Investors Heritage Capital (IHRC) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 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)		1,111,015
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Fixed maturities (amortized cost: $355,672,429 and $350,196,848)	$ 374,330,586	$ 365,949,349
Equity securities (cost: $9,081,785 and $8,080,073)	10,681,755	9,154,718
Mortgage loans on real estate	39,216,439	41,302,392
Policy loans	6,386,451	6,336,277
State-guaranteed receivables	11,367,127	11,584,681
Investments in convertible options	1,323,070	983,950
Other invested assets	957,262	1,951,830
Total investments	444,262,690	437,263,197
Cash and cash equivalents	2,574,709	3,297,917
Accrued investment income	4,066,419	4,433,680
Due premiums	2,798,969	2,768,774
Deferred acquisition costs	15,100,954	15,712,181
Value of business acquired	109,535	155,264
Leased property under capital leases	51,285	75,841
Property and equipment, net	971,505	915,494
Cash value of company-owned life insurance	14,587,713	13,855,560
Other assets	2,469,489	2,435,867
Amounts recoverable from reinsurers	93,008,718	98,444,173
Total assets	580,001,986	579,357,948
LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES
Benefit reserves	487,920,368	492,963,963
Unearned premium reserves	7,840,825	8,100,042
Policy claims	2,207,664	2,637,220
Liability for deposit-type contracts	3,344,562	3,351,107
Reserves for dividends and endowments and other	368,361	384,401
Total policy liabilities	501,681,780	507,436,733
Deferred federal income tax liability	4,718,218	3,256,943
Obligations under capital leases	45,595	72,209
Notes payable	317,508	971,851
Accrued pension liability	5,699,728	6,021,264
Deferred revenue on reinsurance ceded	1,315,759	1,431,647
Other liabilities	7,071,897	3,982,356
Total liabilities	520,850,485	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	8,074,349	5,493,892
Retained earnings	41,054,126	40,671,342
Total stockholders' equity	59,151,501	56,184,945
Total liabilities and stockholders' equity	$ 580,001,986	$ 579,357,948

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fixed maturities, amortized cost	$ 355,672,429	$ 350,196,848
Equity securities, cost	$ 9,081,785	$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUE
Premiums and other considerations	$ 12,531,336	$ 13,836,244	$ 38,210,867	$ 39,545,191
Premiums ceded	(2,646,279)	(2,935,363)	(7,429,219)	(8,195,013)
Net premiums	9,885,057	10,900,881	30,781,648	31,350,178
Investment income, net of expenses	5,003,475	5,330,853	14,989,671	16,330,658
Net realized gains (losses) on investments:
Total other-than-temporary impairment losses		(118,267)		(118,267)
Other net realized investment gains	424,795	1,046,183	673,483	1,620,472
Total net realized gains on investments	424,795	927,916	673,483	1,502,205
Other income	605,538	409,186	1,730,672	1,142,095
Total revenue	15,918,865	17,568,836	48,175,474	50,325,136
BENEFITS AND EXPENSES
Death and other benefits	10,988,211	10,363,008	35,577,458	32,324,120
Guaranteed annual endowments	88,966	91,569	294,174	304,657
Dividends to policyholders	69,040	73,603	226,465	230,792
Increase in benefit reserves and unearned premiums	312,181	1,652,885	122,245	3,550,345
Acquisition costs deferred	(1,159,772)	(1,256,830)	(3,454,821)	(3,621,389)
Amortization of deferred acquisition costs	1,416,947	1,497,933	4,037,243	4,410,013
Commissions	756,128	829,201	2,391,201	2,356,672
Other general and administrative expenses	2,438,558	2,658,821	8,094,348	8,407,300
Total benefits and expenses	14,910,259	15,910,190	47,288,313	47,962,510
INCOME BEFORE FEDERAL INCOME TAXES	1,008,606	1,658,646	887,161	2,362,626
PROVISION (BENEFIT) FOR FEDERAL INCOME TAXES
Current	12,745	347,532	89,843	544,151
Deferred	239,407	(287,264)	131,948	(307,888)
Total federal income taxes	252,152	60,268	221,791	236,263
NET INCOME	$ 756,454	$ 1,598,378	$ 665,370	$ 2,126,363
BASIC AND DILUTED NET INCOME PER SHARE (in dollars per share)	$ 0.68	$ 1.44	$ 0.60	$ 1.91
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		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
NET INCOME		$ 756,454	$ 1,598,378	$ 665,370	$ 2,126,363
Change in net unrealized gains (losses) on available-for-sale securities:
Unrealized holding gains (losses) arising during period		(62,820)	1,565,397	3,965,776	21,823,115
Reclassification adjustment for gains included in income	[1]	(412,924)	(927,916)	(534,795)	(1,492,973)
Adjustment for effects of deferred acquisition costs		61,873	(87,465)	(28,804)	(586,423)
Net unrealized gains (losses) on investments		(413,871)	550,016	3,402,177	19,743,719
Change in defined benefit pension plan:
Amortization of actuarial net loss in net periodic pension cost	[2]	169,202	184,293	507,607	552,880
Other comprehensive income (loss) before income taxes		(244,669)	734,309	3,909,784	20,296,599
Income tax expense (benefit)		(83,186)	249,666	1,329,327	6,900,844
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES		(161,483)	484,643	2,580,457	13,395,755
COMPREHENSIVE INCOME		$ 594,971	$ 2,083,021	$ 3,245,827	$ 15,522,118
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items are included in the computation of net periodic pension cost (see Note 10).

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
BALANCE at Dec. 31, 2015	$ 1,117,647	$ 8,913,360	$ 757,161	$ 38,462,834	$ 49,251,002
Net income				2,126,363	2,126,363
Other comprehensive income, net			13,395,755		13,395,755
Cash dividends				(234,706)	(234,706)
Repurchases of common stock, net	(10,941)			(211,162)	(222,103)
BALANCE at Sep. 30, 2016	1,106,706	8,913,360	14,152,916	40,143,329	64,316,311
BALANCE at Dec. 31, 2016	1,106,351	8,913,360	5,493,892	40,671,342	56,184,945
Net income				665,370	665,370
Other comprehensive income, net			2,580,457		2,580,457
Cash dividends				(279,271)	(279,271)
Issuances of common stock, net	3,315			(3,315)
BALANCE at Sep. 30, 2017	$ 1,109,666	$ 8,913,360	$ 8,074,349	$ 41,054,126	$ 59,151,501

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 825,486	$ 3,916,385
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(33,336,816)	(19,875,700)
Sales of available-for-sale securities	6,300,505	55,563,518
Maturities of available-for-sale securities	21,182,849	17,111,207
Acquisitions of mortgage loans on real estate	(6,934,650)	(17,126,902)
Payments of mortgage loans on real estate	8,898,402	9,875,929
Purchases of state-guaranteed receivables		(2,753,509)
Payments of state-guaranteed receivables	793,530	629,530
Purchases of convertible options	(278,631)	(62,185)
Sales and exchanges of convertible options	324,557	10,536
Net change in payable (receivable) for securities	1,778,840	20,541
Net reductions of other investments	944,394	644,141
Net additions to property and equipment	(156,887)	(40,459)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(483,907)	43,996,647
FINANCING ACTIVITIES
Policyholder account deposits	1,755,599	3,428,616
Policyholder account withdrawals	(1,886,772)	(6,318,742)
Payments on notes payable	(2,398,673)	(2,065,106)
Proceeds from notes payable	1,744,330	1,790,974
Dividends paid	(279,271)	(234,706)
Repurchases of common stock, net		(222,103)
NET CASH USED IN FINANCING ACTIVITIES	(1,064,787)	(3,621,067)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(723,208)	44,291,965
Cash and cash equivalents at beginning of period	3,297,917	3,619,663
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 2,574,709	$ 47,911,628

Note 1 - Nature of Operations

Note 1 - Nature of Operations	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	NOTE 1 - Nature of Operations Investors Heritage Capital Corporation is the holding company of Investors Heritage Life Insurance Company; Investors Heritage Printing, Inc., a printing company; Investors Heritage Financial Services Group, Inc., an insurance marketing company; is the sole member of At Need Funding, LLC, a limited liability company that provides advance funding of funerals in exchange for the irrevocable assignment of life insurance policies from other nonaffiliated companies; and is the sole member of Heritage Funding, LLC, a limited liability company that invests in various business ventures. These entities are collectively hereinafter referred to as the “Company”. In excess of 99% 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 2 - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10 10 X. not nine September 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 ’ equity. Management has evaluated all events subsequent to September 30, 2017

Note 3- New Accounting Pronounc

Note 3- New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3 – New Accounting Pronouncements In March 2017, not will be effective for us on January 1, 2019, may In March 2017, will be effective for us on 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	9 Months Ended
	Sep. 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: September 30, 2017 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 21,299,421 $ 297,174 $ - $ 21,596,595 States and political subdivisions 30,679,646 4,596,685 - 35,276,331 Corporate 209,814,274 10,237,411 612,544 219,439,141 Foreign 56,017,357 2,738,389 11,441 58,744,305 Mortgage-backed securities (MBS): Commercial MBS 8,699,078 230,007 - 8,929,085 Residential MBS 28,694,355 1,283,880 37,385 29,940,850 Corporate redeemable preferred stock 468,298 44,694 108,713 404,279 Total fixed maturity securities 355,672,429 19,428,240 770,083 374,330,586 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 71,255 - 389,539 Corporate common stock 7,667,125 1,805,888 329,222 9,143,791 Corporate nonredeemable preferred stock 388,476 52,049 - 440,525 Total equity securities 9,081,785 1,929,192 329,222 10,681,755 Total $ 364,754,214 $ 21,357,432 $ 1,099,305 $ 385,012,341 December 31, 2016 Amortized Gross Unrealized Gross 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. September 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 - - - 968,740 31,260 1 Corporate 20,841,110 560,459 17 30,370,227 753,570 27 Foreign 1,141,012 11,441 5 10,215,322 283,355 11 Residential MBS 2,785,924 37,385 3 3,003,214 72,741 2 Corporate redeemable preferred stock - - - 17,488 493 1 Greater than 12 months: Corporate 3,091,141 52,085 4 2,997,784 199,957 2 Foreign - - - 197,700 8 1 Corporate redeemable preferred stock 139,349 108,713 1 205,423 24,659 1 Total fixed maturities 27,998,536 770,083 30 55,868,890 1,375,459 48 Equity securities: Less than 12 months: Corporate common stock 1,259,585 285,763 10 1,004,821 136,117 6 Greater than 12 months: Corporate common stock 150,285 43,459 2 873,083 198,903 7 Total equities 1,409,870 329,222 12 1,877,904 335,020 13 Total $ 29,408,406 $ 1,099,305 42 $ 57,746,794 $ 1,710,479 61 At September 30, 2017, 99.9% 80%, 98.1% 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 or nine September 30, 2017. September 30, 2016, one $118,267. September 30, 2017 $21,679. no nine September 30, 2016. Management believes that the Company will fully recover its cost basis in the securities held at September 30, 2017, not not N et 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. September 30, December 31, 2017 2016 Net unrealized appreciation on available-for sale securities $ 20,258,127 $ 16,827,146 Adjustment to deferred acquisition costs (489,888 ) (461,084 ) Deferred income taxes (6,721,202 ) (5,564,461 ) Net unrealized appreciation on available-for sale securities $ 13,047,037 $ 10,801,601 The amortized cost and fair value of fixed maturity securities at September 30, 2017, may Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 16,406,735 $ 16,718,204 Due after one year through five years 103,138,732 108,767,451 Due after five years through ten years 134,265,906 139,780,380 Due after ten years 45,023,343 50,648,429 Due at multiple maturity dates 56,369,415 58,011,843 Corporate redeemable preferred stock 468,298 404,279 Total $ 355,672,429 $ 374,330,586 Proceeds from sales and maturities of investments in available-for-sale securities, as well as gross gains and gross losses realized, are presented below. Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Proceeds from sales and maturities $ 9,352,441 $ 45,275,073 $ 27,483,354 $ 72,674,725 Gross realized gains 464,170 1,772,703 594,355 2,345,537 Gross realized losses (51,246 ) (844,787 ) (59,560 ) (852,564 ) T he table below shows the change in net unrealized investment gains (losses) and the amount of realized investment gains (losses) on fixed maturities and equity securities in addition to realized investment gains on mortgage loans . Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ (246,776 ) $ 670,151 $ 2,905,656 $ 19,459,568 Equity securities (228,968 ) (32,670 ) 525,325 870,574 Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ (6,332 ) $ 880,055 $ 102,508 $ 1,445,112 Equity securities 419,256 47,861 432,287 47,861 Investments in convertible options 11,871 - 138,688 9,232 The Company is required to hold asse ts on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At September 30, 2017 December 31, 2016, $20 ,459 ,290 $22 ,724 ,783, The Company also engages in commercial and residential mortgage lending . As of September 30, 2017, 25.5% 74.5%, December 31, 2016, 26.2% 73.8%, All commercial mortgage loans are either originated in-house or through two first -to-value ratios of 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 A t September 30, 2017 December 31, 2016, no 90 no nine September 30, 2017 2016. The Company ’s investments in mortgage loans, by state, are as follows: September 30, December 31, 2017 2016 Ohio $ 8,175,611 $ 3,083,440 Texas 4,306,175 5,191,186 Florida 4,226,742 5,253,110 Illinois 3,955,293 4,787,454 Missouri 3,388,345 3,107,289 California 3,253,601 3,591,584 Georgia 3,147,841 3,487,991 Kentucky 2,095,494 2,402,800 Arizona 921,290 1,490,538 New Jersey 723,839 1,196,156 North Carolina 691,257 757,004 Virginia 665,092 800,635 Tennessee 650,725 1,048,452 Indiana 643,813 893,431 Nevada 474,417 479,182 Pennsylvania 464,273 479,720 Colorado 446,489 1,190,873 Michigan 222,939 126,750 West Virginia 194,091 225,578 Utah 158,094 343,533 Massachusetts 147,601 169,681 Kansas 133,590 134,396 Idaho 129,827 142,745 Oregon - 487,824 Washington - 231,939 South Carolina - 199,101 Total $ 39,216,439 $ 41,302,392 T he Company owns certain investments in state-guaranteed receivables. These investments represent an assignment of the future rights to cash flows from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries and guaranteed by the states . The state-guaranteed receivables are carried at their amortized cost basis on the balance sheet. At September 30, 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 $ 1,022,946 $ 1,035,816 Due after one year through five years 4,355,471 4,766,148 Due after five years through ten years 4,255,579 5,207,903 Due after ten years 1,733,131 2,834,198 Total $ 11,367,127 $ 13,844,065 The amortized cost of state-guaranteed receivables, by state, is summarized as follows: September 30, December 31, 2017 2016 New York $ 3,273,829 $ 3,446,349 Massachusetts 3,206,661 3,126,011 Georgia 1,984,941 2,012,845 Ohio 1,044,953 1,177,425 Washington 681,865 653,235 Indiana 433,728 417,811 Pennsylvania 316,429 318,019 Texas 275,425 261,396 California 149,296 171,590 Total $ 11,367,127 $ 11,584,681 T he 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. At September 30, 2017 December 31, 2016, $1,323 ,070 $983 ,950, nine September 30, 2017, $152 ,936 $246 ,358, nine September 30, 2016, $99 ,192 $44 ,184 Major categories of net investment income are summarized as follows: Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Fixed maturities $ 4,031,648 $ 4,387,984 $ 12,254,682 $ 13,928,873 Equity securities 93,937 111,063 286,048 242,713 Mortgage loans on real estate 652,453 642,705 1,917,596 1,966,079 Policy loans 117,997 121,616 348,683 365,071 State-guaranteed receivables 188,546 172,946 575,976 480,469 Gain (loss) on investments in convertible options 152,936 99,192 246,358 (44,184 ) Other 28,967 53,360 149,352 165,674 Gross investment income 5,266,484 5,588,866 15,778,695 17,104,695 Investment expenses 263,009 258,013 789,024 774,037 Net investment income $ 5,003,475 $ 5,330,853 $ 14,989,671 $ 16,330,658

Note 5 - Fair Values of Financi

Note 5 - Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 5 – Fair Values of Financial Instruments The fair value of a financial instrument is the estimated amount at which the instrument could be exchanged in an orderly transaction between knowledgeable, unrelated, willing parties, i.e., not The estimated fair value of a financial instrument 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 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 not Level 3 - Unobservable inputs that are supported by little or 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 period in which the reclassifications occur. 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. September 30, 2017 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 21,596,595 $ - $ 21,596,595 States and political subdivisions - 35,276,331 - 35,276,331 Corporate - 219,439,141 - 219,439,141 Foreign - 58,744,305 - 58,744,305 Mortgage-backed securities: Commercial MBS - 8,929,085 - 8,929,085 Residential MBS - 29,940,850 - 29,940,850 Corporate redeemable preferred stock - 404,279 - 404,279 Total fixed maturities $ - $ 374,330,586 $ - $ 374,330,586 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 389,539 - - 389,539 Corporate common stock 8,679,791 - 464,000 9,143,791 Corporate nonredeemable preferred stock - 440,525 - 440,525 Total equity securities $ 9,777,230 $ 440,525 $ 464,000 $ 10,681,755 Investments in convertible options $ - $ 1,323,070 $ - $ 1,323,070 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 reported at fair value. Quarter Ended September 30, Nine Months Ended September 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 s or nine September 30, 2017 2016. no 2 3 nine September 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 September 30, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,008,415 $ 10,132,174 $ - $ - $ 10,132,174 Residential 29,208,024 32,406,602 - - 32,406,602 Policy loans 6,386,451 6,386,451 - - 6,386,451 State-guaranteed receivables 11,367,127 13,844,065 - 13,844,065 - Other invested assets 957,262 957,262 - - 957,262 Cash and cash equivalents 2,574,709 2,574,709 2,574,709 - - Accrued investment income 4,066,419 4,066,419 - - 4,066,419 Cash value of company-owned life insurance 14,587,713 14,587,713 - - 14,587,713 Liabilities: Policyholder deposits (Investment-type contracts) 50,025,946 49,441,522 - - 49,441,522 Policy claims 2,207,664 2,207,664 - - 2,207,664 Obligations under capital leases 45,595 45,595 - - 45,595 Notes payable 317,508 317,508 - - 317,508 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: The fair values for mortgage loans are estimated using discounted cash flow analyses. For commercial mortgage loans, the discount rate was assumed to be the interest rate of the last commercial mortgage acquired by the Company . For residential mortgage loans, the discount rate was assumed to be the average yield on recent purchases less an expense factor. State-guaranteed receivables: Cash and cash equivalents : Cash value of company-owned life insurance: The carrying values and fair values for these policies are based on the current cash surrender values of the policies. Investment-type contracts: The fair value for liabilities under investment-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and the nonperformance risk of the liabilities. Notes payable: The fair values for notes payable with floating interest rates and promissory notes approximate the unpaid principal balances on such notes. Policy loans, other invested assets, accrued investment income, policy claims and obligations under capital leases: The carrying values of these instruments approximate their fair values and are disclosed in Level 3

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 6 - Earnings per Sh are Earnings per share of common stock were computed based on the weighted average number of common shares outstanding during each period. The weighted average number of shares outstanding for the quarters ended September 30, 2017 2016 1,109,666 1,106,710, nine September 30, 2017 2016 1,107,845 1,113,337,

Note 7 - Segment Data

Note 7 - Segment Data	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 7 - Segment Data The Company operates in four gains and losses, and invested assets are generally allocated to the insurance and the corporate segments in proportion to policy liabilities and stockholders' equity, respectively. Certain assets, such as property and equipment and leased property under capital leases, are allocated between the administrative and financial services segment and the corporate and other segment. Investors Heritage Financial revenue and income associated with credit administrative services is assigned to the administrative and financial services segment, along with fees relative to third Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue: Preneed and burial products $ 12,673,559 $ 14,280,983 $ 38,950,962 $ 40,136,824 Traditional and universal life products 2,400,392 2,641,376 7,020,879 8,601,946 Administrative and financial services 496,321 364,967 1,373,296 1,045,289 Corporate and other 348,593 281,510 830,337 541,077 Total revenue $ 15,918,865 $ 17,568,836 $ 48,175,474 $ 50,325,136 Pre-tax income (loss) from operations: Preneed and burial products $ 409,870 $ 1,189,337 $ (11,498 ) $ 1,526,801 Traditional and universal life products 362,493 184,732 660,378 564,699 Administrative and financial services 127,293 142,640 346,183 267,796 Corporate and other 108,950 141,937 (107,902 ) 3,330 Total pre-tax income $ 1,008,606 $ 1,658,646 $ 887,161 $ 2,362,626

Note 8 - Federal Income Taxes

Note 8 - Federal Income Taxes	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8 – Federal Income Taxes The provision for federal income taxes is based on the estimated effective annual tax rate. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Income before federal income taxes differs from taxable income principally due to the dividends-received deduction; the 404 We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our 2014 2016 no not not

Note 9 - Other Comprehensive In

Note 9 - Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE 9 – Other Comprehensive Income (Loss) The following tables present the pretax components of the Company ’s other comprehensive income (loss), and the related income tax expense (benefit) for each component. Quarter Ended September 30, 2017 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income (loss): Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during period $ (62,820 ) $ (21,358 ) $ (41,462 ) Reclassification adjustment for gains included in income (412,924 ) (140,394 ) (272,530 ) Adjustment for effect of deferred acquisition costs 61,873 21,037 40,836 Net unrealized losses on investments (413,871 ) (140,715 ) (273,156 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 169,202 57,529 111,673 Total other comprehensive loss $ (244,669 ) $ (83,186 ) $ (161,483 ) Quarter Ended September 30, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 1,565,397 $ 532,235 $ 1,033,162 Reclassification adjustment for gains included in income (927,916 ) (315,492 ) (612,424 ) Adjustment for effect of deferred acquisition costs (87,465 ) (29,737 ) (57,728 ) Net unrealized gains on investments 550,016 187,006 363,010 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,293 62,660 121,633 Total other comprehensive income $ 734,309 $ 249,666 $ 484,643 Nine Months Ended September 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 $ 3,965,776 $ 1,348,364 $ 2,617,412 Reclassification adjustment for gains included in income (534,795 ) (181,830 ) (352,965 ) Adjustment for effect of deferred acquisition costs (28,804 ) (9,793 ) (19,011 ) Net unrealized gains on investments 3,402,177 1,156,741 2,245,436 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 507,607 172,586 335,021 Total other comprehensive income $ 3,909,784 $ 1,329,327 $ 2,580,457 Nine Months Ended September 30, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 21,823,115 $ 7,419,859 $ 14,403,256 Reclassification adjustment for gains included in income (1,492,973 ) (507,611 ) (985,362 ) Adjustment for effect of deferred acquisition costs (586,423 ) (199,383 ) (387,040 ) Net unrealized gains on investments 19,743,719 6,712,865 13,030,854 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 552,880 187,979 364,901 Total other comprehensive income $ 20,296,599 $ 6,900,844 $ 13,395,755 Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate. The change in the components of the Company ’s accumulated other comprehensive income, net of tax, are as follows: Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the nine months ended September 30, 2017: Beginning balance $ 10,801,601 $ (5,307,709 ) $ 5,493,892 Other comprehensive income before reclassifications 2,598,401 - 2,598,401 Amounts reclassified from accumulated other comprehensive income (352,965 ) 335,021 (17,944 ) Net current period other comprehensive income 2,245,436 335,021 2,580,457 Ending balance $ 13,047,037 $ (4,972,688 ) $ 8,074,349 For the nine months ended September 30, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 14,016,216 - 14,016,216 Amounts reclassified from accumulated other comprehensive income (985,362 ) 364,901 (620,461 ) Net current period other comprehensive income 13,030,854 364,901 13,395,755 Ending balance $ 19,324,556 $ (5,171,640 ) $ 14,152,916 The following table presents the pretax and the related income tax components of the amounts reclassified from the Company ’s accumulated other comprehensive income to the Company’s consolidated statement of income. Quarter Ended September 30, Nine Months Ended September 30, Reclassification Adjustments 2017 2016 2017 2016 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 412,924 $ 927,916 $ 534,795 $ 1,492,973 Income tax expense (c) (140,394 ) (315,492 ) (181,830 ) (507,611 ) Net of tax 272,530 612,424 352,965 985,362 Defined benefit pension plan: Amortization of actuarial net loss (b) (169,202 ) (184,293 ) (507,607 ) (552,880 ) Income tax benefit (c) 57,529 62,660 172,586 187,979 Net of tax (111,673 ) (121,633 ) (335,021 ) (364,901 ) Total reclassifications for the period $ 160,857 $ 490,791 $ 17,944 $ 620,461 (a) These items appear within net realized gains (losses) on investments in the consolidated income statements. (b) These items are included in the computation of net periodic pension cost (see Note 10 (c) These items appear within federal income taxes in the consolidated income statements.

Note 10 - Employee Benefit Plan

Note 10 - Employee Benefit Plans	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 10 – Employee Benefit Plans Investors Heritage Capital Corporation sponsors a noncontributory defined benefit pension plan, which was frozen in 2012 may Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Service cost $ - $ - $ - $ - Interest cost 234,177 247,609 702,530 742,829 Expected return on plan assets (251,356 ) (275,502 ) (754,066 ) (826,507 ) Recognized actuarial net loss 169,202 184,293 507,607 552,880 Net periodic pension cost $ 152,023 $ 156,400 $ 456,071 $ 469,202 We previously disclosed in our financial statements for the year ended December 31, 201 6 $360,000 2017. September 30, 2017, $270,000

Note 11 - Notes Payable

Note 11 - Notes Payable	9 Months Ended
	Sep. 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, ’s outstanding credit agreement in exchange for a release from the obligations under its marketing agreement with the Company. The Company used the funds received to repay all outstanding principal and interest relative to its bank loan agreement entered to fund this transaction in 2012.

Note 12 - Subsequent Event

Note 12 - Subsequent Event	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 1 2 – Subsequent Event On October 27, 2017, -owned subsidiary of Parent (“Merger Sub”). At the time of the closing of the transactions contemplated by the Merger Agreement (the “Effective Time”), Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation as a wholly-owned subsidiary of Parent (the “Merger”). At the Effective Time, each share of common stock of the Company (the “Company Common Stock”) issued and outstanding immediately prior to the Effective Time (other than certain excluded shares and the Contributed Shares (as defined below)) shall be converted automatically into and shall thereafter represent the right to receive an amount, in cash, equal to $44.75, -owned subsidiary of the Company shall represent the right to receive the Merger Consideration. Certain shareholders of the Company (the “Contributing Shareholders”) and Parent have entered into a Contribution Agreement, dated October 27, 2017 ( 185,418.476 Consummation of the Merger is also subject to the satisfaction or waiver of certain customary closing conditions, including, among others: (i) the requisite regulatory approvals set forth in the Merger Agreement having been obtained , including approvals and notices to be filed with applicable state insurance regulators; (ii) the satisfaction of the conditions precedent to the obligations of certain lenders to fund certain loan obligations to an affiliate of Parent to be utilized to fund a material portion of the aggregate Merger Consideration; and (iii) the continuing employment of Harry Lee Waterfield II, Raymond L. Carr, Robert M. Hardy, Jr., Larry J. Johnson II and Julie Hunsinger Mink. The Company filed Form 8 October 27, 2017, 8 searchedgar/companysearch.html.

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	September 30, 2017 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 21,299,421 $ 297,174 $ - $ 21,596,595 States and political subdivisions 30,679,646 4,596,685 - 35,276,331 Corporate 209,814,274 10,237,411 612,544 219,439,141 Foreign 56,017,357 2,738,389 11,441 58,744,305 Mortgage-backed securities (MBS): Commercial MBS 8,699,078 230,007 - 8,929,085 Residential MBS 28,694,355 1,283,880 37,385 29,940,850 Corporate redeemable preferred stock 468,298 44,694 108,713 404,279 Total fixed maturity securities 355,672,429 19,428,240 770,083 374,330,586 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 71,255 - 389,539 Corporate common stock 7,667,125 1,805,888 329,222 9,143,791 Corporate nonredeemable preferred stock 388,476 52,049 - 440,525 Total equity securities 9,081,785 1,929,192 329,222 10,681,755 Total $ 364,754,214 $ 21,357,432 $ 1,099,305 $ 385,012,341 December 31, 2016 Amortized Gross Unrealized Gross 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]	September 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 - - - 968,740 31,260 1 Corporate 20,841,110 560,459 17 30,370,227 753,570 27 Foreign 1,141,012 11,441 5 10,215,322 283,355 11 Residential MBS 2,785,924 37,385 3 3,003,214 72,741 2 Corporate redeemable preferred stock - - - 17,488 493 1 Greater than 12 months: Corporate 3,091,141 52,085 4 2,997,784 199,957 2 Foreign - - - 197,700 8 1 Corporate redeemable preferred stock 139,349 108,713 1 205,423 24,659 1 Total fixed maturities 27,998,536 770,083 30 55,868,890 1,375,459 48 Equity securities: Less than 12 months: Corporate common stock 1,259,585 285,763 10 1,004,821 136,117 6 Greater than 12 months: Corporate common stock 150,285 43,459 2 873,083 198,903 7 Total equities 1,409,870 329,222 12 1,877,904 335,020 13 Total $ 29,408,406 $ 1,099,305 42 $ 57,746,794 $ 1,710,479 61
Unrealized Gain (Loss) on Investments [Table Text Block]	September 30, December 31, 2017 2016 Net unrealized appreciation on available-for sale securities $ 20,258,127 $ 16,827,146 Adjustment to deferred acquisition costs (489,888 ) (461,084 ) Deferred income taxes (6,721,202 ) (5,564,461 ) Net unrealized appreciation on available-for sale securities $ 13,047,037 $ 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 $ 16,406,735 $ 16,718,204 Due after one year through five years 103,138,732 108,767,451 Due after five years through ten years 134,265,906 139,780,380 Due after ten years 45,023,343 50,648,429 Due at multiple maturity dates 56,369,415 58,011,843 Corporate redeemable preferred stock 468,298 404,279 Total $ 355,672,429 $ 374,330,586
Realized Gain (Loss) on Investments [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Proceeds from sales and maturities $ 9,352,441 $ 45,275,073 $ 27,483,354 $ 72,674,725 Gross realized gains 464,170 1,772,703 594,355 2,345,537 Gross realized losses (51,246 ) (844,787 ) (59,560 ) (852,564 )
Realized and Unrealized Gain (Loss) on Investments [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ (246,776 ) $ 670,151 $ 2,905,656 $ 19,459,568 Equity securities (228,968 ) (32,670 ) 525,325 870,574 Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ (6,332 ) $ 880,055 $ 102,508 $ 1,445,112 Equity securities 419,256 47,861 432,287 47,861 Investments in convertible options 11,871 - 138,688 9,232
Schedule of Mortgage Loans on Real Estate [Table Text Block]	September 30, December 31, 2017 2016 Ohio $ 8,175,611 $ 3,083,440 Texas 4,306,175 5,191,186 Florida 4,226,742 5,253,110 Illinois 3,955,293 4,787,454 Missouri 3,388,345 3,107,289 California 3,253,601 3,591,584 Georgia 3,147,841 3,487,991 Kentucky 2,095,494 2,402,800 Arizona 921,290 1,490,538 New Jersey 723,839 1,196,156 North Carolina 691,257 757,004 Virginia 665,092 800,635 Tennessee 650,725 1,048,452 Indiana 643,813 893,431 Nevada 474,417 479,182 Pennsylvania 464,273 479,720 Colorado 446,489 1,190,873 Michigan 222,939 126,750 West Virginia 194,091 225,578 Utah 158,094 343,533 Massachusetts 147,601 169,681 Kansas 133,590 134,396 Idaho 129,827 142,745 Oregon - 487,824 Washington - 231,939 South Carolina - 199,101 Total $ 39,216,439 $ 41,302,392
State-guaranteed Receivables Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value Due in one year or less $ 1,022,946 $ 1,035,816 Due after one year through five years 4,355,471 4,766,148 Due after five years through ten years 4,255,579 5,207,903 Due after ten years 1,733,131 2,834,198 Total $ 11,367,127 $ 13,844,065
Schedule Of Payments On State Guaranteed Receivables By State [Table Text Block]	September 30, December 31, 2017 2016 New York $ 3,273,829 $ 3,446,349 Massachusetts 3,206,661 3,126,011 Georgia 1,984,941 2,012,845 Ohio 1,044,953 1,177,425 Washington 681,865 653,235 Indiana 433,728 417,811 Pennsylvania 316,429 318,019 Texas 275,425 261,396 California 149,296 171,590 Total $ 11,367,127 $ 11,584,681
Investment Income [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Fixed maturities $ 4,031,648 $ 4,387,984 $ 12,254,682 $ 13,928,873 Equity securities 93,937 111,063 286,048 242,713 Mortgage loans on real estate 652,453 642,705 1,917,596 1,966,079 Policy loans 117,997 121,616 348,683 365,071 State-guaranteed receivables 188,546 172,946 575,976 480,469 Gain (loss) on investments in convertible options 152,936 99,192 246,358 (44,184 ) Other 28,967 53,360 149,352 165,674 Gross investment income 5,266,484 5,588,866 15,778,695 17,104,695 Investment expenses 263,009 258,013 789,024 774,037 Net investment income $ 5,003,475 $ 5,330,853 $ 14,989,671 $ 16,330,658

Note 5 - Fair Values of Finan21

Note 5 - Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 30, 2017 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations $ - $ 21,596,595 $ - $ 21,596,595 States and political subdivisions - 35,276,331 - 35,276,331 Corporate - 219,439,141 - 219,439,141 Foreign - 58,744,305 - 58,744,305 Mortgage-backed securities: Commercial MBS - 8,929,085 - 8,929,085 Residential MBS - 29,940,850 - 29,940,850 Corporate redeemable preferred stock - 404,279 - 404,279 Total fixed maturities $ - $ 374,330,586 $ - $ 374,330,586 Equity securities: U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 389,539 - - 389,539 Corporate common stock 8,679,791 - 464,000 9,143,791 Corporate nonredeemable preferred stock - 440,525 - 440,525 Total equity securities $ 9,777,230 $ 440,525 $ 464,000 $ 10,681,755 Investments in convertible options $ - $ 1,323,070 $ - $ 1,323,070 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 September 30, Nine Months Ended September 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]	September 30, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,008,415 $ 10,132,174 $ - $ - $ 10,132,174 Residential 29,208,024 32,406,602 - - 32,406,602 Policy loans 6,386,451 6,386,451 - - 6,386,451 State-guaranteed receivables 11,367,127 13,844,065 - 13,844,065 - Other invested assets 957,262 957,262 - - 957,262 Cash and cash equivalents 2,574,709 2,574,709 2,574,709 - - Accrued investment income 4,066,419 4,066,419 - - 4,066,419 Cash value of company-owned life insurance 14,587,713 14,587,713 - - 14,587,713 Liabilities: Policyholder deposits (Investment-type contracts) 50,025,946 49,441,522 - - 49,441,522 Policy claims 2,207,664 2,207,664 - - 2,207,664 Obligations under capital leases 45,595 45,595 - - 45,595 Notes payable 317,508 317,508 - - 317,508 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)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue: Preneed and burial products $ 12,673,559 $ 14,280,983 $ 38,950,962 $ 40,136,824 Traditional and universal life products 2,400,392 2,641,376 7,020,879 8,601,946 Administrative and financial services 496,321 364,967 1,373,296 1,045,289 Corporate and other 348,593 281,510 830,337 541,077 Total revenue $ 15,918,865 $ 17,568,836 $ 48,175,474 $ 50,325,136 Pre-tax income (loss) from operations: Preneed and burial products $ 409,870 $ 1,189,337 $ (11,498 ) $ 1,526,801 Traditional and universal life products 362,493 184,732 660,378 564,699 Administrative and financial services 127,293 142,640 346,183 267,796 Corporate and other 108,950 141,937 (107,902 ) 3,330 Total pre-tax income $ 1,008,606 $ 1,658,646 $ 887,161 $ 2,362,626

Note 9 - Other Comprehensive 23

Note 9 - Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Quarter Ended September 30, 2017 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income (loss): Change in net unrealized losses on available-for-sale securities: Unrealized holding losses arising during period $ (62,820 ) $ (21,358 ) $ (41,462 ) Reclassification adjustment for gains included in income (412,924 ) (140,394 ) (272,530 ) Adjustment for effect of deferred acquisition costs 61,873 21,037 40,836 Net unrealized losses on investments (413,871 ) (140,715 ) (273,156 ) Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 169,202 57,529 111,673 Total other comprehensive loss $ (244,669 ) $ (83,186 ) $ (161,483 ) Quarter Ended September 30, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 1,565,397 $ 532,235 $ 1,033,162 Reclassification adjustment for gains included in income (927,916 ) (315,492 ) (612,424 ) Adjustment for effect of deferred acquisition costs (87,465 ) (29,737 ) (57,728 ) Net unrealized gains on investments 550,016 187,006 363,010 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 184,293 62,660 121,633 Total other comprehensive income $ 734,309 $ 249,666 $ 484,643 Nine Months Ended September 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 $ 3,965,776 $ 1,348,364 $ 2,617,412 Reclassification adjustment for gains included in income (534,795 ) (181,830 ) (352,965 ) Adjustment for effect of deferred acquisition costs (28,804 ) (9,793 ) (19,011 ) Net unrealized gains on investments 3,402,177 1,156,741 2,245,436 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 507,607 172,586 335,021 Total other comprehensive income $ 3,909,784 $ 1,329,327 $ 2,580,457 Nine Months Ended September 30, 2016 Income Tax Expense Pretax (Benefit) Net of Tax Other comprehensive income: Change in net unrealized gains on available-for-sale securities: Unrealized holding gains arising during period $ 21,823,115 $ 7,419,859 $ 14,403,256 Reclassification adjustment for gains included in income (1,492,973 ) (507,611 ) (985,362 ) Adjustment for effect of deferred acquisition costs (586,423 ) (199,383 ) (387,040 ) Net unrealized gains on investments 19,743,719 6,712,865 13,030,854 Change in defined benefit pension plan: Amortization of actuarial net loss in net periodic pension cost 552,880 187,979 364,901 Total other comprehensive income $ 20,296,599 $ 6,900,844 $ 13,395,755
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plan Income For the nine months ended September 30, 2017: Beginning balance $ 10,801,601 $ (5,307,709 ) $ 5,493,892 Other comprehensive income before reclassifications 2,598,401 - 2,598,401 Amounts reclassified from accumulated other comprehensive income (352,965 ) 335,021 (17,944 ) Net current period other comprehensive income 2,245,436 335,021 2,580,457 Ending balance $ 13,047,037 $ (4,972,688 ) $ 8,074,349 For the nine months ended September 30, 2016: Beginning balance $ 6,293,702 $ (5,536,541 ) $ 757,161 Other comprehensive income before reclassifications 14,016,216 - 14,016,216 Amounts reclassified from accumulated other comprehensive income (985,362 ) 364,901 (620,461 ) Net current period other comprehensive income 13,030,854 364,901 13,395,755 Ending balance $ 19,324,556 $ (5,171,640 ) $ 14,152,916
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, Reclassification Adjustments 2017 2016 2017 2016 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 412,924 $ 927,916 $ 534,795 $ 1,492,973 Income tax expense (c) (140,394 ) (315,492 ) (181,830 ) (507,611 ) Net of tax 272,530 612,424 352,965 985,362 Defined benefit pension plan: Amortization of actuarial net loss (b) (169,202 ) (184,293 ) (507,607 ) (552,880 ) Income tax benefit (c) 57,529 62,660 172,586 187,979 Net of tax (111,673 ) (121,633 ) (335,021 ) (364,901 ) Total reclassifications for the period $ 160,857 $ 490,791 $ 17,944 $ 620,461

Note 10 - Employee Benefit Pl24

Note 10 - Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Service cost $ - $ - $ - $ - Interest cost 234,177 247,609 702,530 742,829 Expected return on plan assets (251,356 ) (275,502 ) (754,066 ) (826,507 ) Recognized actuarial net loss 169,202 184,293 507,607 552,880 Net periodic pension cost $ 152,023 $ 156,400 $ 456,071 $ 469,202

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details Textual)	9 Months Ended
	Sep. 30, 2017
Percent of Revenue	99.00%

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 0	$ 0	$ 0	$ 0
Restricted Cash and Investments	$ 20,459,290		$ 20,459,290		$ 22,724,783
Mortgage Loans, Commercial, Percentage	25.50%		25.50%		26.20%
Mortgage Loans, Residential, Percentage	74.50%		74.50%		73.80%
Maximum Loan to Value Ratio Required	80.00%		80.00%
Minimum Debt Service Coverage Required	115.00%		115.00%
Investments in Convertible Options, Fair Value	$ 1,323,070		$ 1,323,070		$ 983,950
Investments in Convertible Securities, Gain (Loss)	152,936	99,192	246,358	(44,184)
Mortgage Loan Defaults, Amount	0	0	0	$ 0
Mortgage Loans Modifications Recorded Investment	0		0		0
Mortgage Loans in Process of Foreclosure Amount	0		0		0
Mortgage Loans Equal to Greater than 90 Days Past Due [Member]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages					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]
Percentage of Portfolio Measured	99.90%		99.90%		100.00%
Minimum Fair Value to Cost Ratio	80.00%		80.00%		80.00%
Equity Securities [Member]
Percentage of Portfolio Measured	98.10%		98.10%		94.30%
Minimum Fair Value to Cost Ratio	80.00%		80.00%		80.00%
Impaired Real Estate Common Stock [Member]
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities		$ 118,267
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 21,679

Note 4 - Investments - Availabl

Note 4 - Investments - Available-for-sale Securities (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fixed maturity securities, amortized cost	$ 355,672,429	$ 350,196,848
Fixed maturity securities, gross unrealized gains	19,428,240	17,127,960
Fixed maturity securities, gross unrealized losses	770,083	1,375,459
Fixed maturity securities	374,330,586	365,949,349
Equity securities, amortized cost	9,081,785	8,080,073
Equity securities, gross unrealized gains	1,929,192	1,409,665
Equity securities, gross unrealized losses	329,222	335,020
Equity securities	10,681,755	9,154,718
Securities, amortized cost	364,754,214	358,276,921
Securities, gross unrealized gains	21,357,432	18,537,625
Securities, gross unrealized losses	1,099,305	1,710,479
Securities	385,012,341	375,104,067
US Government Agencies Debt Securities [Member]
Fixed maturity securities, amortized cost	21,299,421	21,882,312
Fixed maturity securities, gross unrealized gains	297,174	360,723
Fixed maturity securities, gross unrealized losses		9,416
Fixed maturity securities	21,596,595	22,233,619
US States and Political Subdivisions Debt Securities [Member]
Fixed maturity securities, amortized cost	30,679,646	35,403,214
Fixed maturity securities, gross unrealized gains	4,596,685	4,153,294
Fixed maturity securities, gross unrealized losses		31,260
Fixed maturity securities	35,276,331	39,525,248
Corporate Debt Securities [Member]
Fixed maturity securities, amortized cost	209,814,274	202,578,595
Fixed maturity securities, gross unrealized gains	10,237,411	9,355,481
Fixed maturity securities, gross unrealized losses	612,544	953,527
Fixed maturity securities	219,439,141	210,980,549
Foreign [Member]
Fixed maturity securities, amortized cost	56,017,357	51,081,850
Fixed maturity securities, gross unrealized gains	2,738,389	1,731,092
Fixed maturity securities, gross unrealized losses	11,441	283,363
Fixed maturity securities	58,744,305	52,529,579
Commercial Mortgage Backed Securities [Member]
Fixed maturity securities, amortized cost	8,699,078	6,717,214
Fixed maturity securities, gross unrealized gains	230,007	198,857
Fixed maturity securities, gross unrealized losses
Fixed maturity securities	8,929,085	6,916,071
Residential Mortgage Backed Securities [Member]
Fixed maturity securities, amortized cost	28,694,355	32,065,365
Fixed maturity securities, gross unrealized gains	1,283,880	1,314,373
Fixed maturity securities, gross unrealized losses	37,385	72,741
Fixed maturity securities	29,940,850	33,306,997
Redeemable Preferred Stock [Member]
Fixed maturity securities, amortized cost	468,298	468,298
Fixed maturity securities, gross unrealized gains	44,694	14,140
Fixed maturity securities, gross unrealized losses	108,713	25,152
Fixed maturity securities	404,279	457,286
U.S. Agencies [Member]
Equity securities, amortized cost	707,900	707,900
Equity securities, gross unrealized gains
Equity securities, gross unrealized losses
Equity securities	707,900	707,900
Mutual Funds [Member]
Equity securities, amortized cost	318,284	318,284
Equity securities, gross unrealized gains	71,255	28,840
Equity securities, gross unrealized losses
Equity securities	389,539	347,124
Common Stock [Member]
Equity securities, amortized cost	7,667,125	6,665,413
Equity securities, gross unrealized gains	1,805,888	1,370,651
Equity securities, gross unrealized losses	329,222	335,020
Equity securities	9,143,791	7,701,044
Nonredeemable Preferred Stock [Member]
Equity securities, amortized cost	388,476	388,476
Equity securities, gross unrealized gains	52,049	10,174
Equity securities, gross unrealized losses
Equity securities	$ 440,525	$ 398,650

Note 4 - Investments - Securiti

Note 4 - Investments - Securities in a Continuous Unrealized Loss Position (Details)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Securities in continuous loss position, fair value	$ 29,408,406	$ 57,746,794
Securities in continuous loss position, gross unrealized loss	$ 1,099,305	$ 1,710,479
Securities in continuous loss position, number of securities	42	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		$ 968,740
Securities in continuous loss position, less than 12 months, gross unrealized loss		$ 31,260
Securities in continuous loss position, less than 12 months, number of securities		1
Corporate Debt Securities [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 20,841,110	$ 30,370,227
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 560,459	$ 753,570
Securities in continuous loss position, less than 12 months, number of securities	17	27
Securities in continuous loss position, greater than 12 months, fair value	$ 3,091,141	$ 2,997,784
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 52,085	$ 199,957
Securities in continuous loss position, greater than 12 months, number of securities	4	2
Foreign [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 1,141,012	$ 10,215,322
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 11,441	$ 283,355
Securities in continuous loss position, less than 12 months, number of securities	5	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	$ 2,785,924	$ 3,003,214
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 37,385	$ 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	$ 139,349	$ 205,423
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 108,713	$ 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	$ 27,998,536	$ 55,868,890
Securities in continuous loss position, gross unrealized loss	$ 770,083	$ 1,375,459
Securities in continuous loss position, number of securities	30	48
Common Stock [Member]
Securities in continuous loss position, less than 12 months, fair value	$ 1,259,585	$ 1,004,821
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 285,763	$ 136,117
Securities in continuous loss position, less than 12 months, number of securities	10	6
Securities in continuous loss position, greater than 12 months, fair value	$ 150,285	$ 873,083
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 43,459	$ 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	$ 1,409,870	$ 1,877,904
Securities in continuous loss position, gross unrealized loss	$ 329,222	$ 335,020
Securities in continuous loss position, number of securities	12	13

Note 4 - Investments - Net Unre

Note 4 - Investments - Net Unrealized Gains for Investments Classified as Available-for-sale (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Net unrealized appreciation on available-for sale securities	$ 20,258,127	$ 16,827,146
Adjustment to deferred acquisition costs	(489,888)	(461,084)
Deferred income taxes	(6,721,202)	(5,564,461)
Net unrealized appreciation on available-for sale securities	$ 13,047,037	$ 10,801,601

Note 4 - Investments - Fixed Ma

Note 4 - Investments - Fixed Maturity Securities by Contractual Maturity (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Amortized cost	$ 355,672,429	$ 350,196,848
Fair value	374,330,586	365,949,349
Redeemable Preferred Stock [Member]
Amortized cost	468,298	468,298
Fair value	404,279	$ 457,286
All Except For State Guaranteed Receivables [Member]
Due in one year or less, amortized cost	16,406,735
Due in one year or less, fair value	16,718,204
Due after one year through five years, amortized cost	103,138,732
Due after one year through five years, fair value	108,767,451
Due after five years through ten years, amortized cost	134,265,906
Due after five years through ten years, fair value	139,780,380
Due after ten years, amortized cost	45,023,343
Due after ten years, fair value	50,648,429
Amortized cost	355,672,429
Fair value	374,330,586
All Except For State Guaranteed Receivables [Member] | Due at Multiple Maturity Dates [Member]
Securities without single maturity date, amortized cost	56,369,415
Securities without single maturity date, fair value	58,011,843
All Except For State Guaranteed Receivables [Member] | Redeemable Preferred Stock [Member]
Amortized cost	468,298
Fair value	$ 404,279

Note 4 - Investments - Proceeds

Note 4 - Investments - Proceeds from Sales and Maturities of Investments in Available-for-sale (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Proceeds from sales and maturities	$ 9,352,441	$ 45,275,073	$ 27,483,354	$ 72,674,725
Gross realized gains	464,170	1,772,703	594,355	2,345,537
Gross realized losses	$ (51,246)	$ (844,787)	$ (59,560)	$ (852,564)

Note 4 - Investments - Change i

Note 4 - Investments - Change in Unrealized Gains (Losses) and Realized Gains (Losses) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investments in convertible options	$ 11,871		$ 138,688	$ 9,232
Debt Securities [Member]
Change in net unrealized investment gains (losses)	(246,776)	670,151	2,905,656	19,459,568
Available-for-sale Securities, Gross Realized Gain (Loss)	(6,332)	880,055	102,508	1,445,112
Equity Securities [Member]
Change in net unrealized investment gains (losses)	(228,968)	(32,670)	525,325	870,574
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 419,256	$ 47,861	$ 432,287	$ 47,861

Note 4 - Investments - Mortgage

Note 4 - Investments - Mortgage Loans by State (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Mortgage loans by state	$ 39,216,439	$ 41,302,392
OHIO
Mortgage loans by state	8,175,611	3,083,440
TEXAS
Mortgage loans by state	4,306,175	5,191,186
FLORIDA
Mortgage loans by state	4,226,742	5,253,110
Illinois [Member]
Mortgage loans by state	3,955,293	4,787,454
Missouri [Member]
Mortgage loans by state	3,388,345	3,107,289
California [Member]
Mortgage loans by state	3,253,601	3,591,584
Georgia [Member]
Mortgage loans by state	3,147,841	3,487,991
Kentucky [Member]
Mortgage loans by state	2,095,494	2,402,800
Arizona [Member]
Mortgage loans by state	921,290	1,490,538
NEW JERSEY
Mortgage loans by state	723,839	1,196,156
North Carolina [Member]
Mortgage loans by state	691,257	757,004
Virginia [Member]
Mortgage loans by state	665,092	800,635
Tennessee [Member]
Mortgage loans by state	650,725	1,048,452
Indiana [Member]
Mortgage loans by state	643,813	893,431
NEVADA
Mortgage loans by state	474,417	479,182
Pennsylvania [Member]
Mortgage loans by state	464,273	479,720
Colorado [Member]
Mortgage loans by state	446,489	1,190,873
MICHIGAN
Mortgage loans by state	222,939	126,750
WEST VIRGINIA
Mortgage loans by state	194,091	225,578
UTAH
Mortgage loans by state	158,094	343,533
Massachusetts [Member]
Mortgage loans by state	147,601	169,681
KANSAS
Mortgage loans by state	133,590	134,396
Idaho [Member]
Mortgage loans by state	129,827	142,745
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 ($)	Sep. 30, 2017	Dec. 31, 2016
Total, amortized cost	$ 11,367,127	$ 11,584,681
State-guaranteed Receivables [Member]
Due in one year or less, amortized cost	1,022,946
Due in one year or less, fair value	1,035,816
Due after one year through five years, amortized cost	4,355,471
Due after one year through five years, fair value	4,766,148
Due after five years through ten years, amortized cost	4,255,579
Due after five years through ten years, fair value	5,207,903
Due after ten years, amortized cost	1,733,131
Due after ten years, fair value	2,834,198
Total, amortized cost	11,367,127
Total, fair value	$ 13,844,065

Note 4 - Investments - Amortize

Note 4 - Investments - Amortized Cost of State-guaranteed Receivables, by State (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Amortized cost of state-guaranteed receivables	$ 11,367,127	$ 11,584,681
New York [Member]
Amortized cost of state-guaranteed receivables	3,273,829	3,446,349
Massachusetts [Member]
Amortized cost of state-guaranteed receivables	3,206,661	3,126,011
Georgia [Member]
Amortized cost of state-guaranteed receivables	1,984,941	2,012,845
OHIO
Amortized cost of state-guaranteed receivables	1,044,953	1,177,425
WASHINGTON
Amortized cost of state-guaranteed receivables	681,865	653,235
Indiana [Member]
Amortized cost of state-guaranteed receivables	433,728	417,811
Pennsylvania [Member]
Amortized cost of state-guaranteed receivables	316,429	318,019
TEXAS
Amortized cost of state-guaranteed receivables	275,425	261,396
California [Member]
Amortized cost of state-guaranteed receivables	$ 149,296	$ 171,590

Note 4 - Investments - Net Inve

Note 4 - Investments - Net Investment Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Gross investment income (loss)	$ 5,266,484	$ 5,588,866	$ 15,778,695	$ 17,104,695
Investment Expenses	263,009	258,013	789,024	774,037
Net investment income	5,003,475	5,330,853	14,989,671	16,330,658
Fixed Maturities [Member]
Gross investment income (loss)	4,031,648	4,387,984	12,254,682	13,928,873
Equity Securities [Member]
Gross investment income (loss)	93,937	111,063	286,048	242,713
Mortgages [Member]
Gross investment income (loss)	652,453	642,705	1,917,596	1,966,079
Policy Loans [Member]
Gross investment income (loss)	117,997	121,616	348,683	365,071
State-guaranteed Receivables [Member]
Gross investment income (loss)	188,546	172,946	575,976	480,469
Convertible Debt Securities [Member]
Gross investment income (loss)	152,936	99,192	246,358	(44,184)
Other Long-term Investments [Member]
Gross investment income (loss)	$ 28,967	$ 53,360	$ 149,352	$ 165,674

Note 5 - Fair Values of Finan37

Note 5 - Fair Values of Financial Instruments (Details Textual)	Sep. 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 Finan38

Note 5 - Fair Values of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Securities available-for-sale	$ 385,012,341	$ 375,104,067
Investments in convertible options	1,323,070	983,950
Fair Value, Measurements, Recurring [Member]
Investments in convertible options	1,323,070	983,950
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	21,596,595	22,233,619
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	35,276,331	39,525,248
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	219,439,141	210,980,549
Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	58,744,305	52,529,579
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,929,085	6,916,071
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	29,940,850	33,306,997
Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	404,279	457,286
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	374,330,586	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	389,539	347,124
Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	9,143,791	7,701,044
Nonredeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	440,525	398,650
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	10,681,755	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	389,539	347,124
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,679,791	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	9,777,230	8,308,068
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Investments in convertible options	1,323,070	983,950
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	21,596,595	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	35,276,331	39,525,248
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	219,439,141	210,980,549
Fair Value, Inputs, Level 2 [Member] | Foreign [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	58,744,305	52,529,579
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	8,929,085	6,916,071
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	29,940,850	33,306,997
Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	404,279	457,286
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	374,330,586	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	440,525	398,650
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Securities available-for-sale	440,525	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 Finan39

Note 5 - Fair Values of Financial Instruments - Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 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 Finan40

Note 5 - Fair Values of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Reported Value Measurement [Member]
Assets:
State-guaranteed receivables	$ 11,367,127	$ 11,584,681
Other invested assets	957,262	1,951,830
Cash and cash equivalents	2,574,709	3,297,917
Accrued investment income	4,066,419	4,433,680
Cash value of company-owned life insurance	14,587,713	13,855,560
Liabilities:
Policyholder deposits (Investment-type contracts)	50,025,946	51,870,288
Policy claims	2,207,664	2,637,220
Obligations under capital leases	45,595	72,209
Notes payable	317,508	971,851
Reported Value Measurement [Member] | Commercial Mortgage [Member]
Assets:
Loans	10,008,415	10,819,996
Reported Value Measurement [Member] | Residential Mortgage [Member]
Assets:
Loans	29,208,024	30,482,396
Reported Value Measurement [Member] | Policy Loans [Member]
Assets:
Loans	6,386,451	6,336,277
Estimate of Fair Value Measurement [Member]
Assets:
State-guaranteed receivables	13,844,065	13,938,824
Other invested assets	957,262	1,951,830
Cash and cash equivalents	2,574,709	3,297,917
Accrued investment income	4,066,419	4,433,680
Cash value of company-owned life insurance	14,587,713	13,855,560
Liabilities:
Policyholder deposits (Investment-type contracts)	49,441,522	51,304,889
Policy claims	2,207,664	2,637,220
Obligations under capital leases	45,595	72,209
Notes payable	317,508	971,851
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
State-guaranteed receivables
Other invested assets
Cash and cash equivalents	2,574,709	3,297,917
Accrued investment income
Cash value of company-owned life insurance
Liabilities:
Policyholder deposits (Investment-type contracts)
Policy claims
Obligations under capital leases
Notes payable
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
State-guaranteed receivables	13,844,065	13,938,824
Other invested assets
Cash and cash equivalents
Accrued investment income
Cash value of company-owned life insurance
Liabilities:
Policyholder deposits (Investment-type contracts)
Policy claims
Obligations under capital leases
Notes payable
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
State-guaranteed receivables
Other invested assets	957,262	1,951,830
Cash and cash equivalents
Accrued investment income	4,066,419	4,433,680
Cash value of company-owned life insurance	14,587,713	13,855,560
Liabilities:
Policyholder deposits (Investment-type contracts)	49,441,522	51,304,889
Policy claims	2,207,664	2,637,220
Obligations under capital leases	45,595	72,209
Notes payable	317,508	971,851
Estimate of Fair Value Measurement [Member] | Commercial Mortgage [Member]
Assets:
Loans	10,132,174	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	10,132,174	11,084,097
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member]
Assets:
Loans	32,406,602	33,992,592
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Loans
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Loans
Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Loans	32,406,602	33,992,592
Estimate of Fair Value Measurement [Member] | Policy Loans [Member]
Assets:
Loans	6,386,451	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	$ 6,386,451	$ 6,336,277

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Weighted Average Number of Shares Outstanding, Basic	1,109,666	1,106,710	1,107,845	1,113,337

Note 7 - Segment Data (Details

Note 7 - Segment Data (Details Textual)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue	$ 15,918,865	$ 17,568,836	$ 48,175,474	$ 50,325,136
Pre-tax income (loss) from operations	1,008,606	1,658,646	887,161	2,362,626
Preneed and Burial Products [Member]
Revenue	12,673,559	14,280,983	38,950,962	40,136,824
Pre-tax income (loss) from operations	409,870	1,189,337	(11,498)	1,526,801
Traditional and Universal Life Products [Member]
Revenue	2,400,392	2,641,376	7,020,879	8,601,946
Pre-tax income (loss) from operations	362,493	184,732	660,378	564,699
Administrative and Financial Services [Member]
Revenue	496,321	364,967	1,373,296	1,045,289
Pre-tax income (loss) from operations	127,293	142,640	346,183	267,796
Corporate and Other [Member]
Revenue	348,593	281,510	830,337	541,077
Pre-tax income (loss) from operations	$ 108,950	$ 141,937	$ (107,902)	$ 3,330

Note 8 - Federal Income Taxes (

Note 8 - Federal Income Taxes (Details Textual) $ in Thousands	9 Months Ended
	Sep. 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	2,014
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Open Tax Year	2,016

Note 9 - Other Comprehensive 45

Note 9 - Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Unrealized holding losses arising during period, pretax		$ (62,820)	$ 1,565,397	$ 3,965,776	$ 21,823,115
Unrealized holding losses arising during period, tax		(21,358)	532,235	1,348,364	7,419,859
Unrealized holding losses arising during period, net of tax		(41,462)	1,033,162	2,617,412	14,403,256
Reclassification adjustment for gains included in income, pretax	[1]	(412,924)	(927,916)	(534,795)	(1,492,973)
Income tax expense	[2]	(140,394)	(315,492)	(181,830)	(507,611)
Reclassification adjustment for gains included in income, net of tax		(272,530)	(612,424)	(352,965)	(985,362)
Adjustment for effect of deferred acquisition costs, pretax		61,873	(87,465)	(28,804)	(586,423)
Adjustment for effect of deferred acquisition costs, tax		21,037	(29,737)	(9,793)	(199,383)
Adjustment for effect of deferred acquisition costs, net of tax		40,836	(57,728)	(19,011)	(387,040)
Net unrealized losses on investments, pretax		(413,871)	550,016	3,402,177	19,743,719
Net unrealized losses on investments, tax		(140,715)	187,006	1,156,741	6,712,865
Net unrealized losses on investments, net of tax		(273,156)	363,010	2,245,436	13,030,854
Amortization of actuarial net loss in net periodic pension cost, pretax	[3]	169,202	184,293	507,607	552,880
Income tax benefit	[2]	57,529	62,660	172,586	187,979
Amortization of actuarial net loss in net periodic pension cost, net of tax		111,673	121,633	335,021	364,901
Total other comprehensive loss, pretax		(244,669)	734,309	3,909,784	20,296,599
Total other comprehensive loss, tax		(83,186)	249,666	1,329,327	6,900,844
Total other comprehensive loss, net of tax		$ (161,483)	$ 484,643	$ 2,580,457	$ 13,395,755
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note 9 - Other Comprehensive 46

Note 9 - Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
BALANCE			$ 56,184,945	$ 49,251,002
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	$ (161,483)	$ 484,643	2,580,457	13,395,755
BALANCE	59,151,501	64,316,311	59,151,501	64,316,311
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
BALANCE			10,801,601	6,293,702
Other comprehensive income before reclassifications			2,598,401	14,016,216
Amounts reclassified from accumulated other comprehensive income			(352,965)	(985,362)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES			2,245,436	13,030,854
BALANCE	13,047,037	19,324,556	13,047,037	19,324,556
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
BALANCE			(5,307,709)	(5,536,541)
Other comprehensive income before reclassifications
Amounts reclassified from accumulated other comprehensive income			335,021	364,901
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES			335,021	364,901
BALANCE	(4,972,688)	(5,171,640)	(4,972,688)	(5,171,640)
AOCI Attributable to Parent [Member]
BALANCE			5,493,892	757,161
Other comprehensive income before reclassifications			2,598,401	14,016,216
Amounts reclassified from accumulated other comprehensive income			(17,944)	(620,461)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES			2,580,457	13,395,755
BALANCE	$ 8,074,349	$ 14,152,916	$ 8,074,349	$ 14,152,916

Note 9 - Other Comprehensive 47

Note 9 - Other Comprehensive Income (Loss) - Amounts Reclassified from AOCI to Income (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Realized gains on sale of securities	[1]	$ 412,924	$ 927,916	$ 534,795	$ 1,492,973
Income tax expense	[2]	(140,394)	(315,492)	(181,830)	(507,611)
Net of tax		272,530	612,424	352,965	985,362
Amortization of actuarial net loss	[3]	(169,202)	(184,293)	(507,607)	(552,880)
Income tax benefit	[2]	57,529	62,660	172,586	187,979
Net of tax		(111,673)	(121,633)	(335,021)	(364,901)
Total reclassifications for the period		$ 160,857	$ 490,791	$ 17,944	$ 620,461
[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 Pl48

Note 10 - Employee Benefit Plans (Details Textual) - USD ($)	9 Months Ended
	Sep. 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	$ 270,000

Note 10 - Employee Benefit Pl49

Note 10 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Service cost
Interest cost	234,177	247,609	702,530	742,829
Expected return on plan assets	(251,356)	(275,502)	(754,066)	(826,507)
Recognized actuarial net loss	169,202	184,293	507,607	552,880
Net periodic pension cost	$ 152,023	$ 156,400	$ 456,071	$ 469,202

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%

Note 12 - Subsequent Event (Det

Note 12 - Subsequent Event (Details Textual) - Investors Heritage Capital [Member] - Subsequent Event [Member]	Oct. 27, 2017$ / sharesshares
Business Acquisition, Share Price | $ / shares	$ 44.75
Number of Acquiree's Outstanding Shares That the Holders Have Agreed to Exchange for Acquirer's Shares | shares	185,418.476