FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2020

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 available-for-sale	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 March 31, 2020 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	$	4,895		$	4,895	$	—	$	—
Agency mortgage backed securities	34,987			19,684		15,303		—
Asset backed securities	9,270			2,545		6,725		—
Corporate bonds	37,814			—		37,814		—
Private label asset backed securities	8,320			967		7,353		—
States, municipalities and political subdivisions	6,317			—		6,317		—
Foreign governments	927			927		—		—
Trading securities	125			125		—		—
Equity securities	4,704			3,343		—		1,361
Total Financial Assets	$	107,359		$	32,486	$	73,512	$	1,361
Financial Liabilities
Interest rate swap	$	(754	)	$	—	$	—	$	(754	)
Total Financial Liabilities	$	(754	)	$	—	$	—	$	(754	)

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 ended December 31, 2019	Equity Securities Available-for-Sale			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 three months ended March 31, 2020:

($ in thousands) For the three months ended March 31, 2020	Equity Securities		Interest Rate Swap
Beginning balance	$	1,315	$	(65	)
Total gains or losses (realized and unrealized):
Included in earnings	46		—
Included in other comprehensive income	—		(689		)
Purchases:	—		—
Sales:	—		—
Issuances:	—		—
Settlements:	—		—
Transfers in/(out) of Level 3	—		—
Ending balance	$	1,361	$	(754	)
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 March 31, 2020:	$	—	$	—

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 are as follows:

($ in thousands)	March 31, 2020				December 31, 2019
Assets and related instruments	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Held-to-maturity securities	$	1,249	$	1,354	$	1,290	$	1,345
Mortgage loans	147		147		147		147
Policy loans	1,912		1,912		1,895		1,895
Company owned life insurance	4,405		4,405		4,655		4,655
Other invested assets	2,240		2,240		2,280		2,280
Liabilities and related instruments
Other policyholder funds	1,335		1,335		1,350		1,350
Short-term notes payable and current portion of long-term debt	500		500		500		500
Long-term debt	13,667		13,667		13,664		13,664