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Note 2 - Investments
 6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Investment [Text Block]
Note
2.
Investments
 
The amortized cost and fair value of available for sale and held to maturity investments as of
June 30, 2017
and
December
 
31,
2016
is as follows:
 
   
June 30, 2017
  
   
Cost or
    
Gross
    
Gross
    
 
 
 
   
Amortized
    
Unrealized
    
Unrealized
    
 
 
 
   
Cost
    
Gains
    
Losses
    
Fair Value
  
Available for sale:
  
(Unaudited)
  
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
267,504
    
$
-
    
$
(15,902
)
  
$
251,602
  
Corporate bonds
  
 
3,966,440
    
 
116,132
    
 
(18,574
)
  
 
4,063,998
  
Municipal bonds
  
 
4,145,420
    
 
129,749
    
 
(14,552
)
  
 
4,260,617
  
Mortgage backed and asset backed securities
  
 
2,486,934
    
 
42,812
    
 
(17,627
)
  
 
2,512,119
  
Total fixed maturities
  
 
10,866,298
    
 
288,693
    
 
(66,655
)
  
 
11,088,336
  
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
6,834,157
    
 
327,375
    
 
(73,906
)
  
 
7,087,626
  
Other equity investments
  
 
109,162
    
 
23,698
    
 
-
    
 
132,860
  
Total equities
  
 
6,943,319
    
 
351,073
    
 
(73,906
)
  
 
7,220,486
  
Total available for sale
  
$
17,809,617
    
$
639,766
    
$
(140,561
)
  
$
18,308,822
  
 
 
   
December 31, 2016
  
   
Cost or
    
Gross
    
Gross
    
 
 
 
   
Amortized
    
Unrealized
    
Unrealized
    
 
 
 
   
Cost
    
Gains
    
Losses
    
Fair Value
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
   $
314,992
     $
-
     $
(15,830
 )   $
299,162
  
Corporate bonds
    
3,828,418
      
62,712
      
(45,234
 )    
3,845,896
  
Municipal bonds
    
2,841,137
      
46,883
      
(38,191
 )    
2,849,829
  
Mortgage backed and asset backed securities
    
3,333,617
      
36,870
      
(45,300
 )    
3,325,187
  
Total fixed maturities
    
10,318,164
      
146,465
      
(144,555
 )    
10,320,074
  
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
    
4,723,024
      
350,981
      
(131,757
 )    
4,942,248
  
Other equity investments
    
182,929
      
23,046
      
(4,719
 )    
201,256
  
Total equities
    
4,905,953
      
374,027
      
(136,476
 )    
5,143,504
  
Total available for sale
   $
15,224,117
     $
520,492
     $
(281,031
 )   $
15,463,578
  
 
The amortized cost and fair value of debt securities as of
June 30, 2017,
by contractual maturity, are shown below. Equity securities do
not
have stated maturity dates and therefore are
not
included in the following maturity summary. Actual maturities
may
differ from contractual maturities because borrowers
may
have the right to call or prepay obligations with or without call or prepayment penalties.
 
   
Amortized
          
   
Cost
    
Fair Value
  
Amounts maturing in:
  
(unaudited)
  
One year or less
   $
99,976
     $
99,932
  
After one year through five years
    
1,220,739
      
1,221,261
  
After five years through ten years
    
1,894,372
      
1,914,255
  
More than 10 years
    
5,164,277
      
5,340,769
  
Mortgage backed and asset backed securities
    
2,486,934
      
2,512,119
  
Total fixed maturities
   $
10,866,298
     $
11,088,336
  
 
Proceeds from the sale of securities, maturities, and asset paydowns for the
first
six
months of
2017
and
2016
were
$2,832,149
and
$559,751,
respectively. Realized gains and losses related to the sale of securities are summarized as follows:
 
   
Six Months Ended June 30,
  
   
(unaudited)
  
   
2017
    
2016
  
Gross gains
  
$
227,463
     $
12,830
  
Gross losses
  
 
(18,961
)
    
(2,066
 )
Net security (losses) gains
  
$
208,502
     $
10,764
  
 
Proceeds from the sale of securities, maturities, and asset paydowns for the
three
months ended
June 30, 2017
and
2016
were
$1,862,409
and
$314,111,
respectively. Realized gains and losses related to the sale of securities for the
three
months ended
June 30, 2017
and
2016
are summarized as follows:
 
   
Three Months Ended June 30,
  
   
(unaudited)
  
   
2017
    
2016
  
Gross gains
  
$
35,058
     $
1,992
  
Gross losses
  
 
(18,961
)
    
(2,066
 )
Net security (losses) gains
  
$
16,097
     $
(74
 )
 
Gross unrealized losses by duration are summarized as follows:
 
   
Less than 12 months
    
Greater than 12 months
    
Total
  
   
Fair
    
Unrealized
    
Fair
    
Unrealized
    
Fair
    
Unrealized
  
   
Value
    
Loss
    
Value
    
Loss
    
Value
    
Loss
  
June 30, 2017                                                                                                                                                                                                      (unaudited)
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
251,602
    
$
(15,902
)
  
$
-
    
$
-
    
$
251,602
    
$
(15,902
)
Corporate bonds
  
 
1,117,565
    
 
(17,474
)
  
 
48,806
    
 
(1,100
)
  
 
1,166,371
    
 
(18,574
)
Municipal bonds
  
 
724,631
    
 
(14,552
)
  
 
-
    
 
-
    
 
724,631
    
 
(14,552
)
Mortgage backed and asset backed securities
  
 
850,512
    
 
(15,649
)
  
 
99,326
    
 
(1,978
)
  
 
949,838
    
 
(17,627
)
Total fixed maturities
  
 
2,944,310
    
 
(63,577
)
  
 
148,132
    
 
(3,078
)
  
 
3,092,442
    
 
(66,655
)
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
771,225
    
 
(23,360
)
  
 
843,041
    
 
(50,546
)
  
 
1,614,266
    
 
(73,906
)
Other equity investments
  
 
-
    
 
-
    
 
-
    
 
-
    
 
-
    
 
-
  
Total equities
  
 
771,225
    
 
(23,360
)
  
 
843,041
    
 
(50,546
)
  
 
1,614,266
    
 
(73,906
)
Total available for sale
  
$
3,715,535
    
$
(86,937
)
  
$
991,173
    
$
(53,624
)
  
$
4,706,708
    
$
(140,561
)
 
   
Less than 12 months
    
Greater than 12 months
    
Total
  
   
Fair
    
Unrealized
    
Fair
    
Unrealized
    
Fair
    
Unrealized
  
   
Value
    
Loss
    
Value
    
Loss
    
Value
    
Loss
  
December 31, 2016
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
299,162
    
$
(15,830
)
  
$
-
    
$
-
    
$
299,162
    
$
(15,830
)
Corporate bonds
  
 
1,897,000
    
 
(42,994
)
  
 
196,399
    
 
(2,240
)
  
 
2,093,399
    
 
(45,234
)
Municipal bonds
  
 
1,296,688
    
 
(38,191
)
  
 
-
    
 
-
    
 
1,296,688
    
 
(38,191
)
Mortgage backed and asset backed securities
  
 
1,700,173
    
 
(39,264
)
  
 
134,090
    
 
(6,036
)
  
 
1,834,263
    
 
(45,300
)
Total fixed maturities
  
 
5,193,023
    
 
(136,279
)
  
 
330,489
    
 
(8,276
)
  
 
5,523,512
    
 
(144,555
)
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
1,007,860
    
 
(59,357
)
  
 
1,063,959
    
 
(72,400
)
  
 
2,071,819
    
 
(131,757
)
Other equity investments
  
 
52,840
    
 
(4,719
)
  
 
-
    
 
-
    
 
52,840
    
 
(4,719
)
Total equities
  
 
1,060,700
    
 
(64,076
)
  
 
1,063,959
    
 
(72,400
)
  
 
2,124,659
    
 
(136,476
)
Total available for sale
  
$
6,253,723
    
$
(200,355
)
  
$
1,394,448
    
$
(80,676
)
  
$
7,648,171
    
$
(281,031
)
 
Unrealized losses occur from market price declines that
may
be due to a number of factors, including economic downturns, changes in interest rates, competitive forces within an industry, issuer specific events, operational difficulties, lawsuits, and market pricing anomalies caused by factors such as temporary lack of liquidity.
 
The total number of securities in the investment portfolio in an unrealized loss position as of
June 
30,
2017
was
39,
which represented an unrealized loss of
$140,561
of the aggregate carrying value of those securities. The
39
 
securities breakdown as follows:
18
bonds,
12
mortgage and asset backed securities,
5
common stocks,
2
high yield corporate bond funds,
1
 preferred stock index fund, and
1
senior loan fund. The Company determined that
no
securities were considered to be other-than-temporarily impaired as of
June 30, 2017
and
December 31, 2016.
The unrealized gains on the remainder of the available for sale portfolio as of
June 30, 2017 
were
$639,766.