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Note 3 - Investments
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Investment [Text Block]
Note
3.
     Investments
 
The amortized cost and fair value of available for sale and held to maturity investments as of
December 
31
is as follows:
 
   
December 31, 2018
  
   
Cost or
    
Gross
    
Gross
    
 
 
 
   
Amortized
    
Unrealized
    
Unrealized
    
 
 
 
   
Cost
    
Gains
    
Losses
    
Fair Value
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
597,265
   
$
-
   
$
(27,325
)
 
$
569,940
 
Corporate bonds
  
 
16,847,623
   
 
43,051
   
 
(1,048,313
)
 
 
15,842,361
 
Municipal bonds
  
 
6,559,854
   
 
118,890
   
 
(80,631
)
 
 
6,598,113
 
Redeemable preferred stock
  
 
99,560
   
 
-
   
 
(8,720
)
 
 
90,840
 
Mortgage backed and asset backed securities
  
 
3,853,395
   
 
11,425
   
 
(83,835
)
 
 
3,780,985
 
Total fixed maturities
  
 
27,957,697
   
 
173,366
   
 
(1,248,824
)
 
 
26,882,239
 
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
12,096,488
   
 
31,505
   
 
(1,140,454
)
 
 
10,987,539
 
Total available for sale
  
$
40,054,185
   
$
204,871
   
$
(2,389,278
)
 
$
37,869,778
 
 
 
   
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
December 31, 2018
and
2017,
by contractual maturity, are shown on the following page. 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 December 31, 2018
    
As of December 31, 2017
  
   
Amortized Cost
    
Fair Value
    
Amortized Cost
    
Fair Value
  
Amounts maturing in:
                                
After one year through five years
   $
1,472,228
     $
1,462,745
     $
612,088
     $
617,562
  
After five years through ten years
    
2,101,676
      
2,055,173
      
1,910,307
      
1,945,454
  
More than 10 years
    
20,430,838
      
19,492,496
      
15,740,739
      
16,196,403
  
Redeemable preferred stocks
    
99,560
      
90,840
      
99,560
      
100,520
  
Mortgage backed and asset backed securities
    
3,853,395
      
3,780,985
      
4,077,011
      
4,085,761
  
Total amortized cost and fair value
   $
27,957,697
     $
26,882,239
     $
22,439,705
     $
22,945,700
  
 
Proceeds from the sale of securities, maturities, and asset paydowns in
2018
and
2017
were
$460,638
and
$10,262,522,
respectively. Realized gains and losses related to the sale of securities are summarized as follows:
 
   
Years Ended December 31,
  
                 
   
2018
    
2017
  
Gross gains
  
$
530
    $
499,568
  
Gross losses
  
 
(5,029
)
   
(69,003
 )
Net security gains (losses)
  
$
(4,499
)
  $
430,565
  
 
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
  
December 31, 2018
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
251,206
   
$
(27,325
)
 
$
-
   
$
-
   
$
251,206
   
$
(27,325
)
Corporate bonds
  
 
11,743,222
   
 
(948,539
)
 
 
830,239
   
 
(99,774
)
 
 
12,573,461
   
 
(1,048,313
)
Municipal bonds
  
 
2,114,260
   
 
(51,267
)
 
 
859,305
   
 
(29,364
)
 
 
2,973,565
   
 
(80,631
)
Redeemable preferred stock
  
 
90,840
   
 
(8,720
)
 
 
-
   
 
-
   
 
90,840
   
 
(8,720
)
Mortgage backed and asset backed securities
  
 
544,714
   
 
(6,656
)
 
 
2,448,551
   
 
(77,179
)
 
 
2,993,265
   
 
(83,835
)
Total fixed maturities
  
 
14,744,242
   
 
(1,042,507
)
 
 
4,138,095
   
 
(206,317
)
 
 
18,882,337
   
 
(1,248,824
)
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
3,312,528
   
 
(228,148
)
 
 
7,440,504
   
 
(912,306
)
 
 
10,753,032
   
 
(1,140,454
)
Total available for sale
  
$
18,056,770
   
$
(1,270,655
)
 
$
11,578,599
   
$
(1,118,623
)
 
$
29,635,369
   
$
(2,389,278
)
 
   
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
December 
31,
2018
was
140,
which represented an unrealized loss of
$2,389,278
of the aggregate carrying value of those securities. The
140
securities breakdown as follows:
97
bonds,
28
mortgage and asset backed securities,
7
common stocks,
3
preferred stocks,
2
high yield corporate bond funds,
2
preferred stock index funds, and
1
senior loan fund. The Company determined that
no
securities were considered to be other-than-temporarily impaired as of
December 31, 2018 
and
2017.