Investors Heritage Capital (IHRC) 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 13, 2016
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		1,117,647
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Securities available-for-sale, at fair value:
Fixed maturities (amortized cost: $388,993,763 and $399,525,617)	$ 408,443,936	$ 409,146,807
Equity securities (cost: $7,452,666 and $7,452,666)	7,922,500	7,616,789
Mortgage loans on real estate	40,796,899	33,174,131
Policy loans	6,609,836	6,702,911
State-guaranteed receivables	7,531,242	7,692,959
Investments in convertible options	807,001	957,405
Other invested assets	2,360,878	2,379,451
Total investments	474,472,292	467,670,453
Cash and cash equivalents	9,342,059	3,619,663
Accrued investment income	4,445,504	5,149,612
Due premiums	2,895,070	2,946,218
Deferred acquisition costs	16,687,341	17,237,522
Value of business acquired	205,377	225,276
Leased property under capital leases	302,154	381,432
Property and equipment	899,669	909,151
Cash value of company-owned life insurance	13,277,374	13,191,773
Other assets	1,395,182	2,374,292
Amounts recoverable from reinsurers	55,548,890	56,332,692
Total assets	579,470,912	570,038,084
Policy liabilities:
Benefit reserves	492,671,492	493,369,378
Unearned premium reserves	7,960,677	8,119,385
Policy claims	2,555,745	2,584,088
Liability for deposit-type contracts	3,392,806	3,400,836
Reserves for dividends and endowments and other	402,936	388,193
Total policy liabilities	506,983,656	507,861,880
Deferred federal income tax liability	4,494,938	1,105,776
Obligations under capital leases	295,502	377,259
Notes payable	1,441,190	1,433,448
Accrued pension liability	5,972,484	6,075,376
Other liabilities	4,410,245	3,933,343
Total liabilities	523,598,015	520,787,082
STOCKHOLDERS' EQUITY
Common stock (shares issued: 1,117,647 and 1,117,647)	1,117,647	1,117,647
Paid-in surplus	8,913,360	8,913,360
Accumulated other comprehensive income	7,397,290	757,161
Retained earnings	38,444,600	38,462,834
Total stockholders' equity	55,872,897	49,251,002
Total liabilities and stockholders' equity	$ 579,470,912	$ 570,038,084

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fixed maturities, amortized cost	$ 388,993,763	$ 399,525,617
Equity securities, cost	$ 7,452,666	$ 7,452,666
Common stock, shares issued (in Shares)	1,117,647	1,117,647

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUE
Premiums and other considerations	$ 12,662,789	$ 14,726,746
Premiums ceded	(2,896,609)	(3,364,065)
Net premiums	9,766,180	11,362,681
Investment income, net of expenses	5,455,667	5,223,812
Net realized gains on investments	326,712	158,828
Other income	353,597	350,441
Total revenue	15,902,156	17,095,762
BENEFITS AND EXPENSES
Death and other benefits	11,377,713	11,724,062
Guaranteed annual endowments	99,141	103,396
Dividends to policyholders	79,549	84,285
Increase in benefit reserves and unearned premiums	206,300	1,273,496
Acquisition costs deferred	(1,123,083)	(1,388,344)
Amortization of deferred acquisition costs	1,415,077	1,633,163
Commissions	691,116	897,364
Other general and administrative expenses	2,841,342	2,865,069
Total benefits and expenses	15,587,155	17,192,491
INCOME (LOSS) BEFORE FEDERAL
INCOME TAXES	315,001	(96,729)
INCOME TAXES
Current	110,259	80,037
Deferred	(31,509)	(104,219)
Total federal income taxes	78,750	(24,182)
NET INCOME (LOSS)	$ 236,251	$ (72,547)
BASIC AND DILUTED NET INCOME (LOSS)
PER SHARE (in Dollars per share)	$ 0.21	$ (0.06)
DIVIDENDS PER SHARE (in Dollars per share)	$ 0.21	$ 0.21

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
NET INCOME (LOSS)		$ 236,251	$ (72,547)
Change in net unrealized gains on available-for-sale securities:
Unrealized holding gains arising during period		10,461,406	4,999,552
Reclassification adjustment for gains included in income	[1]	(326,712)	(158,828)
Adjustment for effects of deferred acquisition costs		(258,187)	(119,053)
Net unrealized gains on investments		9,876,507	4,721,671
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost	[2]	184,293	190,558
Other comprehensive income before income taxes		10,060,800	4,912,229
Income tax expense		3,420,671	1,670,158
OTHER COMPREHENSIVE INCOME,
NET OF TAXES		6,640,129	3,242,071
COMPREHENSIVE INCOME		$ 6,876,380	$ 3,169,524
[1]	These items appear within net realized gains 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
Balance at Dec. 31, 2014	$ 1,123,980	$ 8,908,243	$ 12,704,319	$ 37,799,944	$ 60,536,486
Net income (loss)				(72,547)	(72,547)
Other comprehensive income, net			3,242,071		3,242,071
Cash dividends				(255,814)	(255,814)
Balance at Mar. 31, 2015	1,123,980	8,908,243	15,946,390	37,471,583	63,450,196
Balance at Dec. 31, 2015	1,117,647	8,913,360	757,161	38,462,834	49,251,002
Net income (loss)				236,251	236,251
Other comprehensive income, net			6,640,129		6,640,129
Cash dividends				(254,485)	(254,485)
Balance at Mar. 31, 2016	$ 1,117,647	$ 8,913,360	$ 7,397,290	$ 38,444,600	$ 55,872,897

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 2,101,770	$ 1,619,414
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(4,891,137)	(8,820,837)
Sales of available-for-sale securities	9,049,595	3,201,808
Maturities of available-for-sale securities	7,007,539	9,618,212
Acquisitions of mortgage loans on real estate	(8,337,406)	(4,820,513)
Payments of mortgage loans on real estate	718,524	1,868,887
Payments of state-guaranteed receivables	298,260	298,260
Purchases of convertible options	(31,016)
Net change in payable (receivable) for securities	300,000	2,047,167
Net reductions (additions) of other investments	111,648	(176,079)
Net additions to property and equipment	(21,084)	(203,665)
NET CASH PROVIDED BY INVESTING ACTIVITIES	4,204,923	3,013,240
FINANCING ACTIVITIES
Policyholder account deposits	1,191,586	1,061,173
Policyholder account withdrawals	(1,783,625)	(1,992,850)
Payments on notes payable	(591,110)	(849,876)
Proceeds from notes payable	598,852	953,175
NET CASH USED IN FINANCING ACTIVITIES	(584,297)	(828,378)
INCREASE IN CASH AND CASH EQUIVALENTS	5,722,396	3,804,276
Cash and cash equivalents at beginning of period	3,619,663	1,870,867
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 9,342,059	$ 5,675,143

Note 1 - Nature of Operations

Note 1 - Nature of Operations	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016
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 ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 2015, 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 March 31, 2016 through the date that these financial statements have been issued.

Note 3 - New Accounting Pronoun

Note 3 - New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
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. Refer to the footnotes to the consolidated financial statements for the year ended December 31, 2015, as included in our Annual Report on Form 10-K, for previously issued standards that have not yet been adopted that are considered applicable to the Company’s current operations.

Note 4 - Investments

Note 4 - Investments	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 23,019,613 $ 1,194,824 $ - $ 24,214,437 States and political subdivisions 36,236,423 5,556,512 203,112 41,589,823 Corporate 225,171,081 13,518,854 3,297,725 235,392,210 Foreign 60,742,673 2,386,203 2,433,014 60,695,862 Asset-backed securities 143,552 - 924 142,628 Mortgage-backed securities (MBS): Commercial MBS 6,815,524 398,116 - 7,213,640 Residential MBS 35,932,747 2,283,096 - 38,215,843 Corporate redeemable preferred stock 932,150 54,175 6,832 979,493 Total fixed maturity securities 388,993,763 25,391,780 5,941,607 408,443,936 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 21,036 - 339,320 Corporate common stock 6,426,482 1,097,089 648,291 6,875,280 Total equity securities 7,452,666 1,118,125 648,291 7,922,500 Total $ 396,446,429 $ 26,509,905 $ 6,589,898 $ 416,366,436 Gross Gross December 31, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 23,373,714 $ 642,038 $ - $ 24,015,752 States and political subdivisions 36,830,198 4,511,826 136,585 41,205,439 Corporate 229,425,035 10,338,999 4,587,896 235,176,138 Foreign 65,010,084 1,731,076 4,682,638 62,058,522 Asset-backed securities 143,552 457 - 144,009 Mortgage-backed securities (MBS): Commercial MBS 6,830,520 148,314 15,592 6,963,242 Residential MBS 37,200,599 1,776,233 62,255 38,914,577 Corporate redeemable preferred stock 711,915 - 42,787 669,128 Total fixed maturity securities 399,525,617 19,148,943 9,527,753 409,146,807 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 - 14,253 304,031 Corporate common stock 6,426,482 702,497 524,121 6,604,858 Total equity securities 7,452,666 702,497 538,374 7,616,789 Total $ 406,978,283 $ 19,851,440 $ 10,066,127 $ 416,763,596 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. March 31, 2016 December 31, 2015 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed Maturities: Less than 12 months: States and political subdivisions $ 997,580 $ 2,420 1 $ 1,613,415 $ 136,585 2 Corporate 28,148,754 2,257,902 25 55,039,213 3,873,158 52 Foreign 11,222,979 556,908 11 24,154,510 1,418,143 20 Asset-backed securities 142,628 924 1 - - - Commercial MBS - - - 1,447,694 15,592 2 Residential MBS - - - 3,320,890 62,255 2 Corporate redeemable preferred stock 223,250 6,832 1 669,128 42,787 2 Greater than 12 months: States and political subdivisions 549,308 200,692 1 - - - Corporate 7,595,278 1,039,823 6 5,533,581 714,738 4 Foreign 9,497,961 1,876,106 6 6,007,156 3,264,495 4 Total fixed maturities 58,377,738 5,941,607 52 97,785,587 9,527,753 88 Equities: Less than 12 months: Mutual funds - - - 304,031 14,253 1 Corporate common stock 1,753,133 457,659 13 2,449,672 473,551 15 Greater than 12 months: Corporate common stock 314,820 190,632 5 183,960 50,570 3 Total equities 2,067,953 648,291 18 2,937,663 538,374 19 Total $ 60,445,691 $ 6,589,898 70 $ 100,723,250 $ 10,066,127 107 At March 31, 2016, 98.7% of the fixed maturity portfolio had a fair value to amortized cost ratio of greater than 80% and 92.9% of the equity securities portfolio had a fair value to cost ratio of greater than 80%. At December 31, 2015, 97.4% of the fixed maturity portfolio had a fair value to amortized cost ratio of greater than 80%, and 93.4% of the equity securities portfolio had a fair value to cost ratio of greater than 80%. At March 31, 2016 and December 31, 2015, 42.0% and 54.5%, respectively, of the total gross unrealized losses shown above were comprised of fixed maturity securities in the basic industrial sector while 26.9% and 22.6%, respectively, of the gross unrealized losses were comprised of fixed maturity securities in the energy sector, respectively. The majority of these unrealized losses were attributable to credit spread widening across the energy sector and metals/mining subsectors associated with sharp declines in commodity prices. Energy-related companies have been negatively impacted by the rapid decline in oil prices, which has pressured revenues and margins. The metal/mining sub-sector companies are experiencing lower demand for coal, copper, iron ore and other minerals due to the economic slowdown in China in addition to sluggish demand in the United States and Europe and tightening environmental regulation. At March 31, 2016 and December 31, 2015, the unrealized losses associated with our equity securities were primarily attributable to unrealized losses on real estate sector stocks. The increase in unrealized losses is primarily due to equity market conditions rather than credit concerns associated with the positions. 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. B ased on our review, the Company experienced no other-than-temporary impairments during the quarters ended March 31, 2016 or 2015. Management believes that the Company will fully recover its cost basis in the securities held at March 31, 2016, 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 and economic 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. March 31, December 31, 2016 2015 Net unrealized appreciation on available-for sale securities $ 19,920,007 $ 9,785,313 Adjustment to deferred acquisition costs (507,588 ) (249,401 ) Deferred income taxes (6,600,222 ) (3,242,210 ) Net unrealized appreciation on available-for sale securities $ 12,812,197 $ 6,293,702 The amortized cost and fair value of fixed maturity securities at March 31, 2016, 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 $ 12,532,658 $ 12,837,385 Due after one year through five years 89,715,721 97,040,194 Due after five years through ten years 175,500,710 177,807,704 Due after ten years 46,750,085 52,584,113 Due at multiple maturity dates 63,562,439 67,195,047 Corporate redeemable preferred stock 932,150 979,493 Total $ 388,993,763 $ 408,443,936 Proceeds 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 March 31, 2016 2015 Proceeds from sales and maturities $ 16,057,134 $ 12,820,020 Gross realized gains 332,897 160,792 Gross realized losses (6,185 ) (1,964 ) 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 . Quarter Ended March 31, 2016 2015 Change in net unrealized investment gains: Securities available-for-sale: Fixed maturities $ 9,828,983 $ 4,709,640 Equity securities 305,711 131,084 Net realized investment gains: Securities available-for-sale: Fixed maturities $ 326,712 $ 90,859 Equity securities - 67,969 The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At March 31, 2016 and December 31, 2015, these required deposits had a total fair value of $22,993,666 and $22,899,132, respectively. The Company also engages in commercial and residential mortgage lending. As of March 31, 2016, investments in commercial and residential properties comprised 25.4% and 74.6%, respectively, of the Company’s mortgage portfolio. At December 31, 2015, investments in commercial and residential properties comprised 32.1% and 67.9%, respectively, of the Company’s mortgage portfolio. All commercial mortgage loans as well as residential apartment building 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 single family 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 utilize third party servicers to administer these loans. As of March 31, 2016 and December 31, 2015, 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 ended March 31, 2016 and 2015. The Company’s investments in mortgage loans, by state, are as follows: March 31, December 31, 2016 2015 Illinois $ 5,916,475 $ 6,046,408 Texas 5,712,324 5,694,612 California 5,404,118 3,366,434 Florida 5,322,823 3,906,034 Kentucky 3,173,093 3,241,793 Georgia 3,071,684 2,671,788 Missouri 1,953,893 1,342,845 Ohio 1,663,000 1,692,354 Arizona 1,441,197 774,060 New Jersey 1,308,774 247,723 Colorado 869,027 222,364 Tennessee 867,127 895,607 North Carolina 769,680 353,275 Indiana 755,340 759,139 Nevada 483,937 373,359 Utah 480,203 77,939 West Virginia 404,849 412,250 Pennsylvania 365,800 370,323 South Carolina 217,165 225,881 Massachusetts 197,608 205,469 Idaho 155,084 159,073 Kansas 135,157 135,401 Virginia 128,541 - Total $ 40,796,899 $ 33,174,131 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 March 31, 2016 , 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 $ 766,219 $ 779,996 Due after one year through five years 2,632,142 2,911,583 Due after five years through ten years 2,958,993 3,729,737 Due after ten years 1,173,888 1,697,959 Total $ 7,531,242 $ 9,119,275 The amortized cost of state-guaranteed receivables, by state, is summarized as follows: March 31, December 31, 2016 2015 New York $ 3,377,576 $ 3,496,115 Massachusetts 1,976,138 1,991,601 Georgia 1,410,681 1,432,022 Pennsylvania 300,174 294,968 Texas 248,304 243,939 California 163,104 180,143 Ohio 55,265 54,171 Total $ 7,531,242 $ 7,692,959 During the third quarter of 2015, the Company began purchasing investments in convertible fixed maturity securities. Convertible securities feature an option allowing for a portion of the security to be converted into an equity position of the underlying issuer in exchange for a lower coupon rate. In accordance with FASB accounting guidance, this convertible feature must be bifurcated and reported separately on the balance sheet at fair value, with adjustments in fair value recognized in the income statement. Accordingly, the convertible options within our portfolio are reported as investments in convertible options on the balance sheet, and the mark-to-market adjustment associated with the changes in fair value of the convertible options are reported as gains (losses) on investments in convertible options as a component of net investment income. As of March 31, 2016 and December 31, 2015, the total fair value of our investments in convertible options was $807,001 and $957,405, respectively. For the quarter ended March 31, 2016, we recognized a loss on our investments in convertible options of $181,420 relative to the mark-to-market adjustment. Major categories of net investment income are summarized as follows: Quarter Ended March 31, 2016 2015 Fixed maturities $ 4,926,361 $ 4,637,808 Equity securities 67,289 63,291 Mortgage loans on real estate 589,912 558,396 Policy loans 121,310 118,740 State-guaranteed receivables 136,542 140,675 Loss on investments in convertible options (181,420 ) - Other 53,685 60,652 Gross investment income 5,713,679 5,579,562 Investment expenses 258,012 355,750 Net investment income $ 5,455,667 $ 5,223,812

Note 5 - Fair Values of Financi

Note 5 - Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2016
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 as well as our investments in convertible options. These options are bifurcated from the underlying fixed maturity investments and are also valued using observable market data. 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. March 31, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 24,214,437 $ - $ 24,214,437 States and political subdivisions - 41,589,823 - 41,589,823 Corporate - 235,392,210 - 235,392,210 Foreign - 60,695,862 - 60,695,862 Asset-backed securities - 142,628 - 142,628 Mortgage-backed securities: Commercial MBS - 7,213,640 - 7,213,640 Residential MBS - 38,215,843 - 38,215,843 Corporate redeemable preferred stock - 979,493 - 979,493 Total fixed maturities $ - $ 408,443,936 $ - $ 408,443,936 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 339,320 - - 339,320 Corporate common stock 6,427,280 - 448,000 6,875,280 Total equity securities $ 7,474,500 $ - $ 448,000 $ 7,922,500 Investments in convertible options $ - $ 807,001 $ - $ 807,001 December 31, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 24,015,752 $ - $ 24,015,752 States and political subdivisions - 41,205,439 - 41,205,439 Corporate - 235,176,138 - 235,176,138 Foreign - 62,058,522 - 62,058,522 Asset-backed securities - 144,009 - 144,009 Mortgage-backed securities: Commercial MBS - 6,963,242 - 6,963,242 Residential MBS - 38,914,577 - 38,914,577 Corporate redeemable preferred stock - 669,128 - 669,128 Total fixed maturities $ - $ 409,146,807 $ - $ 409,146,807 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 304,031 - - 304,031 Corporate common stock 6,252,858 - 352,000 6,604,858 Total equity securities $ 7,264,789 $ - $ 352,000 $ 7,616,789 Investments in convertible options $ - $ 957,405 $ - $ 957,405 The following table provides a summary of changes in fair value of our Level 3 financial instruments reported at fair value. Quarter Ended March 31, 2016 2015 Corporate common stock: Beginning balance $ 352,000 $ 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 96,000 (32,000 ) Ending balance $ 448,000 $ 352,000 The Company experienced no transfers between Level 1 and Level 2 during the quarters ended March 31, 2016 or 2015. The Company experienced no transfers between Level 2 and Level 3 during the quarters ended March 31, 2016 or 2015. 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 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. March 31, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,376,044 $ 10,768,460 $ - $ - $ 10,768,460 Residential 30,420,855 32,981,073 - - 32,981,073 Policy loans 6,609,836 6,609,836 - - 6,609,836 State-guaranteed receivables 7,531,242 9,119,275 - 9,119,275 - Other invested assets 2,360,878 2,360,878 - - 2,360,878 Cash and cash equivalents 9,342,059 9,342,059 9,342,059 - - Accrued investment income 4,445,504 4,445,504 - - 4,445,504 Cash value of company-owned life insurance 13,277,374 13,277,374 - - 13,277,374 Liabilities: Policyholder deposits (Investment-type contracts) 52,565,115 55,780,331 - - 55,780,331 Policy claims 2,555,745 2,555,745 - - 2,555,745 Obligations under capital leases 295,502 295,502 - - 295,502 Notes payable 1,441,190 1,441,190 - - 1,441,190 December 31, 2015 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,655,107 $ 11,080,145 $ - $ - $ 11,080,145 Residential 22,519,024 24,679,435 - - 24,679,435 Policy loans 6,702,911 6,702,911 - - 6,702,911 State-guaranteed receivables 7,692,959 9,094,934 - 9,094,934 - Other invested assets 2,379,451 2,379,451 - - 2,379,451 Cash and cash equivalents 3,619,663 3,619,663 3,619,663 - - Accrued investment income 5,149,612 5,149,612 - - 5,149,612 Cash value of company-owned life insurance 13,191,773 13,191,773 - - 13,191,773 Liabilities: Policyholder deposits (Investment-type contracts) 52,694,746 53,880,242 - - 53,880,242 Policy claims 2,584,088 2,584,088 - - 2,584,088 Obligations under capital leases 377,259 377,259 - - 377,259 Notes payable 1,433,448 1,433,448 - - 1,433,448 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and 2015 were 1,117,647 and 1,123,980, respectively.

Note 7 - Segment Data

Note 7 - Segment Data	3 Months Ended
	Mar. 31, 2016
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 and income 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 and income 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 March 31, 2016 2015 Revenue: Preneed and burial products $ 12,757,180 $ 12,131,407 Traditional and universal life products 2,796,393 4,442,464 Administrative and financial services 327,207 302,094 Corporate and other 21,376 219,797 Total revenue $ 15,902,156 $ 17,095,762 Pre-tax income (loss) from operations: Preneed and burial products $ 220,847 $ (246,848 ) Traditional and universal life products 211,171 71,578 Administrative and financial services 62,437 57,586 Corporate and other (179,454 ) 20,955 Total pre-tax income (loss) $ 315,001 $ (96,729 )

Note 8 - Federal Income Taxes

Note 8 - Federal Income Taxes	3 Months Ended
	Mar. 31, 2016
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 2012 through 2015 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 consolidated financial statements.

Note 9 - Other Comprehensive In

Note 9 - Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
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. Quarter Ended March 31, 2016 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 $ 10,461,406 $ 3,556,878 $ 6,904,528 Reclassification adjustment for gains included in income (326,712 ) (111,082 ) (215,630 ) Adjustment for effect of deferred acquisition costs (258,187 ) (87,784 ) (170,403 ) Net unrealized gains on investments 9,876,507 3,358,012 6,518,495 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,293 62,659 121,634 Total other comprehensive income $ 10,060,800 $ 3,420,671 $ 6,640,129 Quarter Ended March 31, 2015 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 $ 4,999,552 $ 1,679,372 $ 3,320,180 Reclassification adjustment for gains included in income (158,828 ) (33,526 ) (125,302 ) Adjustment for effect of deferred acquisition costs (119,053 ) (40,478 ) (78,575 ) Net unrealized gains on investments 4,721,671 1,605,368 3,116,303 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 income $ 4,912,229 $ 1,670,158 $ 3,242,071 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, are as follows: Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the quarter ended March 31, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 6,734,125 - 6,734,125 Amounts reclassified from accumulated other comprehensive income (215,630 ) 121,634 (93,996 ) Net current period other comprehensive income 6,518,495 121,634 6,640,129 Ending balance $ 12,812,197 $ (5,414,907 ) $ 7,397,290 For the quarter ended March 31, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive income before reclassifications 3,241,605 - 3,241,605 Amounts reclassified from accumulated other comprehensive income (125,302 ) 125,768 466 Net current period other comprehensive income 3,116,303 125,768 3,242,071 Ending balance $ 20,859,710 $ (4,913,320 ) $ 15,946,390 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. Quarter Ended March 31, Reclassification Adjustments 2016 2015 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 326,712 $ 158,828 Income tax expense (c) (111,082 ) (33,526 ) Net of tax 215,630 125,302 Defined benefit pension plan: Amortization of actuarial net loss (b) (184,293 ) (190,558 ) Income tax benefit (c) 62,659 64,790 Net of tax (121,634 ) (125,768 ) Total reclassifications for the period $ 93,996 $ (466 ) (a) These items appear within net realized gains 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Service cost $ - $ - Interest cost 247,610 222,566 Expected return on plan assets (275,503 ) (293,069 ) Recognized actuarial net loss 184,293 190,558 Net periodic pension cost $ 156,400 $ 120,055 We previously disclosed in our financial statements for the year ended December 31, 2015 that the Company expected to contribute $300,000 to our defined benefit pension plan during 2016. As of March 31, 2016, the Company had contributed $75,000 to the plan.

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Gross Gross March 31, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 23,019,613 $ 1,194,824 $ - $ 24,214,437 States and political subdivisions 36,236,423 5,556,512 203,112 41,589,823 Corporate 225,171,081 13,518,854 3,297,725 235,392,210 Foreign 60,742,673 2,386,203 2,433,014 60,695,862 Asset-backed securities 143,552 - 924 142,628 Mortgage-backed securities (MBS): Commercial MBS 6,815,524 398,116 - 7,213,640 Residential MBS 35,932,747 2,283,096 - 38,215,843 Corporate redeemable preferred stock 932,150 54,175 6,832 979,493 Total fixed maturity securities 388,993,763 25,391,780 5,941,607 408,443,936 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 21,036 - 339,320 Corporate common stock 6,426,482 1,097,089 648,291 6,875,280 Total equity securities 7,452,666 1,118,125 648,291 7,922,500 Total $ 396,446,429 $ 26,509,905 $ 6,589,898 $ 416,366,436 Gross Gross December 31, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 23,373,714 $ 642,038 $ - $ 24,015,752 States and political subdivisions 36,830,198 4,511,826 136,585 41,205,439 Corporate 229,425,035 10,338,999 4,587,896 235,176,138 Foreign 65,010,084 1,731,076 4,682,638 62,058,522 Asset-backed securities 143,552 457 - 144,009 Mortgage-backed securities (MBS): Commercial MBS 6,830,520 148,314 15,592 6,963,242 Residential MBS 37,200,599 1,776,233 62,255 38,914,577 Corporate redeemable preferred stock 711,915 - 42,787 669,128 Total fixed maturity securities 399,525,617 19,148,943 9,527,753 409,146,807 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 - 14,253 304,031 Corporate common stock 6,426,482 702,497 524,121 6,604,858 Total equity securities 7,452,666 702,497 538,374 7,616,789 Total $ 406,978,283 $ 19,851,440 $ 10,066,127 $ 416,763,596
Schedule of Temporary Impairment Losses, Investments [Table Text Block]	March 31, 2016 December 31, 2015 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed Maturities: Less than 12 months: States and political subdivisions $ 997,580 $ 2,420 1 $ 1,613,415 $ 136,585 2 Corporate 28,148,754 2,257,902 25 55,039,213 3,873,158 52 Foreign 11,222,979 556,908 11 24,154,510 1,418,143 20 Asset-backed securities 142,628 924 1 - - - Commercial MBS - - - 1,447,694 15,592 2 Residential MBS - - - 3,320,890 62,255 2 Corporate redeemable preferred stock 223,250 6,832 1 669,128 42,787 2 Greater than 12 months: States and political subdivisions 549,308 200,692 1 - - - Corporate 7,595,278 1,039,823 6 5,533,581 714,738 4 Foreign 9,497,961 1,876,106 6 6,007,156 3,264,495 4 Total fixed maturities 58,377,738 5,941,607 52 97,785,587 9,527,753 88 Equities: Less than 12 months: Mutual funds - - - 304,031 14,253 1 Corporate common stock 1,753,133 457,659 13 2,449,672 473,551 15 Greater than 12 months: Corporate common stock 314,820 190,632 5 183,960 50,570 3 Total equities 2,067,953 648,291 18 2,937,663 538,374 19 Total $ 60,445,691 $ 6,589,898 70 $ 100,723,250 $ 10,066,127 107
Unrealized Gain (Loss) on Investments [Table Text Block]	March 31, December 31, 2016 2015 Net unrealized appreciation on available-for sale securities $ 19,920,007 $ 9,785,313 Adjustment to deferred acquisition costs (507,588 ) (249,401 ) Deferred income taxes (6,600,222 ) (3,242,210 ) Net unrealized appreciation on available-for sale securities $ 12,812,197 $ 6,293,702
Investments Classified by Contractual Maturity Date [Table Text Block]	Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 12,532,658 $ 12,837,385 Due after one year through five years 89,715,721 97,040,194 Due after five years through ten years 175,500,710 177,807,704 Due after ten years 46,750,085 52,584,113 Due at multiple maturity dates 63,562,439 67,195,047 Corporate redeemable preferred stock 932,150 979,493 Total $ 388,993,763 $ 408,443,936
Realized Gain (Loss) on Investments [Table Text Block]	Quarter Ended March 31, 2016 2015 Proceeds from sales and maturities $ 16,057,134 $ 12,820,020 Gross realized gains 332,897 160,792 Gross realized losses (6,185 ) (1,964 )
Realized and Unrealized Gains (Losses) on Investments [Table Text Block]	Quarter Ended March 31, 2016 2015 Change in net unrealized investment gains: Securities available-for-sale: Fixed maturities $ 9,828,983 $ 4,709,640 Equity securities 305,711 131,084 Net realized investment gains: Securities available-for-sale: Fixed maturities $ 326,712 $ 90,859 Equity securities - 67,969
Schedule of Mortgage Loans on Real Estate [Table Text Block]	March 31, December 31, 2016 2015 Illinois $ 5,916,475 $ 6,046,408 Texas 5,712,324 5,694,612 California 5,404,118 3,366,434 Florida 5,322,823 3,906,034 Kentucky 3,173,093 3,241,793 Georgia 3,071,684 2,671,788 Missouri 1,953,893 1,342,845 Ohio 1,663,000 1,692,354 Arizona 1,441,197 774,060 New Jersey 1,308,774 247,723 Colorado 869,027 222,364 Tennessee 867,127 895,607 North Carolina 769,680 353,275 Indiana 755,340 759,139 Nevada 483,937 373,359 Utah 480,203 77,939 West Virginia 404,849 412,250 Pennsylvania 365,800 370,323 South Carolina 217,165 225,881 Massachusetts 197,608 205,469 Idaho 155,084 159,073 Kansas 135,157 135,401 Virginia 128,541 - Total $ 40,796,899 $ 33,174,131
State Guaranteed Receivables, Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value Due in one year or less $ 766,219 $ 779,996 Due after one year through five years 2,632,142 2,911,583 Due after five years through ten years 2,958,993 3,729,737 Due after ten years 1,173,888 1,697,959 Total $ 7,531,242 $ 9,119,275
Schedule of Payments On State Guaranteed Receivables by State [Table Text Block]	March 31, December 31, 2016 2015 New York $ 3,377,576 $ 3,496,115 Massachusetts 1,976,138 1,991,601 Georgia 1,410,681 1,432,022 Pennsylvania 300,174 294,968 Texas 248,304 243,939 California 163,104 180,143 Ohio 55,265 54,171 Total $ 7,531,242 $ 7,692,959
Investment Income [Table Text Block]	Quarter Ended March 31, 2016 2015 Fixed maturities $ 4,926,361 $ 4,637,808 Equity securities 67,289 63,291 Mortgage loans on real estate 589,912 558,396 Policy loans 121,310 118,740 State-guaranteed receivables 136,542 140,675 Loss on investments in convertible options (181,420 ) - Other 53,685 60,652 Gross investment income 5,713,679 5,579,562 Investment expenses 258,012 355,750 Net investment income $ 5,455,667 $ 5,223,812

Note 5 - Fair Values of Finan19

Note 5 - Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	March 31, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 24,214,437 $ - $ 24,214,437 States and political subdivisions - 41,589,823 - 41,589,823 Corporate - 235,392,210 - 235,392,210 Foreign - 60,695,862 - 60,695,862 Asset-backed securities - 142,628 - 142,628 Mortgage-backed securities: Commercial MBS - 7,213,640 - 7,213,640 Residential MBS - 38,215,843 - 38,215,843 Corporate redeemable preferred stock - 979,493 - 979,493 Total fixed maturities $ - $ 408,443,936 $ - $ 408,443,936 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 339,320 - - 339,320 Corporate common stock 6,427,280 - 448,000 6,875,280 Total equity securities $ 7,474,500 $ - $ 448,000 $ 7,922,500 Investments in convertible options $ - $ 807,001 $ - $ 807,001 December 31, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 24,015,752 $ - $ 24,015,752 States and political subdivisions - 41,205,439 - 41,205,439 Corporate - 235,176,138 - 235,176,138 Foreign - 62,058,522 - 62,058,522 Asset-backed securities - 144,009 - 144,009 Mortgage-backed securities: Commercial MBS - 6,963,242 - 6,963,242 Residential MBS - 38,914,577 - 38,914,577 Corporate redeemable preferred stock - 669,128 - 669,128 Total fixed maturities $ - $ 409,146,807 $ - $ 409,146,807 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 304,031 - - 304,031 Corporate common stock 6,252,858 - 352,000 6,604,858 Total equity securities $ 7,264,789 $ - $ 352,000 $ 7,616,789 Investments in convertible options $ - $ 957,405 $ - $ 957,405
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Quarter Ended March 31, 2016 2015 Corporate common stock: Beginning balance $ 352,000 $ 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 96,000 (32,000 ) Ending balance $ 448,000 $ 352,000
Fair Value, by Balance Sheet Grouping [Table Text Block]	March 31, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,376,044 $ 10,768,460 $ - $ - $ 10,768,460 Residential 30,420,855 32,981,073 - - 32,981,073 Policy loans 6,609,836 6,609,836 - - 6,609,836 State-guaranteed receivables 7,531,242 9,119,275 - 9,119,275 - Other invested assets 2,360,878 2,360,878 - - 2,360,878 Cash and cash equivalents 9,342,059 9,342,059 9,342,059 - - Accrued investment income 4,445,504 4,445,504 - - 4,445,504 Cash value of company-owned life insurance 13,277,374 13,277,374 - - 13,277,374 Liabilities: Policyholder deposits (Investment-type contracts) 52,565,115 55,780,331 - - 55,780,331 Policy claims 2,555,745 2,555,745 - - 2,555,745 Obligations under capital leases 295,502 295,502 - - 295,502 Notes payable 1,441,190 1,441,190 - - 1,441,190 December 31, 2015 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,655,107 $ 11,080,145 $ - $ - $ 11,080,145 Residential 22,519,024 24,679,435 - - 24,679,435 Policy loans 6,702,911 6,702,911 - - 6,702,911 State-guaranteed receivables 7,692,959 9,094,934 - 9,094,934 - Other invested assets 2,379,451 2,379,451 - - 2,379,451 Cash and cash equivalents 3,619,663 3,619,663 3,619,663 - - Accrued investment income 5,149,612 5,149,612 - - 5,149,612 Cash value of company-owned life insurance 13,191,773 13,191,773 - - 13,191,773 Liabilities: Policyholder deposits (Investment-type contracts) 52,694,746 53,880,242 - - 53,880,242 Policy claims 2,584,088 2,584,088 - - 2,584,088 Obligations under capital leases 377,259 377,259 - - 377,259 Notes payable 1,433,448 1,433,448 - - 1,433,448

Note 7 - Segment Data (Tables)

Note 7 - Segment Data (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended March 31, 2016 2015 Revenue: Preneed and burial products $ 12,757,180 $ 12,131,407 Traditional and universal life products 2,796,393 4,442,464 Administrative and financial services 327,207 302,094 Corporate and other 21,376 219,797 Total revenue $ 15,902,156 $ 17,095,762 Pre-tax income (loss) from operations: Preneed and burial products $ 220,847 $ (246,848 ) Traditional and universal life products 211,171 71,578 Administrative and financial services 62,437 57,586 Corporate and other (179,454 ) 20,955 Total pre-tax income (loss) $ 315,001 $ (96,729 )

Note 9 - Other Comprehensive 21

Note 9 - Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) [Table Text Block]	Quarter Ended March 31, 2016 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 $ 10,461,406 $ 3,556,878 $ 6,904,528 Reclassification adjustment for gains included in income (326,712 ) (111,082 ) (215,630 ) Adjustment for effect of deferred acquisition costs (258,187 ) (87,784 ) (170,403 ) Net unrealized gains on investments 9,876,507 3,358,012 6,518,495 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,293 62,659 121,634 Total other comprehensive income $ 10,060,800 $ 3,420,671 $ 6,640,129 Quarter Ended March 31, 2015 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 $ 4,999,552 $ 1,679,372 $ 3,320,180 Reclassification adjustment for gains included in income (158,828 ) (33,526 ) (125,302 ) Adjustment for effect of deferred acquisition costs (119,053 ) (40,478 ) (78,575 ) Net unrealized gains on investments 4,721,671 1,605,368 3,116,303 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 income $ 4,912,229 $ 1,670,158 $ 3,242,071
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 quarter ended March 31, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 6,734,125 - 6,734,125 Amounts reclassified from accumulated other comprehensive income (215,630 ) 121,634 (93,996 ) Net current period other comprehensive income 6,518,495 121,634 6,640,129 Ending balance $ 12,812,197 $ (5,414,907 ) $ 7,397,290 For the quarter ended March 31, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive income before reclassifications 3,241,605 - 3,241,605 Amounts reclassified from accumulated other comprehensive income (125,302 ) 125,768 466 Net current period other comprehensive income 3,116,303 125,768 3,242,071 Ending balance $ 20,859,710 $ (4,913,320 ) $ 15,946,390
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Quarter Ended March 31, Reclassification Adjustments 2016 2015 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 326,712 $ 158,828 Income tax expense (c) (111,082 ) (33,526 ) Net of tax 215,630 125,302 Defined benefit pension plan: Amortization of actuarial net loss (b) (184,293 ) (190,558 ) Income tax benefit (c) 62,659 64,790 Net of tax (121,634 ) (125,768 ) Total reclassifications for the period $ 93,996 $ (466 )

Note 10 - Employee Benefit Pl22

Note 10 - Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Quarter Ended March 31, 2016 2015 Service cost $ - $ - Interest cost 247,610 222,566 Expected return on plan assets (275,503 ) (293,069 ) Recognized actuarial net loss 184,293 190,558 Net periodic pension cost $ 156,400 $ 120,055

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2016
Disclosure Text Block [Abstract]
Percent of Revenue	99.00%

Note 4 - Investments (Details)

Note 4 - Investments (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Note 4 - Investments (Details) [Line Items]
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 0	$ 0
Restricted Cash and Investments	$ 22,993,666		$ 22,899,132
Mortgage Loans, Commercial Percentage	25.40%		32.10%
Mortgage Loans, Residential Percentage	74.60%		67.90%
Maximum Loan to Value Ratio Required	80.00%
Minimum Debt Service Coverage Required	115.00%
Mortgage Loans in Process of Foreclosure, Amount 2	$ 0		$ 0
Mortgage Loans, Modifications, Recorded Investment	0		0
Mortgage Loan Defaults, Amount	0		0
Investments in Convertible Options, Fair Value	807,001		957,405
Investments in Convertible Securities, Loss	181,420
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
Nonperforming Financial Instruments [Member]
Note 4 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0
Nonaccrual Status [Member]
Note 4 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 0		$ 0
Fixed Maturities [Member]
Note 4 - Investments (Details) [Line Items]
Percentage of Portfolio Measured	98.70%		97.40%
Minimum Fair Value to Cost Ratio	80.00%		80.00%
Fixed Maturities [Member] | Basic Industrial Sector [Member]
Note 4 - Investments (Details) [Line Items]
Percent of Portfolio, Gross Unrealized Losses	42.00%		54.50%
Fixed Maturities [Member] | Energy Sector [Member]
Note 4 - Investments (Details) [Line Items]
Percent of Portfolio, Gross Unrealized Losses	26.90%		22.60%
Equity Securities [Member]
Note 4 - Investments (Details) [Line Items]
Percentage of Portfolio Measured	92.90%		93.40%
Minimum Fair Value to Cost Ratio	80.00%		80.00%

Note 4 - Investments (Details)

Note 4 - Investments (Details) - Available-for-sale Securities - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fixed maturity securities:
Fixed maturity securities, amortized cost	$ 388,993,763	$ 399,525,617
Fixed maturity securities, gross unrealized gains	25,391,780	19,148,943
Fixed maturity securities, gross unrealized losses	5,941,607	9,527,753
Fixed maturity securities	408,443,936	409,146,807
Equity securities:
Equity securities, amortized cost	7,452,666	7,452,666
Equity securities, gross unrealized gains	1,118,125	702,497
Equity securities, gross unrealized losses	648,291	538,374
Equity securities	7,922,500	7,616,789
Securities, amortized cost	396,446,429	406,978,283
Securities, gross unrealized gains	26,509,905	19,851,440
Securities, gross unrealized losses	6,589,898	10,066,127
Securities	416,366,436	416,763,596
US Government Agencies Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	23,019,613	23,373,714
Fixed maturity securities, gross unrealized gains	1,194,824	642,038
Fixed maturity securities, gross unrealized losses	0
Fixed maturity securities	24,214,437	24,015,752
Equity securities:
Securities	24,214,437	24,015,752
US States and Political Subdivisions Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	36,236,423	36,830,198
Fixed maturity securities, gross unrealized gains	5,556,512	4,511,826
Fixed maturity securities, gross unrealized losses	203,112	136,585
Fixed maturity securities	41,589,823	41,205,439
Equity securities:
Securities	41,589,823	41,205,439
Corporate Debt Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	225,171,081	229,425,035
Fixed maturity securities, gross unrealized gains	13,518,854	10,338,999
Fixed maturity securities, gross unrealized losses	3,297,725	4,587,896
Fixed maturity securities	235,392,210	235,176,138
Equity securities:
Securities	235,392,210	235,176,138
Foreign [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	60,742,673	65,010,084
Fixed maturity securities, gross unrealized gains	2,386,203	1,731,076
Fixed maturity securities, gross unrealized losses	2,433,014	4,682,638
Fixed maturity securities	60,695,862	62,058,522
Equity securities:
Securities	60,695,862	62,058,522
Asset-backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	143,552	143,552
Fixed maturity securities, gross unrealized gains		457
Fixed maturity securities, gross unrealized losses	924	0
Fixed maturity securities	142,628	144,009
Equity securities:
Securities	142,628	144,009
Commercial Mortgage Backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	6,815,524	6,830,520
Fixed maturity securities, gross unrealized gains	398,116	148,314
Fixed maturity securities, gross unrealized losses	0	15,592
Fixed maturity securities	7,213,640	6,963,242
Equity securities:
Securities	7,213,640	6,963,242
Residential Mortgage Backed Securities [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	35,932,747	37,200,599
Fixed maturity securities, gross unrealized gains	2,283,096	1,776,233
Fixed maturity securities, gross unrealized losses		62,255
Fixed maturity securities	38,215,843	38,914,577
Equity securities:
Securities	38,215,843	38,914,577
Redeemable Preferred Stock [Member]
Fixed maturity securities:
Fixed maturity securities, amortized cost	932,150	711,915
Fixed maturity securities, gross unrealized gains	54,175	0
Fixed maturity securities, gross unrealized losses	6,832	42,787
Fixed maturity securities	979,493	669,128
Equity securities:
Securities	979,493	669,128
US Agencies [Member]
Equity securities:
Equity securities, amortized cost	707,900	707,900
Equity securities, gross unrealized gains	0	0
Equity securities, gross unrealized losses	0	0
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	21,036	0
Equity securities, gross unrealized losses	0	14,253
Equity securities	339,320	304,031
Securities	339,320	304,031
Common Stock [Member]
Equity securities:
Equity securities, amortized cost	6,426,482	6,426,482
Equity securities, gross unrealized gains	1,097,089	702,497
Equity securities, gross unrealized losses	648,291	524,121
Equity securities	6,875,280	6,604,858
Securities	$ 6,875,280	$ 6,604,858

Note 4 - Investments (Details26

Note 4 - Investments (Details) - Securities in a Continuous Unrealized Loss Position	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 60,445,691	$ 100,723,250
Securities in continuous loss position, gross unrealized loss	$ 6,589,898	$ 10,066,127
Securities in continuous loss position, number of securities	70	107
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 997,580	$ 1,613,415
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 2,420	$ 136,585
Securities in continuous loss position, less than 12 months, number of securities	1	2
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 549,308
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 200,692
Securities in continuous loss position, greater than 12 months, number of securities	1
Corporate Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 28,148,754	$ 55,039,213
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 2,257,902	$ 3,873,158
Securities in continuous loss position, less than 12 months, number of securities	25	52
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 7,595,278	$ 5,533,581
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 1,039,823	$ 714,738
Securities in continuous loss position, greater than 12 months, number of securities	6	4
Foreign [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 11,222,979	$ 24,154,510
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 556,908	$ 1,418,143
Securities in continuous loss position, less than 12 months, number of securities	11	20
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 9,497,961	$ 6,007,156
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 1,876,106	$ 3,264,495
Securities in continuous loss position, greater than 12 months, number of securities	6	4
Asset-backed Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 142,628
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 924
Securities in continuous loss position, less than 12 months, number of securities	1
Commercial Mortgage Backed Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value		$ 1,447,694
Securities in continuous loss position, less than 12 months, gross unrealized loss		$ 15,592
Securities in continuous loss position, less than 12 months, number of securities		2
Residential Mortgage Backed Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value		$ 3,320,890
Securities in continuous loss position, less than 12 months, gross unrealized loss		$ 62,255
Securities in continuous loss position, less than 12 months, number of securities		2
Redeemable Preferred Stock [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 223,250	$ 669,128
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 6,832	$ 42,787
Securities in continuous loss position, less than 12 months, number of securities	1	2
Debt Securities [Member]
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 58,377,738	$ 97,785,587
Securities in continuous loss position, gross unrealized loss	$ 5,941,607	$ 9,527,753
Securities in continuous loss position, number of securities	52	88
Mutual Funds [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value		$ 304,031
Securities in continuous loss position, less than 12 months, gross unrealized loss		$ 14,253
Securities in continuous loss position, less than 12 months, number of securities		1
Common Stock [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 1,753,133	$ 2,449,672
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 457,659	$ 473,551
Securities in continuous loss position, less than 12 months, number of securities	13	15
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 314,820	$ 183,960
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 190,632	$ 50,570
Securities in continuous loss position, greater than 12 months, number of securities	5	3
Equity Securities [Member]
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 2,067,953	$ 2,937,663
Securities in continuous loss position, gross unrealized loss	$ 648,291	$ 538,374
Securities in continuous loss position, number of securities	18	19

Note 4 - Investments (Details27

Note 4 - Investments (Details) - Net Unrealized Gains for Investments Classified as Available-for-sale - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Net Unrealized Gains for Investments Classified as Available-for-sale [Abstract]
Net unrealized appreciation on available-for sale securities	$ 19,920,007	$ 9,785,313
Adjustment to deferred acquisition costs	(507,588)	(249,401)
Deferred income taxes	(6,600,222)	(3,242,210)
Net unrealized appreciation on available-for sale securities	$ 12,812,197	$ 6,293,702

Note 4 - Investments (Details28

Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Total	$ 388,993,763	$ 399,525,617
Total	408,443,936	409,146,807
Redeemable Preferred Stock [Member]
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Total	932,150	711,915
Total	979,493	$ 669,128
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	12,532,658
Due in one year or less	12,837,385
Due after one year through five years	89,715,721
Due after one year through five years	97,040,194
Due after five years through ten years	175,500,710
Due after five years through ten years	177,807,704
Due after ten years	46,750,085
Due after ten years	52,584,113
Total	388,993,763
Total	408,443,936
All Except for State Guaranteed Receivables [Member] | Due at Multiple Maturity Dates [Member]
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Securities Without Single Maturity Date, Amortized Cost	63,562,439
Securities Without Single Maturity Date, Fair Value	67,195,047
All Except for State Guaranteed Receivables [Member] | Redeemable Preferred Stock [Member]
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Securities Without Single Maturity Date, Amortized Cost	932,150
Securities Without Single Maturity Date, Fair Value	$ 979,493

Note 4 - Investments (Details29

Note 4 - Investments (Details) - Proceeds from Sales and Maturities of Investments in Available-for-sale - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Proceeds from Sales and Maturities of Investments in Available-for-sale [Abstract]
Proceeds from sales and maturities	$ 16,057,134	$ 12,820,020
Gross realized gains	332,897	160,792
Gross realized losses	$ (6,185)	$ (1,964)

Note 4 - Investments (Details30

Note 4 - Investments (Details) - Available-for-sale Securities - Change in Unrealized Gains (Losses) and Realized Gains (Losses) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Securities [Member]
Securities available-for-sale:
Change in unrealized investment gains (losses)	$ 9,828,983	$ 4,709,640
Securities available-for-sale:
Realized investment gains (losses)	326,712	90,859
Equity Securities [Member]
Securities available-for-sale:
Change in unrealized investment gains (losses)	$ 305,711	131,084
Securities available-for-sale:
Realized investment gains (losses)		$ 67,969

Note 4 - Investments (Details31

Note 4 - Investments (Details) - Mortgage Loans by State - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	$ 40,796,899	$ 33,174,131
ILLINOIS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	5,916,475	6,046,408
TEXAS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	5,712,324	5,694,612
CALIFORNIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	5,404,118	3,366,434
FLORIDA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	5,322,823	3,906,034
KENTUCKY
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,173,093	3,241,793
GEORGIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,071,684	2,671,788
MISSOURI
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,953,893	1,342,845
OHIO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,663,000	1,692,354
ARIZONA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,441,197	774,060
NEW JERSEY
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,308,774	247,723
COLORADO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	869,027	222,364
TENNESSEE
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	867,127	895,607
NORTH CAROLINA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	769,680	353,275
INDIANA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	755,340	759,139
NEVADA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	483,937	373,359
UTAH
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	480,203	77,939
WEST VIRGINIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	404,849	412,250
PENNSYLVANIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	365,800	370,323
SOUTH CAROLINA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	217,165	225,881
MASSACHUSETTS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	197,608	205,469
IDAHO
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	155,084	159,073
KANSAS
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	135,157	$ 135,401
VIRGINIA
Note 4 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	$ 128,541

Note 4 - Investments (Details32

Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity [Line Items]
Total	$ 7,531,242	$ 7,692,959
Total	9,119,275	$ 9,094,934
State-Guaranteed Receivables [Member]
Note 4 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity [Line Items]
Due in one year or less	766,219
Due in one year or less	779,996
Due after one year through five years	2,632,142
Due after one year through five years	2,911,583
Due after five years through ten years	2,958,993
Due after five years through ten years	3,729,737
Due after ten years	1,173,888
Due after ten years	1,697,959
Total	7,531,242
Total	$ 9,119,275

Note 4 - Investments (Details33

Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	$ 7,531,242	$ 7,692,959
NEW YORK
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	3,377,576	3,496,115
MASSACHUSETTS
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	1,976,138	1,991,601
GEORGIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	1,410,681	1,432,022
PENNSYLVANIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	300,174	294,968
TEXAS
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	248,304	243,939
CALIFORNIA
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	163,104	180,143
OHIO
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	$ 55,265	$ 54,171

Note 4 - Investments (Details34

Note 4 - Investments (Details) - Net Investment Income - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Investment Income [Line Items]
Gross investment income	$ 5,713,679	$ 5,579,562
Investment expenses	258,012	355,750
Net investment income	5,455,667	5,223,812
Fixed Maturities [Member]
Net Investment Income [Line Items]
Gross investment income	4,926,361	4,637,808
Equity Securities [Member]
Net Investment Income [Line Items]
Gross investment income	67,289	63,291
Mortgages [Member]
Net Investment Income [Line Items]
Gross investment income	589,912	558,396
Policy Loans [Member]
Net Investment Income [Line Items]
Gross investment income	121,310	118,740
State-Guaranteed Receivables [Member]
Net Investment Income [Line Items]
Gross investment income	136,542	140,675
Convertible Debt Securities [Member]
Net Investment Income [Line Items]
Gross investment income	(181,420)	0
Other Long-term Investments [Member]
Net Investment Income [Line Items]
Gross investment income	$ 53,685	$ 60,652

Note 5 - Fair Values of Finan35

Note 5 - Fair Values of Financial Instruments (Details)	Mar. 31, 2016
Note 5 - Fair Values of Financial Instruments (Details) [Line Items]
Fair Value Hierarchy Number of Input Levels	3
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 Finan36

Note 5 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fixed maturities:
Securities available-for-sale	$ 416,366,436	$ 416,763,596
Mortgage-backed securities:
Investments in convertible options	807,001	957,405
US Government Agencies Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	24,214,437	24,015,752
US States and Political Subdivisions Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	41,589,823	41,205,439
Corporate Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	235,392,210	235,176,138
Foreign [Member]
Fixed maturities:
Securities available-for-sale	60,695,862	62,058,522
Asset-backed Securities [Member]
Fixed maturities:
Securities available-for-sale	142,628	144,009
Commercial Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	7,213,640	6,963,242
Residential Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	38,215,843	38,914,577
Redeemable Preferred Stock [Member]
Fixed maturities:
Securities available-for-sale	979,493	669,128
Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	408,443,936	409,146,807
US Agencies [Member]
Fixed maturities:
Securities available-for-sale	707,900	707,900
Mutual Funds [Member]
Fixed maturities:
Securities available-for-sale	339,320	304,031
Common Stock [Member]
Fixed maturities:
Securities available-for-sale	6,875,280	6,604,858
Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	7,922,500	7,616,789
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	339,320	304,031
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member]
Fixed maturities:
Securities available-for-sale	6,427,280	6,252,858
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	7,474,500	7,264,789
Fair Value, Inputs, Level 2 [Member]
Mortgage-backed securities:
Investments in convertible options	807,001	957,405
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	24,214,437	24,015,752
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	41,589,823	41,205,439
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	235,392,210	235,176,138
Fair Value, Inputs, Level 2 [Member] | Foreign [Member]
Fixed maturities:
Securities available-for-sale	60,695,862	62,058,522
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member]
Fixed maturities:
Securities available-for-sale	142,628	144,009
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	7,213,640	6,963,242
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member]
Fixed maturities:
Securities available-for-sale	38,215,843	38,914,577
Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stock [Member]
Fixed maturities:
Securities available-for-sale	979,493	669,128
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member]
Fixed maturities:
Securities available-for-sale	408,443,936	409,146,807
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member]
Fixed maturities:
Securities available-for-sale	448,000	352,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Fixed maturities:
Securities available-for-sale	$ 448,000	$ 352,000

Note 5 - Fair Values of Finan37

Note 5 - Fair Values of Financial Instruments (Details) - Changes in Fair Value of Level 3 Financial Instruments - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Corporate common stock:
Beginning balance	$ 352,000	$ 384,000
Total gains or losses:
Included in other comprehensive income	96,000	(32,000)
Ending balance	$ 448,000	$ 352,000

Note 5 - Fair Values of Finan38

Note 5 - Fair Values of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Mortgage loans on real estate:
Mortgage loans on real estate	$ 40,796,899	$ 33,174,131
Policy loans	6,609,836	6,702,911
Policy loans, fair value	6,609,836	6,702,911
State-guaranteed receivables	7,531,242	7,692,959
State-guaranteed receivables, fair value	9,119,275	9,094,934
Other invested assets	2,360,878	2,379,451
Other invested assets, fair value	2,360,878	2,379,451
Cash and cash equivalents	9,342,059	3,619,663	$ 5,675,143	$ 1,870,867
Cash and cash equivalents, fair value	9,342,059	3,619,663
Accrued investment income	4,445,504	5,149,612
Accrued investment income, fair value	4,445,504	5,149,612
Cash value of company-owned life insurance	13,277,374	13,191,773
Cash value of company-owned life insurance, fair value	13,277,374	13,191,773
Liabilities:
Policyholder deposits (Investment-type contracts)	52,565,115	52,694,746
Policyholder deposits (Investment-type contracts), fair value	55,780,331	53,880,242
Policy claims	2,555,745	2,584,088
Policy claims, fair value	2,555,745	2,584,088
Obligations under capital leases	295,502	377,259
Obligations under capital leases, fair value	295,502	377,259
Notes payable	1,441,190	1,433,448
Notes payable, fair value	1,441,190	1,433,448
Commercial Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate	10,376,044	10,655,107
Mortgage loans on real estate, fair value	10,768,460	11,080,145
Residential Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate	30,420,855	22,519,024
Mortgage loans on real estate, fair value	32,981,073	24,679,435
Fair Value, Inputs, Level 1 [Member]
Mortgage loans on real estate:
Cash and cash equivalents, fair value	9,342,059	3,619,663
Fair Value, Inputs, Level 2 [Member]
Mortgage loans on real estate:
State-guaranteed receivables, fair value	9,119,275	9,094,934
Fair Value, Inputs, Level 3 [Member]
Mortgage loans on real estate:
Policy loans	6,609,836	6,702,911
Policy loans, fair value	6,609,836	6,702,911
Other invested assets	2,360,878	2,379,451
Other invested assets, fair value	2,360,878	2,379,451
Accrued investment income	4,445,504	5,149,612
Accrued investment income, fair value	4,445,504	5,149,612
Cash value of company-owned life insurance	13,277,374	13,191,773
Cash value of company-owned life insurance, fair value	13,277,374	13,191,773
Liabilities:
Policyholder deposits (Investment-type contracts), fair value	55,780,331	53,880,242
Policy claims	2,555,745	2,584,088
Policy claims, fair value	2,555,745	2,584,088
Obligations under capital leases	295,502	377,259
Obligations under capital leases, fair value	295,502	377,259
Notes payable, fair value	1,441,190	1,433,448
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate, fair value	10,768,460	11,080,145
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate, fair value	$ 32,981,073	$ 24,679,435

Note 6 - Earnings per Share (De

Note 6 - Earnings per Share (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	1,117,647	1,123,980

Note 7 - Segment Data (Details)

Note 7 - Segment Data (Details)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Number of Operating Segments	4

Note 7 - Segment Data (Detail41

Note 7 - Segment Data (Details) - Segments by Operating Information - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
Revenue	$ 15,902,156	$ 17,095,762
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	315,001	(96,729)
Preneed and Burial Products [Member]
Revenue:
Revenue	12,757,180	12,131,407
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	220,847	(246,848)
Traditional and Universal Life Products [Member]
Revenue:
Revenue	2,796,393	4,442,464
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	211,171	71,578
Administrative and Financial Services [Member]
Revenue:
Revenue	327,207	302,094
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	62,437	57,586
Corporate and Other [Member]
Revenue:
Revenue	21,376	219,797
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	$ (179,454)	$ 20,955

Note 8 - Federal Income Taxes (

Note 8 - Federal Income Taxes (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
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	2,012
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Note 8 - Federal Income Taxes (Details) [Line Items]
Open Tax Year	2,015

Note 9 - Other Comprehensive 43

Note 9 - Other Comprehensive Income (Loss) (Details) - Other Comprehensive Income - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Change in net unrealized gains on available-for-sale securities:
Unrealized holding gains (losses) arising during period, pretax		$ 10,461,406	$ 4,999,552
Unrealized holding gains (losses) arising during period, tax		3,556,878	1,679,372
Unrealized holding gains (losses) arising during period, net of tax		6,904,528	3,320,180
Reclassification adjustment for losses (gains) included in income, pretax	[1]	(326,712)	(158,828)
Reclassification adjustment for losses (gains) included in income, tax	[2]	(111,082)	(33,526)
Reclassification adjustment for losses (gains) included in income, net of tax		(215,630)	(125,302)
Adjustment for effect of deferred acquisition costs, pretax		(258,187)	(119,053)
Adjustment for effect of deferred acquisition costs, tax		(87,784)	(40,478)
Adjustment for effect of deferred acquisition costs, net of tax		(170,403)	(78,575)
Net unrealized gains (losses) on investments, pretax		9,876,507	4,721,671
Net unrealized gains (losses) on investments, tax		3,358,012	1,605,368
Net unrealized gains (losses) on investments, net of tax		6,518,495	3,116,303
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost, pretax	[3]	184,293	190,558
Amortization of actuarial net loss in net periodic pension cost, tax	[2]	62,659	64,790
Amortization of actuarial net loss in net periodic pension cost, net of tax		121,634	125,768
Total other comprehensive income (loss), pretax		10,060,800	4,912,229
Total other comprehensive income (loss), tax		3,420,671	1,670,158
Total other comprehensive income (loss), net of tax		$ 6,640,129	$ 3,242,071
[1]	These items appear within net realized gains 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 44

Note 9 - Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 757,161	$ 12,704,319
Other comprehensive income (loss) before reclassifications	6,734,125	3,241,605
Amounts reclassified from accumulated other comprehensive income	(93,996)	466
Net current period other comprehensive income (loss)	6,640,129	3,242,071
Ending balance	7,397,290	15,946,390
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	6,293,702	17,743,407
Other comprehensive income (loss) before reclassifications	6,734,125	3,241,605
Amounts reclassified from accumulated other comprehensive income	(215,630)	(125,302)
Net current period other comprehensive income (loss)	6,518,495	3,116,303
Ending balance	12,812,197	20,859,710
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(5,536,541)	(5,039,088)
Amounts reclassified from accumulated other comprehensive income	121,634	125,768
Net current period other comprehensive income (loss)	121,634	125,768
Ending balance	$ (5,414,907)	$ (4,913,320)

Note 9 - Other Comprehensive 45

Note 9 - Other Comprehensive Income (Loss) (Details) - Amounts Reclassified from AOCI to Income - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Unrealized gains on available-for-sale securities:
Realized gains on sale of securities (a)	[1]	$ 326,712	$ 158,828
Income tax expense (c)	[2]	(111,082)	(33,526)
Net of tax		215,630	125,302
Defined benefit pension plan:
Amortization of actuarial net loss (b)	[3]	(184,293)	(190,558)
Income tax benefit (c)	[2]	62,659	64,790
Net of tax		(121,634)	(125,768)
Total reclassifications for the period		$ 93,996	$ (466)
[1]	These items appear within net realized gains 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 Pl46

Note 10 - Employee Benefit Plans (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 300,000
Defined Benefit Plan, Contributions by Employer	$ 75,000

Note 10 - Employee Benefit Pl47

Note 10 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Periodic Benefit Cost [Abstract]
Interest cost	$ 247,610	$ 222,566
Expected return on plan assets	(275,503)	(293,069)
Recognized actuarial net loss	184,293	190,558
Net periodic pension cost	$ 156,400	$ 120,055