FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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

Financial assets measured at fair value on a recurring basis as of September 30, 2021 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	$	5,381	$	5,381	$	—	$	—
Agency mortgage backed securities	19,855		12,407		7,448		—
Asset backed securities	6,028		2,917		3,111		—
Corporate bonds	52,975		—		52,975		—
Private label asset backed securities	2,954		—		2,954		—
States, municipalities and political subdivisions	8,727		—		8,727		—
Trading securities	183		183		—		—
Equity securities	4,837		3,215		—		1,622
Total Financial Assets	$	100,940	$	24,103	$	75,215	$	1,622

Financial assets and liabilities measured at fair value on a recurring basis as of December 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	$	4,614	$	4,614	$	—	$	—
Agency mortgage backed securities	20,629		12,044		8,585		—
Asset backed securities	8,343		2,343		6,000		—
Corporate bonds	39,651		—		39,651		—
Private label asset backed securities	1,413		891		522		—
States, municipalities and political subdivisions	6,749		—		6,749		—
Trading securities	169		169		—		—
Equity securities available-for-sale	4,750		3,248		—		1,502
Total Financial Assets	$	86,318	$	23,309	$	61,507	$	1,502
Financial Liabilities
Interest rate swap	$	(619)	$	—	$	—	$	(619)
Total Financial Liabilities	$	(619)	$	—	$	—	$	(619)

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

The table below presents a reconciliation for all assets and for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2021:

($ in thousands) For the nine months ended September 30, 2021	Equity Securities		Interest Rate Swap
Beginning balance	$	1,502	$	(619)
Total gains or losses (realized and unrealized):
Included in earnings	120		—
Included in other comprehensive income	—		619
Purchases:	—		—
Sales:	—		—
Issuances:	—		—
Settlements:	—		—
Transfers in/(out) of Level 3	—		—
Ending balance	$	1,622	$	—
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 September 30, 2021:	$	120	$	—

The table below presents a reconciliation for all assets and for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2020:

($ in thousands) For the year ended December 31, 2020	Equity Securities Available-for-Sale		Interest Rate Swap
Beginning balance	$	1,315	$	(65)
Total gains or losses (realized and unrealized):
Included in earnings	187		—
Included in other comprehensive income	—		(554)
Purchases:	—		—
Sales:	—		—
Issuances:	—		—
Settlements:	—		—
Transfers in/(out) of Level 3	—		—
Ending balance	$	1,502	$	(619)
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, 2020:	$	187	$	—

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments as of September 30, 2021 and December 31, 2020 are as follows:

($ in thousands)	September 30, 2021				December 31, 2020
Assets and related instruments	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Held-to-maturity securities	$	632	$	682	$	873	$	946
Mortgage loans	143		143		145		145
Policy loans	1,782		1,782		1,846		1,846
Company owned life insurance	5,024		5,024		4,998		4,998
Other invested assets	1,740		1,740		2,033		2,033
Liabilities and related instruments
Other policyholder funds	1,365		1,365		1,342		1,342
Short-term notes payable and current portion of long-term debt	500		500		500		500
Long-term debt	13,186		13,186		13,177		13,177