INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2015

Amortized cost and estimated values of investments in securities including investments held for sale

Investments in available for sale securities are summarized as follows:

March 31, 2015		Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	22,417,779	$	2,018,645	$	(7,032)	$	24,429,392
U.S. special revenue and assessments		1,137,664		26,396		0		1,164,060
Collateralized mortgage obligations		916,506		80,657		(10)		997,153
Public utilities		399,931		57,704		0		457,635
All other corporate bonds		164,315,410		10,736,662		(1,536,322)		173,515,750
		189,187,290		12,920,064		(1,543,364)		200,563,990
Equity securities		40,567,620		3,366,554		(582,489)		43,351,685
Total	$	229,754,910	$	16,286,618	$	(2,125,853)	$	243,915,675

December 31, 2014		Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	23,036,161	$	1,970,791	$	(50,184)	$	24,956,768
States, municipalities and political subdivisions		95,000		2,385		0		97,385
U.S. special revenue and assessments		1,137,702		13,739		(202,930)		948,511
Collateralized mortgage obligations		1,005,081		92,091		(6)		1,097,166
Public utilities		399,927		55,913		0		455,840
All other corporate bonds		162,960,493		8,624,486		(1,659,193)		169,925,786
		188,634,364		10,759,405		(1,912,313)		197,481,456
Equity securities		39,275,638		2,260,855		(540,491)		40,996,002
Total	$	227,910,002	$	13,020,260	$	(2,452,804)	$	238,477,458

Amortized cost and estimated market value of debt securities, by contractual maturity

The amortized cost and estimated market value of debt securities at March 31, 2015, 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, 2015		Amortized Cost		Estimated Fair Value

Due in one year or less	$	3,359,020	$	3,450,132
Due after one year through five years		22,740,022		24,083,177
Due after five years through ten years		81,389,426		86,783,934
Due after ten years		80,782,316		85,249,594
Collateralized mortgage obligations		916,506		997,153
Total	$	189,187,290	$	200,563,990

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at March 31, 2015 and December 31, 2014 are as follows:

March 31, 2015		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	$	0	0	$	4,990,625	(7,032)	$	4,990,625	(7,032)
Collateralized mortgage obligations		0	0		986	(10)		986	(10)
All other corporate bonds		19,437,851	(351,722)		3,576,334	(1,184,600)		23,014,185	(1,536,322)
Total fixed maturities	$	19,437,851	(351,722)	$	8,567,945	(1,191,642)	$	28,005,796	(1,543,364)

Equity securities	$	2,579,789	(582,489)	$	0	0	$	2,579,789	(582,489)

December 31, 2014		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	$	0	0	$	4,947,265	(50,184)	$	4,947,265	(50,184)
U.S. special revenue and assessments		0	0		784,390	(202,930)		784,390	(202,930)
Collateralized mortgage obligations		0	0		1,012	(6)		1,012	(6)
All other corporate bonds		28,954,477	(416,560)		3,535,206	(1,242,633)		32,489,683	(1,659,193)
Total fixed maturities	$	28,954,477	(416,560)	$	9,267,873	(1,495,753)	$	38,222,350	(1,912,313)

Equity securities	$	6,067,132	(540,491)	$	0	0	$	6,067,132	(540,491)

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, 2015
Fixed maturities	12	6	18
Equity securities	25	0	25
As of December 31, 2014
Fixed maturities	18	7	25
Equity securities	25	0	25

Trading revenue charged to investment

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

		Three Months Ended
		March 31,
		2015		2014

Net unrealized gains (losses)	$	947,630	$	260,651
Net realized gains (losses)		(423,657)		21,173
Net unrealized and realized gains (losses)	$	523,973	$	281,824

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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