Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

12 Months Ended

Dec. 31, 2018

Notes

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

Note 4.Investment Securities 

The cost (amortized cost with respect to certain fixed maturities), gross unrealized gains, gross unrealized losses and fair value of fixed maturities available-for-sale are as follows for the periods indicated (in thousands):

		December 31, 2018
				GROSS		GROSS
		AMORTIZED		UNREALIZED		UNREALIZED		FAIR
		COST		GAINS		LOSSES		VALUE
FIXED MATURITIES
AVAILABLE-FOR-SALE:
Corporate securities	$	202,194	$	701	$	(5,406)	$	197,489
CMOs – residential (1)		6,092		-		(252)		5,840
U.S. Government obligations		63,231		1		(423)		62,809
Agency MBS – residential (2)		3		-		-		3
GSEs (3)		6,596		-		(110)		6,486
States and political subdivisions		172,860		302		(5,228)		167,934
Foreign government obligations		7,039		51		(46)		7,044
Redeemable preferred stocks		5,970		-		(111)		5,859
Total fixed maturities	$	463,985	$	1,055	$	(11,576)	$	453,464

		December 31, 2017
				GROSS		GROSS
		AMORTIZED		UNREALIZED		UNREALIZED		FAIR
		COST		GAINS		LOSSES		VALUE
FIXED MATURITIES
AVAILABLE-FOR-SALE:
Corporate securities	$	148,996	$	298	$	(2,847)	$	146,447
CMOs - residential (1)		6,857		-		(180)		6,677
U.S. Government obligations		85,510		-		(396)		85,114
Agency MBS - residential (2)		14		-		-		14
GSEs (3)		9,887		-		(205)		9,682
States and political subdivisions		182,664		598		(3,619)		179,643
Foreign government obligations		4,227		13		(90)		4,150
Redeemable preferred stocks		10,006		179		-		10,185
Total fixed maturities	$	448,161	$	1,088	$	(7,337)	$	441,912

(1)Collateralized mortgage obligations (“CMOs”). 

(2) Mortgage-backed securities (“MBS”). 

(3)Government-sponsored enterprises (“GSEs”) are private enterprises established and chartered by the Federal Government or its various insurance and lease programs which carry the full faith and credit obligation of the U.S. Government. 

The amortized cost and fair value of fixed maturities available-for-sale at December 31, 2018, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		AMORTIZED		FAIR
		COST		VALUE
Due in one year or less	$	34,632	$	34,550
Due after one year through five years		184,330		181,911
Due after five years through ten years		141,678		137,931
Due after ten years		90,654		86,743
Fixed maturities with no single maturity date		12,691		12,329
	$	463,985	$	453,464

The following tables summarize, for all fixed maturities available-for-sale in an unrealized loss position, the aggregate fair value and gross unrealized loss by length of time those securities that have continuously been in an unrealized loss position for the periods indicated (in thousands): 

		December 31, 2018
		Less than 12 Months				12 Months or Longer				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Losses		Value		Losses		Value		Losses
Corporate securities	$	46,988	$	1,045	$	108,738	$	4,361	$	155,726	$	5,406
CMOs - residential		847		37		4,993		215		5,840		252
U.S. Government obligations		6,138		15		31,693		408		37,831		423
GSEs		-		-		6,478		110		6,478		110
States and political subdivisions		33,021		522		113,297		4,706		146,318		5,228
Foreign government obligations		-		-		2,835		46		2,835		46
Redeemable preferred stocks		5,859		111		-		-		5,859		111
Fixed maturities in an
unrealized loss position	$	92,853	$	1,730	$	268,034	$	9,846	$	360,887	$	11,576
Number of fixed maturities in an
unrealized loss position		47				115				162

		December 31, 2017
		Less than 12 Months				12 Months or Longer				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Losses		Value		Losses		Value		Losses
Corporate securities	$	85,642	$	1,250	$	44,640	$	1,597	$	130,282	$	2,847
CMOs - residential		1,381		45		5,237		135		6,618		180
U.S. Government obligations		75,811		198		9,302		198		85,113		396
GSEs		-		-		9,669		205		9,669		205
States and political subdivisions		83,682		1,348		66,617		2,271		150,299		3,619
Foreign government obligations		2,959		90		-		-		2,959		90
Fixed maturities in an
unrealized loss position	$	249,475	$	2,931	$	135,465	$	4,406	$	384,940	$	7,337
Number of fixed maturities in an
unrealized loss position		60				76				136

Substantially all of the unrealized losses on fixed maturities available-for-sale at December 31, 2018 and 2017 relate to investment grade securities and are attributable to changes in market interest rates. Because the Company does not intend to sell, nor is it more likely than not that the Company will have to sell such investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2018.

The following table summarizes the Company’s net investment income for the years indicated (in thousands): 

		2018		2017
Fixed maturities	$	13,826	$	13,397
Equity securities		595		613
Cash, cash equivalents and other short-term investments		308		264
Other		420		221
Investment income, gross		15,149		14,495
Investment expenses		(128)		(65)
Net investment income	$	15,021	$	14,430

Net investment gains (losses) are as follows for years indicated (in thousands):

		2018		2017
Realized gains (losses):
Fixed maturities available-for-sale	$	(775)	$	2,640
Equity securities		(7)		-
Total realized gains (losses) on debt and equity securities		(782)		2,640
Unrealized gains (losses) on equity securities		(249)		(102)
Gains (losses) on debt and equity securities		(1,031)		2,538
Gains (losses) on other investments		(2)		1
Net investment gains (losses)	$	(1,033)	$	2,539

For the years ended December 31, 2018 and 2017, the Company realized gross gains of $531,000 and $3,870,000, respectively, and gross losses of $1,306,000 and $1,230,000, respectively, from sales, maturities and prepayments of fixed maturities available-for-sale.

We recognize other-than-temporary impairment losses on fixed maturities available-for-sale in earnings in the period that we determine: 1) we intend to sell the security; 2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or 3) the security has a credit loss. Any non-credit portion of the other-than-temporary impairment loss is recognized in other comprehensive income (loss). The Company did not recognize any other-than-temporary impairments on available-for-sale securities in 2018 or 2017.