Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Values of Fixed Maturities and Equity Securities

The amortized cost and estimated fair values of our fixed maturities at December 31, 2018 and 2017 are as follows:

	2018
Held to Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	76,222,306	$	174,904	$	1,086,613	$	75,310,597
Obligations of states and political subdivisions		159,292,158		8,236,804		704,104		166,824,858
Corporate securities		127,010,071		396,197		4,391,451		123,014,817
Mortgage-backed securities		40,273,983		64,318		450,277		39,888,024
Totals	$	402,798,518	$	8,872,223	$	6,632,445	$	405,038,296

	2018
Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	45,188,053	$	25,241	$	1,003,365	$	44,209,929
Obligations of states and political subdivisions		73,760,836		1,762,127		306,994		75,215,969
Corporate securities		140,688,937		203,393		3,059,185		137,833,145
Mortgage-backed securities		275,474,625		148,967		6,324,331		269,299,261
Totals	$	535,112,451	$	2,139,728	$	10,693,875	$	526,558,304

	2017
Held to Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	71,736,445	$	804,012	$	546,868	$	71,993,589
Obligations of states and political subdivisions		137,581,155		11,161,650		112,193		148,630,612
Corporate securities		108,024,776		2,860,255		730,843		110,154,188
Mortgage-backed securities		49,312,701		515,976		156,638		49,672,039
Totals	$	366,655,077	$	15,341,893	$	1,546,542	$	380,450,428

	2017
Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	44,759,456	$	20,377	$	730,409	$	44,049,424
Obligations of states and political subdivisions		128,478,000		3,941,610		302,440		132,117,170
Corporate securities		105,254,120		1,010,744		525,445		105,739,419
Mortgage-backed securities		259,922,761		444,603		3,327,327		257,040,037
Totals	$	538,414,337	$	5,417,334	$	4,885,621	$	538,946,050

Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

We set forth below the amortized cost and estimated fair value of fixed maturities at December 31, 2018 by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
Held to maturity
Due in one year or less	$	7,058,908	$	7,050,979
Due after one year through five years		71,760,946		72,293,032
Due after five years through ten years		138,736,485		137,974,815
Due after ten years		144,968,196		147,831,446
Mortgage-backed securities		40,273,983		39,888,024
Total held to maturity	$	402,798,518	$	405,038,296
Available for sale
Due in one year or less	$	32,119,775	$	32,223,407
Due after one year through five years		88,814,531		87,999,196
Due after five years through ten years		119,447,672		117,530,095
Due after ten years		19,255,848		19,506,345
Mortgage-backed securities		275,474,625		269,299,261
Total available for sale	$	535,112,451	$	526,558,304

Summary of Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at December 31, 2018 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	40,942,716	$	4,817,917	$	2,093,624	$	43,667,009

The cost and estimated fair values of our equity securities at December 31, 2017 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	44,219,097	$	6,505,287	$	279,141	$	50,445,243

Summary of Financial Information

We include our share of DFSC’s net income in our results of operations. We have compiled the following summary financial information for DFSC at December 31, 2018 and 2017 from the financial statements of DFSC.

	December 31,
Balance sheets:	2018		2017
Total assets	$	553,190,379	$	567,935,408
Total liabilities	$	468,187,592	$	487,603,999
Stockholders’ equity		85,002,787		80,331,409
Total liabilities and stockholders’ equity	$	553,190,379	$	567,935,408

	Year Ended December 31,
Income statements:	2018		2017		2016
Net income	$	5,457,636	$	3,362,861	$	2,252,456

Summary of Net Investment Income, consisting Primarily of Interest and Dividends

We derive net investment income, consisting primarily of interest and dividends, from the following sources:

	2018			2017			2016
Fixed maturities	$	27,733,555		$	26,143,924		$	25,066,582
Equity securities		1,264,120			999,335			1,187,814
Short-term investments		795,522			407,580			115,763
Other		29,450			33,316			108,003
Investment income		29,822,647			27,584,155			26,478,162
Investment expenses		(2,914,991	)		(4,056,851	)		(3,845,432	)
Net investment income	$	26,907,656		$	23,527,304		$	22,632,730

Summary of Gross Realized Gains and Losses from Investments before Applicable Income Taxes

We present below gross gains and losses from investments, including those we classified as held to maturity, and the change in the difference between fair value and cost of investments:

	2018			2017		2016
Gross gains:
Fixed maturities	$	131,660		$	168,855	$	2,161,108
Equity securities		1,890,762			6,197,253		1,378,548
		2,022,422			6,366,108		3,539,656
Gross losses:
Fixed maturities		630,904			98,723		281,131
Equity securities		6,193,027			562,130		732,950
		6,823,931			660,853		1,014,081
Net (losses) gains	$	(4,801,509	)	$	5,705,255	$	2,525,575
Change in difference between fair value and cost of investments:
Fixed maturities	$	(20,641,433	)	$	2,335,578	$	(12,932,470	)
Equity securities		(3,501,853	)		1,569,999		3,160,356
Totals	$	(24,143,286	)	$	3,905,577	$	(9,772,114	)

Summary of Fixed Maturities and Equity Securities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2018 as follows:

	Less than 12 months				12 months or longer
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	26,342,398	$	165,774	$	54,900,027	$	1,924,204
Obligations of states and political subdivisions		28,321,962		477,357		21,559,520		533,741
Corporate securities		149,269,854		4,482,870		59,396,885		2,967,766
Mortgage-backed securities		82,593,454		912,616		181,379,875		5,861,992
Totals	$	286,527,668	$	6,038,617	$	317,236,307	$	11,287,703

We held fixed maturities and equity securities with unrealized losses representing declines that we considered temporary at December 31, 2017 as follows:

	Less than 12 months				12 months or longer
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	24,024,445	$	286,518	$	33,987,229	$	990,759
Obligations of states and political subdivisions		10,223,383		120,076		14,127,415		294,557
Corporate securities		35,203,959		253,241		31,560,591		1,003,047
Mortgage-backed securities		100,533,516		817,315		124,061,502		2,666,650
Equity securities		4,291,875		279,141		—		—
Totals	$	174,277,178	$	1,756,291	$	203,736,737	$	4,955,013