Investors Heritage Capital (IHRC) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 14, 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)		1,109,666
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Fixed maturities (amortized cost: $353,845,766 and $350,196,848)	$ 372,750,699	$ 365,949,349
Equity securities (cost: $8,302,681 and $8,080,073)	10,131,619	9,154,718
Mortgage loans on real estate	37,949,507	41,302,392
Policy loans	6,273,726	6,336,277
State-guaranteed receivables	11,321,341	11,584,681
Investments in convertible options	1,173,038	983,950
Other invested assets	904,048	1,951,830
Total investments	440,503,978	437,263,197
Cash and cash equivalents	5,040,620	3,297,917
Accrued investment income	4,303,756	4,433,680
Due premiums	2,725,594	2,768,774
Deferred acquisition costs	15,296,257	15,712,181
Value of business acquired	124,876	155,264
Leased property under capital leases	69,360	75,841
Property and equipment, net	911,152	915,494
Cash value of company-owned life insurance	14,012,462	13,855,560
Other assets	2,236,712	2,435,867
Amounts recoverable from reinsurers	95,275,309	98,444,173
Total assets	580,500,076	579,357,948
LIABILITIES
Benefit reserves	489,266,777	492,963,963
Unearned premium reserves	8,205,781	8,100,042
Policy claims	2,228,704	2,637,220
Liability for deposit-type contracts	3,317,369	3,351,107
Reserves for dividends and endowments and other	375,582	384,401
Total policy liabilities	503,394,213	507,436,733
Deferred federal income tax liability	4,561,997	3,256,943
Obligations under capital leases	64,199	72,209
Notes payable	108,530	971,851
Accrued pension liability	5,806,907	6,021,264
Deferred revenue on reinsurance ceded	1,353,281	1,431,647
Other liabilities	6,654,419	3,982,356
Total liabilities	521,943,546	523,173,003
STOCKHOLDERS' EQUITY
Common stock (shares issued: 1,109,666 and 1,106,351)	1,109,666	1,106,351
Paid-in surplus	8,913,360	8,913,360
Accumulated other comprehensive income	8,235,832	5,493,892
Retained earnings	40,297,672	40,671,342
Total stockholders' equity	58,556,530	56,184,945
Total liabilities and stockholders' equity	$ 580,500,076	$ 579,357,948

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fixed maturities, amortized cost	$ 353,845,766	$ 350,196,848
Equity securities, cost	$ 8,302,681	$ 8,080,073
Common stock, shares issued (in shares)	1,109,666	1,106,351

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUE
Premiums and other considerations	$ 12,618,247	$ 13,046,158	$ 25,679,531	$ 25,708,947
Premiums ceded	(2,248,364)	(2,363,041)	(4,782,940)	(5,259,650)
Net premiums	10,369,883	10,683,117	20,896,591	20,449,297
Investment income, net of expenses	4,903,498	5,544,138	9,986,196	10,999,805
Net realized gains on investments	142,558	247,577	248,688	574,289
Other income	584,325	379,312	1,125,134	732,909
Total revenue	16,000,264	16,854,144	32,256,609	32,756,300
BENEFITS AND EXPENSES
Death and other benefits	11,453,092	10,583,399	24,589,247	21,961,112
Guaranteed annual endowments	109,192	113,947	205,208	213,088
Dividends to policyholders	84,455	77,640	157,425	157,189
Increase (decrease) in benefit reserves and unearned premiums	377,314	1,691,160	(189,936)	1,897,460
Acquisition costs deferred	(1,177,039)	(1,241,476)	(2,295,049)	(2,364,559)
Amortization of deferred acquisition costs	1,369,252	1,497,003	2,620,296	2,912,080
Commissions	832,723	836,355	1,635,073	1,527,471
Other general and administrative expenses	3,012,595	2,907,137	5,655,790	5,748,479
Total benefits and expenses	16,061,584	16,465,165	32,378,054	32,052,320
INCOME (LOSS) BEFORE FEDERAL INCOME TAXES	(61,320)	388,979	(121,445)	703,980
PROVISION (BENEFIT) FOR FEDERAL INCOME TAXES
Current	24,088	86,360	77,098	196,619
Deferred	(39,418)	10,885	(107,459)	(20,624)
Total federal income taxes	(15,330)	97,245	(30,361)	175,995
NET INCOME (LOSS)	$ (45,990)	$ 291,734	$ (91,084)	$ 527,985
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (in dollars per share)	$ (0.04)	$ 0.26	$ (0.08)	$ 0.47
DIVIDENDS PER SHARE (in dollars per share)			$ 0.25	$ 0.21

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
NET INCOME (LOSS)		$ (45,990)	$ 291,734	$ (91,084)	$ 527,985
Change in net unrealized gains on available-for-sale securities:
Unrealized holding gains arising during period		2,488,771	9,796,312	4,028,596	20,257,718
Reclassification adjustment for gains included in income	[1]	(63,394)	(238,345)	(121,871)	(565,057)
Adjustment for effects of deferred acquisition costs		(54,245)	(240,771)	(90,677)	(498,958)
Net unrealized gains on investments		2,371,132	9,317,196	3,816,048	19,193,703
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost	[2]	169,203	184,294	338,405	368,587
Other comprehensive income before income taxes		2,540,335	9,501,490	4,154,453	19,562,290
Income tax expense		863,713	3,230,507	1,412,513	6,651,178
OTHER COMPREHENSIVE INCOME, NET OF TAXES		1,676,622	6,270,983	2,741,940	12,911,112
COMPREHENSIVE INCOME		$ 1,630,632	$ 6,562,717	$ 2,650,856	$ 13,439,097
[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
Other comprehensive income, net			$ 12,911,112		$ 12,911,112
Cash dividends				(234,706)	(234,706)
Repurchases of common stock, net	(10,926)			(210,872)	(221,798)
BALANCE at Jun. 30, 2016	1,106,721	8,913,360	13,668,273	38,545,241	62,233,595
BALANCE at Dec. 31, 2015	1,117,647	8,913,360	757,161	38,462,834	49,251,002
Net income				527,985	527,985
Other comprehensive income, net			2,741,940		2,741,940
Cash dividends				(279,271)	(279,271)
Issuances of common stock, net	3,315			(3,315)
BALANCE at Jun. 30, 2017	1,109,666	8,913,360	8,235,832	40,297,672	58,556,530
BALANCE at Dec. 31, 2016	1,106,351	8,913,360	5,493,892	40,671,342	56,184,945
Net income				$ (91,084)	$ (91,084)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 221,631	$ 3,122,011
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(21,838,013)	(14,300,913)
Sales of available-for-sale securities	4,223,227	12,897,692
Maturities of available-for-sale securities	13,907,686	14,501,960
Acquisitions of mortgage loans on real estate	(4,059,380)	(13,879,587)
Payments of mortgage loans on real estate	7,312,192	3,771,151
Purchases of state-guaranteed receivables		(2,370,769)
Payments of state-guaranteed receivables	650,770	499,270
Purchases of convertible options	(215,112)	(62,185)
Sales and exchanges of convertible options	246,265	10,536
Net change in payable (receivable) for securities	1,496,625	110,109
Net reductions of other investments	1,110,333	366,407
Net additions to property and equipment	(72,192)	(32,327)
NET CASH PROVIDED BY INVESTING ACTIVITIES	2,762,401	1,511,344
FINANCING ACTIVITIES
Policyholder account deposits	1,139,617	2,390,095
Policyholder account withdrawals	(1,238,354)	(3,977,793)
Payments on notes payable	(2,160,748)	(1,210,748)
Proceeds from notes payable	1,297,427	1,203,662
Dividends paid	(279,271)	(234,706)
Repurchases of common stock, net		(221,798)
NET CASH USED IN FINANCING ACTIVITIES	(1,241,329)	(2,051,288)
INCREASE IN CASH AND CASH EQUIVALENTS	1,742,703	2,582,067
Cash and cash equivalents at beginning of period	3,297,917	3,619,663
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 5,040,620	$ 6,201,730

Note 1 - Nature of Operations

Note 1 - Nature of Operations	6 Months Ended
	Jun. 30, 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 37

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 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 X. not six June 30, 2017 not 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 Management has evaluated all events subsequent to June 30, 2017

Note 3- New Accounting Pronounc

Note 3- New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3 In March 2017, not 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 not December 31, 2016, 10 not

Note 4 - Investments

Note 4 - Investments	6 Months Ended
	Jun. 30, 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 June 30, 2017 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 21,558,141 $ 361,977 $ - $ 21,920,118 States and political subdivisions 30,681,035 4,601,535 1,260 35,281,310 Corporate 206,179,405 10,399,724 443,378 216,135,751 Foreign 57,176,570 2,594,219 14,080 59,756,709 Mortgage-backed securities (MBS): Commercial MBS 8,026,403 232,913 - 8,259,316 Residential MBS 29,755,914 1,288,291 51,399 30,992,806 Corporate redeemable preferred stock 468,298 45,093 108,702 404,689 Total fixed maturity securities 353,845,766 19,523,752 618,819 372,750,699 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 55,307 - 373,591 Corporate common stock 6,888,021 2,076,939 354,054 8,610,906 Corporate nonredeemable preferred stock 388,476 50,746 - 439,222 Total equity securities 8,302,681 2,182,992 354,054 10,131,619 Total $ 362,148,447 $ 21,706,744 $ 972,873 $ 382,882,318 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. June 30, 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 $ - $ - - $ 7,892,992 $ 9,416 2 States and political subdivisions 998,740 1,260 1 968,740 31,260 1 Corporate 21,711,535 389,270 19 30,370,227 753,570 27 Foreign 1,732,705 14,080 7 10,215,322 283,355 11 Residential MBS 2,854,766 51,399 3 3,003,214 72,741 2 Corporate redeemable preferred stock - - - 17,488 493 1 Greater than 12 months: Corporate 3,117,917 54,108 2 2,997,784 199,957 2 Foreign - - - 197,700 8 1 Corporate redeemable preferred stock 139,360 108,702 1 205,423 24,659 1 Total fixed maturities 30,555,023 618,819 33 55,868,890 1,375,459 48 Equity securities: Less than 12 months: Corporate common stock 1,080,723 316,986 6 1,004,821 136,117 6 Greater than 12 months: Corporate common stock 91,929 37,068 2 873,083 198,903 7 Total equities 1,172,652 354,054 8 1,877,904 335,020 13 Total $ 31,727,675 $ 972,873 41 $ 57,746,794 $ 1,710,479 61 At June 30, 2017, 99.9% 80%, 95.6% 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 may management has the intent to sell the security, or it is more likely than not 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 six June 30, 2017 2016. Management believes that the Company will fully recover its cost basis in the securities held at June 30, 2017, not not 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. June 30, December 31, 2017 2016 Net unrealized appreciation on available-for sale securities $ 20,733,871 $ 16,827,146 Adjustment to deferred acquisition costs (551,761 ) (461,084 ) Deferred income taxes (6,861,917 ) (5,564,461 ) Net unrealized appreciation on available-for sale securities $ 13,320,193 $ 10,801,601 The amortized cost and fair value of fixed maturity securities at June 30, 2017, may Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 16,188,758 $ 16,461,904 Due after one year through five years 97,533,272 103,102,277 Due after five years through ten years 139,013,823 144,517,792 Due after ten years 43,628,991 49,562,672 Due at multiple maturity dates 57,012,624 58,701,365 Corporate redeemable preferred stock 468,298 404,689 Total $ 353,845,766 $ 372,750,699 Proceeds from sales and maturities of investments in available-for-sale securities, as well as gross gains and gross losses realized, are presented below. Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Proceeds from sales and maturities $ 6,368,857 $ 11,342,518 $ 18,130,913 $ 27,399,652 Gross realized gains 63,394 239,937 130,185 572,834 Gross realized losses - (1,592 ) (8,314 ) (7,777 ) The table below shows the change in net unrealized investment gains (losses) and the amount of realized investment gains (losses) on fixed maturities and equity securities in addition to realized investment gains on mortgage loans . Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Change in net unrealized investment gains: Securities available-for-sale: Fixed maturities $ 2,207,921 $ 8,989,796 $ 3,152,432 $ 18,789,417 Equity securities 217,456 568,171 754,293 903,244 Net realized investment gains: Securities available-for-sale: Fixed maturities $ 63,394 $ 238,345 $ 108,840 $ 565,057 Equity securities - - 13,031 - Investments in convertible options 79,164 9,232 126,817 9,232 The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At June 30, 2017 December 31, 2016, $16,563,533 $22,724,783, The Company also engages in commercial and residential mortgage lending. As of June 30, 2017, 27.3% 72.7%, 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 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 As of June 30, 2017 December 31, 2016, no June 30, 2017, two $262,590 90 no 90 December 31, 2016. no six June 30, 2017 2016. The Company’s investments in mortgage loans, by state, are as follows: June 30, December 31, 2017 2016 Ohio $ 5,998,078 $ 3,083,440 Florida 4,588,388 5,253,110 Texas 4,278,144 5,191,186 Illinois 4,072,667 4,787,454 California 3,418,309 3,591,584 Missouri 3,196,947 3,107,289 Georgia 3,193,145 3,487,991 Kentucky 2,279,001 2,402,800 New Jersey 966,203 1,196,156 Arizona 923,834 1,490,538 North Carolina 752,071 757,004 Virginia 667,776 800,635 Tennessee 658,204 1,048,452 Indiana 647,712 893,431 Nevada 476,033 479,182 Pennsylvania 469,488 479,720 Colorado 448,518 1,190,873 West Virginia 204,750 225,578 Utah 158,596 343,533 Massachusetts 157,746 169,681 Idaho 134,199 142,745 Kansas 133,863 134,396 Michigan 125,835 126,750 Oregon - 487,824 Washington - 231,939 South Carolina - 199,101 Total $ 37,949,507 $ 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 June 30, 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 $ 1,015,530 $ 1,031,150 Due after one year through five years 4,152,053 4,545,358 Due after five years through ten years 4,267,145 5,201,668 Due after ten years 1,886,613 3,040,136 Total $ 11,321,341 $ 13,818,312 The amortized cost of state-guaranteed receivables, by state, is summarized as follows: June 30, December 31, 2017 2016 New York $ 3,297,700 $ 3,446,349 Massachusetts 3,154,912 3,126,011 Georgia 2,011,616 2,012,845 Ohio 1,027,797 1,177,425 Washington 672,322 653,235 Indiana 428,422 417,811 Pennsylvania 311,030 318,019 Texas 270,748 261,396 California 146,794 171,590 Total $ 11,321,341 $ 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 June 30, 2017 December 31, 2016, $1,173,038 $983,950, six June 30, 2017, $92,748 $93,422, six June 30, 2016, $38,044 $143,376 Major categories of net investment income are summarized as follows: Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Fixed maturities $ 4,190,771 $ 4,614,528 $ 8,223,034 $ 9,540,889 Equity securities 97,542 64,361 192,111 131,650 Mortgage loans on real estate 630,938 733,462 1,265,143 1,323,374 Policy loans 116,743 122,145 230,686 243,455 State-guaranteed receivables 190,949 170,981 387,430 307,523 Gain (loss) on investments in convertible options (92,748 ) 38,044 93,422 (143,376 ) Other 33,517 58,629 120,385 112,314 Gross investment income 5,167,712 5,802,150 10,512,211 11,515,829 Investment expenses 264,214 258,012 526,015 516,024 Net investment income $ 4,903,498 $ 5,544,138 $ 9,986,196 $ 10,999,805

Note 5 - Fair Values of Financi

Note 5 - Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 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 may may not 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 three may Level 1 Level 2 1 not Level 3 no 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 not 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. June 30, 2017 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 21,920,118 $ - $ 21,920,118 States and political subdivisions - 35,281,310 - 35,281,310 Corporate - 216,135,751 - 216,135,751 Foreign - 59,756,709 - 59,756,709 Mortgage-backed securities: Commercial MBS - 8,259,316 - 8,259,316 Residential MBS - 30,992,806 - 30,992,806 Corporate redeemable preferred stock - 404,689 - 404,689 Total fixed maturities $ - $ 372,750,699 $ - $ 372,750,699 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 373,591 - - 373,591 Corporate common stock 8,146,906 - 464,000 8,610,906 Corporate nonredeemable preferred stock - 439,222 - 439,222 Total equity securities $ 9,228,397 $ 439,222 $ 464,000 $ 10,131,619 Investments in convertible options $ - $ 1,173,038 $ - $ 1,173,038 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Corporate common stock: Beginning balance $ 464,000 $ 448,000 $ 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 $ 464,000 $ 448,000 The Company experienced no 1 2 six June 30, 2017 2016. no 2 3 six June 30, 2017 2016. 3 The unrealized gains on Level 3 Financial Instruments Disclosed, but not The following disclosure presents the carrying values and estimated fair values of the Company’s financial instruments disclosed, but not . The fair values for insurance contracts other than investment-type contracts are not not may June 30, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,376,540 $ 10,507,082 $ - $ - $ 10,507,082 Residential 27,572,967 30,612,173 - - 30,612,173 Policy loans 6,273,726 6,273,726 - - 6,273,726 State-guaranteed receivables 11,321,341 13,818,312 - 13,818,312 - Other invested assets 904,048 904,048 - - 904,048 Cash and cash equivalents 5,040,620 5,040,620 5,040,620 - - Accrued investment income 4,303,756 4,303,756 - - 4,303,756 Cash value of company-owned life insurance 14,012,462 14,012,462 - - 14,012,462 Liabilities: Policyholder deposits (Investment-type contracts) 50,549,187 49,955,179 - - 49,955,179 Policy claims 2,228,704 2,228,704 - - 2,228,704 Obligations under capital leases 64,199 64,199 - - 64,199 Notes payable 108,530 108,530 - - 108,530 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	6 Months Ended
	Jun. 30, 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 June 30, 2017 2016 1,107,517 1,115,726, six June 30, 2017 2016 1,106,919 1,116,687,

Note 7 - Segment Data

Note 7 - Segment Data	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 7 The Company operates in four third Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenue: Preneed and burial products $ 13,276,860 $ 13,098,661 $ 26,277,403 $ 25,855,841 Traditional and universal life products 2,158,974 3,164,177 4,620,487 5,960,570 Administrative and financial services 465,216 353,115 876,975 680,322 Corporate and other 99,214 238,191 481,744 259,567 Total revenue $ 16,000,264 $ 16,854,144 $ 32,256,609 $ 32,756,300 Pre-tax income (loss) from operations: Preneed and burial products $ 234,300 $ 116,617 $ (421,368 ) $ 337,464 Traditional and universal life products 30,947 168,796 297,885 379,967 Administrative and financial services 113,121 62,719 218,890 125,156 Corporate and other (439,688 ) 40,847 (216,852 ) (138,607 ) Total pre-tax income (loss) $ (61,320 ) $ 388,979 $ (121,445 ) $ 703,980

Note 8 - Federal Income Taxes

Note 8 - Federal Income Taxes	6 Months Ended
	Jun. 30, 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 We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our 2013 2016 no not not

Note 9 - Other Comprehensive In

Note 9 - Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 2,488,771 $ 846,182 $ 1,642,589 Reclassification adjustment for gains included in income (63,394 ) (21,554 ) (41,840 ) Adjustment for effect of deferred acquisition costs (54,245 ) (18,443 ) (35,802 ) Net unrealized gains on investments 2,371,132 806,185 1,564,947 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 169,203 57,528 111,675 Total other comprehensive income $ 2,540,335 $ 863,713 $ 1,676,622 Quarter Ended June 30, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 9,796,312 $ 3,330,746 $ 6,465,566 Reclassification adjustment for gains included in income (238,345 ) (81,037 ) (157,308 ) Adjustment for effect of deferred acquisition costs (240,771 ) (81,862 ) (158,909 ) Net unrealized gains on investments 9,317,196 3,167,847 6,149,349 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,294 62,660 121,634 Total other comprehensive income $ 9,501,490 $ 3,230,507 $ 6,270,983 Six Months Ended June 30, 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 $ 4,028,596 $ 1,369,722 $ 2,658,874 Reclassification adjustment for gains included in income (121,871 ) (41,436 ) (80,435 ) Adjustment for effect of deferred acquisition costs (90,677 ) (30,830 ) (59,847 ) Net unrealized gains on investments 3,816,048 1,297,456 2,518,592 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 338,405 115,057 223,348 Total other comprehensive income $ 4,154,453 $ 1,412,513 $ 2,741,940 Six Months Ended June 30, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 20,257,718 $ 6,887,624 $ 13,370,094 Reclassification adjustment for gains included in income (565,057 ) (192,119 ) (372,938 ) Adjustment for effect of deferred acquisition costs (498,958 ) (169,646 ) (329,312 ) Net unrealized gains on investments 19,193,703 6,525,859 12,667,844 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 368,587 125,319 243,268 Total other comprehensive income $ 19,562,290 $ 6,651,178 $ 12,911,112 Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. The change in the components of the Company’s accumulated other comprehensive income, net of tax, are as follows: Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the six months ended June 30, 2017: Beginning balance $ 10,801,601 $ (5,307,709 ) $ 5,493,892 Other comprehensive income before reclassifications 2,599,027 - 2,599,027 Amounts reclassified from accumulated other comprehensive income (80,435 ) 223,348 142,913 Net current period other comprehensive income 2,518,592 223,348 2,741,940 Ending balance $ 13,320,193 $ (5,084,361 ) $ 8,235,832 For the six months ended June 30, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 13,040,782 - 13,040,782 Amounts reclassified from accumulated other comprehensive income (372,938 ) 243,268 (129,670 ) Net current period other comprehensive income 12,667,844 243,268 12,911,112 Ending balance $ 18,961,546 $ (5,293,273 ) $ 13,668,273 The following table presents the pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income to the Company’s consolidated statement of income. Quarter Ended June 30, Six Months Ended June 30, Reclassification Adjustments 2017 2016 2017 2016 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 63,394 $ 238,345 $ 121,871 $ 565,057 Income tax expense (c) (21,554 ) (81,037 ) (41,436 ) (192,119 ) Net of tax 41,840 157,308 80,435 372,938 Defined benefit pension plan: Amortization of actuarial net loss (b) (169,203 ) (184,294 ) (338,405 ) (368,587 ) Income tax benefit (c) 57,528 62,660 115,057 125,319 Net of tax (111,675 ) (121,634 ) (223,348 ) (243,268 ) Total reclassifications for the period $ (69,835 ) $ 35,674 $ (142,913 ) $ 129,670 (a) These items appear within net realized gains (losses) on investments in the consolidated income statements. (b) These items are included in the computation of net periodic pension cost (see Note 10 (c) These items appear within federal income taxes in the consolidated income statements.

Note 10 - Employee Benefit Plan

Note 10 - Employee Benefit Plans	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Service cost $ - $ - $ - $ - Interest cost 234,176 247,610 468,353 495,220 Expected return on plan assets (251,355 ) (275,502 ) (502,710 ) (551,005 ) Recognized actuarial net loss 169,203 184,294 338,405 368,587 Net periodic pension cost $ 152,024 $ 156,402 $ 304,048 $ 312,802 We previously disclosed in our financial statements for the year ended December 31, 2016 $360,000 2017. June 30, 2017, $180,000

Note 11 - Notes Payable

Note 11 - Notes Payable	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 11 Notes Payable 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)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Gross Gross June 30, 2017 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 21,558,141 $ 361,977 $ - $ 21,920,118 States and political subdivisions 30,681,035 4,601,535 1,260 35,281,310 Corporate 206,179,405 10,399,724 443,378 216,135,751 Foreign 57,176,570 2,594,219 14,080 59,756,709 Mortgage-backed securities (MBS): Commercial MBS 8,026,403 232,913 - 8,259,316 Residential MBS 29,755,914 1,288,291 51,399 30,992,806 Corporate redeemable preferred stock 468,298 45,093 108,702 404,689 Total fixed maturity securities 353,845,766 19,523,752 618,819 372,750,699 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 55,307 - 373,591 Corporate common stock 6,888,021 2,076,939 354,054 8,610,906 Corporate nonredeemable preferred stock 388,476 50,746 - 439,222 Total equity securities 8,302,681 2,182,992 354,054 10,131,619 Total $ 362,148,447 $ 21,706,744 $ 972,873 $ 382,882,318 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]	June 30, 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 $ - $ - - $ 7,892,992 $ 9,416 2 States and political subdivisions 998,740 1,260 1 968,740 31,260 1 Corporate 21,711,535 389,270 19 30,370,227 753,570 27 Foreign 1,732,705 14,080 7 10,215,322 283,355 11 Residential MBS 2,854,766 51,399 3 3,003,214 72,741 2 Corporate redeemable preferred stock - - - 17,488 493 1 Greater than 12 months: Corporate 3,117,917 54,108 2 2,997,784 199,957 2 Foreign - - - 197,700 8 1 Corporate redeemable preferred stock 139,360 108,702 1 205,423 24,659 1 Total fixed maturities 30,555,023 618,819 33 55,868,890 1,375,459 48 Equity securities: Less than 12 months: Corporate common stock 1,080,723 316,986 6 1,004,821 136,117 6 Greater than 12 months: Corporate common stock 91,929 37,068 2 873,083 198,903 7 Total equities 1,172,652 354,054 8 1,877,904 335,020 13 Total $ 31,727,675 $ 972,873 41 $ 57,746,794 $ 1,710,479 61
Unrealized Gain (Loss) on Investments [Table Text Block]	June 30, December 31, 2017 2016 Net unrealized appreciation on available-for sale securities $ 20,733,871 $ 16,827,146 Adjustment to deferred acquisition costs (551,761 ) (461,084 ) Deferred income taxes (6,861,917 ) (5,564,461 ) Net unrealized appreciation on available-for sale securities $ 13,320,193 $ 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 $ 16,188,758 $ 16,461,904 Due after one year through five years 97,533,272 103,102,277 Due after five years through ten years 139,013,823 144,517,792 Due after ten years 43,628,991 49,562,672 Due at multiple maturity dates 57,012,624 58,701,365 Corporate redeemable preferred stock 468,298 404,689 Total $ 353,845,766 $ 372,750,699
Realized Gain (Loss) on Investments [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Proceeds from sales and maturities $ 6,368,857 $ 11,342,518 $ 18,130,913 $ 27,399,652 Gross realized gains 63,394 239,937 130,185 572,834 Gross realized losses - (1,592 ) (8,314 ) (7,777 )
Realized and Unrealized Gain (Loss) on Investments [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Change in net unrealized investment gains: Securities available-for-sale: Fixed maturities $ 2,207,921 $ 8,989,796 $ 3,152,432 $ 18,789,417 Equity securities 217,456 568,171 754,293 903,244 Net realized investment gains: Securities available-for-sale: Fixed maturities $ 63,394 $ 238,345 $ 108,840 $ 565,057 Equity securities - - 13,031 - Investments in convertible options 79,164 9,232 126,817 9,232
Schedule of Mortgage Loans on Real Estate [Table Text Block]	June 30, December 31, 2017 2016 Ohio $ 5,998,078 $ 3,083,440 Florida 4,588,388 5,253,110 Texas 4,278,144 5,191,186 Illinois 4,072,667 4,787,454 California 3,418,309 3,591,584 Missouri 3,196,947 3,107,289 Georgia 3,193,145 3,487,991 Kentucky 2,279,001 2,402,800 New Jersey 966,203 1,196,156 Arizona 923,834 1,490,538 North Carolina 752,071 757,004 Virginia 667,776 800,635 Tennessee 658,204 1,048,452 Indiana 647,712 893,431 Nevada 476,033 479,182 Pennsylvania 469,488 479,720 Colorado 448,518 1,190,873 West Virginia 204,750 225,578 Utah 158,596 343,533 Massachusetts 157,746 169,681 Idaho 134,199 142,745 Kansas 133,863 134,396 Michigan 125,835 126,750 Oregon - 487,824 Washington - 231,939 South Carolina - 199,101 Total $ 37,949,507 $ 41,302,392
State-guaranteed Receivables Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value Due in one year or less $ 1,015,530 $ 1,031,150 Due after one year through five years 4,152,053 4,545,358 Due after five years through ten years 4,267,145 5,201,668 Due after ten years 1,886,613 3,040,136 Total $ 11,321,341 $ 13,818,312
Schedule Of Payments On State Guaranteed Receivables By State [Table Text Block]	June 30, December 31, 2017 2016 New York $ 3,297,700 $ 3,446,349 Massachusetts 3,154,912 3,126,011 Georgia 2,011,616 2,012,845 Ohio 1,027,797 1,177,425 Washington 672,322 653,235 Indiana 428,422 417,811 Pennsylvania 311,030 318,019 Texas 270,748 261,396 California 146,794 171,590 Total $ 11,321,341 $ 11,584,681
Investment Income [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Fixed maturities $ 4,190,771 $ 4,614,528 $ 8,223,034 $ 9,540,889 Equity securities 97,542 64,361 192,111 131,650 Mortgage loans on real estate 630,938 733,462 1,265,143 1,323,374 Policy loans 116,743 122,145 230,686 243,455 State-guaranteed receivables 190,949 170,981 387,430 307,523 Gain (loss) on investments in convertible options (92,748 ) 38,044 93,422 (143,376 ) Other 33,517 58,629 120,385 112,314 Gross investment income 5,167,712 5,802,150 10,512,211 11,515,829 Investment expenses 264,214 258,012 526,015 516,024 Net investment income $ 4,903,498 $ 5,544,138 $ 9,986,196 $ 10,999,805

Note 5 - Fair Values of Finan20

Note 5 - Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	June 30, 2017 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 21,920,118 $ - $ 21,920,118 States and political subdivisions - 35,281,310 - 35,281,310 Corporate - 216,135,751 - 216,135,751 Foreign - 59,756,709 - 59,756,709 Mortgage-backed securities: Commercial MBS - 8,259,316 - 8,259,316 Residential MBS - 30,992,806 - 30,992,806 Corporate redeemable preferred stock - 404,689 - 404,689 Total fixed maturities $ - $ 372,750,699 $ - $ 372,750,699 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 373,591 - - 373,591 Corporate common stock 8,146,906 - 464,000 8,610,906 Corporate nonredeemable preferred stock - 439,222 - 439,222 Total equity securities $ 9,228,397 $ 439,222 $ 464,000 $ 10,131,619 Investments in convertible options $ - $ 1,173,038 $ - $ 1,173,038 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Corporate common stock: Beginning balance $ 464,000 $ 448,000 $ 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 $ 464,000 $ 448,000
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,376,540 $ 10,507,082 $ - $ - $ 10,507,082 Residential 27,572,967 30,612,173 - - 30,612,173 Policy loans 6,273,726 6,273,726 - - 6,273,726 State-guaranteed receivables 11,321,341 13,818,312 - 13,818,312 - Other invested assets 904,048 904,048 - - 904,048 Cash and cash equivalents 5,040,620 5,040,620 5,040,620 - - Accrued investment income 4,303,756 4,303,756 - - 4,303,756 Cash value of company-owned life insurance 14,012,462 14,012,462 - - 14,012,462 Liabilities: Policyholder deposits (Investment-type contracts) 50,549,187 49,955,179 - - 49,955,179 Policy claims 2,228,704 2,228,704 - - 2,228,704 Obligations under capital leases 64,199 64,199 - - 64,199 Notes payable 108,530 108,530 - - 108,530 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)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenue: Preneed and burial products $ 13,276,860 $ 13,098,661 $ 26,277,403 $ 25,855,841 Traditional and universal life products 2,158,974 3,164,177 4,620,487 5,960,570 Administrative and financial services 465,216 353,115 876,975 680,322 Corporate and other 99,214 238,191 481,744 259,567 Total revenue $ 16,000,264 $ 16,854,144 $ 32,256,609 $ 32,756,300 Pre-tax income (loss) from operations: Preneed and burial products $ 234,300 $ 116,617 $ (421,368 ) $ 337,464 Traditional and universal life products 30,947 168,796 297,885 379,967 Administrative and financial services 113,121 62,719 218,890 125,156 Corporate and other (439,688 ) 40,847 (216,852 ) (138,607 ) Total pre-tax income (loss) $ (61,320 ) $ 388,979 $ (121,445 ) $ 703,980

Note 9 - Other Comprehensive 22

Note 9 - Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Quarter Ended June 30, 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 $ 2,488,771 $ 846,182 $ 1,642,589 Reclassification adjustment for gains included in income (63,394 ) (21,554 ) (41,840 ) Adjustment for effect of deferred acquisition costs (54,245 ) (18,443 ) (35,802 ) Net unrealized gains on investments 2,371,132 806,185 1,564,947 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 169,203 57,528 111,675 Total other comprehensive income $ 2,540,335 $ 863,713 $ 1,676,622 Quarter Ended June 30, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 9,796,312 $ 3,330,746 $ 6,465,566 Reclassification adjustment for gains included in income (238,345 ) (81,037 ) (157,308 ) Adjustment for effect of deferred acquisition costs (240,771 ) (81,862 ) (158,909 ) Net unrealized gains on investments 9,317,196 3,167,847 6,149,349 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,294 62,660 121,634 Total other comprehensive income $ 9,501,490 $ 3,230,507 $ 6,270,983 Six Months Ended June 30, 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 $ 4,028,596 $ 1,369,722 $ 2,658,874 Reclassification adjustment for gains included in income (121,871 ) (41,436 ) (80,435 ) Adjustment for effect of deferred acquisition costs (90,677 ) (30,830 ) (59,847 ) Net unrealized gains on investments 3,816,048 1,297,456 2,518,592 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 338,405 115,057 223,348 Total other comprehensive income $ 4,154,453 $ 1,412,513 $ 2,741,940 Six Months Ended June 30, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 20,257,718 $ 6,887,624 $ 13,370,094 Reclassification adjustment for gains included in income (565,057 ) (192,119 ) (372,938 ) Adjustment for effect of deferred acquisition costs (498,958 ) (169,646 ) (329,312 ) Net unrealized gains on investments 19,193,703 6,525,859 12,667,844 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 368,587 125,319 243,268 Total other comprehensive income $ 19,562,290 $ 6,651,178 $ 12,911,112
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the six months ended June 30, 2017: Beginning balance $ 10,801,601 $ (5,307,709 ) $ 5,493,892 Other comprehensive income before reclassifications 2,599,027 - 2,599,027 Amounts reclassified from accumulated other comprehensive income (80,435 ) 223,348 142,913 Net current period other comprehensive income 2,518,592 223,348 2,741,940 Ending balance $ 13,320,193 $ (5,084,361 ) $ 8,235,832 For the six months ended June 30, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 13,040,782 - 13,040,782 Amounts reclassified from accumulated other comprehensive income (372,938 ) 243,268 (129,670 ) Net current period other comprehensive income 12,667,844 243,268 12,911,112 Ending balance $ 18,961,546 $ (5,293,273 ) $ 13,668,273
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, Reclassification Adjustments 2017 2016 2017 2016 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 63,394 $ 238,345 $ 121,871 $ 565,057 Income tax expense (c) (21,554 ) (81,037 ) (41,436 ) (192,119 ) Net of tax 41,840 157,308 80,435 372,938 Defined benefit pension plan: Amortization of actuarial net loss (b) (169,203 ) (184,294 ) (338,405 ) (368,587 ) Income tax benefit (c) 57,528 62,660 115,057 125,319 Net of tax (111,675 ) (121,634 ) (223,348 ) (243,268 ) Total reclassifications for the period $ (69,835 ) $ 35,674 $ (142,913 ) $ 129,670

Note 10 - Employee Benefit Pl23

Note 10 - Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Quarter Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Service cost $ - $ - $ - $ - Interest cost 234,176 247,610 468,353 495,220 Expected return on plan assets (251,355 ) (275,502 ) (502,710 ) (551,005 ) Recognized actuarial net loss 169,203 184,294 338,405 368,587 Net periodic pension cost $ 152,024 $ 156,402 $ 304,048 $ 312,802

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details Textual)	6 Months Ended
	Jun. 30, 2017
Percent of Revenue	99.00%

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investments in Convertible Securities, Gain (Loss)	$ (92,748)	$ 38,044	$ 93,422	$ (143,376)
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities			0	0
Restricted Cash and Investments	$ 16,563,533		$ 16,563,533		$ 22,724,783
Mortgage Loans, Commercial, Percentage	27.30%		27.30%		26.20%
Mortgage Loans, Residential, Percentage	72.70%		72.70%		73.80%
Maximum Loan to Value Ratio Required	80.00%		80.00%
Minimum Debt Service Coverage Required	115.00%		115.00%
Mortgage Loans Modifications Recorded Investment	$ 0		$ 0		$ 0
Mortgage Loans in Process of Foreclosure Amount	0		0		0
Mortgage Loan Defaults, Amount	0	$ 0	0	$ 0
Investments in Convertible Options, Fair Value	1,173,038		1,173,038		983,950
Mortgage Loans Equal to Greater than 90 Days Past Due [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	262,590		262,590		0
Nonaccrual Status [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0		0		0
Nonperforming Financial Instruments [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 0		$ 0		$ 0
Fixed Maturities [Member]
Minimum Fair Value to Cost Ratio	80.00%		80.00%		80.00%
Percentage of Portfolio Measured	99.90%		99.90%		100.00%
Equity Securities [Member]
Minimum Fair Value to Cost Ratio	80.00%		80.00%		80.00%
Percentage of Portfolio Measured	95.60%		95.60%		94.30%

Note 4 - Investments - Availabl

Note 4 - Investments - Available-for-sale Securities (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fixed maturity securities	$ 372,750,699	$ 365,949,349
Equity securities, amortized cost	8,302,681	8,080,073
Equity securities, gross unrealized gains	2,182,992	1,409,665
Equity securities, gross unrealized losses	354,054	335,020
Equity securities	10,131,619	9,154,718
Securities, amortized cost	362,148,447	358,276,921
Securities, gross unrealized gains	21,706,744	18,537,625
Securities, gross unrealized losses	972,873	1,710,479
Securities	382,882,318	375,104,067
Fixed maturity securities, amortized cost	353,845,766	350,196,848
Fixed maturity securities, gross unrealized gains	19,523,752	17,127,960
Fixed maturity securities, gross unrealized losses	618,819	1,375,459
US Government Agencies Debt Securities [Member]
Fixed maturity securities	21,920,118	22,233,619
Fixed maturity securities, amortized cost	21,558,141	21,882,312
Fixed maturity securities, gross unrealized gains	361,977	360,723
Fixed maturity securities, gross unrealized losses		9,416
US States and Political Subdivisions Debt Securities [Member]
Fixed maturity securities	35,281,310	39,525,248
Fixed maturity securities, amortized cost	30,681,035	35,403,214
Fixed maturity securities, gross unrealized gains	4,601,535	4,153,294
Fixed maturity securities, gross unrealized losses	1,260	31,260
Corporate Debt Securities [Member]
Fixed maturity securities	216,135,751	210,980,549
Fixed maturity securities, amortized cost	206,179,405	202,578,595
Fixed maturity securities, gross unrealized gains	10,399,724	9,355,481
Fixed maturity securities, gross unrealized losses	443,378	953,527
Foreign [Member]
Fixed maturity securities	59,756,709	52,529,579
Fixed maturity securities, amortized cost	57,176,570	51,081,850
Fixed maturity securities, gross unrealized gains	2,594,219	1,731,092
Fixed maturity securities, gross unrealized losses	14,080	283,363
Commercial Mortgage Backed Securities [Member]
Fixed maturity securities	8,259,316	6,916,071
Fixed maturity securities, amortized cost	8,026,403	6,717,214
Fixed maturity securities, gross unrealized gains	232,913	198,857
Fixed maturity securities, gross unrealized losses
Residential Mortgage Backed Securities [Member]
Fixed maturity securities	30,992,806	33,306,997
Fixed maturity securities, amortized cost	29,755,914	32,065,365
Fixed maturity securities, gross unrealized gains	1,288,291	1,314,373
Fixed maturity securities, gross unrealized losses	51,399	72,741
Redeemable Preferred Stock [Member]
Fixed maturity securities	404,689	457,286
Fixed maturity securities, amortized cost	468,298	468,298
Fixed maturity securities, gross unrealized gains	45,093	14,140
Fixed maturity securities, gross unrealized losses	108,702	25,152
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	55,307	28,840
Equity securities, gross unrealized losses
Equity securities	373,591	347,124
Common Stock [Member]
Equity securities, amortized cost	6,888,021	6,665,413
Equity securities, gross unrealized gains	2,076,939	1,370,651
Equity securities, gross unrealized losses	354,054	335,020
Equity securities	8,610,906	7,701,044
Nonredeemable Preferred Stock [Member]
Equity securities, amortized cost	388,476	388,476
Equity securities, gross unrealized gains	50,746	10,174
Equity securities, gross unrealized losses
Equity securities	$ 439,222	$ 398,650

Note 4 - Investments - Securiti

Note 4 - Investments - Securities in a Continuous Unrealized Loss Position (Details)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Securities in continuous loss position, fair value	$ 31,727,675	$ 57,746,794
Securities in continuous loss position, gross unrealized loss	$ 972,873	$ 1,710,479
Securities in continuous loss position, number of securities	41	61
US Government Agencies Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value		$ 7,892,992
Securities in continuous loss position, less than 12 months, gross unrealized loss		$ 9,416
Securities in continuous loss position, less than 12 months, number of securities		2
US States and Political Subdivisions Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 998,740	$ 968,740
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 1,260	$ 31,260
Securities in continuous loss position, less than 12 months, number of securities	1	1
Corporate Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 21,711,535	$ 30,370,227
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 389,270	$ 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	$ 3,117,917	$ 2,997,784
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 54,108	$ 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	$ 1,732,705	$ 10,215,322
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 14,080	$ 283,355
Securities in continuous loss position, less than 12 months, number of securities	7	11
Securities in continuous loss position, greater than 12 months, fair value		$ 197,700
Securities in continuous loss position, greater than 12 months, gross unrealized loss		$ 8
Securities in continuous loss position, greater than 12 months, number of securities		1
Residential Mortgage Backed Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 2,854,766	$ 3,003,214
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 51,399	$ 72,741
Securities in continuous loss position, less than 12 months, number of securities	3	2
Redeemable Preferred Stock [Member]
Securities in continuous loss position, less than 12 months, fair value		$ 17,488
Securities in continuous loss position, less than 12 months, gross unrealized loss		$ 493
Securities in continuous loss position, less than 12 months, number of securities		1
Securities in continuous loss position, greater than 12 months, fair value	$ 139,360	$ 205,423
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 108,702	$ 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	$ 30,555,023	$ 55,868,890
Securities in continuous loss position, gross unrealized loss	$ 618,819	$ 1,375,459
Securities in continuous loss position, number of securities	33	48
Common Stock [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 1,080,723	$ 1,004,821
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 316,986	$ 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	$ 91,929	$ 873,083
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 37,068	$ 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	$ 1,172,652	$ 1,877,904
Securities in continuous loss position, gross unrealized loss	$ 354,054	$ 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 ($)	Jun. 30, 2017	Dec. 31, 2016
Net unrealized appreciation on available-for sale securities	$ 20,733,871	$ 16,827,146
Adjustment to deferred acquisition costs	(551,761)	(461,084)
Deferred income taxes	(6,861,917)	(5,564,461)
Net unrealized appreciation on available-for sale securities	$ 13,320,193	$ 10,801,601

Note 4 - Investments - Fixed Ma

Note 4 - Investments - Fixed Maturity Securities by Contractual Maturity (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair value	$ 372,750,699	$ 365,949,349
Amortized cost	353,845,766	350,196,848
Redeemable Preferred Stock [Member]
Fair value	404,689	457,286
Amortized cost	468,298	$ 468,298
All Except For State Guaranteed Receivables [Member]
Due in one year or less, amortized cost	16,188,758
Due in one year or less, fair value	16,461,904
Due after one year through five years, amortized cost	97,533,272
Due after one year through five years, fair value	103,102,277
Due after five years through ten years, amortized cost	139,013,823
Due after five years through ten years, fair value	144,517,792
Due after ten years, amortized cost	43,628,991
Due after ten years, fair value	49,562,672
Fair value	372,750,699
Amortized cost	353,845,766
All Except For State Guaranteed Receivables [Member] | Due at Multiple Maturity Dates [Member]
Securities without single maturity date, amortized cost	57,012,624
Securities without single maturity date, fair value	58,701,365
All Except For State Guaranteed Receivables [Member] | Redeemable Preferred Stock [Member]
Fair value	404,689
Amortized cost	$ 468,298

Note 4 - Investments - Proceeds

Note 4 - Investments - Proceeds from Sales and Maturities of Investments in Available-for-sale (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Proceeds from sales and maturities	$ 6,368,857	$ 11,342,518	$ 18,130,913	$ 27,399,652
Gross realized gains	63,394	239,937	130,185	572,834
Gross realized losses		$ (1,592)	$ (8,314)	$ (7,777)

Note 4 - Investments - Change i

Note 4 - Investments - Change in Unrealized Gains (Losses) and Realized Gains (Losses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investments in convertible options	$ 79,164	$ 9,232	$ 126,817	$ 9,232
Debt Securities [Member]
Change in net unrealized investment gains (losses)	2,207,921	8,989,796	3,152,432	18,789,417
Net realized investment gains (losses)	63,394	238,345	108,840	565,057
Equity Securities [Member]
Change in net unrealized investment gains (losses)	217,456	568,171	754,293	903,244
Net realized investment gains (losses)			$ 13,031

Note 4 - Investments - Mortgage

Note 4 - Investments - Mortgage Loans by State (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Mortgage loans by state	$ 37,949,507	$ 41,302,392
OHIO
Mortgage loans by state	5,998,078	3,083,440
FLORIDA
Mortgage loans by state	4,588,388	5,253,110
TEXAS
Mortgage loans by state	4,278,144	5,191,186
Illinois [Member]
Mortgage loans by state	4,072,667	4,787,454
California [Member]
Mortgage loans by state	3,418,309	3,591,584
Missouri [Member]
Mortgage loans by state	3,196,947	3,107,289
Georgia [Member]
Mortgage loans by state	3,193,145	3,487,991
Kentucky [Member]
Mortgage loans by state	2,279,001	2,402,800
NEW JERSEY
Mortgage loans by state	966,203	1,196,156
Arizona [Member]
Mortgage loans by state	923,834	1,490,538
North Carolina [Member]
Mortgage loans by state	752,071	757,004
Virginia [Member]
Mortgage loans by state	667,776	800,635
Tennessee [Member]
Mortgage loans by state	658,204	1,048,452
Indiana [Member]
Mortgage loans by state	647,712	893,431
NEVADA
Mortgage loans by state	476,033	479,182
Pennsylvania [Member]
Mortgage loans by state	469,488	479,720
Colorado [Member]
Mortgage loans by state	448,518	1,190,873
WEST VIRGINIA
Mortgage loans by state	204,750	225,578
UTAH
Mortgage loans by state	158,596	343,533
Massachusetts [Member]
Mortgage loans by state	157,746	169,681
Idaho [Member]
Mortgage loans by state	134,199	142,745
KANSAS
Mortgage loans by state	133,863	134,396
MICHIGAN
Mortgage loans by state	125,835	126,750
Oregon [Member]
Mortgage loans by state		487,824
WASHINGTON
Mortgage loans by state		231,939
South Carolina [Member]
Mortgage loans by state		$ 199,101

Note 4 - Investments - State-gu

Note 4 - Investments - State-guaranteed Receivables by Contractual Maturity (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Total, amortized cost	$ 11,321,341	$ 11,584,681
State-guaranteed Receivables [Member]
Due in one year or less, amortized cost	1,015,530
Due in one year or less, fair value	1,031,150
Due after one year through five years, amortized cost	4,152,053
Due after one year through five years, fair value	4,545,358
Due after five years through ten years, amortized cost	4,267,145
Due after five years through ten years, fair value	5,201,668
Due after ten years, amortized cost	1,886,613
Due after ten years, fair value	3,040,136
Total, amortized cost	11,321,341
Total, fair value	$ 13,818,312

Note 4 - Investments - Amortize

Note 4 - Investments - Amortized Cost of State-guaranteed Receivables, by State (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Amortized cost of state-guaranteed receivables	$ 11,321,341	$ 11,584,681
New York [Member]
Amortized cost of state-guaranteed receivables	3,297,700	3,446,349
Massachusetts [Member]
Amortized cost of state-guaranteed receivables	3,154,912	3,126,011
Georgia [Member]
Amortized cost of state-guaranteed receivables	2,011,616	2,012,845
OHIO
Amortized cost of state-guaranteed receivables	1,027,797	1,177,425
WASHINGTON
Amortized cost of state-guaranteed receivables	672,322	653,235
Indiana [Member]
Amortized cost of state-guaranteed receivables	428,422	417,811
Pennsylvania [Member]
Amortized cost of state-guaranteed receivables	311,030	318,019
TEXAS
Amortized cost of state-guaranteed receivables	270,748	261,396
California [Member]
Amortized cost of state-guaranteed receivables	$ 146,794	$ 171,590

Note 4 - Investments - Net Inve

Note 4 - Investments - Net Investment Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gross investment income (loss)	$ 5,167,712	$ 5,802,150	$ 10,512,211	$ 11,515,829
Investment Expenses	264,214	258,012	526,015	516,024
Net investment income	4,903,498	5,544,138	9,986,196	10,999,805
Fixed Maturities [Member]
Gross investment income (loss)	4,190,771	4,614,528	8,223,034	9,540,889
Equity Securities [Member]
Gross investment income (loss)	97,542	64,361	192,111	131,650
Mortgages [Member]
Gross investment income (loss)	630,938	733,462	1,265,143	1,323,374
Policy Loans [Member]
Gross investment income (loss)	116,743	122,145	230,686	243,455
State-guaranteed Receivables [Member]
Gross investment income (loss)	190,949	170,981	387,430	307,523
Convertible Debt Securities [Member]
Gross investment income (loss)	(92,748)	38,044	93,422	(143,376)
Other Long-term Investments [Member]
Gross investment income (loss)	$ 33,517	$ 58,629	$ 120,385	$ 112,314

Note 5 - Fair Values of Finan36

Note 5 - Fair Values of Financial Instruments (Details Textual)	Jun. 30, 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 ($)	Jun. 30, 2017	Dec. 31, 2016
Investments in convertible options	$ 1,173,038	$ 983,950
Securities available-for-sale	382,882,318	375,104,067
Fair Value, Measurements, Recurring [Member]
Investments in convertible options	1,173,038	983,950
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	21,920,118	22,233,619
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	35,281,310	39,525,248
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	216,135,751	210,980,549
Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	59,756,709	52,529,579
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,259,316	6,916,071
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	30,992,806	33,306,997
Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	404,689	457,286
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	372,750,699	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	373,591	347,124
Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,610,906	7,701,044
Nonredeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	439,222	398,650
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	10,131,619	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	373,591	347,124
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,146,906	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	9,228,397	8,308,068
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in convertible options	1,173,038	983,950
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	21,920,118	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	35,281,310	39,525,248
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	216,135,751	210,980,549
Fair Value, Inputs, Level 2 [Member] | Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	59,756,709	52,529,579
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,259,316	6,916,071
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	30,992,806	33,306,997
Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	404,689	457,286
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	372,750,699	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	439,222	398,650
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	439,222	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Beginning balance	$ 464,000	$ 448,000	$ 448,000	$ 352,000
Included in other comprehensive income			16,000	96,000
Ending balance	$ 464,000	$ 448,000	$ 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 ($)	Jun. 30, 2017	Dec. 31, 2016
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	$ 5,040,620	$ 3,297,917
Accrued investment income	4,303,756	4,433,680
Cash value of company-owned life insurance	14,012,462	13,855,560
State-guaranteed receivables	11,321,341	11,584,681
Other invested assets	904,048	1,951,830
Liabilities:
Obligations under capital leases	64,199	72,209
Notes payable	108,530	971,851
Policyholder deposits (Investment-type contracts)	50,549,187	51,870,288
Policy claims	2,228,704	2,637,220
Reported Value Measurement [Member] | Commercial Mortgage [Member]
Assets:
Loans	10,376,540	10,819,996
Reported Value Measurement [Member] | Residential Mortgage [Member]
Assets:
Loans	27,572,967	30,482,396
Reported Value Measurement [Member] | Policy Loans [Member]
Assets:
Loans	6,273,726	6,336,277
Estimate of Fair Value Measurement [Member]
Assets:
Cash and cash equivalents	5,040,620	3,297,917
Accrued investment income	4,303,756	4,433,680
Cash value of company-owned life insurance	14,012,462	13,855,560
State-guaranteed receivables	13,818,312	13,938,824
Other invested assets	904,048	1,951,830
Liabilities:
Obligations under capital leases	64,199	72,209
Notes payable	108,530	971,851
Policyholder deposits (Investment-type contracts)	49,955,179	51,304,889
Policy claims	2,228,704	2,637,220
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	5,040,620	3,297,917
Accrued investment income
Cash value of company-owned life insurance
State-guaranteed receivables
Other invested assets
Liabilities:
Obligations under capital leases
Notes payable
Policyholder deposits (Investment-type contracts)
Policy claims
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents
Accrued investment income
Cash value of company-owned life insurance
State-guaranteed receivables	13,818,312	13,938,824
Other invested assets
Liabilities:
Obligations under capital leases
Notes payable
Policyholder deposits (Investment-type contracts)
Policy claims
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and cash equivalents
Accrued investment income	4,303,756	4,433,680
Cash value of company-owned life insurance	14,012,462	13,855,560
State-guaranteed receivables
Other invested assets	904,048	1,951,830
Liabilities:
Obligations under capital leases	64,199	72,209
Notes payable	108,530	971,851
Policyholder deposits (Investment-type contracts)	49,955,179	51,304,889
Policy claims	2,228,704	2,637,220
Estimate of Fair Value Measurement [Member] | Commercial Mortgage [Member]
Assets:
Loans	10,507,082	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	10,507,082	11,084,097
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member]
Assets:
Loans	30,612,173	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	30,612,173	33,992,592
Estimate of Fair Value Measurement [Member] | Policy Loans [Member]
Assets:
Loans	6,273,726	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	$ 6,273,726	$ 6,336,277

Note 6 - Earnings per Share (De

Note 6 - Earnings per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Weighted Average Number of Shares Outstanding, Basic	1,107,517	1,115,726	1,106,919	1,116,687

Note 7 - Segment Data (Details

Note 7 - Segment Data (Details Textual)	6 Months Ended
	Jun. 30, 2017
Number of Operating Segments	4

Note 7 - Segment Data - Operati

Note 7 - Segment Data - Operating Information by Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue	$ 16,000,264	$ 16,854,144	$ 32,256,609	$ 32,756,300
Pre-tax income (loss) from operations	(61,320)	388,979	(121,445)	703,980
Preneed and Burial Products [Member]
Revenue	13,276,860	13,098,661	26,277,403	25,855,841
Pre-tax income (loss) from operations	234,300	116,617	(421,368)	337,464
Traditional and Universal Life Products [Member]
Revenue	2,158,974	3,164,177	4,620,487	5,960,570
Pre-tax income (loss) from operations	30,947	168,796	297,885	379,967
Administrative and Financial Services [Member]
Revenue	465,216	353,115	876,975	680,322
Pre-tax income (loss) from operations	113,121	62,719	218,890	125,156
Corporate and Other [Member]
Revenue	99,214	238,191	481,744	259,567
Pre-tax income (loss) from operations	$ (439,688)	$ 40,847	$ (216,852)	$ (138,607)

Note 8 - Federal Income Taxes (

Note 8 - Federal Income Taxes (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 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		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Adjustment for effect of deferred acquisition costs, net of tax		$ (35,802)	$ (158,909)	$ (59,847)	$ (329,312)
Net unrealized gains (losses) on investments, pretax		2,371,132	9,317,196	3,816,048	19,193,703
Net unrealized gains (losses) on investments, tax		806,185	3,167,847	1,297,456	6,525,859
Net unrealized gains (losses) on investments, net of tax		1,564,947	6,149,349	2,518,592	12,667,844
Amortization of actuarial net loss in net periodic pension cost, pretax	[1]	169,203	184,294	338,405	368,587
Income tax benefit	[2]	57,528	62,660	115,057	125,319
Amortization of actuarial net loss in net periodic pension cost, net of tax		111,675	121,634	223,348	243,268
Total other comprehensive income, pretax		2,540,335	9,501,490	4,154,453	19,562,290
Total other comprehensive income, tax		863,713	3,230,507	1,412,513	6,651,178
Total other comprehensive income, net of tax		1,676,622	6,270,983	2,741,940	12,911,112
Unrealized holding gains (losses) arising during period, pretax		2,488,771	9,796,312	4,028,596	20,257,718
Unrealized holding gains (losses) arising during period, tax		846,182	3,330,746	1,369,722	6,887,624
Unrealized holding gains (losses) arising during period, net of tax		1,642,589	6,465,566	2,658,874	13,370,094
Reclassification adjustment for gains included in income, pretax	[3]	(63,394)	(238,345)	(121,871)	(565,057)
Income tax expense	[2]	(21,554)	(81,037)	(41,436)	(192,119)
Reclassification adjustment for gains included in income, net of tax		(41,840)	(157,308)	(80,435)	(372,938)
Adjustment for effect of deferred acquisition costs, pretax		(54,245)	(240,771)	(90,677)	(498,958)
Adjustment for effect of deferred acquisition costs, tax		$ (18,443)	$ (81,862)	$ (30,830)	$ (169,646)
[1]	These items are included in the computation of net periodic pension cost (see Note 10).
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items appear within net realized gains (losses) on investments in the consolidated income statements.

Note 9 - Other Comprehensive 45

Note 9 - Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
OTHER COMPREHENSIVE INCOME, NET OF TAXES	$ 1,676,622	$ 6,270,983	$ 2,741,940	$ 12,911,112
BALANCE	58,556,530	62,233,595	58,556,530	62,233,595
BALANCE			56,184,945	49,251,002
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
OTHER COMPREHENSIVE INCOME, NET OF TAXES			2,518,592	12,667,844
BALANCE	13,320,193	18,961,546	13,320,193	18,961,546
BALANCE			10,801,601	6,293,702
Other comprehensive income before reclassifications			2,599,027	13,040,782
Amounts reclassified from accumulated other comprehensive income			(80,435)	(372,938)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
OTHER COMPREHENSIVE INCOME, NET OF TAXES			223,348	243,268
BALANCE	(5,084,361)	(5,293,273)	(5,084,361)	(5,293,273)
BALANCE			(5,307,709)	(5,536,541)
Other comprehensive income before reclassifications
Amounts reclassified from accumulated other comprehensive income			223,348	243,268
AOCI Attributable to Parent [Member]
OTHER COMPREHENSIVE INCOME, NET OF TAXES			2,741,940	12,911,112
BALANCE	$ 8,235,832	$ 13,668,273	8,235,832	13,668,273
BALANCE			5,493,892	757,161
Other comprehensive income before reclassifications			2,599,027	13,040,782
Amounts reclassified from accumulated other comprehensive income			$ 142,913	$ (129,670)

Note 9 - Other Comprehensive 46

Note 9 - Other Comprehensive Income (Loss) - Amounts Reclassified from AOCI to Income (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Realized gains on sale of securities	[1]	$ 63,394	$ 238,345	$ 121,871	$ 565,057
Income tax expense	[2]	(21,554)	(81,037)	(41,436)	(192,119)
Net of tax		41,840	157,308	80,435	372,938
Amortization of actuarial net loss	[3]	(169,203)	(184,294)	(338,405)	(368,587)
Income tax benefit	[2]	57,528	62,660	115,057	125,319
Net of tax		(111,675)	(121,634)	(223,348)	(243,268)
Total reclassifications for the period		$ (69,835)	$ 35,674	$ (142,913)	$ 129,670
[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 ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year		$ 360,000
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 180,000

Note 10 - Employee Benefit Pl48

Note 10 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Service cost
Interest cost	234,176	247,610	468,353	495,220
Expected return on plan assets	(251,355)	(275,502)	(502,710)	(551,005)
Recognized actuarial net loss	169,203	184,294	338,405	368,587
Net periodic pension cost	$ 152,024	$ 156,402	$ 304,048	$ 312,802

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%