Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 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 $0.01 per share | |
Trading Symbol | ICCH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,142,973 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Investments and cash: | |||
Fixed maturity securities (amortized cost of $118,359,809 at 3/31/2024 and $119,336,041 at 12/31/2023) | $ 109,168,285 | $ 110,955,697 | |
Other invested assets, net of allowances for credit losses of $39,000 at 3/31/2024 and $39,000 at 12/31/2023 | 9,040,528 | 8,898,409 | |
Property held for investment, at cost, net of accumulated depreciation of $728,443 at 3/31/2024 and $682,402 at 12/31/2023 | 6,115,025 | 5,910,864 | |
Cash and cash equivalents | 7,026,999 | 1,478,135 | |
Total investments and cash | 147,767,603 | 142,331,022 | |
Accrued investment income | 962,242 | 915,156 | |
Premiums and reinsurance balances receivable, net of allowances for credit losses of $136,000 at 3/31/2024 and $143,000 at 12/31/2023 | 36,450,702 | 37,220,433 | |
Ceded unearned premiums | 724,172 | 755,099 | |
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for credit losses of $88,000 at 3/31/2024 and $82,000 at 12/31/2023 | 13,738,899 | 12,736,579 | |
Federal income taxes | 2,386,403 | 2,775,366 | |
Deferred policy acquisition costs, net | 8,643,538 | 8,552,459 | |
Property and equipment, at cost, net of accumulated depreciation of $7,109,013 at 3/31/2024 and $6,990,076 at 12/31/2023 | 3,363,731 | 3,325,322 | |
Other Assets, net of allowances for credit losses of $5,000 at 3/31/2024 and $5,000 at 12/31/2023 | 2,395,727 | 2,405,577 | |
Total assets | 216,433,017 | 211,017,013 | |
Liabilities: | |||
Unpaid losses and settlement expenses | 77,650,986 | 71,919,585 | |
Unearned premiums | 47,450,348 | 47,259,637 | |
Reinsurance balances payable | 663,886 | 1,132,301 | |
Corporate debt | 15,000,000 | 15,000,000 | |
Accrued expenses | 5,783,483 | 7,442,617 | |
Other liabilities | 1,198,903 | 1,259,324 | |
Total liabilities | 147,747,606 | 144,013,464 | |
Equity: | |||
Common stock | [1] | 35,000 | 35,000 |
Treasury stock, at cost | [2] | (5,776,979) | (5,710,324) |
Additional paid-in capital | 33,421,997 | 33,330,846 | |
Accumulated other comprehensive (loss), net of tax | (7,261,448) | (6,621,336) | |
Retained earnings | 50,083,573 | 47,844,368 | |
Less: Unearned Employee Stock Ownership Plan shares at cost | [3] | (1,816,732) | (1,875,005) |
Total equity | 68,685,411 | 67,003,549 | |
Total liabilities and equity | 216,433,017 | 211,017,013 | |
Common Stock [Member] | |||
Investments and cash: | |||
Stocks at fair value | 13,369,954 | 12,191,621 | |
Preferred Stock [Member] | |||
Investments and cash: | |||
Stocks at fair value | $ 3,046,812 | $ 2,896,296 | |
[1]Par value $0.01; authorized: 2024 and 2023 - 10,000,000 shares; issued: 2024 – 3,500,000 shares and 2023 – 3,500,000 shares; outstanding: 2024 – 3,138,976 and 2023 – 3,138,976 shares[2]2024 – 361,024 shares and 2023 – 361,024 shares[3]2024 – 181,671 shares and 2023 – 187,498 shares |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fixed maturity securities, amortized cost | $ 118,359,809 | $ 119,336,041 |
Other invested assets, allowances for credit losses | 39,000 | 39,000 |
Property held for investment, accumulated depreciation | 728,443 | 682,402 |
Premiums and reinsurance balances receivable, allowances for uncollectible amounts | 136,000 | 143,000 |
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts | 88,000 | 82,000 |
Property and equipment, at cost, accumulated depreciation | 7,109,013 | 6,990,076 |
Allowance for Credit Loss, Receivable, Other, Current | $ 5,000 | $ 5,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net premiums earned | $ 20,222,366 | $ 17,801,297 |
Net investment income | 1,440,202 | 1,209,415 |
Net realized investment gains (losses) | 150,686 | (75,565) |
Net unrealized gains on investments | 1,273,890 | 639,418 |
Other (loss) income | (5,037) | 45,836 |
Consolidated revenues | 23,082,107 | 19,620,401 |
Losses and settlement expenses | 12,336,928 | 11,047,681 |
Policy acquisition costs and other operating expenses | 7,663,099 | 6,349,581 |
Interest expense on debt | 45,904 | 45,400 |
General corporate expenses | 200,770 | 193,674 |
Total expenses | 20,246,701 | 17,636,336 |
Earnings before income taxes | 2,835,406 | 1,984,065 |
Total income tax expense | 596,201 | 405,520 |
Net earnings | 2,239,205 | 1,578,545 |
Other comprehensive (loss) earnings, net of tax | (640,112) | 1,596,353 |
Comprehensive earnings | $ 1,599,093 | $ 3,174,898 |
Basic: | ||
Basic net earnings per share (in dollars per share) | $ 0.76 | $ 0.54 |
Diluted: | ||
Diluted net earnings per share (in dollars per share) | $ 0.75 | $ 0.53 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 2,953,441 | 2,942,659 |
Diluted (in shares) | 2,969,446 | 2,956,273 |
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 (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 | ||||||||
Cumulative adjustment for adoption of ASU 2016-13, net of tax (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ (113,760) | $ 0 | $ (113,760) | ||||||||
Cumulative adjustment for adoption of ASU 2016-13, net of tax 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 | (46,334) | 0 | 0 | 0 | 0 | (46,334) | ||||||||
Net earnings | 0 | 0 | 0 | 0 | 1,578,545 | 0 | 1,578,545 | ||||||||
Other comprehensive earnings, net of tax | 0 | 0 | 0 | 0 | 0 | 1,596,353 | 1,596,353 | ||||||||
Restricted stock unit expense | 0 | 0 | [1] | 0 | 52,850 | 0 | 0 | 52,850 | |||||||
ESOP compensation expense | 0 | 0 | 57,790 | 32,154 | 0 | 0 | 89,944 | ||||||||
Balance at Mar. 31, 2023 | 35,000 | (5,509,869) | (2,051,585) | 33,204,129 | 45,166,018 | (7,245,164) | 63,598,529 | ||||||||
Balance at Dec. 31, 2023 | 35,000 | (5,710,324) | 33,330,846 | 47,844,368 | (6,621,336) | 67,003,549 | |||||||||
Cumulative adjustment for adoption of ASU 2016-13, net of tax at Dec. 31, 2023 | (35,000) | 5,710,324 | (33,330,846) | (47,844,368) | 6,621,336 | (67,003,549) | |||||||||
Purchase of treasury stock | 0 | (66,655) | 0 | 0 | 0 | (66,655) | |||||||||
Net earnings | 0 | 0 | 0 | 2,239,205 | 0 | 2,239,205 | |||||||||
Other comprehensive earnings, net of tax | 0 | 0 | $ 0 | 0 | 0 | (640,112) | (640,112) | ||||||||
Restricted stock unit expense | 0 | 0 | [1] | 59,380 | 0 | 0 | 59,380 | ||||||||
ESOP compensation expense | 0 | 0 | 31,771 | 0 | 0 | 90,044 | |||||||||
Balance at Mar. 31, 2024 | $ 35,000 | $ (5,776,979) | $ 33,421,997 | $ 50,083,573 | $ (7,261,448) | $ 68,685,411 | |||||||||
[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 ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net earnings | $ 2,239,205 | $ 1,578,545 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ||
Net realized investment (gains) losses | (150,686) | 75,565 |
Net unrealized gains on investments | (1,273,890) | (639,418) |
Depreciation | 199,686 | 173,491 |
Deferred income tax | 194,829 | 267,226 |
Amortization of bond premium and discount | (18,871) | 29,821 |
Stock-based compensation expense | 149,424 | 142,794 |
Change in: | ||
Accrued investment income | (47,086) | 509 |
Premiums and reinsurance balances receivable | 769,731 | (506,948) |
Ceded unearned premiums | 30,927 | 143,200 |
Reinsurance balances recoverable | (1,002,320) | (843,357) |
Deferred policy acquisition costs | (91,079) | (565,515) |
Unpaid losses and settlement expenses | 5,731,401 | 5,252,537 |
Unearned premiums | 190,711 | 568,115 |
Reinsurance balances payable | (468,415) | (1,123,875) |
Accrued expenses | (1,659,134) | (1,949,578) |
Current federal income tax | 364,293 | 124,565 |
Other | (93,842) | (386,200) |
Net cash provided by operating activities | 5,064,884 | 2,341,477 |
Cash flows from investing activities: | ||
Fixed maturity securities | (3,259,172) | (5,960,521) |
Other invested assets | 0 | (360,000) |
Property held for investment | (250,201) | (358,210) |
Property and equipment | (192,156) | (160,191) |
Proceeds from sales, maturities and calls of: | ||
Fixed maturity securities | 4,294,521 | 3,830,441 |
Other invested assets | 75,458 | 8,557 |
Property and equipment | 101 | 33 |
Net cash provided by (used in) investing activities | 550,635 | (3,012,834) |
Cash flows from financing activities: | ||
Purchase of treasury stock | (66,655) | (46,334) |
Net cash used in financing activities | (66,655) | (46,334) |
Net increase (decrease) in cash and cash equivalents | 5,548,864 | (717,691) |
Cash and cash equivalents at beginning of year | 1,478,135 | 3,139,986 |
Cash and cash equivalents at end of period | 7,026,999 | 2,422,295 |
Supplemental information: | ||
Interest paid | 45,900 | 39,500 |
Common Stock [Member] | ||
Cash flows from investing activities: | ||
Equity securities | (826,741) | (807,926) |
Proceeds from sales, maturities and calls of: | ||
Equity securities | 705,443 | 778,071 |
Preferred Stock [Member] | ||
Cash flows from investing activities: | ||
Equity securities | (242,131) | (78,716) |
Proceeds from sales, maturities and calls of: | ||
Equity securities | $ 245,513 | $ 95,628 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 October 2023; 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 21.7% and 23.0% of the premium is written in Illinois for the three March 31, 2024 2023 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, 2023 2023 10 not March 31, 2024 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 2023 . D. PROSPECTIVE ACCOUNTING STANDARDS There are no March 31, 2024 E. PROPERTY AND EQUIPMENT Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended March 31, 2024 December 31, 2023 As of March 31, December 31, 2024 2023 Automobiles $ 693,634 $ 645,458 Furniture and fixtures 526,657 525,843 Computer equipment and software 5,093,380 5,037,301 Home office 4,159,073 4,106,796 Total cost 10,472,744 10,315,398 Accumulated depreciation (7,109,013 ) (6,990,076 ) Net property and equipment $ 3,363,731 $ 3,325,322 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. The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Three-Months Ended March 31, 2024 2023 Beginning balance $ (6,621,336 ) $ (8,841,517 ) Other comprehensive (loss) earnings before reclassification (639,189 ) 1,564,342 Amount reclassified from accumulated other comprehensive (loss) earnings (923 ) 32,011 Net current period other comprehensive (loss) earnings (640,112 ) 1,596,353 Ending balance $ (7,261,448 ) $ (7,245,164 ) The following table illustrates the components of other comprehensive earnings (loss) for each period presented in the condensed consolidated interim financial statements. Three-Month Periods Ended March 31, 2024 2023 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) gains arising during the period $ (809,101 ) $ 169,912 $ (639,189 ) $ 1,980,180 $ (415,838 ) $ 1,564,342 Reclassification adjustment for (gains) losses included in net earnings (1,167 ) 244 (923 ) 40,520 (8,509 ) 32,011 Total other comprehensive (loss) earnings $ (810,268 ) $ 170,156 $ (640,112 ) $ 2,020,700 $ (424,347 ) $ 1,596,353 The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented: Amounts Reclassified from Accumulated Other Comprehensive (Earnings) Loss Three-Month Periods Ended Details about Accumulated Other March 31, Affected Line Item in the Statement Comprehensive Earnings Component 2024 2023 where Net Earnings is Presented Unrealized (gains) losses on ASF investments: $ (1,167 ) $ 40,520 Net realized investment (gains) losses 244 (8,509 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ (923 ) $ 32,011 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. War, terrorism, 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. H. INTANGIBLES Intangible assets of $1.2 million are reported within Other Assets on the Consolidated Balance Sheets. Finite-lived intangible assets are amortized over their estimated useful lives. |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. INVESTMENTS 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 March 31, Net Realized Proceeds Gains Losses Gains (Losses) 2024 Fixed maturity securities $ 4,294,521 $ 1,167 $ — $ 1,167 Common stocks 705,443 249,637 (70,057 ) 179,580 Preferred stocks 245,513 1,409 (31,470 ) (30,061 ) 2023 Fixed maturity securities $ 3,830,441 $ — $ (40,520 ) $ (40,520 ) Common stocks 778,071 126,001 (185,458 ) (59,457 ) Preferred stocks 95,628 24,412 — 24,412 The amortized cost and estimated fair value of fixed income securities at March 31, 2024 Amortized Cost Fair Value Due in one year or less $ 3,548,339 $ 3,498,321 Due after one year through five years 15,222,260 14,582,221 Due after five years through 10 years 24,129,964 22,440,674 Due after 10 years 26,891,230 22,631,543 Asset and mortgage-backed securities without a specific due date 48,381,623 45,834,486 Redeemable preferred stocks 186,393 181,040 Total fixed maturity securities $ 118,359,809 $ 109,168,285 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 March 31, 2024 December 31, 2023 Gross Unrealized Amortized Cost Fair Value Gains Losses 2024 Fixed maturity securities: U.S. Treasury $ 1,351,519 $ 1,295,211 $ — $ (56,308 ) MBS/ABS/CMBS 48,381,623 45,834,486 291,072 (2,838,209 ) Corporate 45,827,528 42,444,447 104,428 (3,487,509 ) Municipal 22,612,746 19,413,101 125,472 (3,325,117 ) Redeemable preferred stock 186,393 181,040 — (5,353 ) Total fixed maturity securities $ 118,359,809 $ 109,168,285 $ 520,972 $ (9,712,496 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2023 Fixed maturity securities: U.S. Treasury $ 1,351,768 $ 1,289,774 $ — $ (61,994 ) MBS/ABS/CMBS 49,400,028 47,020,328 283,957 (2,663,657 ) Corporate 45,764,492 42,981,718 287,412 (3,070,186 ) Municipal 22,633,360 19,493,317 153,103 (3,293,146 ) Redeemable preferred stock 186,393 170,560 — (15,833 ) Total fixed maturity securities $ 119,336,041 $ 110,955,697 $ 724,472 $ (9,104,816 ) All the Company’s collateralized securities carry an average credit rating of AA by one Note 3 Fair Value Disclosures, March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 ANALYSIS The following tables display the total value of securities that were in an unrealized loss position as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ — $ 1,295,211 $ 1,295,211 $ — $ 1,289,774 $ 1,289,774 Amortized cost — 1,351,519 1,351,519 — 1,351,768 1,351,768 Unrealized loss — (56,308 ) (56,308 ) — (61,994 ) (61,994 ) MBS/ABS/CMBS Fair value 8,671,226 20,894,107 29,565,333 8,345,340 24,323,865 32,669,205 Amortized cost 8,780,692 23,622,850 32,403,542 8,462,010 26,870,852 35,332,862 Unrealized loss (109,466 ) (2,728,743 ) (2,838,209 ) (116,670 ) (2,546,987 ) (2,663,657 ) Corporate Fair value 5,126,823 31,263,210 36,390,033 477,051 33,352,754 33,829,805 Amortized cost 5,205,614 34,671,928 39,877,542 478,370 36,421,621 36,899,991 Unrealized loss (78,791 ) (3,408,718 ) (3,487,509 ) (1,319 ) (3,068,867 ) (3,070,186 ) Municipal Fair value 1,276,758 12,114,730 13,391,488 — 12,149,238 12,149,238 Amortized cost 1,283,254 15,433,351 16,716,605 — 15,442,384 15,442,384 Unrealized loss (6,496 ) (3,318,621 ) (3,325,117 ) — (3,293,146 ) (3,293,146 ) Redeemable preferred stock Fair value 121,500 59,540 181,040 149,240 21,320 170,560 Amortized cost 123,188 63,205 186,393 161,549 24,844 186,393 Unrealized loss (1,688 ) (3,665 ) (5,353 ) (12,309 ) (3,524 ) (15,833 ) Total Fair value 15,196,307 65,626,798 80,823,105 8,971,631 71,136,951 80,108,582 Amortized cost 15,392,748 75,142,853 90,535,601 9,101,929 80,111,469 89,213,398 Unrealized loss $ (196,441 ) $ (9,516,055 ) $ (9,712,496 ) $ (130,298 ) $ (8,974,518 ) $ (9,104,816 ) The fixed income portfolio contained 219 securities in an unrealized loss position as of March 31, 2024 12 not not not There were no CECL allowances from the fixed income portfolio recognized in net earnings during the three March 31, 2024 2023 not may UNREALIZED GAINS AND LOSSES ON INVESTMENTS Net unrealized gains recognized during the three March 31, 2024 three March 31, 2023 March 31, 2023 Other Invested Assets Other invested assets as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 As of March 31, 2024 three November 2021, may March 31, 2024 March 31, 2024 December 31, 2023 three December 31, 2023 Notes receivable are carried at outstanding value plus accrued interest. As of March 31, 2024 prime with three March 31, 2024 March 31, 2024 The Funds at Lloyd's and membership in the FHLBC are carried at cost. |
Note 3 - Fair Value Disclosures
Note 3 - Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
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, Funds at Lloyd's, and membership in the FHLBC. Notes receivable are carried at outstanding balance plus accrued interest. Stock is at fair value when available. The limited partnership is accounted for under the equity method, which is considered a related party. The SAFE investment, Funds at Lloyd's, and the membership in FHLBC are carried at cost. Assets measured at fair value on a recurring basis as of March 31, 2024 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 $ 1,295,211 $ — $ — $ 1,295,211 MBS/ABS/CMBS — 45,834,486 — 45,834,486 Corporate — 42,444,447 — 42,444,447 Municipal — 19,413,101 — 19,413,101 Redeemable preferred stocks — 181,040 — 181,040 Total fixed maturity securities 1,295,211 107,873,074 — 109,168,285 Equity securities Common stocks 13,369,954 — — 13,369,954 Perpetual preferred stocks — 3,046,812 — 3,046,812 Total equity securities 13,369,954 3,046,812 — 16,416,766 Total marketable investments measured at fair value $ 14,665,165 $ 110,919,886 $ — $ 125,585,051 Assets measured at fair value on a recurring basis as of December 31, 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 $ 1,289,774 $ — $ — $ 1,289,774 MBS/ABS/CMBS — 47,020,328 — 47,020,328 Corporate — 42,981,718 — 42,981,718 Municipal — 19,493,317 — 19,493,317 Redeemable preferred stocks — 170,560 — 170,560 Total fixed maturity securities 1,289,774 109,665,923 — 110,955,697 Equity securities Common stocks 12,191,621 — — 12,191,621 Perpetual preferred stocks — 2,896,296 — 2,896,296 Total equity securities 12,191,621 2,896,296 — 15,087,917 Total marketable investments measured at fair value $ 13,481,395 $ 112,562,219 $ — $ 126,043,614 As noted in the previous tables, the Company has no 3 March 31, 2024 December 31, 2023 1 2 three March 31, 2024 2023 |
Note 4 - Debt
Note 4 - Debt | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 December 31, 2023 The Company also has borrowing capacity of $48.2 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 March 31, 2024 three 5 2025 2027, The Company has $19.1 million in bonds pledged as collateral for all FHLBC loans. Revolving Line of Credit As of March 31, 2024 July 5, 2023 prime floor July 5, 2024 March 31, 2024 three March 31, 2024 2023 |
Note 5 - Reinsurance
Note 5 - Reinsurance | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 WRITTEN Direct $ 23,735,559 $ 20,814,526 Reinsurance assumed 47,776 38,726 Reinsurance ceded (3,339,331 ) (2,340,640 ) Net $ 20,444,004 $ 18,512,612 EARNED Direct $ 23,545,004 $ 20,243,436 Reinsurance assumed 47,620 41,702 Reinsurance ceded (3,370,258 ) (2,483,841 ) Net $ 20,222,366 $ 17,801,297 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 14,119,451 $ 13,266,429 Reinsurance assumed 63,722 9,241 Reinsurance ceded (1,846,245 ) (2,227,989 ) Net $ 12,336,928 $ 11,047,681 |
Note 6 - Unpaid Losses and Sett
Note 6 - Unpaid Losses and Settlement Expenses | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, (In thousands) 2024 2023 Unpaid losses and settlement expense - beginning of the period: Gross $ 71,920 $ 67,614 Less: Ceded 12,737 13,610 Less: CECL allowance for reinsurance recoverable on unpaid losses 82 — Net 59,101 54,004 Increase in incurred losses and settlement expense: Current year 12,288 11,072 Prior years 49 (24 ) Total incurred 12,337 11,048 Deduct: Loss and settlement expense payments for claims incurred: Current year 1,924 1,158 Prior years 5,690 5,487 Total paid 7,614 6,645 Net unpaid losses and settlement expense - end of the period 63,824 58,407 Plus: Reinsurance recoverable on unpaid losses net of CECL 13,739 14,356 Plus: CECL allowance for reinsurance recoverable on unpaid losses 1 88 104 Gross unpaid losses and settlement expense - end of the period $ 77,651 $ 72,867 1 See page 7, For the three March 31, 2024 2023 three March 31, 2024 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The Company’s effective tax rate for the three March 31, 2024 2023 Income tax expense for the three March 31, 2024 2023 For the Three-Months Ended March 31, 2024 2023 Provision for income taxes at the statutory federal tax rates $ 595,435 $ 416,654 Increase (reduction) in taxes resulting from: Tax-exempt interest income (7,929 ) (10,072 ) Dividends received deduction (10,065 ) (20,460 ) Proration of tax-exempt interest and dividends received deduction 4,283 7,417 Nondeductible expenses 15,915 15,091 Officer life insurance, net (1,438 ) (3,110 ) Total $ 596,201 $ 405,520 Management believes it is more likely than not As of March 31, 2024 December 31, 2023 not 2020 no March 31, 2024 |
Note 8 - Employee Benefits
Note 8 - Employee Benefits | 3 Months Ended |
Mar. 31, 2024 | |
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 not three March 31, 2024 2023 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 three March 31, 2024 ted to 5,827 shares of our c December 31, 2024 three March 31, 2023 December 31, 2023 RESTRICTED STOCK UNITS Restricted stock units (RSUs) were granted for the first February 2018 April one third three first three March 31, 2024 March 31, 2023 RSUs Weighted Average Grant Date Fair Value Nonvested on December 31, 2023 19,787 $ 15.87 Granted — — Vested (3,782 ) 15.70 Nonvested on March 31, 2024 16,005 $ 15.92 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. SUBSEQUENT EVENTS The Company granted 20,100 restricted stock units on April 1, 2024. April 30, 2024, X, no |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. During the quarter ended March 31, 2024 none 16 1934, 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of March 31, December 31, 2024 2023 Automobiles $ 693,634 $ 645,458 Furniture and fixtures 526,657 525,843 Computer equipment and software 5,093,380 5,037,301 Home office 4,159,073 4,106,796 Total cost 10,472,744 10,315,398 Accumulated depreciation (7,109,013 ) (6,990,076 ) Net property and equipment $ 3,363,731 $ 3,325,322 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three-Months Ended March 31, 2024 2023 Beginning balance $ (6,621,336 ) $ (8,841,517 ) Other comprehensive (loss) earnings before reclassification (639,189 ) 1,564,342 Amount reclassified from accumulated other comprehensive (loss) earnings (923 ) 32,011 Net current period other comprehensive (loss) earnings (640,112 ) 1,596,353 Ending balance $ (7,261,448 ) $ (7,245,164 ) |
Comprehensive Income (Loss) [Table Text Block] | Three-Month Periods Ended March 31, 2024 2023 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) gains arising during the period $ (809,101 ) $ 169,912 $ (639,189 ) $ 1,980,180 $ (415,838 ) $ 1,564,342 Reclassification adjustment for (gains) losses included in net earnings (1,167 ) 244 (923 ) 40,520 (8,509 ) 32,011 Total other comprehensive (loss) earnings $ (810,268 ) $ 170,156 $ (640,112 ) $ 2,020,700 $ (424,347 ) $ 1,596,353 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts Reclassified from Accumulated Other Comprehensive (Earnings) Loss Three-Month Periods Ended Details about Accumulated Other March 31, Affected Line Item in the Statement Comprehensive Earnings Component 2024 2023 where Net Earnings is Presented Unrealized (gains) losses on ASF investments: $ (1,167 ) $ 40,520 Net realized investment (gains) losses 244 (8,509 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ (923 ) $ 32,011 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Realized Gain (Loss) [Table Text Block] | For the Three-Months Ended March 31, Net Realized Proceeds Gains Losses Gains (Losses) 2024 Fixed maturity securities $ 4,294,521 $ 1,167 $ — $ 1,167 Common stocks 705,443 249,637 (70,057 ) 179,580 Preferred stocks 245,513 1,409 (31,470 ) (30,061 ) 2023 Fixed maturity securities $ 3,830,441 $ — $ (40,520 ) $ (40,520 ) Common stocks 778,071 126,001 (185,458 ) (59,457 ) Preferred stocks 95,628 24,412 — 24,412 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Due in one year or less $ 3,548,339 $ 3,498,321 Due after one year through five years 15,222,260 14,582,221 Due after five years through 10 years 24,129,964 22,440,674 Due after 10 years 26,891,230 22,631,543 Asset and mortgage-backed securities without a specific due date 48,381,623 45,834,486 Redeemable preferred stocks 186,393 181,040 Total fixed maturity securities $ 118,359,809 $ 109,168,285 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Unrealized Amortized Cost Fair Value Gains Losses 2024 Fixed maturity securities: U.S. Treasury $ 1,351,519 $ 1,295,211 $ — $ (56,308 ) MBS/ABS/CMBS 48,381,623 45,834,486 291,072 (2,838,209 ) Corporate 45,827,528 42,444,447 104,428 (3,487,509 ) Municipal 22,612,746 19,413,101 125,472 (3,325,117 ) Redeemable preferred stock 186,393 181,040 — (5,353 ) Total fixed maturity securities $ 118,359,809 $ 109,168,285 $ 520,972 $ (9,712,496 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2023 Fixed maturity securities: U.S. Treasury $ 1,351,768 $ 1,289,774 $ — $ (61,994 ) MBS/ABS/CMBS 49,400,028 47,020,328 283,957 (2,663,657 ) Corporate 45,764,492 42,981,718 287,412 (3,070,186 ) Municipal 22,633,360 19,493,317 153,103 (3,293,146 ) Redeemable preferred stock 186,393 170,560 — (15,833 ) Total fixed maturity securities $ 119,336,041 $ 110,955,697 $ 724,472 $ (9,104,816 ) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | March 31, 2024 December 31, 2023 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ — $ 1,295,211 $ 1,295,211 $ — $ 1,289,774 $ 1,289,774 Amortized cost — 1,351,519 1,351,519 — 1,351,768 1,351,768 Unrealized loss — (56,308 ) (56,308 ) — (61,994 ) (61,994 ) MBS/ABS/CMBS Fair value 8,671,226 20,894,107 29,565,333 8,345,340 24,323,865 32,669,205 Amortized cost 8,780,692 23,622,850 32,403,542 8,462,010 26,870,852 35,332,862 Unrealized loss (109,466 ) (2,728,743 ) (2,838,209 ) (116,670 ) (2,546,987 ) (2,663,657 ) Corporate Fair value 5,126,823 31,263,210 36,390,033 477,051 33,352,754 33,829,805 Amortized cost 5,205,614 34,671,928 39,877,542 478,370 36,421,621 36,899,991 Unrealized loss (78,791 ) (3,408,718 ) (3,487,509 ) (1,319 ) (3,068,867 ) (3,070,186 ) Municipal Fair value 1,276,758 12,114,730 13,391,488 — 12,149,238 12,149,238 Amortized cost 1,283,254 15,433,351 16,716,605 — 15,442,384 15,442,384 Unrealized loss (6,496 ) (3,318,621 ) (3,325,117 ) — (3,293,146 ) (3,293,146 ) Redeemable preferred stock Fair value 121,500 59,540 181,040 149,240 21,320 170,560 Amortized cost 123,188 63,205 186,393 161,549 24,844 186,393 Unrealized loss (1,688 ) (3,665 ) (5,353 ) (12,309 ) (3,524 ) (15,833 ) Total Fair value 15,196,307 65,626,798 80,823,105 8,971,631 71,136,951 80,108,582 Amortized cost 15,392,748 75,142,853 90,535,601 9,101,929 80,111,469 89,213,398 Unrealized loss $ (196,441 ) $ (9,516,055 ) $ (9,712,496 ) $ (130,298 ) $ (8,974,518 ) $ (9,104,816 ) |
Note 3 - Fair Value Disclosur_2
Note 3 - Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 1,295,211 $ — $ — $ 1,295,211 MBS/ABS/CMBS — 45,834,486 — 45,834,486 Corporate — 42,444,447 — 42,444,447 Municipal — 19,413,101 — 19,413,101 Redeemable preferred stocks — 181,040 — 181,040 Total fixed maturity securities 1,295,211 107,873,074 — 109,168,285 Equity securities Common stocks 13,369,954 — — 13,369,954 Perpetual preferred stocks — 3,046,812 — 3,046,812 Total equity securities 13,369,954 3,046,812 — 16,416,766 Total marketable investments measured at fair value $ 14,665,165 $ 110,919,886 $ — $ 125,585,051 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 $ 1,289,774 $ — $ — $ 1,289,774 MBS/ABS/CMBS — 47,020,328 — 47,020,328 Corporate — 42,981,718 — 42,981,718 Municipal — 19,493,317 — 19,493,317 Redeemable preferred stocks — 170,560 — 170,560 Total fixed maturity securities 1,289,774 109,665,923 — 110,955,697 Equity securities Common stocks 12,191,621 — — 12,191,621 Perpetual preferred stocks — 2,896,296 — 2,896,296 Total equity securities 12,191,621 2,896,296 — 15,087,917 Total marketable investments measured at fair value $ 13,481,395 $ 112,562,219 $ — $ 126,043,614 |
Note 5 - Reinsurance (Tables)
Note 5 - Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Effects of Reinsurance [Table Text Block] | Three-Month Periods Ended March 31, 2024 2023 WRITTEN Direct $ 23,735,559 $ 20,814,526 Reinsurance assumed 47,776 38,726 Reinsurance ceded (3,339,331 ) (2,340,640 ) Net $ 20,444,004 $ 18,512,612 EARNED Direct $ 23,545,004 $ 20,243,436 Reinsurance assumed 47,620 41,702 Reinsurance ceded (3,370,258 ) (2,483,841 ) Net $ 20,222,366 $ 17,801,297 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 14,119,451 $ 13,266,429 Reinsurance assumed 63,722 9,241 Reinsurance ceded (1,846,245 ) (2,227,989 ) Net $ 12,336,928 $ 11,047,681 |
Note 6 - Unpaid Losses and Se_2
Note 6 - Unpaid Losses and Settlement Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | For the Three-Months Ended March 31, (In thousands) 2024 2023 Unpaid losses and settlement expense - beginning of the period: Gross $ 71,920 $ 67,614 Less: Ceded 12,737 13,610 Less: CECL allowance for reinsurance recoverable on unpaid losses 82 — Net 59,101 54,004 Increase in incurred losses and settlement expense: Current year 12,288 11,072 Prior years 49 (24 ) Total incurred 12,337 11,048 Deduct: Loss and settlement expense payments for claims incurred: Current year 1,924 1,158 Prior years 5,690 5,487 Total paid 7,614 6,645 Net unpaid losses and settlement expense - end of the period 63,824 58,407 Plus: Reinsurance recoverable on unpaid losses net of CECL 13,739 14,356 Plus: CECL allowance for reinsurance recoverable on unpaid losses 1 88 104 Gross unpaid losses and settlement expense - end of the period $ 77,651 $ 72,867 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Three-Months Ended March 31, 2024 2023 Provision for income taxes at the statutory federal tax rates $ 595,435 $ 416,654 Increase (reduction) in taxes resulting from: Tax-exempt interest income (7,929 ) (10,072 ) Dividends received deduction (10,065 ) (20,460 ) Proration of tax-exempt interest and dividends received deduction 4,283 7,417 Nondeductible expenses 15,915 15,091 Officer life insurance, net (1,438 ) (3,110 ) Total $ 596,201 $ 405,520 |
Note 8 - Employee Benefits (Tab
Note 8 - Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restricted Stock Units (RSUs) [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | RSUs Weighted Average Grant Date Fair Value Nonvested on December 31, 2023 19,787 $ 15.87 Granted — — Vested (3,782 ) 15.70 Nonvested on March 31, 2024 16,005 $ 15.92 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Retained Earnings (Accumulated Deficit) | $ 50,083,573 | $ 47,844,368 | ||
Tangible Asset Impairment Charges | $ 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | ||
Finite-Lived Intangible Assets, Gross | $ 1,200,000 | |||
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 | 21.70% | 23% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Cost | $ 10,472,744 | $ 10,315,398 |
Accumulated depreciation | (7,109,013) | (6,990,076) |
Net property and equipment | 3,363,731 | 3,325,322 |
Automobiles [Member] | ||
Cost | 693,634 | 645,458 |
Furniture and Fixtures [Member] | ||
Cost | 526,657 | 525,843 |
Computer Equipment [Member] | ||
Cost | 5,093,380 | 5,037,301 |
Home Office [Member] | ||
Cost | $ 4,159,073 | $ 4,106,796 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance | $ 67,003,549 | $ 60,440,931 |
Net current period other comprehensive (loss) earnings | (640,112) | 1,596,353 |
Balance | 68,685,411 | 63,598,529 |
AOCI Attributable to Parent [Member] | ||
Balance | (6,621,336) | (8,841,517) |
Other comprehensive (loss) earnings before reclassification | (639,189) | 1,564,342 |
Amount reclassified from accumulated other comprehensive (loss) earnings | (923) | 32,011 |
Net current period other comprehensive (loss) earnings | (640,112) | 1,596,353 |
Balance | $ (7,261,448) | $ (7,245,164) |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Other Comprehensive Earnings (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unrealized holding (losses) gains arising during the period, pre tax | $ (809,101) | $ 1,980,180 |
Unrealized holding (losses) gains arising during the period, tax | 169,912 | (415,838) |
Unrealized holding (losses) gains arising during the period | (639,189) | 1,564,342 |
Reclassification adjustment for losses included in net earnings, pre tax | (1,167) | 40,520 |
Reclassification adjustment for losses included in net earnings, tax | 244 | (8,509) |
Reclassification adjustment for (gains) losses included in net earnings | (923) | 32,011 |
Total other comprehensive (loss) earnings, pre tax | (810,268) | 2,020,700 |
Total other comprehensive (loss) earnings, tax | 170,156 | (424,347) |
Total other comprehensive (loss) earnings | $ (640,112) | $ 1,596,353 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Reclassifications from Accumulated Other Comprehensive Earnings (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net realized investment (gains) losses | $ (150,686) | $ 75,565 |
Income Tax Expense (Benefit) | 596,201 | 405,520 |
Net earnings | 2,239,205 | 1,578,545 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Net earnings | (923) | 32,011 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Net realized investment (gains) losses | (1,167) | 40,520 |
Income Tax Expense (Benefit) | $ 244 | $ (8,509) |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Nov. 30, 2021 USD ($) | |
Debt Securities, Available-for-Sale | $ 109,168,285 | $ 110,955,697 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9,516,055 | 8,974,518 | ||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 1,273,890 | $ 639,418 | ||
Other Investments | 9,040,528 | 8,898,409 | ||
Financing Receivable, Allowance for Credit Loss | 39,000 | 39,000 | ||
Investment, Funding Available for Future Investment | $ 8,050,866 | 8,050,866 | ||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | |||
Federal Home Loan Bank of Chicago [Member] | ||||
Other Investments | $ 425,000 | |||
Notes Receivable [Member] | ||||
Other Investments | 5,420,520 | 5,495,978 | ||
Privately Held Investments [Member] | ||||
Other Investments | 2,414,810 | 2,197,232 | ||
Funds at Lloyds [Member] | ||||
Other Investments | 819,198 | 819,198 | ||
Limited Partnership [Member] | ||||
Other Investments | 1,950,380 | 1,734,622 | ||
SAFE Investment [Member] | ||||
Other Investments | 250,000 | 250,000 | ||
Stocks [Member] | ||||
Other Investments | 214,430 | 212,610 | ||
Private Investment Fund [Member] | ||||
Other Investments | $ 10,000,000 | |||
Investment Request Amount | 1,949,134 | 1,949,134 | ||
Notes Issued on July 30, 2019 [Member] | ||||
Financing Receivable, Allowance for Credit Loss | 39,000 | |||
Investment, Funding Available for Future Investment | $ 75,458 | |||
Loans Receivable, Basis Spread on Variable Rate | 0.25% | |||
Financing Receivable, after Allowance for Credit Loss | $ 0 | |||
Notes Issued on July 30, 2019 [Member] | Minimum [Member] | ||||
Financing Receivable, Interest Rate | 3.90% | |||
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 | $ 8,192,160 | 8,462,540 | ||
Residential Mortgage-Backed Securities [Member] | ||||
Debt Securities, Available-for-Sale | 32,154,992 | 32,928,128 | ||
Commercial Mortgage-Backed Securities [Member] | ||||
Debt Securities, Available-for-Sale | 5,487,334 | 5,629,659 | ||
Fixed Income Securities [Member] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 219 | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 192 | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 9,516,055 |
Note 2 - Investments - Summary
Note 2 - Investments - Summary of Proceeds from Investments and Related Gross Realized Gains and Losses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fixed Income Securities [Member] | ||
Fixed maturity securities, proceeds | $ 4,294,521 | $ 3,830,441 |
Fixed maturity securities, realized gains | 1,167 | 0 |
Fixed maturity securities, realized losses | 0 | (40,520) |
Fixed maturity securities, net realized gains (losses) | (1,167) | (40,520) |
Common Stock [Member] | ||
Equity securities, proceeds | 705,443 | 778,071 |
Equity securities, realized gains | 249,637 | 126,001 |
Equity securities, realized losses | (70,057) | (185,458) |
Equity securities, net realized gains (losses) | 179,580 | (59,457) |
Preferred Stock [Member] | ||
Equity securities, proceeds | 245,513 | 95,628 |
Equity securities, realized gains | 1,409 | 24,412 |
Equity securities, realized losses | (31,470) | 0 |
Equity securities, net realized gains (losses) | $ 30,061 | $ 24,412 |
Note 2 - Investments - Contract
Note 2 - Investments - Contractual Maturity of Fixed Income Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Due in one year or less, amortized cost | $ 3,548,339 | |
Due in one year or less, fair value | 3,498,321 | |
Due after one year through five years, amortized cost | 15,222,260 | |
Due after one year through five years, fair value | 14,582,221 | |
Due after five years through 10 years, amortized cost | 24,129,964 | |
Due after five years through 10 years, fair value | 22,440,674 | |
Due after 10 years, amortized cost | 26,891,230 | |
Due after 10 years, fair value | 22,631,543 | |
Total fixed maturity securities, amortized cost | 118,359,809 | $ 119,336,041 |
Total fixed maturity securities, fair value | 109,168,285 | 110,955,697 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities without a specific due date, amortized cost | 48,381,623 | |
Securities without a specific due date, fair value | 45,834,486 | |
Securities without a specific due date, amortized cost | 48,381,623 | |
Redeemable Preferred Stock [Member] | ||
Securities without a specific due date, amortized cost | 186,393 | |
Securities without a specific due date, fair value | 181,040 | |
Securities without a specific due date, amortized cost | 186,393 | |
Total fixed maturity securities, amortized cost | 186,393 | 186,393 |
Total fixed maturity securities, fair value | $ 181,040 | $ 170,560 |
Note 2 - Investments - Schedule
Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | $ 118,359,809 | $ 119,336,041 |
Debt Securities, Available-for-Sale | 109,168,285 | 110,955,697 |
Gross Unrealized Gains | 520,972 | 724,472 |
Gross Unrealized Losses | (9,712,496) | (9,104,816) |
Fixed maturity securities, amortized cost | 118,359,809 | 119,336,041 |
US Treasury Securities [Member] | ||
Amortized Cost | 1,351,519 | 1,351,768 |
Debt Securities, Available-for-Sale | 1,295,211 | 1,289,774 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (56,308) | (61,994) |
Fixed maturity securities, amortized cost | 1,351,519 | 1,351,768 |
MBS,ABS,CMBS [Member] | ||
Amortized Cost | 48,381,623 | 49,400,028 |
Debt Securities, Available-for-Sale | 45,834,486 | 47,020,328 |
Gross Unrealized Gains | 291,072 | 283,957 |
Gross Unrealized Losses | (2,838,209) | (2,663,657) |
Fixed maturity securities, amortized cost | 48,381,623 | 49,400,028 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 45,827,528 | 45,764,492 |
Debt Securities, Available-for-Sale | 42,444,447 | 42,981,718 |
Gross Unrealized Gains | 104,428 | 287,412 |
Gross Unrealized Losses | (3,487,509) | (3,070,186) |
Fixed maturity securities, amortized cost | 45,827,528 | 45,764,492 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 22,612,746 | 22,633,360 |
Debt Securities, Available-for-Sale | 19,413,101 | 19,493,317 |
Gross Unrealized Gains | 125,472 | 153,103 |
Gross Unrealized Losses | (3,325,117) | (3,293,146) |
Fixed maturity securities, amortized cost | 22,612,746 | 22,633,360 |
Redeemable Preferred Stock [Member] | ||
Amortized Cost | 186,393 | 186,393 |
Debt Securities, Available-for-Sale | 181,040 | 170,560 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5,353) | (15,833) |
Fixed maturity securities, amortized cost | $ 186,393 | $ 186,393 |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value of Securities in Unrealized Loss Position (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair value, less than 12 Months | $ 15,196,307 | $ 8,971,631 |
Fair value, 12 months or longer | 65,626,798 | 71,136,951 |
Fair value | 80,823,105 | 80,108,582 |
Amortized cost, less than 12 Months | 15,392,748 | 9,101,929 |
Amortized cost, 12 months or longer | 75,142,853 | 80,111,469 |
Amortized cost | 90,535,601 | 89,213,398 |
Unrealized loss, less than 12 Months | (196,441) | (130,298) |
Unrealized loss, 12 months or longer | (9,516,055) | (8,974,518) |
Unrealized loss | (9,712,496) | (9,104,816) |
US Treasury Securities [Member] | ||
Fair value, less than 12 Months | 0 | 0 |
Fair value, 12 months or longer | 1,295,211 | 1,289,774 |
Fair value | 1,295,211 | 1,289,774 |
Amortized cost, less than 12 Months | 0 | 0 |
Amortized cost, 12 months or longer | 1,351,519 | 1,351,768 |
Amortized cost | 1,351,519 | 1,351,768 |
Unrealized loss, less than 12 Months | 0 | 0 |
Unrealized loss, 12 months or longer | (56,308) | (61,994) |
Unrealized loss | (56,308) | (61,994) |
MBS,ABS,CMBS [Member] | ||
Fair value, less than 12 Months | 8,671,226 | 8,345,340 |
Fair value, 12 months or longer | 20,894,107 | 24,323,865 |
Fair value | 29,565,333 | 32,669,205 |
Amortized cost, less than 12 Months | 8,780,692 | 8,462,010 |
Amortized cost, 12 months or longer | 23,622,850 | 26,870,852 |
Amortized cost | 32,403,542 | 35,332,862 |
Unrealized loss, less than 12 Months | (109,466) | (116,670) |
Unrealized loss, 12 months or longer | (2,728,743) | (2,546,987) |
Unrealized loss | (2,838,209) | (2,663,657) |
Corporate Debt Securities [Member] | ||
Fair value, less than 12 Months | 5,126,823 | 477,051 |
Fair value, 12 months or longer | 31,263,210 | 33,352,754 |
Fair value | 36,390,033 | 33,829,805 |
Amortized cost, less than 12 Months | 5,205,614 | 478,370 |
Amortized cost, 12 months or longer | 34,671,928 | 36,421,621 |
Amortized cost | 39,877,542 | 36,899,991 |
Unrealized loss, less than 12 Months | (78,791) | (1,319) |
Unrealized loss, 12 months or longer | (3,408,718) | (3,068,867) |
Unrealized loss | (3,487,509) | (3,070,186) |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, less than 12 Months | 1,276,758 | 0 |
Fair value, 12 months or longer | 12,114,730 | 12,149,238 |
Fair value | 13,391,488 | 12,149,238 |
Amortized cost, less than 12 Months | 1,283,254 | 0 |
Amortized cost, 12 months or longer | 15,433,351 | 15,442,384 |
Amortized cost | 16,716,605 | 15,442,384 |
Unrealized loss, less than 12 Months | (6,496) | 0 |
Unrealized loss, 12 months or longer | (3,318,621) | (3,293,146) |
Unrealized loss | (3,325,117) | (3,293,146) |
Redeemable Preferred Stock [Member] | ||
Fair value, less than 12 Months | 121,500 | 149,240 |
Fair value, 12 months or longer | 59,540 | 21,320 |
Fair value | 181,040 | 170,560 |
Amortized cost, less than 12 Months | 123,188 | 161,549 |
Amortized cost, 12 months or longer | 63,205 | 24,844 |
Amortized cost | 186,393 | 186,393 |
Unrealized loss, less than 12 Months | (1,688) | (12,309) |
Unrealized loss, 12 months or longer | (3,665) | (3,524) |
Unrealized loss | $ (5,353) | $ (15,833) |
Note 3 - Fair Value Disclosur_3
Note 3 - Fair Value Disclosures (Details Textual) $ in Thousands | Mar. 31, 2024 USD ($) |
Assets, Fair Value Disclosure | $ 0 |
Note 3 - Fair Value Disclosur_4
Note 3 - Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale | $ 109,168,285 | $ 110,955,697 |
Equity securities | 16,416,766 | 15,087,917 |
Total marketable investments measured at fair value | 125,585,051 | 126,043,614 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 1,295,211 | 1,289,774 |
Equity securities | 13,369,954 | 12,191,621 |
Total marketable investments measured at fair value | 14,665,165 | 13,481,395 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 107,873,074 | 109,665,923 |
Equity securities | 3,046,812 | 2,896,296 |
Total marketable investments measured at fair value | 110,919,886 | 112,562,219 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale | 1,295,211 | 1,289,774 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 1,295,211 | 1,289,774 |
MBS,ABS,CMBS [Member] | ||
Debt Securities, Available-for-Sale | 45,834,486 | 47,020,328 |
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 45,834,486 | 47,020,328 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 42,444,447 | 42,981,718 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 42,444,447 | 42,981,718 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 19,413,101 | 19,493,317 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 19,413,101 | 19,493,317 |
Redeemable Preferred Stock [Member] | ||
Debt Securities, Available-for-Sale | 181,040 | 170,560 |
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 181,040 | 170,560 |
Common Stock [Member] | ||
Equity securities | 13,369,954 | 12,191,621 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 13,369,954 | 12,191,621 |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | |
Preferred Stock [Member] | ||
Equity securities | 3,046,812 | 2,896,296 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | $ 3,046,812 | $ 2,896,296 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - USD ($) | 3 Months Ended | |||
Jul. 05, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Long-Term Debt | $ 15,000,000 | $ 15,000,000 | ||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | |||
Minimum [Member] | ||||
Adjusted Capital | 65,400,000 | |||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | ||||
Debt Instrument, Collateral Amount | 4,000,000 | |||
Long-Term Line of Credit, Total | 0 | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000 | |||
Debt Covenant Adjusted Capital | 21,000,000 | |||
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 6% | |||
Revolving Credit Facility [Member] | American Bank & Trust [Member] | ||||
Interest Expense, Operating and Nonoperating | 0 | $ 0 | ||
Federal Home Loan Bank of Chicago [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 48,200,000 | |||
Line of Credit Facility Maximum Borrowing Capacity Percent | 25% | |||
Advance from Federal Home Loan Bank | $ 15,000,000 | |||
Debt Instrument, Term (Year) | 5 years | |||
Debt, Weighted Average Interest Rate | 1.21% | |||
Debt Instrument, Collateral Amount | $ 19,100,000 |
Note 5 - Reinsurance (Details T
Note 5 - Reinsurance (Details Textual) | 12 Months Ended |
Dec. 31, 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Direct | $ 23,735,559 | $ 20,814,526 |
Reinsurance assumed | 47,776 | 38,726 |
Reinsurance ceded | (3,339,331) | (2,340,640) |
Net | 20,444,004 | 18,512,612 |
Direct | 23,545,004 | 20,243,436 |
Reinsurance assumed | 47,620 | 41,702 |
Reinsurance ceded | (3,370,258) | (2,483,841) |
Net | 20,222,366 | 17,801,297 |
Direct | 14,119,451 | 13,266,429 |
Reinsurance assumed | 63,722 | 9,241 |
Reinsurance ceded | (1,846,245) | (2,227,989) |
Net | $ 12,336,928 | $ 11,047,681 |
Note 6 - Unpaid Losses and Se_3
Note 6 - Unpaid Losses and Settlement Expenses (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Prior Year Claims and Claims Adjustment Expense | $ 49,000 | $ (24,000) |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Gross | $ 71,919,585 | $ 67,614,000 |
Less: Ceded | 12,736,579 | 13,610,000 |
Less: CECL allowance for reinsurance recoverable on unpaid losses | 82,000 | 0 |
Net | 59,101,000 | 54,004,000 |
Current year, incurred | 12,288,000 | 11,072,000 |
Prior years, incurred | 49,000 | (24,000) |
Total incurred | 12,337,000 | 11,048,000 |
Current year, paid | 1,924,000 | 1,158,000 |
Prior years, paid | 5,690,000 | 5,487,000 |
Total paid | 7,614,000 | 6,645,000 |
Net unpaid losses and settlement expense - end of the period | 63,824,000 | 58,407,000 |
Plus: Reinsurance recoverable on unpaid losses net of CECL | 13,738,899 | 14,356,000 |
Plus: CECL allowance for reinsurance recoverable on unpaid losses1 | 88,000 | 104,000 |
Unpaid losses and settlement expenses | $ 77,650,986 | $ 72,867,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 21% | 20.40% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |
Tax Credit Carryforward, Amount | $ 0 | $ 0 | |
Operating Loss Carryforwards | $ 0 | $ 0 | |
Open Tax Year | 2020 2021 2022 2023 2024 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Provision for income taxes at the statutory federal tax rates | $ 595,435 | $ 416,654 |
Tax-exempt interest income | (7,929) | (10,072) |
Dividends received deduction | (10,065) | (20,460) |
Proration of tax-exempt interest and dividends received deduction | 4,283 | 7,417 |
Nondeductible expenses | 15,915 | 15,091 |
Officer life insurance, net | (1,438) | (3,110) |
Total | $ 596,201 | $ 405,520 |
Note 8 - Employee Benefits (Det
Note 8 - Employee Benefits (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | $ 0 | $ 0 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 90,044 | $ 89,944 |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares) | 5,827 | 5,779 |
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 | $ 59,380 | $ 52,850 |
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) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Nonvested Balance (in shares) | shares | 19,787 |
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.87 |
Granted, Restricted Stock Units (in shares) | shares | 0 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 |
Vested, Restricted Stock Units (in shares) | shares | (3,782) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.7 |
Nonvested Balance (in shares) | shares | 16,005 |
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.92 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 01, 2024 | Mar. 31, 2024 | Apr. 30, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||
Subsequent Event [Member] | Inter-Atlantic Fund [Member] | |||
Investments | $ 3 | ||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,100 |