FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	4,917	$	4,917	$	—	$	—
Agency mortgage backed securities	29,235		15,750		13,485		—
Asset backed securities	9,173		2,499		6,674		—
Corporate bonds	41,263		—		41,263		—
Private label asset backed securities	8,967		936		8,031		—
States, municipalities and political subdivisions	5,121		—		5,121		—
Foreign governments	947		947		—		—
Trading securities	145		145		—		—
Equity securities	4,807		3,405		—		1,402
Total Financial Assets	$	104,575	$	28,599	$	74,574	$	1,402
Financial Liabilities
Interest rate swap	$	(848)	$	—	$	—	$	(848)
Total Financial Liabilities	$	(848)	$	—	$	—	$	(848)

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)

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 six months ended June 30, 2020:

($ in thousands) For the six months ended June 30, 2020	Equity Securities		Interest Rate Swap
Beginning balance	$	1,315	$	(65)
Total gains or losses (realized and unrealized):
Included in earnings	87		—
Included in other comprehensive income	—		(783)
Purchases:	—		—
Sales:	—		—
Issuances:	—		—
Settlements:	—		—
Transfers in/(out) of Level 3	—		—
Ending balance	$	1,402	$	(848)
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 June 30, 2020:	$	—	$	—

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:	$	—	$	—

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments as of June 30, 2020 and December 31, 2019 are as follows:

($ in thousands)	June 30, 2020				December 31, 2019
Assets and related instruments	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Held-to-maturity securities	$	1,165	$	1,265	$	1,290	$	1,345
Mortgage loans	146		146		147		147
Policy loans	1,887		1,887		1,895		1,895
Company owned life insurance	4,695		4,695		4,655		4,655
Other invested assets	2,146		2,146		2,280		2,280
Liabilities and related instruments
Other policyholder funds	1,326		1,326		1,350		1,350
Short-term notes payable and current portion of long-term debt	500		500		500		500
Long-term debt	13,671		13,671		13,664		13,664