Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments in available for sale securities are summarized as follows:

March 31, 2020		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	$	44,797,372	$	1,751,954	$	-	$	46,549,326
U.S. special revenue and assessments		14,366,514		1,550,993		-		15,917,507
All other corporate bonds		101,635,546		10,052,499		(451,442)		111,236,603
	$	160,799,432	$	13,355,446	$	(451,442)	$	173,703,436

December 31, 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	$	35,761,440	$	402,832	$	(35,529)	$	36,128,743
U.S. special revenue and assessments		14,371,263		832,100		-		15,203,363
All other corporate bonds		109,827,152		10,470,115		-		120,297,267
	$	159,959,855	$	11,705,047	$	(35,529)	$	171,629,373

Debt Securities by Contractual Maturity

The amortized cost and estimated market value of debt securities at March 31, 2020, 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 March 31, 2020		Amortized Cost		Fair Value
Due in one year or less	$	11,796,278	$	12,089,426
Due after one year through five years		58,507,802		60,788,411
Due after five years through ten years		46,860,963		53,482,062
Due after ten years		43,634,389		47,343,537
Total	$	160,799,432	$	173,703,436

Fair Value of Investments with Sustained Gross Unrealized Losses

The fair value of investments with sustained gross unrealized losses at March 31, 2020 and December 31, 2019 are as follows:

March 31, 2020		Less than 12 months			12 months or longer				Total
		Fair value	Unrealized losses			Fair value	Unrealized losses			Fair value		Unrealized losses
All other corporate bonds	$	7,268,145		(451,442)		-		-		7,268,145	$	(451,442)
Total fixed maturities	$	7,268,145		(451,442)		-		-		7,268,145	$	(451,442)

December 31, 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	$	6,059,380		(35,529)		-		-	6,059,380	$	(35,529)
Total fixed maturities	$	6,059,380		(35,529)		-		-	6,059,380	$	(35,529)

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 March 31, 2020
Fixed maturities	7	-	7
As of December 31, 2019
Fixed maturities	3	-	3

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 on available-for-sale investments.

	Three Months Ended
	March 31,
	2020		2019
Realized gains:
Sales of fixed maturities	$	391,483	$	15,055
Sales of equity securities		6,783,024		-
Sales of real estate		-		1,098,643
Total realized gains		7,174,507		1,113,698
Realized losses:
Sales of fixed maturities		-		-
Sales of equity securities		-		-
Sales of real estate		-		-
Other-than-temporary impairments		-		-
Total realized losses		-		-
Net realized investment gains (losses)		7,174,507		1,113,698
Change in fair value of equity securities:
Change in fair value of equity securities held at the end of the period		(24,684,444)		14,787,631
Change in fair value of equity securities		(24,684,444)		14,787,631
Net investment gains (losses)	$	(17,509,937)	$	15,901,329
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
Fixed maturities	$	1,472,865	$	4,934,851
Net increase (decrease)	$	1,472,865	$	4,934,851

Maximum and Minimum Lending Rates for Mortgage Loan

During 2020 and 2019, the maximum and minimum lending rates for mortgage loans were:

	2020		2019
	Maximum rate	Minimum rate	Maximum rate	Minimum rate
Farm Loans	5.00%	5.00%	5.00%	5.00%
Commercial Loans	7.50%	4.24%	7.50%	4.00%
Residential Loans	5.50%	5.50%	8.00%	8.00%

Mortgage Loan Holdings

The following table summarizes the mortgage loan holdings of the Company for the periods ended:

		March 31, 2020		December 31, 2019
In good standing	$	9,099,364	$	8,223,286
Total mortgage loans	$	9,099,364	$	8,223,286