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Note 2 - Investments
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Investment Holdings [Text Block]
Note
2
.     Investments
 
The amortized cost and fair value of available for sale and held to maturity investments as of
March 31, 2020
and
December
 
31,
2019
is as follows:
 
   
March 31, 2020
  
   
Cost or
    
Gross
    
Gross
    
 
 
 
   
Amortized
    
Unrealized
    
Unrealized
    
 
 
 
   
Cost
    
Gains
    
Losses
    
Fair Value
  
   
(unaudited)
  
Available for sale:
  
 
  
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
607,488
    
$
44,731
    
$
-
    
$
652,219
  
Corporate bonds
  
 
19,275,711
    
 
1,181,877
    
 
(799,794
)
  
 
19,657,794
  
Municipal bonds
  
 
6,229,825
    
 
517,035
    
 
(1,991
)
  
 
6,744,869
  
Redeemable preferred stock
  
 
3,154,668
    
 
-
    
 
(337,743
)
  
 
2,816,925
  
Mortgage backed and asset backed securities
  
 
2,980,626
    
 
50,942
    
 
(30,583
)
  
 
3,000,985
  
Total fixed maturities
  
 
32,248,318
    
 
1,794,585
    
 
(1,170,111
)
  
 
32,872,792
  
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Common stock
  
 
6,737,247
    
 
64,271
    
 
(1,002,104
)
  
 
5,799,414
  
Preferred stock
  
 
1,943,446
    
 
13,880
    
 
(69,305
)
  
 
1,888,021
  
Total equities
  
 
8,680,693
    
 
78,151
    
 
(1,071,409
)
  
 
7,687,435
  
Total available for sale
  
$
40,929,011
    
$
1,872,736
    
$
(2,241,520
)
  
$
40,560,227
  
 
   
December 31, 2019
  
   
Cost or
    
Gross
    
Gross
    
 
 
 
   
Amortized
    
Unrealized
    
Unrealized
    
 
 
 
   
Cost
    
Gains
    
Losses
    
Fair Value
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
US Treasury securities
  
$
608,477
    
$
24,162
    
$
-
    
$
632,639
  
Corporate bonds
  
 
18,407,211
    
 
1,697,265
    
 
(20,079
)
  
 
20,084,397
  
Municipal bonds
  
 
6,538,883
    
 
518,059
    
 
(1,883
)
  
 
7,055,059
  
Redeemable preferred stock
  
 
2,097,206
    
 
36,687
    
 
-
    
 
2,133,893
  
Mortgage backed and asset backed securities
  
 
3,171,620
    
 
77,593
    
 
(2,309
)
  
 
3,246,904
  
Total fixed maturities
  
 
30,823,397
    
 
2,353,766
    
 
(24,271
)
  
 
33,152,892
  
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Common stock
  
 
9,064,262
    
 
239,490
    
 
(89,058
)
  
 
9,214,694
  
Preferred stock
  
 
918,688
    
 
8,121
    
 
-
    
 
926,809
  
Total equities
  
 
9,982,950
    
 
247,611
    
 
(89,058
)
  
 
10,141,503
  
Total available for sale
  
$
40,806,347
    
$
2,601,377
    
$
(113,329
)
  
$
43,294,395
  
 
The amortized cost and fair value of debt securities as of
March 31, 2020
and
December 31, 2019,
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, 2020
    
As of December 31, 2019
  
   
Amortized Cost
    
Fair Value
    
Amortized Cost
    
Fair Value
  
    (unaudited)                  
Amounts maturing in:
  
 
                  
One year or less
   $
99,991
     $
100,174
     $
99,987
     $
100,239
  
After one year through five years
    
1,424,877
      
1,441,107
      
1,424,337
      
1,471,552
  
After five years through ten years
    
3,212,049
      
3,430,423
      
3,286,937
      
3,574,191
  
More than 10 years
    
21,376,107
      
22,083,178
      
20,743,310
      
22,626,113
  
Redeemable preferred stocks
    
3,154,668
      
2,816,925
      
2,097,206
      
2,133,893
  
Mortgage backed and asset backed securities
    
2,980,626
      
3,000,985
      
3,171,620
      
3,246,904
  
Total amortized cost and fair value
   $
32,248,318
     $
32,872,792
     $
30,823,397
     $
33,152,892
  
 
Proceeds from the sale of securities, maturities, and asset paydowns for the
first
three
months of
2020
and
2019
were
$3,489,276
and
$52,582
respectively. Realized gains and losses related to the sale of securities are summarized below:
 
   
Three Months Ended March 31,
  
   
(unaudited)
  
   
2020
    
2019
  
Gross gains
  
$
44,295
     $
-
  
Gross losses
  
 
(263,248
)
    
-
  
Net security gains (losses)
  
$
(218,953
)
   $
-
  
 
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, 2020
  
(unaudited)
  
Available for sale:
  
 
  
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Corporate bonds
  
$
4,647,625
    
$
(799,794
)
  
$
-
    
$
-
    
$
4,647,625
    
$
(799,794
)
Municipal bonds
  
 
147,391
    
 
(1,991
)
  
 
-
    
 
-
    
 
147,391
    
 
(1,991
)
Redeemable preferred stock
  
 
2,816,926
    
 
(337,743
)
  
 
-
    
 
-
    
 
2,816,926
    
 
(337,743
)
Mortgage backed and asset backed securities
  
 
1,029,824
    
 
(30,583
)
  
 
-
    
 
-
    
 
1,029,824
    
 
(30,583
)
Total fixed maturities
  
 
8,641,766
    
 
(1,170,111
)
  
 
-
    
 
-
    
 
8,641,766
    
 
(1,170,111
)
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Common stock
  
 
4,816,906
    
 
(905,942
)
  
 
604,695
    
 
(96,162
)
  
 
5,421,601
    
 
(1,002,104
)
Preferred stock
  
 
1,402,290
    
 
(69,305
)
  
 
-
    
 
-
    
 
1,402,290
    
 
(69,305
)
Total equities
  
 
6,219,196
    
 
(975,247
)
  
 
604,695
    
 
(96,162
)
  
 
6,823,891
    
 
(1,071,409
)
Total available for sale
  
$
14,860,962
    
$
(2,145,358
)
  
$
604,695
    
$
(96,162
)
  
$
15,465,657
    
$
(2,241,520
)
 
   
Less than 12 months
    
Greater than 12 months
    
Total
  
   
Fair
    
Unrealized
    
Fair
    
Unrealized
    
Fair
    
Unrealized
  
   
Value
    
Loss
    
Value
    
Loss
    
Value
    
Loss
  
December 31, 2019
  
Available for sale:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fixed maturities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Corporate bonds
  
$
967,848
    
$
(20,079
)
  
$
-
    
$
-
    
$
967,848
    
$
(20,079
)
Municipal bonds
  
 
46,646
    
 
(1,883
)
  
 
-
    
 
-
    
 
46,646
    
 
(1,883
)
Mortgage backed and asset backed securities
  
 
-
    
 
-
    
 
296,576
    
 
(2,309
)
  
 
296,576
    
 
(2,309
)
Total fixed maturities
  
 
1,014,494
    
 
(21,962
)
  
 
296,576
    
 
(2,309
)
  
 
1,311,070
    
 
(24,271
)
Equities:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Common stock
  
 
68,789
    
 
(6,920
)
  
 
3,174,847
    
 
(82,138
)
  
 
3,243,636
    
 
(89,058
)
Total equities
  
 
68,789
    
 
(6,920
)
  
 
3,174,847
    
 
(82,138
)
  
 
3,243,636
    
 
(89,058
)
Total available for sale
  
$
1,083,283
    
$
(28,882
)
  
$
3,471,423
    
$
(84,447
)
  
$
4,554,706
    
$
(113,329
)
 
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,
2020
was
71,
which represented an unrealized loss of
$2,241,520
of the aggregate carrying value of those securities. The
71
 securities breakdown as follows:
27
bonds,
15
mortgage and asset backed securities,
18
preferred stocks,
1
preferred stock index fund,
1
senior loan fund, and
9
 common stocks. The Company determined that
no
securities were considered to be other-than-temporarily impaired as of
March 31, 2020 
and
December 31, 2019.