Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

B.     PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q.  Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements.  As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2016 Annual Report on Form 10-K. The condensed consolidated balance sheet at December 31, 2016, was derived from the audited consolidated balance sheet of ICC as of that date. Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at March 31, 2017, and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year.

The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period.  These amounts are inherently subject to change and actual results could differ significantly from these estimates.

Employee Stock Ownership Plan

EMPLOYEE STOCK OWNERSHIP PLAN

The Company recognizes compensation expense related to its employee stock ownership plan (ESOP) ratably during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For purposes of calculating earnings per share, the Company includes the weighted average of ESOP shares committed to be released for the period. The ESOP covers executives, managers and associates.

Earnings Per Share

EARNINGS PER SHARE

Basic and diluted earnings per share (EPS) are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. The denominator for basic and diluted EPS includes ESOP shares committed to be release. The unaudited pro forma earnings per share for the three months ended March 31, 2016 is provided to be used as a basis for comparison of current period earnings. The weighted average number of common shares outstanding for the three months ended March 31, 2016 is based off of the resulting shares from the initial public offering that was completed in March 2017.

Prospective Accounting Standards

D.     PROSPECTIVE ACCOUNTING STANDARDS

For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the Company’s 2016 Form 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies at a later date in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable.

Property and Equipment

E.     PROPERTY AND EQUIPMENT

Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended March 31, 2017 and 2016, the Company recognized no impairments.  Property and equipment are summarized as follows:

	As of
	March 31,		December 31,
	2017		2016
Automobiles	$	744,211	$	668,794
Furniture and fixtures		432,179		516,318
Computer equipment and software		3,281,787		3,151,676
Home office		3,692,957		3,690,994
Total cost		8,151,134		8,027,782
Accumulated depreciation		(4,414,058)		(4,308,247)
Net property and equipment	$	3,737,076	$	3,719,535

Comprehensive Earnings

F.     COMPREHENSIVE EARNINGS

Comprehensive earnings include net earnings plus unrealized gains and losses on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 34 percent tax rate.

The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.

	Three-Month Periods Ended March 31,
	2017						2016
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings (loss),   net of tax
Unrealized gains and losses on investments:
Unrealized holding (losses) gains   arising during the period	$	527,327	$	(179,291)	$	348,036	$	1,653,064	$	(562,042)	$	1,091,022
Reclassification adjustment for   (gains) losses included in net income		(444,781)		151,226		(293,555)		(124,248)		42,244		(82,004)
Total other comprehensive (loss)   earnings	$	82,546	$	(28,065)	$	54,481	$	1,528,816	$	(519,798)	$	1,009,018

The following table provides the reclassifications out of accumulated other comprehensive earnings for the periods presented:

Amounts Reclassified from
Accumulated Other Comprehensive Earnings
Details about Accumulated Other	Three-Month Periods Ended March 31,				Affected Line Item in the Statement
Comprehensive Earnings Component	2017		2016		where Net Earnings is Presented
Unrealized gains on AFS investments:
	$	(444,781)	$	(124,248)	Net realized investment gains
		151,226		42,244	Income tax expense
Total reclassification adjustment, net of tax	$	(293,555)	$	(82,004)