XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Investments [Abstract]  
Available for Sale Securities
Investments in available for sale securities are summarized as follows:

June 30, 2022
  
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
  
$
21,312,711
    
$
0
    
$
(726,455
)
  
$
20,586,256
  
U.S. special revenue and assessments
    
7,537,981
      
985,555
      
0
      
8,523,536
  
All other corporate bonds
    
92,584,976
      
322,474
      
(3,880,699
)
    
89,026,751
  
   
$
121,435,668
    
$
1,308,029
    
$
(4,607,154
)
  
$
118,136,543
  

December 31, 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
  
$
25,312,358
    
$
355,623
    
$
(17,078
)
  
$
25,650,903
  
U.S. special revenue and assessments
    
7,540,867
      
982,668
      
0
      
8,523,535
  
All other corporate bonds
    
95,096,738
      
11,692,705
      
0
      
106,789,443
  
   
$
127,949,963
    
$
13,030,996
    
$
(17,078
)
  
$
140,963,881
  
Debt Securities by Contractual Maturity
The amortized cost and estimated market value of debt securities at June 30, 2022, 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
June 30, 2022
  
Amortized Cost
    
Fair Value
  
Due in one year or less
  
$
7,501,776
    
$
7,494,055
  
Due after one year through five years
    
44,835,101
      
44,068,821
  
Due after five years through ten years
    
20,027,750
      
20,942,277
  
Due after ten years
    
22,092,801
      
20,516,755
  
Fixed maturities with no single maturity date
    
26,978,240
      
25,114,635
  
Total
  
$
121,435,668
    
$
118,136,543
  
Fair Value of Investments with Sustained Gross Unrealized Losses
The fair value of investments with sustained gross unrealized losses are as follows:

June 30, 2022
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
  
$
20,586,256
      
(726,455
)
    
0
      
0
      
20,586,256
    
$
(726,455
)
All other corporate bonds
    
74,322,835
      
(3,880,699
)
    
0
      
0
      
74,322,835
      
(3,880,699
)
Total fixed maturities
  
$
94,909,091
      
(4,607,154
)
    
0
      
0
      
94,909,091
    
$
(4,607,154
)

December 31, 2021
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
  
$
4,042,825
      
(17,078
)
    
0
      
0
      
4,042,825
    
$
(17,078
)
Total fixed maturities
  
$
4,042,825
      
(17,078
)
    
0
      
0
      
4,042,825
    
$
(17,078
)
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 June 30, 2022
                  
Fixed maturities
    
47
      
0
      
47
  
As of December 31, 2021
                        
Fixed maturities
    
3
      
0
      
3
  
Net Investment Gains (Losses) and Change in Net Unrealized Gains (Losses) on Investments
The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on investments. 

  
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2022
    
2021
    
2022
    
2021
  
Realized gains:
                        
Sales of fixed maturities
  
$
314
    
$
34,236
    
$
4,683
    
$
34,236
  
Sales of equity securities
    
12,223
      
3,006,835
      
397,581
      
3,019,207
  
Sales of real estate
    
113,398
      
1,247,193
      
4,571,840
      
1,383,252
  
Total realized gains
    
125,935
      
4,288,264
      
4,974,104
      
4,436,695
  
Realized losses:
                                
Sales of fixed maturities
    
(5,210
)
    
0
      
(5,210
)
    
0
  
Sales of equity securities
    
(41,616
)
    
(803
)
    
(109,636
)
    
(4,188
)
 Other-than-temporary impairments
    
0
      
(411,584
)
    
0
      
(411,584
)
Total realized losses
    
(46,826
)
    
(412,387
)
    
(114,846
)
    
(415,772
)
Net realized investment gains (losses)
    
79,109
      
3,875,877
      
4,859,258
      
4,020,923
  
Change in fair value of equity securities:
                                
Change in fair value of equity securities held at the end of the period
    
(790,338
)
    
195,136
      
7,364,291
      
20,375,015
  
Change in fair value of equity securities
    
(790,338
)
    
195,136
      
7,364,291
      
20,375,015
  
Net investment gains (losses)
  
$
(711,229
)
  
$
4,071,013
    
$
12,223,549
    
$
24,395,938
  
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
                                
Fixed maturities
  
$
(7,129,016
)
  
$
2,505,067
    
$
(16,313,575
)
  
$
(4,975,001
)
Net increase (decrease)
  
$
(7,129,016
)
  
$
2,505,067
    
$
(16,313,575
)
  
$
(4,975,001
)
Trading Revenue Charged to Investment Income from Trading Securities
Trading revenue charged to net investment income from trading securities was:

  
Three Months Ended
  
   
June 30,
  
   
2022
    
2021
  
Net unrealized gains (losses)
  
$
0
    
$
(1,784
)
Net realized gains (losses)
    
(10,767
)
    
7,350
  
Net unrealized and realized gains (losses)
  
$
(10,767
)
  
$
5,566
  

 
Six Months Ended
  
   
June 30,
  
   
2022
    
2021
  
Net unrealized gains (losses)
  
$
0
    
$
950
  
Net realized gains (losses)
    
(13,283
)
    
18,304
  
Net unrealized and realized gains (losses)
  
$
(13,283
)
  
$
19,254
  
Maximum and Minimum Lending Rates for Mortgage Loan
During 2022 and 2021, the maximum and minimum lending rates for mortgage loans were:

  
2022
    
2021
  
   
Maximum rate
    
Minimum rate
    
Maximum rate
    
Minimum rate
  
Farm Loans
    
6.00
%
    
4.50
%
    
6.00
%
    
4.50
%
Commercial Loans
    
6.00
%
    
4.10
%
    
5.50
%
    
4.10
%
Residential Loans
    
5.00
%
    
4.15
%
    
5.00
%
    
4.15
%
Mortgage Loan Holdings
The following table summarizes the mortgage loan holdings of the Company for the periods ended:

  
June 30, 2022
    
December 31, 2021
  
In good standing
  
$
27,706,407
    
$
27,102,789
  
Overdue interest over 90 days
    
2,080,773
      
2,080,773
  
Total mortgage loans
  
$
29,787,180
    
$
29,183,562
  
Investment Real Estate by Type
The following table provides an allocation of the Company’s investment real estate by type:

  
June 30, 2022
    
December 31, 2021
  
Raw land
  
$
12,345,613
    
$
14,538,507
  
Commercial
    
5,229,742
      
4,347,423
  
Residential
    
4,745,295
      
3,813,936
  
Land, minerals and royalty interests
    
15,558,981
      
17,048,395
  
Total investment real estate
  
$
37,879,631
    
$
39,748,261