Investors Heritage Capital (IHRC) 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 10, 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)		1,106,619
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Fixed maturities (amortized cost: $348,297,281 and $399,525,617)	$ 377,448,836	$ 409,146,807
Equity securities (cost: $7,691,597 and $7,452,666)	8,655,497	7,616,789
Mortgage loans on real estate	40,357,308	33,174,131
Policy loans	6,394,333	6,702,911
Amortized cost of state-guaranteed receivables	10,297,408	7,692,959
Investments in convertible options	974,103	957,405
Other invested assets	2,043,888	2,379,451
Total investments	446,171,373	467,670,453
Cash and cash equivalents	47,911,628	3,619,663
Accrued investment income	4,055,195	5,149,612
Due premiums	2,851,302	2,946,218
Deferred acquisition costs	15,533,061	17,237,522
Value of business acquired	174,428	225,276
Leased property under capital leases	144,077	381,432
Property and equipment, net	864,012	909,151
Cash value of company-owned life insurance	13,575,925	13,191,773
Other assets	3,961,819	2,374,292
Amounts recoverable from reinsurers	99,466,431	56,332,692
Total assets	634,709,251	570,038,084
LIABILITIES
Benefit reserves	493,441,567	493,369,378
Unearned premium reserves	8,054,486	8,119,385
Policy claims	2,545,195	2,584,088
Liability for deposit-type contracts	3,343,739	3,400,836
Reserves for dividends and endowments and other	397,235	388,193
Total policy liabilities	507,782,222	507,861,880
Deferred federal income tax liability	7,698,732	1,105,776
Obligations under capital leases	130,114	377,259
Notes payable	1,159,316	1,433,448
Accrued pension liability	5,766,698	6,075,376
Deferred revenue on reinsurance ceded	1,471,858
Other liabilities	46,384,000	3,933,343
Total liabilities	570,392,940	520,787,082
STOCKHOLDERS' EQUITY
Common stock (shares issued: 1,106,706 and 1,117,647)	1,106,706	1,117,647
Paid-in surplus	8,913,360	8,913,360
Accumulated other comprehensive income	14,152,916	757,161
Retained earnings	40,143,329	38,462,834
Total stockholders' equity	64,316,311	49,251,002
Total liabilities and stockholders' equity	$ 634,709,251	$ 570,038,084

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fixed maturities, amortized cost	$ 348,297,281	$ 399,525,617
Equity securities, cost	$ 7,691,597	$ 7,452,666
Common stock, shares issued (in shares)	1,106,706	1,117,647

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUE
Premiums and other considerations	$ 13,836,244	$ 15,429,289	$ 39,545,191	$ 44,916,211
Premiums ceded	(2,935,363)	(3,304,682)	(8,195,013)	(9,738,262)
Net premiums	10,900,881	12,124,607	31,350,178	35,177,949
Investment income, net of expenses	5,330,853	5,238,037	16,330,658	15,800,897
Net realized gains (losses) on investments:
Total other-than-temporary impairment losses	(118,267)		(118,267)
Other net realized investment gains	1,046,183	600,980	1,620,472	804,736
Total net realized gains on investments	927,916	600,980	1,502,205	804,736
Other income	409,186	450,005	1,142,095	1,195,142
Total revenue	17,568,836	18,413,629	50,325,136	52,978,724
BENEFITS AND EXPENSES
Death and other benefits	10,363,008	10,584,316	32,324,120	33,529,784
Guaranteed annual endowments	91,569	93,254	304,657	316,142
Dividends to policyholders	73,603	74,180	230,792	262,741
Increase in benefit reserves and unearned premiums	1,652,885	2,858,998	3,550,345	6,236,723
Acquisition costs deferred	(1,256,830)	(1,477,478)	(3,621,389)	(4,498,621)
Amortization of deferred acquisition costs	1,497,933	1,683,094	4,410,013	5,232,649
Commissions	829,201	980,682	2,356,672	2,885,027
Other general and administrative expenses	2,658,821	2,581,103	8,407,300	8,469,679
Total benefits and expenses	15,910,190	17,378,149	47,962,510	52,434,124
INCOME BEFORE FEDERAL INCOME TAXES	1,658,646	1,035,480	2,362,626	544,600
PROVISION (BENEFIT) FOR FEDERAL INCOME TAXES
Current	347,532	209,683	544,151	329,473
Deferred	(287,264)	(265,256)	(307,888)	(507,766)
Total federal income taxes	60,268	(55,573)	236,263	(178,293)
NET INCOME	$ 1,598,378	$ 1,091,053	$ 2,126,363	$ 722,893
PER SHARE (in dollars per share)	$ 1.44	$ 0.98	$ 1.91	$ 0.64
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		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
NET INCOME		$ 1,598,378	$ 1,091,053	$ 2,126,363	$ 722,893
Change in net unrealized gains (losses) on available-for-sale securities:
Unrealized holding gains (losses) arising during period		1,565,397	(2,866,815)	21,823,115	(8,609,887)
Reclassification adjustment for gains included in income	[1]	(927,916)	(606,509)	(1,492,973)	(734,350)
Adjustment for effects of deferred acquisition costs		(87,465)	93,198	(586,423)	257,145
Net unrealized gains (losses) on investments		550,016	(3,380,126)	19,743,719	(9,087,092)
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost	[2]	184,293	190,559	552,880	571,675
Other comprehensive income (loss) before income taxes		734,309	(3,189,567)	20,296,599	(8,515,417)
Income tax expense (benefit)		249,666	(1,084,454)	6,900,844	(2,895,242)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES		484,643	(2,105,113)	13,395,755	(5,620,175)
COMPREHENSIVE INCOME (LOSS)		$ 2,083,021	$ (1,014,060)	$ 15,522,118	$ (4,897,282)
[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				722,893	722,893
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES			(5,620,175)		(5,620,175)
Cash dividends				(236,035)	(236,035)
Repurchases of common stock, net	(6,094)	5,117		(132,892)	(133,869)
BALANCE at Sep. 30, 2015	1,117,886	8,913,360	7,084,144	38,153,910	55,269,300
BALANCE at Dec. 31, 2015	1,117,647	8,913,360	757,161	38,462,834	49,251,002
NET INCOME				2,126,363	2,126,363
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES			13,395,755		13,395,755
Cash dividends				(234,706)	(234,706)
Repurchases of common stock, net	(10,941)			(211,162)	(222,103)
BALANCE at Sep. 30, 2016	$ 1,106,706	$ 8,913,360	$ 14,152,916	$ 40,143,329	$ 64,316,311

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 3,916,385	$ 6,947,933
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(19,875,700)	(23,018,969)
Sales of available-for-sale securities	55,563,518	6,764,986
Maturities of available-for-sale securities	17,111,207	23,204,172
Acquisitions of mortgage loans on real estate	(17,126,902)	(10,312,856)
Payments of mortgage loans on real estate	9,875,929	7,199,727
Purchases of state-guaranteed receivables	(2,753,509)
Payments of state-guaranteed receivables	629,530	611,280
Purchases of convertible options	(62,185)	(739,809)
Sales and exchanges of convertible options	10,536	29,249
Net change in payable (receivable) for securities	20,541
Net reductions (additions) of other investments	644,141	505,625
Net additions to property and equipment	(40,459)	(247,611)
NET CASH PROVIDED BY INVESTING ACTIVITIES	43,996,647	3,995,794
FINANCING ACTIVITIES
Policyholder account deposits	3,428,616	3,336,586
Policyholder account withdrawals	(6,318,742)	(6,103,330)
Payments on notes payable	(2,065,106)	(3,030,476)
Proceeds from notes payable	1,790,974	2,331,660
Dividends paid	(234,706)	(236,035)
Repurchases of common stock, net	(222,103)	(133,869)
NET CASH USED IN FINANCING ACTIVITIES	(3,621,067)	(3,835,464)
INCREASE IN CASH AND CASH EQUIVALENTS	44,291,965	7,108,263
Cash and cash equivalents at beginning of period	3,619,663	1,870,867
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 47,911,628	$ 8,979,130

Note 1 - Nature of Operations

Note 1 - Nature of Operations	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2016 through the date that these financial statements have been issued.

Note 3 - New Accounting Pronoun

Note 3 - New Accounting Pronouncements	9 Months Ended
	Sep. 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 (“FASB”) 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. In August 2016, the FASB issued new guidance that clarifies the classification of certain cash receipts and payments in the statement of cash flows under eight different scenarios including, but not limited to: (i) debt prepayment or debt extinguishment costs; (ii) proceeds from the settlement of corporate-owned life insurance policies including bank-owned life insurance policies; (iii) distributions received from equity method investees; and (iv) separately identifiable cash flows and application of the predominance principle. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on our statement of cash flows. 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	9 Months Ended
	Sep. 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 September 30, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 22,095,238 $ 1,055,465 $ 347 $ 23,150,356 States and political subdivisions 35,440,349 6,363,950 - 41,804,299 Corporate 199,144,059 15,393,658 261,102 214,276,615 Foreign 50,649,606 3,599,268 5,092 54,243,782 Mortgage-backed securities (MBS): Commercial MBS 6,750,974 516,795 - 7,267,769 Residential MBS 33,284,905 2,432,185 - 35,717,090 Corporate redeemable preferred stock 932,150 84,984 28,209 988,925 Total fixed maturity securities 348,297,281 29,446,305 294,750 377,448,836 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 29,858 - 348,142 Corporate common stock 6,665,413 1,286,221 352,179 7,599,455 Total equity securities 7,691,597 1,316,079 352,179 8,655,497 Total $ 355,988,878 $ 30,762,384 $ 646,929 $ 386,104,333 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. September 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: U.S. government obligations $ 253,233 $ 347 1 $ - $ - - States and political subdivisions - - - 1,613,415 136,585 2 Corporate 2,792,199 8,936 2 55,039,213 3,873,158 52 Foreign 389,000 5,092 1 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 17,248 733 1 669,128 42,787 2 Greater than 12 months: Corporate 4,941,783 252,166 3 5,533,581 714,738 4 Foreign - - - 6,007,156 3,264,495 4 Corporate redeemable preferred stock 202,605 27,476 1 - - - Total fixed maturities 8,596,068 294,750 9 97,785,587 9,527,753 88 Equities: Less than 12 months: Mutual funds - - - 304,031 14,253 1 Corporate common stock 1,514,608 176,954 9 2,449,672 473,551 15 Greater than 12 months: Corporate common stock 726,041 175,225 8 183,960 50,570 3 Total equities 2,240,649 352,179 17 2,937,663 538,374 19 Total $ 10,836,717 $ 646,929 26 $ 100,723,250 $ 10,066,127 107 At September 30, 2016, 100% of the fixed maturity portfolio had a fair value to amortized cost ratio of greater than 80% and 96.3% 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 September 30, 2016 and December 31, 2015, 0% and 54.5%, respectively, of the total gross unrealized losses shown above were comprised of fixed maturity securities in the basic industrial sector while 21.6% and 22.6%, respectively, of the gross unrealized losses were comprised of fixed maturity securities in the energy sector. 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 during 2015. 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 September 30, 2016. At September 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 unrealized losses are 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. During the quarter ended September 30, 2016, the Company recognized an other-than-temporary impairment on one real estate common stock totaling $118,267. While the Company continues to hold this security, there was no evidence to suggest that the security would recover in the near-term based on the financial outlook for the stock, the significance of the reduction in market value and the length of time that the stock has traded below its book value. T he Company experienced no additional other-than-temporary impairments during the quarters or nine months ended September 30, 2016 or 2015. Management believes that the Company will fully recover its cost basis in the securities held at September 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. September 30, December 31, 2016 2015 Net unrealized appreciation on available-for sale securities $ 30,115,455 $ 9,785,313 Adjustment to deferred acquisition costs (835,824 ) (249,401 ) Deferred income taxes (9,955,075 ) (3,242,210 ) Net unrealized appreciation on available-for sale securities $ 19,324,556 $ 6,293,702 The amortized cost and fair value of fixed maturity securities at September 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 $ 14,712,695 $ 14,994,152 Due after one year through five years 94,722,166 102,418,614 Due after five years through ten years 135,505,787 144,857,593 Due after ten years 42,633,992 50,627,149 Due at multiple maturity dates 59,790,491 63,562,403 Corporate redeemable preferred stock 932,150 988,925 Total $ 348,297,281 $ 377,448,836 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Proceeds from sales and maturities $ 45,275,073 $ 13,603,538 $ 72,674,725 $ 29,969,158 Gross realized gains 1,772,703 606,915 2,345,537 857,095 Gross realized losses (844,787 ) (406 ) (852,564 ) (122,745 ) 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ 680,196 $ (2,751,428 ) $ 19,530,365 $ (8,248,903 ) Equity securities (42,715 ) (721,896 ) 799,777 (1,095,334 ) Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ 880,055 $ - $ 1,445,112 $ 90,859 Equity securities 47,861 606,509 47,861 643,491 Mortgage loans on real estate - - - 75,915 Investments in convertible options - (5,529 ) 9,232 (5,529 ) The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At September 30, 2016 and December 31, 2015, these required deposits had a total fair value of $23,253,142 and $22,899,132, respectively. The Company also engages in commercial and residential mortgage lending. As of September 30, 2016, investments in commercial and residential properties comprised 23.2% and 76.8%, 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 September 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 September 30, 2016, the Company held two mortgage loans totaling $686,655 that were past due by more than 90 days. The Company previously held one additional loan where the Company’s mortgage loan servicer formally filed a notice of intent to foreclose on the property. During the third quarter of 2016, all principal and interest was paid in full on this loan prior to foreclosure. The Company had no mortgage loans past due by more than 90 days as of December 31, 2015. The Company experienced no mortgage loan defaults during the quarters or nine months ended September 30, 2016 and 2015. The Company’s investments in mortgage loans, by state, are as follows: September 30, December 31, 2016 2015 Texas $ 5,613,143 $ 5,694,612 Florida 5,404,717 3,906,034 Illinois 4,936,961 6,046,408 Georgia 3,372,057 2,671,788 California 3,020,218 3,366,434 Missouri 2,738,436 1,342,845 Kentucky 2,451,081 3,241,793 Ohio 2,434,104 1,692,354 Arizona 2,168,241 774,060 Colorado 1,375,508 222,364 New Jersey 1,199,938 247,723 Tennessee 1,074,622 895,607 Indiana 897,984 759,139 North Carolina 699,495 353,275 Oregon 489,172 - Nevada 481,073 373,359 Virginia 403,002 - Pennsylvania 356,582 370,323 Utah 345,011 77,939 West Virginia 235,751 412,250 South Carolina 203,698 225,881 Massachusetts 174,940 205,469 Idaho 146,921 159,073 Kansas 134,653 135,401 Total $ 40,357,308 $ 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 September 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 $ 983,246 $ 996,050 Due after one year through five years 3,501,954 3,869,310 Due after five years through ten years 3,761,316 4,766,741 Due after ten years 2,050,892 3,451,501 Total $ 10,297,408 $ 13,083,602 The amortized cost of state-guaranteed receivables, by state, is summarized as follows: September 30, December 31, 2016 2015 New York $ 3,483,723 $ 3,496,115 Massachusetts 2,407,968 1,991,601 Georgia 2,052,018 1,432,022 Washington 693,716 - Indiana 462,637 - Ohio 433,262 54,171 Pennsylvania 338,291 294,968 Texas 257,031 243,939 California 168,762 180,143 Total $ 10,297,408 $ 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 September 30, 2016 and December 31, 2015, the total fair value of our investments in convertible options was $974,103 and $957,405, respectively. For the quarter and nine months ended September 30, 2016, we recognized a gain (loss) on our investments in convertible options of $99,192 and ($44,184), respectively, relative to the mark-to-market adjustment. For the quarter and nine months ended September 30, 2015, we recognized a loss on our investments in convertible options of $41,082 relative to the mark-to-market adjustment. Major categories of net investment income are summarized as follows: Quarter Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Fixed maturities $ 4,410,484 $ 4,517,133 $ 13,951,373 $ 13,713,883 Equity securities 88,563 55,400 220,213 192,180 Mortgage loans on real estate 642,705 545,945 1,966,079 1,730,040 Policy loans 121,616 126,798 365,071 368,784 State-guaranteed receivables 172,946 134,770 480,469 413,045 Gain (loss) on investments in convertible options 99,192 (41,082 ) (44,184 ) (41,082 ) Other 53,360 47,741 165,674 168,772 Gross investment income 5,588,866 5,386,705 17,104,695 16,545,622 Investment expenses 258,013 148,668 774,037 744,725 Net investment income $ 5,330,853 $ 5,238,037 $ 16,330,658 $ 15,800,897

Note 5 - Fair Values of Financi

Note 5 - Fair Values of Financial Instruments	9 Months Ended
	Sep. 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. September 30, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 23,150,356 $ - $ 23,150,356 States and political subdivisions - 41,804,299 - 41,804,299 Corporate - 214,276,615 - 214,276,615 Foreign - 54,243,782 - 54,243,782 Mortgage-backed securities: Commercial MBS - 7,267,769 - 7,267,769 Residential MBS - 35,717,090 - 35,717,090 Corporate redeemable preferred stock - 988,925 - 988,925 Total fixed maturities $ - $ 377,448,836 $ - $ 377,448,836 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 348,142 - - 348,142 Corporate common stock 7,151,455 - 448,000 7,599,455 Total equity securities $ 8,207,497 $ - $ 448,000 $ 8,655,497 Investments in convertible options $ - $ 974,103 $ - $ 974,103 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 September 30, Nine Months Ended September 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 nine months ended September 30, 2016 or 2015. The Company experienced no transfers between Level 2 and Level 3 during the quarters or nine months ended September 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. September 30, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 9,374,448 $ 9,628,342 $ - $ - $ 9,628,342 Residential 30,982,860 33,484,069 - - 33,484,069 Policy loans 6,394,333 6,394,333 - - 6,394,333 State-guaranteed receivables 10,297,408 13,083,602 - 13,083,602 - Other invested assets 2,043,888 2,043,888 - - 2,043,888 Cash and cash equivalents 47,911,628 47,911,628 47,911,628 - - Accrued investment income 4,055,195 4,055,195 - - 4,055,195 Cash value of company-owned life insurance 13,575,925 13,575,925 - - 13,575,925 Liabilities: Policyholder deposits (Investment-type contracts) 52,182,540 51,872,237 - - 51,872,237 Policy claims 2,545,195 2,545,195 - - 2,545,195 Obligations under capital leases 130,114 130,114 - - 130,114 Notes payable 1,159,316 1,159,316 - - 1,159,316 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	9 Months Ended
	Sep. 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 September 30, 2016 and 2015 were 1,106,710 and 1,117,605, respectively. The weighted average number of shares outstanding for the nine months ended September 30, 2016 and 2015 were 1,113,337 and 1,121,130, respectively.

Note 7 - Segment Data

Note 7 - Segment Data	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue: Preneed and burial products $ 14,280,983 $ 13,064,662 $ 40,136,824 $ 37,451,666 Traditional and universal life products 2,641,376 4,763,360 8,601,946 13,859,163 Administrative and financial services 364,967 397,378 1,045,289 1,037,432 Corporate and other 281,510 188,229 541,077 630,463 Total revenue $ 17,568,836 $ 18,413,629 $ 50,325,136 $ 52,978,724 Pre-tax income (loss) from operations: Preneed and burial products $ 1,189,337 $ 590,199 $ 1,526,801 $ (309,668 ) Traditional and universal life products 184,732 364,982 564,699 640,179 Administrative and financial services 142,640 83,689 267,796 201,412 Corporate and other 141,937 (3,390 ) 3,330 12,677 Total pre-tax income (loss) $ 1,658,646 $ 1,035,480 $ 2,362,626 $ 544,600

Note 8 - Federal Income Taxes

Note 8 - Federal Income Taxes	9 Months Ended
	Sep. 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; the taxable initial ceding commission received on the reinsurance of a block of existing business; 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 2013 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)	9 Months Ended
	Sep. 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 September 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 $ 1,565,397 $ 532,235 $ 1,033,162 Reclassification adjustment for gains included in income (927,916 ) (315,492 ) (612,424 ) Adjustment for effect of deferred acquisition costs (87,465 ) (29,737 ) (57,728 ) Net unrealized gains on investments 550,016 187,006 363,010 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,293 62,660 121,633 Total other comprehensive income $ 734,309 $ 249,666 $ 484,643 Quarter Ended September 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 $ (2,866,815 ) $ (1,106,939 ) $ (1,759,876 ) Reclassification adjustment for gains included in income (606,509 ) (73,993 ) (532,516 ) Adjustment for effect of deferred acquisition costs 93,198 31,688 61,510 Net unrealized losses on investments (3,380,126 ) (1,149,244 ) (2,230,882 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 190,559 64,790 125,769 Total other comprehensive loss $ (3,189,567 ) $ (1,084,454 ) $ (2,105,113 ) Nine Months Ended September 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 $ 21,823,115 $ 7,419,859 $ 14,403,256 Reclassification adjustment for gains included in income (1,492,973 ) (507,611 ) (985,362 ) Adjustment for effect of deferred acquisition costs (586,423 ) (199,383 ) (387,040 ) Net unrealized gains on investments 19,743,719 6,712,865 13,030,854 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 552,880 187,979 364,901 Total other comprehensive income $ 20,296,599 $ 6,900,844 $ 13,395,755 Nine Months Ended September 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 $ (8,609,887 ) $ (3,068,836 ) $ (5,541,051 ) Reclassification adjustment for gains included in income (734,350 ) (108,206 ) (626,144 ) Adjustment for effect of deferred acquisition costs 257,145 87,430 169,715 Net unrealized losses on investments (9,087,092 ) (3,089,612 ) (5,997,480 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 571,675 194,370 377,305 Total other comprehensive loss $ (8,515,417 ) $ (2,895,242 ) $ (5,620,175 ) 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 nine months ended September 30, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 14,016,216 - 14,016,216 Amounts reclassified from accumulated other comprehensive income (985,362 ) 364,901 (620,461 ) Net current period other comprehensive income 13,030,854 364,901 13,395,755 Ending balance $ 19,324,556 $ (5,171,640 ) $ 14,152,916 For the nine months ended September 30, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (5,371,336 ) - (5,371,336 ) Amounts reclassified from accumulated other comprehensive income (626,144 ) 377,305 (248,839 ) Net current period other comprehensive income (loss) (5,997,480 ) 377,305 (5,620,175 ) Ending balance $ 11,745,927 $ (4,661,783 ) $ 7,084,144 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 September 30, Nine Months Ended September 30, Reclassification Adjustments 2016 2015 2016 2015 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 927,916 $ 606,509 $ 1,492,973 $ 734,350 Income tax expense (c) (315,492 ) (73,993 ) (507,611 ) (108,206 ) Net of tax 612,424 532,516 985,362 626,144 Defined benefit pension plan: Amortization of actuarial net loss (b) (184,293 ) (190,559 ) (552,880 ) (571,675 ) Income tax benefit (c) 62,660 64,790 187,979 194,370 Net of tax (121,633 ) (125,769 ) (364,901 ) (377,305 ) Total reclassifications for the period $ 490,791 $ 406,747 $ 620,461 $ 248,839 (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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ - $ - $ - $ - Interest cost 247,609 222,565 742,829 667,697 Expected return on plan assets (275,502 ) (293,069 ) (826,507 ) (879,208 ) Recognized actuarial net loss 184,293 190,559 552,880 571,675 Net periodic pension cost $ 156,400 $ 120,055 $ 469,202 $ 360,164 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. During the third quarter 2016, the Company completed its required funding calculation for 2016 and determined that the annual contribution for 2016 should be increased to $331,987. As of September 30, 2016, the Company had contributed $225,000 to the plan.

Note 11 - Reinsurance

Note 11 - Reinsurance	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Reinsurance [Text Block]	NOTE 1 1 – Reinsurance Effective September 30, 2016, the Company entered into a 100% coinsurance agreement with Southland National Insurance Corporation (“SNIC”) whereby the Company reinsured an existing block of deferred fixed annuities to SNIC. The total liabilities reinsured as of September 30, 2016 were $44,023,892 and deferred acquisition costs associated with this block were $329,414. The Company transferred cash to SNIC under the agreement totaling $41,921,155. In order to generate cash, the Company sold fixed maturity securities generating pre-tax net realized capital gains totaling $880,055. As of September 30, 2016, the cash to be transferred to SNIC was recorded on the financial statements as a reinsurance payable within other liabilities until it was transferred to SNIC on October 4, 2016. In accordance with GAAP guidance, the initial ceding commission received by the Company on this transaction was deferred and will be recognized into income over the expected life of the reinsurance contract, which is 20 years. The initial ceding commission, net of tax, was $1,471,858 and is presented separately on the balance sheet as deferred revenue on reinsurance ceded. Under the terms of the reinsurance agreement, the Company will continue to administer this business and will be paid administrative fees by SNIC. SNIC will also maintain a trust account further securing the statutory liabilities ceded by the Company.

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Gross Gross September 30, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Fixed maturity securities: U.S. government obligations $ 22,095,238 $ 1,055,465 $ 347 $ 23,150,356 States and political subdivisions 35,440,349 6,363,950 - 41,804,299 Corporate 199,144,059 15,393,658 261,102 214,276,615 Foreign 50,649,606 3,599,268 5,092 54,243,782 Mortgage-backed securities (MBS): Commercial MBS 6,750,974 516,795 - 7,267,769 Residential MBS 33,284,905 2,432,185 - 35,717,090 Corporate redeemable preferred stock 932,150 84,984 28,209 988,925 Total fixed maturity securities 348,297,281 29,446,305 294,750 377,448,836 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 29,858 - 348,142 Corporate common stock 6,665,413 1,286,221 352,179 7,599,455 Total equity securities 7,691,597 1,316,079 352,179 8,655,497 Total $ 355,988,878 $ 30,762,384 $ 646,929 $ 386,104,333 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]	September 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: U.S. government obligations $ 253,233 $ 347 1 $ - $ - - States and political subdivisions - - - 1,613,415 136,585 2 Corporate 2,792,199 8,936 2 55,039,213 3,873,158 52 Foreign 389,000 5,092 1 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 17,248 733 1 669,128 42,787 2 Greater than 12 months: Corporate 4,941,783 252,166 3 5,533,581 714,738 4 Foreign - - - 6,007,156 3,264,495 4 Corporate redeemable preferred stock 202,605 27,476 1 - - - Total fixed maturities 8,596,068 294,750 9 97,785,587 9,527,753 88 Equities: Less than 12 months: Mutual funds - - - 304,031 14,253 1 Corporate common stock 1,514,608 176,954 9 2,449,672 473,551 15 Greater than 12 months: Corporate common stock 726,041 175,225 8 183,960 50,570 3 Total equities 2,240,649 352,179 17 2,937,663 538,374 19 Total $ 10,836,717 $ 646,929 26 $ 100,723,250 $ 10,066,127 107
Unrealized Gain (Loss) on Investments [Table Text Block]	September 30, December 31, 2016 2015 Net unrealized appreciation on available-for sale securities $ 30,115,455 $ 9,785,313 Adjustment to deferred acquisition costs (835,824 ) (249,401 ) Deferred income taxes (9,955,075 ) (3,242,210 ) Net unrealized appreciation on available-for sale securities $ 19,324,556 $ 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 $ 14,712,695 $ 14,994,152 Due after one year through five years 94,722,166 102,418,614 Due after five years through ten years 135,505,787 144,857,593 Due after ten years 42,633,992 50,627,149 Due at multiple maturity dates 59,790,491 63,562,403 Corporate redeemable preferred stock 932,150 988,925 Total $ 348,297,281 $ 377,448,836
Realized Gain (Loss) on Investments [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Proceeds from sales and maturities $ 45,275,073 $ 13,603,538 $ 72,674,725 $ 29,969,158 Gross realized gains 1,772,703 606,915 2,345,537 857,095 Gross realized losses (844,787 ) (406 ) (852,564 ) (122,745 )
Realized and Unrealized Gain (Loss) on Investments [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ 680,196 $ (2,751,428 ) $ 19,530,365 $ (8,248,903 ) Equity securities (42,715 ) (721,896 ) 799,777 (1,095,334 ) Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ 880,055 $ - $ 1,445,112 $ 90,859 Equity securities 47,861 606,509 47,861 643,491 Mortgage loans on real estate - - - 75,915 Investments in convertible options - (5,529 ) 9,232 (5,529 )
Schedule of Mortgage Loans on Real Estate [Table Text Block]	September 30, December 31, 2016 2015 Texas $ 5,613,143 $ 5,694,612 Florida 5,404,717 3,906,034 Illinois 4,936,961 6,046,408 Georgia 3,372,057 2,671,788 California 3,020,218 3,366,434 Missouri 2,738,436 1,342,845 Kentucky 2,451,081 3,241,793 Ohio 2,434,104 1,692,354 Arizona 2,168,241 774,060 Colorado 1,375,508 222,364 New Jersey 1,199,938 247,723 Tennessee 1,074,622 895,607 Indiana 897,984 759,139 North Carolina 699,495 353,275 Oregon 489,172 - Nevada 481,073 373,359 Virginia 403,002 - Pennsylvania 356,582 370,323 Utah 345,011 77,939 West Virginia 235,751 412,250 South Carolina 203,698 225,881 Massachusetts 174,940 205,469 Idaho 146,921 159,073 Kansas 134,653 135,401 Total $ 40,357,308 $ 33,174,131
State-guaranteed Receivables Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value Due in one year or less $ 983,246 $ 996,050 Due after one year through five years 3,501,954 3,869,310 Due after five years through ten years 3,761,316 4,766,741 Due after ten years 2,050,892 3,451,501 Total $ 10,297,408 $ 13,083,602
Schedule Of Payments On State Guaranteed Receivables By State [Table Text Block]	September 30, December 31, 2016 2015 New York $ 3,483,723 $ 3,496,115 Massachusetts 2,407,968 1,991,601 Georgia 2,052,018 1,432,022 Washington 693,716 - Indiana 462,637 - Ohio 433,262 54,171 Pennsylvania 338,291 294,968 Texas 257,031 243,939 California 168,762 180,143 Total $ 10,297,408 $ 7,692,959
Investment Income [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Fixed maturities $ 4,410,484 $ 4,517,133 $ 13,951,373 $ 13,713,883 Equity securities 88,563 55,400 220,213 192,180 Mortgage loans on real estate 642,705 545,945 1,966,079 1,730,040 Policy loans 121,616 126,798 365,071 368,784 State-guaranteed receivables 172,946 134,770 480,469 413,045 Gain (loss) on investments in convertible options 99,192 (41,082 ) (44,184 ) (41,082 ) Other 53,360 47,741 165,674 168,772 Gross investment income 5,588,866 5,386,705 17,104,695 16,545,622 Investment expenses 258,013 148,668 774,037 744,725 Net investment income $ 5,330,853 $ 5,238,037 $ 16,330,658 $ 15,800,897

Note 5 - Fair Values of Finan20

Note 5 - Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 30, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 23,150,356 $ - $ 23,150,356 States and political subdivisions - 41,804,299 - 41,804,299 Corporate - 214,276,615 - 214,276,615 Foreign - 54,243,782 - 54,243,782 Mortgage-backed securities: Commercial MBS - 7,267,769 - 7,267,769 Residential MBS - 35,717,090 - 35,717,090 Corporate redeemable preferred stock - 988,925 - 988,925 Total fixed maturities $ - $ 377,448,836 $ - $ 377,448,836 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 348,142 - - 348,142 Corporate common stock 7,151,455 - 448,000 7,599,455 Total equity securities $ 8,207,497 $ - $ 448,000 $ 8,655,497 Investments in convertible options $ - $ 974,103 $ - $ 974,103 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 September 30, Nine Months Ended September 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]	September 30, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 9,374,448 $ 9,628,342 $ - $ - $ 9,628,342 Residential 30,982,860 33,484,069 - - 33,484,069 Policy loans 6,394,333 6,394,333 - - 6,394,333 State-guaranteed receivables 10,297,408 13,083,602 - 13,083,602 - Other invested assets 2,043,888 2,043,888 - - 2,043,888 Cash and cash equivalents 47,911,628 47,911,628 47,911,628 - - Accrued investment income 4,055,195 4,055,195 - - 4,055,195 Cash value of company-owned life insurance 13,575,925 13,575,925 - - 13,575,925 Liabilities: Policyholder deposits (Investment-type contracts) 52,182,540 51,872,237 - - 51,872,237 Policy claims 2,545,195 2,545,195 - - 2,545,195 Obligations under capital leases 130,114 130,114 - - 130,114 Notes payable 1,159,316 1,159,316 - - 1,159,316 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)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue: Preneed and burial products $ 14,280,983 $ 13,064,662 $ 40,136,824 $ 37,451,666 Traditional and universal life products 2,641,376 4,763,360 8,601,946 13,859,163 Administrative and financial services 364,967 397,378 1,045,289 1,037,432 Corporate and other 281,510 188,229 541,077 630,463 Total revenue $ 17,568,836 $ 18,413,629 $ 50,325,136 $ 52,978,724 Pre-tax income (loss) from operations: Preneed and burial products $ 1,189,337 $ 590,199 $ 1,526,801 $ (309,668 ) Traditional and universal life products 184,732 364,982 564,699 640,179 Administrative and financial services 142,640 83,689 267,796 201,412 Corporate and other 141,937 (3,390 ) 3,330 12,677 Total pre-tax income (loss) $ 1,658,646 $ 1,035,480 $ 2,362,626 $ 544,600

Note 9 - Other Comprehensive 22

Note 9 - Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Quarter Ended September 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 $ 1,565,397 $ 532,235 $ 1,033,162 Reclassification adjustment for gains included in income (927,916 ) (315,492 ) (612,424 ) Adjustment for effect of deferred acquisition costs (87,465 ) (29,737 ) (57,728 ) Net unrealized gains on investments 550,016 187,006 363,010 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,293 62,660 121,633 Total other comprehensive income $ 734,309 $ 249,666 $ 484,643 Quarter Ended September 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 $ (2,866,815 ) $ (1,106,939 ) $ (1,759,876 ) Reclassification adjustment for gains included in income (606,509 ) (73,993 ) (532,516 ) Adjustment for effect of deferred acquisition costs 93,198 31,688 61,510 Net unrealized losses on investments (3,380,126 ) (1,149,244 ) (2,230,882 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 190,559 64,790 125,769 Total other comprehensive loss $ (3,189,567 ) $ (1,084,454 ) $ (2,105,113 ) Nine Months Ended September 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 $ 21,823,115 $ 7,419,859 $ 14,403,256 Reclassification adjustment for gains included in income (1,492,973 ) (507,611 ) (985,362 ) Adjustment for effect of deferred acquisition costs (586,423 ) (199,383 ) (387,040 ) Net unrealized gains on investments 19,743,719 6,712,865 13,030,854 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 552,880 187,979 364,901 Total other comprehensive income $ 20,296,599 $ 6,900,844 $ 13,395,755 Nine Months Ended September 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 $ (8,609,887 ) $ (3,068,836 ) $ (5,541,051 ) Reclassification adjustment for gains included in income (734,350 ) (108,206 ) (626,144 ) Adjustment for effect of deferred acquisition costs 257,145 87,430 169,715 Net unrealized losses on investments (9,087,092 ) (3,089,612 ) (5,997,480 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 571,675 194,370 377,305 Total other comprehensive loss $ (8,515,417 ) $ (2,895,242 ) $ (5,620,175 )
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 nine months ended September 30, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 14,016,216 - 14,016,216 Amounts reclassified from accumulated other comprehensive income (985,362 ) 364,901 (620,461 ) Net current period other comprehensive income 13,030,854 364,901 13,395,755 Ending balance $ 19,324,556 $ (5,171,640 ) $ 14,152,916 For the nine months ended September 30, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (5,371,336 ) - (5,371,336 ) Amounts reclassified from accumulated other comprehensive income (626,144 ) 377,305 (248,839 ) Net current period other comprehensive income (loss) (5,997,480 ) 377,305 (5,620,175 ) Ending balance $ 11,745,927 $ (4,661,783 ) $ 7,084,144
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, Reclassification Adjustments 2016 2015 2016 2015 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 927,916 $ 606,509 $ 1,492,973 $ 734,350 Income tax expense (c) (315,492 ) (73,993 ) (507,611 ) (108,206 ) Net of tax 612,424 532,516 985,362 626,144 Defined benefit pension plan: Amortization of actuarial net loss (b) (184,293 ) (190,559 ) (552,880 ) (571,675 ) Income tax benefit (c) 62,660 64,790 187,979 194,370 Net of tax (121,633 ) (125,769 ) (364,901 ) (377,305 ) Total reclassifications for the period $ 490,791 $ 406,747 $ 620,461 $ 248,839

Note 10 - Employee Benefit Pl23

Note 10 - Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ - $ - $ - $ - Interest cost 247,609 222,565 742,829 667,697 Expected return on plan assets (275,502 ) (293,069 ) (826,507 ) (879,208 ) Recognized actuarial net loss 184,293 190,559 552,880 571,675 Net periodic pension cost $ 156,400 $ 120,055 $ 469,202 $ 360,164

Note 1 - Nature of Operations (

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

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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	$ 686,655		$ 686,655		$ 0
Fixed Maturities [Member] | Basic Industrial Sector [Member]
Percent of Portfolio Gross Unrealized Losses	0.00%		0.00%		54.50%
Fixed Maturities [Member] | Energy Sector [Member]
Percent of Portfolio Gross Unrealized Losses	21.60%		21.60%		22.60%
Fixed Maturities [Member]
Percentage of Portfolio Measured	100.00%		100.00%		97.40%
Minimum Fair Value to Cost Ratio	80.00%		80.00%		80.00%
Equity Securities [Member]
Percentage of Portfolio Measured	96.30%		96.30%		93.40%
Minimum Fair Value to Cost Ratio	80.00%		80.00%		80.00%
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 118,267	$ 0	$ 0	$ 0
Investments in Convertible Securities, Gain (Loss)	99,192	41,082	(44,184)	41,082
Mortgage Loan Defaults, Amount		0	0
Mortgage Loans Modifications Recorded Investment	0		0		$ 0
Mortgage Loans in Process of Foreclosure Amount		$ 0		$ 0	0
Restricted Cash and Investments	$ 23,253,142		$ 23,253,142		$ 22,899,132
Mortgage Loans, Commercial, Percentage	23.20%		23.20%		32.10%
Mortgage Loans, Residential, Percentage	76.80%		76.80%		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	$ 974,103		$ 974,103		$ 957,405

Note 4 - Investments - Availabl

Note 4 - Investments - Available-for-sale Securities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
US Government Agencies Debt Securities [Member]
Fixed maturity securities, amortized cost	$ 22,095,238	$ 23,373,714
Fixed maturity securities, gross unrealized gains	1,055,465	642,038
Fixed maturity securities, gross unrealized losses	347
Fixed maturity securities	23,150,356	24,015,752
US States and Political Subdivisions Debt Securities [Member]
Fixed maturity securities, amortized cost	35,440,349	36,830,198
Fixed maturity securities, gross unrealized gains	6,363,950	4,511,826
Fixed maturity securities, gross unrealized losses		136,585
Fixed maturity securities	41,804,299	41,205,439
Corporate Debt Securities [Member]
Fixed maturity securities, amortized cost	199,144,059	229,425,035
Fixed maturity securities, gross unrealized gains	15,393,658	10,338,999
Fixed maturity securities, gross unrealized losses	261,102	4,587,896
Fixed maturity securities	214,276,615	235,176,138
Foreign [Member]
Fixed maturity securities, amortized cost	50,649,606	65,010,084
Fixed maturity securities, gross unrealized gains	3,599,268	1,731,076
Fixed maturity securities, gross unrealized losses	5,092	4,682,638
Fixed maturity securities	54,243,782	62,058,522
Asset-backed Securities [Member]
Fixed maturity securities, amortized cost		143,552
Fixed maturity securities, gross unrealized gains		457
Fixed maturity securities, gross unrealized losses
Fixed maturity securities		144,009
Commercial Mortgage Backed Securities [Member]
Fixed maturity securities, amortized cost	6,750,974	6,830,520
Fixed maturity securities, gross unrealized gains	516,795	148,314
Fixed maturity securities, gross unrealized losses		15,592
Fixed maturity securities	7,267,769	6,963,242
Residential Mortgage Backed Securities [Member]
Fixed maturity securities, amortized cost	33,284,905	37,200,599
Fixed maturity securities, gross unrealized gains	2,432,185	1,776,233
Fixed maturity securities, gross unrealized losses		62,255
Fixed maturity securities	35,717,090	38,914,577
Redeemable Preferred Stock [Member]
Fixed maturity securities, amortized cost	932,150	711,915
Fixed maturity securities, gross unrealized gains	84,984
Fixed maturity securities, gross unrealized losses	28,209	42,787
Fixed maturity securities	988,925	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	29,858
Equity securities, gross unrealized losses		14,253
Equity securities	348,142	304,031
Common Stock [Member]
Equity securities, amortized cost	6,665,413	6,426,482
Equity securities, gross unrealized gains	1,286,221	702,497
Equity securities, gross unrealized losses	352,179	524,121
Equity securities	7,599,455	6,604,858
Fixed maturity securities, amortized cost	348,297,281	399,525,617
Fixed maturity securities, gross unrealized gains	29,446,305	19,148,943
Fixed maturity securities, gross unrealized losses	294,750	9,527,753
Fixed maturity securities	377,448,836	409,146,807
Equity securities, amortized cost	7,691,597	7,452,666
Equity securities, gross unrealized gains	1,316,079	702,497
Equity securities, gross unrealized losses	352,179	538,374
Equity securities	8,655,497	7,616,789
Securities, amortized cost	355,988,878	406,978,283
Securities, gross unrealized gains	30,762,384	19,851,440
Securities, gross unrealized losses	646,929	10,066,127
Securities	$ 386,104,333	$ 416,763,596

Note 4 - Investments - Securiti

Note 4 - Investments - Securities in a Continuous Unrealized Loss Position (Details)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
US Government Agencies Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 253,233
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 347
Securities in continuous loss position, less than 12 months, number of securities	1
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
Corporate Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 2,792,199	$ 55,039,213
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 8,936	$ 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	$ 4,941,783	$ 5,533,581
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 252,166	$ 714,738
Securities in continuous loss position, greater than 12 months, number of securities	3	4
Foreign [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 389,000	$ 24,154,510
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 5,092	$ 1,418,143
Securities in continuous loss position, less than 12 months, number of securities	1	20
Securities in continuous loss position, greater than 12 months, fair value		$ 6,007,156
Securities in continuous loss position, greater than 12 months, gross unrealized loss		$ 3,264,495
Securities in continuous loss position, greater than 12 months, number of securities		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	$ 17,248	$ 669,128
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 733	$ 42,787
Securities in continuous loss position, less than 12 months, number of securities	1	2
Securities in continuous loss position, greater than 12 months, fair value	$ 202,605
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 27,476
Securities in continuous loss position, greater than 12 months, number of securities	1
Debt Securities [Member]
Securities in continuous loss position, fair value	$ 8,596,068	$ 97,785,587
Securities in continuous loss position, gross unrealized loss	$ 294,750	$ 9,527,753
Securities in continuous loss position, number of securities	9	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	$ 1,514,608	$ 2,449,672
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 176,954	$ 473,551
Securities in continuous loss position, less than 12 months, number of securities	9	15
Securities in continuous loss position, greater than 12 months, fair value	$ 726,041	$ 183,960
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 175,225	$ 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	$ 2,240,649	$ 2,937,663
Securities in continuous loss position, gross unrealized loss	$ 352,179	$ 538,374
Securities in continuous loss position, number of securities	17	19
Securities in continuous loss position, fair value	$ 10,836,717	$ 100,723,250
Securities in continuous loss position, gross unrealized loss	$ 646,929	$ 10,066,127
Securities in continuous loss position, number of securities	26	107

Note 4 - Investments - Net Unre

Note 4 - Investments - Net Unrealized Gains for Investments Classified as Available-for-sale (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Net unrealized appreciation on available-for sale securities	$ 30,115,455	$ 9,785,313
Adjustment to deferred acquisition costs	(835,824)	(249,401)
Deferred income taxes	(9,955,075)	(3,242,210)
Net unrealized appreciation on available-for sale securities	$ 19,324,556	$ 6,293,702

Note 4 - Investments - Fixed Ma

Note 4 - Investments - Fixed Maturity Securities by Contractual Maturity (Details) - USD ($)	Sep. 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	$ 59,790,491
Securities without single maturity date, fair value	63,562,403
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	988,925
All Except For State Guaranteed Receivables [Member]
Due in one year or less, amortized cost	14,712,695
Due in one year or less, fair value	14,994,152
Due after one year through five years, amortized cost	94,722,166
Due after one year through five years, fair value	102,418,614
Due after five years through ten years, amortized cost	135,505,787
Due after five years through ten years, fair value	144,857,593
Due after ten years, amortized cost	42,633,992
Due after ten years, fair value	50,627,149
Fixed maturities, amortized cost	348,297,281
Fixed maturities (amortized cost: $348,297,281 and $399,525,617)	377,448,836
Redeemable Preferred Stock [Member]
Fixed maturities, amortized cost	932,150	$ 711,915
Fixed maturities (amortized cost: $348,297,281 and $399,525,617)	988,925	669,128
Fixed maturities, amortized cost	348,297,281	399,525,617
Fixed maturities (amortized cost: $348,297,281 and $399,525,617)	$ 377,448,836	$ 409,146,807

Note 4 - Investments - Proceeds

Note 4 - Investments - Proceeds from Sales and Maturities of Investments in Available-for-sale (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Proceeds from sales and maturities	$ 45,275,073	$ 13,603,538	$ 72,674,725	$ 29,969,158
Gross realized gains	1,772,703	606,915	2,345,537	857,095
Gross realized losses	$ (844,787)	$ (406)	$ (852,564)	$ (122,745)

Note 4 - Investments - Change i

Note 4 - Investments - Change in Unrealized Gains (Losses) and Realized Gains (Losses) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Securities [Member]
Change in net unrealized investment gains (losses)	$ 680,196	$ (2,751,428)	$ 19,530,365	$ (8,248,903)
Available-for-sale Securities, Gross Realized Gain (Loss)	880,055		1,445,112	90,859
Equity Securities [Member]
Change in net unrealized investment gains (losses)	(42,715)	(721,896)	799,777	(1,095,334)
Available-for-sale Securities, Gross Realized Gain (Loss)	47,861	606,509	47,861	643,491
Mortgage loans on real estate				75,915
Investments in convertible options		$ (5,529)	$ 9,232	$ (5,529)

Note 4 - Investments - Mortgage

Note 4 - Investments - Mortgage Loans by State (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
TEXAS
Mortgage loans by state	$ 5,613,143	$ 5,694,612
FLORIDA
Mortgage loans by state	5,404,717	3,906,034
Illinois [Member]
Mortgage loans by state	4,936,961	6,046,408
Georgia [Member]
Mortgage loans by state	3,372,057	2,671,788
California [Member]
Mortgage loans by state	3,020,218	3,366,434
Missouri [Member]
Mortgage loans by state	2,738,436	1,342,845
Kentucky [Member]
Mortgage loans by state	2,451,081	3,241,793
OHIO
Mortgage loans by state	2,434,104	1,692,354
Arizona [Member]
Mortgage loans by state	2,168,241	774,060
Colorado [Member]
Mortgage loans by state	1,375,508	222,364
NEW JERSEY
Mortgage loans by state	1,199,938	247,723
Tennessee [Member]
Mortgage loans by state	1,074,622	895,607
Indiana [Member]
Mortgage loans by state	897,984	759,139
North Carolina [Member]
Mortgage loans by state	699,495	353,275
Oregon [Member]
Mortgage loans by state	489,172
NEVADA
Mortgage loans by state	481,073	373,359
Virginia [Member]
Mortgage loans by state	403,002
Pennsylvania [Member]
Mortgage loans by state	356,582	370,323
UTAH
Mortgage loans by state	345,011	77,939
WEST VIRGINIA
Mortgage loans by state	235,751	412,250
South Carolina [Member]
Mortgage loans by state	203,698	225,881
Massachusetts [Member]
Mortgage loans by state	174,940	205,469
Idaho [Member]
Mortgage loans by state	146,921	159,073
KANSAS
Mortgage loans by state	134,653	135,401
Mortgage loans by state	$ 40,357,308	$ 33,174,131

Note 4 - Investments - State-gu

Note 4 - Investments - State-guaranteed Receivables by Contractual Maturity (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
State-guaranteed Receivables [Member]
Due in one year or less, amortized cost	$ 983,246
Due in one year or less, fair value	996,050
Due after one year through five years, amortized cost	3,501,954
Due after one year through five years, fair value	3,869,310
Due after five years through ten years, amortized cost	3,761,316
Due after five years through ten years, fair value	4,766,741
Due after ten years, amortized cost	2,050,892
Due after ten years, fair value	3,451,501
Total, amortized cost	10,297,408
Total, fair value	13,083,602
Total, amortized cost	$ 10,297,408	$ 7,692,959

Note 4 - Investments - Amortize

Note 4 - Investments - Amortized Cost of State-guaranteed Receivables, by State (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
New York [Member]
Amortized cost of state-guaranteed receivables	$ 3,483,723	$ 3,496,115
Massachusetts [Member]
Amortized cost of state-guaranteed receivables	2,407,968	1,991,601
Georgia [Member]
Amortized cost of state-guaranteed receivables	2,052,018	1,432,022
Washington [Member]
Amortized cost of state-guaranteed receivables	693,716
Indiana [Member]
Amortized cost of state-guaranteed receivables	462,637
OHIO
Amortized cost of state-guaranteed receivables	433,262	54,171
Pennsylvania [Member]
Amortized cost of state-guaranteed receivables	338,291	294,968
TEXAS
Amortized cost of state-guaranteed receivables	257,031	243,939
California [Member]
Amortized cost of state-guaranteed receivables	168,762	180,143
Amortized cost of state-guaranteed receivables	$ 10,297,408	$ 7,692,959

Note 4 - Investments - Net Inve

Note 4 - Investments - Net Investment Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fixed Maturities [Member]
Gross investment income (loss)	$ 4,410,484	$ 4,517,133	$ 13,951,373	$ 13,713,883
Equity Securities [Member]
Gross investment income (loss)	88,563	55,400	220,213	192,180
Mortgages [Member]
Gross investment income (loss)	642,705	545,945	1,966,079	1,730,040
Policy Loans [Member]
Gross investment income (loss)	121,616	126,798	365,071	368,784
State-guaranteed Receivables [Member]
Gross investment income (loss)	172,946	134,770	480,469	413,045
Convertible Debt Securities [Member]
Gross investment income (loss)	99,192	(41,082)	(44,184)	(41,082)
Other Long-term Investments [Member]
Gross investment income (loss)	53,360	47,741	165,674	168,772
Gross investment income (loss)	5,588,866	5,386,705	17,104,695	16,545,622
Investment Expenses	258,013	148,668	774,037	744,725
Net investment income	$ 5,330,853	$ 5,238,037	$ 16,330,658	$ 15,800,897

Note 5 - Fair Values of Finan36

Note 5 - Fair Values of Financial Instruments (Details Textual)	Sep. 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 - Fair Values of Finan37

Note 5 - Fair Values of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Sep. 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	348,142	304,031
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	7,151,455	6,252,858
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,207,497	7,264,789
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in convertible options
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	23,150,356	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	41,804,299	41,205,439
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	214,276,615	235,176,138
Fair Value, Inputs, Level 2 [Member] | Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	54,243,782	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	7,267,769	6,963,242
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	35,717,090	38,914,577
Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	988,925	669,128
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	377,448,836	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	974,103	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
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	23,150,356	24,015,752
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	41,804,299	41,205,439
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	214,276,615	235,176,138
Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	54,243,782	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	7,267,769	6,963,242
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	35,717,090	38,914,577
Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	988,925	669,128
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	377,448,836	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	348,142	304,031
Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	7,599,455	6,604,858
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,655,497	7,616,789
Fair Value, Measurements, Recurring [Member]
Investments in convertible options	974,103	957,405
Securities available-for-sale	386,104,333	416,763,596
Investments in convertible options	$ 974,103	$ 957,405

Note 5 - Fair Values of Finan38

Note 5 - Fair Values of Financial Instruments - Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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 ($)	Sep. 30, 2016	Dec. 31, 2015
Reported Value Measurement [Member] | Commercial Mortgage [Member]
Assets:
Loans	$ 9,374,448	$ 10,655,107
Reported Value Measurement [Member] | Residential Mortgage [Member]
Assets:
Loans	30,982,860	22,519,024
Reported Value Measurement [Member] | Policy Loans [Member]
Assets:
Loans	6,394,333	6,702,911
Reported Value Measurement [Member]
Assets:
Total, fair value	10,297,408	7,692,959
Other invested assets	2,043,888	2,379,451
Cash and cash equivalents	47,911,628	3,619,663
Accrued investment income	4,055,195	5,149,612
Cash value of company-owned life insurance	13,575,925	13,191,773
Liabilities:
Policyholder deposits (Investment-type contracts)	52,182,540	52,694,746
Policy claims	2,545,195	2,584,088
Obligations under capital leases	130,114	377,259
Notes payable	1,159,316	1,433,448
Estimate of Fair Value Measurement [Member] | Commercial Mortgage [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Loans
Estimate of Fair Value Measurement [Member] | Commercial Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Loans
Estimate of Fair Value Measurement [Member] | Commercial Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Loans	9,628,342	11,080,145
Estimate of Fair Value Measurement [Member] | Commercial Mortgage [Member]
Assets:
Loans	9,628,342	11,080,145
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Loans
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Loans
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Loans	33,484,069	24,679,435
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member]
Assets:
Loans	33,484,069	24,679,435
Estimate of Fair Value Measurement [Member] | Policy Loans [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Loans
Estimate of Fair Value Measurement [Member] | Policy Loans [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Loans
Estimate of Fair Value Measurement [Member] | Policy Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Loans	6,394,333	6,702,911
Estimate of Fair Value Measurement [Member] | Policy Loans [Member]
Assets:
Loans	6,394,333	6,702,911
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Total, fair value
Other invested assets
Cash and cash equivalents	47,911,628	3,619,663
Accrued investment income
Cash value of company-owned life insurance
Liabilities:
Policyholder deposits (Investment-type contracts)
Policy claims
Obligations under capital leases
Notes payable
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Total, fair value	13,083,602	9,094,934
Other invested assets
Cash and cash equivalents
Accrued investment income
Cash value of company-owned life insurance
Liabilities:
Policyholder deposits (Investment-type contracts)
Policy claims
Obligations under capital leases
Notes payable
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Total, fair value
Other invested assets	2,043,888	2,379,451
Cash and cash equivalents
Accrued investment income	4,055,195	5,149,612
Cash value of company-owned life insurance	13,575,925	13,191,773
Liabilities:
Policyholder deposits (Investment-type contracts)	51,872,237	53,880,242
Policy claims	2,545,195	2,584,088
Obligations under capital leases	130,114	377,259
Notes payable	1,159,316	1,433,448
Estimate of Fair Value Measurement [Member]
Assets:
Total, fair value	13,083,602	9,094,934
Other invested assets	2,043,888	2,379,451
Cash and cash equivalents	47,911,628	3,619,663
Accrued investment income	4,055,195	5,149,612
Cash value of company-owned life insurance	13,575,925	13,191,773
Liabilities:
Policyholder deposits (Investment-type contracts)	51,872,237	53,880,242
Policy claims	2,545,195	2,584,088
Obligations under capital leases	130,114	377,259
Notes payable	$ 1,159,316	$ 1,433,448

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Weighted Average Number of Shares Outstanding, Basic	1,106,710	1,117,605	1,113,337	1,121,130

Note 7 - Segment Data (Details

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

Note 7 - Segment Data - Segment

Note 7 - Segment Data - Segments by Operating Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Preneed and Burial Products [Member]
Revenue	$ 14,280,983	$ 13,064,662	$ 40,136,824	$ 37,451,666
Pre-tax income (loss) from operations	1,189,337	590,199	1,526,801	(309,668)
Traditional and Universal Life Products [Member]
Revenue	2,641,376	4,763,360	8,601,946	13,859,163
Pre-tax income (loss) from operations	184,732	364,982	564,699	640,179
Administrative and Financial Services [Member]
Revenue	364,967	397,378	1,045,289	1,037,432
Pre-tax income (loss) from operations	142,640	83,689	267,796	201,412
Corporate and Other [Member]
Revenue	281,510	188,229	541,077	630,463
Pre-tax income (loss) from operations	141,937	(3,390)	3,330	12,677
Revenue	17,568,836	18,413,629	50,325,136	52,978,724
Pre-tax income (loss) from operations	$ 1,658,646	$ 1,035,480	$ 2,362,626	$ 544,600

Note 8 - Federal Income Taxes (

Note 8 - Federal Income Taxes (Details Textual)	3 Months Ended
	Sep. 30, 2016USD ($)
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Open Tax Year	2,013
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 44

Note 9 - Other Comprehensive Income (Loss) - Other Comprehensive Income (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Unrealized holding gains arising during period, pretax		$ 1,565,397	$ (2,866,815)	$ 21,823,115	$ (8,609,887)
Unrealized holding gains arising during period		532,235	(1,106,939)	7,419,859	(3,068,836)
Unrealized holding gains arising during period, net of tax		1,033,162	(1,759,876)	14,403,256	(5,541,051)
Reclassification adjustment for gains included in income, pretax	[1]	(927,916)	(606,509)	(1,492,973)	(734,350)
Income tax expense (c)	[2]	(315,492)	(73,993)	(507,611)	(108,206)
Reclassification adjustment for gains included in income, net of tax		(612,424)	(532,516)	(985,362)	(626,144)
Adjustment for effect of deferred acquisition costs, pretax		(87,465)	93,198	(586,423)	257,145
Adjustment for effect of deferred acquisition costs		(29,737)	31,688	(199,383)	87,430
Adjustment for effect of deferred acquisition costs, net of tax		(57,728)	61,510	(387,040)	169,715
Net unrealized gains on investments, pretax		550,016	(3,380,126)	19,743,719	(9,087,092)
Net unrealized gains on investments		187,006	(1,149,244)	6,712,865	(3,089,612)
Net unrealized gains on investments, net of tax		363,010	(2,230,882)	13,030,854	(5,997,480)
Amortization of actuarial net loss in net periodic pension cost, pretax	[3]	184,293	190,559	552,880	571,675
Amortization of actuarial net loss in net periodic pension cost	[2]	62,660	64,790	187,979	194,370
Amortization of actuarial net loss in net periodic pension cost, net of tax		121,633	125,769	364,901	377,305
Total other comprehensive income, pretax		734,309	(3,189,567)	20,296,599	(8,515,417)
Total other comprehensive income		249,666	(1,084,454)	6,900,844	(2,895,242)
Total other comprehensive income, net of tax		484,643	(2,105,113)	13,395,755	(5,620,175)
Income tax benefit (c)	[2]	$ 62,660	$ 64,790	$ 187,979	$ 194,370
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 9 - Other Comprehensive 45

Note 9 - Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Beginning balance			$ 6,293,702	$ 17,743,407
Other comprehensive income before reclassifications			14,016,216	(5,371,336)
Amounts reclassified from accumulated other comprehensive income			(985,362)	(626,144)
Net current period other comprehensive income			13,030,854	(5,997,480)
Ending balance	$ 19,324,556	$ 11,745,927	19,324,556	11,745,927
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			364,901	377,305
Net current period other comprehensive income			364,901	377,305
Ending balance	(5,171,640)	(4,661,783)	(5,171,640)	(4,661,783)
Beginning balance			757,161	12,704,319
Other comprehensive income before reclassifications			14,016,216	(5,371,336)
Amounts reclassified from accumulated other comprehensive income	(490,791)	(406,747)	(620,461)	(248,839)
Net current period other comprehensive income			13,395,755	(5,620,175)
Ending balance	$ 14,152,916	$ 7,084,144	$ 14,152,916	$ 7,084,144

Note 9 - Other Comprehensive 46

Note 9 - Other Comprehensive Income (Loss) - Amounts Reclassified from AOCI to Income (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Realized gains on sale of securities (a)	[1]	$ 927,916	$ 606,509	$ 1,492,973	$ 734,350
Income tax expense (c)	[2]	(315,492)	(73,993)	(507,611)	(108,206)
Net of tax		612,424	532,516	985,362	626,144
Amortization of actuarial net loss (b)	[3]	(184,293)	(190,559)	(552,880)	(571,675)
Income tax benefit (c)	[2]	62,660	64,790	187,979	194,370
Net of tax		(121,633)	(125,769)	(364,901)	(377,305)
Total reclassifications for the period		$ 490,791	$ 406,747	$ 620,461	$ 248,839
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 10 - Employee Benefit Pl47

Note 10 - Employee Benefit Plans (Details Textual) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 331,987		$ 300,000
Defined Benefit Plan, Contributions by Employer		$ 225,000

Note 10 - Employee Benefit Pl48

Note 10 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Service cost
Interest cost	247,609	222,565	742,829	667,697
Expected return on plan assets	(275,502)	(293,069)	(826,507)	(879,208)
Recognized actuarial net loss	184,293	190,559	552,880	571,675
Net periodic pension cost	$ 156,400	$ 120,055	$ 469,202	$ 360,164

Note 11 - Reinsurance (Details

Note 11 - Reinsurance (Details Textual) - USD ($)	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Southland National Insurance Corporation [Member] | Ceded Commision [Member]
Deferred Revenue	$ 1,471,858	$ 1,471,858		$ 1,471,858
Southland National Insurance Corporation [Member]
Life Insurance Coinsured Ratio				100.00%
Reinsurance Reserve Ceded Under Agreement				$ 44,023,892
Deferred Policy Acquisition Costs	$ 329,414	329,414		329,414
Reinsurance Contract Life	20 years
Southland National Insurance Corporation [Member] | Other Liabilities [Member]
Reinsurance Payable	$ 41,921,155	41,921,155		41,921,155
Debt Securities [Member]
Available-for-sale Securities, Gross Realized Gain (Loss)		880,055		1,445,112	$ 90,859
Deferred Policy Acquisition Costs	15,533,061	15,533,061		15,533,061		$ 17,237,522
Deferred Revenue	$ 1,471,858	$ 1,471,858		$ 1,471,858