Investors Heritage Capital (IHRC) 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 12, 2017
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)		1,106,351
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Fixed maturities (amortized cost: $352,928,976 and $350,196,848)	$ 369,625,988	$ 365,949,349
Equity securities (cost: $8,222,958 and $8,080,073)	9,834,440	9,154,718
Mortgage loans on real estate	40,596,744	41,302,392
Policy loans	6,307,202	6,336,277
Amortized cost of state-guaranteed receivables	11,293,902	11,584,681
Investments in convertible options	1,174,724	983,950
Other invested assets	1,922,198	1,951,830
Total investments	440,755,198	437,263,197
Cash and cash equivalents	1,616,173	3,297,917
Accrued investment income	4,012,278	4,433,680
Due premiums	2,720,892	2,768,774
Deferred acquisition costs	15,542,715	15,712,181
Value of business acquired	137,277	155,264
Leased property under capital leases	78,386	75,841
Property and equipment, net	917,165	915,494
Cash value of company-owned life insurance	13,933,588	13,855,560
Other assets	2,127,552	2,435,867
Amounts recoverable from reinsurers	96,808,494	98,444,173
Total assets	578,649,718	579,357,948
LIABILITIES
Benefit reserves	490,348,266	492,963,963
Unearned premium reserves	8,243,900	8,100,042
Policy claims	2,327,078	2,637,220
Liability for deposit-type contracts	3,362,015	3,351,107
Reserves for dividends and endowments and other	394,499	384,401
Total policy liabilities	504,675,758	507,436,733
Deferred federal income tax liability	3,737,702	3,256,943
Obligations under capital leases	73,958	72,209
Notes payable	1,353,398	971,851
Accrued pension liability	5,914,086	6,021,264
Deferred revenue on reinsurance ceded	1,392,004	1,431,647
Other liabilities	4,576,914	3,982,356
Total liabilities	521,723,820	523,173,003
STOCKHOLDERS' EQUITY
Common stock (shares issued: 1,106,351 and 1,106,351)	1,106,351	1,106,351
Paid-in surplus	8,913,360	8,913,360
Accumulated other comprehensive income	6,559,210	5,493,892
Retained earnings	40,346,977	40,671,342
Total stockholders' equity	56,925,898	56,184,945
Total liabilities and stockholders' equity	$ 578,649,718	$ 579,357,948

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fixed maturities, amortized cost	$ 352,928,976	$ 350,196,848
Equity securities, cost	$ 8,222,958	$ 8,080,073
Common stock, shares issued (in shares)	1,106,351	1,106,351

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUE
Premiums and other considerations	$ 13,061,284	$ 12,662,789
Premiums ceded	(2,534,576)	(2,896,609)
Net premiums	10,526,708	9,766,180
Investment income, net of expenses	5,082,698	5,455,667
Net realized gains on investments	106,130	326,712
Other income	540,809	353,597
Total revenue	16,256,345	15,902,156
BENEFITS AND EXPENSES
Death and other benefits	13,136,155	11,377,713
Guaranteed annual endowments	96,016	99,141
Dividends to policyholders	72,970	79,549
Increase (decrease) in benefit reserves and unearned premiums	(567,250)	206,300
Acquisition costs deferred	(1,118,010)	(1,123,083)
Amortization of deferred acquisition costs	1,251,044	1,415,077
Commissions	802,350	691,116
Other general and administrative expenses	2,643,195	2,841,342
Total benefits and expenses	16,316,470	15,587,155
INCOME (LOSS) BEFORE FEDERAL INCOME TAXES	(60,125)	315,001
PROVISION (BENEFIT) FOR FEDERAL INCOME TAXES
Current	53,010	110,259
Deferred	(68,041)	(31,509)
Total federal income taxes	(15,031)	78,750
NET INCOME (LOSS)	$ (45,094)	$ 236,251
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (in dollars per share)	$ (0.04)	$ 0.21
DIVIDENDS PER SHARE (in dollars per share)	$ 0.25	$ 0.21

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
NET INCOME (LOSS)		$ (45,094)	$ 236,251
Change in net unrealized gains on available-for-sale securities:
Unrealized holding gains arising during period		1,539,825	10,461,406
Reclassification adjustment for gains included in income	[1]	(58,477)	(326,712)
Adjustment for effects of deferred acquisition costs		(36,432)	(258,187)
Net unrealized gains on investments		1,444,916	9,876,507
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost	[2]	169,202	184,293
Other comprehensive income before income taxes		1,614,118	10,060,800
Income tax expense		548,800	3,420,671
OTHER COMPREHENSIVE INCOME, NET OF TAXES		1,065,318	6,640,129
COMPREHENSIVE INCOME		$ 1,020,224	$ 6,876,380
[1]	These items appear within net realized gains on investments in the consolidated income statements.
[2]	These items are included in the computation of net periodic pension cost (see Note 10).

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
BALANCE at Dec. 31, 2015	$ 1,117,647	$ 8,913,360	$ 757,161	$ 38,462,834	$ 49,251,002
NET INCOME (LOSS)				236,251	236,251
Other comprehensive income, net			6,640,129		6,640,129
Cash dividends				(254,485)	(254,485)
BALANCE at Mar. 31, 2016	1,117,647	8,913,360	7,397,290	38,444,600	55,872,897
BALANCE at Dec. 31, 2016	1,106,351	8,913,360	5,493,892	40,671,342	56,184,945
NET INCOME (LOSS)				(45,094)	(45,094)
Other comprehensive income, net			1,065,318		1,065,318
Cash dividends				(279,271)	(279,271)
BALANCE at Mar. 31, 2017	$ 1,106,351	$ 8,913,360	$ 6,559,210	$ 40,346,977	$ 56,925,898

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$ (381,402)	$ 2,101,770
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(14,554,471)	(4,891,137)
Sales of available-for-sale securities	2,461,588	9,049,595
Maturities of available-for-sale securities	9,300,468	7,007,539
Acquisitions of mortgage loans on real estate	(3,112,400)	(8,337,406)
Payments of mortgage loans on real estate	3,758,635	718,524
Payments of state-guaranteed receivables	487,260	298,260
Purchases of convertible options	(49,205)	(31,016)
Sales and exchanges of convertible options	92,254
Net change in payable (receivable) for securities	17,250	300,000
Net reductions (additions) of other investments	58,707	111,648
Net additions to property and equipment	(43,524)	(21,084)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(1,583,438)	4,204,923
FINANCING ACTIVITIES
Policyholder account deposits	465,896	1,191,586
Policyholder account withdrawals	(564,347)	(1,783,625)
Payments on notes payable	(633,755)	(591,110)
Proceeds from notes payable	1,015,302	598,852
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	283,096	(584,297)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,681,744)	5,722,396
Cash and cash equivalents at beginning of period	3,297,917	3,619,663
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 1,616,173	$ 9,342,059

Note 1 - Nature of Operations

Note 1 - Nature of Operations	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	NOTE 1 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% 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. Investors Heritage Life is currently licensed in 37

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 2 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 10 March 31, 2017 may December 31, 2017. December 31, 2016, 10 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. Certain reclassifications have been made to the prior period financial statements and footnotes shown herein to conform to current period presentation. These reclassifications had no effect on previously reported net income or stockholders’ equity. Management has evaluated all events subsequent to March 31, 2017 11 March 31, 2017.

Note 3- New Accounting Pronounc

Note 3- New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3 In March 2017, January 1, 2019, may In March 2017, January 1, 2018, 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, 2016, 10

Note 4 - Investments

Note 4 - Investments	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 21,717,878 $ 313,296 $ 24,744 $ 22,006,430 States and political subdivisions 31,206,237 4,155,079 - 35,361,316 Corporate 203,487,457 9,651,511 600,553 212,538,415 Foreign 57,035,666 2,005,347 88,087 58,952,926 Mortgage-backed securities (MBS): Commercial MBS 8,227,125 192,102 4,932 8,414,295 Residential MBS 30,786,315 1,255,947 71,454 31,970,808 Corporate redeemable preferred stock 468,298 22,327 108,827 381,798 Total fixed maturity securities 352,928,976 17,595,609 898,597 369,625,988 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 48,182 - 366,466 Corporate common stock 6,808,298 1,814,800 278,424 8,344,674 Corporate nonredeemable preferred stock 388,476 26,924 - 415,400 Total equity securities 8,222,958 1,889,906 278,424 9,834,440 Total $ 361,151,934 $ 19,485,515 $ 1,177,021 $ 379,460,428 Gross Gross December 31, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 21,882,312 $ 360,723 $ 9,416 $ 22,233,619 States and political subdivisions 35,403,214 4,153,294 31,260 39,525,248 Corporate 202,578,595 9,355,481 953,527 210,980,549 Foreign 51,081,850 1,731,092 283,363 52,529,579 Mortgage-backed securities (MBS): Commercial MBS 6,717,214 198,857 - 6,916,071 Residential MBS 32,065,365 1,314,373 72,741 33,306,997 Corporate redeemable preferred stock 468,298 14,140 25,152 457,286 Total fixed maturity securities 350,196,848 17,127,960 1,375,459 365,949,349 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 28,840 - 347,124 Corporate common stock 6,665,413 1,370,651 335,020 7,701,044 Corporate nonredeemable preferred stock 388,476 10,174 - 398,650 Total equity securities 8,080,073 1,409,665 335,020 9,154,718 Total $ 358,276,921 $ 18,537,625 $ 1,710,479 $ 375,104,067 The following table summarizes, for all securities in an unrealized loss position as of the balance sheet dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position. March 31, 2017 December 31, 2016 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed maturities: Less than 12 months: U.S. government obligations $ 7,626,366 $ 24,744 1 $ 7,892,992 $ 9,416 2 States and political subdivisions - - - 968,740 31,260 1 Corporate 20,352,522 472,149 19 30,370,227 753,570 27 Foreign 11,907,088 87,845 10 10,215,322 283,355 11 Commercial MBS 2,154,516 4,932 2 - - - Residential MBS 2,931,703 71,454 2 3,003,214 72,741 2 Corporate redeemable preferred stock 10,923 7,057 1 17,488 493 1 Greater than 12 months: Corporate 3,043,551 128,404 2 2,997,784 199,957 2 Foreign 197,940 242 1 197,700 8 1 Corporate redeemable preferred stock 128,312 101,770 1 205,423 24,659 1 Total fixed maturities 48,352,921 898,597 39 55,868,890 1,375,459 48 Equity securities: Less than 12 months: Corporate common stock 994,866 243,087 6 1,004,821 136,117 6 Greater than 12 months: Corporate common stock 93,660 35,337 2 873,083 198,903 7 Total equities 1,088,526 278,424 8 1,877,904 335,020 13 Total $ 49,441,447 $ 1,177,021 47 $ 57,746,794 $ 1,710,479 61 At March 31, 2017, 99.9% 80%, 97.9% 80%. December 31, 2016, 100% 80%, 94.3% 80%. 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 management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains/losses in the consolidated statements of income. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of income in the periods incurred as the difference between fair value and cost. Based on our review, the Company experienced no March 31, 2017 2016. Management believes that the Company will fully recover its cost basis in the securities held at March 31, 2017, 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 had been realized. March 31, December 31, 2017 2016 Net unrealized appreciation on available-for sale securities $ 18,308,494 $ 16,827,146 Adjustment to deferred acquisition costs (497,516 ) (461,084 ) Deferred income taxes (6,055,732 ) (5,564,461 ) Net unrealized appreciation on available-for sale securities $ 11,755,246 $ 10,801,601 The amortized cost and fair value of fixed maturity securities at March 31, 2017, may Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 10,885,961 $ 11,093,034 Due after one year through five years 100,119,097 106,092,433 Due after five years through ten years 137,747,012 141,956,462 Due after ten years 45,309,463 50,190,039 Due at multiple maturity dates 58,399,145 59,912,222 Corporate redeemable preferred stock 468,298 381,798 Total $ 352,928,976 $ 369,625,988 Proceeds from sales and maturities of investments in available-for-sale securities, as well as gross gains and gross losses realized, are presented below. Quarter Ended March 31, 2017 2016 Proceeds from sales and maturities $ 11,762,056 $ 16,057,134 Gross realized gains 66,791 332,897 Gross realized losses (8,314 ) (6,185 ) 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 . 2017 2016 Change in net unrealized investment Securities available-for-sale: Fixed maturities $ 944,511 $ 9,799,621 Equity securities 536,837 335,073 Net realized investment gains: Securities available-for-sale: Fixed maturities $ 45,446 $ 326,712 Equity securities 13,031 - Investments in convertible options 47,653 - The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At March 31, 2017 December 31, 2016, $17,131,309 $22,724,783, The Company also engages in commercial and residential mortgage lending. As of March 31, 2017, 27.1% 72.9%, December 31, 2016, 26.2% 73.8%, All commercial mortgage loans are either originated in-house or through two first 80% 115% The Company purchases single family residential mortgage loans through the secondary third As of March 31, 2017 December 31, 2016, no 90 no March 31, 2017 2016. The Company’s investments in mortgage loans, by state, are as follows: March 31, December 31, 2017 2016 Ohio $ 5,337,263 $ 3,083,440 Florida 4,751,756 5,253,110 Texas 4,558,996 5,191,186 Illinois 4,555,085 4,787,454 California 3,580,939 3,591,584 Georgia 3,447,258 3,487,991 Missouri 3,210,602 3,107,289 Kentucky 2,324,511 2,402,800 Arizona 1,487,045 1,490,538 New Jersey 1,192,307 1,196,156 Indiana 888,728 893,431 North Carolina 754,585 757,004 Colorado 672,693 1,190,873 Virginia 670,322 800,635 Tennessee 665,574 1,048,452 Nevada 477,988 479,182 Pennsylvania 474,637 479,720 Utah 342,034 343,533 Washington 231,368 231,939 West Virginia 215,245 225,578 South Carolina 192,104 199,101 Massachusetts 166,760 169,681 Idaho 138,505 142,745 Kansas 134,132 134,396 Michigan 126,307 126,750 Oregon - 487,824 Total $ 40,596,744 $ 41,302,392 The Company owns certain investments in state-guaranteed receivables. These investments represent an assignment of the future rights to cash flows from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries and guaranteed by the states. The state-guaranteed receivables are carried at their amortized cost basis on the balance sheet. At March 31, 2017 , 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 $ 939,469 $ 954,034 Due after one year through five years 4,114,019 4,480,053 Due after five years through ten years 4,213,221 5,064,013 Due after ten years 2,027,193 3,112,032 Total $ 11,293,902 $ 13,610,132 The amortized cost of state-guaranteed receivables, by state, is summarized as follows: March 31, December 31, 2017 2016 New York $ 3,327,400 $ 3,446,349 Massachusetts 3,128,451 3,126,011 Georgia 1,987,550 2,012,845 Ohio 1,030,511 1,177,425 Washington 662,778 653,235 Indiana 423,117 417,811 Pennsylvania 323,732 318,019 Texas 266,072 261,396 California 144,291 171,590 Total $ 11,293,902 $ 11,584,681 The Company holds certain investments in convertible fixed maturity and equity securities. Convertible securities feature an option allowing for a portion of the security to be converted into a common equity position of the underlying issuer in exchange for a lower coupon or preferred dividend rate. In accordance with FASB accounting guidance, this convertible feature must be bifurcated and reported separately on the balance sheet at fair value, with adjustments in fair value recognized in the income statement. Accordingly, the convertible options within our portfolio are reported as investments in convertible options on the balance sheet, and the mark-to-market adjustment associated with the changes in fair value of the convertible options are reported as gains (losses) on investments in convertible options as a component of net investment income. As of March 31, 2017 December 31, 2016, $1,174,724 $983,950, March 31, 2017 2016, $186,170 ($181,420), Major categories of net investment income are summarized as follows: Quarter Ended March 31, 2017 2016 Fixed maturities $ 4,032,263 $ 4,918,861 Equity securities 94,569 74,789 Mortgage loans on real estate 634,205 589,912 Policy loans 113,943 121,310 State-guaranteed receivables 196,481 136,542 Gain (loss) on investments in convertible options 186,170 (181,420 ) Other 86,868 53,685 Gross investment income 5,344,499 5,713,679 Investment expenses 261,801 258,012 Net investment income $ 5,082,698 $ 5,455,667

Note 5 - Fair Values of Financi

Note 5 - Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 5 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 may 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 may Level 1 Level 2 1 Level 3 The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three may 3 3 Valuation of Investments Reported at Fair Value in Financial Statements The Company’s Level 1 one The Company’s Level 2 third third The Company’s Level 3 one may third The following table presents the Company’s fair value hierarchy for those financial instruments measured and reported at fair value on a recurring basis. March 31, 2017 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 22,006,430 $ - $ 22,006,430 States and political subdivisions - 35,361,316 - 35,361,316 Corporate - 212,538,415 - 212,538,415 Foreign - 58,952,926 - 58,952,926 Mortgage-backed securities: Commercial MBS - 8,414,295 - 8,414,295 Residential MBS - 31,970,808 - 31,970,808 Corporate redeemable preferred stock - 381,798 - 381,798 Total fixed maturities $ - $ 369,625,988 $ - $ 369,625,988 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 366,466 - - 366,466 Corporate common stock 7,880,674 - 464,000 8,344,674 Corporate nonredeemable preferred stock - 415,400 - 415,400 Total equity securities $ 8,955,040 $ 415,400 $ 464,000 $ 9,834,440 Investments in convertible options $ - $ 1,174,724 $ - $ 1,174,724 December 31, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 22,233,619 $ - $ 22,233,619 States and political subdivisions - 39,525,248 - 39,525,248 Corporate - 210,980,549 - 210,980,549 Foreign - 52,529,579 - 52,529,579 Mortgage-backed securities: Commercial MBS - 6,916,071 - 6,916,071 Residential MBS - 33,306,997 - 33,306,997 Corporate redeemable preferred stock - 457,286 - 457,286 Total fixed maturities $ - $ 365,949,349 $ - $ 365,949,349 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 347,124 - - 347,124 Corporate common stock 7,253,044 - 448,000 7,701,044 Corporate nonredeemable preferred stock - 398,650 - 398,650 Total equity securities $ 8,308,068 $ 398,650 $ 448,000 $ 9,154,718 Investments in convertible options $ - $ 983,950 $ - $ 983,950 The following table provides a summary of changes in fair value of our Level 3 Quarter Ended March 31, 2017 2016 Corporate common stock: Beginning balance $ 448,000 $ 352,000 Transfers into Level 3 - - Transfers out of Level 3 - - Purchases - - Sales - - Total gains or losses: Included in earnings - - Included in other comprehensive income 16,000 96,000 Ending balance $ 464,000 $ 448,000 The Company experienced no transfers between Level 1 2 March 31, 2017 2016. 2 3 March 31, 2017 2016. 3 The unrealized gains on Level 3 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 March 31, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 11,014,115 $ 11,158,032 $ - $ - $ 11,158,032 Residential 29,582,629 32,497,641 - - 32,497,641 Policy loans 6,307,202 6,307,202 - - 6,307,202 State-guaranteed receivables 11,293,902 13,610,132 - 13,610,132 - Other invested assets 1,922,198 1,922,198 - - 1,922,198 Cash and cash equivalents 1,616,173 1,616,173 1,616,173 - - Accrued investment income 4,012,278 4,012,278 - - 4,012,278 Cash value of company-owned life insurance 13,933,588 13,933,588 - - 13,933,588 Liabilities: Policyholder deposits (Investment-type contracts) 50,917,058 50,266,458 - - 50,266,458 Policy claims 2,327,078 2,327,078 - - 2,327,078 Obligations under capital leases 73,958 73,958 - - 73,958 Notes payable 1,353,398 1,353,398 - - 1,353,398 December 31, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,819,996 $ 11,084,097 $ - $ - $ 11,084,097 Residential 30,482,396 33,992,592 - - 33,992,592 Policy loans 6,336,277 6,336,277 - - 6,336,277 State-guaranteed receivables 11,584,681 13,938,824 - 13,938,824 - Other invested assets 1,951,830 1,951,830 - - 1,951,830 Cash and cash equivalents 3,297,917 3,297,917 3,297,917 - - Accrued investment income 4,433,680 4,433,680 - - 4,433,680 Cash value of company-owned life insurance 13,855,560 13,855,560 - - 13,855,560 Liabilities: Policyholder deposits (Investment-type contracts) 51,870,288 51,304,889 - - 51,304,889 Policy claims 2,637,220 2,637,220 - - 2,637,220 Obligations under capital leases 72,209 72,209 - - 72,209 Notes payable 971,851 971,851 - - 971,851 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: 3

Note 6 - Earnings per Share

Note 6 - Earnings per Share	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 6 Earnings per share of common stock were computed based on the weighted average number of common shares outstanding during each period. The weighted average number of shares outstanding for the quarters ended March 31, 2017 2016 1,106,351 1,117,647,

Note 7 - Segment Data

Note 7 - Segment Data	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 7 The Company operates in four third Quarter Ended March 31, 2017 2016 Revenue: Preneed and burial products $ 13,000,543 $ 12,757,180 Traditional and universal life products 2,461,513 2,796,393 Administrative and financial services 411,759 327,207 Corporate and other 382,530 21,376 Total revenue $ 16,256,345 $ 15,902,156 Pre-tax income (loss) from operations: Preneed and burial products $ (655,668 ) $ 220,847 Traditional and universal life products 266,938 211,171 Administrative and financial services 105,769 62,437 Corporate and other 222,836 (179,454 ) Total pre-tax income (loss) $ (60,125 ) $ 315,001

Note 8 - Federal Income Taxes

Note 8 - Federal Income Taxes	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8 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) We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our 2013 2016 no not

Note 9 - Other Comprehensive In

Note 9 - Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE 9 The following tables present the pretax components of the Company’s other comprehensive income (loss), and the related income tax expense (benefit) for each component. Quarter Ended March 31, 2017 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 $ 1,539,825 $ 523,540 $ 1,016,285 Reclassification adjustment for gains included in income (58,477 ) (19,882 ) (38,595 ) Adjustment for effect of deferred acquisition costs (36,432 ) (12,387 ) (24,045 ) Net unrealized gains on investments 1,444,916 491,271 953,645 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 169,202 57,529 111,673 Total other comprehensive income $ 1,614,118 $ 548,800 $ 1,065,318 Quarter Ended March 31, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 10,461,406 $ 3,556,878 $ 6,904,528 Reclassification adjustment for gains included in income (326,712 ) (111,082 ) (215,630 ) Adjustment for effect of deferred acquisition costs (258,187 ) (87,784 ) (170,403 ) Net unrealized gains on investments 9,876,507 3,358,012 6,518,495 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,293 62,659 121,634 Total other comprehensive income $ 10,060,800 $ 3,420,671 $ 6,640,129 Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. The change in the components of the Company’s accumulated other comprehensive income, net of tax, are as follows: Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the quarter ended March 31, 2017: Beginning balance $ 10,801,601 $ (5,307,709 ) $ 5,493,892 Other comprehensive income before reclassifications 992,240 - 992,240 Amounts reclassified from accumulated other comprehensive income (38,595 ) 111,673 73,078 Net current period other comprehensive income 953,645 111,673 1,065,318 Ending balance $ 11,755,246 $ (5,196,036 ) $ 6,559,210 For the quarter ended March 31, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 6,734,125 - 6,734,125 Amounts reclassified from accumulated other comprehensive income (215,630 ) 121,634 (93,996 ) Net current period other comprehensive income 6,518,495 121,634 6,640,129 Ending balance $ 12,812,197 $ (5,414,907 ) $ 7,397,290 The following table presents the pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income to the Company’s consolidated statement of income. Quarter Ended March 31, Reclassification Adjustments 2017 2016 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 58,477 $ 326,712 Income tax expense (c) (19,882 ) (111,082 ) Net of tax 38,595 215,630 Defined benefit pension plan: Amortization of actuarial net loss (b) (169,202 ) (184,293 ) Income tax benefit (c) 57,529 62,659 Net of tax (111,673 ) (121,634 ) Total reclassifications for the period $ (73,078 ) $ 93,996 (a) These items appear within net realized gains on investments in the consolidated income statements. (b) These items are included in the computation of net periodic pension cost (see Note 10). (c) These items appear within federal income taxes in the consolidated income statements.

Note 10 - Employee Benefit Plan

Note 10 - Employee Benefit Plans	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 10 Investors Heritage Capital Corporation sponsors a noncontributory defined benefit pension plan, which was frozen in 2012 may Quarter Ended March 31, 2017 2016 Service cost $ - $ - Interest cost 234,177 247,610 Expected return on plan assets (251,355 ) (275,503 ) Recognized actuarial net loss 169,202 184,293 Net periodic pension cost $ 152,024 $ 156,400 We previously disclosed in our financial statements for the year ended December 31, 2016 $360,000 2017. March 31, 2017, $90,000

Note 11 - Notes Payable

Note 11 - Notes Payable	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 11 Effective March 24, 2017, $300,000 $1,000,000. March 24, 2019. 3.75% During April 2017, 2012.

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Gross Gross March 31, 2017 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 21,717,878 $ 313,296 $ 24,744 $ 22,006,430 States and political subdivisions 31,206,237 4,155,079 - 35,361,316 Corporate 203,487,457 9,651,511 600,553 212,538,415 Foreign 57,035,666 2,005,347 88,087 58,952,926 Mortgage-backed securities (MBS): Commercial MBS 8,227,125 192,102 4,932 8,414,295 Residential MBS 30,786,315 1,255,947 71,454 31,970,808 Corporate redeemable preferred stock 468,298 22,327 108,827 381,798 Total fixed maturity securities 352,928,976 17,595,609 898,597 369,625,988 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 48,182 - 366,466 Corporate common stock 6,808,298 1,814,800 278,424 8,344,674 Corporate nonredeemable preferred stock 388,476 26,924 - 415,400 Total equity securities 8,222,958 1,889,906 278,424 9,834,440 Total $ 361,151,934 $ 19,485,515 $ 1,177,021 $ 379,460,428 Gross Gross December 31, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 21,882,312 $ 360,723 $ 9,416 $ 22,233,619 States and political subdivisions 35,403,214 4,153,294 31,260 39,525,248 Corporate 202,578,595 9,355,481 953,527 210,980,549 Foreign 51,081,850 1,731,092 283,363 52,529,579 Mortgage-backed securities (MBS): Commercial MBS 6,717,214 198,857 - 6,916,071 Residential MBS 32,065,365 1,314,373 72,741 33,306,997 Corporate redeemable preferred stock 468,298 14,140 25,152 457,286 Total fixed maturity securities 350,196,848 17,127,960 1,375,459 365,949,349 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 28,840 - 347,124 Corporate common stock 6,665,413 1,370,651 335,020 7,701,044 Corporate nonredeemable preferred stock 388,476 10,174 - 398,650 Total equity securities 8,080,073 1,409,665 335,020 9,154,718 Total $ 358,276,921 $ 18,537,625 $ 1,710,479 $ 375,104,067
Schedule of Temporary Impairment Losses, Investments [Table Text Block]	March 31, 2017 December 31, 2016 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed maturities: Less than 12 months: U.S. government obligations $ 7,626,366 $ 24,744 1 $ 7,892,992 $ 9,416 2 States and political subdivisions - - - 968,740 31,260 1 Corporate 20,352,522 472,149 19 30,370,227 753,570 27 Foreign 11,907,088 87,845 10 10,215,322 283,355 11 Commercial MBS 2,154,516 4,932 2 - - - Residential MBS 2,931,703 71,454 2 3,003,214 72,741 2 Corporate redeemable preferred stock 10,923 7,057 1 17,488 493 1 Greater than 12 months: Corporate 3,043,551 128,404 2 2,997,784 199,957 2 Foreign 197,940 242 1 197,700 8 1 Corporate redeemable preferred stock 128,312 101,770 1 205,423 24,659 1 Total fixed maturities 48,352,921 898,597 39 55,868,890 1,375,459 48 Equity securities: Less than 12 months: Corporate common stock 994,866 243,087 6 1,004,821 136,117 6 Greater than 12 months: Corporate common stock 93,660 35,337 2 873,083 198,903 7 Total equities 1,088,526 278,424 8 1,877,904 335,020 13 Total $ 49,441,447 $ 1,177,021 47 $ 57,746,794 $ 1,710,479 61
Unrealized Gain (Loss) on Investments [Table Text Block]	March 31, December 31, 2017 2016 Net unrealized appreciation on available-for sale securities $ 18,308,494 $ 16,827,146 Adjustment to deferred acquisition costs (497,516 ) (461,084 ) Deferred income taxes (6,055,732 ) (5,564,461 ) Net unrealized appreciation on available-for sale securities $ 11,755,246 $ 10,801,601
Investments Classified by Contractual Maturity Date [Table Text Block]	Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 10,885,961 $ 11,093,034 Due after one year through five years 100,119,097 106,092,433 Due after five years through ten years 137,747,012 141,956,462 Due after ten years 45,309,463 50,190,039 Due at multiple maturity dates 58,399,145 59,912,222 Corporate redeemable preferred stock 468,298 381,798 Total $ 352,928,976 $ 369,625,988
Realized Gain (Loss) on Investments [Table Text Block]	Quarter Ended March 31, 2017 2016 Proceeds from sales and maturities $ 11,762,056 $ 16,057,134 Gross realized gains 66,791 332,897 Gross realized losses (8,314 ) (6,185 )
Realized and Unrealized Gain (Loss) on Investments [Table Text Block]	2017 2016 Change in net unrealized investment Securities available-for-sale: Fixed maturities $ 944,511 $ 9,799,621 Equity securities 536,837 335,073 Net realized investment gains: Securities available-for-sale: Fixed maturities $ 45,446 $ 326,712 Equity securities 13,031 - Investments in convertible options 47,653 -
Schedule of Mortgage Loans on Real Estate [Table Text Block]	March 31, December 31, 2017 2016 Ohio $ 5,337,263 $ 3,083,440 Florida 4,751,756 5,253,110 Texas 4,558,996 5,191,186 Illinois 4,555,085 4,787,454 California 3,580,939 3,591,584 Georgia 3,447,258 3,487,991 Missouri 3,210,602 3,107,289 Kentucky 2,324,511 2,402,800 Arizona 1,487,045 1,490,538 New Jersey 1,192,307 1,196,156 Indiana 888,728 893,431 North Carolina 754,585 757,004 Colorado 672,693 1,190,873 Virginia 670,322 800,635 Tennessee 665,574 1,048,452 Nevada 477,988 479,182 Pennsylvania 474,637 479,720 Utah 342,034 343,533 Washington 231,368 231,939 West Virginia 215,245 225,578 South Carolina 192,104 199,101 Massachusetts 166,760 169,681 Idaho 138,505 142,745 Kansas 134,132 134,396 Michigan 126,307 126,750 Oregon - 487,824 Total $ 40,596,744 $ 41,302,392
State-guaranteed Receivables Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value Due in one year or less $ 939,469 $ 954,034 Due after one year through five years 4,114,019 4,480,053 Due after five years through ten years 4,213,221 5,064,013 Due after ten years 2,027,193 3,112,032 Total $ 11,293,902 $ 13,610,132
Schedule Of Payments On State Guaranteed Receivables By State [Table Text Block]	March 31, December 31, 2017 2016 New York $ 3,327,400 $ 3,446,349 Massachusetts 3,128,451 3,126,011 Georgia 1,987,550 2,012,845 Ohio 1,030,511 1,177,425 Washington 662,778 653,235 Indiana 423,117 417,811 Pennsylvania 323,732 318,019 Texas 266,072 261,396 California 144,291 171,590 Total $ 11,293,902 $ 11,584,681
Investment Income [Table Text Block]	Quarter Ended March 31, 2017 2016 Fixed maturities $ 4,032,263 $ 4,918,861 Equity securities 94,569 74,789 Mortgage loans on real estate 634,205 589,912 Policy loans 113,943 121,310 State-guaranteed receivables 196,481 136,542 Gain (loss) on investments in convertible options 186,170 (181,420 ) Other 86,868 53,685 Gross investment income 5,344,499 5,713,679 Investment expenses 261,801 258,012 Net investment income $ 5,082,698 $ 5,455,667

Note 5 - Fair Values of Finan20

Note 5 - Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	March 31, 2017 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 22,006,430 $ - $ 22,006,430 States and political subdivisions - 35,361,316 - 35,361,316 Corporate - 212,538,415 - 212,538,415 Foreign - 58,952,926 - 58,952,926 Mortgage-backed securities: Commercial MBS - 8,414,295 - 8,414,295 Residential MBS - 31,970,808 - 31,970,808 Corporate redeemable preferred stock - 381,798 - 381,798 Total fixed maturities $ - $ 369,625,988 $ - $ 369,625,988 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 366,466 - - 366,466 Corporate common stock 7,880,674 - 464,000 8,344,674 Corporate nonredeemable preferred stock - 415,400 - 415,400 Total equity securities $ 8,955,040 $ 415,400 $ 464,000 $ 9,834,440 Investments in convertible options $ - $ 1,174,724 $ - $ 1,174,724 December 31, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 22,233,619 $ - $ 22,233,619 States and political subdivisions - 39,525,248 - 39,525,248 Corporate - 210,980,549 - 210,980,549 Foreign - 52,529,579 - 52,529,579 Mortgage-backed securities: Commercial MBS - 6,916,071 - 6,916,071 Residential MBS - 33,306,997 - 33,306,997 Corporate redeemable preferred stock - 457,286 - 457,286 Total fixed maturities $ - $ 365,949,349 $ - $ 365,949,349 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 347,124 - - 347,124 Corporate common stock 7,253,044 - 448,000 7,701,044 Corporate nonredeemable preferred stock - 398,650 - 398,650 Total equity securities $ 8,308,068 $ 398,650 $ 448,000 $ 9,154,718 Investments in convertible options $ - $ 983,950 $ - $ 983,950
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Quarter Ended March 31, 2017 2016 Corporate common stock: Beginning balance $ 448,000 $ 352,000 Transfers into Level 3 - - Transfers out of Level 3 - - Purchases - - Sales - - Total gains or losses: Included in earnings - - Included in other comprehensive income 16,000 96,000 Ending balance $ 464,000 $ 448,000
Fair Value, by Balance Sheet Grouping [Table Text Block]	March 31, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 11,014,115 $ 11,158,032 $ - $ - $ 11,158,032 Residential 29,582,629 32,497,641 - - 32,497,641 Policy loans 6,307,202 6,307,202 - - 6,307,202 State-guaranteed receivables 11,293,902 13,610,132 - 13,610,132 - Other invested assets 1,922,198 1,922,198 - - 1,922,198 Cash and cash equivalents 1,616,173 1,616,173 1,616,173 - - Accrued investment income 4,012,278 4,012,278 - - 4,012,278 Cash value of company-owned life insurance 13,933,588 13,933,588 - - 13,933,588 Liabilities: Policyholder deposits (Investment-type contracts) 50,917,058 50,266,458 - - 50,266,458 Policy claims 2,327,078 2,327,078 - - 2,327,078 Obligations under capital leases 73,958 73,958 - - 73,958 Notes payable 1,353,398 1,353,398 - - 1,353,398 December 31, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,819,996 $ 11,084,097 $ - $ - $ 11,084,097 Residential 30,482,396 33,992,592 - - 33,992,592 Policy loans 6,336,277 6,336,277 - - 6,336,277 State-guaranteed receivables 11,584,681 13,938,824 - 13,938,824 - Other invested assets 1,951,830 1,951,830 - - 1,951,830 Cash and cash equivalents 3,297,917 3,297,917 3,297,917 - - Accrued investment income 4,433,680 4,433,680 - - 4,433,680 Cash value of company-owned life insurance 13,855,560 13,855,560 - - 13,855,560 Liabilities: Policyholder deposits (Investment-type contracts) 51,870,288 51,304,889 - - 51,304,889 Policy claims 2,637,220 2,637,220 - - 2,637,220 Obligations under capital leases 72,209 72,209 - - 72,209 Notes payable 971,851 971,851 - - 971,851

Note 7 - Segment Data (Tables)

Note 7 - Segment Data (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended March 31, 2017 2016 Revenue: Preneed and burial products $ 13,000,543 $ 12,757,180 Traditional and universal life products 2,461,513 2,796,393 Administrative and financial services 411,759 327,207 Corporate and other 382,530 21,376 Total revenue $ 16,256,345 $ 15,902,156 Pre-tax income (loss) from operations: Preneed and burial products $ (655,668 ) $ 220,847 Traditional and universal life products 266,938 211,171 Administrative and financial services 105,769 62,437 Corporate and other 222,836 (179,454 ) Total pre-tax income (loss) $ (60,125 ) $ 315,001

Note 9 - Other Comprehensive 22

Note 9 - Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Quarter Ended March 31, 2017 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 $ 1,539,825 $ 523,540 $ 1,016,285 Reclassification adjustment for gains included in income (58,477 ) (19,882 ) (38,595 ) Adjustment for effect of deferred acquisition costs (36,432 ) (12,387 ) (24,045 ) Net unrealized gains on investments 1,444,916 491,271 953,645 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 169,202 57,529 111,673 Total other comprehensive income $ 1,614,118 $ 548,800 $ 1,065,318 Quarter Ended March 31, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 10,461,406 $ 3,556,878 $ 6,904,528 Reclassification adjustment for gains included in income (326,712 ) (111,082 ) (215,630 ) Adjustment for effect of deferred acquisition costs (258,187 ) (87,784 ) (170,403 ) Net unrealized gains on investments 9,876,507 3,358,012 6,518,495 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,293 62,659 121,634 Total other comprehensive income $ 10,060,800 $ 3,420,671 $ 6,640,129
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the quarter ended March 31, 2017: Beginning balance $ 10,801,601 $ (5,307,709 ) $ 5,493,892 Other comprehensive income before reclassifications 992,240 - 992,240 Amounts reclassified from accumulated other comprehensive income (38,595 ) 111,673 73,078 Net current period other comprehensive income 953,645 111,673 1,065,318 Ending balance $ 11,755,246 $ (5,196,036 ) $ 6,559,210 For the quarter ended March 31, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 6,734,125 - 6,734,125 Amounts reclassified from accumulated other comprehensive income (215,630 ) 121,634 (93,996 ) Net current period other comprehensive income 6,518,495 121,634 6,640,129 Ending balance $ 12,812,197 $ (5,414,907 ) $ 7,397,290
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Quarter Ended March 31, Reclassification Adjustments 2017 2016 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 58,477 $ 326,712 Income tax expense (c) (19,882 ) (111,082 ) Net of tax 38,595 215,630 Defined benefit pension plan: Amortization of actuarial net loss (b) (169,202 ) (184,293 ) Income tax benefit (c) 57,529 62,659 Net of tax (111,673 ) (121,634 ) Total reclassifications for the period $ (73,078 ) $ 93,996

Note 10 - Employee Benefit Pl23

Note 10 - Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Quarter Ended March 31, 2017 2016 Service cost $ - $ - Interest cost 234,177 247,610 Expected return on plan assets (251,355 ) (275,503 ) Recognized actuarial net loss 169,202 184,293 Net periodic pension cost $ 152,024 $ 156,400

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details Textual)	3 Months Ended
	Mar. 31, 2017
Percent of Revenue	99.00%

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Restricted Cash and Investments	$ 17,131,309		$ 22,724,783
Mortgage Loans, Commercial, Percentage	27.10%		26.20%
Mortgage Loans, Residential, Percentage	72.90%		73.80%
Maximum Loan to Value Ratio Required	80.00%
Minimum Debt Service Coverage Required	115.00%
Investments in Convertible Options, Fair Value	$ 1,174,724		$ 983,950
Investments in Convertible Securities, Gain (Loss)	186,170	$ (181,420)
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	0	0
Mortgage Loans Modifications Recorded Investment	0		0
Mortgage Loans in Process of Foreclosure Amount	0		0
Mortgage Loan Defaults, Amount	0	$ 0
Mortgage Loans Equal to Greater than 90 Days Past Due [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0
Nonperforming Financial Instruments [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0
Nonaccrual Status [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 0		$ 0
Fixed Maturities [Member]
Percentage of Portfolio Measured	99.90%		100.00%
Minimum Fair Value to Cost Ratio	80.00%		80.00%
Equity Securities [Member]
Percentage of Portfolio Measured	97.90%		94.30%
Minimum Fair Value to Cost Ratio	80.00%		80.00%

Note 4 - Investments - Availabl

Note 4 - Investments - Available-for-sale Securities (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fixed maturity securities, amortized cost	$ 352,928,976	$ 350,196,848
Fixed maturity securities, gross unrealized gains	17,595,609	17,127,960
Fixed maturity securities, gross unrealized losses	898,597	1,375,459
Fixed maturity securities	369,625,988	365,949,349
Equity securities, amortized cost	8,222,958	8,080,073
Equity securities, gross unrealized gains	1,889,906	1,409,665
Equity securities, gross unrealized losses	278,424	335,020
Equity securities	9,834,440	9,154,718
Securities, amortized cost	361,151,934	358,276,921
Securities, gross unrealized gains	19,485,515	18,537,625
Securities, gross unrealized losses	1,177,021	1,710,479
Securities	379,460,428	375,104,067
US Government Agencies Debt Securities [Member]
Fixed maturity securities, amortized cost	21,717,878	21,882,312
Fixed maturity securities, gross unrealized gains	313,296	360,723
Fixed maturity securities, gross unrealized losses	24,744	9,416
Fixed maturity securities	22,006,430	22,233,619
US States and Political Subdivisions Debt Securities [Member]
Fixed maturity securities, amortized cost	31,206,237	35,403,214
Fixed maturity securities, gross unrealized gains	4,155,079	4,153,294
Fixed maturity securities, gross unrealized losses		31,260
Fixed maturity securities	35,361,316	39,525,248
Corporate Debt Securities [Member]
Fixed maturity securities, amortized cost	203,487,457	202,578,595
Fixed maturity securities, gross unrealized gains	9,651,511	9,355,481
Fixed maturity securities, gross unrealized losses	600,553	953,527
Fixed maturity securities	212,538,415	210,980,549
Foreign [Member]
Fixed maturity securities, amortized cost	57,035,666	51,081,850
Fixed maturity securities, gross unrealized gains	2,005,347	1,731,092
Fixed maturity securities, gross unrealized losses	88,087	283,363
Fixed maturity securities	58,952,926	52,529,579
Commercial Mortgage Backed Securities [Member]
Fixed maturity securities, amortized cost	8,227,125	6,717,214
Fixed maturity securities, gross unrealized gains	192,102	198,857
Fixed maturity securities, gross unrealized losses	4,932
Fixed maturity securities	8,414,295	6,916,071
Residential Mortgage Backed Securities [Member]
Fixed maturity securities, amortized cost	30,786,315	32,065,365
Fixed maturity securities, gross unrealized gains	1,255,947	1,314,373
Fixed maturity securities, gross unrealized losses	71,454	72,741
Fixed maturity securities	31,970,808	33,306,997
Redeemable Preferred Stock [Member]
Fixed maturity securities, amortized cost	468,298	468,298
Fixed maturity securities, gross unrealized gains	22,327	14,140
Fixed maturity securities, gross unrealized losses	108,827	25,152
Fixed maturity securities	381,798	457,286
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	48,182	28,840
Equity securities, gross unrealized losses
Equity securities	366,466	347,124
Common Stock [Member]
Equity securities, amortized cost	6,808,298	6,665,413
Equity securities, gross unrealized gains	1,814,800	1,370,651
Equity securities, gross unrealized losses	278,424	335,020
Equity securities	8,344,674	7,701,044
Nonredeemable Preferred Stock [Member]
Equity securities, amortized cost	388,476	388,476
Equity securities, gross unrealized gains	26,924	10,174
Equity securities, gross unrealized losses
Equity securities	$ 415,400	$ 398,650

Note 4 - Investments - Securiti

Note 4 - Investments - Securities in a Continuous Unrealized Loss Position (Details)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Securities in continuous loss position, fair value	$ 49,441,447	$ 57,746,794
Securities in continuous loss position, gross unrealized loss	$ 1,177,021	$ 1,710,479
Securities in continuous loss position, number of securities	47	61
US Government Agencies Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 7,626,366	$ 7,892,992
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 24,744	$ 9,416
Securities in continuous loss position, less than 12 months, number of securities	1	2
US States and Political Subdivisions Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value		$ 968,740
Securities in continuous loss position, less than 12 months, gross unrealized loss		$ 31,260
Securities in continuous loss position, less than 12 months, number of securities		1
Corporate Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 20,352,522	$ 30,370,227
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 472,149	$ 753,570
Securities in continuous loss position, less than 12 months, number of securities	19	27
Securities in continuous loss position, greater than 12 months, fair value	$ 3,043,551	$ 2,997,784
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 128,404	$ 199,957
Securities in continuous loss position, greater than 12 months, number of securities	2	2
Foreign [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 11,907,088	$ 10,215,322
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 87,845	$ 283,355
Securities in continuous loss position, less than 12 months, number of securities	10	11
Securities in continuous loss position, greater than 12 months, fair value	$ 197,940	$ 197,700
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 242	$ 8
Securities in continuous loss position, greater than 12 months, number of securities	1	1
Commercial Mortgage Backed Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 2,154,516
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 4,932
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	$ 2,931,703	$ 3,003,214
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 71,454	$ 72,741
Securities in continuous loss position, less than 12 months, number of securities	2	2
Redeemable Preferred Stock [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 10,923	$ 17,488
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 7,057	$ 493
Securities in continuous loss position, less than 12 months, number of securities	1	1
Securities in continuous loss position, greater than 12 months, fair value	$ 128,312	$ 205,423
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 101,770	$ 24,659
Securities in continuous loss position, greater than 12 months, number of securities	1	1
Debt Securities [Member]
Securities in continuous loss position, fair value	$ 48,352,921	$ 55,868,890
Securities in continuous loss position, gross unrealized loss	$ 898,597	$ 1,375,459
Securities in continuous loss position, number of securities	39	48
Common Stock [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 994,866	$ 1,004,821
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 243,087	$ 136,117
Securities in continuous loss position, less than 12 months, number of securities	6	6
Securities in continuous loss position, greater than 12 months, fair value	$ 93,660	$ 873,083
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 35,337	$ 198,903
Securities in continuous loss position, greater than 12 months, number of securities	2	7
Equity Securities [Member]
Securities in continuous loss position, fair value	$ 1,088,526	$ 1,877,904
Securities in continuous loss position, gross unrealized loss	$ 278,424	$ 335,020
Securities in continuous loss position, number of securities	8	13

Note 4 - Investments - Net Unre

Note 4 - Investments - Net Unrealized Gains for Investments Classified as Available-for-sale (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Net unrealized appreciation on available-for sale securities	$ 18,308,494	$ 16,827,146
Adjustment to deferred acquisition costs	(497,516)	(461,084)
Deferred income taxes	(6,055,732)	(5,564,461)
Net unrealized appreciation on available-for sale securities	$ 11,755,246	$ 10,801,601

Note 4 - Investments - Fixed Ma

Note 4 - Investments - Fixed Maturity Securities by Contractual Maturity (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Amortized cost	$ 352,928,976	$ 350,196,848
Fair value	369,625,988	365,949,349
Redeemable Preferred Stock [Member]
Amortized cost	468,298	468,298
Fair value	381,798	$ 457,286
All Except For State Guaranteed Receivables [Member]
Due in one year or less, amortized cost	10,885,961
Due in one year or less, fair value	11,093,034
Due after one year through five years, amortized cost	100,119,097
Due after one year through five years, fair value	106,092,433
Due after five years through ten years, amortized cost	137,747,012
Due after five years through ten years, fair value	141,956,462
Due after ten years, amortized cost	45,309,463
Due after ten years, fair value	50,190,039
Amortized cost	352,928,976
Fair value	369,625,988
All Except For State Guaranteed Receivables [Member] | Due at Multiple Maturity Dates [Member]
Securities without single maturity date, amortized cost	58,399,145
Securities without single maturity date, fair value	59,912,222
All Except For State Guaranteed Receivables [Member] | Redeemable Preferred Stock [Member]
Amortized cost	468,298
Fair value	$ 381,798

Note 4 - Investments - Proceeds

Note 4 - Investments - Proceeds from Sales and Maturities of Investments in Available-for-sale (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Proceeds from sales and maturities	$ 11,762,056	$ 16,057,134
Gross realized gains	66,791	332,897
Gross realized losses	$ (8,314)	$ (6,185)

Note 4 - Investments - Change i

Note 4 - Investments - Change in Unrealized Gains (Losses) and Realized Gains (Losses) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments in convertible options	$ 47,653
Debt Securities [Member]
Change in net unrealized investment gains (losses)	944,511	9,799,621
Net realized investment gains (losses)	45,446	326,712
Equity Securities [Member]
Change in net unrealized investment gains (losses)	536,837	335,073
Net realized investment gains (losses)	$ 13,031

Note 4 - Investments - Mortgage

Note 4 - Investments - Mortgage Loans by State (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Mortgage loans by state	$ 40,596,744	$ 41,302,392
OHIO
Mortgage loans by state	5,337,263	3,083,440
FLORIDA
Mortgage loans by state	4,751,756	5,253,110
TEXAS
Mortgage loans by state	4,558,996	5,191,186
Illinois [Member]
Mortgage loans by state	4,555,085	4,787,454
California [Member]
Mortgage loans by state	3,580,939	3,591,584
Georgia [Member]
Mortgage loans by state	3,447,258	3,487,991
Missouri [Member]
Mortgage loans by state	3,210,602	3,107,289
Kentucky [Member]
Mortgage loans by state	2,324,511	2,402,800
Arizona [Member]
Mortgage loans by state	1,487,045	1,490,538
NEW JERSEY
Mortgage loans by state	1,192,307	1,196,156
Indiana [Member]
Mortgage loans by state	888,728	893,431
North Carolina [Member]
Mortgage loans by state	754,585	757,004
Colorado [Member]
Mortgage loans by state	672,693	1,190,873
Virginia [Member]
Mortgage loans by state	670,322	800,635
Tennessee [Member]
Mortgage loans by state	665,574	1,048,452
NEVADA
Mortgage loans by state	477,988	479,182
Pennsylvania [Member]
Mortgage loans by state	474,637	479,720
UTAH
Mortgage loans by state	342,034	343,533
WASHINGTON
Mortgage loans by state	231,368	231,939
WEST VIRGINIA
Mortgage loans by state	215,245	225,578
South Carolina [Member]
Mortgage loans by state	192,104	199,101
Massachusetts [Member]
Mortgage loans by state	166,760	169,681
Idaho [Member]
Mortgage loans by state	138,505	142,745
KANSAS
Mortgage loans by state	134,132	134,396
MICHIGAN
Mortgage loans by state	126,307	126,750
Oregon [Member]
Mortgage loans by state		$ 487,824

Note 4 - Investments - State-gu

Note 4 - Investments - State-guaranteed Receivables by Contractual Maturity (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Total, amortized cost	$ 11,293,902	$ 11,584,681
State-guaranteed Receivables [Member]
Due in one year or less, amortized cost	939,469
Due in one year or less, fair value	954,034
Due after one year through five years, amortized cost	4,114,019
Due after one year through five years, fair value	4,480,053
Due after five years through ten years, amortized cost	4,213,221
Due after five years through ten years, fair value	5,064,013
Due after ten years, amortized cost	2,027,193
Due after ten years, fair value	3,112,032
Total, amortized cost	11,293,902
Total, fair value	$ 13,610,132

Note 4 - Investments - Amortize

Note 4 - Investments - Amortized Cost of State-guaranteed Receivables, by State (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Amortized cost of state-guaranteed receivables	$ 11,293,902	$ 11,584,681
New York [Member]
Amortized cost of state-guaranteed receivables	3,327,400	3,446,349
Massachusetts [Member]
Amortized cost of state-guaranteed receivables	3,128,451	3,126,011
Georgia [Member]
Amortized cost of state-guaranteed receivables	1,987,550	2,012,845
OHIO
Amortized cost of state-guaranteed receivables	1,030,511	1,177,425
WASHINGTON
Amortized cost of state-guaranteed receivables	662,778	653,235
Indiana [Member]
Amortized cost of state-guaranteed receivables	423,117	417,811
Pennsylvania [Member]
Amortized cost of state-guaranteed receivables	323,732	318,019
TEXAS
Amortized cost of state-guaranteed receivables	266,072	261,396
California [Member]
Amortized cost of state-guaranteed receivables	$ 144,291	$ 171,590

Note 4 - Investments - Net Inve

Note 4 - Investments - Net Investment Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gross investment income (loss)	$ 5,344,499	$ 5,713,679
Investment Expenses	261,801	258,012
Net investment income	5,082,698	5,455,667
Fixed Maturities [Member]
Gross investment income (loss)	4,032,263	4,918,861
Equity Securities [Member]
Gross investment income (loss)	94,569	74,789
Mortgages [Member]
Gross investment income (loss)	634,205	589,912
Policy Loans [Member]
Gross investment income (loss)	113,943	121,310
State-guaranteed Receivables [Member]
Gross investment income (loss)	196,481	136,542
Convertible Debt Securities [Member]
Gross investment income (loss)	186,170	(181,420)
Other Long-term Investments [Member]
Gross investment income (loss)	$ 86,868	$ 53,685

Note 5 - Fair Values of Finan36

Note 5 - Fair Values of Financial Instruments (Details Textual)	Mar. 31, 2017
Fair Value Hierarchy, Number of Input Levels	3
Private Equity Investment [Member]
Number of Level 3 Investments Reported at Fair Value	1

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 ($)	Mar. 31, 2017	Dec. 31, 2016
Securities available-for-sale	$ 379,460,428	$ 375,104,067
Investments in convertible options	1,174,724	983,950
Fair Value, Measurements, Recurring [Member]
Investments in convertible options	1,174,724	983,950
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	22,006,430	22,233,619
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	35,361,316	39,525,248
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	212,538,415	210,980,549
Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	58,952,926	52,529,579
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,414,295	6,916,071
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	31,970,808	33,306,997
Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	381,798	457,286
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	369,625,988	365,949,349
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	366,466	347,124
Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,344,674	7,701,044
Nonredeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	415,400	398,650
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	9,834,440	9,154,718
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in convertible options
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] | 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	366,466	347,124
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	7,880,674	7,253,044
Fair Value, Inputs, Level 1 [Member] | Nonredeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,955,040	8,308,068
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in convertible options	1,174,724	983,950
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	22,006,430	22,233,619
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	35,361,316	39,525,248
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	212,538,415	210,980,549
Fair Value, Inputs, Level 2 [Member] | Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	58,952,926	52,529,579
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,414,295	6,916,071
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	31,970,808	33,306,997
Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	381,798	457,286
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	369,625,988	365,949,349
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] | Nonredeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	415,400	398,650
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	415,400	398,650
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in convertible options
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] | 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	464,000	448,000
Fair Value, Inputs, Level 3 [Member] | Nonredeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	$ 464,000	$ 448,000

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
	Mar. 31, 2017	Mar. 31, 2016
Beginning balance	$ 448,000	$ 352,000
Included in other comprehensive income	16,000	96,000
Ending balance	$ 464,000	$ 448,000

Note 5 - Fair Values of Finan39

Note 5 - Fair Values of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Reported Value Measurement [Member]
Assets:
State-guaranteed receivables	$ 11,293,902	$ 11,584,681
Other invested assets	1,922,198	1,951,830
Cash and cash equivalents	1,616,173	3,297,917
Accrued investment income	4,012,278	4,433,680
Cash value of company-owned life insurance	13,933,588	13,855,560
Liabilities:
Policyholder deposits (Investment-type contracts)	50,917,058	51,870,288
Policy claims	2,327,078	2,637,220
Obligations under capital leases	73,958	72,209
Notes payable	1,353,398	971,851
Reported Value Measurement [Member] | Commercial Mortgage [Member]
Assets:
Loans	11,014,115	10,819,996
Reported Value Measurement [Member] | Residential Mortgage [Member]
Assets:
Loans	29,582,629	30,482,396
Reported Value Measurement [Member] | Policy Loans [Member]
Assets:
Loans	6,307,202	6,336,277
Estimate of Fair Value Measurement [Member]
Assets:
State-guaranteed receivables	13,610,132	13,938,824
Other invested assets	1,922,198	1,951,830
Cash and cash equivalents	1,616,173	3,297,917
Accrued investment income	4,012,278	4,433,680
Cash value of company-owned life insurance	13,933,588	13,855,560
Liabilities:
Policyholder deposits (Investment-type contracts)	50,266,458	51,304,889
Policy claims	2,327,078	2,637,220
Obligations under capital leases	73,958	72,209
Notes payable	1,353,398	971,851
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
State-guaranteed receivables
Other invested assets
Cash and cash equivalents	1,616,173	3,297,917
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:
State-guaranteed receivables	13,610,132	13,938,824
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:
State-guaranteed receivables
Other invested assets	1,922,198	1,951,830
Cash and cash equivalents
Accrued investment income	4,012,278	4,433,680
Cash value of company-owned life insurance	13,933,588	13,855,560
Liabilities:
Policyholder deposits (Investment-type contracts)	50,266,458	51,304,889
Policy claims	2,327,078	2,637,220
Obligations under capital leases	73,958	72,209
Notes payable	1,353,398	971,851
Estimate of Fair Value Measurement [Member] | Commercial Mortgage [Member]
Assets:
Loans	11,158,032	11,084,097
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	11,158,032	11,084,097
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member]
Assets:
Loans	32,497,641	33,992,592
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	32,497,641	33,992,592
Estimate of Fair Value Measurement [Member] | Policy Loans [Member]
Assets:
Loans	6,307,202	6,336,277
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	$ 6,307,202	$ 6,336,277

Note 6 - Earnings per Share (De

Note 6 - Earnings per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted Average Number of Shares Outstanding, Basic	1,106,351	1,117,647

Note 7 - Segment Data (Details

Note 7 - Segment Data (Details Textual)	3 Months Ended
	Mar. 31, 2017
Number of Operating Segments	4

Note 7 - Segment Data - Segment

Note 7 - Segment Data - Segments by Operating Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue	$ 16,256,345	$ 15,902,156
Pre-tax income (loss) from operations	(60,125)	315,001
Preneed and Burial Products [Member]
Revenue	13,000,543	12,757,180
Pre-tax income (loss) from operations	(655,668)	220,847
Traditional and Universal Life Products [Member]
Revenue	2,461,513	2,796,393
Pre-tax income (loss) from operations	266,938	211,171
Administrative and Financial Services [Member]
Revenue	411,759	327,207
Pre-tax income (loss) from operations	105,769	62,437
Corporate and Other [Member]
Revenue	382,530	21,376
Pre-tax income (loss) from operations	$ 222,836	$ (179,454)

Note 8 - Federal Income Taxes (

Note 8 - Federal Income Taxes (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Unrecognized Tax Benefits	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Open Tax Year	2,013
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Open Tax Year	2,016

Note 9 - Other Comprehensive 44

Note 9 - Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Details) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Unrealized holding gains (losses) arising during period, pretax		$ 1,539,825	$ 10,461,406
Unrealized holding gains (losses) arising during period, tax		523,540	3,556,878
Unrealized holding gains (losses) arising during period, net of tax		1,016,285	6,904,528
Reclassification adjustment for gains included in income, pretax	[1]	(58,477)	(326,712)
Reclassification adjustment for gains included in income, tax	[2]	(19,882)	(111,082)
Reclassification adjustment for gains included in income, net of tax		(38,595)	(215,630)
Adjustment for effect of deferred acquisition costs, pretax		(36,432)	(258,187)
Adjustment for effect of deferred acquisition costs, tax		(12,387)	(87,784)
Adjustment for effect of deferred acquisition costs, net of tax		(24,045)	(170,403)
Net unrealized gains (losses) on investments, pretax		1,444,916	9,876,507
Net unrealized gains (losses) on investments, tax		491,271	3,358,012
Net unrealized gains (losses) on investments, net of tax		953,645	6,518,495
Amortization of actuarial net loss in net periodic pension cost, pretax	[3]	169,202	184,293
Amortization of actuarial net loss in net periodic pension cost, tax	[2]	57,529	62,659
Amortization of actuarial net loss in net periodic pension cost, net of tax		111,673	121,634
Total other comprehensive income, pretax		1,614,118	10,060,800
Total other comprehensive income, tax		548,800	3,420,671
Total other comprehensive income, net of tax		$ 1,065,318	$ 6,640,129
[1]	These items appear within net realized gains on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 9 - Other Comprehensive 45

Note 9 - Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
BALANCE	$ 56,184,945	$ 49,251,002
OTHER COMPREHENSIVE INCOME, NET OF TAXES	1,065,318	6,640,129
BALANCE	56,925,898	55,872,897
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
BALANCE	10,801,601	6,293,702
Other comprehensive income before reclassifications	992,240	6,734,125
Amounts reclassified from accumulated other comprehensive income	(38,595)	(215,630)
OTHER COMPREHENSIVE INCOME, NET OF TAXES	953,645	6,518,495
BALANCE	11,755,246	12,812,197
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
BALANCE	(5,307,709)	(5,536,541)
Other comprehensive income before reclassifications
Amounts reclassified from accumulated other comprehensive income	111,673	121,634
OTHER COMPREHENSIVE INCOME, NET OF TAXES	111,673	121,634
BALANCE	(5,196,036)	(5,414,907)
AOCI Attributable to Parent [Member]
BALANCE	5,493,892	757,161
Other comprehensive income before reclassifications	992,240	6,734,125
Amounts reclassified from accumulated other comprehensive income	73,078	(93,996)
OTHER COMPREHENSIVE INCOME, NET OF TAXES	1,065,318	6,640,129
BALANCE	$ 6,559,210	$ 7,397,290

Note 9 - Other Comprehensive 46

Note 9 - Other Comprehensive Income (Loss) - Amounts Reclassified from AOCI to Income (Details) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Realized gains on sale of securities (a)	[1]	$ 58,477	$ 326,712
Income tax expense (c)	[2]	(19,882)	(111,082)
Net of tax		38,595	215,630
Amortization of actuarial net loss (b)	[3]	(169,202)	(184,293)
Income tax benefit (c)	[2]	57,529	62,659
Net of tax		(111,673)	(121,634)
Total reclassifications for the period		$ (73,078)	$ 93,996
[1]	These items appear within net realized gains on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 10 - Employee Benefit Pl47

Note 10 - Employee Benefit Plans (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year		$ 360,000
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 90,000

Note 10 - Employee Benefit Pl48

Note 10 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Service cost
Interest cost	234,177	247,610
Expected return on plan assets	(251,355)	(275,503)
Recognized actuarial net loss	169,202	184,293
Net periodic pension cost	$ 152,024	$ 156,400

Note 11 - Notes Payable (Detail

Note 11 - Notes Payable (Details Textual)	Mar. 24, 2017USD ($)
Operating Line Of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000
Operating Line Of Credit [Member] | Prime Rate [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.75%
At Need Funding Line Of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
At Need Funding Line Of Credit [Member] | Prime Rate [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.75%