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Note 2 - Investments
 3 Months Ended
Mar. 31, 2019
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
March 31, 2019
and
December
 
31,
2018
is as follows:
 
   
March 31, 2019
  
   
Cost or
    
Gross
    
Gross
    
 
 
 
   
Amortized
    
Unrealized
    
Unrealized
    
 
 
 
   
Cost
    
Gains
    
Losses
    
Fair Value
  
 
  
(unaudited)
  
Available for sale:
      
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
599,481
    
$
2,330
    
$
(12,027
)
  
$
589,784
  
Corporate bonds
  
 
17,453,101
    
 
318,065
    
 
(387,999
)
  
 
17,383,167
  
Municipal bonds
  
 
6,555,941
    
 
257,170
    
 
(13,071
)
  
 
6,800,040
  
Redeemable preferred stock
  
 
99,560
    
 
-
    
 
(360
)
  
 
99,200
  
Mortgage backed and asset backed securities
  
 
3,802,112
    
 
36,697
    
 
(39,252
)
  
 
3,799,557
  
Total fixed maturities
  
 
28,510,195
    
 
614,262
    
 
(452,709
)
  
 
28,671,748
  
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
12,269,679
    
 
78,992
    
 
(453,205
)
  
 
11,895,466
  
Total available for sale
  
$
40,779,874
    
$
693,254
    
$
(905,914
)
  
$
40,567,214
  
 
 
   
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
  
 
 
The amortized cost and fair value of debt securities as of
March 31, 2019
and
December 31, 2018,
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 March 31, 2019
    
As of December 31, 2018
  
   
Amortized Cost
    
Fair Value
    
Amortized Cost
    
Fair Value
  
   
(unaudited)
                  
Amounts maturing in:                                
After one year through five years
   $
1,573,995
     $
1,591,192
     $
1,472,228
     $
1,462,745
  
After five years through ten years
    
2,142,756
      
2,181,773
      
2,101,676
      
2,055,173
  
More than 10 years
    
20,891,772
      
21,000,026
      
20,430,838
      
19,492,496
  
Redeemable preferred stocks
    
99,560
      
99,200
      
99,560
      
90,840
  
Mortgage backed and asset backed securities
    
3,802,112
      
3,799,557
      
3,853,395
      
3,780,985
  
Total amortized cost and fair value
   $
28,510,195
     $
28,671,748
     $
27,957,697
     $
26,882,239
  
 
 
Proceeds from the sale of securities, maturities, and asset paydowns for the
first
three
months of
2019
and
2018
were
$52,582
and
$28,126
respectively. There were
no
realized gains and losses related to the sale of securities for the periods ended
March 31, 2019
and
2018.
 
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
  
March 31, 2019
  
   
(unaudited)
  
Available for sale:
      
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
-
    
$
-
    
$
267,814
    
$
(12,027
)
  
$
267,814
    
$
(12,027
)
Corporate bonds
  
 
811,628
    
 
(17,017
)
  
 
7,950,659
    
 
(370,982
)
  
 
8,762,287
    
 
(387,999
)
Municipal bonds
  
 
-
    
 
-
    
 
844,658
    
 
(13,071
)
  
 
844,658
    
 
(13,071
)
Redeemable preferred stock
  
 
-
    
 
-
    
 
99,200
    
 
(360
)
  
 
99,200
    
 
(360
)
Mortgage backed and asset backed securities
  
 
-
    
 
-
    
 
2,437,299
    
 
(39,252
)
  
 
2,437,299
    
 
(39,252
)
Total fixed maturities
  
 
811,628
    
 
(17,017
)
  
 
11,599,630
    
 
(435,692
)
  
 
12,411,258
    
 
(452,709
)
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equities
  
 
1,622,912
    
 
(34,956
)
  
 
8,745,952
    
 
(418,249
)
  
 
10,368,864
    
 
(453,205
)
Total available for sale
  
$
2,434,540
    
$
(51,973
)
  
$
20,345,582
    
$
(853,941
)
  
$
22,780,122
    
$
(905,914
)
 
   
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
)
 
 
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
March 
31,
2019
was
87,
which represented an unrealized loss of
$905,914
of the aggregate carrying value of those securities. The
87
securities breakdown as follows:
53
bonds,
21
mortgage and asset backed securities,
4
preferred stocks,
2
high yield corporate bond funds,
2
preferred stock index funds,
1
senior loan fund, and
4
common stock. The Company determined that
no
securities were considered to be other-than-temporarily impaired as of
March 31, 2019
and
December 31, 2018.