Investors Heritage Capital (IHRC) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 14, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Investors Heritage Capital Corp
Trading Symbol	IHRC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		1,117,554
Amendment Flag	false
Entity Central Index Key	55,362
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Securities available-for-sale, at fair value:
Fixed maturities (amortized cost: $398,192,828 and $403,596,261)	$ 419,216,570	$ 430,117,478
Equity securities (cost: $6,414,886 and $6,331,436)	7,115,831	7,405,819
Mortgage loans on real estate	31,000,362	29,459,436
Policy loans	6,859,552	6,665,493
State-guaranteed receivables	7,764,634	7,917,379
Other invested assets	2,776,036	3,270,848
Total investments	474,732,985	484,836,453
Cash and cash equivalents	6,028,751	1,870,867
Accrued investment income	5,288,275	5,190,740
Due premiums	3,064,212	3,217,136
Deferred acquisition costs	17,483,442	17,847,907
Value of business acquired	264,750	301,037
Leased property under capital leases	563,032	555,251
Property and equipment	952,720	1,000,120
Cash value of company-owned life insurance	12,616,103	12,441,833
Other assets	2,818,986	2,041,050
Amounts recoverable from reinsurers	56,536,473	55,910,993
Total assets	580,349,729	585,213,387
Policy liabilities:
Benefit reserves	492,220,613	490,126,730
Unearned premium reserves	7,958,571	7,812,972
Policy claims	2,480,349	2,821,106
Liability for deposit-type contracts	3,402,796	3,432,793
Reserves for dividends and endowments and other	404,553	391,439
Total policy liabilities	506,466,882	504,585,040
Deferred federal income tax liability	5,732,152	7,785,450
Obligations under capital leases	554,381	553,028
Notes payable	2,136,574	2,508,576
Accrued pension liability	4,850,435	5,141,442
Other liabilities	4,332,553	4,103,365
Total liabilities	524,072,977	524,676,901
STOCKHOLDERS' EQUITY
Common stock (shares issued: 1,117,554 and 1,123,980)	1,117,554	1,123,980
Paid-in surplus	8,908,243	8,908,243
Accumulated other comprehensive income	9,189,257	12,704,319
Retained earnings	37,061,698	37,799,944
Total stockholders' equity	56,276,752	60,536,486
Total liabilities and stockholders' equity	$ 580,349,729	$ 585,213,387

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fixed maturities, amortized cost	$ 398,192,828	$ 403,596,261
Equity securities, cost	$ 6,414,886	$ 6,331,436
Common stock, shares issued (in Shares)	1,117,554	1,123,980

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUE
Premiums and other considerations	$ 14,760,176	$ 14,610,152	$ 29,486,922	$ 29,842,638
Premiums ceded	(3,069,515)	(2,829,466)	(6,433,580)	(6,185,116)
Net premiums	11,690,661	11,780,686	23,053,342	23,657,522
Investment income, net of expenses	5,339,048	5,174,624	10,562,860	10,253,606
Net realized gains on investments	44,928	72,665	203,756	68,859
Other income	394,696	536,987	745,137	874,859
Total revenue	17,469,333	17,564,962	34,565,095	34,854,846
BENEFITS AND EXPENSES
Death and other benefits	11,221,406	10,282,489	22,945,468	21,303,533
Guaranteed annual endowments	119,492	119,928	222,888	223,738
Dividends to policyholders	104,276	105,299	188,561	188,682
Increase in benefit reserves and unearned premiums	2,104,229	2,569,701	3,377,725	4,548,392
Acquisition costs deferred	(1,632,799)	(1,563,362)	(3,021,143)	(3,315,343)
Amortization of deferred acquisition costs	1,916,392	1,780,950	3,549,555	3,568,551
Commissions	1,006,981	1,139,201	1,904,345	2,446,061
Other general and administrative expenses	3,023,507	2,837,816	5,888,576	5,665,997
Total benefits and expenses	17,863,484	17,272,022	35,055,975	34,629,611
INCOME (LOSS) BEFORE FEDERAL INCOME TAXES	(394,151)	292,940	(490,880)	225,235
PROVISION (BENEFIT) FOR FEDERAL INCOME TAXES
Current	39,753	78,131	119,790	104,718
Deferred	(138,291)	(19,543)	(242,510)	(59,671)
Total federal income taxes	(98,538)	58,588	(122,720)	45,047
NET INCOME (LOSS)	$ (295,613)	$ 234,352	$ (368,160)	$ 180,188
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (in Dollars per share)	$ (0.26)	$ 0.21	$ (0.33)	$ 0.16
DIVIDENDS PER SHARE (in Dollars per share)			$ 0.21	$ 0.20

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
NET INCOME (LOSS)		$ (295,613)	$ 234,352	$ (368,160)	$ 180,188
Change in net unrealized gains (losses) on available-for-sale securities:
Unrealized holding gains (losses) arising during period		(10,742,624)	7,477,538	(5,743,072)	14,645,733
Reclassification adjustment for losses (gains) included in income	[1]	30,987	(72,665)	(127,841)	(68,859)
Adjustment for effects of deferred acquisition costs		283,000	(187,378)	163,947	(378,522)
Net unrealized gains (losses) on investments		(10,428,637)	7,217,495	(5,706,966)	14,198,352
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost	[2]	190,558	97,603	381,116	195,206
Other comprehensive income (loss) before income taxes		(10,238,079)	7,315,098	(5,325,850)	14,393,558
Income tax expense (benefit)		(3,480,946)	2,487,134	(1,810,788)	4,893,810
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES		(6,757,133)	4,827,964	(3,515,062)	9,499,748
COMPREHENSIVE INCOME (LOSS)		$ (7,052,746)	$ 5,062,316	$ (3,883,222)	$ 9,679,936
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items are included in the computation of net periodic pension cost (see Note 10).

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance at Dec. 31, 2013	$ 1,128,583	$ 8,908,243	$ 6,751,991	$ 36,858,451	$ 53,647,268
Ending balance at Jun. 30, 2014	1,125,413	8,908,243	16,251,739	36,744,767	63,030,162
Net income (loss)				180,188	180,188
Other comprehensive income (loss), net			9,499,748		9,499,748
Cash dividends				(225,717)	(225,717)
Repurchases of common stock, net	(3,170)			(68,155)	(71,325)
Beginning balance at Dec. 31, 2014	1,123,980	8,908,243	12,704,319	37,799,944	60,536,486
Ending balance at Jun. 30, 2015	1,117,554	$ 8,908,243	9,189,257	37,061,698	56,276,752
Net income (loss)				(368,160)	(368,160)
Other comprehensive income (loss), net			$ (3,515,062)		(3,515,062)
Cash dividends				(236,035)	(236,035)
Repurchases of common stock, net	$ (6,426)			$ (134,051)	$ (140,477)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 2,346,146	$ 5,516,252
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(11,114,105)	(20,568,659)
Sales of available-for-sale securities	4,019,517	4,047,573
Maturities of available-for-sale securities	12,346,103	13,181,406
Acquisitions of mortgage loans on real estate	(6,457,488)	(2,554,413)
Payments of mortgage loans on real estate	5,003,914	2,061,777
Payments of state-guaranteed receivables	431,020	431,020
Net reductions (additions) of other investments	300,753	(153,457)
Net additions to property and equipment	(234,544)	(208,576)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	4,295,170	(3,763,329)
FINANCING ACTIVITIES
Policyholder account deposits	2,222,624	2,411,877
Policyholder account withdrawals	(3,957,542)	(3,816,881)
Payments on notes payable	(2,185,492)	(1,619,716)
Proceeds from notes payable	1,813,490	1,559,259
Dividends paid	(236,035)	(225,717)
Repurchases of common stock, net	(140,477)	(71,325)
NET CASH USED IN FINANCING ACTIVITIES	(2,483,432)	(1,762,503)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,157,884	(9,580)
Cash and cash equivalents at beginning of period	1,870,867	4,143,291
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 6,028,751	$ 4,133,711

Note 1 - Nature of Operations

Note 1 - Nature of Operations	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Nature of Operations [Text Block]	NOTE 1 - Nature of Operations Investors Heritage Capital Corporation is the holding company of Investors Heritage Life Insurance Company; Investors Heritage Printing, Inc., a printing company; Investors Heritage Financial Services Group, Inc., an insurance marketing company; is the sole member of At Need Funding, LLC, a limited liability company that provides advance funding of funerals in exchange for the irrevocable assignment of life insurance policies from other nonaffiliated companies; and is the sole member of Heritage Funding, LLC, a limited liability company that invests in various business ventures. These entities are collectively hereinafter referred to as the “Company”. In excess of 99% of Investors Heritage Capital’s consolidated revenue is generated by Investors Heritage Life. Our principal operations involve the sale and administration of various insurance and annuity products, including, but not limited to, participating and non-participating whole life, limited pay life, universal life, annuity contracts, credit life, credit accident and health and group insurance policies. The principal markets for the Company’s products are in Kentucky, North Carolina, Georgia, Indiana, Michigan, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 2 - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 2014, as included in our Annual Report on Form 10-K. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Management has evaluated all events subsequent to June 30, 2015 through the date that these financial statements have been issued.

Note 3 - New Accounting Pronoun

Note 3 - New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3 – New Accounting Pronouncements All new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not relate to accounting policies and procedures pertinent to the Company at this time or were not expected to have a material impact to the consolidated financial statements.

Note 4 - Investments

Note 4 - Investments	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 4 – Investments Investments in available-for-sale securities are summarized as follows: Gross Gross June 30, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 25,947,842 $ 707,620 $ 11,806 $ 26,643,656 States and political subdivisions 37,144,697 4,890,151 117,905 41,916,943 Corporate 221,610,206 12,943,910 1,049,438 233,504,678 Foreign 64,705,067 2,382,899 813,874 66,274,092 Asset-backed securities 1,298,636 6,594 - 1,305,230 Mortgage-backed securities (MBS): Commercial MBS 6,839,406 193,707 6,454 7,026,659 Residential MBS 40,646,974 1,985,821 87,483 42,545,312 Total fixed maturity securities 398,192,828 23,110,702 2,086,960 419,216,570 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 24,769 - 343,053 Corporate common stock 5,388,702 921,078 244,902 6,064,878 Total equity securities 6,414,886 945,847 244,902 7,115,831 Total $ 404,607,714 $ 24,056,549 $ 2,331,862 $ 426,332,401 Gross Gross December 31, 2014 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 28,063,178 $ 820,997 $ 16,164 $ 28,868,011 States and political subdivisions 38,021,271 5,985,975 - 44,007,246 Corporate 224,299,411 15,669,733 930,632 239,038,512 Foreign 63,792,040 2,934,542 751,369 65,975,213 Asset-backed securities 1,432,996 33,501 - 1,466,497 Mortgage-backed securities (MBS): Commercial MBS 7,869,355 266,831 - 8,136,186 Residential MBS 40,118,010 2,507,809 6 42,625,813 Total fixed maturity securities 403,596,261 28,219,388 1,698,171 430,117,478 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 40,038 - 358,322 Corporate common stock 5,305,252 1,157,718 123,373 6,339,597 Total equity securities 6,331,436 1,197,756 123,373 7,405,819 Total $ 409,927,697 $ 29,417,144 $ 1,821,544 $ 437,523,297 The following table summarizes, for all securities in an unrealized loss position as of the balance sheet dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position. June 30, 2015 December 31, 2014 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed Maturities: Less than 12 months: U.S. government obligations $ 7,747,661 $ 11,806 2 $ - $ - - States and political subdivisions 1,632,095 117,905 2 - - - Corporate 33,895,276 751,463 24 12,473,068 508,818 7 Foreign 13,290,908 342,106 10 10,374,173 310,267 7 Commercial MBS 611,076 6,454 1 - - - Residential MBS 3,435,138 87,483 2 16,862 6 1 Greater than 12 months: U.S. government obligations - - - 7,736,774 16,164 1 Corporate 3,951,546 297,975 3 3,828,887 421,814 3 Foreign 4,681,370 471,768 2 4,724,455 441,102 2 Total fixed maturities 69,245,070 2,086,960 46 39,154,219 1,698,171 21 Equities: Less than 12 months: Corporate common stock 1,676,665 192,573 18 527,614 103,438 4 Greater than 12 months: Corporate common stock 126,942 52,329 3 525,865 19,935 4 Total equities 1,803,607 244,902 21 1,053,479 123,373 8 Total $ 71,048,677 $ 2,331,862 67 $ 40,207,698 $ 1,821,544 29 As of June 30, 2015, all of the above fixed maturity securities individually had a fair value to cost ratio equal to or greater than 86% and all of the above equity securities individually had a fair value to cost ratio equal to or exceeding 70%. As of December 31, 2014, all of the above fixed maturity securities had a fair value to cost ratio equal to or greater than 86% and the equity securities noted above had a fair value to cost ratio equal to or greater than 78%. The Company’s decision to record an impairment loss is primarily based on whether the security’s fair value is likely to remain significantly below its book value in light of all the factors considered. Factors that are considered include the length of time the security’s fair value has been below its carrying amount, the severity of the decline in value, the credit worthiness of the issuer, and the coupon and/or dividend payment history of the issuer. The Company also assesses whether it intends to sell or whether it is more likely than not that it may be required to sell the security prior to its recovery in value. For any fixed maturity securities that are other-than-temporarily impaired, the Company determines the portion of the other-than-temporary impairment that is credit-related and the portion that is related to other factors. The credit-related portion is the difference between the expected future cash flows and the amortized cost basis of the fixed maturity security, and that difference is charged to earnings. The non-credit-related portion representing the remaining difference to fair value is recognized in other comprehensive income (loss). Only in the case of a credit-related impairment where management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains (losses) in the consolidated statements of income. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of income in the periods incurred as the difference between fair value and cost. Based on our review, the Company experienced no other-than-temporary impairments during the quarters or six months ended June 30, 2015 or 2014. Management believes that the Company will fully recover its cost basis in the securities held at June 30, 2015, and management does not have the intent to sell nor is it more likely than not that the Company will be required to sell such securities until they recover or mature. The temporary impairments shown herein are primarily the result of the current interest rate environment rather than credit factors that would imply other-than-temporary impairment. Net unrealized gains for investments classified as available-for-sale are presented below, net of the effect on deferred income taxes and deferred acquisition costs assuming that the appreciation (depreciation) had been realized. June 30, December 31, 2015 2014 Net unrealized appreciation on available-for sale securities $ 21,724,687 $ 27,595,600 Adjustment to deferred acquisition costs (547,703 ) (711,650 ) Deferred income taxes (7,200,175 ) (9,140,543 ) Net unrealized appreciation on available-for sale securities $ 13,976,809 $ 17,743,407 The amortized cost and fair value of fixed maturity securities at June 30, 2015, by contractual maturity, are presented below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 10,686,728 $ 10,896,139 Due after one year through five years 84,634,015 92,398,807 Due after five years through ten years 182,711,352 188,051,317 Due after ten years 49,088,507 54,224,168 Due at multiple maturity dates 71,072,226 73,646,139 Total $ 398,192,828 $ 419,216,570 Proceeds for the quarters and six months ended June 30, 2015 and 2014 from sales and maturities of investments in available-for-sale securities, as well as gross gains and gross losses realized, are presented below. Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from sales and maturities $ 3,545,600 $ 10,078,931 $ 16,365,620 $ 17,228,979 Gross realized gains 89,388 152,138 250,180 173,810 Gross realized losses (120,375 ) (79,473 ) (122,339 ) (104,951 ) The table below shows the change in net unrealized investment gains (losses) and the amount of realized investment gains (losses) on fixed maturities and equity securities in addition to realized investment gains on mortgage loans for the quarters and six months ended June 30, 2015 and 2014 . Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ (10,207,115 ) $ 7,041,196 $ (5,497,475 ) $ 13,901,393 Equity securities (504,522 ) 363,677 (373,438 ) 675,481 Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ - $ 68,188 $ 90,859 $ 68,188 Equity securities (30,987 ) 4,477 36,982 671 Mortgage loans on real estate 75,915 - 75,915 - The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At June 30, 2015 and December 31, 2014, these required deposits had a total fair value of $23,372,348 and $23,951,372, respectively. The Company also engages in commercial and residential mortgage lending. As of June 30, 2015, investments in commercial and residential properties comprised 37.6% and 62.4%, respectively, of the Company’s mortgage portfolio. At December 31, 2014, investments in commercial and residential properties comprised 41.9% and 58.1%, respectively, of the Company’s mortgage portfolio. All commercial mortgage loans are either originated in-house or through two mortgage brokers, are secured by first mortgages on the real estate and generally carry personal guarantees by the borrowers. Loan-to-value ratios of 80% or less and debt service coverage from existing cash flows of 115% or higher are generally required. We minimize credit risk in our mortgage loan portfolio through various methods, including stringently underwriting the loan request, maintaining small average loan balances, and reviewing larger mortgage loans on an annual basis. The Company purchases residential mortgage loans through the secondary market. Each mortgage loan opportunity is reviewed individually, considering both the value of the underlying property and the credit worthiness of the borrower. We are utilizing a third party servicer to administer these loans. As of June 30, 2015 and December 31, 2014, there were no non-performing loans, loans on nonaccrual status, loans 90 days past due or more, loans in process of foreclosure, or restructured loans. The Company experienced no mortgage loan defaults during the quarters or six months ended June 30, 2015 and 2014. The Company’s investments in mortgage loans, by state, are as follows: June 30, December 31, 2015 2014 Illinois $ 5,656,059 $ 3,392,446 California 4,432,115 4,806,451 Florida 4,151,813 6,047,236 Kentucky 3,372,238 3,492,854 Texas 3,051,693 2,290,700 Georgia 2,681,239 3,123,530 Ohio 1,749,643 1,805,093 Arizona 1,137,569 927,600 Tennessee 951,268 1,054,671 Indiana 768,979 95,434 West Virginia 426,710 440,725 Pennsylvania 379,202 - Nevada 375,351 - North Carolina 357,606 359,308 New Jersey 250,212 252,612 South Carolina 236,491 248,815 Colorado 223,848 225,772 Massachusetts 211,516 239,399 Missouri 206,375 267,996 Idaho 166,870 174,433 Kansas 135,897 136,442 Utah 77,668 77,919 Total $ 31,000,362 $ 29,459,436 The Company owns certain investments in state-guaranteed receivables. These investments represent an assignment of the future rights to cash flows from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries and guaranteed by the states. The state-guaranteed receivables are carried at their amortized cost basis on the balance sheet. At June 30, 2015, the amortized cost and estimated fair value of state-guaranteed receivables, by contractual maturity, are summarized as follows: Amortized Fair Cost Value Due in one year or less $ 760,999 $ 770,559 Due after one year through five years 2,505,473 2,714,899 Due after five years through ten years 3,015,071 3,661,433 Due after ten years 1,483,091 2,034,011 Total $ 7,764,634 $ 9,180,902 The amortized cost of state-guaranteed receivables, by state, is summarized as follows: June 30, December 31, 2015 2014 New York $ 3,554,002 $ 3,694,805 Massachusetts 1,961,886 1,969,570 Georgia 1,476,166 1,467,774 Pennsylvania 310,436 299,851 Texas 235,794 227,649 California 174,203 188,131 Ohio 52,147 69,599 Total $ 7,764,634 $ 7,917,379 Major categories of net investment income are summarized as follows: Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Fixed maturities $ 4,558,942 $ 4,729,760 $ 9,196,750 $ 9,438,841 Equity securities 73,489 75,841 136,780 127,478 Mortgage loans on real estate 625,699 352,824 1,184,095 656,700 Policy loans 123,246 118,448 241,986 235,377 State-guaranteed receivables 137,600 140,719 278,275 284,514 Other 60,379 60,429 121,031 117,486 Gross investment income 5,579,355 5,478,021 11,158,917 10,860,396 Investment expenses 240,307 303,397 596,057 606,790 Net investment income $ 5,339,048 $ 5,174,624 $ 10,562,860 $ 10,253,606

Note 5 - Fair Values of Financi

Note 5 - Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 5 – Fair Values of Financial Instruments The fair value of a financial instrument is the estimated amount at which the instrument could be exchanged in an orderly transaction between knowledgeable, unrelated, willing parties, i.e., not in a forced transaction. The estimated fair value of a financial instrument may differ from the amount that could be realized if the security was sold in an immediate sale, e.g., a forced transaction. Additionally, the valuation of investments is more subjective when markets are less liquid due to the lack of market based inputs, which may increase the potential that the estimated fair value of an investment is not reflective of the price at which an actual transaction would occur. The Company holds fixed maturities and equity securities that are measured and reported at fair market value on the balance sheet. The Company is also required to disclose fair value estimates for other financial instruments not required to be carried at market value on the balance sheet. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, as follows: Level 1 Level 2 Level 3 The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level fair value hierarchy. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the period in which the reclassifications occur. Valuation of Investments Reported at Fair Value in Financial Statements The Company’s Level 1 investments include equity securities that are traded in an active exchange market, as well as one U.S. agency equity security whose value is set by government statute. The Company’s Level 2 investments include fixed maturities with quoted prices that are traded less frequently than exchange-traded instruments or instruments whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes the majority of our fixed maturities, where fair values are obtained from a nationally recognized, third-party pricing service. The Company’s Level 3 investments include financial instruments whose value cannot be obtained through a pricing service and must be determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category currently includes one private equity investment where independent pricing inputs were not able to be obtained. For fixed maturities that may fall within this level, the Company utilizes the assistance of its third-party investment advisor to estimate the fair value based on non-binding broker quotes and internal models using unobservable assumptions about market participants. For the private equity investment, the Company establishes fair value based on the most recent trading activity as well as a review of the underlying financial statements of the entity. The following table presents the Company’s fair value hierarchy for those financial instruments measured and reported at fair value on a recurring basis as of June 30, 2015 and December 31, 2014. June 30, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 26,643,656 $ - $ 26,643,656 States and political subdivisions - 41,916,943 - 41,916,943 Corporate - 233,504,678 - 233,504,678 Foreign - 66,274,092 - 66,274,092 Asset-backed securities - 1,305,230 - 1,305,230 Mortgage-backed securities: Commercial MBS - 7,026,659 - 7,026,659 Residential MBS - 42,545,312 - 42,545,312 Total fixed maturities $ - $ 419,216,570 $ - $ 419,216,570 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 343,053 - - 343,053 Corporate common stock 5,712,878 - 352,000 6,064,878 Total equity securities $ 6,763,831 $ - $ 352,000 $ 7,115,831 December 31, 2014 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 28,868,011 $ - $ 28,868,011 States and political subdivisions - 44,007,246 - 44,007,246 Corporate - 239,038,512 - 239,038,512 Foreign - 65,975,213 - 65,975,213 Asset-backed securities - 1,466,497 - 1,466,497 Mortgage-backed securities: Commercial MBS - 8,136,186 - 8,136,186 Residential MBS - 42,625,813 - 42,625,813 Total fixed maturities $ - $ 430,117,478 $ - $ 430,117,478 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 358,322 - - 358,322 Corporate common stock 5,955,597 - 384,000 6,339,597 Total equity securities $ 7,021,819 $ - $ 384,000 $ 7,405,819 The following table provides a summary of changes in fair value of our Level 3 financial instruments reported at fair value for the quarters and six months ended June 30, 2015 and 2014. Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Corporate common stock: Beginning balance $ 352,000 $ 384,000 $ 384,000 $ 384,000 Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Purchases - - - - Sales - - - - Total gains or losses: Included in earnings - - - - Included in other comprehensive income - - (32,000 ) - Ending balance $ 352,000 $ 384,000 $ 352,000 $ 384,000 The Company experienced no transfers between Level 1 and Level 2 during the quarters or six months ended June 30, 2015 or 2014. The Company experienced no transfers between Level 2 and Level 3 during the quarters or six months ended June 30, 2015 or 2014. Transfers in and/or out of Level 3 are primarily attributable to changes in the availability of market observable information and re-evaluation of the observability of pricing inputs. The unrealized gains (losses) on Level 3 investments are recorded as a component of accumulated other comprehensive income (loss), net of tax, in accordance with required accounting for our available-for-sale portfolio. Financial Instruments Disclosed, but not Carried, at Fair Value The following disclosure presents the carrying values and estimated fair values of the Company’s financial instruments disclosed, but not carried, at fair value as of June 30, 2015 and December 31, 2014, and the level within the fair value hierarchy at which such assets and liabilities are measured on a recurring basis . The fair values for insurance contracts other than investment-type contracts are not required to be disclosed. The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment was required to interpret market data to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts. June 30, 2015 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 11,657,667 $ 12,167,714 $ - $ - $ 12,167,714 Residential 19,342,695 21,125,104 - - 21,125,104 Policy loans 6,859,552 6,859,552 - - 6,859,552 State-guaranteed receivables 7,764,634 9,180,902 - 9,180,902 - Other invested assets 2,776,036 2,776,036 - - 2,776,036 Cash and cash equivalents 6,028,751 6,028,751 6,028,751 - - Accrued investment income 5,288,275 5,288,275 - - 5,288,275 Cash value of company-owned life insurance 12,616,103 12,616,103 - - 12,616,103 Liabilities: Policyholder deposits (Investment-type contracts) 52,923,780 54,169,289 - - 54,169,289 Policy claims 2,480,349 2,480,349 - - 2,480,349 Obligations under capital leases 554,381 554,381 - - 554,381 Notes payable 2,136,574 2,136,574 - - 2,136,574 December 31, 2014 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 12,961,492 $ 13,693,557 $ - $ - $ 13,693,557 Residential 16,497,944 18,392,927 - - 18,392,927 Policy loans 6,665,493 6,665,493 - - 6,665,493 State-guaranteed receivables 7,917,379 9,719,006 - 9,719,006 - Other invested assets 3,270,848 3,270,848 - - 3,270,848 Cash and cash equivalents 1,870,867 1,870,867 1,870,867 - - Accrued investment income 5,190,740 5,190,740 - - 5,190,740 Cash value of company-owned life insurance 12,441,833 12,441,833 - - 12,441,833 Liabilities: Policyholder deposits (Investment-type contracts) 53,318,598 55,486,262 - - 55,486,262 Policy claims 2,821,106 2,821,106 - - 2,821,106 Obligations under capital leases 553,028 553,028 - - 553,028 Notes payable 2,508,576 2,508,576 - - 2,508,576 The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto: Mortgage loans on real estate: State-guaranteed receivables: Cash and cash equivalents: Cash value of company-owned life insurance: Investment-type contracts: Notes payable: Policy loans, other invested assets, accrued investment income, policy claims and obligations under capital leases:

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 6 - Earnings per Share Earnings per share of common stock were computed based on the weighted average number of common shares outstanding during each period. The weighted average number of shares outstanding for the quarters ended June 30, 2015 and 2014 were 1,121,876 and 1,127,225, respectively. The weighted average number of shares outstanding for the six months ended June 30, 2015 and 2014 were 1,122,922 and 1,127,900, respectively.

Note 7 - Segment Data

Note 7 - Segment Data	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 7 - Segment Data The Company operates in four segments as shown in the following table. All segments include both individual and group insurance. Identifiable revenues, expenses and assets are assigned directly to the applicable segment. Net investment income, realized gains and losses, and invested assets are generally allocated to the insurance and the corporate segments in proportion to policy liabilities and stockholders' equity, respectively. Certain assets, such as property and equipment and leased property under capital leases, are allocated between the administrative and financial services segment and the corporate and other segment. Investors Heritage Financial revenue associated with credit administrative services is assigned to the administrative and financial services segment, along with fees relative to third party administrative services. Any remaining revenue is assigned to the corporate and other segment. Results for the parent company, Investors Heritage Printing, At Need Funding and Heritage Funding, after elimination of intercompany amounts, are allocated to the corporate and other segment. Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue: Preneed and burial products $ 12,255,597 $ 12,378,694 $ 24,387,004 $ 23,591,408 Traditional and universal life products 4,653,339 4,499,730 9,095,803 10,097,262 Administrative and financial services 337,960 348,573 640,054 626,009 Corporate and other 222,437 337,965 442,234 540,167 Total revenue $ 17,469,333 $ 17,564,962 $ 34,565,095 $ 34,854,846 Pre-tax income (loss) from operations: Preneed and burial products $ (653,019 ) $ (50,136 ) $ (899,867 ) $ (358,714 ) Traditional and universal life products 203,619 88,686 275,197 281,177 Administrative and financial services 60,137 67,678 117,723 113,909 Corporate and other (4,888 ) 186,712 16,067 188,863 Total pre-tax income (loss) $ (394,151 ) $ 292,940 $ (490,880 ) $ 225,235

Note 8 - Federal Income Taxes

Note 8 - Federal Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 8 – Federal Income Taxes The provision for federal income taxes is based on the estimated effective annual tax rate. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Income before federal income taxes differs from taxable income principally due to the dividends-received deduction; the 404(k) dividend deduction; the small life insurance company tax deduction; nondeductible travel and entertainment expenses; and non-taxable effects of company-owned life insurance premiums, cash value growth, and death benefit proceeds. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our 2011 through 2014 U.S. federal tax years remain subject to income tax examination by tax authorities. We have no known uncertain tax benefits within our provision for income taxes. In addition, we do not believe the Company will be subject to any penalties or interest relative to any open tax years and, therefore, have not accrued any such amounts. However, should such a circumstance arise, it is our policy to classify any interest and penalties (if applicable) as income tax expense in the financial statements.

Note 9 - Other Comprehensive In

Note 9 - Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) Note [Text Block]	NOTE 9 – Other Comprehensive Income (Loss) The following tables present the pretax components of the Company’s other comprehensive income (loss), and the related income tax expense (benefit) for each component, for the quarters and six months ended June 30, 2015 and 2014. Quarter Ended June 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (10,742,624 ) $ (3,641,269 ) $ (7,101,355 ) Reclassification adjustment for losses included in income 30,987 (687 ) 31,674 Adjustment for effect of deferred acquisition costs 283,000 96,220 186,780 Net unrealized losses on investments (10,428,637 ) (3,545,736 ) (6,882,901 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 190,558 64,790 125,768 Total other comprehensive loss $ (10,238,079 ) $ (3,480,946 ) $ (6,757,133 ) Quarter Ended June 30, 2014 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 7,477,538 $ 2,532,191 $ 4,945,347 Reclassification adjustment for gains included in income (72,665 ) (14,533 ) (58,132 ) Adjustment for effect of deferred acquisition costs (187,378 ) (63,709 ) (123,669 ) Net unrealized gains on investments 7,217,495 2,453,949 4,763,546 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 97,603 33,185 64,418 Total other comprehensive income $ 7,315,098 $ 2,487,134 $ 4,827,964 Six Months Ended June 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (5,743,072 ) $ (1,961,897 ) $ (3,781,175 ) Reclassification adjustment for gains included in income (127,841 ) (34,213 ) (93,628 ) Adjustment for effect of deferred acquisition costs 163,947 55,742 108,205 Net unrealized losses on investments (5,706,966 ) (1,940,368 ) (3,766,598 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 381,116 129,580 251,536 Total other comprehensive loss $ (5,325,850 ) $ (1,810,788 ) $ (3,515,062 ) Six Months Ended June 30, 2014 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 14,645,733 $ 4,969,909 $ 9,675,824 Reclassification adjustment for gains included in income (68,859 ) (13,772 ) (55,087 ) Adjustment for effect of deferred acquisition costs (378,522 ) (128,697 ) (249,825 ) Net unrealized gains on investments 14,198,352 4,827,440 9,370,912 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 195,206 66,370 128,836 Total other comprehensive income $ 14,393,558 $ 4,893,810 $ 9,499,748 Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. The change in the components of the Company’s accumulated other comprehensive income, net of tax, for the six months ended June 30, 2015 and 2014 are as follows: Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the six months ended June 30, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (3,672,970 ) - (3,672,970 ) Amounts reclassified from accumulated other comprehensive income (93,628 ) 251,536 157,908 Net current period other comprehensive income (loss) (3,766,598 ) 251,536 (3,515,062 ) Ending balance $ 13,976,809 $ (4,787,552 ) $ 9,189,257 For the six months ended June 30, 2014: Beginning balance $ 9,916,148 $ (3,164,157 ) $ 6,751,991 Other comprehensive income before reclassifications 9,425,999 - 9,425,999 Amounts reclassified from accumulated other comprehensive income (55,087 ) 128,836 73,749 Net current period other comprehensive income 9,370,912 128,836 9,499,748 Ending balance $ 19,287,060 $ (3,035,321 ) $ 16,251,739 The following table presents the pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income to the Company’s consolidated statement of income for the quarters and six months ended June 30, 2015 and 2014. Quarter Ended June 30, Six Months Ended June 30, Reclassification Adjustments 2015 2014 2015 2014 Unrealized gains (losses) on available-for-sale securities: Realized gains (losses) on sale of securities (a) $ (30,987 ) $ 72,665 $ 127,841 $ 68,859 Income tax expense (c) (687 ) (14,533 ) (34,213 ) (13,772 ) Net of tax (31,674 ) 58,132 93,628 55,087 Defined benefit pension plan: Amortization of actuarial net loss (b) (190,558 ) (97,603 ) (381,116 ) (195,206 ) Income tax benefit (c) 64,790 33,185 129,580 66,370 Net of tax (125,768 ) (64,418 ) (251,536 ) (128,836 ) Total reclassifications for the period $ (157,442 ) $ (6,286 ) $ (157,908 ) $ (73,749 ) (a) These items appear within net realized gains (losses) on investments in the consolidated income statements. (b) These items are included in the computation of net periodic pension cost (see Note 10). (c) These items appear within federal income taxes in the consolidated income statements.

Note 10 - Employee Benefit Plan

Note 10 - Employee Benefit Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 10 – Employee Benefit Plans Investors Heritage Capital Corporation sponsors a noncontributory defined benefit pension plan, which was frozen in 2012 with respect to new benefit accruals. Participants in the plan at the time it was frozen may still continue to earn vesting credit towards their pension plan benefit. The following table provides the components of our net periodic benefit cost: Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ - $ - $ - $ - Interest cost 222,566 261,264 445,132 522,528 Expected return on plan assets (293,070 ) (299,419 ) (586,139 ) (598,837 ) Recognized actuarial net loss 190,558 97,603 381,116 195,206 Net periodic pension cost $ 120,054 $ 59,448 $ 240,109 $ 118,897 We previously disclosed in our financial statements for the year ended December 31, 2014 that the Company expected to contribute $300,000 to our defined benefit pension plan during 2015. As of June 30, 2015, the Company had contributed $150,000 to the plan.

Note 11 - Notes Payable

Note 11 - Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 11 – Notes Payable The Company renewed the Investors Heritage Capital Corporation Line of Credit and the At Need Funding Line of Credit during the first quarter of 2015. The Investors Heritage Capital Corporation Line of Credit remains for $150,000 with a new maturity date of March 24, 2017. Interest is paid on this note monthly at the prime rate, with a floor of 3.25%. The At Need Funding Line of Credit was increased to $1,500,000 with a new maturity date of March 24, 2017. Interest is paid on this note monthly at the prime rate, which is currently 3.25%.

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Gross Gross June 30, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 25,947,842 $ 707,620 $ 11,806 $ 26,643,656 States and political subdivisions 37,144,697 4,890,151 117,905 41,916,943 Corporate 221,610,206 12,943,910 1,049,438 233,504,678 Foreign 64,705,067 2,382,899 813,874 66,274,092 Asset-backed securities 1,298,636 6,594 - 1,305,230 Mortgage-backed securities (MBS): Commercial MBS 6,839,406 193,707 6,454 7,026,659 Residential MBS 40,646,974 1,985,821 87,483 42,545,312 Total fixed maturity securities 398,192,828 23,110,702 2,086,960 419,216,570 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 24,769 - 343,053 Corporate common stock 5,388,702 921,078 244,902 6,064,878 Total equity securities 6,414,886 945,847 244,902 7,115,831 Total $ 404,607,714 $ 24,056,549 $ 2,331,862 $ 426,332,401 Gross Gross December 31, 2014 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 28,063,178 $ 820,997 $ 16,164 $ 28,868,011 States and political subdivisions 38,021,271 5,985,975 - 44,007,246 Corporate 224,299,411 15,669,733 930,632 239,038,512 Foreign 63,792,040 2,934,542 751,369 65,975,213 Asset-backed securities 1,432,996 33,501 - 1,466,497 Mortgage-backed securities (MBS): Commercial MBS 7,869,355 266,831 - 8,136,186 Residential MBS 40,118,010 2,507,809 6 42,625,813 Total fixed maturity securities 403,596,261 28,219,388 1,698,171 430,117,478 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 40,038 - 358,322 Corporate common stock 5,305,252 1,157,718 123,373 6,339,597 Total equity securities 6,331,436 1,197,756 123,373 7,405,819 Total $ 409,927,697 $ 29,417,144 $ 1,821,544 $ 437,523,297
Schedule of Temporary Impairment Losses, Investments [Table Text Block]	June 30, 2015 December 31, 2014 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed Maturities: Less than 12 months: U.S. government obligations $ 7,747,661 $ 11,806 2 $ - $ - - States and political subdivisions 1,632,095 117,905 2 - - - Corporate 33,895,276 751,463 24 12,473,068 508,818 7 Foreign 13,290,908 342,106 10 10,374,173 310,267 7 Commercial MBS 611,076 6,454 1 - - - Residential MBS 3,435,138 87,483 2 16,862 6 1 Greater than 12 months: U.S. government obligations - - - 7,736,774 16,164 1 Corporate 3,951,546 297,975 3 3,828,887 421,814 3 Foreign 4,681,370 471,768 2 4,724,455 441,102 2 Total fixed maturities 69,245,070 2,086,960 46 39,154,219 1,698,171 21 Equities: Less than 12 months: Corporate common stock 1,676,665 192,573 18 527,614 103,438 4 Greater than 12 months: Corporate common stock 126,942 52,329 3 525,865 19,935 4 Total equities 1,803,607 244,902 21 1,053,479 123,373 8 Total $ 71,048,677 $ 2,331,862 67 $ 40,207,698 $ 1,821,544 29
Unrealized Gain (Loss) on Investments [Table Text Block]	June 30, December 31, 2015 2014 Net unrealized appreciation on available-for sale securities $ 21,724,687 $ 27,595,600 Adjustment to deferred acquisition costs (547,703 ) (711,650 ) Deferred income taxes (7,200,175 ) (9,140,543 ) Net unrealized appreciation on available-for sale securities $ 13,976,809 $ 17,743,407
Investments Classified by Contractual Maturity Date [Table Text Block]	Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 10,686,728 $ 10,896,139 Due after one year through five years 84,634,015 92,398,807 Due after five years through ten years 182,711,352 188,051,317 Due after ten years 49,088,507 54,224,168 Due at multiple maturity dates 71,072,226 73,646,139 Total $ 398,192,828 $ 419,216,570
Realized Gain (Loss) on Investments [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from sales and maturities $ 3,545,600 $ 10,078,931 $ 16,365,620 $ 17,228,979 Gross realized gains 89,388 152,138 250,180 173,810 Gross realized losses (120,375 ) (79,473 ) (122,339 ) (104,951 )
Realized and Unrealized Gains (Losses) on Investments [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ (10,207,115 ) $ 7,041,196 $ (5,497,475 ) $ 13,901,393 Equity securities (504,522 ) 363,677 (373,438 ) 675,481 Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ - $ 68,188 $ 90,859 $ 68,188 Equity securities (30,987 ) 4,477 36,982 671 Mortgage loans on real estate 75,915 - 75,915 -
Schedule of Mortgage Loans on Real Estate [Table Text Block]	June 30, December 31, 2015 2014 Illinois $ 5,656,059 $ 3,392,446 California 4,432,115 4,806,451 Florida 4,151,813 6,047,236 Kentucky 3,372,238 3,492,854 Texas 3,051,693 2,290,700 Georgia 2,681,239 3,123,530 Ohio 1,749,643 1,805,093 Arizona 1,137,569 927,600 Tennessee 951,268 1,054,671 Indiana 768,979 95,434 West Virginia 426,710 440,725 Pennsylvania 379,202 - Nevada 375,351 - North Carolina 357,606 359,308 New Jersey 250,212 252,612 South Carolina 236,491 248,815 Colorado 223,848 225,772 Massachusetts 211,516 239,399 Missouri 206,375 267,996 Idaho 166,870 174,433 Kansas 135,897 136,442 Utah 77,668 77,919 Total $ 31,000,362 $ 29,459,436
State Guaranteed Receivables, Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value Due in one year or less $ 760,999 $ 770,559 Due after one year through five years 2,505,473 2,714,899 Due after five years through ten years 3,015,071 3,661,433 Due after ten years 1,483,091 2,034,011 Total $ 7,764,634 $ 9,180,902
Schedule of Payments On State Guaranteed Receivables by State [Table Text Block]	June 30, December 31, 2015 2014 New York $ 3,554,002 $ 3,694,805 Massachusetts 1,961,886 1,969,570 Georgia 1,476,166 1,467,774 Pennsylvania 310,436 299,851 Texas 235,794 227,649 California 174,203 188,131 Ohio 52,147 69,599 Total $ 7,764,634 $ 7,917,379
Investment Income [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Fixed maturities $ 4,558,942 $ 4,729,760 $ 9,196,750 $ 9,438,841 Equity securities 73,489 75,841 136,780 127,478 Mortgage loans on real estate 625,699 352,824 1,184,095 656,700 Policy loans 123,246 118,448 241,986 235,377 State-guaranteed receivables 137,600 140,719 278,275 284,514 Other 60,379 60,429 121,031 117,486 Gross investment income 5,579,355 5,478,021 11,158,917 10,860,396 Investment expenses 240,307 303,397 596,057 606,790 Net investment income $ 5,339,048 $ 5,174,624 $ 10,562,860 $ 10,253,606

Note 5 - Fair Values of Finan20

Note 5 - Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	June 30, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 26,643,656 $ - $ 26,643,656 States and political subdivisions - 41,916,943 - 41,916,943 Corporate - 233,504,678 - 233,504,678 Foreign - 66,274,092 - 66,274,092 Asset-backed securities - 1,305,230 - 1,305,230 Mortgage-backed securities: Commercial MBS - 7,026,659 - 7,026,659 Residential MBS - 42,545,312 - 42,545,312 Total fixed maturities $ - $ 419,216,570 $ - $ 419,216,570 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 343,053 - - 343,053 Corporate common stock 5,712,878 - 352,000 6,064,878 Total equity securities $ 6,763,831 $ - $ 352,000 $ 7,115,831 December 31, 2014 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 28,868,011 $ - $ 28,868,011 States and political subdivisions - 44,007,246 - 44,007,246 Corporate - 239,038,512 - 239,038,512 Foreign - 65,975,213 - 65,975,213 Asset-backed securities - 1,466,497 - 1,466,497 Mortgage-backed securities: Commercial MBS - 8,136,186 - 8,136,186 Residential MBS - 42,625,813 - 42,625,813 Total fixed maturities $ - $ 430,117,478 $ - $ 430,117,478 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 358,322 - - 358,322 Corporate common stock 5,955,597 - 384,000 6,339,597 Total equity securities $ 7,021,819 $ - $ 384,000 $ 7,405,819
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Corporate common stock: Beginning balance $ 352,000 $ 384,000 $ 384,000 $ 384,000 Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Purchases - - - - Sales - - - - Total gains or losses: Included in earnings - - - - Included in other comprehensive income - - (32,000 ) - Ending balance $ 352,000 $ 384,000 $ 352,000 $ 384,000
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2015 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 11,657,667 $ 12,167,714 $ - $ - $ 12,167,714 Residential 19,342,695 21,125,104 - - 21,125,104 Policy loans 6,859,552 6,859,552 - - 6,859,552 State-guaranteed receivables 7,764,634 9,180,902 - 9,180,902 - Other invested assets 2,776,036 2,776,036 - - 2,776,036 Cash and cash equivalents 6,028,751 6,028,751 6,028,751 - - Accrued investment income 5,288,275 5,288,275 - - 5,288,275 Cash value of company-owned life insurance 12,616,103 12,616,103 - - 12,616,103 Liabilities: Policyholder deposits (Investment-type contracts) 52,923,780 54,169,289 - - 54,169,289 Policy claims 2,480,349 2,480,349 - - 2,480,349 Obligations under capital leases 554,381 554,381 - - 554,381 Notes payable 2,136,574 2,136,574 - - 2,136,574 December 31, 2014 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 12,961,492 $ 13,693,557 $ - $ - $ 13,693,557 Residential 16,497,944 18,392,927 - - 18,392,927 Policy loans 6,665,493 6,665,493 - - 6,665,493 State-guaranteed receivables 7,917,379 9,719,006 - 9,719,006 - Other invested assets 3,270,848 3,270,848 - - 3,270,848 Cash and cash equivalents 1,870,867 1,870,867 1,870,867 - - Accrued investment income 5,190,740 5,190,740 - - 5,190,740 Cash value of company-owned life insurance 12,441,833 12,441,833 - - 12,441,833 Liabilities: Policyholder deposits (Investment-type contracts) 53,318,598 55,486,262 - - 55,486,262 Policy claims 2,821,106 2,821,106 - - 2,821,106 Obligations under capital leases 553,028 553,028 - - 553,028 Notes payable 2,508,576 2,508,576 - - 2,508,576

Note 7 - Segment Data (Tables)

Note 7 - Segment Data (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue: Preneed and burial products $ 12,255,597 $ 12,378,694 $ 24,387,004 $ 23,591,408 Traditional and universal life products 4,653,339 4,499,730 9,095,803 10,097,262 Administrative and financial services 337,960 348,573 640,054 626,009 Corporate and other 222,437 337,965 442,234 540,167 Total revenue $ 17,469,333 $ 17,564,962 $ 34,565,095 $ 34,854,846 Pre-tax income (loss) from operations: Preneed and burial products $ (653,019 ) $ (50,136 ) $ (899,867 ) $ (358,714 ) Traditional and universal life products 203,619 88,686 275,197 281,177 Administrative and financial services 60,137 67,678 117,723 113,909 Corporate and other (4,888 ) 186,712 16,067 188,863 Total pre-tax income (loss) $ (394,151 ) $ 292,940 $ (490,880 ) $ 225,235

Note 9 - Other Comprehensive 22

Note 9 - Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) [Table Text Block]	Quarter Ended June 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (10,742,624 ) $ (3,641,269 ) $ (7,101,355 ) Reclassification adjustment for losses included in income 30,987 (687 ) 31,674 Adjustment for effect of deferred acquisition costs 283,000 96,220 186,780 Net unrealized losses on investments (10,428,637 ) (3,545,736 ) (6,882,901 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 190,558 64,790 125,768 Total other comprehensive loss $ (10,238,079 ) $ (3,480,946 ) $ (6,757,133 ) Quarter Ended June 30, 2014 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 7,477,538 $ 2,532,191 $ 4,945,347 Reclassification adjustment for gains included in income (72,665 ) (14,533 ) (58,132 ) Adjustment for effect of deferred acquisition costs (187,378 ) (63,709 ) (123,669 ) Net unrealized gains on investments 7,217,495 2,453,949 4,763,546 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 97,603 33,185 64,418 Total other comprehensive income $ 7,315,098 $ 2,487,134 $ 4,827,964 Six Months Ended June 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (5,743,072 ) $ (1,961,897 ) $ (3,781,175 ) Reclassification adjustment for gains included in income (127,841 ) (34,213 ) (93,628 ) Adjustment for effect of deferred acquisition costs 163,947 55,742 108,205 Net unrealized losses on investments (5,706,966 ) (1,940,368 ) (3,766,598 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 381,116 129,580 251,536 Total other comprehensive loss $ (5,325,850 ) $ (1,810,788 ) $ (3,515,062 ) Six Months Ended June 30, 2014 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 14,645,733 $ 4,969,909 $ 9,675,824 Reclassification adjustment for gains included in income (68,859 ) (13,772 ) (55,087 ) Adjustment for effect of deferred acquisition costs (378,522 ) (128,697 ) (249,825 ) Net unrealized gains on investments 14,198,352 4,827,440 9,370,912 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 195,206 66,370 128,836 Total other comprehensive income $ 14,393,558 $ 4,893,810 $ 9,499,748
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the six months ended June 30, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (3,672,970 ) - (3,672,970 ) Amounts reclassified from accumulated other comprehensive income (93,628 ) 251,536 157,908 Net current period other comprehensive income (loss) (3,766,598 ) 251,536 (3,515,062 ) Ending balance $ 13,976,809 $ (4,787,552 ) $ 9,189,257 For the six months ended June 30, 2014: Beginning balance $ 9,916,148 $ (3,164,157 ) $ 6,751,991 Other comprehensive income before reclassifications 9,425,999 - 9,425,999 Amounts reclassified from accumulated other comprehensive income (55,087 ) 128,836 73,749 Net current period other comprehensive income 9,370,912 128,836 9,499,748 Ending balance $ 19,287,060 $ (3,035,321 ) $ 16,251,739
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, Reclassification Adjustments 2015 2014 2015 2014 Unrealized gains (losses) on available-for-sale securities: Realized gains (losses) on sale of securities (a) $ (30,987 ) $ 72,665 $ 127,841 $ 68,859 Income tax expense (c) (687 ) (14,533 ) (34,213 ) (13,772 ) Net of tax (31,674 ) 58,132 93,628 55,087 Defined benefit pension plan: Amortization of actuarial net loss (b) (190,558 ) (97,603 ) (381,116 ) (195,206 ) Income tax benefit (c) 64,790 33,185 129,580 66,370 Net of tax (125,768 ) (64,418 ) (251,536 ) (128,836 ) Total reclassifications for the period $ (157,442 ) $ (6,286 ) $ (157,908 ) $ (73,749 ) (a) These items appear within net realized gains (losses) on investments in the consolidated income statements. (b) These items are included in the computation of net periodic pension cost (see Note 10). (c) These items appear within federal income taxes in the consolidated income statements.

Note 10 - Employee Benefit Pl23

Note 10 - Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ - $ - $ - $ - Interest cost 222,566 261,264 445,132 522,528 Expected return on plan assets (293,070 ) (299,419 ) (586,139 ) (598,837 ) Recognized actuarial net loss 190,558 97,603 381,116 195,206 Net periodic pension cost $ 120,054 $ 59,448 $ 240,109 $ 118,897

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Percent of Revenue	99.00%

Note 4 - Investments (Details)

Note 4 - Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Note 4 - Investments (Details) [Line Items]
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 0	$ 0	$ 0	$ 0
Restricted Cash and Investments	$ 23,372,348		$ 23,372,348		$ 23,951,372
Mortgage Loans, Commercial Percentage	37.60%		37.60%		41.90%
Mortgage Loans, Residential Percentage	62.40%		62.40%		58.10%
Maximum Loan to Value Ratio Required	80.00%		80.00%
Minimum Debt Service Coverage Required	115.00%		115.00%
Mortgage Loans in Process of Foreclosure, Amount 2	$ 0		$ 0		$ 0
Mortgage Loans, Modifications, Recorded Investment	0		0		0
Mortgage Loan Defaults, Amount	0	$ 0	0	$ 0
Mortgage Loans, Equal to Greater than 90 Days Past Due [Member]
Note 4 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0		0
Nonperforming Financial Instruments [Member]
Note 4 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0		0
Nonaccrual Status [Member]
Note 4 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 0		$ 0		$ 0
Fixed Maturities [Member]
Note 4 - Investments (Details) [Line Items]
Minimum Fair Value to Cost Ratio	86.00%		86.00%		86.00%
Equity Securities [Member]
Note 4 - Investments (Details) [Line Items]
Minimum Fair Value to Cost Ratio	70.00%		70.00%		78.00%

Note 4 - Investments (Details)

Note 4 - Investments (Details) - Available-for-sale Securities - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fixed maturity securities:
Fixed maturity securities, amortized cost	$ 398,192,828	$ 403,596,261
Fixed maturity securities, gross unrealized gains	23,110,702	28,219,388
Fixed maturity securities, gross unrealized losses	2,086,960	1,698,171
Fixed maturity securities	419,216,570	430,117,478
Equity securities:
Equity securities, amortized cost	6,414,886	6,331,436
Equity securities, gross unrealized gains	945,847	1,197,756
Equity securities, gross unrealized losses	244,902	123,373
Equity securities	7,115,831	7,405,819
Securities, amortized cost	404,607,714	409,927,697
Securities, gross unrealized gains	24,056,549	29,417,144
Securities, gross unrealized losses	2,331,862	1,821,544
Securities	426,332,401	437,523,297
US Government Agencies Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	25,947,842	28,063,178
Fixed maturity securities, gross unrealized gains	707,620	820,997
Fixed maturity securities, gross unrealized losses	11,806	16,164
Fixed maturity securities	26,643,656	28,868,011
Equity securities:
Securities	26,643,656	28,868,011
US States and Political Subdivisions Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	37,144,697	38,021,271
Fixed maturity securities, gross unrealized gains	4,890,151	5,985,975
Fixed maturity securities, gross unrealized losses	117,905
Fixed maturity securities	41,916,943	44,007,246
Equity securities:
Securities	41,916,943	44,007,246
Corporate Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	221,610,206	224,299,411
Fixed maturity securities, gross unrealized gains	12,943,910	15,669,733
Fixed maturity securities, gross unrealized losses	1,049,438	930,632
Fixed maturity securities	233,504,678	239,038,512
Equity securities:
Securities	233,504,678	239,038,512
Foreign [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	64,705,067	63,792,040
Fixed maturity securities, gross unrealized gains	2,382,899	2,934,542
Fixed maturity securities, gross unrealized losses	813,874	751,369
Fixed maturity securities	66,274,092	65,975,213
Equity securities:
Securities	66,274,092	65,975,213
Asset-backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	1,298,636	1,432,996
Fixed maturity securities, gross unrealized gains	6,594	33,501
Fixed maturity securities	1,305,230	1,466,497
Equity securities:
Securities	1,305,230	1,466,497
Commercial Mortgage Backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	6,839,406	7,869,355
Fixed maturity securities, gross unrealized gains	193,707	266,831
Fixed maturity securities, gross unrealized losses	6,454
Fixed maturity securities	7,026,659	8,136,186
Equity securities:
Securities	7,026,659	8,136,186
Residential Mortgage Backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	40,646,974	40,118,010
Fixed maturity securities, gross unrealized gains	1,985,821	2,507,809
Fixed maturity securities, gross unrealized losses	87,483	6
Fixed maturity securities	42,545,312	42,625,813
Equity securities:
Securities	42,545,312	42,625,813
US Agencies [Member]
Equity securities:
Equity securities, amortized cost	707,900	707,900
Equity securities	707,900	707,900
Securities	707,900	707,900
Mutual Funds [Member]
Equity securities:
Equity securities, amortized cost	318,284	318,284
Equity securities, gross unrealized gains	24,769	40,038
Equity securities	343,053	358,322
Securities	343,053	358,322
Common Stock [Member]
Equity securities:
Equity securities, amortized cost	5,388,702	5,305,252
Equity securities, gross unrealized gains	921,078	1,157,718
Equity securities, gross unrealized losses	244,902	123,373
Equity securities	6,064,878	6,339,597
Securities	$ 6,064,878	$ 6,339,597

Note 4 - Investments (Details27

Note 4 - Investments (Details) - Securities in a Continuous Unrealized Loss Position	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 71,048,677	$ 40,207,698
Securities in continuous loss position, gross unrealized loss	$ 2,331,862	$ 1,821,544
Securities in continuous loss position, number of securities	67	29
US Government Agencies Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 7,747,661
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 11,806
Securities in continuous loss position, less than 12 months, number of securities	2
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value		$ 7,736,774
Securities in continuous loss position, greater than 12 months, gross unrealized loss		$ 16,164
Securities in continuous loss position, greater than 12 months, number of securities		1
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 1,632,095
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 117,905
Securities in continuous loss position, less than 12 months, number of securities	2
Corporate Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 33,895,276	$ 12,473,068
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 751,463	$ 508,818
Securities in continuous loss position, less than 12 months, number of securities	24	7
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 3,951,546	$ 3,828,887
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 297,975	$ 421,814
Securities in continuous loss position, greater than 12 months, number of securities	3	3
Foreign [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 13,290,908	$ 10,374,173
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 342,106	$ 310,267
Securities in continuous loss position, less than 12 months, number of securities	10	7
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 4,681,370	$ 4,724,455
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 471,768	$ 441,102
Securities in continuous loss position, greater than 12 months, number of securities	2	2
Commercial Mortgage Backed Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 611,076
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 6,454
Securities in continuous loss position, less than 12 months, number of securities	1
Residential Mortgage Backed Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 3,435,138	$ 16,862
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 87,483	$ 6
Securities in continuous loss position, less than 12 months, number of securities	2	1
Debt Securities [Member]
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 69,245,070	$ 39,154,219
Securities in continuous loss position, gross unrealized loss	$ 2,086,960	$ 1,698,171
Securities in continuous loss position, number of securities	46	21
Common Stock [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 1,676,665	$ 527,614
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 192,573	$ 103,438
Securities in continuous loss position, less than 12 months, number of securities	18	4
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 126,942	$ 525,865
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 52,329	$ 19,935
Securities in continuous loss position, greater than 12 months, number of securities	3	4
Equity Securities [Member]
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 1,803,607	$ 1,053,479
Securities in continuous loss position, gross unrealized loss	$ 244,902	$ 123,373
Securities in continuous loss position, number of securities	21	8

Note 4 - Investments (Details28

Note 4 - Investments (Details) - Net Unrealized Gains for Investments Classified as Available-for-sale - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Net Unrealized Gains for Investments Classified as Available-for-sale [Abstract]
Net unrealized appreciation on available-for sale securities	$ 21,724,687	$ 27,595,600
Adjustment to deferred acquisition costs	(547,703)	(711,650)
Deferred income taxes	(7,200,175)	(9,140,543)
Net unrealized appreciation on available-for sale securities	$ 13,976,809	$ 17,743,407

Note 4 - Investments (Details29

Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Total	$ 398,192,828	$ 403,596,261
Total	419,216,570	$ 430,117,478
All Except for State Guaranteed Receivables [Member]
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Due in one year or less	10,686,728
Due in one year or less	10,896,139
Due after one year through five years	84,634,015
Due after one year through five years	92,398,807
Due after five years through ten years	182,711,352
Due after five years through ten years	188,051,317
Due after ten years	49,088,507
Due after ten years	54,224,168
Due at multiple maturity dates	71,072,226
Due at multiple maturity dates	73,646,139
Total	398,192,828
Total	$ 419,216,570

Note 4 - Investments (Details30

Note 4 - Investments (Details) - Proceeds from Sales and Maturities of Investments in Available-for-sale - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Proceeds from Sales and Maturities of Investments in Available-for-sale [Abstract]
Proceeds from sales and maturities	$ 3,545,600	$ 10,078,931	$ 16,365,620	$ 17,228,979
Gross realized gains	89,388	152,138	250,180	173,810
Gross realized losses	$ (120,375)	$ (79,473)	$ (122,339)	$ (104,951)

Note 4 - Investments (Details31

Note 4 - Investments (Details) - Available-for-sale Securities - Change in Unrealized Gains (Losses) and Realized Gains (Losses) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Securities available-for-sale:
Mortgage loans on real estate	$ 75,915		$ 75,915
Debt Securities [Member]
Securities available-for-sale:
Change in unrealized investment gains (losses)	(10,207,115)	$ 7,041,196	(5,497,475)	$ 13,901,393
Securities available-for-sale:
Realized investment gains (losses)		68,188	90,859	68,188
Equity Securities [Member]
Securities available-for-sale:
Change in unrealized investment gains (losses)	(504,522)	363,677	(373,438)	675,481
Securities available-for-sale:
Realized investment gains (losses)	$ (30,987)	$ 4,477	$ 36,982	$ 671

Note 4 - Investments (Details32

Note 4 - Investments (Details) - Mortgage Loans by State - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	$ 31,000,362	$ 29,459,436
ILLINOIS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	5,656,059	3,392,446
CALIFORNIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	4,432,115	4,806,451
FLORIDA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	4,151,813	6,047,236
KENTUCKY
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,372,238	3,492,854
TEXAS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,051,693	2,290,700
GEORGIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	2,681,239	3,123,530
OHIO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,749,643	1,805,093
ARIZONA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,137,569	927,600
TENNESSEE
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	951,268	1,054,671
INDIANA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	768,979	95,434
WEST VIRGINIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	426,710	440,725
PENNSYLVANIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	379,202
NEVADA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	375,351
NORTH CAROLINA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	357,606	359,308
NEW JERSEY
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	250,212	252,612
SOUTH CAROLINA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	236,491	248,815
COLORADO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	223,848	225,772
MASSACHUSETTS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	211,516	239,399
MISSOURI
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	206,375	267,996
IDAHO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	166,870	174,433
KANSAS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	135,897	136,442
UTAH
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	$ 77,668	$ 77,919

Note 4 - Investments (Details33

Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity [Line Items]
Total	$ 7,764,634	$ 7,917,379
Total	9,180,902	$ 9,719,006
State-Guaranteed Receivables [Member]
Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity [Line Items]
Due in one year or less	760,999
Due in one year or less	770,559
Due after one year through five years	2,505,473
Due after one year through five years	2,714,899
Due after five years through ten years	3,015,071
Due after five years through ten years	3,661,433
Due after ten years	1,483,091
Due after ten years	2,034,011
Total	7,764,634
Total	$ 9,180,902

Note 4 - Investments (Details34

Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	$ 7,764,634	$ 7,917,379
NEW YORK
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	3,554,002	3,694,805
MASSACHUSETTS
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	1,961,886	1,969,570
GEORGIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	1,476,166	1,467,774
PENNSYLVANIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	310,436	299,851
TEXAS
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	235,794	227,649
CALIFORNIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	174,203	188,131
OHIO
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	$ 52,147	$ 69,599

Note 4 - Investments (Details35

Note 4 - Investments (Details) - Net Investment Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Investment Income [Line Items]
Gross investment income	$ 5,579,355	$ 5,478,021	$ 11,158,917	$ 10,860,396
Investment expenses	240,307	303,397	596,057	606,790
Net investment income	5,339,048	5,174,624	10,562,860	10,253,606
Fixed Maturities [Member]
Net Investment Income [Line Items]
Gross investment income	4,558,942	4,729,760	9,196,750	9,438,841
Equity Securities [Member]
Net Investment Income [Line Items]
Gross investment income	73,489	75,841	136,780	127,478
Mortgages [Member]
Net Investment Income [Line Items]
Gross investment income	625,699	352,824	1,184,095	656,700
Policy Loans [Member]
Net Investment Income [Line Items]
Gross investment income	123,246	118,448	241,986	235,377
State-Guaranteed Receivables [Member]
Net Investment Income [Line Items]
Gross investment income	137,600	140,719	278,275	284,514
Other Long-term Investments [Member]
Net Investment Income [Line Items]
Gross investment income	$ 60,379	$ 60,429	$ 121,031	$ 117,486

Note 5 - Fair Values of Finan36

Note 5 - Fair Values of Financial Instruments (Details)	Jun. 30, 2015
Private Equity Investment [Member]
Note 5 - Fair Values of Financial Instruments (Details) [Line Items]
Number of Level 3 Investments Reported at Fair Value	1

Note 5 - Fair Values of Finan37

Note 5 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fixed maturities:
Securities available-for-sale	$ 426,332,401	$ 437,523,297
US Government Agencies Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	26,643,656	28,868,011
US States and Political Subdivisions Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	41,916,943	44,007,246
Corporate Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	233,504,678	239,038,512
Foreign [Member]
Fixed maturities:
Securities available-for-sale	66,274,092	65,975,213
Asset-backed Securities [Member]
Fixed maturities:
Securities available-for-sale	1,305,230	1,466,497
Commercial Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	7,026,659	8,136,186
Residential Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	42,545,312	42,625,813
Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	419,216,570	430,117,478
US Agencies [Member]
Fixed maturities:
Securities available-for-sale	707,900	707,900
Mutual Funds [Member]
Fixed maturities:
Securities available-for-sale	343,053	358,322
Common Stock [Member]
Fixed maturities:
Securities available-for-sale	6,064,878	6,339,597
Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	7,115,831	7,405,819
Fair Value, Inputs, Level 1 [Member] | US Agencies [Member]
Fixed maturities:
Securities available-for-sale	707,900	707,900
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Fixed maturities:
Securities available-for-sale	343,053	358,322
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member]
Fixed maturities:
Securities available-for-sale	5,712,878	5,955,597
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	6,763,831	7,021,819
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	26,643,656	28,868,011
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	41,916,943	44,007,246
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	233,504,678	239,038,512
Fair Value, Inputs, Level 2 [Member] | Foreign [Member]
Fixed maturities:
Securities available-for-sale	66,274,092	65,975,213
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member]
Fixed maturities:
Securities available-for-sale	1,305,230	1,466,497
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	7,026,659	8,136,186
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	42,545,312	42,625,813
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	419,216,570	430,117,478
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member]
Fixed maturities:
Securities available-for-sale	352,000	384,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	$ 352,000	$ 384,000

Note 5 - Fair Values of Finan38

Note 5 - Fair Values of Financial Instruments (Details) - Changes in Fair Value of Level 3 Financial Instruments - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Corporate common stock:
Beginning balance	$ 352,000	$ 384,000	$ 384,000	$ 384,000
Total gains or losses:
Included in other comprehensive income	0	0	(32,000)	0
Ending balance	$ 352,000	$ 384,000	$ 352,000	$ 384,000

Note 5 - Fair Values of Finan39

Note 5 - Fair Values of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Mortgage loans on real estate:
Mortgage loans on real estate	$ 31,000,362	$ 29,459,436
Policy loans	6,859,552	6,665,493
Policy loans, fair value	6,859,552	6,665,493
State-guaranteed receivables	7,764,634	7,917,379
State-guaranteed receivables, fair value	9,180,902	9,719,006
Other invested assets	2,776,036	3,270,848
Other invested assets, fair value	2,776,036	3,270,848
Cash and cash equivalents	6,028,751	1,870,867	$ 4,133,711	$ 4,143,291
Cash and cash equivalents, fair value	6,028,751	1,870,867
Accrued investment income	5,288,275	5,190,740
Accrued investment income, fair value	5,288,275	5,190,740
Cash value of company-owned life insurance	12,616,103	12,441,833
Cash value of company-owned life insurance, fair value	12,616,103	12,441,833
Liabilities:
Policyholder deposits (Investment-type contracts)	52,923,780	53,318,598
Policyholder deposits (Investment-type contracts), fair value	54,169,289	55,486,262
Policy claims	2,480,349	2,821,106
Policy claims, fair value	2,480,349	2,821,106
Obligations under capital leases	554,381	553,028
Obligations under capital leases, fair value	554,381	553,028
Notes payable	2,136,574	2,508,576
Notes payable, fair value	2,136,574	2,508,576
Commercial Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate	11,657,667	12,961,492
Mortgage loans on real estate, fair value	12,167,714	13,693,557
Residential Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate	19,342,695	16,497,944
Mortgage loans on real estate, fair value	21,125,104	18,392,927
Fair Value, Inputs, Level 1 [Member]
Mortgage loans on real estate:
Cash and cash equivalents, fair value	6,028,751	1,870,867
Fair Value, Inputs, Level 2 [Member]
Mortgage loans on real estate:
State-guaranteed receivables, fair value	9,180,902	9,719,006
Fair Value, Inputs, Level 3 [Member]
Mortgage loans on real estate:
Policy loans	6,859,552	6,665,493
Policy loans, fair value	6,859,552	6,665,493
Other invested assets	2,776,036	3,270,848
Other invested assets, fair value	2,776,036	3,270,848
Accrued investment income	5,288,275	5,190,740
Accrued investment income, fair value	5,288,275	5,190,740
Cash value of company-owned life insurance	12,616,103	12,441,833
Cash value of company-owned life insurance, fair value	12,616,103	12,441,833
Liabilities:
Policyholder deposits (Investment-type contracts), fair value	54,169,289	55,486,262
Policy claims	2,480,349	2,821,106
Policy claims, fair value	2,480,349	2,821,106
Obligations under capital leases	554,381	553,028
Obligations under capital leases, fair value	554,381	553,028
Notes payable, fair value	2,136,574	2,508,576
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate, fair value	12,167,714	13,693,557
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate, fair value	$ 21,125,104	$ 18,392,927

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	1,121,876	1,127,225	1,122,922	1,127,900

Note 7 - Segment Data (Details)

Note 7 - Segment Data (Details)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Number of Operating Segments	4

Note 7 - Segment Data (Detail42

Note 7 - Segment Data (Details) - Segments by Operating Information - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Revenue	$ 17,469,333	$ 17,564,962	$ 34,565,095	$ 34,854,846
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	(394,151)	292,940	(490,880)	225,235
Preneed and Burial Products [Member]
Revenue:
Revenue	12,255,597	12,378,694	24,387,004	23,591,408
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	(653,019)	(50,136)	(899,867)	(358,714)
Traditional and Universal Life Products [Member]
Revenue:
Revenue	4,653,339	4,499,730	9,095,803	10,097,262
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	203,619	88,686	275,197	281,177
Administrative and Financial Services [Member]
Revenue:
Revenue	337,960	348,573	640,054	626,009
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	60,137	67,678	117,723	113,909
Corporate and Other [Member]
Revenue:
Revenue	222,437	337,965	442,234	540,167
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	$ (4,888)	$ 186,712	$ 16,067	$ 188,863

Note 8 - Federal Income Taxes (

Note 8 - Federal Income Taxes (Details) - Jun. 30, 2015 - USD ($)	Total
Note 8 - Federal Income Taxes (Details) [Line Items]
Unrecognized Tax Benefits	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Note 8 - Federal Income Taxes (Details) [Line Items]
Open Tax Year	2,011
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Note 8 - Federal Income Taxes (Details) [Line Items]
Open Tax Year	2,014

Note 9 - Other Comprehensive 44

Note 9 - Other Comprehensive Income (Loss) (Details) - Other Comprehensive Income - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Change in net unrealized gains on available-for-sale securities:
Unrealized holding gains (losses) arising during period, pretax		$ (10,742,624)	$ 7,477,538	$ (5,743,072)	$ 14,645,733
Unrealized holding gains (losses) arising during period, tax		(3,641,269)	2,532,191	(1,961,897)	4,969,909
Unrealized holding gains (losses) arising during period, net of tax		(7,101,355)	4,945,347	(3,781,175)	9,675,824
Reclassification adjustment for losses (gains) included in income, pretax	[1]	30,987	(72,665)	(127,841)	(68,859)
Reclassification adjustment for losses (gains) included in income, tax	[2]	(687)	(14,533)	(34,213)	(13,772)
Reclassification adjustment for losses (gains) included in income, net of tax		31,674	(58,132)	(93,628)	(55,087)
Adjustment for effect of deferred acquisition costs, pretax		283,000	(187,378)	163,947	(378,522)
Adjustment for effect of deferred acquisition costs, tax		96,220	(63,709)	55,742	(128,697)
Adjustment for effect of deferred acquisition costs, net of tax		186,780	(123,669)	108,205	(249,825)
Net unrealized gains (losses) on investments, pretax		(10,428,637)	7,217,495	(5,706,966)	14,198,352
Net unrealized gains (losses) on investments, tax		(3,545,736)	2,453,949	(1,940,368)	4,827,440
Net unrealized gains (losses) on investments, net of tax		(6,882,901)	4,763,546	(3,766,598)	9,370,912
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost, pretax	[3]	190,558	97,603	381,116	195,206
Amortization of actuarial net loss in net periodic pension cost, tax	[2]	64,790	33,185	129,580	66,370
Amortization of actuarial net loss in net periodic pension cost, net of tax		125,768	64,418	251,536	128,836
Total other comprehensive income (loss), pretax		(10,238,079)	7,315,098	(5,325,850)	14,393,558
Total other comprehensive income (loss), tax		(3,480,946)	2,487,134	(1,810,788)	4,893,810
Total other comprehensive income (loss), net of tax		$ (6,757,133)	$ 4,827,964	$ (3,515,062)	$ 9,499,748
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 9 - Other Comprehensive 45

Note 9 - Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 12,704,319	$ 6,751,991
Other comprehensive income (loss) before reclassifications			(3,672,970)	9,425,999
Amounts reclassified from accumulated other comprehensive income	$ 157,442	$ 6,286	157,908	73,749
Net current period other comprehensive income (loss)			(3,515,062)	9,499,748
Ending balance	9,189,257	16,251,739	9,189,257	16,251,739
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			17,743,407	9,916,148
Other comprehensive income (loss) before reclassifications			(3,672,970)	9,425,999
Amounts reclassified from accumulated other comprehensive income			(93,628)	(55,087)
Net current period other comprehensive income (loss)			(3,766,598)	9,370,912
Ending balance	13,976,809	19,287,060	13,976,809	19,287,060
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(5,039,088)	(3,164,157)
Amounts reclassified from accumulated other comprehensive income			251,536	128,836
Net current period other comprehensive income (loss)			251,536	128,836
Ending balance	$ (4,787,552)	$ (3,035,321)	$ (4,787,552)	$ (3,035,321)

Note 9 - Other Comprehensive 46

Note 9 - Other Comprehensive Income (Loss) (Details) - Amounts Reclassified from AOCI to Income - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Unrealized gains (losses) on available-for-sale securities:
Realized gains (losses) on sale of securities (a)	[1]	$ (30,987)	$ 72,665	$ 127,841	$ 68,859
Income tax expense (c)	[2]	(687)	(14,533)	(34,213)	(13,772)
Net of tax		(31,674)	58,132	93,628	55,087
Defined benefit pension plan:
Amortization of actuarial net loss (b)	[3]	(190,558)	(97,603)	(381,116)	(195,206)
Income tax benefit (c)	[2]	64,790	33,185	129,580	66,370
Net of tax		(125,768)	(64,418)	(251,536)	(128,836)
Total reclassifications for the period		$ (157,442)	$ (6,286)	$ (157,908)	$ (73,749)
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 10 - Employee Benefit Pl47

Note 10 - Employee Benefit Plans (Details)	6 Months Ended
	Jun. 30, 2015USD ($)
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 300,000
Defined Benefit Plan, Contributions by Employer	$ 150,000

Note 10 - Employee Benefit Pl48

Note 10 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Periodic Benefit Cost [Abstract]
Interest cost	$ 222,566	$ 261,264	$ 445,132	$ 522,528
Expected return on plan assets	(293,070)	(299,419)	(586,139)	(598,837)
Recognized actuarial net loss	190,558	97,603	381,116	195,206
Net periodic pension cost	$ 120,054	$ 59,448	$ 240,109	$ 118,897

Note 11 - Notes Payable (Detail

Note 11 - Notes Payable (Details) - Jun. 30, 2015 - USD ($)	Total
Operating Line of Credit [Member]
Note 11 - Notes Payable (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000
At Need Funding, LLC [Member]
Note 11 - Notes Payable (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000
Prime Rate [Member] | Operating Line of Credit [Member]
Note 11 - Notes Payable (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	3.25%
Prime Rate [Member] | At Need Funding, LLC [Member]
Note 11 - Notes Payable (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	3.25%