Note 7 - Investments in Securities

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

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

7. Investments in Securities

At

March 31, 2018,

the Company classified the marketable equity securities as available-for-sale securities, which are recorded at fair value based upon quoted market prices with changes in fair value recorded in Other Comprehensive Income (Loss) (“OCI”). The gains and losses on available-for-sale securities are

not

reported in Net (Loss) in the consolidated Statement of Income (Loss) until the securities are sold or if there is an other-than temporary decline in fair value below cost.

The Company adopted ASU

2016

-

01

as of

April 1, 2018

and as a result has reclassified the beginning accumulated OCI balance of approximately

$106,000

related to marketable equity securities to beginning Retained Earnings (see Statement of Equity). As a result of adoption of this guidance, the Company now recognizes changes in fair value of these securities in the Consolidated Statement of Income (Loss).

During the

three

months ended

June 30, 2018,

the Company had a gross unrealized gains aggregating

$61,000

and gross unrealized losses aggregating

$416,000,

which is included in the Consolidated Statement of Income (Loss).

All investments in marketable securities are priced using publicly quoted market prices and are considered Level

1

fair value measurements.

In

June 2018,

the Company invested

$2,000,000

in a quota share reinsurance program in the form of participating notes. The investment period is

3

years; subject to early redemption if applicable. Based on the Company’s intent and the ability to hold the investment, the Company has classified the investment as held-to-maturity. The investment is reported at amortized cost of

$2,000,000

at

June 30, 2018.