Investors Heritage Capital (IHRC) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 12, 2016
Document Information [Line Items]
Entity Registrant Name	Investors Heritage Capital Corp
Entity Central Index Key	55,362
Trading Symbol	ihrc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		1,106,706
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Fixed maturities (amortized cost: $387,382,055 and $399,525,617)	$ 415,853,414	$ 409,146,807
Equity securities (cost: $7,452,666 and $7,452,666)	8,459,281	7,616,789
Mortgage loans on real estate	43,282,023	33,174,131
Policy loans	6,559,575	6,702,911
State-guaranteed receivables	9,871,982	7,692,959
Investments in convertible options	874,911	957,405
Other invested assets	2,156,380	2,379,451
Total investments	487,057,566	467,670,453
Cash and cash equivalents	6,201,730	3,619,663
Accrued investment income	4,910,275	5,149,612
Due premiums	2,838,266	2,946,218
Deferred acquisition costs	16,191,043	17,237,522
Value of business acquired	191,626	225,276
Leased property under capital leases	222,876	381,432
Property and equipment, net	880,134	909,151
Cash value of company-owned life insurance	13,352,552	13,191,773
Other assets	2,150,566	2,374,292
Amounts recoverable from reinsurers	55,457,841	56,332,692
Total assets	589,454,475	570,038,084
LIABILITIES
Benefit reserves	493,186,746	493,369,378
Unearned premium reserves	8,027,343	8,119,385
Policy claims	2,547,349	2,584,088
Liability for deposit-type contracts	3,351,408	3,400,836
Reserves for dividends and endowments and other	382,615	388,193
Total policy liabilities	507,495,461	507,861,880
Deferred federal income tax liability	7,736,330	1,105,776
Obligations under capital leases	212,152	377,259
Notes payable	1,426,362	1,433,448
Accrued pension liability	5,869,591	6,075,376
Other liabilities	4,480,984	3,933,343
Total liabilities	527,220,880	520,787,082
STOCKHOLDERS' EQUITY
Common stock (shares issued: 1,106,721 and 1,117,647)	1,106,721	1,117,647
Paid-in surplus	8,913,360	8,913,360
Accumulated other comprehensive income	13,668,273	757,161
Retained earnings	38,545,241	38,462,834
Total stockholders' equity	62,233,595	49,251,002
Total liabilities and stockholders' equity	$ 589,454,475	$ 570,038,084

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fixed maturities, amortized cost	$ 387,382,055	$ 399,525,617
Equity securities, cost	$ 7,452,666	$ 7,452,666
Common stock, shares issued (in shares)	1,106,721	1,117,647

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUE
Premiums and other considerations	$ 13,046,158	$ 14,760,176	$ 25,708,947	$ 29,486,922
Premiums ceded	(2,363,041)	(3,069,515)	(5,259,650)	(6,433,580)
Net premiums	10,683,117	11,690,661	20,449,297	23,053,342
Investment income, net of expenses	5,544,138	5,339,048	10,999,805	10,562,860
Net realized gains on investments	247,577	44,928	574,289	203,756
Other income	379,312	394,696	732,909	745,137
Total revenue	16,854,144	17,469,333	32,756,300	34,565,095
BENEFITS AND EXPENSES
Death and other benefits	10,583,399	11,221,406	21,961,112	22,945,468
Guaranteed annual endowments	113,947	119,492	213,088	222,888
Dividends to policyholders	77,640	104,276	157,189	188,561
Increase in benefit reserves and unearned premiums	1,691,160	2,104,229	1,897,460	3,377,725
Acquisition costs deferred	(1,241,476)	(1,632,799)	(2,364,559)	(3,021,143)
Amortization of deferred acquisition costs	1,497,003	1,916,392	2,912,080	3,549,555
Commissions	836,355	1,006,981	1,527,471	1,904,345
Other general and administrative expenses	2,907,137	3,023,507	5,748,479	5,888,576
Total benefits and expenses	16,465,165	17,863,484	32,052,320	35,055,975
INCOME (LOSS) BEFORE FEDERAL INCOME TAXES	388,979	(394,151)	703,980	(490,880)
Current	86,360	39,753	196,619	119,790
Deferred	10,885	(138,291)	(20,624)	(242,510)
Total federal income taxes	97,245	(98,538)	175,995	(122,720)
NET INCOME (LOSS)	$ 291,734	$ (295,613)	$ 527,985	$ (368,160)
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (in dollars per share)	$ 0.26	$ (0.26)	$ 0.47	$ (0.33)
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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
NET INCOME (LOSS)		$ 291,734	$ (295,613)	$ 527,985	$ (368,160)
Change in net unrealized gains (losses) on available-for-sale securities:
Unrealized holding gains (losses) arising during period		9,796,312	(10,742,624)	20,257,718	(5,743,072)
Reclassification adjustment for losses (gains) included in income	[1]	(238,345)	30,987	(565,057)	(127,841)
Adjustment for effects of deferred acquisition costs		(240,771)	283,000	(498,958)	163,947
Net unrealized gains (losses) on investments		9,317,196	(10,428,637)	19,193,703	(5,706,966)
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost	[2]	184,294	190,558	368,587	381,116
Other comprehensive income (loss) before income taxes		9,501,490	(10,238,079)	19,562,290	(5,325,850)
Income tax expense (benefit)		3,230,507	(3,480,946)	6,651,178	(1,810,788)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES		6,270,983	(6,757,133)	12,911,112	(3,515,062)
COMPREHENSIVE INCOME (LOSS)		$ 6,562,717	$ (7,052,746)	$ 13,439,097	$ (3,883,222)
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items are included in the computation of net periodic pension cost (see Note 10).

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
BALANCE at Dec. 31, 2014	$ 1,123,980	$ 8,908,243	$ 12,704,319	$ 37,799,944	$ 60,536,486
NET INCOME (LOSS)				(368,160)	(368,160)
Other comprehensive loss, net			(3,515,062)		(3,515,062)
Cash dividends				(236,035)	(236,035)
Repurchases of common stock, net	(6,426)			(134,051)	(140,477)
BALANCE at Jun. 30, 2015	1,117,554	8,908,243	9,189,257	37,061,698	56,276,752
BALANCE at Dec. 31, 2015	1,117,647	8,913,360	757,161	38,462,834	49,251,002
NET INCOME (LOSS)				527,985	527,985
Other comprehensive loss, net			12,911,112		12,911,112
Cash dividends				(234,706)	(234,706)
Repurchases of common stock, net	(10,926)			(210,872)	(221,798)
BALANCE at Jun. 30, 2016	$ 1,106,721	$ 8,913,360	$ 13,668,273	$ 38,545,241	$ 62,233,595

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 3,122,011	$ 2,346,146
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(14,300,913)	(11,114,105)
Sales of available-for-sale securities	12,897,692	4,019,517
Maturities of available-for-sale securities	14,501,960	12,346,103
Acquisitions of mortgage loans on real estate	(13,879,587)	(6,457,488)
Payments of mortgage loans on real estate	3,771,151	5,003,914
Purchases of state-guaranteed receivables	(2,370,769)
Payments of state-guaranteed receivables	499,270	431,020
Purchases of convertible options	(62,185)
Sales of convertible options	10,536
Net change in payable (receivable) for securities	110,109
Net reductions (additions) of other investments	366,407	300,753
Net additions to property and equipment	(32,327)	(234,544)
NET CASH PROVIDED BY INVESTING ACTIVITIES	1,511,344	4,295,170
FINANCING ACTIVITIES
Policyholder account deposits	2,390,095	2,222,624
Policyholder account withdrawals	(3,977,793)	(3,957,542)
Payments on notes payable	(1,210,748)	(2,185,492)
Proceeds from notes payable	1,203,662	1,813,490
Dividends paid	(234,706)	(236,035)
Repurchases of common stock, net	(221,798)	(140,477)
NET CASH USED IN FINANCING ACTIVITIES	(2,051,288)	(2,483,432)
INCREASE IN CASH AND CASH EQUIVALENTS	2,582,067	4,157,884
Cash and cash equivalents at beginning of period	3,619,663	1,870,867
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 6,201,730	$ 6,028,751

Note 1 - Nature of Operations

Note 1 - Nature of Operations	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	NOTE 1 - Nature of Operations Investors Heritage Capital Corporation is the holding company of Investors Heritage Life Insurance Company; Investors Heritage Printing, Inc., a printing company; Investors Heritage Financial Services Group, Inc., an insurance marketing company; is the sole member of At Need Funding, LLC, a limited liability company that provides advance funding of funerals in exchange for the irrevocable assignment of life insurance policies from other nonaffiliated companies; and is the sole member of Heritage Funding, LLC, a limited liability company that invests in various business ventures. These entities are collectively hereinafter referred to as the “Company”. In excess of 99% of Investors Heritage Capital’s consolidated revenue is generated by Investors Heritage Life. Our principal operations involve the sale and administration of various insurance and annuity products, including, but not limited to, participating and non-participating whole life, limited pay life, universal life, annuity contracts, credit life, credit accident and health and group insurance policies. The principal markets for the Company’s products are in Kentucky, North Carolina, Georgia, Indiana, Michigan, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 2 - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and six months ended June 30, 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 June 30, 2016 through the date that these financial statements have been issued.

Note 3 - New Accounting Pronoun

Note 3 - New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3 – New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued new guidance for the accounting for credit losses on financial instruments. A new model, referred to as the current expected credit losses model, requires an entity to determine credit-related impairment losses for financial instruments held at amortized cost and to estimate these expected credit losses over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical and current information, reasonable and supportable forecasts, as well as estimates of prepayments. The estimated credit losses, and subsequent adjustment to loss estimates, will be recorded through an allowance account which is deducted from the amortized cost of the financial instrument, with the offset recorded in current earnings. The guidance also modifies the impairment model for available-for-sale debt securities. The new model will require an estimate of expected credit losses only when the fair value is below the amortized cost of the asset, thus the length of time the fair value of an available-for-sale debt security has been below the amortized cost will no longer affect the determination of whether a credit loss exists. In addition, credit losses on available-for-sale debt securities will be limited to the difference between the security’s amortized cost basis and its fair value. The updated guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. The Company is evaluating the impact of the adoption of this guidance on its financial position and results of operations. All other 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	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 4 – Investments Investments in available-for-sale securities are summarized as follows: Gross Gross June 30, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 22,783,361 $ 1,359,033 $ - $ 24,142,394 States and political subdivisions 36,199,903 6,656,933 154,888 42,701,948 Corporate 224,308,283 16,573,912 1,270,799 239,611,396 Foreign 61,685,959 3,261,737 951,455 63,996,241 Mortgage-backed securities (MBS): Commercial MBS 6,783,460 529,598 - 7,313,058 Residential MBS 34,688,939 2,512,438 - 37,201,377 Corporate redeemable preferred stock 932,150 92,487 137,637 887,000 Total fixed maturity securities 387,382,055 30,986,138 2,514,779 415,853,414 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 42,074 - 360,358 Corporate common stock 6,426,482 1,558,280 593,739 7,391,023 Total equity securities 7,452,666 1,600,354 593,739 8,459,281 Total $ 394,834,721 $ 32,586,492 $ 3,108,518 $ 424,312,695 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. June 30, 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 $ - $ - - $ 1,613,415 $ 136,585 2 Corporate 2,793,561 155,505 2 55,039,213 3,873,158 52 Foreign 1,600,560 6,777 3 24,154,510 1,418,143 20 Commercial MBS - - - 1,447,694 15,592 2 Residential MBS - - - 3,320,890 62,255 2 Corporate redeemable preferred stock 110,426 137,637 1 669,128 42,787 2 Greater than 12 months: States and political subdivisions 1,595,113 154,888 2 - - - Corporate 14,927,912 1,115,294 11 5,533,581 714,738 4 Foreign 10,405,650 944,678 7 6,007,156 3,264,495 4 Total fixed maturities 31,433,222 2,514,779 26 97,785,587 9,527,753 88 Equities: Less than 12 months: Mutual funds - - - 304,031 14,253 1 Corporate common stock 1,116,712 368,871 10 2,449,672 473,551 15 Greater than 12 months: Corporate common stock 614,128 224,868 8 183,960 50,570 3 Total equities 1,730,840 593,739 18 2,937,663 538,374 19 Total $ 33,164,062 $ 3,108,518 44 $ 100,723,250 $ 10,066,127 107 At June 30, 2016, 99.9% of the fixed maturity portfolio had a fair value to amortized cost ratio of greater than 80% and 93.7% 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 June 30, 2016 and December 31, 2015, 37.5% and 54.5%, respectively, of the total gross unrealized losses shown above were comprised of fixed maturity securities in the basic industrial sector while 22.6% 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. While the market values of these securities remain below book value, the market values have rebounded significantly as of June 30, 2016. At June 30, 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 or six months ended June 30, 2016 or 2015. Management believes that the Company will fully recover its cost basis in the securities held at June 30, 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. June 30, December 31, 2016 2015 Net unrealized appreciation on available-for sale securities $ 29,477,974 $ 9,785,313 Adjustment to deferred acquisition costs (748,359 ) (249,401 ) Deferred income taxes (9,768,069 ) (3,242,210 ) Net unrealized appreciation on available-for sale securities $ 18,961,546 $ 6,293,702 The amortized cost and fair value of fixed maturity securities at June 30, 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 $ 10,199,092 $ 10,416,859 Due after one year through five years 93,847,639 101,522,646 Due after five years through ten years 174,242,762 182,598,133 Due after ten years 46,249,495 54,377,447 Due at multiple maturity dates 61,910,917 66,051,329 Corporate redeemable preferred stock 932,150 887,000 Total $ 387,382,055 $ 415,853,414 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Proceeds from sales and maturities $ 11,342,518 $ 3,545,600 $ 27,399,652 $ 16,365,620 Gross realized gains 239,937 89,388 572,834 250,180 Gross realized losses (1,592 ) (120,375 ) (7,777 ) (122,339 ) 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ 9,021,186 $ (10,207,115 ) $ 18,850,169 $ (5,497,475 ) Equity securities 536,781 (504,522 ) 842,492 (373,438 ) Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ 238,345 $ - $ 565,057 $ 90,859 Equity securities - (30,987 ) - 36,982 Mortgage loans on real estate - 75,915 - 75,915 Investments in convertible options 9,232 - 9,232 - The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At June 30, 2016 and December 31, 2015, these required deposits had a total fair value of $22,886,347 and $22,899,132, respectively. The Company also engages in commercial and residential mortgage lending. As of June 30, 2016, investments in commercial and residential properties comprised 21.8% and 78.2%, 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 June 30, 2016 and December 31, 2015, there were no non-performing loans, loans on nonaccrual status, loans in process of foreclosure, or restructured loans. As of June 30, 2016, the Company held one mortgage loan with a balance of $682,669 that is past due by more than 90 days. Subsequent to June 30, 2016, the Company’s mortgage loan servicer formally filed a notice of intent to foreclose on this property. Based on the most recent appraisal of this property, the Company expects to collect all principal and accrued interest on this loan in the event of foreclosure. The Company had no mortgage loans past due by more than 90 days as of December 31, 2015. The Company experienced no other mortgage loan defaults during the quarters or six months ended June 30, 2016 and 2015. The Company’s investments in mortgage loans, by state, are as follows: June 30, December 31, 2016 2015 Illinois $ 5,917,877 $ 6,046,408 Florida 5,907,808 3,906,034 Texas 5,771,393 5,694,612 California 4,808,811 3,366,434 Georgia 3,383,614 2,671,788 Kentucky 2,615,536 3,241,793 Arizona 2,261,096 774,060 Missouri 2,176,074 1,342,845 Ohio 1,996,066 1,692,354 Colorado 1,381,786 222,364 New Jersey 1,305,637 247,723 Tennessee 1,104,402 895,607 Indiana 902,821 759,139 North Carolina 767,573 353,275 Utah 586,496 77,939 Oregon 490,573 - Nevada 482,577 373,359 Pennsylvania 361,219 370,323 West Virginia 245,766 412,250 South Carolina 212,729 225,881 Massachusetts 187,932 205,469 Idaho 151,033 159,073 Kansas 134,907 135,401 Virginia 128,297 - Total $ 43,282,023 $ 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 June 30, 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 $ 964,249 $ 979,659 Due after one year through five years 3,349,031 3,698,492 Due after five years through ten years 3,739,262 4,721,001 Due after ten years 1,819,440 2,824,363 Total $ 9,871,982 $ 12,223,515 The amortized cost of state-guaranteed receivables, by state, is summarized as follows: June 30, December 31, 2016 2015 New York $ 3,503,994 $ 3,496,115 Georgia 2,065,032 1,432,022 Massachusetts 1,984,696 1,991,601 Washington 683,831 - Indiana 456,953 - Ohio 426,365 54,171 Pennsylvania 332,510 294,968 Texas 252,668 243,939 California 165,933 180,143 Total $ 9,871,982 $ 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 June 30, 2016 and December 31, 2015, the total fair value of our investments in convertible options was $874,911 and $957,405, respectively. For the quarter and six months ended June 30, 2016, we recognized a gain (loss) on our investments in convertible options of $38,044 and ($143,376), respectively, relative to the mark-to-market adjustment. Major categories of net investment income are summarized as follows: Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Fixed maturities $ 4,614,528 $ 4,558,942 $ 9,540,889 $ 9,196,750 Equity securities 64,361 73,489 131,650 136,780 Mortgage loans on real estate 733,462 625,699 1,323,374 1,184,095 Policy loans 122,145 123,246 243,455 241,986 State-guaranteed receivables 170,981 137,600 307,523 278,275 Gain (loss) on investments in convertible options 38,044 - (143,376 ) - Other 58,629 60,379 112,314 121,031 Gross investment income 5,802,150 5,579,355 11,515,829 11,158,917 Investment expenses 258,012 240,307 516,024 596,057 Net investment income $ 5,544,138 $ 5,339,048 $ 10,999,805 $ 10,562,860

Note 5 - Fair Values of Financi

Note 5 - Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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 obtained from a nationally recognized, third-party pricing service. The Company’s Level 3 investments include financial instruments whose value cannot be obtained through a pricing service and must be determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category currently includes one private equity investment where independent pricing inputs were not able to be obtained. For fixed maturities that may fall within this level, the Company utilizes the assistance of its third-party investment advisor to estimate the fair value based on non-binding broker quotes and internal models using unobservable assumptions about market participants. For the private equity investment, the Company establishes fair value based on the most recent trading activity as well as a review of the underlying financial statements of the entity. The following table presents the Company’s fair value hierarchy for those financial instruments measured and reported at fair value on a recurring basis. June 30, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 24,142,394 $ - $ 24,142,394 States and political subdivisions - 42,701,948 - 42,701,948 Corporate - 239,611,396 - 239,611,396 Foreign - 63,996,241 - 63,996,241 Mortgage-backed securities: Commercial MBS - 7,313,058 - 7,313,058 Residential MBS - 37,201,377 - 37,201,377 Corporate redeemable preferred stock - 887,000 - 887,000 Total fixed maturities $ - $ 415,853,414 $ - $ 415,853,414 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 360,358 - - 360,358 Corporate common stock 6,943,023 - 448,000 7,391,023 Total equity securities $ 8,011,281 $ - $ 448,000 $ 8,459,281 Investments in convertible options $ - $ 874,911 $ - $ 874,911 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Corporate common stock: Beginning balance $ 448,000 $ 352,000 $ 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 $ 448,000 $ 352,000 The Company experienced no transfers between Level 1 and Level 2 during the quarters or six months ended June 30, 2016 or 2015. The Company experienced no transfers between Level 2 and Level 3 during the quarters or six months ended June 30, 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. June 30, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 9,428,111 $ 9,777,129 $ - $ - $ 9,777,129 Residential 33,853,912 36,532,039 - - 36,532,039 Policy loans 6,559,575 6,559,575 - - 6,559,575 State-guaranteed receivables 9,871,982 12,223,515 - 12,223,515 - Other invested assets 2,156,380 2,156,380 - - 2,156,380 Cash and cash equivalents 6,201,730 6,201,730 6,201,730 - - Accrued investment income 4,910,275 4,910,275 - - 4,910,275 Cash value of company-owned life insurance 13,352,552 13,352,552 - - 13,352,552 Liabilities: Policyholder deposits (Investment-type contracts) 52,556,249 56,111,534 - - 56,111,534 Policy claims 2,547,349 2,547,349 - - 2,547,349 Obligations under capital leases 212,152 212,152 - - 212,152 Notes payable 1,426,362 1,426,362 - - 1,426,362 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	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 6 - Earnings per Share Earnings per share of common stock were computed based on the weighted average number of common shares outstanding during each period. The weighted average number of shares outstanding for the quarters ended June 30, 2016 and 2015 were 1,115,726 and 1,121,876, respectively. The weighted average number of shares outstanding for the six months ended June 30, 2016 and 2015 were 1,116,687 and 1,122,922, respectively.

Note 7 - Segment Data

Note 7 - Segment Data	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue: Preneed and burial products $ 13,098,661 $ 12,255,597 $ 25,855,841 $ 24,387,004 Traditional and universal life products 3,164,177 4,653,339 5,960,570 9,095,803 Administrative and financial services 353,115 337,960 680,322 640,054 Corporate and other 238,191 222,437 259,567 442,234 Total revenue $ 16,854,144 $ 17,469,333 $ 32,756,300 $ 34,565,095 Pre-tax income (loss) from operations: Preneed and burial products $ 116,617 $ (653,019 ) $ 337,464 $ (899,867 ) Traditional and universal life products 168,796 203,619 379,967 275,197 Administrative and financial services 62,719 60,137 125,156 117,723 Corporate and other 40,847 (4,888 ) (138,607 ) 16,067 Total pre-tax income (loss) $ 388,979 $ (394,151 ) $ 703,980 $ (490,880 )

Note 8 - Federal Income Taxes

Note 8 - Federal Income Taxes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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)	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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 June 30, 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 $ 9,796,312 $ 3,330,746 $ 6,465,566 Reclassification adjustment for gains included in income (238,345 ) (81,037 ) (157,308 ) Adjustment for effect of deferred acquisition costs (240,771 ) (81,862 ) (158,909 ) Net unrealized gains on investments 9,317,196 3,167,847 6,149,349 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,294 62,660 121,634 Total other comprehensive income $ 9,501,490 $ 3,230,507 $ 6,270,983 Quarter Ended June 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (10,742,624 ) $ (3,641,269 ) $ (7,101,355 ) Reclassification adjustment for losses included in income 30,987 (687 ) 31,674 Adjustment for effect of deferred acquisition costs 283,000 96,220 186,780 Net unrealized losses on investments (10,428,637 ) (3,545,736 ) (6,882,901 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 190,558 64,790 125,768 Total other comprehensive loss $ (10,238,079 ) $ (3,480,946 ) $ (6,757,133 ) Six Months Ended June 30, 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 $ 20,257,718 $ 6,887,624 $ 13,370,094 Reclassification adjustment for gains included in income (565,057 ) (192,119 ) (372,938 ) Adjustment for effect of deferred acquisition costs (498,958 ) (169,646 ) (329,312 ) Net unrealized gains on investments 19,193,703 6,525,859 12,667,844 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 368,587 125,319 243,268 Total other comprehensive income $ 19,562,290 $ 6,651,178 $ 12,911,112 Six Months Ended June 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (5,743,072 ) $ (1,961,897 ) $ (3,781,175 ) Reclassification adjustment for gains included in income (127,841 ) (34,213 ) (93,628 ) Adjustment for effect of deferred acquisition costs 163,947 55,742 108,205 Net unrealized losses on investments (5,706,966 ) (1,940,368 ) (3,766,598 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 381,116 129,580 251,536 Total other comprehensive loss $ (5,325,850 ) $ (1,810,788 ) $ (3,515,062 ) 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 six months ended June 30, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 13,040,782 - 13,040,782 Amounts reclassified from accumulated other comprehensive income (372,938 ) 243,268 (129,670 ) Net current period other comprehensive income 12,667,844 243,268 12,911,112 Ending balance $ 18,961,546 $ (5,293,273 ) $ 13,668,273 For the six months ended June 30, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (3,672,970 ) - (3,672,970 ) Amounts reclassified from accumulated other comprehensive income (93,628 ) 251,536 157,908 Net current period other comprehensive income (loss) (3,766,598 ) 251,536 (3,515,062 ) Ending balance $ 13,976,809 $ (4,787,552 ) $ 9,189,257 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 June 30, Six Months Ended June 30, Reclassification Adjustments 2016 2015 2016 2015 Unrealized gains (losses) on available-for-sale securities: Realized gains (losses) on sale of securities (a) $ 238,345 $ (30,987 ) $ 565,057 $ 127,841 Income tax expense (c) (81,037 ) (687 ) (192,119 ) (34,213 ) Net of tax 157,308 (31,674 ) 372,938 93,628 Defined benefit pension plan: Amortization of actuarial net loss (b) (184,294 ) (190,558 ) (368,587 ) (381,116 ) Income tax benefit (c) 62,660 64,790 125,319 129,580 Net of tax (121,634 ) (125,768 ) (243,268 ) (251,536 ) Total reclassifications for the period $ 35,674 $ (157,442 ) $ 129,670 $ (157,908 ) (a) These items appear within net realized gains (losses) on investments in the consolidated income statements. (b) These items are included in the computation of net periodic pension cost (see Note 10). (c) These items appear within federal income taxes in the consolidated income statements.

Note 10 - Employee Benefit Plan

Note 10 - Employee Benefit Plans	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 10 – Employee Benefit Plans Investors Heritage Capital Corporation sponsors a noncontributory defined benefit pension plan, which was frozen in 2012 with respect to new benefit accruals. Participants in the plan at the time it was frozen may still continue to earn vesting credit towards their pension plan benefit. The following table provides the components of our net periodic benefit cost: Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Service cost $ - $ - $ - $ - Interest cost 247,610 222,566 495,220 445,132 Expected return on plan assets (275,502 ) (293,070 ) (551,005 ) (586,139 ) Recognized actuarial net loss 184,294 190,558 368,587 381,116 Net periodic pension cost $ 156,402 $ 120,054 $ 312,802 $ 240,109 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 June 30, 2016, the Company had contributed $150,000 to the plan.

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Gross Gross June 30, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 22,783,361 $ 1,359,033 $ - $ 24,142,394 States and political subdivisions 36,199,903 6,656,933 154,888 42,701,948 Corporate 224,308,283 16,573,912 1,270,799 239,611,396 Foreign 61,685,959 3,261,737 951,455 63,996,241 Mortgage-backed securities (MBS): Commercial MBS 6,783,460 529,598 - 7,313,058 Residential MBS 34,688,939 2,512,438 - 37,201,377 Corporate redeemable preferred stock 932,150 92,487 137,637 887,000 Total fixed maturity securities 387,382,055 30,986,138 2,514,779 415,853,414 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 42,074 - 360,358 Corporate common stock 6,426,482 1,558,280 593,739 7,391,023 Total equity securities 7,452,666 1,600,354 593,739 8,459,281 Total $ 394,834,721 $ 32,586,492 $ 3,108,518 $ 424,312,695 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]	June 30, 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 $ - $ - - $ 1,613,415 $ 136,585 2 Corporate 2,793,561 155,505 2 55,039,213 3,873,158 52 Foreign 1,600,560 6,777 3 24,154,510 1,418,143 20 Commercial MBS - - - 1,447,694 15,592 2 Residential MBS - - - 3,320,890 62,255 2 Corporate redeemable preferred stock 110,426 137,637 1 669,128 42,787 2 Greater than 12 months: States and political subdivisions 1,595,113 154,888 2 - - - Corporate 14,927,912 1,115,294 11 5,533,581 714,738 4 Foreign 10,405,650 944,678 7 6,007,156 3,264,495 4 Total fixed maturities 31,433,222 2,514,779 26 97,785,587 9,527,753 88 Equities: Less than 12 months: Mutual funds - - - 304,031 14,253 1 Corporate common stock 1,116,712 368,871 10 2,449,672 473,551 15 Greater than 12 months: Corporate common stock 614,128 224,868 8 183,960 50,570 3 Total equities 1,730,840 593,739 18 2,937,663 538,374 19 Total $ 33,164,062 $ 3,108,518 44 $ 100,723,250 $ 10,066,127 107
Unrealized Gain (Loss) on Investments [Table Text Block]	June 30, December 31, 2016 2015 Net unrealized appreciation on available-for sale securities $ 29,477,974 $ 9,785,313 Adjustment to deferred acquisition costs (748,359 ) (249,401 ) Deferred income taxes (9,768,069 ) (3,242,210 ) Net unrealized appreciation on available-for sale securities $ 18,961,546 $ 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 $ 10,199,092 $ 10,416,859 Due after one year through five years 93,847,639 101,522,646 Due after five years through ten years 174,242,762 182,598,133 Due after ten years 46,249,495 54,377,447 Due at multiple maturity dates 61,910,917 66,051,329 Corporate redeemable preferred stock 932,150 887,000 Total $ 387,382,055 $ 415,853,414
Realized Gain (Loss) on Investments [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Proceeds from sales and maturities $ 11,342,518 $ 3,545,600 $ 27,399,652 $ 16,365,620 Gross realized gains 239,937 89,388 572,834 250,180 Gross realized losses (1,592 ) (120,375 ) (7,777 ) (122,339 )
Realized and Unrealized Gain (Loss) on Investments [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ 9,021,186 $ (10,207,115 ) $ 18,850,169 $ (5,497,475 ) Equity securities 536,781 (504,522 ) 842,492 (373,438 ) Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ 238,345 $ - $ 565,057 $ 90,859 Equity securities - (30,987 ) - 36,982 Mortgage loans on real estate - 75,915 - 75,915 Investments in convertible options 9,232 - 9,232 -
Schedule of Mortgage Loans on Real Estate [Table Text Block]	June 30, December 31, 2016 2015 Illinois $ 5,917,877 $ 6,046,408 Florida 5,907,808 3,906,034 Texas 5,771,393 5,694,612 California 4,808,811 3,366,434 Georgia 3,383,614 2,671,788 Kentucky 2,615,536 3,241,793 Arizona 2,261,096 774,060 Missouri 2,176,074 1,342,845 Ohio 1,996,066 1,692,354 Colorado 1,381,786 222,364 New Jersey 1,305,637 247,723 Tennessee 1,104,402 895,607 Indiana 902,821 759,139 North Carolina 767,573 353,275 Utah 586,496 77,939 Oregon 490,573 - Nevada 482,577 373,359 Pennsylvania 361,219 370,323 West Virginia 245,766 412,250 South Carolina 212,729 225,881 Massachusetts 187,932 205,469 Idaho 151,033 159,073 Kansas 134,907 135,401 Virginia 128,297 - Total $ 43,282,023 $ 33,174,131
State-guaranteed Receivables Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value Due in one year or less $ 964,249 $ 979,659 Due after one year through five years 3,349,031 3,698,492 Due after five years through ten years 3,739,262 4,721,001 Due after ten years 1,819,440 2,824,363 Total $ 9,871,982 $ 12,223,515
Schedule Of Payments On State Guaranteed Receivables By State [Table Text Block]	June 30, December 31, 2016 2015 New York $ 3,503,994 $ 3,496,115 Georgia 2,065,032 1,432,022 Massachusetts 1,984,696 1,991,601 Washington 683,831 - Indiana 456,953 - Ohio 426,365 54,171 Pennsylvania 332,510 294,968 Texas 252,668 243,939 California 165,933 180,143 Total $ 9,871,982 $ 7,692,959
Investment Income [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Fixed maturities $ 4,614,528 $ 4,558,942 $ 9,540,889 $ 9,196,750 Equity securities 64,361 73,489 131,650 136,780 Mortgage loans on real estate 733,462 625,699 1,323,374 1,184,095 Policy loans 122,145 123,246 243,455 241,986 State-guaranteed receivables 170,981 137,600 307,523 278,275 Gain (loss) on investments in convertible options 38,044 - (143,376 ) - Other 58,629 60,379 112,314 121,031 Gross investment income 5,802,150 5,579,355 11,515,829 11,158,917 Investment expenses 258,012 240,307 516,024 596,057 Net investment income $ 5,544,138 $ 5,339,048 $ 10,999,805 $ 10,562,860

Note 5 - Fair Values of Finan19

Note 5 - Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	June 30, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 24,142,394 $ - $ 24,142,394 States and political subdivisions - 42,701,948 - 42,701,948 Corporate - 239,611,396 - 239,611,396 Foreign - 63,996,241 - 63,996,241 Mortgage-backed securities: Commercial MBS - 7,313,058 - 7,313,058 Residential MBS - 37,201,377 - 37,201,377 Corporate redeemable preferred stock - 887,000 - 887,000 Total fixed maturities $ - $ 415,853,414 $ - $ 415,853,414 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 360,358 - - 360,358 Corporate common stock 6,943,023 - 448,000 7,391,023 Total equity securities $ 8,011,281 $ - $ 448,000 $ 8,459,281 Investments in convertible options $ - $ 874,911 $ - $ 874,911 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Corporate common stock: Beginning balance $ 448,000 $ 352,000 $ 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 $ 448,000 $ 352,000
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 9,428,111 $ 9,777,129 $ - $ - $ 9,777,129 Residential 33,853,912 36,532,039 - - 36,532,039 Policy loans 6,559,575 6,559,575 - - 6,559,575 State-guaranteed receivables 9,871,982 12,223,515 - 12,223,515 - Other invested assets 2,156,380 2,156,380 - - 2,156,380 Cash and cash equivalents 6,201,730 6,201,730 6,201,730 - - Accrued investment income 4,910,275 4,910,275 - - 4,910,275 Cash value of company-owned life insurance 13,352,552 13,352,552 - - 13,352,552 Liabilities: Policyholder deposits (Investment-type contracts) 52,556,249 56,111,534 - - 56,111,534 Policy claims 2,547,349 2,547,349 - - 2,547,349 Obligations under capital leases 212,152 212,152 - - 212,152 Notes payable 1,426,362 1,426,362 - - 1,426,362 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)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue: Preneed and burial products $ 13,098,661 $ 12,255,597 $ 25,855,841 $ 24,387,004 Traditional and universal life products 3,164,177 4,653,339 5,960,570 9,095,803 Administrative and financial services 353,115 337,960 680,322 640,054 Corporate and other 238,191 222,437 259,567 442,234 Total revenue $ 16,854,144 $ 17,469,333 $ 32,756,300 $ 34,565,095 Pre-tax income (loss) from operations: Preneed and burial products $ 116,617 $ (653,019 ) $ 337,464 $ (899,867 ) Traditional and universal life products 168,796 203,619 379,967 275,197 Administrative and financial services 62,719 60,137 125,156 117,723 Corporate and other 40,847 (4,888 ) (138,607 ) 16,067 Total pre-tax income (loss) $ 388,979 $ (394,151 ) $ 703,980 $ (490,880 )

Note 9 - Other Comprehensive 21

Note 9 - Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Quarter Ended June 30, 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 $ 9,796,312 $ 3,330,746 $ 6,465,566 Reclassification adjustment for gains included in income (238,345 ) (81,037 ) (157,308 ) Adjustment for effect of deferred acquisition costs (240,771 ) (81,862 ) (158,909 ) Net unrealized gains on investments 9,317,196 3,167,847 6,149,349 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,294 62,660 121,634 Total other comprehensive income $ 9,501,490 $ 3,230,507 $ 6,270,983 Quarter Ended June 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (10,742,624 ) $ (3,641,269 ) $ (7,101,355 ) Reclassification adjustment for losses included in income 30,987 (687 ) 31,674 Adjustment for effect of deferred acquisition costs 283,000 96,220 186,780 Net unrealized losses on investments (10,428,637 ) (3,545,736 ) (6,882,901 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 190,558 64,790 125,768 Total other comprehensive loss $ (10,238,079 ) $ (3,480,946 ) $ (6,757,133 ) Six Months Ended June 30, 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 $ 20,257,718 $ 6,887,624 $ 13,370,094 Reclassification adjustment for gains included in income (565,057 ) (192,119 ) (372,938 ) Adjustment for effect of deferred acquisition costs (498,958 ) (169,646 ) (329,312 ) Net unrealized gains on investments 19,193,703 6,525,859 12,667,844 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 368,587 125,319 243,268 Total other comprehensive income $ 19,562,290 $ 6,651,178 $ 12,911,112 Six Months Ended June 30, 2015 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive loss: Change in net unrealized gains on available-for-sale securities: Unrealized holding losses arising during period $ (5,743,072 ) $ (1,961,897 ) $ (3,781,175 ) Reclassification adjustment for gains included in income (127,841 ) (34,213 ) (93,628 ) Adjustment for effect of deferred acquisition costs 163,947 55,742 108,205 Net unrealized losses on investments (5,706,966 ) (1,940,368 ) (3,766,598 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 381,116 129,580 251,536 Total other comprehensive loss $ (5,325,850 ) $ (1,810,788 ) $ (3,515,062 )
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the six months ended June 30, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 13,040,782 - 13,040,782 Amounts reclassified from accumulated other comprehensive income (372,938 ) 243,268 (129,670 ) Net current period other comprehensive income 12,667,844 243,268 12,911,112 Ending balance $ 18,961,546 $ (5,293,273 ) $ 13,668,273 For the six months ended June 30, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (3,672,970 ) - (3,672,970 ) Amounts reclassified from accumulated other comprehensive income (93,628 ) 251,536 157,908 Net current period other comprehensive income (loss) (3,766,598 ) 251,536 (3,515,062 ) Ending balance $ 13,976,809 $ (4,787,552 ) $ 9,189,257
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, Reclassification Adjustments 2016 2015 2016 2015 Unrealized gains (losses) on available-for-sale securities: Realized gains (losses) on sale of securities (a) $ 238,345 $ (30,987 ) $ 565,057 $ 127,841 Income tax expense (c) (81,037 ) (687 ) (192,119 ) (34,213 ) Net of tax 157,308 (31,674 ) 372,938 93,628 Defined benefit pension plan: Amortization of actuarial net loss (b) (184,294 ) (190,558 ) (368,587 ) (381,116 ) Income tax benefit (c) 62,660 64,790 125,319 129,580 Net of tax (121,634 ) (125,768 ) (243,268 ) (251,536 ) Total reclassifications for the period $ 35,674 $ (157,442 ) $ 129,670 $ (157,908 )

Note 10 - Employee Benefit Pl22

Note 10 - Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Service cost $ - $ - $ - $ - Interest cost 247,610 222,566 495,220 445,132 Expected return on plan assets (275,502 ) (293,070 ) (551,005 ) (586,139 ) Recognized actuarial net loss 184,294 190,558 368,587 381,116 Net periodic pension cost $ 156,402 $ 120,054 $ 312,802 $ 240,109

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details Textual)	3 Months Ended
	Jun. 30, 2016
Percent of Revenue	99.00%

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Nonperforming Financial Instruments [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 0		$ 0		$ 0
Nonaccrual Status [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0		0
Mortgage Loans Equal to Greater than 90 Days Past Due [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 682,669		$ 682,669		$ 0
Fixed Maturities [Member] | Basic Industrial Sector [Member]
Percent of Portfolio Gross Unrealized Losses	37.50%		37.50%		54.50%
Fixed Maturities [Member] | Energy Sector [Member]
Percent of Portfolio Gross Unrealized Losses	22.60%		22.60%
Fixed Maturities [Member]
Percentage of Portfolio Measured	99.90%		99.90%		97.40%
Minimum Fair Value to Cost Ratio	80.00%		80.00%		80.00%
Equity Securities [Member]
Percentage of Portfolio Measured	93.70%		93.70%		93.40%
Minimum Fair Value to Cost Ratio	80.00%		80.00%		80.00%
Mortgage Loans Modifications Recorded Investment	$ 0		$ 0		$ 0
Mortgage Loans in Process of Foreclosure Amount	0		0		0
Mortgage Loan Defaults, Amount	0	$ 0	0	$ 0
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities			0	$ 0
Restricted Cash and Investments	$ 22,886,347		$ 22,886,347		$ 22,899,132
Mortgage Loans, Commercial, Percentage	21.80%		21.80%		32.10%
Mortgage Loans, Residential, Percentage	78.20%		78.20%		67.90%
Maximum Loan to Value Ratio Required	80.00%		80.00%
Minimum Debt Service Coverage Required	115.00%		115.00%
Investments in Convertible Options, Fair Value	$ 874,911		$ 874,911		$ 957,405
Investments in Convertible Securities, Gain (Loss)	$ 38,044		$ (143,376)

Note 4 - Available-for-sale Sec

Note 4 - Available-for-sale Securities (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
US Government Agencies Debt Securities [Member]
Total, amortized cost	$ 22,783,361	$ 23,373,714
Fixed maturity securities, gross unrealized gains	1,359,033	642,038
Fixed maturity securities, gross unrealized losses
Total, fair value	24,142,394	24,015,752
US States and Political Subdivisions Debt Securities [Member]
Total, amortized cost	36,199,903	36,830,198
Fixed maturity securities, gross unrealized gains	6,656,933	4,511,826
Fixed maturity securities, gross unrealized losses	154,888	136,585
Total, fair value	42,701,948	41,205,439
Corporate Debt Securities [Member]
Total, amortized cost	224,308,283	229,425,035
Fixed maturity securities, gross unrealized gains	16,573,912	10,338,999
Fixed maturity securities, gross unrealized losses	1,270,799	4,587,896
Total, fair value	239,611,396	235,176,138
Foreign [Member]
Total, amortized cost	61,685,959	65,010,084
Fixed maturity securities, gross unrealized gains	3,261,737	1,731,076
Fixed maturity securities, gross unrealized losses	951,455	4,682,638
Total, fair value	63,996,241	62,058,522
Asset-backed Securities [Member]
Total, amortized cost		143,552
Fixed maturity securities, gross unrealized gains		457
Fixed maturity securities, gross unrealized losses
Total, fair value		144,009
Commercial Mortgage Backed Securities [Member]
Total, amortized cost	6,783,460	6,830,520
Fixed maturity securities, gross unrealized gains	529,598	148,314
Fixed maturity securities, gross unrealized losses		15,592
Total, fair value	7,313,058	6,963,242
Residential Mortgage Backed Securities [Member]
Total, amortized cost	34,688,939	37,200,599
Fixed maturity securities, gross unrealized gains	2,512,438	1,776,233
Fixed maturity securities, gross unrealized losses		62,255
Total, fair value	37,201,377	38,914,577
Redeemable Preferred Stock [Member]
Total, amortized cost	932,150	711,915
Fixed maturity securities, gross unrealized gains	92,487
Fixed maturity securities, gross unrealized losses	137,637	42,787
Total, fair value	887,000	669,128
U.S. Agencies [Member]
Equity securities, amortized cost	707,900	707,900
Equity securities, gross unrealized gains
Equity securities, gross unrealized losses
Equity securities	707,900	707,900
Mutual Funds [Member]
Equity securities, amortized cost	318,284	318,284
Equity securities, gross unrealized gains	42,074
Equity securities, gross unrealized losses		14,253
Equity securities	360,358	304,031
Common Stock [Member]
Equity securities, amortized cost	6,426,482	6,426,482
Equity securities, gross unrealized gains	1,558,280	702,497
Equity securities, gross unrealized losses	593,739	524,121
Equity securities	7,391,023	6,604,858
Total, amortized cost	387,382,055	399,525,617
Fixed maturity securities, gross unrealized gains	30,986,138	19,148,943
Fixed maturity securities, gross unrealized losses	2,514,779	9,527,753
Total, fair value	415,853,414	409,146,807
Equity securities, amortized cost	7,452,666	7,452,666
Equity securities, gross unrealized gains	1,600,354	702,497
Equity securities, gross unrealized losses	593,739	538,374
Equity securities	8,459,281	7,616,789
Securities, amortized cost	394,834,721	406,978,283
Securities, gross unrealized gains	32,586,492	19,851,440
Securities, gross unrealized losses	3,108,518	10,066,127
Securities available-for-sale	$ 424,312,695	$ 416,763,596

Note 4 - Securities in a Contin

Note 4 - Securities in a Continuous Unrealized Loss Position (Details)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
US States and Political Subdivisions Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value		$ 1,613,415
Securities in continuous loss position, less than 12 months, gross unrealized loss		$ 136,585
Securities in continuous loss position, less than 12 months, number of securities		2
Securities in continuous loss position, greater than 12 months, fair value	$ 1,595,113
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 154,888
Securities in continuous loss position, greater than 12 months, number of securities	2
Corporate Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 2,793,561	$ 55,039,213
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 155,505	$ 3,873,158
Securities in continuous loss position, less than 12 months, number of securities	2	52
Securities in continuous loss position, greater than 12 months, fair value	$ 14,927,912	$ 5,533,581
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 1,115,294	$ 714,738
Securities in continuous loss position, greater than 12 months, number of securities	11	4
Foreign [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 1,600,560	$ 24,154,510
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 6,777	$ 1,418,143
Securities in continuous loss position, less than 12 months, number of securities	3	20
Securities in continuous loss position, greater than 12 months, fair value	$ 10,405,650	$ 6,007,156
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 944,678	$ 3,264,495
Securities in continuous loss position, greater than 12 months, number of securities	7	4
Commercial Mortgage Backed Securities [Member]
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]
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]
Securities in continuous loss position, less than 12 months, fair value	$ 110,426	$ 669,128
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 137,637	$ 42,787
Securities in continuous loss position, less than 12 months, number of securities	1	2
Debt Securities [Member]
Securities in continuous loss position, fair value	$ 31,433,222	$ 97,785,587
Securities in continuous loss position, gross unrealized loss	$ 2,514,779	$ 9,527,753
Securities in continuous loss position, number of securities	26	88
Mutual Funds [Member]
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]
Securities in continuous loss position, less than 12 months, fair value	$ 1,116,712	$ 2,449,672
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 368,871	$ 473,551
Securities in continuous loss position, less than 12 months, number of securities	10	15
Securities in continuous loss position, greater than 12 months, fair value	$ 614,128	$ 183,960
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 224,868	$ 50,570
Securities in continuous loss position, greater than 12 months, number of securities	8	3
Equity Securities [Member]
Securities in continuous loss position, fair value	$ 1,730,840	$ 2,937,663
Securities in continuous loss position, gross unrealized loss	$ 593,739	$ 538,374
Securities in continuous loss position, number of securities	18	19
Securities in continuous loss position, fair value	$ 33,164,062	$ 100,723,250
Securities in continuous loss position, gross unrealized loss	$ 3,108,518	$ 10,066,127
Securities in continuous loss position, number of securities	44	107

Note 4 - Net Unrealized Gains f

Note 4 - Net Unrealized Gains for Investments Classified as Available-for-sale (Details) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net unrealized appreciation on available-for sale securities	$ 29,477,974	$ 9,785,313
Adjustment to deferred acquisition costs	(748,359)	(249,401)
Deferred income taxes	(9,768,069)	(3,242,210)
Net unrealized appreciation on available-for sale securities	$ 18,961,546	$ 6,293,702

Note 4 - Fixed Maturity Securit

Note 4 - Fixed Maturity Securities by Contractual Maturity (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
All Except For State Guaranteed Receivables [Member] | Due at Multiple Maturity Dates [Member]
Securities without single maturity date, amortized cost	$ 61,910,917
Securities without single maturity date, fair value	66,051,329
All Except For State Guaranteed Receivables [Member] | Redeemable Preferred Stock [Member]
Securities without single maturity date, amortized cost	932,150
Securities without single maturity date, fair value	887,000
All Except For State Guaranteed Receivables [Member]
Due in one year or less, amortized cost	10,199,092
Due in one year or less, fair value	10,416,859
Due after one year through five years, amortized cost	93,847,639
Due after one year through five years, fair value	101,522,646
Due after five years through ten years, amortized cost	174,242,762
Due after five years through ten years, fair value	182,598,133
Due after ten years, amortized cost	46,249,495
Due after ten years, fair value	54,377,447
Total, amortized cost	387,382,055
Total, fair value	415,853,414
Redeemable Preferred Stock [Member]
Total, amortized cost	932,150	$ 711,915
Total, fair value	887,000	669,128
Total, amortized cost	387,382,055	399,525,617
Total, fair value	$ 415,853,414	$ 409,146,807

Note 4 - Proceeds from Sales an

Note 4 - Proceeds from Sales and Maturities of Investments in Available-for-sale (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Proceeds from sales and maturities	$ 11,342,518	$ 3,545,600	$ 27,399,652	$ 16,365,620
Gross realized gains	239,937	89,388	572,834	250,180
Gross realized losses	$ (1,592)	$ (120,375)	$ (7,777)	$ (122,339)

Note 4 - Change in Unrealized G

Note 4 - Change in Unrealized Gains (Losses) and Realized Gains (Losses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Securities [Member]
Change in net unrealized investment gains (losses)	$ 9,021,186	$ (10,207,115)	$ 18,850,169	$ (5,497,475)
Net realized investment gains (losses)	238,345		565,057	90,859
Equity Securities [Member]
Change in net unrealized investment gains (losses)	536,781	(504,522)	842,492	(373,438)
Net realized investment gains (losses)		(30,987)		36,982
Mortgage loans on real estate		75,915		75,915
Investments in convertible options	$ 9,232		$ 9,232

Note 4 - Mortgage Loans by Stat

Note 4 - Mortgage Loans by State (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ILLINOIS
Mortgage loans by state	$ 5,917,877	$ 6,046,408
FLORIDA
Mortgage loans by state	5,907,808	3,906,034
TEXAS
Mortgage loans by state	5,771,393	5,694,612
CALIFORNIA
Mortgage loans by state	4,808,811	3,366,434
GEORGIA
Mortgage loans by state	3,383,614	2,671,788
KENTUCKY
Mortgage loans by state	2,615,536	3,241,793
ARIZONA
Mortgage loans by state	2,261,096	774,060
MISSOURI
Mortgage loans by state	2,176,074	1,342,845
OHIO
Mortgage loans by state	1,996,066	1,692,354
COLORADO
Mortgage loans by state	1,381,786	222,364
NEW JERSEY
Mortgage loans by state	1,305,637	247,723
TENNESSEE
Mortgage loans by state	1,104,402	895,607
INDIANA
Mortgage loans by state	902,821	759,139
NORTH CAROLINA
Mortgage loans by state	767,573	353,275
UTAH
Mortgage loans by state	586,496	77,939
OREGON
Mortgage loans by state	490,573
NEVADA
Mortgage loans by state	482,577	373,359
PENNSYLVANIA
Mortgage loans by state	361,219	370,323
WEST VIRGINIA
Mortgage loans by state	245,766	412,250
SOUTH CAROLINA
Mortgage loans by state	212,729	225,881
MASSACHUSETTS
Mortgage loans by state	187,932	205,469
IDAHO
Mortgage loans by state	151,033	159,073
KANSAS
Mortgage loans by state	134,907	135,401
VIRGINIA
Mortgage loans by state	128,297
Mortgage loans by state	$ 43,282,023	$ 33,174,131

Note 4 - State-guaranteed Recei

Note 4 - State-guaranteed Receivables by Contractual Maturity (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
State-guaranteed Receivables [Member]
Due in one year or less, amortized cost	$ 964,249
Due in one year or less, fair value	979,659
Due after one year through five years, amortized cost	3,349,031
Due after one year through five years, fair value	3,698,492
Due after five years through ten years, amortized cost	3,739,262
Due after five years through ten years, fair value	4,721,001
Due after ten years, amortized cost	1,819,440
Due after ten years, fair value	2,824,363
Total, amortized cost	9,871,982
Total, fair value	12,223,515
Total, amortized cost	9,871,982	$ 7,692,959
Total, fair value	$ 12,223,515	$ 9,094,934

Note 4 - Amortized Cost of Stat

Note 4 - Amortized Cost of State-guaranteed Receivables, by State (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
NEW YORK
Total, amortized cost	$ 3,503,994	$ 3,496,115
GEORGIA
Total, amortized cost	2,065,032	1,432,022
MASSACHUSETTS
Total, amortized cost	1,984,696	1,991,601
WASHINGTON
Total, amortized cost	683,831
INDIANA
Total, amortized cost	456,953
OHIO
Total, amortized cost	426,365	54,171
PENNSYLVANIA
Total, amortized cost	332,510	294,968
TEXAS
Total, amortized cost	252,668	243,939
CALIFORNIA
Total, amortized cost	165,933	180,143
Total, amortized cost	$ 9,871,982	$ 7,692,959

Note 4 - Net Investment Income

Note 4 - Net Investment Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fixed Maturities [Member]
Gross investment income (loss)	$ 4,614,528	$ 4,558,942	$ 9,540,889	$ 9,196,750
Equity Securities [Member]
Gross investment income (loss)	64,361	73,489	131,650	136,780
Mortgages [Member]
Gross investment income (loss)	733,462	625,699	1,323,374	1,184,095
Policy Loans [Member]
Gross investment income (loss)	122,145	123,246	243,455	241,986
State-guaranteed Receivables [Member]
Gross investment income (loss)	170,981	137,600	307,523	278,275
Convertible Debt Securities [Member]
Gross investment income (loss)	38,044		(143,376)
Other Long-term Investments [Member]
Gross investment income (loss)	58,629	60,379	112,314	121,031
Gross investment income (loss)	5,802,150	5,579,355	11,515,829	11,158,917
Investment Expenses	258,012	240,307	516,024	596,057
Net investment income	$ 5,544,138	$ 5,339,048	$ 10,999,805	$ 10,562,860

Note 5 - Fair Values of Finan35

Note 5 - Fair Values of Financial Instruments (Details Textual)	Jun. 30, 2016
Private Equity Investment [Member]
Number of Level 3 Investments Reported at Fair Value	1
Fair Value Hierarchy, Number of Input Levels	3

Note 5 - Financial Instruments

Note 5 - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | U.S. Agencies [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	707,900	707,900
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	360,358	304,031
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	6,943,023	6,252,858
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,011,281	7,264,789
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in Convertible Options, Fair Value
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	24,142,394	24,015,752
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	42,701,948	41,205,439
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	239,611,396	235,176,138
Fair Value, Inputs, Level 2 [Member] | Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	63,996,241	62,058,522
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale		144,009
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	7,313,058	6,963,242
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	37,201,377	38,914,577
Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	887,000	669,128
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	415,853,414	409,146,807
Fair Value, Inputs, Level 2 [Member] | U.S. Agencies [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 2 [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in Convertible Options, Fair Value	874,911	957,405
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | U.S. Agencies [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	448,000	352,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	448,000	352,000
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in Convertible Options, Fair Value
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	24,142,394	24,015,752
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	42,701,948	41,205,439
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	239,611,396	235,176,138
Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	63,996,241	62,058,522
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale		144,009
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	7,313,058	6,963,242
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	37,201,377	38,914,577
Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	887,000	669,128
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	415,853,414	409,146,807
U.S. Agencies [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	707,900	707,900
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	360,358	304,031
Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	7,391,023	6,604,858
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,459,281	7,616,789
Fair Value, Measurements, Recurring [Member]
Investments in Convertible Options, Fair Value	874,911	957,405
Securities available-for-sale	424,312,695	416,763,596
Investments in Convertible Options, Fair Value	$ 874,911	$ 957,405

Note 5 - Changes in Fair Value

Note 5 - Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Beginning balance	$ 448,000	$ 352,000	$ 352,000	$ 384,000
Included in other comprehensive income			96,000	(32,000)
Ending balance	$ 448,000	$ 352,000	$ 448,000	$ 352,000

Note 5 - Estimated Fair Values

Note 5 - Estimated Fair Values of Financial Instruments (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Commercial Mortgage [Member] | Fair Value, Inputs, Level 1 [Member]
Mortgage loans on real estate, fair value
Commercial Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]
Mortgage loans on real estate, fair value
Commercial Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]
Mortgage loans on real estate, fair value	9,777,129		11,080,145
Commercial Mortgage [Member]
Mortgage loans on real estate	9,428,111		10,655,107
Mortgage loans on real estate, fair value	9,777,129		11,080,145
Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member]
Mortgage loans on real estate, fair value
Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]
Mortgage loans on real estate, fair value
Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]
Mortgage loans on real estate, fair value	36,532,039		24,679,435
Residential Mortgage [Member]
Mortgage loans on real estate	33,853,912		22,519,024
Mortgage loans on real estate, fair value	36,532,039		24,679,435
Fair Value, Inputs, Level 1 [Member]
Policy loans
Total, fair value
Other invested assets
Cash and cash equivalents, fair value	6,201,730		3,619,663
Accrued investment income
Cash value of company-owned life insurance
Policyholder deposits (Investment-type contracts), fair value
Policy claims
Obligations under capital leases
Notes payable, fair value
Fair Value, Inputs, Level 2 [Member]
Policy loans
Total, fair value	12,223,515		9,094,934
Other invested assets
Cash and cash equivalents, fair value
Accrued investment income
Cash value of company-owned life insurance
Policyholder deposits (Investment-type contracts), fair value
Policy claims
Obligations under capital leases
Notes payable, fair value
Fair Value, Inputs, Level 3 [Member]
Policy loans	6,559,575		6,702,911
Total, fair value
Other invested assets	2,156,380		2,379,451
Cash and cash equivalents, fair value
Accrued investment income	4,910,275		5,149,612
Cash value of company-owned life insurance	13,352,552		13,191,773
Policyholder deposits (Investment-type contracts), fair value	56,111,534		53,880,242
Policy claims	2,547,349		2,584,088
Obligations under capital leases	212,152		377,259
Notes payable, fair value	1,426,362		1,433,448
Mortgage loans on real estate	43,282,023		33,174,131
Policy loans	6,559,575		6,702,911
Total, amortized cost	9,871,982		7,692,959
Total, fair value	12,223,515		9,094,934
Other invested assets	2,156,380		2,379,451
Cash and cash equivalents	6,201,730		3,619,663	$ 6,028,751	$ 1,870,867
Cash and cash equivalents, fair value	6,201,730		3,619,663
Accrued investment income	4,910,275		5,149,612
Cash value of company-owned life insurance	13,352,552	$ 13,352,552	13,191,773
Policyholder deposits (Investment-type contracts)	52,556,249		52,694,746
Policyholder deposits (Investment-type contracts), fair value	56,111,534		53,880,242
Policy claims	2,547,349		2,584,088
Obligations under capital leases	212,152		377,259
Notes payable	1,426,362		1,433,448
Notes payable, fair value	$ 1,426,362		$ 1,433,448

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Weighted Average Number of Shares Outstanding, Basic	1,115,726	1,121,876	1,116,687	1,122,922

Note 7 - Segment Data (Details

Note 7 - Segment Data (Details Textual)	3 Months Ended
	Jun. 30, 2016
Number of Operating Segments	4

Note 7 - Segments by Operating

Note 7 - Segments by Operating Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Preneed and Burial Products [Member]
Revenue	$ 13,098,661	$ 12,255,597	$ 25,855,841	$ 24,387,004
Pre-tax income (loss) from operations	116,617	(653,019)	337,464	(899,867)
Traditional and Universal Life Products [Member]
Revenue	3,164,177	4,653,339	5,960,570	9,095,803
Pre-tax income (loss) from operations	168,796	203,619	379,967	275,197
Administrative and Financial Services [Member]
Revenue	353,115	337,960	680,322	640,054
Pre-tax income (loss) from operations	62,719	60,137	125,156	117,723
Corporate and Other [Member]
Revenue	238,191	222,437	259,567	442,234
Pre-tax income (loss) from operations	40,847	(4,888)	(138,607)	16,067
Revenue	16,854,144	17,469,333	32,756,300	34,565,095
Pre-tax income (loss) from operations	$ 388,979	$ (394,151)	$ 703,980	$ (490,880)

Note 8 - Federal Income Taxes (

Note 8 - Federal Income Taxes (Details Textual)	3 Months Ended
	Jun. 30, 2016USD ($)
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Open Tax Year	2,012
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Open Tax Year	2,015
Unrecognized Tax Benefits	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0

Note 9 - Other Comprehensive 43

Note 9 - Other Comprehensive Income (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unrealized holding gains arising during period, pretax		$ 9,796,312	$ (10,742,624)	$ 20,257,718	$ (5,743,072)
Unrealized holding gains arising during period		3,330,746	(3,641,269)	6,887,624	(1,961,897)
Unrealized holding gains arising during period, net of tax		6,465,566	(7,101,355)	13,370,094	(3,781,175)
Reclassification adjustment for gains included in income, pretax	[1]	(238,345)	30,987	(565,057)	(127,841)
Income tax expense (c)	[2]	(81,037)	(687)	(192,119)	(34,213)
Reclassification adjustment for gains included in income, net of tax		(157,308)	31,674	(372,938)	(93,628)
Adjustment for effect of deferred acquisition costs, pretax		(240,771)	283,000	(498,958)	163,947
Adjustment for effect of deferred acquisition costs		(81,862)	96,220	(169,646)	55,742
Adjustment for effect of deferred acquisition costs, net of tax		(158,909)	186,780	(329,312)	108,205
Net unrealized gains on investments, pretax		9,317,196	(10,428,637)	19,193,703	(5,706,966)
Net unrealized gains on investments		3,167,847	(3,545,736)	6,525,859	(1,940,368)
Net unrealized gains on investments, net of tax		6,149,349	(6,882,901)	12,667,844	(3,766,598)
Amortization of actuarial net loss in net periodic pension cost, pretax	[3]	184,294	190,558	368,587	381,116
Amortization of actuarial net loss in net periodic pension cost	[2]	62,660	64,790	125,319	129,580
Amortization of actuarial net loss in net periodic pension cost, net of tax		121,634	125,768	243,268	251,536
Total other comprehensive income, pretax		9,501,490	(10,238,079)	19,562,290	(5,325,850)
Total other comprehensive income		3,230,507	(3,480,946)	6,651,178	(1,810,788)
Total other comprehensive income, net of tax		6,270,983	(6,757,133)	12,911,112	(3,515,062)
Unrealized holding gains (losses) arising during period		9,796,312	(10,742,624)	20,257,718	(5,743,072)
Unrealized holding losses arising during period		3,330,746	(3,641,269)	6,887,624	(1,961,897)
Unrealized holding losses arising during period, net of tax		6,465,566	(7,101,355)	13,370,094	(3,781,175)
Reclassification adjustment for losses (gains) included in income	[1]	(238,345)	30,987	(565,057)	(127,841)
Reclassification adjustment for gains included in income	[2]	(81,037)	(687)	(192,119)	(34,213)
Reclassification adjustment for gains included in income, net of tax		(157,308)	31,674	(372,938)	(93,628)
Net unrealized losses on investments, pretax		9,317,196	(10,428,637)	19,193,703	(5,706,966)
Net unrealized losses on investments		3,167,847	(3,545,736)	6,525,859	(1,940,368)
Net unrealized losses on investments, net of tax		6,149,349	(6,882,901)	12,667,844	(3,766,598)
Total other comprehensive income, pretax		9,501,490	(10,238,079)	19,562,290	(5,325,850)
Income tax expense (benefit)		3,230,507	(3,480,946)	6,651,178	(1,810,788)
Other comprehensive loss, net		$ 6,270,983	$ (6,757,133)	$ 12,911,112	$ (3,515,062)
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 9 - Accumulated Other Comp

Note 9 - Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Beginning balance			$ 6,293,702	$ 17,743,407
Other comprehensive income before reclassifications			13,040,782	(3,672,970)
Amounts reclassified from accumulated other comprehensive income			(372,938)	(93,628)
Net current period other comprehensive income			12,667,844	(3,766,598)
Ending balance	$ 18,961,546	$ 13,976,809	18,961,546	13,976,809
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Beginning balance			(5,536,541)	(5,039,088)
Other comprehensive income before reclassifications
Amounts reclassified from accumulated other comprehensive income			243,268	251,536
Net current period other comprehensive income			243,268	251,536
Ending balance	(5,293,273)	(4,787,552)	(5,293,273)	(4,787,552)
Beginning balance			757,161	12,704,319
Other comprehensive income before reclassifications			13,040,782	(3,672,970)
Amounts reclassified from accumulated other comprehensive income	(35,674)	157,442	(129,670)	157,908
Net current period other comprehensive income			12,911,112	(3,515,062)
Ending balance	$ 13,668,273	$ 9,189,257	$ 13,668,273	$ 9,189,257

Note 9 - Amounts Reclassified f

Note 9 - Amounts Reclassified from AOCI to Income (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Realized gains (losses) on sale of securities (a)	[1]	$ 238,345	$ (30,987)	$ 565,057	$ 127,841
Income tax expense (c)	[2]	(81,037)	(687)	(192,119)	(34,213)
Net of tax		157,308	(31,674)	372,938	93,628
Amortization of actuarial net loss (b)	[3]	(184,294)	(190,558)	(368,587)	(381,116)
Income tax benefit (c)	[2]	62,660	64,790	125,319	129,580
Net of tax		(121,634)	(125,768)	(243,268)	(251,536)
Total reclassifications for the period		$ 35,674	$ (157,442)	$ 129,670	$ (157,908)
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 10 - Employee Benefit Pl46

Note 10 - Employee Benefit Plans (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year		$ 300,000
Defined Benefit Plan, Contributions by Employer	$ 150,000

Note 10 - Net Periodic Benefit

Note 10 - Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Service cost
Interest cost	247,610	222,566	495,220	445,132
Expected return on plan assets	(275,502)	(293,070)	(551,005)	(586,139)
Recognized actuarial net loss	184,294	190,558	368,587	381,116
Net periodic pension cost	$ 156,402	$ 120,054	$ 312,802	$ 240,109