FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 are summarized in the following table by the type of inputs applicable to the fair value measurements:

($ in thousands)	Fair Value Measurements at Reporting Date Using
Description	Total			Level 1		Level 2		Level 3
Financial Assets
Fixed maturities available-for-sale
U.S. Government corporations and agencies	$	4,281		$	4,281	$	—	$	—
Agency mortgage backed securities	32,987			19,330		13,657		—
Asset backed securities	10,274			2,601		7,673		—
Corporate bonds	37,820			—		37,820		—
Private label asset backed securities	7,252			1,060		6,192		—
States, municipalities and political subdivisions	6,777			—		6,777		—
Foreign governments	869			869		—		—
Trading securities	149			149		—		—
Equity securities	5,303			3,988		—		1,315
Total Financial Assets	$	105,712		$	32,278	$	72,119	$	1,315
Financial Liabilities
Interest rate swap	$	(65	)	$	—	$	—	$	(65	)
Total Financial Liabilities	$	(65	)	$	—	$	—	$	(65	)

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 are summarized in the following table by the type of inputs applicable to the fair value measurements:

($ in thousands)	Fair Value Measurements at Reporting Date Using
Description	Total			Level 1		Level 2		Level 3
Financial Assets
Fixed maturities available-for-sale
U.S. Government corporations and agencies	$	4,744		$	4,147	$	597	$	—
Agency mortgage backed securities	27,106			11,756		15,350		—
Asset backed securities	10,660			2,939		7,721		—
Corporate bonds	35,791			—		35,791		—
Private label asset backed securities	5,947			—		5,947		—
States, municipalities and political subdivisions	10,073			—		10,073		—
Foreign governments	804			804		—		—
Trading securities	107			107		—		—
Equity securities available-for-sale	4,306			3,181		—		1,125
Total Financial Assets	$	99,538		$	22,934	$	75,479	$	1,125
Financial Liabilities
Interest rate swap	$	(234	)	$	—	$	—	$	(234	)
Total Financial Liabilities	$	(234	)	$	—	$	—	$	(234	)

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019:

($ in thousands) For the year December 31, 2019	Equity Securities			Interest Rate Swap
Beginning balance	$	1,125		$	(234	)
Total gains or losses (realized and unrealized):
Included in earnings	645			—
Included in other comprehensive income	—			169
Purchases:	—			—
Sales:	(455		)	—
Issuances:	—			—
Settlements:	—			—
Transfers in/(out) of Level 3	—			—
Ending balance	$	1,315		$	(65	)
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held as of December 31, 2019:	$	—		$	—

The table below presents a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2018:

($ in thousands) For the year ended December 31, 2018	Equity Securities Available-for-Sale		Interest Rate Swap
Beginning balance	$	1,073	$	(608	)
Total gains or losses (realized and unrealized):
Included in earnings	52		—
Included in other comprehensive income	—		374
Purchases:	—		—
Sales:	—		—
Issuances:	—		—
Settlements:	—		—
Transfers in/(out) of Level 3	—		—
Ending balance	$	1,125	$	(234	)
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held as of December 31, 2018:	$	—	$	—

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments as of December 31, 2019 and December 31, 2018 are as follows:

($ in thousands)	December 31, 2019				December 31, 2018
Assets and related instruments	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Held-to-maturity securities	$	1,290	$	1,345	$	1,449	$	1,443
Mortgage loans	147		147		156		156
Policy loans	1,895		1,895		1,854		1,854
Company owned life insurance	4,655		4,655		4,600		4,600
Other invested assets	2,280		2,280		2,148		2,148
Liabilities and related instruments
Other policyholder funds	1,350		1,350		1,515		1,515
Short-term notes payable and current portion of long-term debt	500		500		2,200		2,200
Long-term debt	13,664		13,664		12,152		12,152