008 ) $ (524,255 ) |
Note 3 - Fair Value Disclosur_2
Note 3 - Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,245,719 $ — $ — $ 1,245,719 MBS/ABS/CMBS — 36,504,807 — 36,504,807 Corporate — 36,080,909 — 36,080,909 Municipal — 17,690,172 — 17,690,172 Redeemable preferred stocks — 206,152 — 206,152 Total fixed maturity securities 1,245,719 90,482,040 — 91,727,759 Equity securities Common stocks 17,763,670 — — 17,763,670 Perpetual preferred stocks — 2,762,210 — 2,762,210 Total equity securities 17,763,670 2,762,210 — 20,525,880 Total marketable investments measured at fair value $ 19,009,389 $ 93,244,250 $ — $ 112,253,639 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,345,992 $ — $ — $ 1,345,992 MBS/ABS/CMBS — 41,023,871 — 41,023,871 Corporate — 41,206,964 — 41,206,964 Municipal — 22,031,831 — 22,031,831 Redeemable preferred stocks — 232,885 — 232,885 Total fixed maturity securities 1,345,992 104,495,551 — 105,841,543 Equity securities Common stocks 23,608,197 — — 23,608,197 Perpetual preferred stocks — 2,780,450 — 2,780,450 Total equity securities 23,608,197 2,780,450 — 26,388,647 Total marketable investments measured at fair value $ 24,954,189 $ 107,276,001 $ — $ 132,230,190 |
Note 5 - Reinsurance (Tables)
Note 5 - Reinsurance (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Effects of Reinsurance [Table Text Block] | Three-Month Periods Ended September 30, 2022 2021 WRITTEN Direct $ 20,900,412 $ 18,356,903 Reinsurance assumed 59,970 41,008 Reinsurance ceded (2,550,345 ) (2,812,181 ) Net $ 18,410,037 $ 15,585,730 EARNED Direct $ 20,224,145 $ 16,839,315 Reinsurance assumed 54,569 37,998 Reinsurance ceded (2,554,273 ) (2,797,918 ) Net $ 17,724,441 $ 14,079,395 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 11,226,504 $ 11,186,326 Reinsurance assumed 20,590 16,452 Reinsurance ceded (860,570 ) (2,388,256 ) Net $ 10,386,524 $ 8,814,522 Nine-Month Periods Ended September 30, 2022 2021 WRITTEN Direct $ 61,695,027 $ 52,045,372 Reinsurance assumed 129,328 34,661 Reinsurance ceded (7,087,338 ) (8,183,606 ) Net $ 54,737,017 $ 43,896,427 EARNED Direct $ 57,720,789 $ 46,897,960 Reinsurance assumed 122,048 49,958 Reinsurance ceded (7,077,077 ) (8,087,003 ) Net $ 50,765,760 $ 38,860,915 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 39,364,381 $ 33,992,513 Reinsurance assumed 68,283 26,703 Reinsurance ceded (5,042,334 ) (8,737,708 ) Net $ 34,390,330 $ 25,281,508 |
Note 6 - Unpaid Losses and Se_2
Note 6 - Unpaid Losses and Settlement Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | For the Three-Months Ended September 30, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 70,381 $ 63,858 Less: Ceded 15,527 15,918 Net 54,854 47,940 Increase in incurred losses and settlement expense: Current year 9,825 8,582 Prior years 562 233 Total incurred 10,387 8,815 Deduct: Loss and settlement expense payments for claims incurred: Current year 5,758 5,384 Prior years 5,620 4,557 Total paid 11,378 9,941 Net unpaid losses and settlement expense - end of the period 53,862 46,815 Plus: Reinsurance recoverable on unpaid losses 14,768 14,476 Gross unpaid losses and settlement expense - end of the period $ 68,630 $ 61,291 For the Nine-Months Ended September 30, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 61,835 $ 61,576 Less: Ceded 14,521 13,020 Net 47,314 48,556 Increase in incurred losses and settlement expense: Current year 29,309 23,818 Prior years 5,081 1,464 Total incurred 34,390 25,282 Deduct: Loss and settlement expense payments for claims incurred: Current year 11,752 10,195 Prior years 16,089 16,829 Total paid 27,841 27,024 Net unpaid losses and settlement expense - end of the period 53,862 46,815 Plus: Reinsurance recoverable on unpaid losses 14,768 14,476 Gross unpaid losses and settlement expense - end of the period $ 68,630 $ 61,291 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Three-Months Ended September 30, 2022 2021 Provision for income taxes at the statutory federal tax rates $ 170,279 $ 114,800 Increase (reduction) in taxes resulting from: Dividends received deduction (10,010 ) (8,657 ) Tax-exempt interest income (12,011 ) (14,890 ) Proration of tax-exempt interest and dividends received deduction (2,217 ) 5,685 Nondeductible expenses 32,766 25,302 Officer life insurance, net 2,307 165 Total $ 181,114 $ 122,405 For the Nine-Months Ended September 30, 2022 2021 Provision for income taxes at the statutory federal tax rates $ (974,378 ) $ 575,332 Increase (reduction) in taxes resulting from: Dividends received deduction (32,408 ) (24,732 ) Tax-exempt interest income (38,323 ) (44,437 ) Proration of tax-exempt interest and dividends received deduction 9,581 16,748 Nondeductible expenses 60,177 67,397 Officer life insurance, net (5,375 ) 498 Total $ (980,726 ) $ 590,806 |
Note 8 - Employee Benefits (Tab
Note 8 - Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 $ 259,059 $ 13.30 Granted 219,945 17.05 Vested (151,575 ) 13.63 Nonvested at September 30, 2022 $ 327,429 $ 15.40 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||
Other Comprehensive Income (Loss) Taxes | $ 3,288,000 | $ 486,000 | ||
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ILLINOIS | ||||
Concentration Risk, Percentage | 20.30% | 22.10% | 22.20% | 23.90% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Cost | $ 9,814,707 | $ 9,387,273 |
Accumulated depreciation | (6,499,976) | (6,243,055) |
Net property and equipment | 3,314,731 | 3,144,218 |
Automobiles [Member] | ||
Cost | 637,306 | 507,889 |
Furniture and Fixtures [Member] | ||
Cost | 516,413 | 512,268 |
Computer Equipment [Member] | ||
Cost | 4,643,990 | 4,350,118 |
Home Office [Member] | ||
Cost | $ 4,016,998 | $ 4,016,998 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 74,703,914 | $ 72,743,689 |
Balance | 56,649,168 | 73,370,862 |
AOCI Attributable to Parent [Member] | ||
Balance | 2,920,027 | 5,520,091 |
Other comprehensive loss before reclassification | (12,370,634) | (1,729,126) |
Amount reclassified from accumulated other comprehensive loss | 496 | (97,384) |
Net current period other comprehensive loss | (12,370,138) | (1,826,510) |
Balance | $ (9,450,111) | $ 3,693,581 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Other Comprehensive Earnings (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Unrealized holding losses arising during the period, pre tax | $ (4,315,110) | $ (748,597) | $ (15,659,030) | $ (2,188,767) |
Unrealized holding losses arising during the period, tax | 906,173 | 157,205 | (3,288,396) | (459,641) |
Unrealized holding losses arising during the period, after tax | (3,408,937) | (591,392) | (12,370,634) | (1,729,126) |
Reclassification adjustment for losses (gains) included in net earnings, pre-tax | 0 | (113,397) | 628 | (123,271) |
Reclassification adjustment for losses (gains) included in net earnings, tax | 0 | 23,814 | 132 | (25,887) |
Reclassification adjustment for losses (gains) included in net earnings, after-tax | 0 | (89,583) | 496 | (97,384) |
Total other comprehensive loss, pre tax | (4,315,110) | (861,994) | (15,658,402) | (2,312,038) |
Total other comprehensive loss, tax | 906,173 | 181,019 | (3,288,264) | (485,528) |
Total other comprehensive loss, after tax | (3,408,937) | (680,975) | (12,370,138) | (1,826,510) |
Unrealized holding losses arising during the period, tax | (906,173) | (157,205) | 3,288,396 | 459,641 |
Reclassification adjustment for losses (gains) included in net earnings, pre-tax | 0 | 113,397 | (628) | 123,271 |
Reclassification adjustment for losses (gains) included in net earnings, tax | 0 | (23,814) | (132) | 25,887 |
Total other comprehensive loss, tax | $ (906,173) | $ (181,019) | $ 3,288,264 | $ 485,528 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Reclassifications from Accumulated Other comprehensive Earnings (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net realized investment gains | $ (41,206) | $ (287,455) | $ (785,600) | $ (824,070) |
Income Tax Expense (Benefit), Total | (181,114) | (122,405) | 980,726 | (590,806) |
Total reclassification adjustment, net of tax | (629,740) | (424,263) | 3,659,167 | (2,148,870) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Total reclassification adjustment, net of tax | 0 | (89,583) | 496 | (97,384) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Net realized investment gains | 0 | (113,397) | 628 | (123,271) |
Income Tax Expense (Benefit), Total | $ 0 | $ 23,814 | $ (132) | $ 25,887 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Nov. 30, 2021 USD ($) | |
Debt Securities, Available-for-Sale, Total | $ 91,727,759 | $ 91,727,759 | $ 105,841,543 | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 242 | 242 | ||||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 33 | 33 | ||||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,914,848 | $ 2,914,848 | 90,008 | |||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | 0 | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | (1,084,289) | $ (212,136) | (6,181,492) | $ 1,392,999 | ||
Other Investments, Total | 4,556,769 | 4,556,769 | 3,086,568 | |||
Federal Home Loan Bank of Chicago [Member] | ||||||
Other Investments, Total | 425,000 | 425,000 | 300,000 | |||
Notes Receivable [Member] | ||||||
Other Investments, Total | 843,878 | 843,878 | 1,066,066 | |||
Privately Help Investments [Member] | ||||||
Other Investments, Total | 3,287,891 | 3,287,891 | 1,720,502 | |||
Notes Issued on July 30, 2019 [Member] | ||||||
Debt Instrument Accumulated Payments Received | 229,979 | 229,979 | ||||
Interest Receivable | 7,791 | 7,791 | ||||
Proceeds from Collection of Notes Receivable | 317,529 | |||||
Increase (Decrease) in Accrued Interest Receivable, Net | 12,075 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 0 | $ 0 | 0 | |||
Notes Issued on July 30, 2019 [Member] | Minimum [Member] | ||||||
Financing Receivable, Interest Rate | 3.90% | |||||
Notes Issued on July 30, 2019 [Member] | Maximum [Member] | ||||||
Financing Receivable, Interest Rate | 6.50% | |||||
Private Investment Fund [Member] | ||||||
Other Investments, Total | $ 10,000,000 | |||||
Asset-Backed Securities [Member] | ||||||
Debt Securities, Available-for-Sale, Total | 10,897,742 | $ 10,897,742 | 14,351,099 | |||
Residential Mortgage-Backed Securities [Member] | ||||||
Debt Securities, Available-for-Sale, Total | 16,488,927 | 16,488,927 | 14,975,101 | |||
Commercial Mortgage-Backed Securities [Member] | ||||||
Debt Securities, Available-for-Sale, Total | $ 9,118,138 | $ 9,118,138 | $ 11,697,671 |
Note 2 - Investments - Summary
Note 2 - Investments - Summary of Proceeds from Investments and Related Gross Realized Gains and Losses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fixed Income Securities [Member] | ||||
Fixed maturity securities, proceeds | $ 1,185,955 | $ 5,737,579 | $ 13,800,029 | $ 11,921,877 |
Fixed maturity securities, realized gains | 0 | 113,397 | 105,918 | 132,853 |
Fixed maturity securities, realized losses | 0 | 0 | (106,546) | (9,582) |
Fixed maturity securities, net realized gains (losses) | 0 | 113,397 | (628) | 123,271 |
Common Stock [Member] | ||||
Equity securities, proceeds | 600,120 | 769,346 | 3,976,938 | 2,734,181 |
Equity securities, realized gains | 112,306 | 198,390 | 1,052,648 | 753,159 |
Equity securities, realized losses | (59,628) | (24,333) | (254,260) | (90,072) |
Equity securities, net realized gains (losses) | 52,678 | 174,057 | 798,388 | 663,087 |
Preferred Stock [Member] | ||||
Equity securities, proceeds | 242,844 | 0 | 646,552 | 340,523 |
Equity securities, realized gains | 1,004 | 0 | 8,749 | 37,711 |
Equity securities, realized losses | (12,476) | 0 | (20,909) | 0 |
Equity securities, net realized gains (losses) | $ 11,472 | $ 0 | $ (12,160) | $ 37,711 |
Note 2 - Investments - Contract
Note 2 - Investments - Contractual Maturity of Fixed Income Securities (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Due in one year or less, amortized cost | $ 1,595,530 | |
Due in one year or less, fair value | 1,584,923 | |
Due after one year through five years, amortized cost | 15,569,947 | |
Due after one year through five years, fair value | 14,762,906 | |
Due after five years through 10 years, amortized cost | 19,819,683 | |
Due after five years through 10 years, fair value | 17,066,596 | |
Due after 10 years, amortized cost | 26,662,556 | |
Due after 10 years, fair value | 21,602,374 | |
Total fixed maturity securities, amortized cost | 103,689,841 | $ 102,145,223 |
Total fixed maturity securities, fair value | 91,727,759 | 105,841,543 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities without a specific due date, amortized cost | 39,826,320 | |
Securities without a specific due date, fair value | 36,504,808 | |
Redeemable Preferred Stock [Member] | ||
Securities without a specific due date, amortized cost | 215,805 | |
Securities without a specific due date, fair value | 206,152 | |
Total fixed maturity securities, amortized cost | 215,805 | 215,805 |
Total fixed maturity securities, fair value | $ 206,152 | $ 232,885 |
Note 2 - Investments - Schedule
Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 103,689,841 | $ 102,145,223 |
Debt Securities, Available-for-Sale, Total | 91,727,759 | 105,841,543 |
Gross Unrealized Gains | 53,712 | 4,220,575 |
Gross Unrealized Losses | (12,015,794) | (524,255) |
Fixed maturity securities, amortized cost | 103,689,841 | 102,145,223 |
US Treasury Securities [Member] | ||
Amortized Cost | 1,352,998 | 1,352,044 |
Debt Securities, Available-for-Sale, Total | 1,245,719 | 1,345,992 |
Gross Unrealized Gains | 0 | 11,276 |
Gross Unrealized Losses | (107,279) | (17,328) |
Fixed maturity securities, amortized cost | 1,352,998 | 1,352,044 |
MBS,ABS,CMBS [Member] | ||
Amortized Cost | 39,826,320 | 40,712,275 |
Debt Securities, Available-for-Sale, Total | 36,504,807 | 41,023,871 |
Gross Unrealized Gains | 579 | 607,483 |
Gross Unrealized Losses | (3,322,092) | (295,887) |
Fixed maturity securities, amortized cost | 39,826,320 | 40,712,275 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 40,797,326 | 38,959,905 |
Debt Securities, Available-for-Sale, Total | 36,080,909 | 41,206,964 |
Gross Unrealized Gains | 10,194 | 2,434,738 |
Gross Unrealized Losses | (4,726,611) | (187,679) |
Fixed maturity securities, amortized cost | 40,797,326 | 38,959,905 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 21,497,392 | 20,905,194 |
Debt Securities, Available-for-Sale, Total | 17,690,172 | 22,031,831 |
Gross Unrealized Gains | 41,619 | 1,149,998 |
Gross Unrealized Losses | (3,848,839) | (23,361) |
Fixed maturity securities, amortized cost | 21,497,392 | 20,905,194 |
Redeemable Preferred Stock [Member] | ||
Amortized Cost | 215,805 | 215,805 |
Debt Securities, Available-for-Sale, Total | 206,152 | 232,885 |
Gross Unrealized Gains | 1,320 | 17,080 |
Gross Unrealized Losses | (10,973) | 0 |
Fixed maturity securities, amortized cost | $ 215,805 | $ 215,805 |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value of Securities in Unrealized Loss Position (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Fair value, less than 12 Months | $ 72,322,225 | $ 29,899,225 |
Fair value, 12 months or longer | 14,881,737 | 2,680,468 |
Fair value | 87,203,962 | 32,579,693 |
Amortized cost, less than 12 Months | 81,423,171 | 30,333,472 |
Amortized cost, 12 months or longer | 17,796,585 | 2,770,476 |
Amortized cost | 99,219,756 | 33,103,948 |
Unrealized loss, less than 12 Months | (9,100,946) | (434,247) |
Unrealized loss, 12 months or longer | (2,914,848) | (90,008) |
Unrealized loss | (12,015,794) | (524,255) |
US Treasury Securities [Member] | ||
Fair value, less than 12 Months | 613,609 | 391,250 |
Fair value, 12 months or longer | 632,109 | 291,891 |
Fair value | 1,245,718 | 683,141 |
Amortized cost, less than 12 Months | 652,633 | 400,408 |
Amortized cost, 12 months or longer | 700,364 | 300,061 |
Amortized cost | 1,352,997 | 700,469 |
Unrealized loss, less than 12 Months | (39,024) | (9,158) |
Unrealized loss, 12 months or longer | (68,255) | (8,170) |
Unrealized loss | (107,279) | (17,328) |
MBS,ABS,CMBS [Member] | ||
Fair value, less than 12 Months | 27,169,391 | 20,403,757 |
Fair value, 12 months or longer | 9,308,869 | 1,124,095 |
Fair value | 36,478,260 | 21,527,852 |
Amortized cost, less than 12 Months | 29,014,459 | 20,647,568 |
Amortized cost, 12 months or longer | 10,785,893 | 1,176,171 |
Amortized cost | 39,800,352 | 21,823,739 |
Unrealized loss, less than 12 Months | (1,845,068) | (243,811) |
Unrealized loss, 12 months or longer | (1,477,024) | (52,076) |
Unrealized loss | (3,322,092) | (295,887) |
Corporate Debt Securities [Member] | ||
Fair value, less than 12 Months | 30,368,813 | 6,428,166 |
Fair value, 12 months or longer | 4,359,237 | 995,235 |
Fair value | 34,728,050 | 7,423,401 |
Amortized cost, less than 12 Months | 33,917,388 | 6,590,227 |
Amortized cost, 12 months or longer | 5,537,273 | 1,020,853 |
Amortized cost | 39,454,661 | 7,611,080 |
Unrealized loss, less than 12 Months | (3,548,575) | (162,061) |
Unrealized loss, 12 months or longer | (1,178,036) | (25,618) |
Unrealized loss | (4,726,611) | (187,679) |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, less than 12 Months | 14,034,490 | 2,676,052 |
Fair value, 12 months or longer | 581,522 | 269,247 |
Fair value | 14,616,012 | 2,945,299 |
Amortized cost, less than 12 Months | 17,691,796 | 2,695,269 |
Amortized cost, 12 months or longer | 773,055 | 273,391 |
Amortized cost | 18,464,851 | 2,968,660 |
Unrealized loss, less than 12 Months | (3,657,306) | (19,217) |
Unrealized loss, 12 months or longer | (191,533) | (4,144) |
Unrealized loss | (3,848,839) | (23,361) |
Redeemable Preferred Stock [Member] | ||
Fair value, less than 12 Months | 135,922 | 0 |
Fair value, 12 months or longer | 0 | 0 |
Fair value | 135,922 | 0 |
Amortized cost, less than 12 Months | 146,895 | 0 |
Amortized cost, 12 months or longer | 0 | 0 |
Amortized cost | 146,895 | 0 |
Unrealized loss, less than 12 Months | (10,973) | 0 |
Unrealized loss, 12 months or longer | 0 | 0 |
Unrealized loss | $ (10,973) | $ 0 |
Note 3 - Fair Value Disclosur_3
Note 3 - Fair Value Disclosures (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Fair Value Assets, Transfers Between Level 1 and 2 | $ 0 | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 3 - Fair Value Disclosur_4
Note 3 - Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Total | $ 91,727,759 | $ 105,841,543 |
Equity securities | 20,525,880 | 26,388,647 |
Total marketable investments measured at fair value | 112,253,639 | 132,230,190 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 1,245,719 | 1,345,992 |
Equity securities | 17,763,670 | 23,608,197 |
Total marketable investments measured at fair value | 19,009,389 | 24,954,189 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 90,482,040 | 104,495,551 |
Equity securities | 2,762,210 | 2,780,450 |
Total marketable investments measured at fair value | 93,244,250 | 107,276,001 |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Equity securities | 0 | 0 |
Total marketable investments measured at fair value | 0 | 0 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 1,245,719 | 1,345,992 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 1,245,719 | 1,345,992 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
MBS,ABS,CMBS [Member] | ||
Debt Securities, Available-for-Sale, Total | 36,504,807 | 41,023,871 |
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 36,504,807 | 41,023,871 |
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 36,080,909 | 41,206,964 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 36,080,909 | 41,206,964 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 17,690,172 | 22,031,831 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 17,690,172 | 22,031,831 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Redeemable Preferred Stock [Member] | ||
Debt Securities, Available-for-Sale, Total | 206,152 | 232,885 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 206,152 | 232,885 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Common Stock [Member] | ||
Equity securities | 17,763,670 | 23,608,197 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 17,763,670 | 23,608,197 |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Preferred Stock [Member] | ||
Equity securities | 2,762,210 | 2,780,450 |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 0 | 0 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 2,762,210 | 2,780,450 |
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | $ 0 | $ 0 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |||||||
May 31, 2022 | Apr. 30, 2022 | May 31, 2021 | Mar. 31, 2020 | Mar. 31, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | Jul. 31, 2022 | Dec. 31, 2021 | |
Long-Term Debt, Total | $ 15,000,000 | $ 18,500,000 | |||||||
Repayments of Long-Term Debt, Total | 8,455,342 | $ 4,007,552 | |||||||
Minimum [Member] | |||||||||
Adjusted Capital | 55,000,000 | ||||||||
Revolving Credit Facility [Member] | American Bank & Trust [Member] | |||||||||
Debt Instrument, Face Amount | $ 5,000,000 | ||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.36% | 0% | |||||||
Debt Instrument, Collateral Amount | $ 5,000,000 | ||||||||
Interest Expense, Total | 0 | $ 0 | |||||||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | |||||||||
Debt Instrument, Collateral Amount | 4,000,000 | ||||||||
Debt Covenant Adjusted Capital | $ 21,000,000 | ||||||||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Prime Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||||||||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member] | Prime Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Maximum [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | ||||||||
Federal Home Loan Bank of Chicago [Member] | |||||||||
Debt Instrument, Collateral Amount | $ 18,800,000 | ||||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 42,000,000 | ||||||||
Line of Credit Facility Maximum Borrowing Capacity Percent | 25% | ||||||||
Federal Home Loan Bank of Chicago [Member] | Federal Home Loan Bank Advances, One [Member] | |||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | ||||||||
Proceeds from FHLBank Borrowings, Financing Activities | $ 6,000,000 | ||||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 6,800,000 | ||||||||
Federal Home Loan Bank of Chicago [Member] | Federal Home Loan Bank Advances, Two [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.74% | ||||||||
Proceeds from FHLBank Borrowings, Financing Activities | $ 4,000,000 | ||||||||
Loans Payable [Member] | |||||||||
Debt Instrument, Face Amount | $ 3,500,000 | ||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | ||||||||
Debt Instrument, Collateral Amount | $ 1,000,000 | ||||||||
Repayments of Long-Term Debt, Total | $ 3,500,000 |
Note 5 - Reinsurance (Details T
Note 5 - Reinsurance (Details Textual) - Maximum [Member] | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Casualty Business [Member] | |
Reinsurance, Amount Retained, Per Life | $ 1,000,000 |
Property [Member] | |
Reinsurance Maximum Individual Risk | $ 750,000 |
Note 5 - Reinsurance - Summary
Note 5 - Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Direct | $ 20,900,412 | $ 18,356,903 | $ 61,695,027 | $ 52,045,372 |
Reinsurance assumed | 59,970 | 41,008 | 129,328 | 34,661 |
Reinsurance ceded | (2,550,345) | (2,812,181) | (7,087,338) | (8,183,606) |
Net | 18,410,037 | 15,585,730 | 54,737,017 | 43,896,427 |
Direct | 20,224,145 | 16,839,315 | 57,720,789 | 46,897,960 |
Reinsurance assumed | 54,569 | 37,998 | 122,048 | 49,958 |
Reinsurance ceded | (2,554,273) | (2,797,918) | (7,077,077) | (8,087,003) |
Net | 17,724,441 | 14,079,395 | 50,765,760 | 38,860,915 |
Direct | 11,226,504 | 11,186,326 | 39,364,381 | 33,992,513 |
Reinsurance assumed | 20,590 | 16,452 | 68,283 | 26,703 |
Reinsurance ceded | (860,570) | (2,388,256) | (5,042,334) | (8,737,708) |
Net | $ 10,386,524 | $ 8,814,522 | $ 34,390,330 | $ 25,281,508 |
Note 6 - Unpaid Losses and Se_3
Note 6 - Unpaid Losses and Settlement Expenses (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Prior Year Claims and Claims Adjustment Expense | $ 562,000 | $ 233,000 | $ 5,081,000 | $ 1,464,000 |
Note 6 - Unpaid Losses and Se_4
Note 6 - Unpaid Losses and Settlement Expenses - Reconciliation of Unpaid Losses and Settlement Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Unpaid losses and settlement expense - beginning of the period: | ||||
Gross | $ 70,381,000 | $ 63,858,000 | $ 61,834,809 | $ 61,576,000 |
Less: Ceded | 15,527,000 | 15,918,000 | 14,521,219 | 13,020,000 |
Net | 54,854,000 | 47,940,000 | 47,314,000 | 48,556,000 |
Increase in incurred losses and settlement expense: | ||||
Current year | 9,825,000 | 8,582,000 | 29,309,000 | 23,818,000 |
Prior years | 562,000 | 233,000 | 5,081,000 | 1,464,000 |
Total incurred | 10,387,000 | 8,815,000 | 34,390,000 | 25,282,000 |
Deduct: Loss and settlement expense payments for claims incurred: | ||||
Current year | 5,758,000 | 5,384,000 | 11,752,000 | 10,195,000 |
Prior years | 5,620,000 | 4,557,000 | 16,089,000 | 16,829,000 |
Total paid | 11,378,000 | 9,941,000 | 27,841,000 | 27,024,000 |
Net unpaid losses and settlement expense - end of the period | 53,862,000 | 46,815,000 | 53,862,000 | 46,815,000 |
Plus: Reinsurance recoverable on unpaid losses | 14,768,237 | 14,476,000 | 14,768,237 | 14,476,000 |
Gross unpaid losses and settlement expense - end of the period | $ 68,630,450 | $ 61,291,000 | $ 68,630,450 | $ 61,291,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.10% | 21.60% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | ||
Tax Credit Carryforward, Amount | $ 0 | $ 0 | |
Operating Loss Carryforwards, Total | $ 0 | $ 0 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Provision for income taxes at the statutory federal tax rates | $ 170,279 | $ 114,800 | $ (974,378) | $ 575,332 |
Increase (reduction) in taxes resulting from: | ||||
Dividends received deduction | (10,010) | (8,657) | (32,408) | (24,732) |
Tax-exempt interest income | (12,011) | (14,890) | (38,323) | (44,437) |
Proration of tax-exempt interest and dividends received deduction | (2,217) | 5,685 | 9,581 | 16,748 |
Nondeductible expenses | 32,766 | 25,302 | 60,177 | 67,397 |
Officer life insurance, net | 2,307 | 165 | (5,375) | 498 |
Total | 181,114 | 122,405 | (980,726) | 590,806 |
Provision for income taxes at the statutory federal tax rates | $ 170,279 | $ 114,800 | $ (974,378) | $ 575,332 |
Note 8 - Employee Benefits (Det
Note 8 - Employee Benefits (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 350,000 | ||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share) | $ 10 | ||
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 92,080 | $ 5,324 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 292,220 | $ 271,165 | |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares) | 17,530 | 17,530 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Payment Arrangement, Expense | $ 151,575 | $ 186,897 | |
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 0.33% |
Note 8 - Employee Benefits - Re
Note 8 - Employee Benefits - Restricted Stock Unit Activity (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Nonvested at December 31, 2021 (in shares) | shares | 259,059 |
Nonvested at December 31, 2021 (in dollars per share) | $ / shares | $ 13.30 |
Granted, Restricted Stock Units (in shares) | shares | 219,945 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 17.05 |
Vested, Restricted Stock Units (in shares) | shares | (151,575) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 13.63 |
Nonvested at September 30, 2022, Restricted Stock Units (in shares) | shares | 327,429 |
Nonvested at September 30, 2022, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.40 |