Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 07, 2023 | |
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 | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 $0.01 per share | |
Trading Symbol | ICCH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,142,963 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | |
Investments and cash: | |||
Fixed maturity securities (amortized cost of $109,091,632 at 6/30/2023 and $104,580,681 at 12/31/2022) | $ 98,953,186 | $ 93,388,971 | |
Other invested assets | 8,051,118 | 4,722,137 | |
Property held for investment, at cost, net of accumulated depreciation of $609,929 at 6/30/2023 and $609,282 at 12/31/2022 | 5,732,339 | 6,002,233 | |
Cash and cash equivalents | 3,534,468 | 3,139,986 | |
Total investments and cash | 140,034,879 | 130,464,839 | |
Accrued investment income | 856,953 | 791,812 | |
Premiums and reinsurance balances receivable, net of allowances for credit losses of $50,000 at 6/30/2023 and $50,000 at 12/31/2022 | 33,097,154 | 31,270,460 | |
Ceded unearned premiums | 754,514 | 947,851 | |
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for credit losses of $101,000 at 6/30/2023 and $0 at 12/31/2022 | 14,501,900 | 13,610,295 | |
Federal income taxes | 3,202,556 | 3,318,730 | |
Deferred policy acquisition costs, net | 8,082,500 | 7,167,036 | |
Property and equipment, at cost, net of accumulated depreciation of $6,802,079 at 6/30/2023 and $6,590,602 at 12/31/2022 | 3,329,784 | 3,313,719 | |
Other Assets, net of allowances for credit losses of $53,000 at 6/30/2023 and $0 at 12/31/2022 | 1,431,491 | 1,277,469 | |
Total assets | 205,291,731 | 192,162,211 | |
Liabilities: | |||
Unpaid losses and settlement expenses | 76,584,383 | 67,614,063 | |
Unearned premiums | 43,523,072 | 40,527,182 | |
Reinsurance balances payable | 639,215 | 1,405,337 | |
Corporate debt | 15,000,000 | 15,000,000 | |
Accrued expenses | 5,026,129 | 6,072,020 | |
Other liabilities | 1,164,892 | 1,102,678 | |
Total liabilities | 141,937,691 | 131,721,280 | |
Equity: | |||
Common stock | [1] | 35,000 | 35,000 |
Treasury stock, at cost | [2] | (5,572,098) | (5,463,535) |
Additional paid-in capital | 33,141,277 | 33,119,125 | |
Accumulated other comprehensive (loss), net of tax | (8,009,493) | (8,841,517) | |
Retained earnings | 45,752,507 | 43,701,233 | |
Less: Unearned Employee Stock Ownership Plan shares at cost | [3] | (1,993,153) | (2,109,375) |
Total equity | 63,354,040 | 60,440,931 | |
Total liabilities and equity | 205,291,731 | 192,162,211 | |
Common Stock [Member] | |||
Investments and cash: | |||
Stocks at fair value | 20,963,949 | 20,438,907 | |
Preferred Stock [Member] | |||
Investments and cash: | |||
Stocks at fair value | $ 2,799,819 | $ 2,772,605 | |
[1]Par value $0.01; authorized: 2023 - 10,000,000 shares and 2022 – 10,000,000 shares; issued: 2023 – 3,500,000 shares and 2022 – 3,500,000 shares; outstanding: 2023 – 3,137,228 and 2022 – 3,153,741 shares[2]2023 – 362,772 shares and 2022 – 346,259 shares[3]2023 – 199,313 shares and 2022 – 210,935 shares |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fixed maturity securities, amortized cost | $ 109,091,632 | $ 104,580,681 |
Property held for investment, accumulated depreciation | 609,929 | 609,282 |
Premiums and reinsurance balances receivable, allowances for uncollectible amounts | 50,000 | 50,000 |
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts | 101,000 | 0 |
Property and equipment, at cost, accumulated depreciation | 6,802,079 | 6,590,602 |
Allowance for Credit Loss, Receivable, Other, Current | $ 53,000 | $ 0 |
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) | 3,137,228 | 3,153,741 |
Treasury Stock, Common, Shares | 362,772 | 346,259 |
Unearned Employee Stock Ownership Plan (in shares) | 199,313 | 210,935 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net premiums earned | $ 18,494,053 | $ 17,024,642 | $ 36,295,350 | $ 33,041,319 |
Net investment income | 1,246,759 | 952,189 | 2,456,174 | 1,869,270 |
Net realized investment gains | 144,012 | 536,809 | 68,447 | 744,394 |
Net unrealized gains (losses) on equity securities | 702,014 | (3,804,511) | 1,341,432 | (5,097,203) |
Other income | 63,878 | 88,226 | 109,714 | 247,657 |
Consolidated revenues | 20,650,716 | 14,797,355 | 40,271,117 | 30,805,437 |
Losses and settlement expenses | 12,214,486 | 13,808,605 | 23,262,167 | 24,003,806 |
Policy acquisition costs and other operating expenses | 7,444,806 | 6,002,808 | 13,794,387 | 11,775,208 |
Interest expense on debt | 45,904 | 42,241 | 91,304 | 103,252 |
General corporate expenses | 202,537 | 184,503 | 396,211 | 373,918 |
Total expenses | 19,907,733 | 20,038,157 | 37,544,069 | 36,256,184 |
Earnings (loss) before income taxes | 742,983 | (5,240,802) | 2,727,048 | (5,450,747) |
Total income tax expense (benefit) | 156,494 | (1,112,035) | 562,014 | (1,161,840) |
Net earnings (loss) | 586,489 | (4,128,767) | 2,165,034 | (4,288,907) |
Other comprehensive earnings (loss), net of tax | (764,329) | (3,992,132) | 832,024 | (8,961,201) |
Comprehensive loss | $ (177,840) | $ (8,120,899) | $ 2,997,058 | $ (13,250,108) |
Basic: | ||||
Basic net earnings (loss) per share (in dollars per share) | $ 0.20 | $ (1.35) | $ 0.74 | $ (1.40) |
Diluted: | ||||
Diluted net earnings (loss) per share (in dollars per share) | $ 0.20 | $ (1.34) | $ 0.73 | $ (1.40) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 2,941,856 | 3,069,430 | 2,942,543 | 3,061,119 |
Diluted (in shares) | 2,969,288 | 3,082,000 | 2,969,975 | 3,073,689 |
Net premiums earned | $ 18,494,053 | $ 17,024,642 | $ 36,295,350 | $ 33,041,319 |
Net investment income | 1,246,759 | 952,189 | 2,456,174 | 1,869,270 |
Net realized investment gains | 144,012 | 536,809 | 68,447 | 744,394 |
Net unrealized gains (losses) on equity securities | 702,014 | (3,804,511) | 1,341,432 | (5,097,203) |
Other income | 63,878 | 88,226 | 109,714 | 247,657 |
Consolidated revenues | 20,650,716 | 14,797,355 | 40,271,117 | 30,805,437 |
Losses and settlement expenses | 12,214,486 | 13,808,605 | 23,262,167 | 24,003,806 |
Policy acquisition costs and other operating expenses | 7,444,806 | 6,002,808 | 13,794,387 | 11,775,208 |
Interest expense on debt | 45,904 | 42,241 | 91,304 | 103,252 |
General corporate expenses | 202,537 | 184,503 | 396,211 | 373,918 |
Total expenses | 19,907,733 | 20,038,157 | 37,544,069 | 36,256,184 |
Earnings (loss) before income taxes | 742,983 | (5,240,802) | 2,727,048 | (5,450,747) |
Total income tax expense (benefit) | 156,494 | (1,112,035) | 562,014 | (1,161,840) |
Net earnings (loss) | 586,489 | (4,128,767) | 2,165,034 | (4,288,907) |
Other comprehensive earnings (loss), net of tax | (764,329) | (3,992,132) | 832,024 | (8,961,201) |
Comprehensive loss | $ (177,840) | $ (8,120,899) | $ 2,997,058 | $ (13,250,108) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Unearned ESOP [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Treasury Stock, Common [Member] | Unearned ESOP [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
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 | (238,686) | 0 | 0 | 0 | 0 | (238,686) | ||||||||
Net income (loss) | 0 | 0 | 0 | 0 | (4,288,907) | 0 | (4,288,907) | ||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 0 | (8,961,201) | (8,961,201) | ||||||||
Restricted stock unit expense | 0 | 201,445 | [1] | 0 | (103,699) | 0 | 0 | 97,746 | |||||||
ESOP compensation expense | 0 | 0 | 116,222 | 78,541 | 0 | 0 | 194,763 | ||||||||
Balance at Jun. 30, 2022 | 35,000 | (3,192,640) | (2,227,523) | 32,939,978 | 39,993,988 | (6,041,174) | 61,507,629 | ||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ (113,760) | $ 0 | $ (113,760) | ||||||||
Balance at Dec. 31, 2022 | 35,000 | (5,463,535) | (2,109,375) | 33,119,125 | 43,701,233 | (8,841,517) | 60,440,931 | ||||||||
Purchase of treasury stock | 0 | (267,237) | 0 | 0 | 0 | 0 | (267,237) | ||||||||
Net income (loss) | 0 | 0 | 0 | 0 | 2,165,034 | 0 | 2,165,034 | ||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 0 | 832,024 | 832,024 | ||||||||
Restricted stock unit expense | 0 | 158,674 | [1] | 0 | (46,453) | 0 | 0 | 112,221 | |||||||
ESOP compensation expense | 0 | 0 | 116,222 | 68,605 | 0 | 0 | 184,827 | ||||||||
Balance at Jun. 30, 2023 | $ 35,000 | $ (5,572,098) | $ (1,993,153) | $ 33,141,277 | $ 45,752,507 | $ (8,009,493) | $ 63,354,040 | ||||||||
[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 ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 2,165,034 | $ (4,288,907) |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | ||
Net realized investment gains | (68,447) | (744,394) |
Net unrealized (gains) losses on equity securities | (1,341,432) | 5,097,203 |
Depreciation | 355,261 | 341,014 |
Deferred income tax | 197,139 | (1,191,849) |
Amortization of bond premium and discount | 51,928 | 115,225 |
Stock-based compensation expense | 297,048 | 292,509 |
Change in: | ||
Accrued investment income | (65,141) | (47,777) |
Premiums and reinsurance balances receivable | (1,826,694) | (2,560,179) |
Ceded unearned premiums | 193,337 | (14,189) |
Reinsurance balances payable | (766,122) | (555,225) |
Reinsurance balances recoverable | (989,605) | (1,004,895) |
Deferred policy acquisition costs | (915,464) | (617,926) |
Unpaid losses and settlement expenses | 8,970,320 | 8,546,274 |
Unearned premiums | 2,995,890 | 3,299,850 |
Accrued expenses | (1,045,891) | (800,707) |
Current federal income tax | (271,895) | (509,561) |
Other | (137,807) | 257,609 |
Net cash provided by operating activities | 7,797,459 | 5,614,074 |
Cash flows from investing activities: | ||
Fixed maturity securities | (12,948,130) | (10,602,574) |
Other invested assets | (3,346,778) | (725,000) |
Property held for investment | (962,979) | (432,279) |
Property and equipment | (283,165) | (329,264) |
Proceeds from sales, maturities and calls of: | ||
Fixed maturity securities | 8,342,783 | 12,614,074 |
Other invested assets | 17,657 | 18,518 |
Property held for investment | 1,141,911 | 278,679 |
Property and equipment | 2,800 | 7,454 |
Net cash (used in) provided by investing activities | (7,135,740) | 1,515,552 |
Cash flows from financing activities: | ||
Proceeds from loans | 0 | 5,000,000 |
Repayments of borrowed funds | 0 | (8,455,342) |
Purchase of treasury stock | (267,237) | (238,686) |
Net cash used in financing activities | (267,237) | (3,694,029) |
Net increase in cash and cash equivalents | 394,482 | 3,435,597 |
Cash and cash equivalents at beginning of year | 3,139,986 | 4,606,378 |
Cash and cash equivalents at end of period | 3,534,468 | 8,041,975 |
Supplemental information: | ||
Interest paid | 86,000 | 97,900 |
Common Stock [Member] | ||
Cash flows from investing activities: | ||
Equity securities | (1,175,966) | (1,927,583) |
Proceeds from sales, maturities and calls of: | ||
Equity securities | 2,024,336 | 3,376,818 |
Preferred Stock [Member] | ||
Cash flows from investing activities: | ||
Equity securities | (285,649) | (1,166,999) |
Proceeds from sales, maturities and calls of: | ||
Equity securities | $ 337,440 | $ 403,708 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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. (the Company) 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, Utah, and Wisconsin and markets through independent agents. Approximately 24.2% and 23.2% of the premium is written in Illinois for the three June 30, 2023 2022 six June 30, 2023 2022 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, 2022 2022 10 not June 30, 2023 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 On January 1, 2023, 2016 13, 326 2016 13 2016 13 . D. PROSPECTIVE ACCOUNTING STANDARDS There are no June 30, 2023 E. PROPERTY AND EQUIPMENT Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended June 30, 2023 December 31, 2022 As of June 30, December 31, 2023 2022 Automobiles $ 608,170 $ 637,306 Furniture and fixtures 528,756 520,835 Computer equipment and software 4,899,757 4,720,932 Home office 4,095,180 4,025,248 Total cost 10,131,863 9,904,321 Accumulated depreciation (6,802,079 ) (6,590,602 ) Net property and equipment $ 3,329,784 $ 3,313,719 F. COMPREHENSIVE EARNINGS Comprehensive (loss) earnings include net earnings (loss) plus unrealized gains (losses) 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 expense of $221,171 and benefit of $2,382,091 fo six June 30, 2023 2022 The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Six-Months Ended June 30, 2023 2022 Beginning balance $ (8,841,517 ) $ 2,920,027 Other comprehensive earnings (loss) before reclassification 791,025 (8,961,697 ) Amount reclassified from accumulated other comprehensive earnings (loss) 40,999 496 Net current period other comprehensive earnings (loss) 832,024 (8,961,201 ) Ending balance $ (8,009,493 ) $ (6,041,174 ) 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 June 30, 2023 2022 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 $ (978,883 ) $ 205,566 $ (773,317 ) $ (5,063,685 ) $ 1,063,373 $ (4,000,312 ) Reclassification adjustment for losses included in net earnings 11,378 (2,390 ) 8,988 10,355 (2,175 ) 8,180 Total other comprehensive loss $ (967,505 ) $ 203,176 $ (764,329 ) $ (5,053,330 ) $ 1,061,198 $ (3,992,132 ) Six-Month Periods Ended June 30, 2023 2022 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 gains (losses) arising during the period $ 1,001,297 $ (210,272 ) $ 791,025 $ (11,343,920 ) $ 2,382,223 $ (8,961,697 ) Reclassification adjustment for losses included in net earnings 51,898 (10,899 ) 40,999 628 (132 ) 496 Total other comprehensive earnings (loss) $ 1,053,195 $ (221,171 ) $ 832,024 $ (11,343,292 ) $ 2,382,091 $ (8,961,201 ) 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 Six-Month Periods Ended Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement Comprehensive Earnings Component 2023 2022 2023 2022 where Net Earnings is Presented Unrealized losses on AFS investments: $ 11,378 $ 10,355 $ 51,898 $ 628 Net realized investment losses (gains) (2,390 ) (2,175 ) (10,899 ) (132 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ 8,988 $ 8,180 $ 40,999 $ 496 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. Russia’s invasion of Ukraine, supply chain disruptions, labor shortages and tightening, inflation and related monetary policy responses, and recession fears are also causing volatility and disruptions in credit and capital markets, adverse developments or general investor sentiment regarding the value of our investment securities as a result of rising interest rates or otherwise, and the business prospects of the industry we serve. The cumulative effects of these events on the Company cannot be predicted, but could reduce demand for our insurance policies, result an in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company. |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Net Realized Proceeds Gains Losses Gains (Losses) 2023 Fixed maturity securities $ 4,512,342 $ — $ (11,378 ) $ (11,378 ) Common stocks 1,246,265 278,790 (121,760 ) 157,030 Preferred stocks 241,812 4,959 (6,599 ) (1,640 ) 2022 Fixed maturity securities $ 10,168,949 $ 96,191 $ (106,546 ) $ (10,355 ) Common stocks 2,740,714 736,152 (186,562 ) 549,590 Preferred stocks 38,200 — (2,426 ) (2,426 ) For the Six-Months Ended June 30, Net Realized Proceeds Gains Losses Gains (Losses) 2023 Fixed maturity securities $ 8,342,783 $ — $ (51,898 ) $ (51,898 ) Common stocks 2,024,336 404,791 (307,218 ) 97,573 Preferred stocks 337,440 29,371 (6,599 ) 22,772 2022 Fixed maturity securities $ 12,614,074 $ 105,918 $ (106,546 ) $ (628 ) Common stocks 3,376,818 940,342 (194,632 ) 745,710 Preferred stocks 403,708 7,745 (8,433 ) (688 ) The amortized cost and estimated fair value of fixed income securities at June 30, 2023 Amortized Cost Fair Value Due in one year or less $ 2,653,094 $ 2,616,149 Due after one year through five years 15,338,539 14,509,826 Due after five years through 10 years 22,000,118 19,955,236 Due after 10 years 25,902,069 21,734,839 Asset and mortgage-backed securities without a specific due date 42,889,368 39,840,230 Redeemable preferred stocks 308,444 296,906 Total fixed maturity securities $ 109,091,632 $ 98,953,186 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 June 30, 2023 December 31, 2022 Gross Unrealized Amortized Cost Fair Value Gains Losses 2023 Fixed maturity securities: U.S. Treasury $ 1,352,263 $ 1,258,328 $ — $ (93,935 ) MBS/ABS/CMBS 42,889,368 39,840,230 61,409 (3,110,547 ) Corporate 43,537,844 39,684,915 51,234 (3,904,163 ) Municipal 21,003,713 17,872,807 88,804 (3,219,710 ) Redeemable preferred stock 308,444 296,906 — (11,538 ) Total fixed maturity securities $ 109,091,632 $ 98,953,186 $ 201,447 $ (10,339,893 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,352,752 $ 1,252,960 $ — $ (99,792 ) MBS/ABS/CMBS 41,858,596 38,803,341 51,477 (3,106,732 ) Corporate 39,716,139 35,602,055 38,867 (4,152,951 ) Municipal 21,437,389 17,541,694 78,117 (3,973,812 ) Redeemable preferred stock 215,805 188,921 — (26,884 ) Total fixed maturity securities $ 104,580,681 $ 93,388,971 $ 168,461 $ (11,360,171 ) All the Company’s collateralized securities carry an average credit rating of AA by one Note 3 Fair Value Disclosures, June 30, 2023 December 31, 2022 ANALYSIS The following tables are also used as part of the impairment analysis and display the total value of securities that were in an unrealized loss position as of June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ — $ 1,258,328 $ 1,258,328 $ 615,367 $ 637,594 $ 1,252,961 Amortized cost — 1,352,263 1,352,263 652,424 700,329 1,352,753 Unrealized loss — (93,935 ) (93,935 ) (37,057 ) (62,735 ) (99,792 ) MBS/ABS/CMBS Fair value 13,459,765 23,582,217 37,041,982 21,199,819 12,833,310 34,033,129 Amortized cost 13,776,404 26,376,125 40,152,529 22,564,779 14,575,082 37,139,861 Unrealized loss (316,639 ) (2,793,908 ) (3,110,547 ) (1,364,960 ) (1,741,772 ) (3,106,732 ) Corporate Fair value 14,453,718 21,533,377 35,987,095 27,688,403 5,829,396 33,517,799 Amortized cost 14,918,677 24,972,581 39,891,258 30,584,890 7,085,860 37,670,750 Unrealized loss (464,959 ) (3,439,204 ) (3,904,163 ) (2,896,487 ) (1,256,464 ) (4,152,951 ) Municipal Fair value 1,294,170 11,731,900 13,026,070 11,502,050 2,079,831 13,581,881 Amortized cost 1,307,000 14,938,780 16,245,780 14,590,996 2,964,697 17,555,693 Unrealized loss (12,830 ) (3,206,880 ) (3,219,710 ) (3,088,946 ) (884,866 ) (3,973,812 ) Redeemable preferred stock Fair value 252,250 44,656 296,906 188,921 — 188,921 Amortized cost 261,063 47,381 308,444 215,805 — 215,805 Unrealized loss (8,813 ) (2,725 ) (11,538 ) (26,884 ) — (26,884 ) Total Fair value 29,459,903 58,150,478 87,610,381 61,194,560 21,380,131 82,574,691 Amortized cost 30,263,144 67,687,130 97,950,274 68,608,894 25,325,968 93,934,862 Unrealized loss $ (803,241 ) $ (9,536,652 ) $ (10,339,893 ) $ (7,414,334 ) $ (3,945,837 ) $ (11,360,171 ) The fixed income portfolio contained 239 securities in an unrealized loss position as of June 30, 2023 12 not not not There were no other-than-temporary impairment losses recognized in net earnings during the six June 30, 2023 June 30, 2022 not may UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES Net unrealized gains recognized during the three six June 30, 2023 June 30, 2023 three six June 30, 2022 June 30, 2022 Other Invested Assets Other invested assets as of June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 As of June 30, 2023 November 2021, may May 31, 2023, June 30, 2023 December 31, 2022 no December 31, 2022 Notes receivable are carried at outstanding value plus accrued interest. As of June 30, 2023 six June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 The membership in the FHLBC is carried at cost. |
Note 3 - Fair Value Disclosures
Note 3 - Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2023 | |
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, a limited partnership, a SAFE investment, and a membership in the FHLBC. Notes receivable are carried at outstanding balance plus accrued interest. Stock and the limited partnership at fair value. The SAFE investment and the membership in FHLBC are carried at cost. Assets measured at fair value on a recurring basis as of June 30, 2023 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 $ 1,258,328 $ — $ — $ 1,258,328 MBS/ABS/CMBS — 39,840,230 — 39,840,230 Corporate — 39,684,915 — 39,684,915 Municipal — 17,872,807 — 17,872,807 Redeemable preferred stocks — 296,906 — 296,906 Total fixed maturity securities 1,258,328 97,694,858 — 98,953,186 Equity securities Common stocks 20,963,949 — — 20,963,949 Perpetual preferred stocks — 2,799,819 — 2,799,819 Total equity securities 20,963,949 2,799,819 — 23,763,768 Total marketable investments measured at fair value $ 22,222,277 $ 100,494,677 $ — $ 122,716,954 Assets measured at fair value on a recurring basis as of December 31, 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 $ 1,252,960 $ — $ — $ 1,252,960 MBS/ABS/CMBS — 38,803,341 — 38,803,341 Corporate — 35,602,055 — 35,602,055 Municipal — 17,541,694 — 17,541,694 Redeemable preferred stocks — 188,921 — 188,921 Total fixed maturity securities 1,252,960 92,136,011 — 93,388,971 Equity securities Common stocks 20,438,907 — — 20,438,907 Perpetual preferred stocks — 2,772,605 — 2,772,605 Total equity securities 20,438,907 2,772,605 — 23,211,512 Total marketable investments measured at fair value $ 21,691,867 $ 94,908,616 $ — $ 116,600,483 As noted in the previous tables, the Company did not 3 June 30, 2023 December 31, 2022 no 1 2 six June 30, 2023 2022 |
Note 4 - Debt
Note 4 - Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. DEBT Debt Obligation Debt Obligations The Company had $15,000,000 in outstanding debt as of June 30, 2023 December 31, 2022 The Company also has borrowing capacity of $44.3 million with the Federal Home Loan Bank of Chicago (FHLBC), which is 25% of net admitted statutory assets of Illinois Casualty Company as of the prior year-end. As of June 30, 2023 As part of the Company’s response to COVID- 19, March 2020, five In May 2021, five In May 2022, five The Company has $19.0 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. June 30, 2023 June 30, 2023 July 5, 2023 July 5, 2024 June 30, 2023 no six June 30, 2023 2022 |
Note 5 - Reinsurance
Note 5 - Reinsurance | 6 Months Ended |
Jun. 30, 2023 | |
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 $1,000,000 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 June 30, 2023 2022 WRITTEN Direct $ 23,589,667 $ 21,228,432 Reinsurance assumed 36,387 32,410 Reinsurance ceded (2,654,089 ) (2,266,365 ) Net $ 20,971,965 $ 18,994,477 EARNED Direct $ 21,167,168 $ 19,231,944 Reinsurance assumed 31,109 25,851 Reinsurance ceded (2,704,224 ) (2,233,153 ) Net $ 18,494,053 $ 17,024,642 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 12,633,975 $ 15,524,735 Reinsurance assumed 31,178 2,284 Reinsurance ceded (450,667 ) (1,718,414 ) Net $ 12,214,486 $ 13,808,605 Six-Month Periods Ended June 30, 2023 2022 WRITTEN Direct $ 44,404,193 $ 40,794,615 Reinsurance assumed 75,113 69,358 Reinsurance ceded (4,994,729 ) (4,536,993 ) Net $ 39,484,577 $ 36,326,980 EARNED Direct $ 41,410,604 $ 37,496,644 Reinsurance assumed 72,811 67,479 Reinsurance ceded (5,188,065 ) (4,522,804 ) Net $ 36,295,350 $ 33,041,319 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 25,900,404 $ 28,137,877 Reinsurance assumed 40,419 47,693 Reinsurance ceded (2,678,656 ) (4,181,764 ) Net $ 23,262,167 $ 24,003,806 |
Note 6 - Unpaid Losses and Sett
Note 6 - Unpaid Losses and Settlement Expenses | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, (In thousands) 2023 2022 Unpaid losses and settlement expense - beginning of the period: Gross $ 72,867 $ 67,407 Less: Ceded 14,460 16,089 Net 58,407 51,318 Increase in incurred losses and settlement expense: Current year 10,929 11,960 Prior years 1,285 1,849 Total incurred 12,214 13,809 Deduct: Loss and settlement expense payments for claims incurred: Current year 3,558 4,605 Prior years 5,082 5,667 Total paid 8,640 10,272 Net unpaid losses and settlement expense - end of the period 61,981 54,855 Plus: Reinsurance recoverable on unpaid losses net of CECL 14,502 15,526 Plus: CECL allowance for reinsurance recoverable on unpaid losses 101 — Gross unpaid losses and settlement expense - end of the period $ 76,584 $ 70,381 For the Six-Months Ended June 30, (In thousands) 2023 2022 Unpaid losses and settlement expense - beginning of the period: Gross $ 67,614 $ 61,835 Less: Ceded 13,610 14,521 Net 54,004 47,314 Increase in incurred losses and settlement expense: Current year 22,001 19,485 Prior years 1,261 4,519 Total incurred 23,262 24,004 Deduct: Loss and settlement expense payments for claims incurred: Current year 4,716 5,994 Prior years 10,569 10,469 Total paid 15,285 16,463 Net unpaid losses and settlement expense - end of the period 61,981 54,855 Plus: Reinsurance recoverable on unpaid losses net of CECL 14,502 15,526 Plus: CECL allowance for reinsurance recoverable on unpaid losses 101 — Gross unpaid losses and settlement expense - end of the period $ 76,584 $ 70,381 For the six June 30, 2023 2022 six June 30, 2023 2022; one 2021; one |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The Company’s effective tax rate for the six June 30, 2023 2022 Income tax expense for the six June 30, 2023 2022 For the Three-Months Ended June 30, 2023 2022 Provision for income taxes at the statutory federal tax rates $ 156,026 $ (1,100,569 ) Increase (reduction) in taxes resulting from: Dividends received deduction (20,275 ) (11,117 ) Tax-exempt interest income (8,794 ) (12,961 ) Proration of tax-exempt interest and dividends received deduction 7,053 5,828 Nondeductible expenses 19,952 10,119 Officer life insurance, net 2,532 (3,335 ) Total $ 156,494 $ (1,112,035 ) For the Six-Months Ended June 30, 2023 2022 Provision for income taxes at the statutory federal tax rates $ 572,680 $ (1,144,657 ) Increase (reduction) in taxes resulting from: Dividends received deduction (40,735 ) (22,398 ) Tax-exempt interest income (18,866 ) (26,312 ) Proration of tax-exempt interest and dividends received deduction 14,470 11,798 Nondeductible expenses 35,043 27,411 Officer life insurance, net (578 ) (7,682 ) Total $ 562,014 $ (1,161,840 ) Management believes it is more likely than not As of June 30, 2023 December 31, 2022 not 2019 no June 30, 2023 |
Note 8 - Employee Benefits
Note 8 - Employee Benefits | 6 Months Ended |
Jun. 30, 2023 | |
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 six June 30, 2023 2022 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 six June 30, 2023 ted to 11,622 shares of our c December 31, 2023 six June 30, 2022 December 31, 2022 RESTRICTED STOCK UNITS Restricted stock units (RSUs) were granted for the first February 2018 April one third three first June 30, 2023 December 31, 2022 RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 $ 273,601 $ 15.72 Granted 272,802 17,600 Vested (112,230 ) 14.82 Nonvested at June 30, 2023 $ 434,173 $ 15.83 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
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) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 2022 10 not June 30, 2023 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] | C. SIGNIFICANT ACCOUNTING POLICIES On January 1, 2023, 2016 13, 326 2016 13 2016 13 . D. PROSPECTIVE ACCOUNTING STANDARDS There are no June 30, 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 June 30, 2023 December 31, 2022 As of June 30, December 31, 2023 2022 Automobiles $ 608,170 $ 637,306 Furniture and fixtures 528,756 520,835 Computer equipment and software 4,899,757 4,720,932 Home office 4,095,180 4,025,248 Total cost 10,131,863 9,904,321 Accumulated depreciation (6,802,079 ) (6,590,602 ) Net property and equipment $ 3,329,784 $ 3,313,719 |
Comprehensive Income, Policy [Policy Text Block] | F. COMPREHENSIVE EARNINGS Comprehensive (loss) earnings include net earnings (loss) plus unrealized gains (losses) 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 expense of $221,171 and benefit of $2,382,091 fo six June 30, 2023 2022 The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Six-Months Ended June 30, 2023 2022 Beginning balance $ (8,841,517 ) $ 2,920,027 Other comprehensive earnings (loss) before reclassification 791,025 (8,961,697 ) Amount reclassified from accumulated other comprehensive earnings (loss) 40,999 496 Net current period other comprehensive earnings (loss) 832,024 (8,961,201 ) Ending balance $ (8,009,493 ) $ (6,041,174 ) 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 June 30, 2023 2022 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 $ (978,883 ) $ 205,566 $ (773,317 ) $ (5,063,685 ) $ 1,063,373 $ (4,000,312 ) Reclassification adjustment for losses included in net earnings 11,378 (2,390 ) 8,988 10,355 (2,175 ) 8,180 Total other comprehensive loss $ (967,505 ) $ 203,176 $ (764,329 ) $ (5,053,330 ) $ 1,061,198 $ (3,992,132 ) Six-Month Periods Ended June 30, 2023 2022 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 gains (losses) arising during the period $ 1,001,297 $ (210,272 ) $ 791,025 $ (11,343,920 ) $ 2,382,223 $ (8,961,697 ) Reclassification adjustment for losses included in net earnings 51,898 (10,899 ) 40,999 628 (132 ) 496 Total other comprehensive earnings (loss) $ 1,053,195 $ (221,171 ) $ 832,024 $ (11,343,292 ) $ 2,382,091 $ (8,961,201 ) 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 Six-Month Periods Ended Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement Comprehensive Earnings Component 2023 2022 2023 2022 where Net Earnings is Presented Unrealized losses on AFS investments: $ 11,378 $ 10,355 $ 51,898 $ 628 Net realized investment losses (gains) (2,390 ) (2,175 ) (10,899 ) (132 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ 8,988 $ 8,180 $ 40,999 $ 496 |
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. Russia’s invasion of Ukraine, supply chain disruptions, labor shortages and tightening, inflation and related monetary policy responses, and recession fears are also causing volatility and disruptions in credit and capital markets, adverse developments or general investor sentiment regarding the value of our investment securities as a result of rising interest rates or otherwise, and the business prospects of the industry we serve. The cumulative effects of these events on the Company cannot be predicted, but could reduce demand for our insurance policies, result an in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of June 30, December 31, 2023 2022 Automobiles $ 608,170 $ 637,306 Furniture and fixtures 528,756 520,835 Computer equipment and software 4,899,757 4,720,932 Home office 4,095,180 4,025,248 Total cost 10,131,863 9,904,321 Accumulated depreciation (6,802,079 ) (6,590,602 ) Net property and equipment $ 3,329,784 $ 3,313,719 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Six-Months Ended June 30, 2023 2022 Beginning balance $ (8,841,517 ) $ 2,920,027 Other comprehensive earnings (loss) before reclassification 791,025 (8,961,697 ) Amount reclassified from accumulated other comprehensive earnings (loss) 40,999 496 Net current period other comprehensive earnings (loss) 832,024 (8,961,201 ) Ending balance $ (8,009,493 ) $ (6,041,174 ) |
Comprehensive Income (Loss) [Table Text Block] | Three-Month Periods Ended June 30, 2023 2022 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 $ (978,883 ) $ 205,566 $ (773,317 ) $ (5,063,685 ) $ 1,063,373 $ (4,000,312 ) Reclassification adjustment for losses included in net earnings 11,378 (2,390 ) 8,988 10,355 (2,175 ) 8,180 Total other comprehensive loss $ (967,505 ) $ 203,176 $ (764,329 ) $ (5,053,330 ) $ 1,061,198 $ (3,992,132 ) Six-Month Periods Ended June 30, 2023 2022 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 gains (losses) arising during the period $ 1,001,297 $ (210,272 ) $ 791,025 $ (11,343,920 ) $ 2,382,223 $ (8,961,697 ) Reclassification adjustment for losses included in net earnings 51,898 (10,899 ) 40,999 628 (132 ) 496 Total other comprehensive earnings (loss) $ 1,053,195 $ (221,171 ) $ 832,024 $ (11,343,292 ) $ 2,382,091 $ (8,961,201 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Six-Month Periods Ended Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement Comprehensive Earnings Component 2023 2022 2023 2022 where Net Earnings is Presented Unrealized losses on AFS investments: $ 11,378 $ 10,355 $ 51,898 $ 628 Net realized investment losses (gains) (2,390 ) (2,175 ) (10,899 ) (132 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ 8,988 $ 8,180 $ 40,999 $ 496 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Realized Gain (Loss) [Table Text Block] | For the Three-Months Ended June 30, Net Realized Proceeds Gains Losses Gains (Losses) 2023 Fixed maturity securities $ 4,512,342 $ — $ (11,378 ) $ (11,378 ) Common stocks 1,246,265 278,790 (121,760 ) 157,030 Preferred stocks 241,812 4,959 (6,599 ) (1,640 ) 2022 Fixed maturity securities $ 10,168,949 $ 96,191 $ (106,546 ) $ (10,355 ) Common stocks 2,740,714 736,152 (186,562 ) 549,590 Preferred stocks 38,200 — (2,426 ) (2,426 ) For the Six-Months Ended June 30, Net Realized Proceeds Gains Losses Gains (Losses) 2023 Fixed maturity securities $ 8,342,783 $ — $ (51,898 ) $ (51,898 ) Common stocks 2,024,336 404,791 (307,218 ) 97,573 Preferred stocks 337,440 29,371 (6,599 ) 22,772 2022 Fixed maturity securities $ 12,614,074 $ 105,918 $ (106,546 ) $ (628 ) Common stocks 3,376,818 940,342 (194,632 ) 745,710 Preferred stocks 403,708 7,745 (8,433 ) (688 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Due in one year or less $ 2,653,094 $ 2,616,149 Due after one year through five years 15,338,539 14,509,826 Due after five years through 10 years 22,000,118 19,955,236 Due after 10 years 25,902,069 21,734,839 Asset and mortgage-backed securities without a specific due date 42,889,368 39,840,230 Redeemable preferred stocks 308,444 296,906 Total fixed maturity securities $ 109,091,632 $ 98,953,186 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Unrealized Amortized Cost Fair Value Gains Losses 2023 Fixed maturity securities: U.S. Treasury $ 1,352,263 $ 1,258,328 $ — $ (93,935 ) MBS/ABS/CMBS 42,889,368 39,840,230 61,409 (3,110,547 ) Corporate 43,537,844 39,684,915 51,234 (3,904,163 ) Municipal 21,003,713 17,872,807 88,804 (3,219,710 ) Redeemable preferred stock 308,444 296,906 — (11,538 ) Total fixed maturity securities $ 109,091,632 $ 98,953,186 $ 201,447 $ (10,339,893 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,352,752 $ 1,252,960 $ — $ (99,792 ) MBS/ABS/CMBS 41,858,596 38,803,341 51,477 (3,106,732 ) Corporate 39,716,139 35,602,055 38,867 (4,152,951 ) Municipal 21,437,389 17,541,694 78,117 (3,973,812 ) Redeemable preferred stock 215,805 188,921 — (26,884 ) Total fixed maturity securities $ 104,580,681 $ 93,388,971 $ 168,461 $ (11,360,171 ) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | June 30, 2023 December 31, 2022 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ — $ 1,258,328 $ 1,258,328 $ 615,367 $ 637,594 $ 1,252,961 Amortized cost — 1,352,263 1,352,263 652,424 700,329 1,352,753 Unrealized loss — (93,935 ) (93,935 ) (37,057 ) (62,735 ) (99,792 ) MBS/ABS/CMBS Fair value 13,459,765 23,582,217 37,041,982 21,199,819 12,833,310 34,033,129 Amortized cost 13,776,404 26,376,125 40,152,529 22,564,779 14,575,082 37,139,861 Unrealized loss (316,639 ) (2,793,908 ) (3,110,547 ) (1,364,960 ) (1,741,772 ) (3,106,732 ) Corporate Fair value 14,453,718 21,533,377 35,987,095 27,688,403 5,829,396 33,517,799 Amortized cost 14,918,677 24,972,581 39,891,258 30,584,890 7,085,860 37,670,750 Unrealized loss (464,959 ) (3,439,204 ) (3,904,163 ) (2,896,487 ) (1,256,464 ) (4,152,951 ) Municipal Fair value 1,294,170 11,731,900 13,026,070 11,502,050 2,079,831 13,581,881 Amortized cost 1,307,000 14,938,780 16,245,780 14,590,996 2,964,697 17,555,693 Unrealized loss (12,830 ) (3,206,880 ) (3,219,710 ) (3,088,946 ) (884,866 ) (3,973,812 ) Redeemable preferred stock Fair value 252,250 44,656 296,906 188,921 — 188,921 Amortized cost 261,063 47,381 308,444 215,805 — 215,805 Unrealized loss (8,813 ) (2,725 ) (11,538 ) (26,884 ) — (26,884 ) Total Fair value 29,459,903 58,150,478 87,610,381 61,194,560 21,380,131 82,574,691 Amortized cost 30,263,144 67,687,130 97,950,274 68,608,894 25,325,968 93,934,862 Unrealized loss $ (803,241 ) $ (9,536,652 ) $ (10,339,893 ) $ (7,414,334 ) $ (3,945,837 ) $ (11,360,171 ) |
Note 3 - Fair Value Disclosur_2
Note 3 - Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 $ 1,258,328 $ — $ — $ 1,258,328 MBS/ABS/CMBS — 39,840,230 — 39,840,230 Corporate — 39,684,915 — 39,684,915 Municipal — 17,872,807 — 17,872,807 Redeemable preferred stocks — 296,906 — 296,906 Total fixed maturity securities 1,258,328 97,694,858 — 98,953,186 Equity securities Common stocks 20,963,949 — — 20,963,949 Perpetual preferred stocks — 2,799,819 — 2,799,819 Total equity securities 20,963,949 2,799,819 — 23,763,768 Total marketable investments measured at fair value $ 22,222,277 $ 100,494,677 $ — $ 122,716,954 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 $ 1,252,960 $ — $ — $ 1,252,960 MBS/ABS/CMBS — 38,803,341 — 38,803,341 Corporate — 35,602,055 — 35,602,055 Municipal — 17,541,694 — 17,541,694 Redeemable preferred stocks — 188,921 — 188,921 Total fixed maturity securities 1,252,960 92,136,011 — 93,388,971 Equity securities Common stocks 20,438,907 — — 20,438,907 Perpetual preferred stocks — 2,772,605 — 2,772,605 Total equity securities 20,438,907 2,772,605 — 23,211,512 Total marketable investments measured at fair value $ 21,691,867 $ 94,908,616 $ — $ 116,600,483 |
Note 5 - Reinsurance (Tables)
Note 5 - Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Effects of Reinsurance [Table Text Block] | Three-Month Periods Ended June 30, 2023 2022 WRITTEN Direct $ 23,589,667 $ 21,228,432 Reinsurance assumed 36,387 32,410 Reinsurance ceded (2,654,089 ) (2,266,365 ) Net $ 20,971,965 $ 18,994,477 EARNED Direct $ 21,167,168 $ 19,231,944 Reinsurance assumed 31,109 25,851 Reinsurance ceded (2,704,224 ) (2,233,153 ) Net $ 18,494,053 $ 17,024,642 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 12,633,975 $ 15,524,735 Reinsurance assumed 31,178 2,284 Reinsurance ceded (450,667 ) (1,718,414 ) Net $ 12,214,486 $ 13,808,605 Six-Month Periods Ended June 30, 2023 2022 WRITTEN Direct $ 44,404,193 $ 40,794,615 Reinsurance assumed 75,113 69,358 Reinsurance ceded (4,994,729 ) (4,536,993 ) Net $ 39,484,577 $ 36,326,980 EARNED Direct $ 41,410,604 $ 37,496,644 Reinsurance assumed 72,811 67,479 Reinsurance ceded (5,188,065 ) (4,522,804 ) Net $ 36,295,350 $ 33,041,319 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 25,900,404 $ 28,137,877 Reinsurance assumed 40,419 47,693 Reinsurance ceded (2,678,656 ) (4,181,764 ) Net $ 23,262,167 $ 24,003,806 |
Note 6 - Unpaid Losses and Se_2
Note 6 - Unpaid Losses and Settlement Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | For the Three-Months Ended June 30, (In thousands) 2023 2022 Unpaid losses and settlement expense - beginning of the period: Gross $ 72,867 $ 67,407 Less: Ceded 14,460 16,089 Net 58,407 51,318 Increase in incurred losses and settlement expense: Current year 10,929 11,960 Prior years 1,285 1,849 Total incurred 12,214 13,809 Deduct: Loss and settlement expense payments for claims incurred: Current year 3,558 4,605 Prior years 5,082 5,667 Total paid 8,640 10,272 Net unpaid losses and settlement expense - end of the period 61,981 54,855 Plus: Reinsurance recoverable on unpaid losses net of CECL 14,502 15,526 Plus: CECL allowance for reinsurance recoverable on unpaid losses 101 — Gross unpaid losses and settlement expense - end of the period $ 76,584 $ 70,381 For the Six-Months Ended June 30, (In thousands) 2023 2022 Unpaid losses and settlement expense - beginning of the period: Gross $ 67,614 $ 61,835 Less: Ceded 13,610 14,521 Net 54,004 47,314 Increase in incurred losses and settlement expense: Current year 22,001 19,485 Prior years 1,261 4,519 Total incurred 23,262 24,004 Deduct: Loss and settlement expense payments for claims incurred: Current year 4,716 5,994 Prior years 10,569 10,469 Total paid 15,285 16,463 Net unpaid losses and settlement expense - end of the period 61,981 54,855 Plus: Reinsurance recoverable on unpaid losses net of CECL 14,502 15,526 Plus: CECL allowance for reinsurance recoverable on unpaid losses 101 — Gross unpaid losses and settlement expense - end of the period $ 76,584 $ 70,381 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Three-Months Ended June 30, 2023 2022 Provision for income taxes at the statutory federal tax rates $ 156,026 $ (1,100,569 ) Increase (reduction) in taxes resulting from: Dividends received deduction (20,275 ) (11,117 ) Tax-exempt interest income (8,794 ) (12,961 ) Proration of tax-exempt interest and dividends received deduction 7,053 5,828 Nondeductible expenses 19,952 10,119 Officer life insurance, net 2,532 (3,335 ) Total $ 156,494 $ (1,112,035 ) For the Six-Months Ended June 30, 2023 2022 Provision for income taxes at the statutory federal tax rates $ 572,680 $ (1,144,657 ) Increase (reduction) in taxes resulting from: Dividends received deduction (40,735 ) (22,398 ) Tax-exempt interest income (18,866 ) (26,312 ) Proration of tax-exempt interest and dividends received deduction 14,470 11,798 Nondeductible expenses 35,043 27,411 Officer life insurance, net (578 ) (7,682 ) Total $ 562,014 $ (1,161,840 ) |
Note 8 - Employee Benefits (Tab
Note 8 - Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 $ 273,601 $ 15.72 Granted 272,802 17,600 Vested (112,230 ) 14.82 Nonvested at June 30, 2023 $ 434,173 $ 15.83 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2023 | |
Retained Earnings (Accumulated Deficit) | $ 45,752,507 | $ 45,752,507 | $ 43,701,233 | |||
Tangible Asset Impairment Charges | $ 0 | $ 0 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||||
Other Comprehensive Income (Loss), Tax | $ 203,176 | $ 1,061,198 | $ (221,171) | $ 2,382,091 | ||
Available-for-Sale Securities [Member] | ||||||
Other Comprehensive Income (Loss), Tax | $ (221,171) | $ 2,382,091 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Retained Earnings (Accumulated Deficit) | $ (113,760) | |||||
Premiums [Member] | Geographic Concentration Risk [Member] | ILLINOIS | ||||||
Concentration Risk, Percentage | 24.20% | 23.20% | 23.60% | 23.20% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Cost | $ 10,131,863 | $ 9,904,321 |
Accumulated depreciation | (6,802,079) | (6,590,602) |
Net property and equipment | 3,329,784 | 3,313,719 |
Automobiles [Member] | ||
Cost | 608,170 | 637,306 |
Furniture and Fixtures [Member] | ||
Cost | 528,756 | 520,835 |
Computer Equipment [Member] | ||
Cost | 4,899,757 | 4,720,932 |
Home Office [Member] | ||
Cost | $ 4,095,180 | $ 4,025,248 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Balance | $ 60,440,931 | $ 74,703,914 |
Net current period other comprehensive earnings (loss) | 832,024 | (8,961,201) |
Balance | 63,354,040 | 61,507,629 |
AOCI Attributable to Parent [Member] | ||
Balance | (8,841,517) | 2,920,027 |
Other comprehensive earnings (loss) before reclassification | 791,025 | (8,961,697) |
Amount reclassified from accumulated other comprehensive earnings (loss) | 40,999 | 496 |
Net current period other comprehensive earnings (loss) | 832,024 | (8,961,201) |
Balance | $ (8,009,493) | $ (6,041,174) |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Other Comprehensive Earnings (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Unrealized holding gains (losses) arising during the period, pre tax | $ (978,883) | $ (5,063,685) | $ 1,001,297 | $ (11,343,920) |
Unrealized holding gains (losses) arising during the period, tax | 205,566 | 1,063,373 | (210,272) | 2,382,223 |
Unrealized holding gains (losses) arising during the period, after tax | (773,317) | (4,000,312) | 791,025 | (8,961,697) |
Reclassification adjustment for losses (gains) included in net earnings, pre-tax | 11,378 | 10,355 | 51,898 | 628 |
Reclassification adjustment for losses (gains) included in net earnings, tax | (2,390) | (2,175) | (10,899) | (132) |
Reclassification adjustment for losses (gains) included in net earnings, after-tax | 8,988 | 8,180 | 40,999 | 496 |
Total other comprehensive earnings (loss), pre-tax | (967,505) | (5,053,330) | 1,053,195 | (11,343,292) |
Total other comprehensive earnings (loss), tax | 203,176 | 1,061,198 | (221,171) | 2,382,091 |
Total other comprehensive earnings (loss) | $ (764,329) | $ (3,992,132) | $ 832,024 | $ (8,961,201) |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Reclassifications from Accumulated Other Comprehensive Earnings (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net realized investment gains | $ (144,012) | $ (536,809) | $ (68,447) | $ (744,394) |
Income Tax Expense (Benefit) | 156,494 | (1,112,035) | 562,014 | (1,161,840) |
Net earnings (loss) | 586,489 | (4,128,767) | 2,165,034 | (4,288,907) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net earnings (loss) | 8,988 | 8,180 | 40,999 | 496 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Net realized investment gains | 11,378 | 10,355 | 51,898 | 628 |
Income Tax Expense (Benefit) | $ (2,390) | $ (2,175) | $ (10,899) | $ (132) |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | May 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | |
Debt Securities, Available-for-Sale | $ 98,953,186 | $ 93,388,971 | ||||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9,536,652 | 3,945,837 | ||||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings | 0 | $ 0 | ||||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | 702,014 | $ 3,804,511 | 1,341,432 | $ 5,097,203 | ||
Other Investments | 8,051,118 | 4,722,137 | ||||
Federal Home Loan Bank of Chicago [Member] | ||||||
Other Investments | 425,000 | 425,000 | ||||
Notes Receivable [Member] | ||||||
Other Investments | 5,851,628 | 4,082,507 | ||||
Privately Held Investments [Member] | ||||||
Other Investments | 1,774,490 | 214,630 | ||||
Limited Partnership [Member] | ||||||
Other Investments | 1,300,000 | |||||
SAFE Investment [Member] | ||||||
Other Investments | 250,000 | |||||
Stocks [Member] | ||||||
Other Investments | 214,490 | |||||
Private Investment Fund [Member] | ||||||
Other Investments | $ 10,000,000 | |||||
Investment Request Amount | $ 1,300,000 | |||||
Investment, Funding Available for Future Investment | 8,700,000 | |||||
Notes Issued on July 30, 2019 [Member] | ||||||
Debt Instrument Accumulated Payments Received | 22,999 | 244,046 | ||||
Increase (Decrease) in Accrued Interest Receivable, Net | 5,342 | 10,496 | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | 0 | ||||
Notes Issued on July 30, 2019 [Member] | Prime Rate [Member] | ||||||
Loans Receivable, Basis Spread on Variable Rate | 0.25% | |||||
Notes Issued on July 30, 2019 [Member] | Minimum [Member] | ||||||
Financing Receivable, Interest Rate | 3.90% | |||||
Notes Issued on July 30, 2019 [Member] | Minimum [Member] | Prime Rate [Member] | ||||||
Loans Receivable, Basis Spread on Variable Rate | 4% | |||||
Notes Issued on July 30, 2019 [Member] | Maximum [Member] | ||||||
Financing Receivable, Interest Rate | 8.25% | |||||
Asset-Backed Securities [Member] | ||||||
Debt Securities, Available-for-Sale | $ 7,399,715 | 10,567,904 | ||||
Residential Mortgage-Backed Securities [Member] | ||||||
Debt Securities, Available-for-Sale | 26,030,621 | 19,288,540 | ||||
Commercial Mortgage-Backed Securities [Member] | ||||||
Debt Securities, Available-for-Sale | $ 6,409,894 | $ 8,946,897 | ||||
Fixed Income Securities [Member] | ||||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 239 | |||||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 165 | |||||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 9,536,652 |
Note 2 - Investments - Summary
Note 2 - Investments - Summary of Proceeds from Investments and Related Gross Realized Gains and Losses (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fixed Income Securities [Member] | ||||
Fixed maturity securities, proceeds | $ 4,512,342 | $ 10,168,949 | $ 8,342,783 | $ 12,614,074 |
Fixed maturity securities, realized gains | 0 | 96,191 | 0 | 105,918 |
Fixed maturity securities, realized losses | (11,378) | (106,546) | (51,898) | (106,546) |
Fixed maturity securities, net realized gains (losses) | 11,378 | (10,355) | 51,898 | (628) |
Common Stock [Member] | ||||
Equity securities, proceeds | 1,246,265 | 2,740,714 | 2,024,336 | 3,376,818 |
Equity securities, realized gains | 278,790 | 736,152 | 404,791 | 940,342 |
Equity securities, realized losses | (121,760) | (186,562) | (307,218) | (194,632) |
Equity securities, net realized gains (losses) | 157,030 | 549,590 | 97,573 | 745,710 |
Preferred Stock [Member] | ||||
Equity securities, proceeds | 241,812 | 38,200 | 337,440 | 403,708 |
Equity securities, realized gains | 4,959 | 0 | 29,371 | 7,745 |
Equity securities, realized losses | (6,599) | (2,426) | (6,599) | (8,433) |
Equity securities, net realized gains (losses) | $ 1,640 | $ (2,426) | $ (22,772) | $ (688) |
Note 2 - Investments - Contract
Note 2 - Investments - Contractual Maturity of Fixed Income Securities (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Due in one year or less, amortized cost | $ 2,653,094 | |
Due in one year or less, fair value | 2,616,149 | |
Due after one year through five years, amortized cost | 15,338,539 | |
Due after one year through five years, fair value | 14,509,826 | |
Due after five years through 10 years, amortized cost | 22,000,118 | |
Due after five years through 10 years, fair value | 19,955,236 | |
Due after 10 years, amortized cost | 25,902,069 | |
Due after 10 years, fair value | 21,734,839 | |
Total fixed maturity securities, amortized cost | 109,091,632 | $ 104,580,681 |
Total fixed maturity securities, fair value | 98,953,186 | 93,388,971 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities without a specific due date, amortized cost | 42,889,368 | |
Securities without a specific due date, fair value | 39,840,230 | |
Securities without a specific due date, amortized cost | 42,889,368 | |
Redeemable Preferred Stock [Member] | ||
Securities without a specific due date, amortized cost | 308,444 | |
Securities without a specific due date, fair value | 296,906 | |
Securities without a specific due date, amortized cost | 308,444 | |
Total fixed maturity securities, amortized cost | 308,444 | 215,805 |
Total fixed maturity securities, fair value | $ 296,906 | $ 188,921 |
Note 2 - Investments - Schedule
Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 109,091,632 | $ 104,580,681 |
Debt Securities, Available-for-Sale | 98,953,186 | 93,388,971 |
Gross Unrealized Gains | 201,447 | 168,461 |
Gross Unrealized Losses | (10,339,893) | (11,360,171) |
Fixed maturity securities, amortized cost | 109,091,632 | 104,580,681 |
US Treasury Securities [Member] | ||
Amortized Cost | 1,352,263 | 1,352,752 |
Debt Securities, Available-for-Sale | 1,258,328 | 1,252,960 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (93,935) | (99,792) |
Fixed maturity securities, amortized cost | 1,352,263 | 1,352,752 |
MBS,ABS,CMBS [Member] | ||
Amortized Cost | 42,889,368 | 41,858,596 |
Debt Securities, Available-for-Sale | 39,840,230 | 38,803,341 |
Gross Unrealized Gains | 61,409 | 51,477 |
Gross Unrealized Losses | (3,110,547) | (3,106,732) |
Fixed maturity securities, amortized cost | 42,889,368 | 41,858,596 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 43,537,844 | 39,716,139 |
Debt Securities, Available-for-Sale | 39,684,915 | 35,602,055 |
Gross Unrealized Gains | 51,234 | 38,867 |
Gross Unrealized Losses | (3,904,163) | (4,152,951) |
Fixed maturity securities, amortized cost | 43,537,844 | 39,716,139 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 21,003,713 | 21,437,389 |
Debt Securities, Available-for-Sale | 17,872,807 | 17,541,694 |
Gross Unrealized Gains | 88,804 | 78,117 |
Gross Unrealized Losses | (3,219,710) | (3,973,812) |
Fixed maturity securities, amortized cost | 21,003,713 | 21,437,389 |
Redeemable Preferred Stock [Member] | ||
Amortized Cost | 308,444 | 215,805 |
Debt Securities, Available-for-Sale | 296,906 | 188,921 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (11,538) | (26,884) |
Fixed maturity securities, amortized cost | $ 308,444 | $ 215,805 |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value of Securities in Unrealized Loss Position (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value, less than 12 Months | $ 29,459,903 | $ 61,194,560 |
Fair value, 12 months or longer | 58,150,478 | 21,380,131 |
Fair value | 87,610,381 | 82,574,691 |
Amortized cost, less than 12 Months | 30,263,144 | 68,608,894 |
Amortized cost, 12 months or longer | 67,687,130 | 25,325,968 |
Amortized cost | 97,950,274 | 93,934,862 |
Unrealized loss, less than 12 Months | (803,241) | (7,414,334) |
Unrealized loss, 12 months or longer | (9,536,652) | (3,945,837) |
Unrealized loss | (10,339,893) | (11,360,171) |
US Treasury Securities [Member] | ||
Fair value, less than 12 Months | 0 | 615,367 |
Fair value, 12 months or longer | 1,258,328 | 637,594 |
Fair value | 1,258,328 | 1,252,961 |
Amortized cost, less than 12 Months | 0 | 652,424 |
Amortized cost, 12 months or longer | 1,352,263 | 700,329 |
Amortized cost | 1,352,263 | 1,352,753 |
Unrealized loss, less than 12 Months | 0 | (37,057) |
Unrealized loss, 12 months or longer | (93,935) | (62,735) |
Unrealized loss | (93,935) | (99,792) |
MBS,ABS,CMBS [Member] | ||
Fair value, less than 12 Months | 13,459,765 | 21,199,819 |
Fair value, 12 months or longer | 23,582,217 | 12,833,310 |
Fair value | 37,041,982 | 34,033,129 |
Amortized cost, less than 12 Months | 13,776,404 | 22,564,779 |
Amortized cost, 12 months or longer | 26,376,125 | 14,575,082 |
Amortized cost | 40,152,529 | 37,139,861 |
Unrealized loss, less than 12 Months | (316,639) | (1,364,960) |
Unrealized loss, 12 months or longer | (2,793,908) | (1,741,772) |
Unrealized loss | (3,110,547) | (3,106,732) |
Corporate Debt Securities [Member] | ||
Fair value, less than 12 Months | 14,453,718 | 27,688,403 |
Fair value, 12 months or longer | 21,533,377 | 5,829,396 |
Fair value | 35,987,095 | 33,517,799 |
Amortized cost, less than 12 Months | 14,918,677 | 30,584,890 |
Amortized cost, 12 months or longer | 24,972,581 | 7,085,860 |
Amortized cost | 39,891,258 | 37,670,750 |
Unrealized loss, less than 12 Months | (464,959) | (2,896,487) |
Unrealized loss, 12 months or longer | (3,439,204) | (1,256,464) |
Unrealized loss | (3,904,163) | (4,152,951) |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, less than 12 Months | 1,294,170 | 11,502,050 |
Fair value, 12 months or longer | 11,731,900 | 2,079,831 |
Fair value | 13,026,070 | 13,581,881 |
Amortized cost, less than 12 Months | 1,307,000 | 14,590,996 |
Amortized cost, 12 months or longer | 14,938,780 | 2,964,697 |
Amortized cost | 16,245,780 | 17,555,693 |
Unrealized loss, less than 12 Months | (12,830) | (3,088,946) |
Unrealized loss, 12 months or longer | (3,206,880) | (884,866) |
Unrealized loss | (3,219,710) | (3,973,812) |
Redeemable Preferred Stock [Member] | ||
Fair value, less than 12 Months | 252,250 | 188,921 |
Fair value, 12 months or longer | 44,656 | 0 |
Fair value | 296,906 | 188,921 |
Amortized cost, less than 12 Months | 261,063 | 215,805 |
Amortized cost, 12 months or longer | 47,381 | 0 |
Amortized cost | 308,444 | 215,805 |
Unrealized loss, less than 12 Months | (8,813) | (26,884) |
Unrealized loss, 12 months or longer | (2,725) | 0 |
Unrealized loss | $ (11,538) | $ (26,884) |
Note 3 - Fair Value Disclosur_3
Note 3 - Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale | $ 98,953,186 | $ 93,388,971 |
Equity securities | 23,763,768 | 23,211,512 |
Total marketable investments measured at fair value | 122,716,954 | 116,600,483 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 1,258,328 | 1,252,960 |
Equity securities | 20,963,949 | 20,438,907 |
Total marketable investments measured at fair value | 22,222,277 | 21,691,867 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 97,694,858 | 92,136,011 |
Equity securities | 2,799,819 | 2,772,605 |
Total marketable investments measured at fair value | 100,494,677 | 94,908,616 |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Equity securities | 0 | 0 |
Total marketable investments measured at fair value | 0 | 0 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale | 1,258,328 | 1,252,960 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 1,258,328 | 1,252,960 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
MBS,ABS,CMBS [Member] | ||
Debt Securities, Available-for-Sale | 39,840,230 | 38,803,341 |
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 39,840,230 | 38,803,341 |
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 39,684,915 | 35,602,055 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 39,684,915 | 35,602,055 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 17,872,807 | 17,541,694 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 17,872,807 | 17,541,694 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Redeemable Preferred Stock [Member] | ||
Debt Securities, Available-for-Sale | 296,906 | 188,921 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 296,906 | 188,921 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Common Stock [Member] | ||
Equity securities | 20,963,949 | 20,438,907 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 20,963,949 | 20,438,907 |
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 | 2,799,819 | 2,772,605 |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 0 | 0 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 2,799,819 | 2,772,605 |
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 | 6 Months Ended | |||||||
Jul. 05, 2023 | May 31, 2022 | May 31, 2021 | Mar. 31, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jul. 31, 2022 | May 28, 2022 | |
Long-Term Debt | $ 15,000,000 | $ 15,000,000 | |||||||
Minimum [Member] | |||||||||
Adjusted Capital | 60,500,000 | ||||||||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | |||||||||
Debt Instrument, Collateral Amount | 4,000,000 | ||||||||
Long-Term Line of Credit, Total | 0 | ||||||||
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] | Prime Rate [Member] | Subsequent Event [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] | Minimum [Member] | Prime Rate [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 6% | ||||||||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Maximum [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | ||||||||
Revolving Credit Facility [Member] | American Bank & Trust [Member] | |||||||||
Interest Expense, Total | $ 0 | $ 0 | |||||||
Federal Home Loan Bank of Chicago [Member] | |||||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 44,300,000 | ||||||||
Line of Credit Facility Maximum Borrowing Capacity Percent | 25% | ||||||||
Advance from Federal Home Loan Bank | $ 15,000,000 | ||||||||
Debt Instrument, Collateral Amount | $ 19,000,000 | ||||||||
Federal Home Loan Bank of Chicago [Member] | Federal Home Loan Bank Advances, One [Member] | |||||||||
Proceeds from FHLBank Borrowings, Financing Activities | $ 6,000,000 | ||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | ||||||||
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] | |||||||||
Proceeds from FHLBank Borrowings, Financing Activities | $ 4,000,000 | ||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.74% | ||||||||
Federal Home Loan Bank of Chicago [Member] | FHLBC May 2021 [Member] | |||||||||
Debt Instrument, Collateral Amount | $ 5,000,000 | ||||||||
Federal Home Loan Bank of Chicago [Member] | FHLBC May 2021 Loan [Member] | |||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.36% |
Note 5 - Reinsurance (Details T
Note 5 - Reinsurance (Details Textual) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Casualty Business [Member] | Maximum [Member] | |
Reinsurance, Amount Retained, Per Life | $ 1,000,000 |
Property [Member] | |
Reinsurance Maximum Individual Risk | $ 1,000,000 |
Note 5 - Reinsurance - Summary
Note 5 - Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Direct | $ 23,589,667 | $ 21,228,432 | $ 44,404,193 | $ 40,794,615 |
Reinsurance assumed | 36,387 | 32,410 | 75,113 | 69,358 |
Reinsurance ceded | (2,654,089) | (2,266,365) | (4,994,729) | (4,536,993) |
Net | 20,971,965 | 18,994,477 | 39,484,577 | 36,326,980 |
Direct | 21,167,168 | 19,231,944 | 41,410,604 | 37,496,644 |
Reinsurance assumed | 31,109 | 25,851 | 72,811 | 67,479 |
Reinsurance ceded | (2,704,224) | (2,233,153) | (5,188,065) | (4,522,804) |
Net | 18,494,053 | 17,024,642 | 36,295,350 | 33,041,319 |
Direct | 12,633,975 | 15,524,735 | 25,900,404 | 28,137,877 |
Reinsurance assumed | 31,178 | 2,284 | 40,419 | 47,693 |
Reinsurance ceded | (450,667) | (1,718,414) | (2,678,656) | (4,181,764) |
Net | $ 12,214,486 | $ 13,808,605 | $ 23,262,167 | $ 24,003,806 |
Note 6 - Unpaid Losses and Se_3
Note 6 - Unpaid Losses and Settlement Expenses (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Prior Year Claims and Claims Adjustment Expense | $ 1,285,000 | $ 1,849,000 | $ 1,261,000 | $ 4,519,000 |
Note 6 - Unpaid Losses and Se_4
Note 6 - Unpaid Losses and Settlement Expenses - Schedule of Liability for Unpaid Claims and Claim Adjustment Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gross | $ 72,867,000 | $ 67,407,000 | $ 67,614,063 | $ 61,835,000 |
Less: Ceded | 14,460,000 | 16,089,000 | 13,610,295 | 14,521,000 |
Net | 58,407,000 | 51,318,000 | 54,004,000 | 47,314,000 |
Current year, incurred | 10,929,000 | 11,960,000 | 22,001,000 | 19,485,000 |
Prior years, incurred | 1,285,000 | 1,849,000 | 1,261,000 | 4,519,000 |
Total incurred | 12,214,000 | 13,809,000 | 23,262,000 | 24,004,000 |
Current year, paid | 3,558,000 | 4,605,000 | 4,716,000 | 5,994,000 |
Prior years, paid | 5,082,000 | 5,667,000 | 10,569,000 | 10,469,000 |
Total paid | 8,640,000 | 10,272,000 | 15,285,000 | 16,463,000 |
Net unpaid losses and settlement expense - end of the period | 61,981,000 | 54,855,000 | 61,981,000 | 54,855,000 |
Plus: Reinsurance recoverable on unpaid losses net of CECL | 14,501,900 | 15,526,000 | 14,501,900 | 15,526,000 |
Plus: CECL allowance for reinsurance recoverable on unpaid losses | 101,000 | 0 | 101,000 | 0 |
Unpaid losses and settlement expenses | $ 76,584,383 | $ 70,381,000 | $ 76,584,383 | $ 70,381,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 20.60% | 21.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Operating Loss Carryforwards | $ 0 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Provision for income taxes at the statutory federal tax rates | $ 156,026 | $ (1,100,569) | $ 572,680 | $ (1,144,657) |
Dividends received deduction | (20,275) | (11,117) | (40,735) | (22,398) |
Tax-exempt interest income | (8,794) | (12,961) | (18,866) | (26,312) |
Proration of tax-exempt interest and dividends received deduction | 7,053 | 5,828 | 14,470 | 11,798 |
Nondeductible expenses | 19,952 | 10,119 | 35,043 | 27,411 |
Officer life insurance, net | 2,532 | (3,335) | (578) | (7,682) |
Total | $ 156,494 | $ (1,112,035) | $ 562,014 | $ (1,161,840) |
Note 8 - Employee Benefits (Det
Note 8 - Employee Benefits (Details Textual) - USD ($) | 6 Months Ended | |||
Mar. 24, 2017 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
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 | $ 59,788 | $ 92,080 | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 244,615 | $ 194,763 | ||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares) | 11,622 | 11,622 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares) | 112,221 | 205,403 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||
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) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Nonvested Balance (in shares) | shares | 273,601 |
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.72 |
Granted, Restricted Stock Units (in shares) | shares | 272,802 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 17,600 |
Vested, Restricted Stock Units (in shares) | shares | (112,230) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 14.82 |
Nonvested Balance (in shares) | shares | 434,173 |
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.83 |