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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income:        
Premium income $ 4,086,804 $ 3,261,160 $ 7,754,887 $ 6,602,485
Net investment income 2,325,523 1,783,884 3,995,480 3,289,494
Net investment gains (losses) 372,308 543,374 512,660 890,476
Other income 229,575 86,955 375,268 170,743
Total income 7,014,210 5,675,373 12,638,295 10,953,198
Expenses:        
Death claims 1,004,645 777,831 2,123,225 1,719,533
Policyholder benefits 1,926,866 1,933,830 3,761,934 3,497,865
Increase in policyholder reserves 1,507,855 938,317 2,487,524 1,986,195
Commissions, net of deferrals 235,267 190,785 436,368 362,516
Amortization of deferred acquisition costs 334,563 324,589 697,373 691,711
Amortization of value of business acquired 23,105 23,105 46,210 46,210
Salaries & benefits 361,701 372,828 708,403 736,116
Other operating expenses 691,699 425,688 1,434,792 949,201
Total expense 6,085,701 4,986,973 11,695,829 9,989,347
Net income before tax 928,509 688,400 942,466 963,851
Deferred federal income tax expense (217,432) 0 (217,432) 0
Total federal income tax expense (217,432) 0 (217,432) 0
Net Income $ 711,077 $ 688,400 $ 725,034 $ 963,851
Net income per common share, basic and diluted (in dollars per share) $ 0.09 $ 0.09 $ 0.09 $ 0.12
Unrealized net holding gains (losses) arising during the period, net of tax $ (210,880) $ (533,755) $ (160,859) $ 298,530
Reclassification adjustment for losses included in net income 25,062 0 47,965 523
Other comprehensive income (loss) (185,818) (533,755) (112,894) 299,053
Comprehensive income $ 525,259 $ 154,645 $ 612,140 $ 1,262,904