FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 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	$	5,022	$	5,022	$	—	$	—
Agency mortgage backed securities	18,542		12,934		5,608		—
Asset backed securities	4,431		2,443		1,988		—
Corporate bonds	48,990		—		48,990		—
Private label asset backed securities	3,548		—		3,548		—
States, municipalities and political subdivisions	8,850		—		8,850		—
Trading securities	179		179		—		—
Equity securities	4,083		2,702		—		1,381
Total Financial Assets	$	93,645	$	23,280	$	68,984	$	1,381

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 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	$	5,325	$	5,325	$	—	$	—
Agency mortgage backed securities	18,523		11,916		6,607		—
Asset backed securities	4,756		2,730		2,026		—
Corporate bonds	53,608		—		53,608		—
Private label asset backed securities	2,857		—		2,857		—
States, municipalities and political subdivisions	9,674		—		9,674		—
Trading securities	191		191		—		—
Equity securities available-for-sale	3,977		2,363		—		1,614
Total Financial Assets	$	98,911	$	22,525	$	74,772	$	1,614

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 three months ended March 31, 2022:

($ in thousands) For the three months ended March 31, 2022	Equity Securities		Interest Rate Swap
Beginning balance	$	1,614	$	—
Total gains or losses (realized and unrealized):
Included in earnings	(233)		—
Included in other comprehensive income	—		—
Purchases:	—		—
Sales:	—		—
Issuances:	—		—
Settlements:	—		—
Transfers in/(out) of Level 3	—		—
Ending balance	$	1,381	$	—
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, 2022:	$	(233)	$	—

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, 2021:

($ in thousands) For the year ended December 31, 2021	Equity Securities Available-for-Sale		Interest Rate Swap
Beginning balance	$	1,502	$	(619)
Total gains or losses (realized and unrealized):
Included in earnings	112		—
Included in other comprehensive income	—		619
Purchases:	—		—
Sales:	—		—
Issuances:	—		—
Settlements:	—		—
Transfers in/(out) of Level 3	—		—
Ending balance	$	1,614	$	—
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, 2021:	$	112	$	—

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, 2022 and December 31, 2021 are as follows:

($ in thousands)	March 31, 2022				December 31, 2021
Assets and related instruments	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Held-to-maturity securities	$	581	$	590	$	608	$	650
Mortgage loans	141		141		142		142
Policy loans	1,769		1,769		1,767		1,767
Company owned life insurance	4,700		4,700		5,069		5,069
Other invested assets	1,472		1,472		1,619		1,619
Liabilities and related instruments
Other policyholder funds	1,313		1,313		1,302		1,302
Short-term notes payable and current portion of long-term debt	500		500		500		500
Long-term debt	12,693		12,693		12,690		12,690