Document and Entity Information
| Document and Entity Information - USD ($) | 9 Months Ended | ||
| Sep. 30, 2015 | Jul. 31, 2014 | Jun. 30, 2013 | |
| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | UTG INC | ||
| Entity Central Index Key | 832,480 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | No | ||
| Entity Filer Category | Smaller Reporting Company | ||
| Entity Public Float | $ 0 | ||
| Entity Common Stock, Shares Outstanding | 0 | ||
| Document Fiscal Year Focus | 2,015 | ||
| Document Fiscal Period Focus | Q3 | ||
| Document Type | 10-Q | ||
| Amendment Flag | false | ||
| Document Period End Date | Sep. 30, 2015 |
Balance Sheet
| Balance Sheet - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
| Investments available for sale: | ||
| Fixed maturities, at fair value (amortized cost $186,904,228 and $188,634,364) | $ 189,365,587 | $ 197,481,456 |
| Equity securities, at fair value (cost $45,685,240 and $39,275,638) | 45,505,510 | 40,996,002 |
| Trading securities, at fair value (cost $0 and $5,179,850) | 0 | 3,826,250 |
| Mortgage loans on real estate at amortized cost | 11,043,041 | 14,060,930 |
| Discounted mortgage loans on real estate at cost | 4,403,072 | 9,101,052 |
| Investment real estate | 48,362,145 | 51,007,101 |
| Policy loans | 10,809,793 | 11,104,485 |
| Short-term investments | 3,633,629 | 4,382,181 |
| Total investments | 313,122,777 | 331,959,457 |
| Cash and cash equivalents | 14,225,434 | 13,977,443 |
| Accrued investment income | 2,652,983 | 2,662,865 |
| Reinsurance receivables: | ||
| Future policy benefits | 27,601,366 | 27,906,905 |
| Policy claims and other benefits | 4,167,679 | 3,788,294 |
| Cost of insurance acquired | 8,367,281 | 9,047,984 |
| Property and equipment, net of accumulated depreciation | 2,130,410 | 2,475,829 |
| Other assets | 14,198,659 | 8,081,461 |
| Total assets | 386,466,589 | 399,900,238 |
| Policy liabilities and accruals: | ||
| Future policyholder benefits | 270,834,431 | 275,044,909 |
| Policy claims and benefits payable | 2,877,482 | 3,208,324 |
| Other policyholder funds | 469,562 | 341,248 |
| Dividend and endowment accumulations | 14,263,790 | 14,239,054 |
| Income tax payable | 733,967 | 1,933,243 |
| Deferred income taxes | 6,259,007 | 9,413,794 |
| Notes payable | 0 | 4,400,000 |
| Trading securities, at fair value (proceeds $108,881 and $464,215) | 47,603 | 23,853 |
| Other liabilities | 9,583,994 | 7,723,213 |
| Total liabilities | 305,069,836 | 316,327,638 |
| Shareholders' equity: | ||
| Common stock - no par value, stated value $.001 per share. Authorized 7,000,000 shares - 3,697,273 and 3,706,780 shares outstanding | 3,697 | 3,706 |
| Additional paid-in capital | 42,972,617 | 43,122,944 |
| Retained earnings | 35,758,340 | 32,145,662 |
| Accumulated other comprehensive income | 1,468,189 | 6,853,974 |
| Total UTG shareholders' equity | 80,202,843 | 82,126,286 |
| Noncontrolling interests | 1,193,910 | 1,446,314 |
| Total shareholders' equity | 81,396,753 | 83,572,600 |
| Total liabilities and shareholders' equity | $ 386,466,589 | $ 399,900,238 |
Balance Sheet Parenthetical
| Balance Sheet Parenthetical - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
| Investments available for sale: | ||
| Available-for-sale Debt Securities, Amortized Cost Basis | $ 186,904,228 | $ 188,634,364 |
| Equity securities, cost | 45,685,240 | 39,275,638 |
| Trading securities, cost | 0 | 5,179,850 |
| Liabilities: | ||
| Trading Securities, Proceeds | $ 108,881 | $ 464,215 |
| Shareholders' equity: | ||
| Common stock, stated value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, authorized (in shares) | 7,000,000 | 7,000,000 |
| Common stock, outstanding (in shares) | 3,697,273 | 3,706,780 |
Income Statement
| Income Statement - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Revenues: | ||||
| Premiums and policy fees | $ 2,706,709 | $ 2,801,510 | $ 8,505,704 | $ 8,892,557 |
| Ceded reinsurance premiums and policy fees | (825,134) | (769,490) | (2,382,376) | (2,377,513) |
| Net investment income | 3,955,407 | 4,605,009 | 11,965,809 | 13,166,432 |
| Other income | 145,141 | 484,763 | 460,571 | 1,505,307 |
| Revenues before realized gains | 5,982,123 | 7,121,792 | 18,549,708 | 21,186,783 |
| Realized investment gains (losses), net: | ||||
| Other-than-temporary impairments | 0 | 0 | 0 | 0 |
| Other realized investment gains, net | 3,305,835 | 2,510,130 | 7,732,155 | 4,481,591 |
| Total realized investment gains, net | 3,305,835 | 2,510,130 | 7,732,155 | 4,481,591 |
| Total revenue | 9,287,958 | 9,631,922 | 26,281,863 | 25,668,374 |
| Benefits, claims and settlement expenses: | ||||
| Life | 5,484,256 | 4,006,105 | 15,357,486 | 17,137,960 |
| Ceded Reinsurance benefits and claims | (1,447,479) | (368,224) | (2,569,732) | (2,694,770) |
| Annuity | 263,198 | (265,052) | 793,432 | 297,187 |
| Dividends to policyholders | 92,660 | 103,473 | 344,258 | 369,790 |
| Amortization of cost of insurance acquired | 226,901 | 246,412 | 680,703 | 739,236 |
| Commissions and amortization of deferred policy acquisition costs | (47,886) | 581,328 | (132,162) | 474,264 |
| Operating expenses | 2,057,074 | 2,287,114 | 6,404,256 | 7,673,594 |
| Interest expense | 8,618 | 269,925 | 70,141 | 562,083 |
| Total benefits and other expenses | 6,637,342 | 6,861,081 | 20,948,382 | 24,559,344 |
| Loss before income taxes | 2,650,616 | 2,770,841 | 5,333,481 | 1,109,030 |
| Income tax (expense) benefit | (731,082) | 502,364 | (1,545,975) | 969,751 |
| Net loss | 1,919,534 | 3,273,205 | 3,787,506 | 2,078,781 |
| Net income attributable to noncontrolling interests | (22,822) | (165,763) | (174,828) | (484,796) |
| Net loss attributable to common shareholders' | $ 1,896,712 | $ 3,107,442 | $ 3,612,678 | $ 1,593,985 |
| Amounts attributable to common shareholders': | ||||
| Basic loss per share | $ 0.51 | $ 0.83 | $ 0.97 | $ 0.42 |
| Diluted loss per share | $ 0.51 | $ 0.83 | $ 0.97 | $ 0.42 |
| Basic weighted average shares outstanding | 3,700,180 | 3,756,857 | 3,706,741 | 3,764,578 |
| Diluted weighted average shares outstanding | 3,700,180 | 3,756,857 | 3,706,741 | 3,764,578 |
Condensed Consolidated Statemen
| Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Condensed Consolidated Statement of Comprehensive Income (Unaudited) [Abstract] | ||||
| Net income (loss) | $ 1,919,534 | $ 3,273,205 | $ 3,787,506 | $ 2,078,781 |
| Other comprehensive income (loss), net of tax: | ||||
| Unrealized holding gains (losses) arising during period | (6,646,467) | (928,207) | (7,093,248) | 8,373,858 |
| Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 2,326,264 | 324,873 | 2,482,637 | (2,930,850) |
| Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (4,320,203) | (603,334) | (4,610,611) | 5,443,008 |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | (369,524) | (167,711) | (1,192,575) | (505,785) |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 129,333 | 58,699 | 417,401 | 177,025 |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (240,191) | (109,012) | (775,174) | (328,760) |
| Subtotal: Other comprehensive income (loss), net of tax | (4,560,394) | (712,346) | (5,385,785) | 5,114,248 |
| Comprehensive income (loss) | (2,640,860) | 2,560,859 | (1,598,279) | 7,193,029 |
| Less comprehensive income attributable to noncontrolling interests | (22,822) | (165,763) | (174,828) | (484,796) |
| Comprehensive income (loss) attributable to UTG, Inc. | $ (2,663,682) | $ 2,395,096 | $ (1,773,107) | $ 6,708,233 |
Statement of Cash Flows
| Statement of Cash Flows - USD ($) | 9 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Cash flows from operating activities: | ||
| Net loss attributable to common shareholders | $ 3,612,678 | $ 1,593,985 |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Amortization (accretion) of investments | (2,887,463) | (1,317,429) |
| Realized investment gains, net | (7,732,155) | (4,481,591) |
| Unrealized trading (gains) losses included in income | 964,122 | 71,650 |
| Amortization of deferred policy acquisition costs | 0 | 369,786 |
| Amortization of cost of insurance acquired | 680,703 | 739,236 |
| Depreciation | 609,600 | 1,116,486 |
| Net income attributable to noncontrolling interest | 174,828 | 484,796 |
| Charges for mortality and administration of universal life and annuity products | (4,980,737) | (5,001,163) |
| Interest credited to account balances | 3,680,292 | 3,800,529 |
| Change in accrued investment income | 9,882 | 218,680 |
| Change in reinsurance receivables | (73,846) | 628,879 |
| Change in policy liabilities and accruals | (2,906,385) | (4,940,058) |
| Change in income taxes receivable (payable) | (1,199,276) | (485,422) |
| Change in other assets and liabilities, net | (4,399,062) | 2,984,740 |
| Net cash used in operating activities | (14,446,819) | (4,216,896) |
| Proceeds from investments sold and matured: | ||
| Fixed maturities available for sale | 19,216,266 | 20,787,523 |
| Equity securities available for sale | 7,128,725 | 6,303,763 |
| Trading securities | 125,774 | 1,051,502 |
| Mortgage loans | 11,980,171 | 1,762,505 |
| Discounted mortgage loans | 7,759,425 | 3,236,923 |
| Real estate | 17,041,627 | 19,525,094 |
| Policy loans | 2,228,637 | 2,590,935 |
| Short term investment | 828,476 | 888,384 |
| Total proceeds from investments sold and matured | 66,309,101 | 56,146,629 |
| Cost of investments acquired: | ||
| Fixed maturities available for sale | (16,641,310) | (19,580,517) |
| Equity securities available for sale | (9,531,330) | (6,554,165) |
| Trading securities | (463,895) | (22,524) |
| Mortgage loans | (11,226,324) | (1,727,681) |
| Discounted mortgage loans | (71,226) | (611,723) |
| Real estate | (6,395,223) | (7,111,362) |
| Policy loans | (1,933,945) | (1,934,852) |
| Short-term investments | (79,925) | (4,982,679) |
| Total cost of investments acquired | (46,343,178) | (42,525,503) |
| Sale of property and equipment | 0 | (1,600,000) |
| Net cash provided by investing activities | 19,965,923 | 12,021,126 |
| Cash flows from financing activities: | ||
| Proceeds From Policyholder Contract Deposits | 3,977,725 | 4,095,032 |
| Policyholder contract withdrawals | (4,159,165) | (4,584,472) |
| Proceeds from notes payable/line of credit | 0 | 1,600,000 |
| Payments of principal on notes payable/line of credit | (4,400,000) | (1,500,000) |
| Purchase of treasury stock | (150,336) | (269,429) |
| Non-controlling distributions of consolidated subsidiary | (539,337) | (1,472,522) |
| Sale of block of business | 0 | (3,045,574) |
| Net cash provided by (used in) financing activities | (5,271,113) | (5,176,965) |
| Net increase (decrease) in cash and cash equivalents | 247,991 | 2,627,265 |
| Cash and cash equivalents at beginning of period | 13,977,443 | 19,838,618 |
| Cash and cash equivalents at end of period | $ 14,225,434 | $ 22,465,883 |
BASIS OF PRESENTATION
| BASIS OF PRESENTATION | 9 Months Ended |
| Sep. 30, 2015 | |
| BASIS OF PRESENTATION [Abstract] | |
| BASIS OF PRESENTATION | Note 1 – Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of UTG, Inc. (the "Parent") and its subsidiaries (collectively with the Parent, the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for audited annual financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which in the opinion of Management, are necessary for a fair presentation of the results for the interim periods. All financial statements, audited and unaudited, should be read in conjunction with the Company's consolidated financial statements, and the notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . The Company's results of operations for the three and nine month periods ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or for any other future period. This document at times will refer to the Registrant's largest shareholder, Mr. Jesse T. Correll and certain companies controlled by Mr. Correll. Mr. Correll holds a majority ownership of First Southern Funding, LLC ("FSF"), a Kentucky corporation, and First Southern Bancorp, Inc. ("FSBI"), a financial services holding company. FSBI operates through its 100 % owned subsidiary bank, First Southern National Bank ("FSNB"). Banking activities are conducted through multiple locations within south-central and western Kentucky. Mr. Correll is Chief Executive Officer and Chairman of the Board of Directors of UTG and is currently UTG's largest shareholder through his ownership control of FSF, FSBI and affiliates. At September 30, 2015 , Mr. UTG's life insurance subsidiary, Universal Guaranty Life Insurance Company ("UG"), has several wholly-owned and majority-owned subsidiaries. The subsidiaries were formed to hold certain real estate investments. The real estate investments were placed into the limited liability companies and partnerships to provide additional protection to the policyholders and to UG. |
NEW ACCOUNTING STANDARDS
| NEW ACCOUNTING STANDARDS | 9 Months Ended |
| Sep. 30, 2015 | |
| NEW ACCOUNTING STANDARDS [Abstract] | |
| NEW ACCOUNTING STANDARDS | Note 2 – Recently Issued Accounting Standards In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
INVESTMENTS
| INVESTMENTS | 9 Months Ended |
| Sep. 30, 2015 | |
| INVESTMENTS [Abstract] | |
| INVESTMENTS | Note 3 – Investments Available for Sale Securities – Fixed Maturity and Equity Securities The Company's insurance subsidiary is regulated by insurance statutes and regulations as to the type of investments they are permitted to make, and the amount of funds that may be used for any one type of investment. Investments in available for sale securities are summarized as follows: September 30, 2015 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 21,630,407 $ 1,748,014 $ 0 $ 23,378,421 U.S. special revenue and assessments 1,137,586 17,183 0 1,154,769 All other corporate bonds 164,136,235 5,307,464 (4,611,302) 164,832,397 186,904,228 7,072,661 (4,611,302) 189,365,587 Equity securities 45,685,240 2,533,442 (2,713,172) 45,505,510 Total $ 232,589,468 $ 9,606,103 $ (7,324,474) $ 234,871,097 December 31, 2014 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 23,036,161 $ 1,970,791 $ (50,184) $ 24,956,768 States, municipalities and political subdivisions 95,000 2,385 0 97,385 U.S. special revenue and assessments 1,137,702 13,739 (202,930) 948,511 Collateralized mortgage obligations 1,005,081 92,091 (6) 1,097,166 Public utilities 399,927 55,913 0 455,840 All other corporate bonds 162,960,493 8,624,486 (1,659,193) 169,925,786 188,634,364 10,759,405 (1,912,313) 197,481,456 Equity securities 39,275,638 2,260,855 (540,491) 40,996,002 Total $ 227,910,002 $ 13,020,260 $ (2,452,804) $ 238,477,458 The amortized cost and estimated market value of debt securities at September 30, 2015, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed Maturities Available for Sale September 30, 2015 Amortized Cost Estimated Fair Value Due in one year or less $ 5,533,578 $ 5,620,065 Due after one year through five years 17,369,656 18,034,669 Due after five years through ten years 67,233,935 69,059,025 Due after ten years 96,767,059 96,651,828 Total $ 186,904,228 $ 189,365,587 The fair value of investments with sustained gross unrealized losses at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 0 0 $ 0 0 $ 0 0 U.S. Special Revenue and Assessments 0 0 0 0 0 0 All other corporate bonds 59,290,095 (2,877,049) 14,561,519 (1,734,253) 73,851,614 (4,611,302) Total fixed maturities $ 59,290,095 (2,877,049) $ 14,561,519 (1,734,253) $ 73,851,614 (4,611,302) Equity securities $ 6,341,069 (2,199,739) $ 2,782,665 (513,433) $ 9,123,734 (2,713,172) December 31, 2014 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 0 0 $ 4,947,265 (50,184) $ 4,947,265 (50,184) U.S. special revenue and assessments 0 0 784,390 (202,930) 784,390 (202,930) Collateralized mortgage obligations 0 0 1,012 (6) 1,012 (6) All other corporate bonds 28,954,477 (416,560) 3,535,206 (1,242,633) 32,489,683 (1,659,193) Total fixed maturities $ 28,954,477 (416,560) $ 9,267,873 (1,495,753) $ 38,222,350 (1,912,313) Equity securities $ 6,067,132 (540,491) $ 0 0 $ 6,067,132 (540,491) Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of September 30, 2015 Fixed maturities 37 5 42 Equity securities 8 9 17 As of December 31, 2014 Fixed maturities 18 7 25 Equity securities 25 0 25 Substantially all of the unrealized losses on fixed maturities available for sale and equity securities at September 30, 2015 and December 31, 2014 are attributable to changes in market interest rates and general disruptions in the credit market subsequent to purchase. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position. Based upon the Company's expected continuation of receipt of contractually required principal and interest payments and its intent and ability to retain the securities until price recovery, as well as the Company's evaluation of other relevant factors, the Company deems these securities to be temporarily impaired as of September 30, 2015 and December 31, 2014 . The Company regularly reviews its investment securities for factors that may indicate that a decline in fair value of an investment is other than temporary. The factors considered by Management in its regular review to identify and recognize other-than-temporary impairment losses on fixed maturities include, but are not limited to: the length of time and extent to which the fair value has been less than cost; the Company's intent to sell, or be required to sell, the debt security before the anticipated recovery of its remaining amortized cost basis; the financial condition and near-term prospects of the issuer; adverse changes in ratings announced by one or more rating agencies; subordinated credit support; whether the issuer of a debt security has remained current on principal and interest payments; current expected cash flows; whether the decline in fair value appears to be issuer specific or, alternatively, a reflection of general market or industry conditions, including the effect of changes in market interest rates. If the Company intends to sell a debt security, or it is more likely than not that it would be required to sell a debt security before the recovery of its amortized cost basis, the entire difference between the security's amortized cost basis and its fair value at the balance sheet date would be recognized by a charge to other-than-temporary losses in the Condensed Consolidated Statements of Operations. Equity securities may experience other-than-temporary impairments in the future based on the prospects for full recovery in value in a reasonable period of time and the Company's ability and intent to hold the security to recovery. If a decline in fair value is judged by Management to be other-than-temporary or Management does not have the intent or ability to hold a security, a loss is recognized by a charge to other-than-temporary impairment losses in the Condensed Consolidated Statements of Operations. Based on Management's review of the investment portfolio, the Company did not record any losses for other-than-temporary impairments in the Condensed Consolidated Statements of Operations for the nine month period ended September 30, 2015 and 2014 . Trading Securities Securities designated as trading securities are reported at fair value, with gains or losses resulting from changes in fair value recognized in net investment income on the Condensed Consolidated Statements of Operations. Trading securities include exchange-traded equities and exchange-traded options. Trading securities carried as liabilities are securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, will be recognized upon the termination of the short sale. The fair value of derivatives included in trading security assets and trading security liabilities as of September 30, 2015 was $0 and $(47,603), respectively. The fair value of derivatives included in trading security assets and trading security liabilities as of December 31, 2014 was $6,250 and $(23,853), respectively. Earnings from trading securities are classified in cash flows from operating activities. The derivatives held by the Company are for income generation purposes only. As of June 30, 2015, the Company reclassified its remaining exchange-traded equity trading security to the available for sale category. The fair value of the security at the time of the reclassification was $3,224,000 . Trading securities are purchased and held primarily for purposes of selling them in the near term and reflect active and frequent buying and selling. Management analyzed the recent buying and selling activity related to the exchange-traded equity and deems the available for sale category to better reflect Management's intent for this security going forward. Through June 30, 2015, unrealized gains and losses from this exchange-traded equity were recorded as a component of earnings. Subsequent unrealized gains/losses are reported as a component of comprehensive income. Trading revenue charged to net investment income from trading securities was: Three Months Ended September 30, 2015 2014 Net unrealized gains (losses) $ 55,140 $ (87,272) Net realized gains (losses) 0 120,296 Net unrealized and realized gains (losses) $ 55,140 $ 33,024 Nine Months Ended September 30, 2015 2014 Net unrealized gains (losses) $ (964,122) $ (71,650) Net realized gains (losses) 515,967 291,834 Net unrealized and realized gains (losses) $ (448,155) $ 220,184 Mortgage Loans As of September 30, 2015 and December 31, 2014, the Company's mortgage loan portfolio contained 27 and 33 mortgage loans, including discounted mortgage loans, with a carrying value of $15,446,113 and $23,161,982, respectively. Changes in the current economy could have a negative impact on the loans, including the financial stability of the borrowers, the borrowers' ability to pay or to refinance, the value of the property held as collateral and the ability to find purchasers at favorable prices. Given the uncertainty of the current market, Management has taken a conservative approach with the discounted mortgage loans and has classified all discounted mortgage loans held as non-accrual. In such status, the Company is not recording any accrued interest income nor is it recording any accrual of discount on the loans held. Discount accruals reported during 2015 and 2014 On the remainder of the mortgage loan portfolio, interest accruals are analyzed based on the likelihood of repayment. In no event will interest continue to accrue when accrued interest along with the outstanding principal exceeds the net realizable value of the property. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. A mortgage loan reserve is established and adjusted based on Management's quarterly analysis of the portfolio and any deterioration in value of the underlying property which would reduce the net realizable value of the property below its current carrying value. The Company acquires the discounted mortgage loans at below contract value, and believes that it will fully recover its carrying value upon disposal, therefore no reserve for delinquent loans is deemed necessary. Those loans not currently paying any interest or principal are being vigorously worked by Management. The current discounted commercial mortgage loan portfolio has an average price of 32% of face value and Management has determined that this deep discount provides a financial cushion or built in allowance for any of the loans that are not currently performing within the portfolio of loans purchased. |
FAIR VALUE MEASUREMENTS
| FAIR VALUE MEASUREMENTS | 9 Months Ended |
| Sep. 30, 2015 | |
| FAIR VALUE MEASUREMENTS [Abstract] | |
| FAIR VALUE MEASUREMENTS | Note 4 – Fair Value Measurements The Company measures its assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets based on the framework set forth in the GAAP fair value accounting guidance. The framework establishes a fair value hierarchy of three levels based upon the transparency of information used in measuring the fair value of assets or liabilities as of the measurement date. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three categories. Level 1 – Valuation is based upon quoted prices for identical assets or liabilities in active markets that the Company is able to access. Level 1 fair value is not subject to valuation adjustments. Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar instruments in markets that are not active. In addition, the Company may use various valuation techniques or pricing models that use observable inputs to measure fair value. Level 3 – Valuation is based upon unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company's own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company determines the existence of an active market for an asset or liability based on its judgment as to whether transactions for the asset or liability occur in such market with sufficient frequency and volume to provide reliable pricing information. If the Company concludes that there has been a significant decrease in the volume and level of activity for an investment in relation to normal market activity for such investment, adjustments to transactions and quoted prices are made to estimate fair value. The inputs used in the valuation techniques employed by the Company are provided by nationally recognized pricing services, external investment managers and internal resources. To assess these inputs, the Company's review process includes, but is not limited to, quantitative analysis including benchmarking, initial and ongoing evaluations of methodologies used by external parties to calculate fair value, and ongoing evaluations of fair value estimates based on the Company's knowledge and monitoring of market conditions. The Company periodically reviews the pricing service provider's policies and procedures for valuing securities. The assumptions underlying the valuations from external service providers, including unobservable inputs, are generally not readily available as this information is often deemed proprietary. Accordingly, the Company is unable to obtain comprehensive information regarding these assumptions and methodologies. The Company's investments in fixed maturity securities available for sale, equity securities available for sale and trading securities assets and liabilities are carried at fair value. The following are the Company's methodologies and valuation techniques for assets and liabilities measured at fair value. Fixed maturities available for sale mainly consist of U.S. treasury securities and corporate debt securities. The Company employs a market approach to the valuation of securities where there are sufficient market transactions involving identical or comparable assets. If sufficient market data is not available for identical or comparable assets, the Company uses an income approach to valuation. The majority of the financial instruments included in fixed maturity securities available for sale are evaluated utilizing observable inputs; accordingly, they are categorized in either Level 1 or Level 2 of the fair value hierarchy. However, in instances where significant inputs utilized in valuation of the securities are unobservable, the securities are categorized in Level 3 of the fair value hierarchy. Corporate securities primarily include fixed rate corporate bonds. Inputs utilized in connection with the Company's valuation techniques relating to this class of securities include recently executed transactions, market price quotations, benchmark yields and issuer spreads. Corporate securities are categorized in Level 2 of the fair value hierarchy. U.S. treasury securities are based on quoted prices in active markets and are generally categorized in Level 1 of the fair value hierarchy. Equity securities available for sale consist of common and preferred stocks mainly in private equity investments, financial institutions and insurance companies. Equity securities for which there is sufficient market data are categorized as Level 1 or 2 in the fair value hierarchy. For the equity securities in which quoted market prices are not available, the transaction price is used as the best estimate of fair value at inception. When evidence is believed to support a change to the carrying value from the transaction price, adjustments are made to reflect the expected exit values. The Company performs ongoing reviews of the underlying investments. The reviews consist of the evaluations of expected cash flows, material events and market data. These investments are included in Level 3 of the fair value hierarchy. Securities designated as trading securities consist of exchange traded equities and exchange traded options. These securities are primarily valued at quoted active market prices, and are therefore categorized as Level 1 in the fair value hierarchy. The following table presents the Company's assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of September 30, 2015. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 11,869,514 $ 176,470,393 $ 1,025,680 $ 189,365,587 Equity Securities, available for sale 13,268,458 5,828,827 26,408,225 45,505,510 Total $ 25,137,972 $ 182,299,220 $ 27,433,905 $ 234,871,097 Liabilities Trading Securities $ 47,603 $ 0 $ 0 $ 47,603 The following table presents the Company's assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of December 31, 2014. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 13,374,878 $ 183,236,853 $ 869,725 $ 197,481,456 Equity Securities, available for sale 4,756,292 7,361,076 28,878,634 40,996,002 Trading Securities 3,826,250 0 0 3,826,250 Total $ 21,957,420 $ 190,597,929 $ 29,748,359 $ 242,303,708 Liabilities Trading Securities $ 23,853 $ 0 $ 0 $ 23,853 The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur. Fixed Maturities, Available for Sale Equity Securities, Available for Sale Total Balance at December 31, 2014 $ 869,725 $ 28,878,634 $ 29,748,359 Total unrealized gains (losses): Included in realized gains(losses) 0 0 0 Included in other comprehensive income 209,806 399,929 609,735 Purchases 0 1,353,625 1,353,625 Sales (53,851) (4,223,963) (4,277,814) Balance at September 30, 2015 $ 1,025,680 $ 26,408,225 $ 27,433,905 The Level 3 securities include collateralized debt obligations of trust preferred securities issued by banks and insurance companies and certain equity securities with unobservable inputs. The Company computed fair value of Level 3 investments based on a review of current financial information, earnings trends and similar companies in the same industries. Certain assets are not carried at fair value on a recurring basis, including investments such as mortgage loans and policy loans. Accordingly such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the Condensed Consolidated Financial Statements. The carrying values and estimated fair values of certain of the Company's financial instruments not recorded at fair value in the Condensed Consolidated Balance Sheets are shown below. Because the fair value for all Condensed Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company. September 30, 2015 December 31, 2014 Assets Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgage loans on real estate $ 11,043,041 $ 11,493,760 $ 14,060,930 $ 14,236,676 Discounted mortgage loans 4,403,072 4,403,072 9,101,052 9,101,052 Investment real estate 48,362,145 48,362,145 51,007,101 51,007,101 Policy loans 10,809,793 10,809,793 11,104,485 11,104,485 Cash and cash equivalents 14,225,434 14,225,434 13,977,443 13,977,443 Short term investments 3,633,629 3,633,629 4,382,181 4,382,181 Collateral and non-collateral loans 7,404,405 7,404,405 5,612,560 5,612,560 Liabilities Notes payable 0 0 4,400,000 4,400,000 The above estimated fair value amounts have been determined based upon the following valuation methodologies. Considerable judgment was required to interpret market data in order to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts. The fair values of mortgage loans on real estate are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of our mortgage loans on real estate are classified as Level 3 within the fair value hierarchy. The Company has purchased non-performing discounted mortgage loans at a deep discount through an auction process led by the federal government. In general, the discounted loans are non-performing and there is a significant amount of uncertainty surrounding the timing and amount of cash flows to be received by the Company. Accordingly, the Company records its investment in the discounted loans at its original purchase price, which Management believes approximates fair value. The inputs used to measure the fair value of our discounted mortgage loans are classified as Level 3 within the fair value hierarchy. Investment real estate is recorded at the lower of the net investment in the real estate or the fair value of the real estate less costs to sell. The determination of fair value assessments are performed on a periodic, non-recurring basis by external appraisal and assessment of property values by Management. The inputs used to measure the fair value of our investment real estate are classified as Level 3 within the fair value hierarchy. Policy loans are carried at the aggregate unpaid principal balances in the consolidated balance sheets which approximate fair value, and earn interest at rates ranging from 4 % to 8 %. The carrying amount of cash and cash equivalents in the condensed consolidated financial statements approximates fair value given the highly liquid nature of the instruments. The inputs used to measure the fair value of our cash and cash equivalents are classified as Level 1 within the fair value hierarchy. The carrying amount of short term investments in the condensed consolidated financial statements approximates fair value. The inputs used to measure the fair value of our short term investments are classified as Level 3 within the fair value hierarchy. The Company invests in collateral and non-collateral loans that are reported in the other assets balance on the Company's Consolidated Balance Sheets. The loans are carried at their unpaid principal balances, which approximates fair value. The inputs used to measure the fair value of the loans are classified as Level 3 within the fair value hierarchy. The carrying value is a reasonable estimate of fair value for notes payable subject to floating rates of interest. The fair value of notes payable with fixed rate borrowings is determined based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. The inputs used to measure the fair value of our notes payable are classified as Level 2 within the fair value hierarchy. |
CREDIT ARRANGEMENTS
| CREDIT ARRANGEMENTS | 9 Months Ended |
| Sep. 30, 2015 | |
| NOTES PAYABLE [Abstract] | |
| CREDIT ARRANGEMENTS | Note 5 – Credit Arrangements At September 30, 2015 and December 31, 2014, the Company had the following outstanding debt: Outstanding Principal Balance Instrument Issue Date Maturity Date September 30, 2015 December 31, 2014 Promissory Note: UTG Avalon 12/29/2014 4/1/2018 0 4,400,000 Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2014 Borrowings Repayments September 30, 2015 Lines of Credit: UTG 2013-11-20 2015-11-20 $ 8,000,000 $ 0 0 0 $ 0 UG 2015-06-02 2016-05-19 10,000,000 0 0 0 0 The UTG Avalon promissory note issued on December 29, 2014 carried interest at a rate of 3.5 % with interest payable quarterly beginning in July of 2015 . The interest is a variable rate that is equal to the lowest of the U.S. Prime Rates as published in the money section of the Wall Street Journal. The interest rate is subject to change monthly and any change in interest rate is effective the first day of the month following the rate change. Principal is due upon maturity of the note. This note was fully repaid during the third quarter of 2015. The principal payments were paid by UTG and as a result of the payments; intercompany promissory notes receivable/payable were established. The UTG line of credit carries interest at a fixed rate of 3.75% and is payable monthly. As collateral, UTG has pledged 100% of the common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company ("UG"). The Company is currently in the process of renewing this line of credit During June of 2015, the Federal Home Loan Bank approved UG's Cash Management Advance Application ("CMA"). The CMA gives the Company the option of selecting a variable rate of interest for up to 90 days or a fixed rate for a maximum of 30 days. The variable rate CMA is prepayable at any time without a fee, while the fixed CMA is not prepayable prior to maturity. |
SHAREHOLDERS' EQUITY
| SHAREHOLDERS' EQUITY | 9 Months Ended |
| Sep. 30, 2015 | |
| CAPITAL STOCK TRANSACTIONS [Abstract] | |
| CAPITAL STOCK TRANSACTIONS | Note 6 – Shareholders' Equity Stock Repurchase Programs The Board of Directors of UTG has authorized the repurchase in the open market or in privately negotiated transactions of UTG's common stock. At a meeting of the Board of Directors on June 3, 2015, the Board of Directors of UTG authorized the repurchase of up to an additional $1,000,000 of UTG's common stock, for a total repurchase of $8,000,000. Repurchased shares are available for future issuance for general corporate purposes. This program can be suspended or terminated at any time without further notice. Open market purchases are made based on the last available market price and are generally limited to a maximum per share price of the most recent reported per share GAAP equity book value of the Company. During the nine month period ended September 30, 2015, the Company repurchased 23,848 shares through the stock repurchase program for $344,304. Through September 30, 2015, UTG has spent $6,467,429 in the acquisition of 686,546 shares under this program. On July 20, 2015, the Board of Directors of UTG also clarified and amended the terms on which UTG may repurchase shares in the program and gave Company Management broad authority to operate the program, including the discretion of whether to purchase shares and the ability to suspend or terminate the program. The program may be suspended or terminated at any time without further notice. Earnings Per Share Calculations Earnings per share are based on the weighted average number of common shares outstanding during each period. For the three and nine months ended September 30, 2015 and 2014, diluted earnings per share were the same as basic earnings per share since the Company had no dilutive instruments outstanding. |
COMMITMENTS AND CONTINGENCIES
| COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
| Sep. 30, 2015 | |
| COMMITMENTS AND CONTINGENCIES [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | Note 7 – Commitments and Contingencies The insurance industry has experienced a number of civil jury verdicts which have been returned against life and health insurers in the jurisdictions in which the Company does business involving the insurers' sales practices, alleged agent misconduct, failure to properly supervise agents, and other matters. Some of the lawsuits have resulted in the award of substantial judgments against the insurer, including material amounts of punitive damages. In some states, juries have substantial discretion in awarding punitive damages in these circumstances. In the normal course of business, the Company is involved from time to time in various legal actions and other state and federal proceedings. Management is of the opinion that the ultimate disposition of the matters will not have a materially adverse effect on the Company's results of operations or financial position. Under the insurance guaranty fund laws in most states, insurance companies doing business in a participating state can be assessed up to prescribed limits for policyholder losses incurred by insolvent or failed insurance companies. Although the Company cannot predict the amount of any future assessments, most insurance guaranty fund laws currently provide that an assessment may be excused or deferred if it would threaten an insurer's financial strength. Mandatory assessments may be partially recovered through a reduction in future premium tax in some states. The Company does not believe such assessments will be materially different from amounts already provided for in the condensed consolidated financial statements, though the Company has no control over such assessments. Within the Company's trading accounts, certain trading securities carried as liabilities represent securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, will be recognized upon the termination of the short sale. The following table represents the total funding commitments and the unfunded commitment as of September 30, 2015 related to certain investments: Total Funding Unfunded Commitment Commitment RLF III, LLC $ 4,000,000 $ 398,120 Llano Music, LLC 4,000,000 1,656,000 Marcellus HBPI, LLP 1,800,000 141,300 Sovereign's Capital, LP Fund I 500,000 125,000 MM-Appalachia IV, LP 3,300,000 668,250 UGLIC, LLC 1,600,000 320,000 Sovereign's Capital, LP Fund II 1,000,000 900,000 During 2006, the Company committed to invest in RLF III, LLC ("RLF"), which makes land-based investments in undervalued assets. RLF makes capital calls as funds are needed for continued land purchases. During 2010, the Company made a commitment to invest in Llano Music, LLC ("Llano"), which invests in music royalties. Llano makes capital calls to its investors as funds are needed to acquire the royalty rights. During 2012, the Company committed to invest in Marcellus HBPI, LLP, which purchases land for leasing opportunities to those looking to harvest natural resources. Marcellus HPBI, LLP makes capital calls to investors as funds are needed for continued land purchases. During 2012, the Company committed to invest in Sovereign's Capital, LP Fund I ("Sovereign's"), which invests in companies in emerging markets. Sovereign's makes capital calls to investors as funds are needed. During 2013, the Company committed to invest in MM-Appalachia IV, LP, which purchases land for leasing opportunities to those looking to harvest natural resources. MM-Appalachia IV, LP makes capital calls to investors as funds are needed for continued land purchases. During January of 2015, MM-Appalachia IV, LP called $371,250 of the unfunded commitment. Also, in January of 2015, the Company committed to invest an additional $825,000 in MM-Appalachia IV, LP. During 2014, the Company committed to invest in UGLIC, LLC, which purchases real estate tax receivables. UGLIC, LLC makes capital calls as funds are needed for additional purchases. During 2015, the Company committed to invest in Sovereign's Capital, LP Fund II ("Sovereign's II"), which invests in companies in emerging markets. Sovereign's II makes capital calls to investors as funds are needed |
OTHER CASH FLOW DISCLOSURES
| OTHER CASH FLOW DISCLOSURES | 9 Months Ended |
| Sep. 30, 2015 | |
| OTHER CASH FLOW DISCLOSURES [Abstract] | |
| OTHER CASH FLOW DISCLOSURES | Note 8 – Other Cash Flow Disclosures On a cash basis, the Company paid the following expenses: Three Months Ended September 30, 2015 2014 Interest $ 70,141 $ 20,689 Federal income tax 0 4,000 Nine Months Ended September 30, 2015 2014 Interest $ 0 $ 55,009 Federal income tax 3,000,000 4,000 |
CONCENTRATIONS
| CONCENTRATIONS | 9 Months Ended |
| Sep. 30, 2015 | |
| CONCENTRATIONS [Abstract] | |
| CONCENTRATIONS | N The Company maintains cash balances in financial institutions that at times may exceed federally insured limits. The Company maintains its primary operating cash accounts with First Southern National Bank, an affiliate of the largest shareholder of UTG, Mr. Jesse Correll, the Company's CEO and Chairman. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. |
NEW ACCOUNTING STANDARDS (Polic
| NEW ACCOUNTING STANDARDS (Policies) | 9 Months Ended |
| Sep. 30, 2015 | |
| NEW ACCOUNTING STANDARDS [Abstract] | |
| New Accounting Pronouncements, Policy [Policy Text Block] | Note 2 – Recently Issued Accounting Standards In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
INVESTMENTS (Tables)
| INVESTMENTS (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| INVESTMENTS [Abstract] | |
| Amortized cost and estimated values of investments in securities including investments held for sale | Investments in available for sale securities are summarized as follows: September 30, 2015 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 21,630,407 $ 1,748,014 $ 0 $ 23,378,421 U.S. special revenue and assessments 1,137,586 17,183 0 1,154,769 All other corporate bonds 164,136,235 5,307,464 (4,611,302) 164,832,397 186,904,228 7,072,661 (4,611,302) 189,365,587 Equity securities 45,685,240 2,533,442 (2,713,172) 45,505,510 Total $ 232,589,468 $ 9,606,103 $ (7,324,474) $ 234,871,097 December 31, 2014 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 23,036,161 $ 1,970,791 $ (50,184) $ 24,956,768 States, municipalities and political subdivisions 95,000 2,385 0 97,385 U.S. special revenue and assessments 1,137,702 13,739 (202,930) 948,511 Collateralized mortgage obligations 1,005,081 92,091 (6) 1,097,166 Public utilities 399,927 55,913 0 455,840 All other corporate bonds 162,960,493 8,624,486 (1,659,193) 169,925,786 188,634,364 10,759,405 (1,912,313) 197,481,456 Equity securities 39,275,638 2,260,855 (540,491) 40,996,002 Total $ 227,910,002 $ 13,020,260 $ (2,452,804) $ 238,477,458 |
| Amortized cost and estimated market value of debt securities, by contractual maturity | The amortized cost and estimated market value of debt securities at September 30, 2015, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed Maturities Available for Sale September 30, 2015 Amortized Cost Estimated Fair Value Due in one year or less $ 5,533,578 $ 5,620,065 Due after one year through five years 17,369,656 18,034,669 Due after five years through ten years 67,233,935 69,059,025 Due after ten years 96,767,059 96,651,828 Total $ 186,904,228 $ 189,365,587 |
| Fair value of investments with sustained gross unrealized losses | The fair value of investments with sustained gross unrealized losses at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 0 0 $ 0 0 $ 0 0 U.S. Special Revenue and Assessments 0 0 0 0 0 0 All other corporate bonds 59,290,095 (2,877,049) 14,561,519 (1,734,253) 73,851,614 (4,611,302) Total fixed maturities $ 59,290,095 (2,877,049) $ 14,561,519 (1,734,253) $ 73,851,614 (4,611,302) Equity securities $ 6,341,069 (2,199,739) $ 2,782,665 (513,433) $ 9,123,734 (2,713,172) December 31, 2014 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 0 0 $ 4,947,265 (50,184) $ 4,947,265 (50,184) U.S. special revenue and assessments 0 0 784,390 (202,930) 784,390 (202,930) Collateralized mortgage obligations 0 0 1,012 (6) 1,012 (6) All other corporate bonds 28,954,477 (416,560) 3,535,206 (1,242,633) 32,489,683 (1,659,193) Total fixed maturities $ 28,954,477 (416,560) $ 9,267,873 (1,495,753) $ 38,222,350 (1,912,313) Equity securities $ 6,067,132 (540,491) $ 0 0 $ 6,067,132 (540,491) Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of September 30, 2015 Fixed maturities 37 5 42 Equity securities 8 9 17 As of December 31, 2014 Fixed maturities 18 7 25 Equity securities 25 0 25 |
| Trading revenue charged to investment | Trading revenue charged to net investment income from trading securities was: Three Months Ended September 30, 2015 2014 Net unrealized gains (losses) $ 55,140 $ (87,272) Net realized gains (losses) 0 120,296 Net unrealized and realized gains (losses) $ 55,140 $ 33,024 Nine Months Ended September 30, 2015 2014 Net unrealized gains (losses) $ (964,122) $ (71,650) Net realized gains (losses) 515,967 291,834 Net unrealized and realized gains (losses) $ (448,155) $ 220,184 |
FAIR VALUE MEASUREMENTS (Tables
| FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| FAIR VALUE MEASUREMENTS [Abstract] | |
| Financial assets and liabilities measured on recurring basis | The following table presents the Company's assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of September 30, 2015. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 11,869,514 $ 176,470,393 $ 1,025,680 $ 189,365,587 Equity Securities, available for sale 13,268,458 5,828,827 26,408,225 45,505,510 Total $ 25,137,972 $ 182,299,220 $ 27,433,905 $ 234,871,097 Liabilities Trading Securities $ 47,603 $ 0 $ 0 $ 47,603 The following table presents the Company's assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of December 31, 2014. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 13,374,878 $ 183,236,853 $ 869,725 $ 197,481,456 Equity Securities, available for sale 4,756,292 7,361,076 28,878,634 40,996,002 Trading Securities 3,826,250 0 0 3,826,250 Total $ 21,957,420 $ 190,597,929 $ 29,748,359 $ 242,303,708 Liabilities Trading Securities $ 23,853 $ 0 $ 0 $ 23,853 The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur. Fixed Maturities, Available for Sale Equity Securities, Available for Sale Total Balance at December 31, 2014 $ 869,725 $ 28,878,634 $ 29,748,359 Total unrealized gains (losses): Included in realized gains(losses) 0 0 0 Included in other comprehensive income 209,806 399,929 609,735 Purchases 0 1,353,625 1,353,625 Sales (53,851) (4,223,963) (4,277,814) Balance at September 30, 2015 $ 1,025,680 $ 26,408,225 $ 27,433,905 |
| Estimated fair value of financial instruments required to be valued by ASC 820 | The carrying values and estimated fair values of certain of the Company's financial instruments not recorded at fair value in the Condensed Consolidated Balance Sheets are shown below. Because the fair value for all Condensed Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company. September 30, 2015 December 31, 2014 Assets Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgage loans on real estate $ 11,043,041 $ 11,493,760 $ 14,060,930 $ 14,236,676 Discounted mortgage loans 4,403,072 4,403,072 9,101,052 9,101,052 Investment real estate 48,362,145 48,362,145 51,007,101 51,007,101 Policy loans 10,809,793 10,809,793 11,104,485 11,104,485 Cash and cash equivalents 14,225,434 14,225,434 13,977,443 13,977,443 Short term investments 3,633,629 3,633,629 4,382,181 4,382,181 Collateral and non-collateral loans 7,404,405 7,404,405 5,612,560 5,612,560 Liabilities Notes payable 0 0 4,400,000 4,400,000 |
CREDIT ARRANGEMENTS (Tables)
| CREDIT ARRANGEMENTS (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| NOTES PAYABLE [Abstract] | |
| Schedule of promissory note | At September 30, 2015 and December 31, 2014, the Company had the following outstanding debt: Outstanding Principal Balance Instrument Issue Date Maturity Date September 30, 2015 December 31, 2014 Promissory Note: UTG Avalon 12/29/2014 4/1/2018 0 4,400,000 |
| Schedule of lines of credit | Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2014 Borrowings Repayments September 30, 2015 Lines of Credit: UTG 2013-11-20 2015-11-20 $ 8,000,000 $ 0 0 0 $ 0 UG 2015-06-02 2016-05-19 10,000,000 0 0 0 0 |
COMMITMENTS AND CONTINGENCIES (
| COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| COMMITMENTS AND CONTINGENCIES [Abstract] | |
| Funding commitment and unfunded commitment | The following table represents the total funding commitments and the unfunded commitment as of September 30, 2015 related to certain investments: Total Funding Unfunded Commitment Commitment RLF III, LLC $ 4,000,000 $ 398,120 Llano Music, LLC 4,000,000 1,656,000 Marcellus HBPI, LLP 1,800,000 141,300 Sovereign's Capital, LP Fund I 500,000 125,000 MM-Appalachia IV, LP 3,300,000 668,250 UGLIC, LLC 1,600,000 320,000 Sovereign's Capital, LP Fund II 1,000,000 900,000 |
OTHER CASH FLOW DISCLOSURES (Ta
| OTHER CASH FLOW DISCLOSURES (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| OTHER CASH FLOW DISCLOSURES [Abstract] | |
| Expenses paid on a cash basis | On a cash basis, the Company paid the following expenses: Three Months Ended September 30, 2015 2014 Interest $ 70,141 $ 20,689 Federal income tax 0 4,000 Nine Months Ended September 30, 2015 2014 Interest $ 0 $ 55,009 Federal income tax 3,000,000 4,000 |
BASIS OF PRESENTATION (Details)
| BASIS OF PRESENTATION (Details) | 9 Months Ended |
| Sep. 30, 2015 | |
| Subsidiary or Equity Method Investee [Line Items] | |
| Ownership in subsidiary bank (in hundredths) | 100.00% |
| Related Party Disclosure [Line Items] | |
| Ownership or control of outstanding common stock directly or indirectly (in hundredths) | 57.64% |
INVESTMENTS (Details)
| INVESTMENTS (Details) | 3 Months Ended | 9 Months Ended | |||
| Sep. 30, 2015USD ($)SecurityLoans | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)SecurityLoans | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)SecurityLoans | |
| Amortized cost and estimated value of debt securities, by contractual maturity [Abstract] | |||||
| Due in one year or less | $ 5,620,065 | $ 5,620,065 | |||
| Due after one year through five years | 18,034,669 | 18,034,669 | |||
| Due after five years through ten years | 69,059,025 | 69,059,025 | |||
| Due after ten years | 96,651,828 | 96,651,828 | |||
| Collateralized mortgage obligations | 0 | 0 | |||
| Total | 189,365,587 | 189,365,587 | |||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | 232,589,468 | 232,589,468 | $ 227,910,002 | ||
| Gross Unrealized Gains | 9,606,103 | $ 13,020,260 | |||
| Gross Unrealized Losses | (7,324,474) | (2,452,804) | |||
| Estimated Market Value | 234,871,097 | 234,871,097 | 238,477,458 | ||
| Amortized cost and estimated market value of debt securities, by contractual maturity [Abstract] | |||||
| Due in one year or less | 5,533,578 | 5,533,578 | |||
| Due after one year through five years | 17,369,656 | 17,369,656 | |||
| Due after five years through ten years | 67,233,935 | 67,233,935 | |||
| Due after ten years | 96,767,059 | 96,767,059 | |||
| Collateralized mortgage obligation | 0 | 0 | |||
| Total | 186,904,228 | 186,904,228 | 188,634,364 | ||
| Trading Securities [Abstract] | |||||
| Fair value, derivatives included in trading security assets | 0 | 0 | 6,250 | ||
| Fair value, derivative included in trading security liabilities | (47,603) | (47,603) | $ (23,853) | ||
| trading transfer to available for sale securities | 3,224,000 | 3,224,000 | |||
| Trading securities, net unrealized gain (loss) | 55,140 | $ (87,272) | (964,122) | (71,650) | |
| Trading securities, realized gain (loss) | 0 | 120,296 | 515,967 | 291,834 | |
| Increase (Decrease) in Trading Securities [Abstract] | |||||
| Net Realized and Unrealized Gain (Loss) on Trading Securities | $ 55,140 | 33,024 | $ (448,155) | 220,184 | |
| Mortgages [Abstract] | |||||
| Number of Mortgage Loans including Discounted Mortgage Loans | Loans | 27 | 27 | 33 | ||
| Mortgage Loans including Discounted Mortgage Loans | $ 15,446,113 | $ 15,446,113 | $ 23,161,982 | ||
| Mortgage loans reserve | |||||
| Average purchase price to outstanding loan (in hundredths) | 32.00% | ||||
| U.S. Government and Government Agencies and Authorities [Member] | |||||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | $ 21,630,407 | 21,630,407 | $ 23,036,161 | ||
| Gross Unrealized Gains | 1,748,014 | 1,970,791 | |||
| Gross Unrealized Losses | 0 | (50,184) | |||
| Estimated Market Value | 23,378,421 | 23,378,421 | 24,956,768 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
| Less than 12 months, Fair value | 0 | 0 | 0 | ||
| Less than 12 months, Unrealized losses | 0 | 0 | |||
| Twelve months or longer, Fair value | 0 | 0 | 4,947,265 | ||
| Twelve months or longer, Unrealized losses | (50,184) | 0 | |||
| Total Fair value | 0 | 0 | 4,947,265 | ||
| Total Unrealized losses | (50,184) | 0 | |||
| US Special Revenue and Assessments [Member] | |||||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | 1,137,586 | 1,137,586 | 1,137,702 | ||
| Gross Unrealized Gains | 17,183 | 13,739 | |||
| Gross Unrealized Losses | 0 | (202,930) | |||
| Estimated Market Value | 1,154,769 | 1,154,769 | 948,511 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
| Less than 12 months, Fair value | 0 | 0 | 0 | ||
| Less than 12 months, Unrealized losses | 0 | 0 | |||
| Twelve months or longer, Fair value | 0 | 0 | 784,390 | ||
| Twelve months or longer, Unrealized losses | (202,930) | 0 | |||
| Total Fair value | 0 | 0 | 784,390 | ||
| Total Unrealized losses | (202,930) | 0 | |||
| States, Municipalities and Political Subdivisions [Member] | |||||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | 0 | 0 | 95,000 | ||
| Gross Unrealized Gains | 0 | 2,385 | |||
| Gross Unrealized Losses | 0 | 0 | |||
| Estimated Market Value | 0 | 0 | 97,385 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
| Less than 12 months, Fair value | 0 | ||||
| Less than 12 months, Unrealized losses | 0 | ||||
| Twelve months or longer, Fair value | 0 | ||||
| Twelve months or longer, Unrealized losses | 0 | ||||
| Total Fair value | 0 | ||||
| Total Unrealized losses | $ 0 | ||||
| Collateralized Mortgage Obligations [Member] | |||||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | 0 | 0 | 1,005,081 | ||
| Gross Unrealized Gains | 0 | 92,091 | |||
| Gross Unrealized Losses | 0 | (6) | |||
| Estimated Market Value | 0 | 0 | 1,097,166 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
| Less than 12 months, Fair value | 0 | 0 | 0 | ||
| Less than 12 months, Unrealized losses | 0 | 0 | |||
| Twelve months or longer, Fair value | 0 | 0 | 1,012 | ||
| Twelve months or longer, Unrealized losses | 0 | (6) | |||
| Total Fair value | 0 | 0 | 1,012 | ||
| Total Unrealized losses | 0 | (6) | |||
| Public Utilities [Member] | |||||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | 0 | 0 | 399,927 | ||
| Gross Unrealized Gains | 0 | 55,913 | |||
| Gross Unrealized Losses | 0 | 0 | |||
| Estimated Market Value | 0 | 0 | 455,840 | ||
| Debt Securities [Member] | |||||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | 186,904,228 | 186,904,228 | 188,634,364 | ||
| Gross Unrealized Gains | 7,072,661 | 10,759,405 | |||
| Gross Unrealized Losses | (4,611,302) | (1,912,313) | |||
| Estimated Market Value | 189,365,587 | 189,365,587 | 197,481,456 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
| Less than 12 months, Fair value | 59,290,095 | 59,290,095 | 28,954,477 | ||
| Less than 12 months, Unrealized losses | (2,877,049) | (416,560) | |||
| Twelve months or longer, Fair value | 14,561,519 | 14,561,519 | 9,267,873 | ||
| Twelve months or longer, Unrealized losses | (1,734,253) | (1,495,753) | |||
| Total Fair value | $ 73,851,614 | 73,851,614 | $ 38,222,350 | ||
| Total Unrealized losses | $ (4,611,302) | (1,912,313) | |||
| Less than 12 months Number of Securities | Security | 37 | 37 | 18 | ||
| Twelve months or longer Number of Securities | Security | 5 | 5 | 7 | ||
| Total Number of Securities | Security | 42 | 42 | 25 | ||
| Equity Securities [Member] | |||||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | $ 45,685,240 | $ 45,685,240 | $ 39,275,638 | ||
| Gross Unrealized Gains | 2,533,442 | 2,260,855 | |||
| Gross Unrealized Losses | (2,713,172) | (540,491) | |||
| Estimated Market Value | 45,505,510 | 45,505,510 | 40,996,002 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
| Less than 12 months, Fair value | 6,341,069 | 6,341,069 | 6,067,132 | ||
| Less than 12 months, Unrealized losses | (2,199,739) | (540,491) | |||
| Twelve months or longer, Fair value | 2,782,665 | 2,782,665 | 0 | ||
| Twelve months or longer, Unrealized losses | (513,433) | 0 | |||
| Total Fair value | $ 9,123,734 | 9,123,734 | $ 6,067,132 | ||
| Total Unrealized losses | $ (2,713,172) | (540,491) | |||
| Less than 12 months Number of Securities | Security | 8 | 8 | 25 | ||
| Twelve months or longer Number of Securities | Security | 9 | 9 | 0 | ||
| Total Number of Securities | Security | 17 | 17 | 25 | ||
| All Other Corporate Bonds [Member] | |||||
| Fixed maturities [Abstract] | |||||
| Original or Amortized Cost | $ 164,136,235 | $ 164,136,235 | $ 162,960,493 | ||
| Gross Unrealized Gains | 5,307,464 | 8,624,486 | |||
| Gross Unrealized Losses | (4,611,302) | (1,659,193) | |||
| Estimated Market Value | 164,832,397 | 164,832,397 | 169,925,786 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
| Less than 12 months, Fair value | 59,290,095 | 59,290,095 | 28,954,477 | ||
| Less than 12 months, Unrealized losses | (2,877,049) | (416,560) | |||
| Twelve months or longer, Fair value | 14,561,519 | 14,561,519 | 3,535,206 | ||
| Twelve months or longer, Unrealized losses | (1,734,253) | (1,242,633) | |||
| Total Fair value | $ 73,851,614 | 73,851,614 | $ 32,489,683 | ||
| Total Unrealized losses | $ (4,611,302) | $ (1,659,193) | |||
FAIR VALUE MEASUREMENTS (Detail
| FAIR VALUE MEASUREMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
| Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
| Carrying Amount [Member] | |||||
| Assets [Abstract] | |||||
| Mortgage loans on real estate | $ 11,043,041 | $ 11,043,041 | $ 14,060,930 | ||
| Discounted mortgage loans | 4,403,072 | 4,403,072 | 9,101,052 | ||
| Investment real estate | 48,362,145 | 48,362,145 | 51,007,101 | ||
| Policy Loans | 10,809,793 | 10,809,793 | 11,104,485 | ||
| Cash and cash equivalents | 14,225,434 | 14,225,434 | 13,977,443 | ||
| Other Assets, Fair Value Disclosure | 3,633,629 | 3,633,629 | 4,382,181 | ||
| Financing Receivable, Gross | 7,404,405 | 7,404,405 | 5,612,560 | ||
| Liabilities [Abstract] | |||||
| Notes payable | 0 | 0 | 4,400,000 | ||
| Estimated Fair Value [Member] | |||||
| Assets [Abstract] | |||||
| Mortgage loans on real estate | 11,493,760 | 11,493,760 | 14,236,676 | ||
| Discounted mortgage loans | 4,403,072 | 4,403,072 | 9,101,052 | ||
| Investment real estate | 48,362,145 | 48,362,145 | 51,007,101 | ||
| Policy Loans | 10,809,793 | 10,809,793 | 11,104,485 | ||
| Cash and cash equivalents | 14,225,434 | 14,225,434 | 13,977,443 | ||
| Other Assets, Fair Value Disclosure | 3,633,629 | 3,633,629 | 4,382,181 | ||
| Financing Receivable, Gross | 7,404,405 | 7,404,405 | 5,612,560 | ||
| Liabilities [Abstract] | |||||
| Notes payable | 0 | 0 | 4,400,000 | ||
| Fixed Maturities, available for sale | 189,365,587 | 189,365,587 | 197,481,456 | ||
| Trading Securities | 0 | 0 | 3,826,250 | ||
| Trading Securities | 47,603 | 47,603 | 23,853 | ||
| Beginning Balance | 29,748,359 | ||||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Gain (Loss), Total | 0 | ||||
| Total Unrealized Gains (Losses) Included in Other Comprehensive Income | 609,735 | ||||
| Purchases | 1,353,625 | ||||
| Sales | (4,277,814) | ||||
| Ending Balance | 27,433,905 | 27,433,905 | |||
| Discounted mortgage loans | 4,403,072 | 4,403,072 | 9,101,052 | ||
| Investment real estate | 48,362,145 | 48,362,145 | 51,007,101 | ||
| Cash and cash equivalents | 14,225,434 | $ 14,225,434 | 13,977,443 | $ 22,465,883 | $ 19,838,618 |
| Policy loan interest rate, minimum (in hundredths) | 4.00% | ||||
| Policy loan interest rate, maximum (in hundredths) | 8.00% | ||||
| Fixed Maturities [Member] | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
| Beginning Balance | $ 869,725 | ||||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Gain (Loss), Total | 0 | ||||
| Total Unrealized Gains (Losses) Included in Other Comprehensive Income | 209,806 | ||||
| Purchases | 0 | ||||
| Sales | (53,851) | ||||
| Ending Balance | 1,025,680 | 1,025,680 | |||
| Equity Securities [Member] | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
| Beginning Balance | 28,878,634 | ||||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Gain (Loss), Total | 0 | ||||
| Total Unrealized Gains (Losses) Included in Other Comprehensive Income | 399,929 | ||||
| Purchases | 1,353,625 | ||||
| Sales | (4,223,963) | ||||
| Ending Balance | 26,408,225 | 26,408,225 | |||
| Measured on a recurring basis [Member] | |||||
| Assets [Abstract] | |||||
| Fixed Maturities, available for sale | 189,365,587 | 189,365,587 | 197,481,456 | ||
| Equity Securities, available for sale | 45,505,510 | 45,505,510 | 40,996,002 | ||
| Trading Securities | 0 | 0 | 3,826,250 | ||
| Total Financial Assets | 234,871,097 | 234,871,097 | 242,303,708 | ||
| Liabilities [Abstract] | |||||
| Trading Securities | 47,603 | 47,603 | 23,853 | ||
| Measured on a recurring basis [Member] | Level 1 [Member] | |||||
| Assets [Abstract] | |||||
| Fixed Maturities, available for sale | 11,869,514 | 11,869,514 | 13,374,878 | ||
| Equity Securities, available for sale | 13,268,458 | 13,268,458 | 4,756,292 | ||
| Trading Securities | 0 | 0 | 3,826,250 | ||
| Total Financial Assets | 25,137,972 | 25,137,972 | 21,957,420 | ||
| Liabilities [Abstract] | |||||
| Trading Securities | 47,603 | 47,603 | 23,853 | ||
| Measured on a recurring basis [Member] | Level 2 [Member] | |||||
| Assets [Abstract] | |||||
| Fixed Maturities, available for sale | 176,470,393 | 176,470,393 | 183,236,853 | ||
| Equity Securities, available for sale | 5,828,827 | 5,828,827 | 7,361,076 | ||
| Trading Securities | 0 | 0 | 0 | ||
| Total Financial Assets | 182,299,220 | 182,299,220 | 190,597,929 | ||
| Liabilities [Abstract] | |||||
| Trading Securities | 0 | 0 | 0 | ||
| Measured on a recurring basis [Member] | Level 3 [Member] | |||||
| Assets [Abstract] | |||||
| Fixed Maturities, available for sale | 1,025,680 | 1,025,680 | 869,725 | ||
| Equity Securities, available for sale | 26,408,225 | 26,408,225 | 28,878,634 | ||
| Trading Securities | 0 | 0 | 0 | ||
| Total Financial Assets | 27,433,905 | 27,433,905 | 29,748,359 | ||
| Liabilities [Abstract] | |||||
| Trading Securities | $ 0 | $ 0 | $ 0 |
CREDIT ARRANGEMENTS (Details)
| CREDIT ARRANGEMENTS (Details) - USD ($) | Jul. 09, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
| Lines of Credit [Line Items] | ||||
| Repayments | $ 0 | |||
| Frequency of Payments | quarterly | |||
| Scheduled principal reductions on notes payable for the next five years [Abstract] | ||||
| 2,013 | $ 0 | $ 0 | ||
| 2,014 | 0 | 0 | ||
| 2,015 | 0 | 0 | ||
| 2,016 | 0 | 0 | ||
| 2,017 | 0 | $ 0 | ||
| Subsequent Event [Member] | ||||
| Lines of Credit [Line Items] | ||||
| Repayments | $ 0 | |||
| HPG Acquisition 2007-02-07 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Issue Date | Dec. 29, 2014 | |||
| Maturity Date | Apr. 1, 2018 | |||
| Outstanding Principal Balance | 0 | $ 0 | $ 4,400,000 | |
| UTG 2012-11-20 [Member] | ||||
| Lines of Credit [Line Items] | ||||
| Issue Date | Nov. 20, 2013 | |||
| Maturity Date | Nov. 20, 2015 | |||
| Revolving Credit Limit | 8,000,000 | $ 8,000,000 | ||
| Outstanding Balance | 0 | 0 | 0 | |
| Borrowings | 0 | |||
| Repayments | $ 0 | |||
| Interest Rate | 3.75% | |||
| Assets Pledged | 100% of the common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company (“UG”). | |||
| UTG Avalon 2013-03-28 [Member] | ||||
| Lines of Credit [Line Items] | ||||
| Issue Date | Jun. 2, 2015 | |||
| Maturity Date | May 19, 2016 | |||
| Revolving Credit Limit | 10,000,000 | $ 10,000,000 | ||
| Outstanding Balance | $ 0 | 0 | $ 0 | |
| Borrowings | 0 | |||
| Repayments | $ 0 | |||
| Interest Rate | 3.50% |
SHAREHOLDERS' EQUITY (Details)
| SHAREHOLDERS' EQUITY (Details) - USD ($) | 9 Months Ended | ||
| Sep. 30, 2015 | Jun. 30, 2015 | Jun. 03, 2015 | |
| STOCK REPURCHASE PROGRAM [Abstract] | |||
| Stock repurchase program authorized amount | $ 8,000,000,000,000 | $ 1,000,000 | |
| Treasury Stock, Shares, Acquired | 23,848 | ||
| Amount paid to repurchase shares during the year | $ 344,304 | ||
| Amount of common stock repurchased | $ 6,467,429 | ||
| Number of common stock acquired (in shares) | 686,546 |
COMMITMENTS AND CONTINGENCIES27
| COMMITMENTS AND CONTINGENCIES (Details) - 9 months ended Sep. 30, 2015 - USD ($) | Total | Total |
| Liability for contingent costs [Line Items] | ||
| Litigation Settlement, Amount | $ 0 | |
| ACAP [Member] | ||
| Liability for contingent costs [Line Items] | ||
| Loss Contingency Accrual, Ending Balance | 0 | |
| Loss Contingency | $ 0 | $ 0 |
| Share Conversion | ||
| RLF III, LLC [Member] | ||
| Investment Commitment [Line Items] | ||
| Total Funding Commitment | $ 4,000,000 | |
| Unfunded Commitment | 398,120 | |
| Llano Music, LLC [Member] | ||
| Investment Commitment [Line Items] | ||
| Total Funding Commitment | 4,000,000 | |
| Unfunded Commitment | 1,656,000 | |
| Marcellus HBPI, LLP [Member] | ||
| Investment Commitment [Line Items] | ||
| Total Funding Commitment | 1,800,000 | |
| Unfunded Commitment | 141,300 | |
| Sovereign's Capital, LP Fund I [Member] | ||
| Investment Commitment [Line Items] | ||
| Total Funding Commitment | 500,000 | |
| Unfunded Commitment | 125,000 | |
| Sovereign's Capital LP Fund II [Member] | ||
| Investment Commitment [Line Items] | ||
| Total Funding Commitment | 1,000,000 | |
| Unfunded Commitment | 900,000 | |
| MM-Appalachia IV, LP [Member] | ||
| Investment Commitment [Line Items] | ||
| Total Funding Commitment | 3,300,000 | |
| Unfunded Commitment | 668,250 | |
| UGLIC, LLC [Member] | ||
| Investment Commitment [Line Items] | ||
| Total Funding Commitment | 1,600,000 | |
| Unfunded Commitment | $ 320,000 |
OTHER CASH FLOW DISCLOSURES (De
| OTHER CASH FLOW DISCLOSURES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| OTHER CASH FLOW DISCLOSURES [Abstract] | ||||
| Interest expense paid | $ 70,141 | $ 20,689 | $ 0 | $ 55,009 |
| Federal income tax | 0 | $ 4,000 | 3,000,000 | $ 4,000 |
| Noncash transaction LOC | 0 | 0 | ||
| Cash to purchaser | 0 | |||
| Approximate future policyholder benefits | 0 | |||
| Approximate cost of insurance acquired | 0 | |||
| Noncash transaction short term investments | 0 | 0 | ||
| Noncash transaction real estate | $ 0 | $ 0 | ||