XML 30 R19.htm IDEA: XBRL DOCUMENT v3.19.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments [Abstract]  
Available for Sale Securities
Investments in available for sale securities are summarized as follows:

June 30, 2019
 
Original or Amortized Cost
  
Gross Unrealized Gains
  
Gross Unrealized Losses
  
Fair Value
 
Investments available for sale:
            
Fixed maturities
            
U.S. Government and govt. agencies and authorities
 
$
28,164,007
  
$
442,298
  
$
(10,749
)
 
$
28,595,556
 
U.S. special revenue and assessments
  
15,349,588
   
800,970
   
-
   
16,150,558
 
All other corporate bonds
  
114,825,773
   
8,242,262
   
(79,779
)
  
122,988,256
 
  
$
158,339,368
  
$
9,485,530
  
$
(90,528
)
 
$
167,734,370
 

December 31, 2018
 
Original or Amortized Cost
  
Gross Unrealized Gains
  
Gross Unrealized Losses
  
Fair Value
 
Investments available for sale:
            
Fixed maturities
            
U.S. Government and govt. agencies and authorities
 
$
25,649,410
  
$
149,006
  
$
(138,222
)
 
$
25,660,194
 
U.S. special revenue and assessments
  
16,350,486
   
334,300
   
(4,406
)
  
16,680,380
 
All other corporate bonds
  
118,895,973
   
2,569,287
   
(2,845,050
)
  
118,620,210
 
  
$
160,895,869
  
$
3,052,593
  
$
(2,987,678
)
 
$
160,960,784
 
Debt Securities by Contractual Maturity
The amortized cost and estimated market value of debt securities at June 30, 2019, by contractual maturity, is shown below.  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.

Fixed Maturities Available for Sale
June 30, 2019
 
Amortized Cost
  
Fair Value
 
Due in one year or less
 
$
5,499,672
  
$
5,509,330
 
Due after one year through five years
  
53,118,244
   
54,924,695
 
Due after five years through ten years
  
50,778,328
   
55,399,160
 
Due after ten years
  
48,943,124
   
51,901,185
 
Total
 
$
158,339,368
  
$
167,734,370
 
Fair Value of Investments with Sustained Gross Unrealized Losses
The fair value of investments with sustained gross unrealized losses at June 30, 2019 and December 31, 2018 are as follows:

June 30, 2019
 
Less than 12 months
  
12 months or longer
  
Total
 
  
Fair value
  
Unrealized losses
  
Fair value
  
Unrealized losses
  
Fair value
  
Unrealized losses
 
U.S. Government and govt. agencies and authorities
 
$
1,498,320
   
(2,252
)
  
2,673,346
   
(8,497
)
  
4,171,666
  
$
(10,749
)
All other corporate bonds
  
-
   
-
   
948,490
   
(79,779
)
  
948,490
   
(79,779
)
Total fixed maturities
 
$
1,498,320
   
(2,252
)
  
3,621,836
   
(88,276
)
  
5,120,156
  
$
(90,528
)
                         

December 31, 2018
 
Less than 12 months
  
12 months or longer
  
Total
 
  
Fair value
  
Unrealized losses
  
Fair value
  
Unrealized losses
  
Fair value
  
Unrealized losses
 
U.S. Government and govt. agencies and authorities
 
$
6,429,700
   
(49,904
)
  
1,592,679
   
(88,318
)
  
8,022,379
  
$
(138,222
)
U.S. special revenue and assessments
  
4,023,920
   
(4,406
)
  
-
   
-
   
4,023,920
   
(4,406
)
All other corporate bonds
  
49,270,729
   
(2,033,507
)
  
15,337,739
   
(811,543
)
  
64,608,468
   
(2,845,050
)
Total fixed maturities
 
$
59,724,349
   
(2,087,817
)
  
16,930,418
   
(899,861
)
  
76,654,767
  
$
(2,987,678
)
                         
Securities in Continuous Unrealized Loss Position
Additional information regarding investments in an unrealized loss position is as follows:

Less than 12 months
 
12 months or longer
 
Total
As of June 30, 2019
     
Fixed maturities
1
 
3
 
4
As of December 31, 2018
     
Fixed maturities
30
 
10
 
40
Net Investment Gains (Losses) and Change in Net Unrealized Gains on AFS Investments
The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on available-for-sale investments. 

  
Three Months Ended
  
Six Months Ended
 
  
June 30,
  
June 30,
 
  
2019
  
2018
  
2019
  
2018
 
Realized gains:
            
Sales of fixed maturities
 
$
101,633
  
$
373,662
  
$
116,688
  
$
373,662
 
Sales of equity securities
  
2,765,915
   
-
   
2,765,915
   
-
 
Sales of real estate
  
2,678,207
   
-
   
3,776,850
   
534,242
 
Other
  
-
   
-
   
-
   
-
 
Total realized gains
  
5,545,755
   
373,662
   
6,659,453
   
907,904
 
Realized losses:
                
Sales of fixed maturities
  
(111,459
)
  
(258,458
)
  
(111,459
)
  
(258,458
)
Sales of equity securities
  
-
   
-
   
-
   
-
 
 Sales of real estate
  
-
   
-
   
-
   
-
 
 Other-than-temporary impairments
  
-
   
-
   
-
   
-
 
 Other
  
(132,518
)
  
-
   
(132,518
)
  
-
 
Total realized losses
  
(243,977
)
  
(258,458
)
  
(243,977
)
  
(258,458
)
Net realized investment gains (losses)
  
5,301,778
   
115,204
   
6,415,476
   
649,446
 
Change in fair value of equity securities:
                
Change in fair value of equity securities held at the end of the period
  
97,148
   
11,231,720
   
14,884,779
   
15,360,956
 
Change in fair value of equity securities
  
97,148
   
11,231,720
   
14,884,779
   
15,360,956
 
Net investment gains (losses)
 
$
5,398,926
  
$
11,346,924
  
$
21,300,255
  
$
16,010,402
 
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
                
Fixed maturities
 
$
3,925,070
  
$
(1,941,236
)
 
$
8,859,921
  
$
(6,226,539
)
Equity securities
  
-
   
-
   
-
   
-
 
Net increase (decrease)
 
$
3,925,070
  
$
(1,941,236
)
 
$
8,859,921
  
$
(6,226,539
)
Maximum and Minimum Lending Rates for Mortgage Loan
During 2019 and 2018, the maximum and minimum lending rates for mortgage loans were:

2019
 
2018
 
Maximum rate
 
Minimum rate
 
Maximum rate
 
Minimum rate
Farm Loans
5.00%
 
5.00%
 
5.00%
 
5.00%
Commercial Loans
7.50%
 
4.80%
 
7.50%
 
4.00%
Residential Loans
8.00%
 
5.50%
 
8.00%
 
8.00%
Mortgage Loan Holdings
The following table summarizes the mortgage loan holdings of the Company for the periods ended:

  
June 30, 2019
  
December 31, 2018
 
In good standing
 
$
6,922,475
  
$
7,169,272
 
Overdue interest over 90 days
  
1,839,347
   
1,899,839
 
Total mortgage loans
 
$
8,761,822
  
$
9,069,111