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Note 2 - Investments
 6 Months Ended
Jun. 30, 2018
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, 2018
and
December
 
31,
2017
is as follows:
 
   
June 30, 2018
  
   
Cost or
    
Gross
    
Gross
    
 
 
 
   
Amortized
    
Unrealized
    
Unrealized
    
 
 
 
   
Cost
    
Gains
    
Losses
    
Fair Value
  
 
  
(unaudited)
  
Available for sale:
      
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
275,896
    
$
-
    
$
(7,450
)
  
$
268,446
  
Corporate bonds
  
 
13,448,349
    
 
31,181
    
 
(770,236
)
  
 
12,709,294
  
Municipal bonds
  
 
6,165,877
    
 
124,831
    
 
(83,643
)
  
 
6,207,065
  
Redeemable preferred stock
  
 
99,560
    
 
-
    
 
(1,800
)
  
 
97,760
  
Mortgage backed and asset backed securities
  
 
3,997,497
    
 
9,276
    
 
(105,948
)
  
 
3,900,825
  
Total fixed maturities
  
 
23,987,179
    
 
165,288
    
 
(969,077
)
  
 
23,183,390
  
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
11,532,342
    
 
59,447
    
 
(354,317
)
  
 
11,237,472
  
Total available for sale
  
$
35,519,521
    
$
224,735
    
$
(1,323,394
)
  
$
34,420,862
  
 
 
   
December 31, 2017
  
   
Cost or
    
Gross
    
Gross
    
 
 
 
   
Amortized
    
Unrealized
    
Unrealized
    
 
 
 
   
Cost
    
Gains
    
Losses
    
Fair Value
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
271,620
    
$
-
    
$
(20,870
)
  
$
250,750
  
Corporate bonds
  
 
11,857,191
    
 
309,754
    
 
(10,720
)
  
 
12,156,225
  
Municipal bonds
  
 
6,134,323
    
 
230,842
    
 
(12,721
)
  
 
6,352,444
  
Redeemable preferred stock
  
 
99,560
    
 
960
    
 
-
    
 
100,520
  
Mortgage backed and asset backed securities
  
 
4,077,011
    
 
32,726
    
 
(23,976
)
  
 
4,085,761
  
Total fixed maturities
  
 
22,439,705
    
 
574,282
    
 
(68,287
)
  
 
22,945,700
  
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
10,764,072
    
 
83,346
    
 
(183,903
)
  
 
10,663,515
  
Total available for sale
  
$
33,203,777
    
$
657,628
    
$
(252,190
)
  
$
33,609,215
  
 
 
The amortized cost and fair value of debt securities as of
June 30, 2018
and
December 31, 2017,
by contractual maturity, are shown in the following table. 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.
  
   
As of June 30, 2018
    
As of December 31, 2017
  
   
Amortized Cost
    
Fair Value
    
Amortized Cost
    
Fair Value
  
   
(unaudited)
                  
Amounts maturing in:                                
After one year through five years
   $
809,137
     $
793,989
     $
612,088
     $
617,562
  
After five years through ten years
    
1,757,227
      
1,714,964
      
1,910,307
      
1,945,454
  
More than 10 years
    
17,323,758
      
16,675,852
      
15,740,739
      
16,196,403
  
Redeemable preferred stocks
    
99,560
      
97,760
      
99,560
      
100,520
  
Mortgage backed and asset backed securities
    
3,997,497
      
3,900,825
      
4,077,011
      
4,085,761
  
    $
23,987,179
     $
23,183,390
     $
22,439,705
     $
22,945,700
  
 
Proceeds from the sale of securities, maturities, and asset paydowns for the
first
six
months of
2018
and
2017
were
$183,226
and
$2,832,149
respectively. Realized gains and losses related to the sale of securities are summarized as follows:
 
   
Six Months Ended June 30,
  
   
(unaudited)
  
   
2018
    
2017
  
Gross gains
  
$
530
     $
227,463
  
Gross losses
  
 
(857
)
    
(18,961
 )
Net security gains (losses)
  
$
(327
)
   $
208,502
  
 
Proceeds from the sale of securities, maturities, and asset paydowns for the
three
months ended
June 30, 2018
and
2017
were
$155,100
and
$2,677,453
respectively. Realized gains and losses related to the sale of securities are summarized as follows:
 
   
Three Months Ended June 30,
  
   
(unaudited)
  
   
2018
    
2017
  
Gross gains
  
$
530
     $
35,058
  
Gross losses
  
 
(857
)
    
(18,961
 )
Net security gains (losses)
  
$
(327
)
   $
16,097
  
 
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, 2018
  
 
  
(unaudited)
  
Available for sale:
      
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
268,446
    
$
(7,450
)
  
$
-
    
$
-
    
$
268,446
    
$
(7,450
)
Corporate bonds
  
 
10,910,971
    
 
(761,131
)
  
 
117,414
    
 
(9,105
)
  
 
11,028,385
    
 
(770,236
)
Municipal bonds
  
 
2,773,408
    
 
(68,959
)
  
 
185,316
    
 
(14,684
)
  
 
2,958,724
    
 
(83,643
)
Redeemable preferred stock
  
 
97,760
    
 
(1,800
)
  
 
-
    
 
-
    
 
97,760
    
 
(1,800
)
Mortgage backed and asset backed securities
  
 
2,714,113
    
 
(74,887
)
  
 
595,949
    
 
(31,061
)
  
 
3,310,062
    
 
(105,948
)
Total fixed maturities
  
 
16,764,698
    
 
(914,227
)
  
 
898,679
    
 
(54,850
)
  
 
17,663,377
    
 
(969,077
)
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
8,721,253
    
 
(250,840
)
  
 
1,382,838
    
 
(103,477
)
  
 
10,104,091
    
 
(354,317
)
Total available for sale
  
$
25,485,951
    
$
(1,165,067
)
  
$
2,281,517
    
$
(158,327
)
  
$
27,767,468
    
$
(1,323,394
)
 
   
Less than 12 months
    
Greater than 12 months
    
Total
  
   
Fair
    
Unrealized
    
Fair
    
Unrealized
    
Fair
    
Unrealized
  
   
Value
    
Loss
    
Value
    
Loss
    
Value
    
Loss
  
December 31, 2017
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
250,750
    
$
(20,870
)
  
$
-
    
$
-
    
$
250,750
    
$
(20,870
)
Corporate bonds
  
 
848,853
    
 
(5,733
)
  
 
121,718
    
 
(4,987
)
  
 
970,571
    
 
(10,720
)
Municipal bonds
  
 
735,257
    
 
(5,683
)
  
 
192,962
    
 
(7,038
)
  
 
928,219
    
 
(12,721
)
Mortgage backed and asset backed securities
  
 
2,056,887
    
 
(6,970
)
  
 
654,936
    
 
(17,006
)
  
 
2,711,823
    
 
(23,976
)
Total fixed maturities
  
 
3,891,747
    
 
(39,256
)
  
 
969,616
    
 
(29,031
)
  
 
4,861,363
    
 
(68,287
)
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
7,971,440
    
 
(105,946
)
  
 
1,161,121
    
 
(77,957
)
  
 
9,132,561
    
 
(183,903
)
Total available for sale
  
$
11,863,187
    
$
(145,202
)
  
$
2,130,737
    
$
(106,988
)
  
$
13,993,924
    
$
(252,190
)
 
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,
2018
was
128,
which represented an unrealized loss of
$1,323,394
of the aggregate carrying value of those securities. The
128
securities breakdown as follows:
87
bonds,
31
mortgage and asset backed securities,
4
preferred stocks,
2
high yield corporate bond funds,
2
preferred stock index funds,
1
senior loan fund, and
1
common stock. The Company determined that
no
securities were considered to be other-than-temporarily impaired as of
June 30, 2018
and
December 31, 2017.