Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments [Abstract]

Available for Sale Securities

Investments in available for sale securities are summarized as follows:

September 30, 2021	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	$	23,263,171	$	577,619	$	0	$	23,840,790
U.S. special revenue and assessments		8,542,535		995,872		0		9,538,407
All other corporate bonds		95,244,725		12,364,817		0		107,609,542
	$	127,050,431	$	13,938,308	$	0	$	140,988,739

December 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	$	36,285,535	$	1,186,999	$	0		$	37,472,534
U.S. special revenue and assessments		11,556,980		1,382,164		0			12,939,144
All other corporate bonds		98,175,349		17,604,617		(411,647	)		115,368,319
	$	146,017,864	$	20,173,780	$	(411,647	)	$	165,779,997

Debt Securities by Contractual Maturity

The amortized cost and estimated market value of debt securities at September 30, 2021, 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 September 30, 2021	Amortized Cost		Fair Value
Due in one year or less	$	10,520,492	$	10,617,273
Due after one year through five years		41,749,213		44,469,660
Due after five years through ten years		25,660,569		28,871,759
Due after ten years		22,208,169		25,380,790
Fixed maturities with no single maturity date		26,911,988		31,649,257
Total	$	127,050,431	$	140,988,739

Fair Value of Investments with Sustained Gross Unrealized Losses

The fair value of investments with sustained gross unrealized losses are as follows:

September 30, 2021	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		$	0		0		0		0		0		$	0
Total fixed maturities		$	0		0		0		0		0		$	0

December 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		$	4,937		(63	)		0		(411,584	)		4,937		$	(411,647	)
Total fixed maturities		$	4,937		(63	)		0		(411,584	)		4,937		$	(411,647	)

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 September 30, 2021
Fixed maturities		0		0		0
As of December 31, 2020
Fixed maturities		1		1		2

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 investments. 

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Realized gains:
Sales of fixed maturities	$	21,631		$	0		$	55,867		$	403,215
Sales of equity securities		19,344			646,353			3,038,551			1,634,911
Sales of real estate		104,204			869,756			1,487,456			869,756
Other		0			0			0			0
Total realized gains		145,179			1,516,109			4,581,874			2,907,882
Realized losses:
Sales of fixed maturities		0			0			0			(64,992	)
Sales of equity securities		(17,404	)		75,705			(21,592	)		(3,346,922	)
Sales of real estate		0			0			0			0
Other-than-temporary impairments		18,129			0			(393,455	)		0
Other		0			0			0			0
Total realized losses		725			75,705			(415,047	)		(3,411,914	)
Net realized investment gains (losses)		145,904			1,591,814			4,166,827			(504,032	)
Change in fair value of equity securities:
Change in fair value of equity securities held at the end of the period		(9,380,710	)		(2,115,401	)		10,994,305			(2,803,878	)
Change in fair value of equity securities		(9,380,710	)		(2,115,401	)		10,994,305			(2,803,878	)
Net investment gains (losses)	$	(9,234,806	)	$	(523,587	)	$	15,161,132		$	(3,307,910	)
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
Fixed maturities	$	(1,186,410	)	$	169,058		$	(6,161,411	)	$	8,237,909
Net increase (decrease)	$	(1,186,410	)	$	169,058		$	(6,161,411	)	$	8,237,909

Trading Revenue Charged to Investment Income from Trading Securities

Trading revenue charged to net investment income from trading securities was:

	Three Months Ended
	September 30,
	2021		2020
Net unrealized gains (losses)	$	379	$	1,581
Net realized gains (losses)		2,056		0
Net unrealized and realized gains (losses)	$	2,435	$	1,581

	Nine Months Ended
	September 30,
	2021		2020
Net unrealized gains (losses)	$	1,329	$	1,581
Net realized gains (losses)		20,360		0
Net unrealized and realized gains (losses)	$	21,689	$	1,581

Maximum and Minimum Lending Rates for Mortgage Loan

During 2021 and 2020, the maximum and minimum lending rates for mortgage loans were:

	2021						2020
	Maximum rate			Minimum rate			Maximum rate			Minimum rate
Farm Loans		5.00	%		4.50	%		4.50	%		4.50	%
Commercial Loans		5.25	%		4.10	%		5.25	%		4.24	%
Residential Loans		5.00	%		4.95	%		4.95	%		4.95	%

Mortgage Loan Holdings

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

	September 30, 2021		December 31, 2020
In good standing	$	14,281,747	$	18,704,351
Overdue interest over 90 days		2,080,773		2,098,014
Total mortgage loans	$	16,362,520	$	20,802,365

Investment Real Estate by Type

The following table provides an allocation of the Company’s investment real estate by type:

	September 30, 2021		December 31, 2020
Raw land	$	13,765,285	$	11,727,103
Commercial		2,654,217		3,530,064
Residential		2,961,360		2,797,648
Land, minerals and royalty interests		17,919,493		20,031,576
Total investment real estate	$	37,300,355	$	38,086,391