UTG (UTGN) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
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	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		3,347,611
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Investments available for sale:
Fixed maturities, at fair value (amortized cost $168,088,959 and $170,595,860)	$ 189,392,628	$ 187,239,718
Equity securities, at fair value (cost $38,166,461 and $37,014,712)	52,929,758	51,707,103
Trading securities, at fair value (cost $0 and $70,690)	0	2,500
Mortgage loans on real estate at amortized cost	18,378,499	18,577,372
Investment real estate	53,077,397	57,138,980
Notes receivable	18,618,464	16,876,485
Policy loans	9,764,728	10,070,134
Total investments	342,161,474	341,612,292
Cash and cash equivalents	12,506,426	15,156,548
Accrued investment income	2,542,560	2,872,850
Reinsurance receivables:
Future policy benefits	26,592,514	26,974,819
Policy claims and other benefits	4,165,149	3,952,465
Cost of insurance acquired	6,847,844	7,267,397
Property and equipment, net of accumulated depreciation	1,341,019	1,564,944
Income taxes receivable	1,298,756	1,223,682
Other assets	1,446,782	1,476,356
Total assets	398,902,524	402,101,353
Policy liabilities and accruals:
Future policyholder benefits	261,052,800	263,844,559
Policy claims and benefits payable	4,799,231	3,889,572
Other policyholder funds	454,177	428,769
Dividend and endowment accumulations	14,527,876	14,504,583
Deferred income taxes	16,294,785	15,459,049
Notes payable	1,450,000	2,900,000
Trading securities, at fair value (proceeds $0 and $181,159)	0	1,439
Other liabilities	6,348,264	6,771,540
Total liabilities	304,927,133	307,799,511
Shareholders' equity:
Common stock - no par value, stated value $.001 per share. Authorized 7,000,000 shares - 3,349,736 and 3,349,927 shares outstanding	3,349	3,350
Additional paid-in capital	37,870,021	37,878,712
Retained earnings	31,702,183	34,230,307
Accumulated other comprehensive income (loss)	23,373,129	20,353,692
Total UTG shareholders' equity	92,948,682	92,466,061
Noncontrolling interest	1,026,709	1,835,781
Total shareholders' equity	93,975,391	94,301,842
Total liabilities and shareholders' equity	$ 398,902,524	$ 402,101,353

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Investments available for sale:
Fixed maturities, amortized cost	$ 168,088,959	$ 170,595,860
Equity securities, cost	38,166,461	37,014,712
Trading securities, cost	0	70,690
Liabilities:
Trading Securities, Proceeds	$ 0	$ 181,159
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0	$ 0
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)	3,349,736	3,349,927

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Premiums and policy fees	$ 2,670,468	$ 3,040,968	$ 5,373,222	$ 5,815,731
Ceded reinsurance premiums and policy fees	(843,636)	(736,897)	(1,570,290)	(1,504,198)
Net investment income	2,816,417	3,210,481	5,852,901	7,228,972
Other income	95,578	110,351	211,537	295,547
Revenues before realized gains (losses)	4,738,827	5,624,903	9,867,370	11,836,052
Realized investment gains (losses), net:
Other-than-temporary impairments	0	0	0	0
Other realized investment gains, net	1,042,751	655,564	544,060	4,067,797
Total realized investment gains (losses), net	1,042,751	655,564	544,060	4,067,797
Total revenue	5,781,578	6,280,467	10,411,430	15,903,849
Benefits, claims and settlement expenses:
Life	4,860,950	5,567,327	9,828,602	11,382,479
Ceded Reinsurance benefits and claims	(703,666)	(910,789)	(989,776)	(1,506,070)
Annuity	294,813	298,677	538,210	627,576
Dividends to policyholders	107,914	121,555	221,200	249,234
Commissions and amortization of deferred policy acquisition costs	(41,103)	(39,176)	(77,084)	(71,942)
Amortization of cost of insurance acquired	209,777	218,246	419,553	436,492
Operating expenses	1,758,608	1,904,102	3,804,665	3,678,339
Total benefits and other expenses	6,487,293	7,159,942	13,745,370	14,796,108
Income (loss) before income taxes	(705,715)	(879,475)	(3,333,940)	1,107,741
Income tax (expense) benefit	196,624	307,193	710,214	(492,487)
Net income (loss)	(509,091)	(572,282)	(2,623,726)	615,254
Net (income) loss attributable to noncontrolling interests	(45,632)	(140,540)	95,602	(45,973)
Net income (loss) attributable to common shareholders	$ (554,723)	$ (712,822)	$ (2,528,124)	$ 569,281
Amounts attributable to common shareholders':
Basic income (loss) per share (in dollars per share)	$ (0.17)	$ (0.19)	$ (0.75)	$ 0.15
Diluted income (loss) per share (in dollars per share)	$ (0.17)	$ (0.19)	$ (0.75)	$ 0.15
Basic weighted average shares outstanding (in shares)	3,355,850	3,673,545	3,353,416	3,686,968
Diluted weighted average shares outstanding (in shares)	3,355,850	3,673,545	3,353,416	3,686,968

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) [Abstract]
Net income (loss)	$ (509,091)	$ (572,282)	$ (2,623,726)	$ 615,254
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during period, pre-tax	384,871	19,065,483	4,855,895	30,868,008
Tax (expense) benefit on unrealized holding gains (losses) arising during the period	(134,705)	(6,672,919)	(1,699,563)	(10,803,803)
Unrealized holding gains (losses) arising during period, net of tax	250,166	12,392,564	3,156,332	20,064,205
Less reclassification adjustment for gains included in net income	(224,951)	(442,220)	(210,607)	(696,673)
Tax expense for gains included in net income	78,732	154,777	73,712	243,836
Reclassification adjustment for gains included in net income, net of tax	(146,219)	(287,443)	(136,895)	(452,837)
Subtotal: Other comprehensive income (loss), net of tax	103,947	12,105,121	3,019,437	19,611,368
Comprehensive income (loss)	(405,144)	11,532,839	395,711	20,226,622
Less comprehensive (income) loss attributable to noncontrolling interests	(45,632)	(140,540)	95,602	(45,973)
Comprehensive income (loss) attributable to UTG, Inc.	$ (450,776)	$ 11,392,299	$ 491,313	$ 20,180,649

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income attributable to common shareholders	$ (2,528,124)	$ 569,281
Adjustments to reconcile net income to net cash used in operating activities:
Amortization (accretion) of investments	178,699	(658,331)
Realized investment gains, net	(544,060)	(4,067,797)
Unrealized trading (gains) losses included in income	111,531	(39,476)
Realized trading (gains) included in income	(110,470)	0
Amortization of cost of insurance acquired	419,553	436,492
Depreciation	349,582	412,472
Net income (loss) attributable to noncontrolling interest	(95,602)	45,973
Charges for mortality and administration of universal life and annuity products	(3,324,867)	(1,107,778)
Interest credited to account balances	2,181,552	867,663
Change in accrued investment income	330,290	(101,071)
Change in reinsurance receivables	169,621	160,739
Change in policy liabilities and accruals	(321,400)	(1,764,350)
Change in income taxes receivable (payable)	(75,074)	(133,218)
Change in other assets and liabilities, net	(1,153,065)	(1,701,843)
Net cash used in operating activities	(4,411,834)	(7,081,244)
Proceeds from investments sold and matured:
Fixed maturities available for sale	9,585,460	21,633,273
Equity securities available for sale	2,126,149	1,195,793
Trading securities	0	72,279
Mortgage loans	562,792	2,000,374
Real estate	5,083,776	8,002,596
Notes receivable	305,874	2,682,590
Policy loans	1,087,870	1,300,996
Total proceeds from investments sold and matured	18,751,921	36,887,901
Cost of investments acquired:
Fixed maturities available for sale	(7,141,692)	(6,139,596)
Equity securities available for sale	(2,424,875)	(1,463,409)
Trading securities	0	(70,690)
Mortgage loans	(354,306)	(2,694,686)
Real estate	(1,678,891)	(8,668,777)
Notes receivable	(2,047,853)	(7,047,843)
Policy loans	(782,464)	(1,182,883)
Total cost of investments acquired	(14,430,081)	(27,267,884)
Net cash provided by investing activities	4,321,840	9,620,017
Cash flows from financing activities:
Policyholder contract deposits	2,470,129	772,689
Policyholder contract withdrawals	(2,838,813)	(594,960)
Payments of principal on notes payable/line of credit	(1,450,000)	0
Purchase of treasury stock	(8,692)	(455,645)
Non controlling contributions (distributions) of consolidated subsidiary	(732,752)	(49,893)
Net cash used in financing activities	(2,560,128)	(327,809)
Net increase in cash and cash equivalents	(2,650,122)	2,210,964
Cash and cash equivalents at beginning of period	15,156,548	11,822,615
Cash and cash equivalents at end of period	$ 12,506,426	$ 14,033,579

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation The accompanying Condensed Consolidated Balance Sheet as of December 31, 2016, which has been derived from audited consolidated financial statements, and the unaudited interim 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. The unaudited Condensed Consolidated Financial Statements included herein and these related notes 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, 2016. The Company’s results of operations for the three and six month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 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 June 30, 2017, Mr. Correll owns or controls directly and indirectly approximately 63.94% of UTG’s outstanding stock. 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.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2017
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 2 – Recently Issued Accounting Standards During the six months ended June 30, 2017, there were no additions to or changes in the critical accounting policies disclosed in the 2016 Form 10-K.

Investments

Investments	6 Months Ended
	Jun. 30, 2017
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: June 30, 2017 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 $ 7,677,783 $ 51,149 $ (71,452 ) $ 7,657,480 U.S. special revenue and assessments 9,998,384 840,533 (8,973 ) 10,829,944 All other corporate bonds 150,412,792 20,946,796 (454,384 ) 170,905,204 168,088,959 21,838,478 (534,809 ) 189,392,628 Equity securities 38,166,461 16,885,577 (2,122,280 ) 52,929,758 Total $ 206,255,420 $ 38,724,055 $ (2,657,089 ) $ 242,322,386 December 31, 2016 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 $ 9,058,210 $ 74,581 $ (96,981 ) $ 9,035,810 U.S. special revenue and assessments 10,145,531 1,002,789 (14,043 ) 11,134,277 All other corporate bonds 151,392,119 17,234,691 (1,557,179 ) 167,069,631 170,595,860 18,312,061 (1,668,203 ) 187,239,718 Equity securities 37,014,712 15,214,862 (522,471 ) 51,707,103 Total $ 207,610,572 $ 33,526,923 $ (2,190,674 ) $ 238,946,821 The amortized cost and estimated market value of debt securities at June 30, 2017, 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 June 30, 2017 Amortized Cost Estimated Fair Value Due in one year or less $ 6,156,866 $ 6,276,044 Due after one year through five years 31,184,767 43,957,336 Due after five years through ten years 44,147,980 48,599,782 Due after ten years 86,599,346 90,559,466 Total $ 168,088,959 $ 189,392,628 The fair value of investments with sustained gross unrealized losses at June 30, 2017 and December 31, 2016 are as follows: June 30, 2017 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 $ 6,605,409 $ (71,452 ) $ - $ - $ 6,605,409 $ (71,452 ) U.S. special revenue and assessments 979,770 (8,974 ) - - 979,770 (8,974 ) All other corporate bonds 18,527,248 (325,616 ) 1,863,740 (128,767 ) 20,390,988 (454,383 ) Total fixed maturities $ 26,112,427 $ (406,042 ) $ 1,863,740 (128,767 ) $ 27,976,167 (534,809 ) Equity securities $ 5,128,555 $ (2,122,280 ) $ - $ - $ 5,128,555 $ (2,122,280 ) December 31, 2016 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 $ 6,578,248 $ (96,981 ) $ 0 $ 0 $ 6,578,248 $ (96,981 ) U.S. special revenue and assessments 974,250 (14,043 ) 0 0 974,250 (14,043 ) All other corporate bonds 50,161,487 (1,408,828 ) 4,023,510 (148,351 ) 54,184,997 (1,557,179 ) Total fixed maturities $ 57,713,985 $ (1,519,852 ) $ 4,023,510 (148,351 ) $ 61,737,495 (1,668,203 ) Equity securities $ 4,703,033 $ (522,471 ) $ 0 $ 0 $ 4,703,033 $ (522,471 ) Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of June 30, 2017 Fixed maturities 14 1 15 Equity securities 4 - 4 As of December 31, 2016 Fixed maturities 25 3 28 Equity securities 3 - 3 Substantially all of the unrealized losses on fixed maturities available for sale and equity securities at June 30, 2017 and December 31, 2016 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 June 30, 2017 and December 31, 2016. Other-Than-Temporary Impairments 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. Management regularly reviews its real estate portfolio in comparison to appraisal valuations and current market conditions for indications of other-than-temporary impairments. If a decline in value is judged by Management to be other-than-temporary, a loss is recognized by a charge to other-than-temporary impairment losses in the 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 six-month period ended June 30, 2017 and 2016. 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 June 30, 2017 was $0 and $0, respectively. The fair value of derivatives included in trading security assets and trading security liabilities as of December 31, 2016 was $2,500 and $(1,439), 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. Trading revenue charged to net investment income from trading securities was: Three Months Ended June 30, 2017 2016 Net unrealized gains (losses) $ - $ 24,938 Net realized gains (losses) - - Net unrealized and realized gains (losses) $ - $ 24,938 Six Months Ended June 30, 2017 2016 Net unrealized gains (losses) $ (111,531 ) $ 39,477 Net realized gains (losses) 110,470 - Net unrealized and realized gains (losses) $ (1,061 ) $ 39,477 Mortgage Loans The Company, from time to time, acquires mortgage loans through participation agreements with FSNB. FSNB has been able to provide the Company with additional expertise and experience in underwriting commercial and residential mortgage loans, which provide more attractive yields than the traditional bond market. The Company is able to receive participations from FSNB for three primary reasons: 1) FSNB has already reached its maximum lending limit to a single borrower, but the borrower is still considered a suitable risk; 2) the interest rate on a particular loan may be fixed for a long period that is more suitable for UG given its asset-liability structure; and 3) FSNB’s loan growth might at times outpace its deposit growth, resulting in FSNB participating such excess loan growth rather than turning customers away. For originated loans, the Company’s Management is responsible for the final approval of such loans after evaluation. Before a new loan is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. These criteria include, but are not limited to, a credit report, personal financial information such as outstanding debt, sources of income, and personal equity. Once the loan is approved, the Company directly funds the loan to the borrower. The Company bears all risk of loss associated with the terms of the mortgage with the borrower. Approximately 12% of the mortgage loan portfolio consists of discounted commercial mortgage loans as of June 30, 2017 and December 31, 2016. The Company began purchasing discounted commercial mortgage loans in 2009. Management has extensive background and experience in the analysis and valuation of commercial real estate. The discounted loans are available through the FDIC’s sale of assets of closed banks and from banks wanting to reduce their loan portfolios. The loans are available on a loan by loan bid process. Once a loan has been acquired, contact is made with the appropriate individuals to begin a dialog with a goal of determining the borrower’s willingness to work together. There are generally three paths a discounted loan will take: the borrowers pay as required; a settlement is reached with the loan being paid off at a discounted value; or the loan is foreclosed. During 2017 and 2016, the Company acquired $305,000 and $6,935,273 in mortgage loans, respectively, including both regular participation mortgage loans as well as discounted mortgage loans. FSNB services the majority of the Company’s mortgage loan portfolio. The Company pays FSNB a .25% servicing fee on these loans and a one-time fee at loan origination of .50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan. During 2017 and 2016, the maximum and minimum lending rates for mortgage loans were: 2017 2016 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 5.00 % 5.00 % 5.00 % 5.00 % Commercial Loans 8.00 % 4.00 % 8.00 % 4.00 % Residential Loans 8.00 % 3.94 % 8.00 % 3.94 % Most mortgage loans are first position loans. Loans issued are generally limited to no more than 80% of the appraised value of the property. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans. Letters are sent to each mortgagee when the loan becomes 30 days or more delinquent. Management is provided with a monthly listing of loans that are 60 days or more past due along with a brief description of what steps are being taken to resolve the delinquency. All loans 90 days or more past due are placed on a non-performing status and classified as delinquent loans. Quarterly, coinciding with external financial reporting, the Company reviews each delinquent loan and determines how each delinquent loan should be classified. Management believes the current internal controls surrounding the mortgage loan selection process provide a quality portfolio with minimal risk of foreclosure and/or negative financial impact. 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. The Company records repayments on loans as discount accrual when the loan basis has been paid in full. 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 acquired 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 not currently paying are being vigorously worked by Management. The current discounted commercial mortgage loan portfolio has an average price of 32% of face value as of June 30, 2017 and December 31, 2016. 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. The mortgage loan reserve was $0 at June 30, 2017 and December 31, 2016. The following table summarizes the number of loans held in the discounted mortgage loan portfolio and the carrying value of the loans: June 30, 2017 Payment Frequency Number of Loans Carrying Value No payments received 8 $ - One-time payment received 1 - Irregular payments received 2 20,834 Periodic payments received 5 2,119,854 Total 16 $ 2,140,688 December 31, 2016 Payment Frequency Number of Loans Carrying Value No payments received 8 $ - One-time payment received 1 - Irregular payments received 2 20,834 Periodic payments received 5 2,168,062 Total 16 $ 2,188,896 The following table summarizes the mortgage loan holdings of the Company for the periods ended: June 30, 2017 December 31, 2016 In good standing $ 16,237,810 $ 16,388,477 Overdue interest over 90 days 20,834 20,834 Restructured 55,827 60,827 In process of foreclosure 2,064,028 2,107,234 Total mortgage loans $ 18,378,499 $ 18,577,372 Total foreclosed loans during the year $ - $ 735,000 Investment Real Estate Real estate acquired through foreclosure, consisting of properties obtained through foreclosure proceedings or acceptance of a deed in lieu of foreclosure, is reported on an individual asset basis at the lower of cost or fair value, less disposal costs. Fair value is determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources. When properties are acquired through foreclosure, any excess of the loan balance at the time of foreclosure over the fair value of the real estate held as collateral is recognized and charged to the Consolidated Statements of Operations. Based upon Management’s evaluation of the real estate acquired through foreclosure, additional expense is recorded when necessary in an amount sufficient to reflect any declines in estimated fair value. Gains and losses recognized on the disposition of the properties are recorded as realized gains and losses in the Consolidated Statements of Operations. Notes Receivable Notes receivable represent collateral loans and promissory notes issued by the Company and are reported at their unpaid principal balances, adjusted for valuation allowances. Valuation allowances are established for impaired loans when it is probable that contractual principal and interest will not be collected. The valuation allowance as of June 30, 2017 and December 31, 2016 was $0. Interest accruals are analyzed based on the likelihood of repayment. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. Before a new note is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. Once the note is approved, the Company directly funds the note to the borrower. Several of the notes have participation agreements in place, whereas the Company has reduced its investment in the note receivable by participating a portion of the note to a third party. Similar to the mortgage loans, FSNB services several of the notes receivable. The Company, and the participants in the notes, share in the risk of loss associated with the terms of the note with the borrower, based upon their ownership percentage in the note. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 9,670,669 $ 176,953,831 $ 2,768,128 $ 189,392,628 Equity Securities, available for sale 18,087,741 7,250,795 27,591,222 52,929,758 Total $ 27,758,410 $ 184,204,626 $ 30,359,350 $ 242,322,386 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, 2016. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 9,035,810 $ 175,120,657 $ 3,083,251 $ 187,239,718 Equity Securities, available for sale 19,360,394 6,553,410 25,793,299 51,707,103 Trading Securities 2,500 - - 2,500 Total $ 28,398,704 $ 181,674,067 $ 28,876,550 $ 238,949,321 Liabilities Trading Securities $ 1,439 $ - $ - $ 1,439 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, 2016 $ 3,083,251 $ 25,793,299 $ 28,876,550 Total unrealized gains (losses): Included in realized gains (losses) - - - Included in other comprehensive income 702,310 (204,624 ) 497,686 Purchases - 2,114,307 2,114,307 Sales $ (1,017,433 ) $ (111,760 ) $ (1,129,193 ) Balance at June 30, 2017 2,768,128 27,591,222 30,359,350 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 equity investments based on a review of current financial information, earnings trends and similar companies in the same industries. There were no transfers in or out of Level 3 as of June 30, 2017. Transfers occur when there is a lack of observable market information. 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 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 Consolidated Balance Sheets are shown below. Because the fair value for all 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. June 30, 2017 December 31, 2016 Assets Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgage loans on real estate $ 18,378,499 $ 18,378,499 $ 18,577,372 $ 18,577,372 Investment real estate 53,077,397 53,077,397 57,138,980 57,138,980 Notes receivable 18,618,464 18,618,464 16,876,485 16,876,485 Policy loans 9,764,728 9,764,728 10,070,134 10,070,134 Cash and cash equivalents 12,506,426 12,506,426 15,156,548 15,156,548 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. A portion of the mortgage loans balance consists of discounted mortgage loans. The Company has been purchasing 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. Notes receivable 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. Policy loans are carried at the aggregate unpaid principal balances in the Condensed Consolidated Balance Sheets which approximate fair value, and earn interest at rates ranging from 4% to 8%. Individual policy liabilities in all cases equal or exceed outstanding policy loan balances. The inputs used to measure the fair value of our policy loans are classified as Level 3 within the fair value hierarchy. The carrying amount of cash and cash equivalents in the Consolidated Balance Sheets 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 Consolidated Balance Sheets 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 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	6 Months Ended
	Jun. 30, 2017
Credit Arrangements [Abstract]
Credit Arrangements	Note 5 – Credit Arrangements At June 30, 2017 and December 31, 2016, the Company had the following outstanding debt: Outstanding Principal Balance Instrument Issue Date Maturity Date June 30, 2017 December 31, 2016 Promissory Note: SoftVest, LP 7/22/2016 7/22/2018 $ 725,000 $ 1,450,000 SoftSearch Investment, L.P. 7/22/2016 7/22/2018 725,000 1,450,000 Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2016 Borrowings Repayments June 30, 2017 Lines of Credit: UTG 11/20/2013 11/20/2017 $ 8,000,000 $ - - - $ - UG 6/2/2015 5/10/2018 10,000,000 - - - - 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 May of 2017, 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. The Company is currently in the process of renewing the CMA. On July 22, 2016, the Company entered in to an agreement to acquire 300,000 shares of its outstanding common stock from a shareholder that owned approximately 8% of the Company’s outstanding common stock. The acquisition was made under the Company’s stock buy-back program. As part of this transaction, two promissory notes totaling $2.9 million were issued. The notes require principal payments of one half of the note value to be paid one year from the date of purchase and the other one half to be paid two years from the date of purchase. The notes bear interest at 0%. During April of 2017, the Company paid $725,000 on the outstanding principal balance of each promissory note.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2017
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 6 – Shareholders’ Equity Stock Repurchase Program – 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 15, 2016, the Board of Directors of UTG authorized the repurchase of up to an additional $2 million of UTG’s common stock and on July 14, 2016, the Board of Directors again increased the amount available by an additional $4.5 million, for a total repurchase of $14.5 million. Repurchased shares are available for future issuance for general corporate purposes. Company Management has broad authority to operate the program, including the discretion of whether to purchase shares and the ability to suspend or terminate the program. Open market purchases are made based on the last available market price but may be limited. During the six month period ended June 30, 2017, the Company repurchased approximately 11,500 shares through the stock repurchase program for approximately $206,000. Through June 30, 2017, UTG has spent approximately $12.1 million in the acquisition of approximately 1,070,000 shares under this program. During 2017, the Company issued approximately 11,000 shares of stock to management as compensation. These awards are determined at the discretion of the Board of Directors 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 six months ended June 30, 2017 and 2016, 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	6 Months Ended
	Jun. 30, 2017
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. All trading securities were settled during the first quarter of 2017. The following table represents the total funding commitments and the unfunded commitment as of June 30, 2017 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 33,642 UGLIC, LLC 1,600,000 120,000 Sovereign's Capital, LP Fund II 1,000,000 456,064 Barton Springs Music, LLC 2,500,000 1,339,063 Master Mineral Holdings II, LP 4,122,167 556,286 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 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 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. During 2016, the Company made a commitment to invest in Barton Springs Music, LLC (“Barton”), which invests in music royalties. Barton makes capital calls to its investors as funds are needed to acquire the royalty rights. During 2016, the Company made a commitment to invest in Master Mineral Holdings II, LP (“MMH”), which purchases land for leasing opportunities to those looking to harvest natural resources. MMH makes capital calls to its investors as funds are needed for continued land purchases.

Other Cash Flow Disclosures

Other Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 2016 Interest $ - $ - Federal income tax 115,000 735,000 Six Months Ended June 30, 2017 2016 Interest $ - $ - Federal income tax 115,000 735,000

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2017
Concentrations of Credit Risk [Abstract]
Concentrations of Credit Risk	Note 9 – Concentrations of Credit Risk 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.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
Basis of Presentation [Abstract]
Basis of Presentation	The accompanying Condensed Consolidated Balance Sheet as of December 31, 2016, which has been derived from audited consolidated financial statements, and the unaudited interim 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. The unaudited Condensed Consolidated Financial Statements included herein and these related notes 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, 2016. The Company’s results of operations for the three and six month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or for any other future period.

Recently Issued Accounting St17

Recently Issued Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2017
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	During the six months ended June 30, 2017, there were no additions to or changes in the critical accounting policies disclosed in the 2016 Form 10-K.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Investments [Abstract]
Available for Sale Securities	Investments in available for sale securities are summarized as follows: June 30, 2017 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 $ 7,677,783 $ 51,149 $ (71,452 ) $ 7,657,480 U.S. special revenue and assessments 9,998,384 840,533 (8,973 ) 10,829,944 All other corporate bonds 150,412,792 20,946,796 (454,384 ) 170,905,204 168,088,959 21,838,478 (534,809 ) 189,392,628 Equity securities 38,166,461 16,885,577 (2,122,280 ) 52,929,758 Total $ 206,255,420 $ 38,724,055 $ (2,657,089 ) $ 242,322,386 December 31, 2016 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 $ 9,058,210 $ 74,581 $ (96,981 ) $ 9,035,810 U.S. special revenue and assessments 10,145,531 1,002,789 (14,043 ) 11,134,277 All other corporate bonds 151,392,119 17,234,691 (1,557,179 ) 167,069,631 170,595,860 18,312,061 (1,668,203 ) 187,239,718 Equity securities 37,014,712 15,214,862 (522,471 ) 51,707,103 Total $ 207,610,572 $ 33,526,923 $ (2,190,674 ) $ 238,946,821
Debt Securities by Contractual Maturity	The amortized cost and estimated market value of debt securities at June 30, 2017, 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 June 30, 2017 Amortized Cost Estimated Fair Value Due in one year or less $ 6,156,866 $ 6,276,044 Due after one year through five years 31,184,767 43,957,336 Due after five years through ten years 44,147,980 48,599,782 Due after ten years 86,599,346 90,559,466 Total $ 168,088,959 $ 189,392,628
Fair Value of Investments with Sustained Gross Unrealized Losses	The fair value of investments with sustained gross unrealized losses at June 30, 2017 and December 31, 2016 are as follows: June 30, 2017 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 $ 6,605,409 $ (71,452 ) $ - $ - $ 6,605,409 $ (71,452 ) U.S. special revenue and assessments 979,770 (8,974 ) - - 979,770 (8,974 ) All other corporate bonds 18,527,248 (325,616 ) 1,863,740 (128,767 ) 20,390,988 (454,383 ) Total fixed maturities $ 26,112,427 $ (406,042 ) $ 1,863,740 (128,767 ) $ 27,976,167 (534,809 ) Equity securities $ 5,128,555 $ (2,122,280 ) $ - $ - $ 5,128,555 $ (2,122,280 ) December 31, 2016 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 $ 6,578,248 $ (96,981 ) $ 0 $ 0 $ 6,578,248 $ (96,981 ) U.S. special revenue and assessments 974,250 (14,043 ) 0 0 974,250 (14,043 ) All other corporate bonds 50,161,487 (1,408,828 ) 4,023,510 (148,351 ) 54,184,997 (1,557,179 ) Total fixed maturities $ 57,713,985 $ (1,519,852 ) $ 4,023,510 (148,351 ) $ 61,737,495 (1,668,203 ) Equity securities $ 4,703,033 $ (522,471 ) $ 0 $ 0 $ 4,703,033 $ (522,471 )
Securities in Continuous Unrealized Loss Position	Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of June 30, 2017 Fixed maturities 14 1 15 Equity securities 4 - 4 As of December 31, 2016 Fixed maturities 25 3 28 Equity securities 3 - 3
Trading Revenue Charged to Investment Income from Trading Securities	Trading revenue charged to net investment income from trading securities was: Three Months Ended June 30, 2017 2016 Net unrealized gains (losses) $ - $ 24,938 Net realized gains (losses) - - Net unrealized and realized gains (losses) $ - $ 24,938 Six Months Ended June 30, 2017 2016 Net unrealized gains (losses) $ (111,531 ) $ 39,477 Net realized gains (losses) 110,470 - Net unrealized and realized gains (losses) $ (1,061 ) $ 39,477
Maximum and Minimum Lending Rates for Mortgage Loans	During 2017 and 2016, the maximum and minimum lending rates for mortgage loans were: 2017 2016 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 5.00 % 5.00 % 5.00 % 5.00 % Commercial Loans 8.00 % 4.00 % 8.00 % 4.00 % Residential Loans 8.00 % 3.94 % 8.00 % 3.94 %
Loans Held in Discounted Mortgage Loan Portfolio	The following table summarizes the number of loans held in the discounted mortgage loan portfolio and the carrying value of the loans: June 30, 2017 Payment Frequency Number of Loans Carrying Value No payments received 8 $ - One-time payment received 1 - Irregular payments received 2 20,834 Periodic payments received 5 2,119,854 Total 16 $ 2,140,688 December 31, 2016 Payment Frequency Number of Loans Carrying Value No payments received 8 $ - One-time payment received 1 - Irregular payments received 2 20,834 Periodic payments received 5 2,168,062 Total 16 $ 2,188,896
Mortgage Loans	The following table summarizes the mortgage loan holdings of the Company for the periods ended: June 30, 2017 December 31, 2016 In good standing $ 16,237,810 $ 16,388,477 Overdue interest over 90 days 20,834 20,834 Restructured 55,827 60,827 In process of foreclosure 2,064,028 2,107,234 Total mortgage loans $ 18,378,499 $ 18,577,372 Total foreclosed loans during the year $ - $ 735,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on a 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 June 30, 2017. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 9,670,669 $ 176,953,831 $ 2,768,128 $ 189,392,628 Equity Securities, available for sale 18,087,741 7,250,795 27,591,222 52,929,758 Total $ 27,758,410 $ 184,204,626 $ 30,359,350 $ 242,322,386 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, 2016. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 9,035,810 $ 175,120,657 $ 3,083,251 $ 187,239,718 Equity Securities, available for sale 19,360,394 6,553,410 25,793,299 51,707,103 Trading Securities 2,500 - - 2,500 Total $ 28,398,704 $ 181,674,067 $ 28,876,550 $ 238,949,321 Liabilities Trading Securities $ 1,439 $ - $ - $ 1,439
Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis	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, 2016 $ 3,083,251 $ 25,793,299 $ 28,876,550 Total unrealized gains (losses): Included in realized gains (losses) - - - Included in other comprehensive income 702,310 (204,624 ) 497,686 Purchases - 2,114,307 2,114,307 Sales $ (1,017,433 ) $ (111,760 ) $ (1,129,193 ) Balance at June 30, 2017 2,768,128 27,591,222 30,359,350
Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value	The carrying values and estimated fair values of certain of the Company’s financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all 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. June 30, 2017 December 31, 2016 Assets Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgage loans on real estate $ 18,378,499 $ 18,378,499 $ 18,577,372 $ 18,577,372 Investment real estate 53,077,397 53,077,397 57,138,980 57,138,980 Notes receivable 18,618,464 18,618,464 16,876,485 16,876,485 Policy loans 9,764,728 9,764,728 10,070,134 10,070,134 Cash and cash equivalents 12,506,426 12,506,426 15,156,548 15,156,548

Credit Arrangements (Tables)

Credit Arrangements (Tables)	6 Months Ended
	Jun. 30, 2017
Credit Arrangements [Abstract]
Promissory Notes	At June 30, 2017 and December 31, 2016, the Company had the following outstanding debt: Outstanding Principal Balance Instrument Issue Date Maturity Date June 30, 2017 December 31, 2016 Promissory Note: SoftVest, LP 7/22/2016 7/22/2018 $ 725,000 $ 1,450,000 SoftSearch Investment, L.P. 7/22/2016 7/22/2018 725,000 1,450,000
Lines of Credit	Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2016 Borrowings Repayments June 30, 2017 Lines of Credit: UTG 11/20/2013 11/20/2017 $ 8,000,000 $ - - - $ - UG 6/2/2015 5/10/2018 10,000,000 - - - -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies [Abstract]
Total Funding Commitments and Unfunded Commitment	The following table represents the total funding commitments and the unfunded commitment as of June 30, 2017 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 33,642 UGLIC, LLC 1,600,000 120,000 Sovereign's Capital, LP Fund II 1,000,000 456,064 Barton Springs Music, LLC 2,500,000 1,339,063 Master Mineral Holdings II, LP 4,122,167 556,286

Other Cash Flow Disclosures (Ta

Other Cash Flow Disclosures (Tables)	6 Months Ended
	Jun. 30, 2017
Other Cash Flow Disclosures [Abstract]
Expenses Paid on a Cash Basis	On a cash basis, the Company paid the following expenses: Three Months Ended June 30, 2017 2016 Interest $ - $ - Federal income tax 115,000 735,000 Six Months Ended June 30, 2017 2016 Interest $ - $ - Federal income tax 115,000 735,000

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2017
Subsidiary or Equity Method Investee [Line Items]
Ownership in subsidiary bank	100.00%
Related Party Disclosure [Line Items]
Ownership or control of outstanding common stock directly or indirectly	63.94%

Investments, Available for Sale

Investments, Available for Sale Securities (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fixed maturities [Abstract]
Original or amortized cost	$ 168,088,959	$ 170,595,860
Gross unrealized gains	21,838,478	18,312,061
Gross unrealized losses	(534,809)	(1,668,203)
Estimated fair value	189,392,628	187,239,718
Equity securities [Abstract]
Original or amortized cost	38,166,461	37,014,712
Gross unrealized gains	16,885,577	15,214,862
Gross unrealized losses	(2,122,280)	(522,471)
Estimated fair value	52,929,758	51,707,103
Total [Abstract]
Original or amortized cost	206,255,420	207,610,572
Gross unrealized gains	38,724,055	33,526,923
Gross unrealized losses	(2,657,089)	(2,190,674)
Estimated fair value	242,322,386	238,946,821
U.S. Government and Government Agencies and Authorities [Member]
Fixed maturities [Abstract]
Original or amortized cost	7,677,783	9,058,210
Gross unrealized gains	51,149	74,581
Gross unrealized losses	(71,452)	(96,981)
Estimated fair value	7,657,480	9,035,810
US Special Revenue and Assessments [Member]
Fixed maturities [Abstract]
Original or amortized cost	9,998,384	10,145,531
Gross unrealized gains	840,533	1,002,789
Gross unrealized losses	(8,973)	(14,043)
Estimated fair value	10,829,944	11,134,277
All Other Corporate Bonds [Member]
Fixed maturities [Abstract]
Original or amortized cost	150,412,792	151,392,119
Gross unrealized gains	20,946,796	17,234,691
Gross unrealized losses	(454,384)	(1,557,179)
Estimated fair value	$ 170,905,204	$ 167,069,631

Investments, Debt Securities by

Investments, Debt Securities by Contractual Maturity (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Amortized cost of debt securities, by contractual maturity [Abstract]
Due in one year or less	$ 6,156,866
Due after one year through five years	31,184,767
Due after five years through ten years	44,147,980
Due after ten years	86,599,346
Original or amortized cost	168,088,959	$ 170,595,860
Estimated fair value of debt securities, by contractual maturity [Abstract]
Due in one year or less	6,276,044
Due after one year through five years	43,957,336
Due after five years through ten years	48,599,782
Due after ten years	90,559,466
Estimated fair value	$ 189,392,628	$ 187,239,718

Investments, Securities in Cont

Investments, Securities in Continuous Unrealized Loss Position (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)Security	Dec. 31, 2016USD ($)Security
U.S. Government and Government Agencies and Authorities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	$ 6,605,409	$ 6,578,248
Less than 12 months, unrealized losses	(71,452)	(96,981)
12 months or longer, fair value	0	0
12 months or longer, unrealized losses	0	0
Total fair value	6,605,409	6,578,248
Total unrealized losses	(71,452)	(96,981)
US Special Revenue and Assessments [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	979,770	974,250
Less than 12 months, unrealized losses	(8,974)	(14,043)
12 months or longer, fair value	0	0
12 months or longer, unrealized losses	0	0
Total fair value	979,770	974,250
Total unrealized losses	(8,974)	(14,043)
Debt Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	26,112,427	57,713,985
Less than 12 months, unrealized losses	(406,042)	(1,519,852)
12 months or longer, fair value	1,863,740	4,023,510
12 months or longer, unrealized losses	(128,767)	(148,351)
Total fair value	27,976,167	61,737,495
Total unrealized losses	$ (534,809)	$ (1,668,203)
Less than 12 months, number of securities | Security	14	25
Twelve months or longer, number of securities | Security	1	3
Total number of securities | Security	15	28
Equity Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	$ 5,128,555	$ 4,703,033
Less than 12 months, unrealized losses	(2,122,280)	(522,471)
12 months or longer, fair value	0	0
12 months or longer, unrealized losses	0	0
Total fair value	5,128,555	4,703,033
Total unrealized losses	$ (2,122,280)	$ (522,471)
Less than 12 months, number of securities | Security	4	3
Twelve months or longer, number of securities | Security	0	0
Total number of securities | Security	4	3
All Other Corporate Bonds [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	$ 18,527,248	$ 50,161,487
Less than 12 months, unrealized losses	(325,616)	(1,408,828)
12 months or longer, fair value	1,863,740	4,023,510
12 months or longer, unrealized losses	(128,767)	(148,351)
Total fair value	20,390,988	54,184,997
Total unrealized losses	$ (454,383)	$ (1,557,179)

Investments, Other-than-Tempora

Investments, Other-than-Temporary Impairments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities [Abstract]
Other than temporary impairments:	$ 0	$ 0

Investments, Trading Securities

Investments, Trading Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Trading Securities [Abstract]
The fair value of derivatives included in trading security assets	$ 0		$ 0		$ 2,500
The fair value of derivatives included in trading security liabilities	0		0		$ (1,439)
Net unrealized gains (losses)	0	$ 24,938	(111,531)	$ 39,477
Net realized gains (losses)	0	0	110,470	0
Net unrealized and realized gains (losses)	$ 0	$ 24,938	$ (1,061)	$ 39,477

Investments, Mortgage Loans, In

Investments, Mortgage Loans, Investment Real Estate, and Notes Receivable (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)Loan	Jun. 30, 2017USD ($)Loan	Dec. 31, 2016USD ($)Loan
Loans and Leases Receivable Disclosure [Line Items]
Discounted mortgage loans	12.00%	12.00%
Mortgage loans acquired, including discounted mortgage loans	$ 305,000	$ 305,000	$ 6,935,273
Servicing fee on loan		0.25%
Loan origination		0.50%
Average purchase price to outstanding loan	32.00%
Loan limit threshold for appraised property value	80.00%
Mortgage loans reserve	$ 0	$ 0	$ 0
Discounted mortgage loan portfolio payment performance [Abstract]
Number of discounted loans with no payments | Loan	8	8	8
Number of discounted loans one time payment received | Loan	1	1	1
Number of discounted loans irregular payments received | Loan	2	2	2
Number of discounted loans periodic payments received | Loan	5	5	5
Number of discounted loans | Loan	16	16	16
Discounted loans with no payments	$ 0	$ 0	$ 0
Discounted loans with one time payment received	0	0	0
Discounted loans with irregular payments received	20,834	20,834	20,834
Discounted loans with periodic payments received	2,119,854	2,119,854	2,168,062
Discounted loans	2,140,688	2,140,688	2,188,896
Discounted mortgage loan holdings [Abstract]
In good standing	16,237,810	16,237,810	16,388,477
Overdue interest over 90 days	20,834	20,834	20,834
Restructured	55,827	55,827	60,827
In process of foreclosure	2,064,028	2,064,028	2,107,234
Total mortgage loans	18,378,499	18,378,499	18,577,372
Total foreclosed loans during the year		0	$ 735,000
Notes Receivable [Abstract]
Valuation allowance	$ 0	$ 0
Farm Loans [Member] | Maximum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Interest rate on mortgage loans		5.00%	5.00%
Farm Loans [Member] | Minimum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Interest rate on mortgage loans		5.00%	5.00%
Commercial Loans [Member] | Maximum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Interest rate on mortgage loans		8.00%	8.00%
Commercial Loans [Member] | Minimum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Interest rate on mortgage loans		4.00%	4.00%
Residential Loans [Member] | Maximum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Interest rate on mortgage loans		8.00%	8.00%
Residential Loans [Member] | Minimum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Interest rate on mortgage loans		3.94%	3.94%

Fair Value Measurements, Assets

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Assets [Abstract]
Fixed Maturities, available for sale	$ 189,392,628	$ 187,239,718
Equity Securities, available for sale	52,929,758	51,707,103
Trading Securities	0	2,500
Liabilities [Abstract]
Trading Securities	0	1,439
Measured on a Recurring Basis [Member]
Assets [Abstract]
Fixed Maturities, available for sale	189,392,628	187,239,718
Equity Securities, available for sale	52,929,758	51,707,103
Trading Securities		2,500
Total	242,322,386	238,949,321
Liabilities [Abstract]
Trading Securities		1,439
Measured on a Recurring Basis [Member] | Level 1 [Member]
Assets [Abstract]
Fixed Maturities, available for sale	9,670,669	9,035,810
Equity Securities, available for sale	18,087,741	19,360,394
Trading Securities		2,500
Total	27,758,410	28,398,704
Liabilities [Abstract]
Trading Securities		1,439
Measured on a Recurring Basis [Member] | Level 2 [Member]
Assets [Abstract]
Fixed Maturities, available for sale	176,953,831	175,120,657
Equity Securities, available for sale	7,250,795	6,553,410
Trading Securities		0
Total	184,204,626	181,674,067
Liabilities [Abstract]
Trading Securities		0
Measured on a Recurring Basis [Member] | Level 3 [Member]
Assets [Abstract]
Fixed Maturities, available for sale	2,768,128	3,083,251
Equity Securities, available for sale	27,591,222	25,793,299
Trading Securities		0
Total	$ 30,359,350	28,876,550
Liabilities [Abstract]
Trading Securities		$ 0

Fair Value Measurements, Reconc

Fair Value Measurements, Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 28,876,550
Total unrealized gain (losses) [Abstract]
Included in realized gains (losses)	0
Included in other comprehensive income	497,686
Purchases	2,114,307
Sales	(1,129,193)
Ending Balance	30,359,350
Fixed Maturities [Member] | Available-for-sale Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,083,251
Total unrealized gain (losses) [Abstract]
Included in realized gains (losses)	0
Included in other comprehensive income	702,310
Purchases	0
Sales	(1,017,433)
Ending Balance	2,768,128
Equity Securities [Member] | Available-for-sale Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	25,793,299
Total unrealized gain (losses) [Abstract]
Included in realized gains (losses)	0
Included in other comprehensive income	(204,624)
Purchases	2,114,307
Sales	(111,760)
Ending Balance	$ 27,591,222

Fair Value Measurements, Carryi

Fair Value Measurements, Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value (Details) - USD ($)	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Carrying Amount [Member]
Assets [Abstract]
Mortgage loans on real estate		$ 18,378,499	$ 18,577,372
Investment real estate		53,077,397	57,138,980
Notes receivable		18,618,464	16,876,485
Policy loans		9,764,728	10,070,134
Cash and cash equivalents		12,506,426	15,156,548
Estimated Fair Value [Member]
Assets [Abstract]
Mortgage loans on real estate		18,378,499	18,577,372
Investment real estate		53,077,397	57,138,980
Notes receivable		18,618,464	16,876,485
Policy loans		9,764,728	10,070,134
Cash and cash equivalents		12,506,426	15,156,548
Mortgage loans on real estate		18,378,499	18,577,372
Investment real estate		53,077,397	57,138,980
Policy loans		9,764,728	10,070,134
Cash and cash equivalents	$ 15,156,548	$ 12,506,426	$ 15,156,548	$ 14,033,579	$ 11,822,615
Minimum [Member]
Liabilities [Abstract]
Policy loan interest rate		4.00%
Maximum [Member]
Liabilities [Abstract]
Policy loan interest rate		8.00%

Credit Arrangements, Outstandin

Credit Arrangements, Outstanding Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Variable Rate [Member] | Maximum [Member]
Lines of Credit [Line Items]
Period of interest under CMA	90 days
Fixed Rate [Member] | Maximum [Member]
Lines of Credit [Line Items]
Period of interest under CMA	30 days
Softvest L P 2018-07-22 [Member]
Debt Instrument [Line Items]
Issue Date	Jul. 22, 2016
Maturity Date	Jul. 22, 2018
Outstanding Principal Balance	$ 725,000	$ 1,450,000
SoftSearch Investment L P 2018-07-22 [Member]
Debt Instrument [Line Items]
Issue Date	Jul. 22, 2016
Maturity Date	Jul. 22, 2018
Outstanding Principal Balance	$ 725,000	1,450,000
UTG 2013-11-20 [Member]
Lines of Credit [Line Items]
Issue Date	Nov. 20, 2013
Maturity Date	Nov. 20, 2017
Revolving Credit Limit	$ 8,000,000
Outstanding Balance	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”).
UG Avalon 2015-06-02 [Member] | UG [Member]
Lines of Credit [Line Items]
Issue Date	Jun. 2, 2015
Maturity Date	May 10, 2018
Revolving Credit Limit	$ 10,000,000
Outstanding Balance	0	$ 0
Borrowings	0
Repayments	$ 0

Credit Arrangements, Stock Buy-

Credit Arrangements, Stock Buy-Back Program (Details)	Jul. 22, 2016USD ($)Noteshares	Apr. 30, 2017USD ($)	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)
Stock Repurchase Program [Abstract]
Treasury stock shares acquired (in shares) | shares			11,500
Amount paid to repurchase shares during the year			$ 206,000
Repayments			$ 1,450,000	$ 0
Softvest L P [Member]
Stock Repurchase Program [Abstract]
Repayments		$ 725,000
SoftSearch Investment L P [Member]
Stock Repurchase Program [Abstract]
Repayments		$ 725,000
Stock Buy-Back Program [Member]
Stock Repurchase Program [Abstract]
Treasury stock shares acquired (in shares) | shares	300,000
% of shares owned by shareholder	8.00%
Stock Buy-Back Program [Member] | Promissory Notes [Member]
Stock Repurchase Program [Abstract]
Number of promissory notes issued | Note	2
Amount paid to repurchase shares during the year	$ 2,900,000
Interest rate	0.00%
Stock Buy-Back Program [Member] | Promissory Notes [Member] | First Half of Note Value [Member]
Stock Repurchase Program [Abstract]
Term of debt			1 year
Stock Buy-Back Program [Member] | Promissory Notes [Member] | Second Half of Note Value [Member]
Stock Repurchase Program [Abstract]
Term of debt			2 years

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	6 Months Ended	13 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jul. 14, 2016	Jun. 15, 2016
Stock Repurchase Program [Abstract]
Stock repurchase program authorized amount	$ 14,500,000	$ 14,500,000
Additional amount approved			$ 4,500,000	$ 2,000,000
Treasury stock shares acquired (in shares)	11,500
Amount paid to repurchase shares during the year	$ 206,000
Treasury stock, shares, acquired (in shares)		$ 12,100,000
Number of common stock acquired (in shares)	1,070,000	1,070,000
Number of shares issued to management (in shares)	11,000

Commitments and Contingencies36

Commitments and Contingencies (Details)	Jun. 30, 2017USD ($)
RLF III, LLC [Member]
Investment Commitment [Line Items]
Total Funding Commitment	$ 4,000,000
Unfunded Commitment	398,120
Sovereign's Capital, LP Fund I [Member]
Investment Commitment [Line Items]
Total Funding Commitment	500,000
Unfunded Commitment	33,642
UGLIC, LLC [Member]
Investment Commitment [Line Items]
Total Funding Commitment	1,600,000
Unfunded Commitment	120,000
Sovereigns Capital LP Fund II [Member]
Investment Commitment [Line Items]
Total Funding Commitment	1,000,000
Unfunded Commitment	456,064
Barton Springs Music, LLC [Member]
Investment Commitment [Line Items]
Total Funding Commitment	2,500,000
Unfunded Commitment	1,339,063
Master Mineral Holdings II, LP [Member]
Investment Commitment [Line Items]
Total Funding Commitment	4,122,167
Unfunded Commitment	$ 556,286

Other Cash Flow Disclosures (De

Other Cash Flow Disclosures (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Cash Flow Disclosures [Abstract]
Interest	$ 0	$ 0	$ 0	$ 0
Federal income tax	$ 115,000	$ 735,000	$ 115,000	$ 735,000