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Condensed Consolidated Statements of Operations, Comprehensive Income and Retained Earnings (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUE        
Net premiums earned $ 2,554,044 $ 2,233,906 $ 7,224,922 $ 6,235,045
Commission income 1,334,352 1,163,669 4,091,561 3,551,532
Net investment income 92,215 69,842 267,908 306,002
Net realized gain on investments 567,054 276,772 895,340 1,128,344
TOTAL REVENUE 4,547,665 3,744,189 12,479,731 11,220,923
LOSSES AND EXPENSES        
Losses and loss adjustment expenses 1,647,362 1,441,968 4,660,077 4,022,703
Policy acquisition costs 944,994 826,778 2,673,143 2,306,793
Operating and management expenses 1,515,854 1,370,383 4,874,487 4,138,855
TOTAL LOSSES AND EXPENSES 4,108,210 3,639,129 12,207,707 10,468,351
NET INCOME BEFORE TAX 439,455 105,060 272,024 752,572
Income tax expense 0 0
NET INCOME AFTER TAX 439,455 105,060 272,024 752,572
OTHER COMPREHENSIVE (LOSS) INCOME        
Net unrealized holding (losses) gains arising during the period (18,529) 720,612 (207,907) 2,015,649
Reclassification adjustment for gains included in net income (276,772) (1,128,344)
OTHER COMPREHENSIVE (LOSS) INCOME (18,529) 443,840 (207,907) 887,305
COMPREHENSIVE INCOME 420,926 548,900 64,117 1,639,877
RETAINED EARNINGS, BEGINNING OF PERIOD 20,424,521 15,722,938 15,812,419 15,379,345
Net income 439,455 105,060 272,024 752,572
Dividends (313,417) (303,919)
Cumulative effect of adoption of accounting guidance (ASU 2016-01) 5,092,950
RETAINED EARNINGS, END OF PERIOD $ 20,863,976 $ 15,827,998 $ 20,863,976 $ 15,827,998
Net Income per share        
Basic (in dollars per share) $ 0.68 $ 0.16 $ 0.42 $ 1.16
Diluted (in dollars per share) 0.68 0.16 0.42 1.16
Dividends (in dollars per share) $ 0 $ 0 $ 0.50 $ 0.50
Weighted average number of shares outstanding for the entire period        
Basic (in shares) 646,647 649,196 645,485 647,922
Diluted (in shares) 648,605 651,071 648,167 651,541