Fixed maturity securities (amortized cost - $89,975,510 at 6/30/2018 and $87,773,047 at 12/31/2017)

$ 89,694,843

^[1]

$ 89,605,073

12,972,786

12,401,538

Property held for investment, at cost, net of accumulated depreciation of $172,791 at 6/30/2018 and $50,948 at 12/31/2017

^[1]

139,200

3,112,608

^[1]

3,126,566

Cash and cash equivalents

4,055,577

^[1]

6,876,519

Total investments and cash

109,975,014

^[1]

112,009,696

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $50,000 at 6/30/2018 and 12/31/2017

668,230

^[1]

687,453

21,433,743

^[1]

19,013,262

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2018 and 12/31/2017

685,736

^[1]

274,972

8,287,587

^[1]

10,029,834

$ 9,750,000

$ 12,115,000

Deferred policy acquisition costs, net

1,552,037

^[1]

922,405

5,090,527

^[1]

4,592,415

Property and equipment, at cost, net of accumulated depreciation of $4,815,812 at 6/30/2018 and $4,896,042 at 12/31/2017

3,474,335

^[1]

3,503,904

1,298,764

^[1]

1,301,420

152,465,973

^[1]

152,335,361

51,387,881

^[1]

51,074,126

$ 49,691,000

$ 52,817,000

29,298,437

^[1]

26,555,582

943,686

^[1]

327,483

Corporate debt

3,489,056

^[1]

4,339,208

Additional paid-in capital

3,256,084

^[1]

4,274,002

Other liabilities

1,922,410

^[1]

1,663,415

Total liabilities

90,297,554

^[1]

88,233,816

Equity:

Common stock

^[2]

35,000

^[1]

35,000

32,418,807

^[1]

32,333,290

Accumulated other comprehensive (loss) earnings, net of tax

(375,404)

^[1]

2,227,069

Less: Unearned Employee Stock Ownership Plan shares at cost

33,254,695

^[1]

32,787,406

^[3]

(3,164,679)

^[1]

(3,281,220)

62,168,419

^[1]

64,101,545

152,465,973

^[1]

152,335,361

^[4]

12,907,136

^[1]

8,534,109

Condensed Consolidated Statements of Earnings and Comprehensive Earnings [Abstract]

$ 65,650

^[1]

$ 3,867,429

[1]	As restated
[2]	Par value $0.01; authorized: 2018 - 10,000,000 shares and 2017 - 10,000,000 shares; issued: 2018 - 3,500,000 shares and 2017 - 3,500,000 shares; outstanding: 2018 - 3,183,532 and 2017 - 3,171,878 shares.
[3]	2018 -316,468 shares and 2017 - 328,122 shares
[4]	At June 30, 2018, common stock securities consist entirely of individual common stocks. At December 31, 2017, common stock consisted of exchange trade funds (ETF) made up primarily of Dividends Select and the S&P 500.

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Fixed maturity securities, amortized cost	$ 89,975,510	$ 87,773,047
Equity securities, amortized cost	13,167,315	11,414,491
Property held for investment, accumulated depreciation	172,791	50,948
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	50,000	50,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 4,815,812	$ 4,896,042
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	3,500,000	3,500,000
Common stock, shares outstanding (in shares)	3,183,532	3,171,878
Unearned ESOP shares (in shares)	316,468	328,122
Common Stocks [Member]
Equity securities, amortized cost	$ 13,100,640	$ 7,631,180
Preferred Stocks [Member]
Equity securities, amortized cost	$ 66,675	$ 3,783,311

Condensed Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Net premiums earned

$ 11,485,071

^[1]

$ 10,710,758

$ 22,782,015

^[1]

$ 21,548,864

Net investment income

685,492

^[1]

688,963

1,388,376

^[1]

1,161,287

Net realized investment losses

(29,930)

^[1]

(3)

1,072,200

^[1]

444,778

Losses and settlement expenses

(57,316)

Other (loss) income

(507)

^[1]

64,722

56,171

^[1]

148,980

Consolidated revenues

12,140,126

^[1]

11,407,124

25,298,762

^[1]

23,246,593

7,790,587

^[1]

6,864,258

15,786,436

^[1]

13,463,642

Policy acquisition costs and other operating expenses

4,476,071

^[1]

4,720,298

8,613,422

^[1]

8,454,950

Interest expense on debt

27,621

^[1]

57,229

75,782

^[1]

109,539

General corporate expenses

133,806

^[1]

128,905

270,056

^[1]

268,120

12,428,085

^[1]

11,770,690

24,745,696

^[1]

22,296,251

(287,959)

^[1]

(363,566)

553,066

^[1]

950,342

(79,420)

^[1]

(128,443)

85,778

^[1]

336,421

Other comprehensive (loss) earnings, net of tax

(208,539)

^[1]

(235,123)

467,288

^[1]

613,921

(35,396)

^[1]

542,427

(2,602,473)

^[1]

596,908

$ (243,935)

^[1]

$ 307,304

$ (2,135,185)

^[1]

$ 1,210,829

Basic:

$ (0.07)

^[1]

$ (0.07)

$ 0.15

^[1]

$ 0.19

Diluted:

Weighted average number of common shares outstanding:

$ (0.07)

^[1]

$ (0.07)

$ 0.15

^[1]

$ 0.19

Basic

3,179,669

^[1]

3,153,876

3,174,324

^[1]

3,151,946

Diluted

3,180,679

^[1]

3,153,876

3,175,334

^[1]

3,151,946

[1]	As restated

Condensed Consolidated Statements of Cash Flows - USD ($)

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Adjustments to reconcile net earnings to net cash used in operating activities

$ 467,288

^[1]

$ 613,921

Net realized investment gains

(1,072,200)

^[1]

(444,778)

57,316

Depreciation

310,857

^[1]

428,161

Amortization of bond premium and discount

(37,143)

^[1]

190,257

158,743

^[1]

135,265

Stock-based compensation expense

^[1]

202,058

Premiums and reinsurance balances receivable, (net)

19,223

^[1]

(122,970)

(2,420,481)

^[1]

(361,761)

(410,764)

^[1]

(25,457)

Reinsurance balances recoverable

616,203

^[1]

20,431

1,742,247

^[1]

2,364,744

Deferred policy acquisition costs

(498,112)

^[1]

(139,961)

313,755

^[1]

(3,125,882)

2,742,855

^[1]

1,022,675

(1,017,918)

^[1]

(1,645,086)

99,307

^[1]

(483,608)

Net cash provided by (used in) operating activities

261,651

^[1]

102,915

1,477,569

^[1]

(1,413,818)

(9,003,061)

^[1]

(22,821,724)

Property held for investment

^[1]

(39,200)

(31,673)

^[1]

(677,714)

(300,484)

^[1]

(333,887)

6,669,276

^[1]

4,414,597

Net cash used in investing activities

64,826

^[1]

967

(3,448,359)

^[1]

(23,317,840)

Cash flows from financing activities:

Net proceeds received from issuance of shares of common stock

29,253,588

Proceeds from loans

3,499,149

Net cash (used in) provided by financing activities

(850,152)

^[1]

(2,294,961)

(850,152)

^[1]

30,457,776

Net (decrease) increase in cash and cash equivalents

(2,820,942)

^[1]

5,726,118

Cash and cash equivalents at beginning of year

6,876,519

^[1]

4,376,847

Cash and cash equivalents at end of period

4,055,577

^[1]

10,102,965

Supplemental information:

Federal income tax paid

600,000

Interest paid

108,336

^[1]

109,451

(13,363,215)

^[1]

(5,216,872)

8,834,375

^[1]

1,955,715

(140,925)

^[1]

$ (638,922)

Summary of Significant Accounting Policies [Abstract]

^[1]

$ 3,861,722

[1]	As restated

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Summary of Significant Accounting Policies

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. DESCRIPTION OF BUSINESS

ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-Q, references to “the Company,” “we,” “us,” and “our” refer to the consolidated group for the period after the completion of the stock conversion and refer to Illinois Casualty Company (ICC) and its subsidiaries for the period prior to the stock conversion. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., an inactive insurance agency; Estrella Innovative Solutions, Inc., an outsourcing company; and ICC, an operating insurance company. ICC is an Illinois domiciled company.

ICC Holdings, Inc. was formed so that it could acquire all of the capital stock of ICC in a mutual-to-stock conversion. The plan of conversion was approved by ICC policyholders at a special meeting on March 17, 2017. Simultaneously, surplus notes totaling $1.65 million were converted into 165,000 shares of the Company’s common stock. The Company’s offering closed on March 24, 2017, and our Employee Stock Ownership Plan (ESOP) purchased 350,000 of the shares in the offering. On March 28, 2017, the Company’s stock began trading on the NASDAQ Capital Market under the “ICCH” ticker. The Company paid $1.0 million of underwriting fees to Griffin Financial Group, LLC. Proceeds received from the offering, net of offering costs and underwriting fees, was $28.7 million.

Prior to the conversion on March 24, 2017, ICC Holdings, Inc. did not engage in any operations. Since the conversion, ICC Holdings, Inc’s primary assets are the outstanding equity of ICC, ICC Realty, LLC, Estrella Innovative Solutions, Inc., Beverage Insurance Agency, Inc., and a portion of the net proceeds from the stock offering completed in connection with the mutual-to-stock conversion. On the effective date of the conversion, ICC became a wholly owned subsidiary of ICC Holdings, Inc. The mutual-to-stock conversion was accounted for as a change in corporate form with the historic basis of ICC’s assets, liabilities, and equity unchanged as a result.

We are a specialty insurance carrier primarily underwriting commercial multi-peril, liquor liability, workers’ compensation, and umbrella liability coverages for the food and beverage industry through our subsidiary insurance company, ICC. ICC writes business in Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Ohio, and Wisconsin and markets through independent agents. Approximately 28.8% and 36.5% of the premium is written in Illinois for the three months ended June 30, 2018 and 2017, respectively. For the six months ended, June 30, 2018 and 2017, approximately 30.9% and 36.2% of the premium is written in Illinois, respectively. ICC sold its two wholly-owned subsidiaries, Beverage Insurance Agency, Inc. and Estrella Innovative Solutions, Inc. to ICC Holdings during the second quarter of 2018. ICC sold all of its real estate holdings held by ICC Realty, LLC to its parent, ICC Holdings, Inc.; via the sale of all of the outstanding equity of ICC Realty, LLC to ICC Holdings, Inc. during the fourth quarter of 2017. The Company operates as a single segment.

B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at June 30, 2018, and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year.

The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates.

C. SIGNIFICANT ACCOUNTING POLICIES

The Company reported significant accounting policies in the 2017 10-K. The following are new or revised disclosures.

STOCK-BASED COMPENSATION

We have compensation plans under which stock-based awards may be granted to our employees as described in Note 9 – Employee Benefits. The Company recognizes the fair value of stock-based compensation ratably during each year through a charge to compensation expense and a corresponding entry to equity based on vesting criteria and other pertinent terms of the awards. Stock-based awards are accounted for as equity awards in instances where the awards’ vesting are linked to market, performance, or service condition. The Company granted Restricted Stock Units (RSUs) for the first time in February of 2018. Upon vesting of any outstanding RSUs, the Company has the option to elect to pay cash or part cash and part Common Stock in lieu of delivering on shares of Common Stock for vested units. The Company’s intention is to settle vested units in Common Stock, and therefore the RSUs are accounted for as equity awards. Equity awards to employees are generally expensed based on the grant date fair value.

EARNINGS PER SHARE

Basic and diluted earnings per share (EPS) are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. The denominator for basic and diluted EPS includes ESOP shares committed to be released. Dilutive earnings per share includes the effect of all potentially dilutive instruments, such as restricted stock units (RSUs), outstanding during the period.

D. PROSPECTIVE ACCOUNTING STANDARDS

For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the 2017 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies at a later date in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable.

E. PROPERTY AND EQUIPMENT

Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended June 30, 2018 and 2017, the Company recognized no impairments. Property and equipment are summarized as follows:



	As of
	June 30,		December 31,
	2018		2017
Automobiles	$	567,291	$	794,959
Furniture and fixtures		427,453		425,825
Computer equipment and software		3,453,042		3,404,975
Home office		3,842,361		3,774,187
Total cost		8,290,147		8,399,946
Accumulated depreciation		(4,815,812)		(4,896,042)
Net property and equipment	$	3,474,335	$	3,503,904

F. COMPREHENSIVE EARNINGS

Comprehensive earnings (loss) include net earnings (loss) plus the change in unrealized gains and losses on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21% and a 34% tax rate for the periods ending June 30, 2018 and 2017, respectively.

The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.



	Three-Month Periods Ended June 30,
	2018						2017
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings (loss), net of tax
Unrealized gains and losses on investments:
Unrealized holding (losses) gains arising during the period	$	(74,733)	$	15,692	$	(59,041)	$	764,541	$	(259,944)	$	504,597
Reclassification adjustment for (gains) losses included in net earnings		29,930		(6,285)		23,645		57,319		(19,489)		37,830
Total other comprehensive (loss) earnings	$	(44,803)	$	9,407	$	(35,396)	$	821,860	$	(279,433)	$	542,427



	Six-Month Periods Ended June 30,
	2018						2017
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings (loss), net of tax
Unrealized gains and losses on investments:
Unrealized holding (losses) gains arising during the period	$	(2,222,069)	$	466,634	$	(1,755,435)	$	1,291,868	$	(439,235)	$	852,633
Reclassification adjustment for (gains) losses included in net earnings		(1,072,200)		225,162		(847,038)		(387,462)		131,737		(255,725)
Total other comprehensive (loss) earnings	$	(3,294,269)	$	691,796	$	(2,602,473)	$	904,406	$	(307,498)	$	596,908

The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented:



Amounts Reclassified from
Accumulated Other Comprehensive Earnings
Details about Accumulated Other	Three-Month Periods Ended June 30,				Six-Month Periods Ended June 30,				Affected Line Item in the Statement
Comprehensive Earnings Component	2018		2017		2018		2017		where Net Earnings is Presented
Unrealized gains (losses) on AFS investments:
	$	29,930	$	3	$	(1,072,200)	$	(444,778)	Net realized invesment losses (gains)
		—		57,316		—		57,316	Other-than-temporary impairment losses
		(6,285)		(19,489)		225,162		131,737	Income tax (benefit) expense
Total reclassification adjustment, net of tax	$	23,645	$	37,830	$	(847,038)	$	(255,725)

Restatement of Previously Issued Consolidated Financial Statements

6 Months Ended

Jun. 30, 2018

Restatement of Previously Issued Consolidated Financial Statements [Abstract]

Restatement of Previously Issued Consolidated Financial Statements

2. RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

In connection with the preparation and review of the Company's consolidated financial statements required to be included in the Quarterly Report on Form 10-Q for the period ended September 30, 2018, management identified certain errors in the Company's previously filed Form 10-Q for the period ended June 30, 2018. As a result, the Company concluded that its previously issued consolidated financial statements for the second quarter of 2018 needed to be restated. Within this report, the Company has included restated unaudited interim consolidated financials statements as of and for the three and six months ended June 30, 2018. This Note 2 to the unaudited interim consolidated financial statements discloses the nature of the restatement matters and adjustments and shows the impact of the restatement for the three and six months ended June 30, 2018.

The restatement corrects an error primarily related to some contingent commission data inadvertently not being compiled.

ADJUSTMENTS NEEDED TO CORRECT ERROR



(1)	Accrual of contingent commissions – The contingent commission accrual was inadvertently missing certain data that was not being aggregated correctly. This resulted in an understatement of contingent commission by $316,000 thereby changing the Company’s reported net earnings for the three and six months ended June 30, 2018 to a net loss of $208,539 (from net earnings of $39,200) and net earnings of $467,288 (from $715,027), respectively.



(2)	Income taxes – Change in income taxes related to the error described in (1) above were also corrected and impacted the unaudited interim Consolidated Balance Sheets, Consolidated Statements of Earnings and Comprehensive Earnings, and the Consolidated Statement of Cash Flows for the three and six months ended June 30, 2018.

The following summarizes the impact of the Restatement on our previously reported unaudited interim Consolidated Balance Sheets, Consolidated Statements of Earnings and Comprehensive Earnings and Consolidated Statements of Cash Flows for the three and six months ended June 30, 2018:

Consolidated Balance Sheet (Unaudited)


	As of
	June 30, 2018
	As previously reported		Adjustments		As restated
Assets
Investments and cash:
Available for sale securities, at fair value
Fixed maturity securities (amortized cost - $89,975,510 at	$	89,694,843	$	—	$	89,694,843
6/30/2018 and $87,773,047 at 12/31/2017)
Common stocks¹ (cost - $13,100,640 at		12,907,136		—		12,907,136
6/30/2018 and $7,631,180 at 12/31/2017)
Short-term investments, at cost which approximates fair value		—		—		—
Preferred stocks (cost - $66,675 at		65,650		—		65,650
6/30/2018 and $3,783,311 at 12/31/2017)
Other invested assets		139,200		—		139,200
Property held for investment, at cost, net of accumulated depreciation of $172,791 at 6/30/2018 and $50,948 at 12/31/2017		3,112,608		—		3,112,608
Cash and cash equivalents		4,055,577		—		4,055,577
Total investments and cash		109,975,014		—		109,975,014
Accrued investment income		668,230		—		668,230
Premiums and reinsurance balances receivable, net of allowances for		21,433,743		—		21,433,743
uncollectible amounts of $50,000 at 6/30/2018 and 12/31/2017
Ceded unearned premiums		685,736		—		685,736
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2018 and 12/31/2017		8,287,587		—		8,287,587
Federal income taxes		1,492,828		59,209		1,552,037
Deferred policy acquisition costs, net		5,090,527		—		5,090,527
Property and equipment, at cost, net of accumulated depreciation of		3,474,335		—		3,474,335
$4,815,812 at 6/30/2018 and $4,896,042 at 12/31/2017
Other assets		1,289,712		9,052		1,298,764
Total assets	$	152,397,712	$	68,261	$	152,465,973

Liabilities and Equity
Liabilities:
Unpaid losses and settlement expenses	$	51,387,881	$	—	$	51,387,881
Unearned premiums		29,298,437		—		29,298,437
Reinsurance balances payable		943,686		—		943,686
Corporate debt		3,489,056		—		3,489,056
Accrued expenses		2,940,084		316,000		3,256,084
Bank overdraft		—		—		—
Other liabilities		1,922,410		—		1,922,410
Total liabilities		89,981,554		316,000		90,297,554

Equity:
Common stock2		35,000		—		35,000
Additional paid-in capital		32,418,807		—		32,418,807
Accumulated other comprehensive (loss) earnings, net of tax		(375,404)		—		(375,404)
Retained earnings		33,502,434		(247,739)		33,254,695
Less: Unearned Employee Stock Ownership Plan shares at cost3		(3,164,679)		—		(3,164,679)
Total equity		62,416,158		(247,739)		62,168,419
Total liabilities and equity	$	152,397,712	$	68,261	$	152,465,973

1At June 30, 2018, common stock securities consist entirely of individual common stocks. At December 31, 2017, common stock consisted of exchange trade funds (ETF) made up primarily of Dividends Select and the S&P 500.

2Par value $0.01; authorized: 2018 - 10,000,000 shares and 2017 – 10,000,000 shares; issued: 2018 - 3,500,000 shares and 2017 – 3,500,000 shares; outstanding: 2018 - 3,183,532 and 2017 - 3,171,878 shares.

32018 –316,468 shares and 2017 – 328,122 shares

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited)


	For the Three-Months Ended
	June 30, 2018
	As previously reported		Adjustments		As restated
Net premiums earned	$	11,485,071	$	—	$	11,485,071
Net investment income		685,492		—		685,492
Net realized investment losses		(29,930)		—		(29,930)
Other-than-temporary impairment losses		—		—		—
Other (loss) income		(507)		—		(507)
Consolidated revenues		12,140,126		—		12,140,126
Losses and settlement expenses		7,790,587		—		7,790,587
Policy acquisition costs and other operating expenses		4,160,071		316,000		4,476,071
Interest expense on debt		27,621		—		27,621
General corporate expenses		133,806		—		133,806
Total expenses		12,112,085		316,000		12,428,085
Earnings (loss) before income taxes		28,041		(316,000)		(287,959)
Total income tax benefit		(11,159)		(68,261)		(79,420)
Net earnings (loss)	$	39,200	$	(247,739)	$	(208,539)

Other comprehensive (loss) earnings, net of tax		(35,396)		—		(35,396)
Comprehensive earnings	$	3,804	$	(247,739)	$	(243,935)

Earnings (loss) per share:
Basic:
Basic net earnings (loss) per share	$	0.01	$	(0.08)	$	(0.07)
Diluted:
Diluted net earnings (loss) per share	$	0.01	$	(0.08)	$	(0.07)

Weighted average number of common shares outstanding:
Basic		3,179,669		—		3,179,669
Diluted		3,180,679		—		3,180,679

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited)


	For the Six-Months Ended
	June 30, 2018
	As previously reported		Adjustments		As restated
Net premiums earned	$	22,782,015	$	—	$	22,782,015
Net investment income		1,388,376		—		1,388,376
Net realized investment losses		1,072,200		—		1,072,200
Other-than-temporary impairment losses		—		—		—
Other (loss) income		56,171		—		56,171
Consolidated revenues		25,298,762		—		25,298,762
Losses and settlement expenses		15,786,436		—		15,786,436
Policy acquisition costs and other operating expenses		8,297,422		316,000		8,613,422
Interest expense on debt		75,782		—		75,782
General corporate expenses		270,056		—		270,056
Total expenses		24,429,696		316,000		24,745,696
Earnings (loss) before income taxes		869,066		(316,000)		553,066
Total income tax benefit		154,039		(68,261)		85,778
Net earnings (loss)	$	715,027	$	(247,739)	$	467,288

Other comprehensive (loss) earnings, net of tax		(2,602,473)		—		(2,602,473)
Comprehensive earnings	$	(1,887,446)	$	(247,739)	$	(2,135,185)

Earnings (loss) per share:
Basic:
Basic net earnings (loss) per share	$	0.23	$	(0.08)	$	0.15
Diluted:
Diluted net earnings (loss) per share	$	0.23	$	(0.08)	$	0.15

Weighted average number of common shares outstanding:
Basic		3,174,324		—		3,174,324
Diluted		3,175,334		—		3,175,334

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six-Month Periods Ended June 30, 2018
	As previously reported		Adjustments		As restated
Cash flows from operating activities:
Net earnings	$	715,027	$	(247,739)	$	467,288
Adjustments to reconcile net earnings to net cash
used in operating activities
Net realized investment gains		(1,072,200)		—		(1,072,200)
Other-than-temporary impairment losses		—		—		—
Depreciation		310,857		—		310,857
Deferred income tax		(35,427)		(1,716)		(37,143)
Amortization of bond premium and discount		158,743		—		158,743
Stock-based compensation expense		202,058		—		202,058
Change in:
Accrued investment income		19,223		—		19,223
Premiums and reinsurance balances receivable, (net)		(2,420,481)		—		(2,420,481)
Ceded unearned premiums		(410,764)		—		(410,764)
Reinsurance balances payable		616,203		—		616,203
Reinsurance balances recoverable		1,742,247		—		1,742,247
Deferred policy acquisition costs		(498,112)		—		(498,112)
Unpaid losses and settlement expenses		313,755		—		313,755
Unearned premiums		2,742,855		—		2,742,855
Accrued expenses		(1,333,918)		316,000		(1,017,918)
Current federal income tax		156,800		(57,493)		99,307
Other		270,703		(9,052)		261,651
Net cash provided by (used in) operating activities		1,477,569		—		1,477,569
Cash flows from investing activities:
Purchases of:
Fixed maturity securities, available-for-sale		(9,003,061)		—		(9,003,061)
Common stocks, available-for-sale		(13,363,215)		—		(13,363,215)
Preferred stocks, available-for-sale		(140,925)		—		(140,925)
Other invested assets		(39,200)		—		(39,200)
Property held for investment		(31,673)		—		(31,673)
Property and equipment		(300,484)		—		(300,484)
Proceeds from sales, maturities and calls of:				—		—
Fixed maturity securities, available-for-sale		6,669,276		—		6,669,276
Common stocks, available-for-sale		8,834,375		—		8,834,375
Preferred stocks, available-for-sale		3,861,722		—		3,861,722
Property and equipment		64,826		—		64,826
Net cash used in investing activities		(3,448,359)		—		(3,448,359)
Cash flows from financing activities:
Net proceeds received from issuance of shares of common stock		—		—		—
Proceeds from loans		—		—		—
Repayments of borrowed funds		(850,152)		—		(850,152)
Net cash (used in) provided by financing activities		(850,152)		—		(850,152)
Net (decrease) increase in cash and cash equivalents		(2,820,942)		—		(2,820,942)
Cash and cash equivalents at beginning of year		6,876,519		—		6,876,519
Cash and cash equivalents at end of period	$	4,055,577	$	—	$	4,055,577
Supplemental information:
Federal income tax paid	$	—	$	—	$	—
Interest paid		108,336		—		108,336

Investments

6 Months Ended

Jun. 30, 2018

Investments [Abstract]

Investments

3. INVESTMENTS

The Company’s investments are primarily composed of fixed income debt securities and common and preferred stock equity securities. All of the Company’s fixed maturity debt and equity investments are presented as available-for-sale (AFS), which are carried at fair value. When available, quoted market prices are obtained to determine fair value for the Company’s investments. If a quoted market price is not available, fair value is estimated using a secondary pricing source or using quoted market prices of similar securities. The Company has no investment securities for which fair value is determined using Level 3 inputs as defined in Note 4 – Fair Value Disclosures. Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date, which does not differ significantly from trade date accounting.

Fixed Income Securities - Available-for-Sale

The following tables are a summary of the proceeds from sales, maturities, and calls of available-for-sale securities and the related gross realized gains and losses.



	For the Three-Months Ended Ended June 30,
							Net realized
	Proceeds		Gains		Losses		gain / (Loss)
2018
Fixed maturity securities	$	2,598,335	$	4,669	$	(13,084)	$	(8,415)
Common stocks		241,047		16,473		(37,988)		(21,515)
2017
Fixed maturity securities	$	906,700	$	—	$	(3)	$	(3)



	For the Six-Months Ended June 30,
							Net realized
	Proceeds		Gains		Losses		gain
2018
Fixed maturity securities	$	6,669,276	$	52,787	$	(26,115)	$	26,672
Common stocks		8,834,375		1,102,862		(62,242)		1,040,620
Preferred stocks		3,861,722		86,862		(81,954)		4,908
2017
Fixed maturity securities	$	4,414,597	$	29,328	$	(21)	$	29,307
Common stocks		1,955,715		415,471		—		415,471

The amortized cost and estimated fair value of fixed income securities at June 30, 2018, by contractual maturity, are shown as follows:



	Amortized Cost		Fair Value
Due in one year or less	$	311,535	$	311,420
Due after one year through five years		23,915,785		23,924,513
Due after five years through 10 years		10,685,245		10,767,086
Due after 10 years		18,034,819		18,283,025
Asset and mortgage backed securities without a specific due date		37,028,126		36,408,799
Total fixed maturity securities	$	89,975,510	$	89,694,843

Expected maturities may differ from contractual maturities due to call provisions on some existing securities.

The following table is a schedule of cost or amortized cost and estimated fair values of investments in fixed income and equity securities as of June 30, 2018 and December 31, 2017:



	Cost or				Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2018
Fixed maturity securities:
U.S. treasury	$	1,347,640	$	1,321,469	$	—	$	(26,171)
MBS/ABS/CMBS		37,028,126		36,408,799		49,487		(668,814)
Corporate		31,210,729		31,157,991		356,164		(408,902)
Municipal		20,389,015		20,806,584		486,377		(68,808)
Total fixed maturity securities		89,975,510		89,694,843		892,028		(1,172,695)
Equity securities:
Common stocks		13,100,640		12,907,136		656,830		(850,334)
Preferred stocks		66,675		65,650		—		(1,025)
Total equity securities		13,167,315		12,972,786		656,830		(851,359)
Total AFS securities	$	103,142,825	$	102,667,629	$	1,548,858	$	(2,024,054)



	Cost or				Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2017
Fixed maturity securities:
U.S. treasury	$	1,346,712	$	1,333,725	$	—	$	(12,987)
MBS/ABS/CMBS		31,584,141		31,518,662		158,944		(224,423)
Corporate		31,038,526		31,989,174		1,001,906		(51,258)
Municipal		23,803,668		24,763,512		976,872		(17,028)
Total fixed maturity securities		87,773,047		89,605,073		2,137,722		(305,696)
Equity securities:
Common stocks		7,631,180		8,534,109		920,629		(17,700)
Preferred stocks		3,783,311		3,867,429		132,054		(47,936)
Total equity securities		11,414,491		12,401,538		1,052,683		(65,636)
Total AFS securities	$	99,187,538	$	102,006,611	$	3,190,405	$	(371,332)

All of the Company’s collaterized securities carry an average credit rating of AA+ by one or more major rating agency and continue to pay according to contractual terms. Included within MBS/ABS/CMBS, as defined in Note 4 – Fair Value Disclosures, are residential mortgage backed securities with fair values of $14,271,429 and $13,517,725 and commercial mortgage backed securities of $9,177,628 and $8,469,852 at June 30, 2018 and December 31, 2017, respectively.

ANALYSIS

The following table is also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of June 30, 2018, and December 31, 2017. The table segregates the securities based on type, noting the fair value, cost (or amortized cost), and unrealized loss on each category of investment as well as in total. The table further classifies the securities based on the length of time they have been in an unrealized loss position.



	June 30, 2018						December 31, 2017
			12 Months						12 Months
	< 12 Months		& Greater		Total		< 12 Months		& Greater		Total
U.S. treasury
Fair value	$	1,029,263	$	292,206	$	1,321,469	$	1,038,297	$	295,428	$	1,333,725
Cost or amortized cost		1,047,472		300,168		1,347,640		1,046,508		300,204		1,346,712
Unrealized loss		(18,209)		(7,962)		(26,171)		(8,211)		(4,776)		(12,987)

MBS/ABS/CMBS
Fair value		20,073,237		6,708,127		26,781,364		9,754,119		7,445,071		17,199,190
Cost or amortized cost		20,368,837		7,081,341		27,450,178		9,778,528		7,645,085		17,423,613
Unrealized loss		(295,600)		(373,214)		(668,814)		(24,409)		(200,014)		(224,423)

Corporate
Fair value		17,434,719		755,371		18,190,090		5,583,942		2,023,856		7,607,798
Cost or amortized cost		17,799,788		799,204		18,598,992		5,610,093		2,048,963		7,659,056
Unrealized loss		(365,069)		(43,833)		(408,902)		(26,151)		(25,107)		(51,258)

Municipal
Fair value		3,644,260		839,947		4,484,207		478,019		1,171,520		1,649,539
Cost or amortized cost		3,677,077		875,938		4,553,015		479,904		1,186,663		1,666,567
Unrealized loss		(32,817)		(35,991)		(68,808)		(1,885)		(15,143)		(17,028)

Subtotal, fixed income
Fair value		42,181,479		8,595,651		50,777,130		16,854,377		10,935,875		27,790,252
Cost or amortized cost		42,893,174		9,056,651		51,949,825		16,915,033		11,180,915		28,095,948
Unrealized loss		(711,695)		(461,000)		(1,172,695)		(60,656)		(245,040)		(305,696)

Common stock
Fair value		7,254,241		—		7,254,241		637,100		—		637,100
Cost or amortized cost		8,104,575		—		8,104,575		654,800		—		654,800
Unrealized loss		(850,334)		—		(850,334)		(17,700)		—		(17,700)

Preferred stock
Fair value		65,650		—		65,650		842,530		520,710		1,363,240
Cost or amortized cost		66,675		—		66,675		870,755		540,421		1,411,176
Unrealized loss		(1,025)		—		(1,025)		(28,225)		(19,711)		(47,936)

Total
Fair value		49,501,370		8,595,651		58,097,021		18,334,007		11,456,585		29,790,592
Cost or amortized cost		51,064,424		9,056,651		60,121,075		18,440,588		11,721,336		30,161,924
Unrealized loss	$	(1,563,054)	$	(461,000)	$	(2,024,054)	$	(106,581)	$	(264,751)	$	(371,332)

As of June 30, 2018, the Company held 148 common stock and preferred stock securities in an unrealized loss position. Of these 148 securities, none have been in an unrealized loss position for 12 consecutive months or longer. As of December 31, 2017, the Company held 13 equity securities that were in unrealized loss positions. Of these 13 securities, five were in an unrealized loss position for 12 consecutive months or longer and represented $19,711 in unrealized losses.

The fixed income portfolio contained 124 securities in an unrealized loss position as of June 30, 2018. Of these 124 securities, 24 have been in an unrealized loss position for 12 consecutive months or longer and represent $461,000 in unrealized losses. All fixed income securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Credit-related impairments on fixed income securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net earnings. Any non-credit related impairment is recognized in comprehensive earnings. Based on management’s analysis, the fixed income portfolio is of a high credit quality and it is believed it will recover the amortized cost basis of the fixed income securities. Management monitors the credit quality of the fixed income investments to assess if it is probable that the Company will receive its contractual or estimated cash flows in the form of principal and interest. There were no other-than-temporary impairment losses recognized in net earnings during the first six months ended June 30, 2018. For the six months ended, June 30, 2017, the Company recognized in net earnings $57,316 of other-than-temporary impairment losses on an ETF included in common stock that was impaired during the second quarter of 2017. The securities in an unrealized loss position were not other-than-temporarily impaired at June 30, 2018 and December 31, 2017.

Other Invested Assets

Other invested assets include privately held investments, including membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018 . Our investment in FHLBC stock is carried at cost. Due to the nature of our membership in the FHLBC, its carrying amount approximates fair value. As of June 30, 2018, there were no investments pledged as collateral with the FHLBC. There may be investments pledged as collateral with the FHLBC to ensure timely access to the secured lending facility that ownership of FHLBC stock provides. As of and during the three and six month periods ending June 30, 2018, there were no outstanding borrowings with the FHLBC.

Fair Value Disclosures

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Disclosures

4. FAIR VALUE DISCLOSURES

Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. The fair value of certain financial instruments is determined based on their underlying characteristics and relevant transactions in the marketplace. GAAP guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance also describes three levels of inputs that may be used to measure fair value.

The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level:

· Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets.

· Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.

· Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value.

As a part of the process to determine fair value, management utilizes widely recognized, third-party pricing sources to determine fair values. Management has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy.

Corporate, Agencies, and Municipal Bonds—The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All Corporate, Agencies, and Municipal securities are deemed Level 2.

Mortgage-backed Securities (MBS)/Collateralized Mortgage Obligations (CMO) and Asset-backed Securities (ABS)—The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (non-volatile, volatile, or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate CMO volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates, and recent trade activity. MBS/CMO and ABS with corroborated and observable inputs are classified as Level 2. All MBS/CMO and ABS holdings are deemed Level 2.

U.S. Treasury Bonds, Common Stocks and Exchange Traded Funds—U.S. treasury bonds and exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). All common stock holdings are deemed Level 1.

Preferred Stock—Preferred stocks do not have readily observable prices, but do have quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices and are classified as Level 2. All preferred stock holdings are deemed Level 2.

Due to the relatively short-term nature of cash, cash equivalents, and the mortgage on the home office, their carrying amounts are reasonable estimates of fair value. Reported in Note 5 – Debt, the surplus notes, capital lease obligations, and other debt obligations are carried at face value and given that there is no readily available market for these to trade in, management believes that face value accurately reflects fair value. Cash and cash equivalents are classified as Level 1 of the hierarchy.

Assets measured at fair value on a recurring basis as of June 30, 2018, are as summarized below:



			Significant
	Quoted in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
AFS securities
Fixed maturity securities
U.S. treasury	$	1,321,469	$	—	$	—	$	1,321,469
MBS/ABS/CMBS		—		36,408,799		—		36,408,799
Corporate		—		31,157,991		—		31,157,991
Municipal		—		20,806,584		—		20,806,584
Total fixed maturity securities		1,321,469		88,373,374		—		89,694,843
Equity securities
Common stocks		12,907,136		—		—		12,907,136
Preferred stocks		—		65,650		—		65,650
Total equity securities		12,907,136		65,650		—		12,972,786
Total AFS securities	$	14,228,605	$	88,439,024	$	—	$	102,667,629

Assets measured at fair value on a recurring basis as of December 31, 2017, are as summarized below:


			Significant
	Quoted in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
AFS securities
Fixed maturity securities
U.S. treasury	$	1,333,725	$	—	$	—	$	1,333,725
MBS/ABS/CMBS		—		31,518,662		—		31,518,662
Corporate		—		31,989,174		—		31,989,174
Municipal		—		24,763,512		—		24,763,512
Total fixed maturity securities		1,333,725		88,271,348		—		89,605,073
Equity securities
Common stocks		8,534,109		—		—		8,534,109
Preferred stocks		—		3,867,429		—		3,867,429
Total equity securities		8,534,109		3,867,429		—		12,401,538
Total AFS securities	$	9,867,834	$	92,138,777	$	—	$	102,006,611

As noted in the previous tables, the Company did not have any assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2018, and December 31, 2017. Additionally, there were no securities transferred in or out of Levels 1 or 2 during the six-month periods ended June 30, 2018 and 2017.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt

6 Months Ended

Jun. 30, 2018

Debt [Abstract]

Unpaid Losses and Settlement Expenses [Abstract]

5. DEBT

As of June 30, 2018 and December 31, 2017, outstanding debt balances totaled $3,489,056 and $4,339,208, respectively. The average rate on remaining debt was 3.7% as of June 30, 2018, compared to 3.9% as of December 31, 2017.

Long-term debt consists of the following as of the periods referenced below:



	June 30,		December 31,
	2018		2017
Capital lease obligation	$	—	$	805,013
Debt obligation		3,489,056		3,534,195
Total	$	3,489,056	$	4,339,208

Leasehold Obligation

The Company entered into a sale leaseback arrangement in 2016 that was accounted for as a capital lease. Under the agreement, Bofi Federal Bank purchased electronic data processing software, vehicles, and other assets which are leased to the Company. These assets remained on the Company’s books due to provisions within the agreement that trigger capital lease accounting. To secure the lowest rate possible of 4.7%, the Company pledged bonds totaling $923,563 and $923,766 as of March 31, 2018 and December 31, 2017. There was no gain or loss recognized as part of this transaction. On March 2, 2018 and March 7, 2018, the Company paid $404,928 and $346,000, respectively to Bofi. These disbursements were made to pay off the balances of the sale leaseback arrangements. As a result of paying off the leasehold obligations during the first quarter of 2018, the bonds pledged as collateral related to this debt were released in April 2018. Lease payments totaled $- and $125,494 for the three months ended June 30, 2018 and 2017, respectively. For the six months ended June 30, 2018 and 2017, lease payments totaled $70,051 and $250,988, respectively. The outstanding lease obligation was $0 and $805,013 at June 30, 2018 and December 31, 2017, respectively.

Debt Obligation

ICC Holdings, Inc. secured a loan with American Bank & Trust in March 2017 in the amount of $3,500,000 and used the proceeds to repay ICC for the money borrowed by the ESOP. The term of the loan is five years bearing interest at 3.65%. The Company pledged the ESOP shares and $1.5 million of trust assets as collateral for the loan. Additionally, the Company entered into two debt agreements in 2016 with Bofi Federal Bank; one agreement for $500,000 and another debt agreement for $75,000. The terms of the loans were 36 months, but the Company had the option to prepay the $500,000 loan after 12 months. The Company paid off the remaining balance of the $500,000 loan in September 2017. The $75,000 loan was paid off in March of 2018. The total balance of the debt agreements at June 30, 2018 and December 31, 2017 was $3,489,056 and $3,534,195, respectively.

Revolving Line of Credit

We maintain a revolving line of credit with American Bank & Trust, which permits borrowing up to an aggregate principal amount of $1.75 million. This facility was initially entered into during 2013 and is renewed annually with a current expiration of August 25, 2018. The line of credit is priced at 30 day LIBOR plus 2% with a floor of 3.5%. In order to secure the lowest rate possible, the Company pledged marketable securities not to exceed $5.0 million in the event the Company draws down on the line of credit. There was no interest paid on the line of credit during the six months ended June 30, 2018 and no interest paid on the line of credit during the six months ended June 30, 2017. There are no financial covenants governing this agreement.

Reinsurance

6 Months Ended

Jun. 30, 2018

Reinsurance [Abstract]

Reinsurance

6. REINSURANCE

In the ordinary course of business, the Company assumes and cedes premiums and selected insured risks with other insurance companies, known as reinsurance. A large portion of the reinsurance is put into effect under contracts known as treaties and, in some instances, by negotiation on each individual risk (known as facultative reinsurance). In addition, there are several types of treaties including quota share, excess of loss and catastrophe reinsurance contracts that protect against losses over stipulated amounts arising from any one occurrence or event. The arrangements allow the Company to pursue greater diversification of business and serve to limit the maximum net loss to a single event, such as a catastrophe. Through the quantification of exposed policy limits in each region and the extensive use of computer-assisted modeling techniques, management monitors the concentration of risks exposed to catastrophic events.

Through the purchase of reinsurance, the Company also generally limits its net loss on any individual risk to a maximum of $750,000, although certain treaties contain an annual aggregate deductible before reinsurance applies.

Premiums, written and earned, along with losses and settlement expenses incurred for the periods presented is summarized as follows:



	Three-Month Periods Ended June 30,
	2018		2017
WRITTEN
Direct	$	16,024,661	$	13,821,048
Reinsurance assumed		39,681		63,549
Reinsurance ceded		(2,923,738)		(1,990,713)
Net	$	13,140,604	$	11,893,884
EARNED
Direct	$	14,175,677	$	12,580,381
Reinsurance assumed		41,420		67,956
Reinsurance ceded		(2,732,026)		(1,937,579)
Net	$	11,485,071	$	10,710,758
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	9,051,216	$	8,583,336
Reinsurance assumed		(1,374)		20,026
Reinsurance ceded		(1,259,255)		(1,739,104)
Net	$	7,790,587	$	6,864,258



	Six-Month Periods Ended June 30,
	2018		2017
WRITTEN
Direct	$	30,412,331	$	26,409,639
Reinsurance assumed		92,487		103,385
Reinsurance ceded		(5,390,711)		(3,966,942)
Net	$	25,114,107	$	22,546,082
EARNED
Direct	$	27,662,798	$	25,373,175
Reinsurance assumed		99,164		117,174
Reinsurance ceded		(4,979,947)		(3,941,485)
Net	$	22,782,015	$	21,548,864
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	18,597,156	$	16,452,838
Reinsurance assumed		34,757		62,458
Reinsurance ceded		(2,845,477)		(3,051,654)
Net	$	15,786,436	$	13,463,642

Unpaid Losses and Settlement Expenses

6 Months Ended

Jun. 30, 2018

Unpaid Losses and Settlement Expenses

7. UNPAID LOSSES AND SETTLEMENT EXPENSES

The following table is a reconciliation of the Company’s unpaid losses and settlement expenses:



	For the Six-Months Ended
	June 30,
(In thousands)	2018		2017
Unpaid losses and settlement expense - beginning of the period:
Gross	$	51,074	$	52,817
Less: Ceded		10,030		12,115
Net		41,044		40,702
Increase (decrease) in incurred losses and settlement expense:
Current year		14,263		13,804
Prior years		1,523		(340)
Total incurred		15,786		13,464
Deduct: Loss and settlement expense payments for claims incurred:
Current year		3,898		4,727
Prior years		9,832		9,498
Total paid		13,730		14,225
Net unpaid losses and settlement expense - end of the period		43,100		39,941
Plus: Reinsurance recoverable on unpaid losses		8,288		9,750
Gross unpaid losses and settlement expense - end of the period	$	51,388	$	49,691

Income Taxes

6 Months Ended

Jun. 30, 2018

Income Taxes [Abstract]

Income Taxes

8. INCOME TAXES

The Company’s effective tax rate for the six month period ended June 30, 2018, was 15.5%, compared to 35.4% for the same period in 2017. Effective rates are dependent upon components of pretax earnings and the related tax effects.

The Tax Cuts and Jobs Act of 2017 (the Tax Act) lowered the federal corporate tax rate to 21% effective January 1, 2018. We are still analyzing certain aspects of the TCJA and are refining our calculations of existing current and deferred tax amounts. No material changes were made to the tax effects recorded in 2017. Income tax expense for the three and six-month periods ended June 30, 2018 and 2017, differed from the amounts computed by applying the U.S. federal tax rate of 21% and 34%, respectively, to pretax income from continuing operations as demonstrated in the following tables:



	For the Three-Months Ended
	June 30,
	2018		2017
Provision for income taxes at the statutory federal tax rates	$	(60,471)	$	(123,612)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(8,950)		(9,104)
Tax-exempt interest income		(33,569)		(51,643)
Proration of tax exempt interest and dividends received deduction		10,413		9,112
Officer life insurance, net		3,578		5,793
Nondeductible expenses		9,746		8,530
Prior year true-ups and other		(167)		32,481
Total	$	(79,420)	$	(128,443)



	For the Six-Months Ended
	June 30,
	2018		2017
Provision for income taxes at the statutory federal tax rates	$	116,144	$	323,116
Increase (reduction) in taxes resulting from:
Dividends received deduction		(17,901)		(18,207)
Tax-exempt interest income		(69,892)		(91,981)
Proration of tax exempt interest and dividends received deduction		21,492		16,528
Officer life insurance, net		6,807		10,796
Nondeductible expenses		24,169		17,341
Prior year true-up and other		4,959		78,828
Total	$	85,778	$	336,421

The Company had historically recorded its deferred tax assets and liabilities using the statutory federal tax rate of 34%. As a result, the Company revalued deferred tax items as of December 31, 2017 to reflect the lower rate as provided for in the Tax Cuts and Jobs Act of 2017. The Tax Cuts and Jobs Act of 2017 provides for a change in the methodology employed to calculate reserves for tax purposes. Beginning January 1, 2018, a higher interest rate assumption and longer payout patterns will be used to discount these reserves. In addition, companies will no longer be able to elect to use their own experience to discount reserves, but will instead be required to use the industry-based tables published by the IRS annually; however, the 2018 tables have yet to be released. Consequently, the company cannot reasonably estimate the impact this would have on deferred taxes at June 30, 2018. Management believes it is more likely than not that all deferred tax assets will be recovered as the result of future operations, which will generate sufficient taxable income to realize the deferred tax asset. In addition, management believes that when these deferred items reverse in future years, taxable income will be taxed at a federal rate of 21%.

As of June 30, 2018 and December 31, 2017, the Company does not have any capital or operating loss carryforwards. Periods still subject to Internal Revenue Service (IRS) audit include 2014 through current year. There are currently no open tax exams.

Employee Benefits	6 Months Ended
Employee Benefits	Jun. 30, 2018
Employee Benefits [Abstract]
Employee Benefits	9. EMPLOYEE BENEFITS ESOP In connection with our conversion and public offering, we established an ESOP. The ESOP borrowed from the Company to purchase 350,000 shares in the offering. The issuance of the shares to the ESOP resulted in a contra account established in the equity section of the balance sheet for the unallocated shares at an amount equal to their $10.00 per share purchase price. The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP, the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. No contributions to the ESOP were made during the six months ended June 30, 2018 and 2017, respectively. A compensation expense charge is booked monthly during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For the six months ended June 30, 2018, we recognized compensation expense of $186,083 related to 11,654 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2018. Of the 11,654 shares committed to be released, 1,932 shares were committed on June 30, 2018 and had no impact on the weighted average common shares outstanding for the three and six months ended June 30, 2018. For the six months ended June 30, 2017, we recognized compensation expense of $141,328 related to 8,680 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2017. Of the 8,680 shares committed to be released at December 31, 2017, 2,389 shares were committed on June 30, 2017 and had no impact on the weighted average common shares outstanding for the three and six months ended June 30, 2017. RESTRICTED STOCK UNITS RSUs were granted for the first time in February 2018. RSUs have a grant date value equal to the closing price of the Company’s stock on the dates the shares are granted. The RSUs vest 1/3 over three years from the date of grant. As of June 30, 2018, 11,700 RSUs have been granted at a fair market value of $15.10. We recognized $14,682 and $20,975 of expense on these units in the three and six months ended June 30, 2018, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $155,695 as of June 30, 2018, which will be recognized over the remainder of the three-year vesting period.

Related Party	6 Months Ended
Related Party	Jun. 30, 2018
Related Party [Abstract]
Related Party	10. RELATED PARTY Mr. John R. Klockau, a director of the Company, held two surplus notes from the Company totaling $1,150,000 which were converted into 115,000 shares of the Company’s common stock on March 17, 2017. John R. Klockau received a payment for interest on the surplus notes of $12,975 during the three months ended March 31, 2017. Additionally, Mr. Klockau is a claims consultant and was paid $7,350 and $6,495 as of June 30, 2018 and 2017, respectively, related to his services to the Company. Mr. Kevin Clinton is a director of the Company and owns more than 10% of the Company’s outstanding shares of common stock. Mr. Clinton was paid $1,368 and $805 as of June 30, 2018 and 2017, respectively, for travel reimbursement costs. Mr. Scott T. Burgess is a director of the Company and a Senior Managing Director of Griffin Financial Group (Griffin). Mr. Burgess was paid $2,362, and $1,046 as of June 30, 2018 and 2017, respectively. Griffin was paid $0 and $893,240 as of June 30, 2018 and 2017, respectively. Griffin and Stevens & Lee are affiliated. Stevens & Lee is a full-service law firm that was paid $72,091 and $14,347 as of June 30, 2018 and 2017, respectively.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	11. SUBSEQUENT EVENTS Subsequent events have been evaluated through the date the financial statements were issued. The Company has reached an agreement in principle with the Clinton-Flood Purchasers, as previously defined in our final prospectus filed with the SEC on February 13, 2017, which includes R. Kevin Clinton, a member of the Company’s board of directors, and his affiliates, to repurchase 196,721 shares of the Company’s common stock at a price of $15.25 per share. The Company intends to complete the share repurchase upon completion of final agreements with the shareholders and receipt of regulatory approvals, with funding either by a loan from Illinois Casualty Company or from a dividend payment from Illinois Casualty Company to ICC Holdings, Inc. Illinois Casualty will fund the proceeds either from cash on hand or borrowing from the FHLB.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Summary of Significant Accounting Policies [Abstract]

Description of Business

A. DESCRIPTION OF BUSINESS

Principles of Consolidation and Basis of Presentation

B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

Significant Accountnig Policies

C. SIGNIFICANT ACCOUNTING POLICIES

The Company reported significant accounting policies in the 2017 10-K. The following are new or revised disclosures.

STOCK-BASED COMPENSATION

EARNINGS PER SHARE

Prospective Accounting Standards

D. PROSPECTIVE ACCOUNTING STANDARDS

Property and Equipment

E. PROPERTY AND EQUIPMENT



	As of
	June 30,		December 31,
	2018		2017
Automobiles	$	567,291	$	794,959
Furniture and fixtures		427,453		425,825
Computer equipment and software		3,453,042		3,404,975
Home office		3,842,361		3,774,187
Total cost		8,290,147		8,399,946
Accumulated depreciation		(4,815,812)		(4,896,042)
Net property and equipment	$	3,474,335	$	3,503,904

Comprehensive Earnings

F. COMPREHENSIVE EARNINGS

The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.



	Three-Month Periods Ended June 30,
	2018						2017
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings (loss), net of tax
Unrealized gains and losses on investments:
Unrealized holding (losses) gains arising during the period	$	(74,733)	$	15,692	$	(59,041)	$	764,541	$	(259,944)	$	504,597
Reclassification adjustment for (gains) losses included in net earnings		29,930		(6,285)		23,645		57,319		(19,489)		37,830
Total other comprehensive (loss) earnings	$	(44,803)	$	9,407	$	(35,396)	$	821,860	$	(279,433)	$	542,427



	Six-Month Periods Ended June 30,
	2018						2017
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings (loss), net of tax
Unrealized gains and losses on investments:
Unrealized holding (losses) gains arising during the period	$	(2,222,069)	$	466,634	$	(1,755,435)	$	1,291,868	$	(439,235)	$	852,633
Reclassification adjustment for (gains) losses included in net earnings		(1,072,200)		225,162		(847,038)		(387,462)		131,737		(255,725)
Total other comprehensive (loss) earnings	$	(3,294,269)	$	691,796	$	(2,602,473)	$	904,406	$	(307,498)	$	596,908

The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented:



Amounts Reclassified from
Accumulated Other Comprehensive Earnings
Details about Accumulated Other	Three-Month Periods Ended June 30,				Six-Month Periods Ended June 30,				Affected Line Item in the Statement
Comprehensive Earnings Component	2018		2017		2018		2017		where Net Earnings is Presented
Unrealized gains (losses) on AFS investments:
	$	29,930	$	3	$	(1,072,200)	$	(444,778)	Net realized invesment losses (gains)
		—		57,316		—		57,316	Other-than-temporary impairment losses
		(6,285)		(19,489)		225,162		131,737	Income tax (benefit) expense
Total reclassification adjustment, net of tax	$	23,645	$	37,830	$	(847,038)	$	(255,725)

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Summary of Significant Accounting Policies [Abstract]

Summary of Property, Plant and Equipment



	As of
	June 30,		December 31,
	2018		2017
Automobiles	$	567,291	$	794,959
Furniture and fixtures		427,453		425,825
Computer equipment and software		3,453,042		3,404,975
Home office		3,842,361		3,774,187
Total cost		8,290,147		8,399,946
Accumulated depreciation		(4,815,812)		(4,896,042)
Net property and equipment	$	3,474,335	$	3,503,904

Summary of Components of Other Comprehensive Earnings



	Three-Month Periods Ended June 30,
	2018						2017
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings (loss), net of tax
Unrealized gains and losses on investments:
Unrealized holding (losses) gains arising during the period	$	(74,733)	$	15,692	$	(59,041)	$	764,541	$	(259,944)	$	504,597
Reclassification adjustment for (gains) losses included in net earnings		29,930		(6,285)		23,645		57,319		(19,489)		37,830
Total other comprehensive (loss) earnings	$	(44,803)	$	9,407	$	(35,396)	$	821,860	$	(279,433)	$	542,427



	Six-Month Periods Ended June 30,
	2018						2017
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings (loss), net of tax
Unrealized gains and losses on investments:
Unrealized holding (losses) gains arising during the period	$	(2,222,069)	$	466,634	$	(1,755,435)	$	1,291,868	$	(439,235)	$	852,633
Reclassification adjustment for (gains) losses included in net earnings		(1,072,200)		225,162		(847,038)		(387,462)		131,737		(255,725)
Total other comprehensive (loss) earnings	$	(3,294,269)	$	691,796	$	(2,602,473)	$	904,406	$	(307,498)	$	596,908

Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnins



Amounts Reclassified from
Accumulated Other Comprehensive Earnings
Details about Accumulated Other	Three-Month Periods Ended June 30,				Six-Month Periods Ended June 30,				Affected Line Item in the Statement
Comprehensive Earnings Component	2018		2017		2018		2017		where Net Earnings is Presented
Unrealized gains (losses) on AFS investments:
	$	29,930	$	3	$	(1,072,200)	$	(444,778)	Net realized invesment losses (gains)
		—		57,316		—		57,316	Other-than-temporary impairment losses
		(6,285)		(19,489)		225,162		131,737	Income tax (benefit) expense
Total reclassification adjustment, net of tax	$	23,645	$	37,830	$	(847,038)	$	(255,725)

Restatement of Previously Issued Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2018

Restatement of Previously Issued Consolidated Financial Statements [Abstract]

Summary of Restatement of Previously Issued Consolidated Financial Statements

Consolidated Balance Sheet (Unaudited)


	As of
	June 30, 2018
	As previously reported		Adjustments		As restated
Assets
Investments and cash:
Available for sale securities, at fair value
Fixed maturity securities (amortized cost - $89,975,510 at	$	89,694,843	$	—	$	89,694,843
6/30/2018 and $87,773,047 at 12/31/2017)
Common stocks¹ (cost - $13,100,640 at		12,907,136		—		12,907,136
6/30/2018 and $7,631,180 at 12/31/2017)
Short-term investments, at cost which approximates fair value		—		—		—
Preferred stocks (cost - $66,675 at		65,650		—		65,650
6/30/2018 and $3,783,311 at 12/31/2017)
Other invested assets		139,200		—		139,200
Property held for investment, at cost, net of accumulated depreciation of $172,791 at 6/30/2018 and $50,948 at 12/31/2017		3,112,608		—		3,112,608
Cash and cash equivalents		4,055,577		—		4,055,577
Total investments and cash		109,975,014		—		109,975,014
Accrued investment income		668,230		—		668,230
Premiums and reinsurance balances receivable, net of allowances for		21,433,743		—		21,433,743
uncollectible amounts of $50,000 at 6/30/2018 and 12/31/2017
Ceded unearned premiums		685,736		—		685,736
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2018 and 12/31/2017		8,287,587		—		8,287,587
Federal income taxes		1,492,828		59,209		1,552,037
Deferred policy acquisition costs, net		5,090,527		—		5,090,527
Property and equipment, at cost, net of accumulated depreciation of		3,474,335		—		3,474,335
$4,815,812 at 6/30/2018 and $4,896,042 at 12/31/2017
Other assets		1,289,712		9,052		1,298,764
Total assets	$	152,397,712	$	68,261	$	152,465,973

Liabilities and Equity
Liabilities:
Unpaid losses and settlement expenses	$	51,387,881	$	—	$	51,387,881
Unearned premiums		29,298,437		—		29,298,437
Reinsurance balances payable		943,686		—		943,686
Corporate debt		3,489,056		—		3,489,056
Accrued expenses		2,940,084		316,000		3,256,084
Bank overdraft		—		—		—
Other liabilities		1,922,410		—		1,922,410
Total liabilities		89,981,554		316,000		90,297,554

Equity:
Common stock2		35,000		—		35,000
Additional paid-in capital		32,418,807		—		32,418,807
Accumulated other comprehensive (loss) earnings, net of tax		(375,404)		—		(375,404)
Retained earnings		33,502,434		(247,739)		33,254,695
Less: Unearned Employee Stock Ownership Plan shares at cost3		(3,164,679)		—		(3,164,679)
Total equity		62,416,158		(247,739)		62,168,419
Total liabilities and equity	$	152,397,712	$	68,261	$	152,465,973

32018 –316,468 shares and 2017 – 328,122 shares

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited)


	For the Three-Months Ended
	June 30, 2018
	As previously reported		Adjustments		As restated
Net premiums earned	$	11,485,071	$	—	$	11,485,071
Net investment income		685,492		—		685,492
Net realized investment losses		(29,930)		—		(29,930)
Other-than-temporary impairment losses		—		—		—
Other (loss) income		(507)		—		(507)
Consolidated revenues		12,140,126		—		12,140,126
Losses and settlement expenses		7,790,587		—		7,790,587
Policy acquisition costs and other operating expenses		4,160,071		316,000		4,476,071
Interest expense on debt		27,621		—		27,621
General corporate expenses		133,806		—		133,806
Total expenses		12,112,085		316,000		12,428,085
Earnings (loss) before income taxes		28,041		(316,000)		(287,959)
Total income tax benefit		(11,159)		(68,261)		(79,420)
Net earnings (loss)	$	39,200	$	(247,739)	$	(208,539)

Other comprehensive (loss) earnings, net of tax		(35,396)		—		(35,396)
Comprehensive earnings	$	3,804	$	(247,739)	$	(243,935)

Earnings (loss) per share:
Basic:
Basic net earnings (loss) per share	$	0.01	$	(0.08)	$	(0.07)
Diluted:
Diluted net earnings (loss) per share	$	0.01	$	(0.08)	$	(0.07)

Weighted average number of common shares outstanding:
Basic		3,179,669		—		3,179,669
Diluted		3,180,679		—		3,180,679

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited)


	For the Six-Months Ended
	June 30, 2018
	As previously reported		Adjustments		As restated
Net premiums earned	$	22,782,015	$	—	$	22,782,015
Net investment income		1,388,376		—		1,388,376
Net realized investment losses		1,072,200		—		1,072,200
Other-than-temporary impairment losses		—		—		—
Other (loss) income		56,171		—		56,171
Consolidated revenues		25,298,762		—		25,298,762
Losses and settlement expenses		15,786,436		—		15,786,436
Policy acquisition costs and other operating expenses		8,297,422		316,000		8,613,422
Interest expense on debt		75,782		—		75,782
General corporate expenses		270,056		—		270,056
Total expenses		24,429,696		316,000		24,745,696
Earnings (loss) before income taxes		869,066		(316,000)		553,066
Total income tax benefit		154,039		(68,261)		85,778
Net earnings (loss)	$	715,027	$	(247,739)	$	467,288

Other comprehensive (loss) earnings, net of tax		(2,602,473)		—		(2,602,473)
Comprehensive earnings	$	(1,887,446)	$	(247,739)	$	(2,135,185)

Earnings (loss) per share:
Basic:
Basic net earnings (loss) per share	$	0.23	$	(0.08)	$	0.15
Diluted:
Diluted net earnings (loss) per share	$	0.23	$	(0.08)	$	0.15

Weighted average number of common shares outstanding:
Basic		3,174,324		—		3,174,324
Diluted		3,175,334		—		3,175,334

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six-Month Periods Ended June 30, 2018
	As previously reported		Adjustments		As restated
Cash flows from operating activities:
Net earnings	$	715,027	$	(247,739)	$	467,288
Adjustments to reconcile net earnings to net cash
used in operating activities
Net realized investment gains		(1,072,200)		—		(1,072,200)
Other-than-temporary impairment losses		—		—		—
Depreciation		310,857		—		310,857
Deferred income tax		(35,427)		(1,716)		(37,143)
Amortization of bond premium and discount		158,743		—		158,743
Stock-based compensation expense		202,058		—		202,058
Change in:
Accrued investment income		19,223		—		19,223
Premiums and reinsurance balances receivable, (net)		(2,420,481)		—		(2,420,481)
Ceded unearned premiums		(410,764)		—		(410,764)
Reinsurance balances payable		616,203		—		616,203
Reinsurance balances recoverable		1,742,247		—		1,742,247
Deferred policy acquisition costs		(498,112)		—		(498,112)
Unpaid losses and settlement expenses		313,755		—		313,755
Unearned premiums		2,742,855		—		2,742,855
Accrued expenses		(1,333,918)		316,000		(1,017,918)
Current federal income tax		156,800		(57,493)		99,307
Other		270,703		(9,052)		261,651
Net cash provided by (used in) operating activities		1,477,569		—		1,477,569
Cash flows from investing activities:
Purchases of:
Fixed maturity securities, available-for-sale		(9,003,061)		—		(9,003,061)
Common stocks, available-for-sale		(13,363,215)		—		(13,363,215)
Preferred stocks, available-for-sale		(140,925)		—		(140,925)
Other invested assets		(39,200)		—		(39,200)
Property held for investment		(31,673)		—		(31,673)
Property and equipment		(300,484)		—		(300,484)
Proceeds from sales, maturities and calls of:				—		—
Fixed maturity securities, available-for-sale		6,669,276		—		6,669,276
Common stocks, available-for-sale		8,834,375		—		8,834,375
Preferred stocks, available-for-sale		3,861,722		—		3,861,722
Property and equipment		64,826		—		64,826
Net cash used in investing activities		(3,448,359)		—		(3,448,359)
Cash flows from financing activities:
Net proceeds received from issuance of shares of common stock		—		—		—
Proceeds from loans		—		—		—
Repayments of borrowed funds		(850,152)		—		(850,152)
Net cash (used in) provided by financing activities		(850,152)		—		(850,152)
Net (decrease) increase in cash and cash equivalents		(2,820,942)		—		(2,820,942)
Cash and cash equivalents at beginning of year		6,876,519		—		6,876,519
Cash and cash equivalents at end of period	$	4,055,577	$	—	$	4,055,577
Supplemental information:
Federal income tax paid	$	—	$	—	$	—
Interest paid		108,336		—		108,336

Investments (Tables)

6 Months Ended

Jun. 30, 2018

Investments [Abstract]

Summary of Recognized Impairments



	For the Three-Months Ended Ended June 30,
							Net realized
	Proceeds		Gains		Losses		gain / (Loss)
2018
Fixed maturity securities	$	2,598,335	$	4,669	$	(13,084)	$	(8,415)
Common stocks		241,047		16,473		(37,988)		(21,515)
2017
Fixed maturity securities	$	906,700	$	—	$	(3)	$	(3)



	For the Six-Months Ended June 30,
							Net realized
	Proceeds		Gains		Losses		gain
2018
Fixed maturity securities	$	6,669,276	$	52,787	$	(26,115)	$	26,672
Common stocks		8,834,375		1,102,862		(62,242)		1,040,620
Preferred stocks		3,861,722		86,862		(81,954)		4,908
2017
Fixed maturity securities	$	4,414,597	$	29,328	$	(21)	$	29,307
Common stocks		1,955,715		415,471		—		415,471

Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity



	Amortized Cost		Fair Value
Due in one year or less	$	311,535	$	311,420
Due after one year through five years		23,915,785		23,924,513
Due after five years through 10 years		10,685,245		10,767,086
Due after 10 years		18,034,819		18,283,025
Asset and mortgage backed securities without a specific due date		37,028,126		36,408,799
Total fixed maturity securities	$	89,975,510	$	89,694,843

Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments



	Cost or				Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2018
Fixed maturity securities:
U.S. treasury	$	1,347,640	$	1,321,469	$	—	$	(26,171)
MBS/ABS/CMBS		37,028,126		36,408,799		49,487		(668,814)
Corporate		31,210,729		31,157,991		356,164		(408,902)
Municipal		20,389,015		20,806,584		486,377		(68,808)
Total fixed maturity securities		89,975,510		89,694,843		892,028		(1,172,695)
Equity securities:
Common stocks		13,100,640		12,907,136		656,830		(850,334)
Preferred stocks		66,675		65,650		—		(1,025)
Total equity securities		13,167,315		12,972,786		656,830		(851,359)
Total AFS securities	$	103,142,825	$	102,667,629	$	1,548,858	$	(2,024,054)



	Cost or				Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2017
Fixed maturity securities:
U.S. treasury	$	1,346,712	$	1,333,725	$	—	$	(12,987)
MBS/ABS/CMBS		31,584,141		31,518,662		158,944		(224,423)
Corporate		31,038,526		31,989,174		1,001,906		(51,258)
Municipal		23,803,668		24,763,512		976,872		(17,028)
Total fixed maturity securities		87,773,047		89,605,073		2,137,722		(305,696)
Equity securities:
Common stocks		7,631,180		8,534,109		920,629		(17,700)
Preferred stocks		3,783,311		3,867,429		132,054		(47,936)
Total equity securities		11,414,491		12,401,538		1,052,683		(65,636)
Total AFS securities	$	99,187,538	$	102,006,611	$	3,190,405	$	(371,332)

Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position



	June 30, 2018						December 31, 2017
			12 Months						12 Months
	< 12 Months		& Greater		Total		< 12 Months		& Greater		Total
U.S. treasury
Fair value	$	1,029,263	$	292,206	$	1,321,469	$	1,038,297	$	295,428	$	1,333,725
Cost or amortized cost		1,047,472		300,168		1,347,640		1,046,508		300,204		1,346,712
Unrealized loss		(18,209)		(7,962)		(26,171)		(8,211)		(4,776)		(12,987)

MBS/ABS/CMBS
Fair value		20,073,237		6,708,127		26,781,364		9,754,119		7,445,071		17,199,190
Cost or amortized cost		20,368,837		7,081,341		27,450,178		9,778,528		7,645,085		17,423,613
Unrealized loss		(295,600)		(373,214)		(668,814)		(24,409)		(200,014)		(224,423)

Corporate
Fair value		17,434,719		755,371		18,190,090		5,583,942		2,023,856		7,607,798
Cost or amortized cost		17,799,788		799,204		18,598,992		5,610,093		2,048,963		7,659,056
Unrealized loss		(365,069)		(43,833)		(408,902)		(26,151)		(25,107)		(51,258)

Municipal
Fair value		3,644,260		839,947		4,484,207		478,019		1,171,520		1,649,539
Cost or amortized cost		3,677,077		875,938		4,553,015		479,904		1,186,663		1,666,567
Unrealized loss		(32,817)		(35,991)		(68,808)		(1,885)		(15,143)		(17,028)

Subtotal, fixed income
Fair value		42,181,479		8,595,651		50,777,130		16,854,377		10,935,875		27,790,252
Cost or amortized cost		42,893,174		9,056,651		51,949,825		16,915,033		11,180,915		28,095,948
Unrealized loss		(711,695)		(461,000)		(1,172,695)		(60,656)		(245,040)		(305,696)

Common stock
Fair value		7,254,241		—		7,254,241		637,100		—		637,100
Cost or amortized cost		8,104,575		—		8,104,575		654,800		—		654,800
Unrealized loss		(850,334)		—		(850,334)		(17,700)		—		(17,700)

Preferred stock
Fair value		65,650		—		65,650		842,530		520,710		1,363,240
Cost or amortized cost		66,675		—		66,675		870,755		540,421		1,411,176
Unrealized loss		(1,025)		—		(1,025)		(28,225)		(19,711)		(47,936)

Total
Fair value		49,501,370		8,595,651		58,097,021		18,334,007		11,456,585		29,790,592
Cost or amortized cost		51,064,424		9,056,651		60,121,075		18,440,588		11,721,336		30,161,924
Unrealized loss	$	(1,563,054)	$	(461,000)	$	(2,024,054)	$	(106,581)	$	(264,751)	$	(371,332)

Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fai Value on a recurring Basis

Assets measured at fair value on a recurring basis as of June 30, 2018, are as summarized below:



			Significant
	Quoted in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
AFS securities
Fixed maturity securities
U.S. treasury	$	1,321,469	$	—	$	—	$	1,321,469
MBS/ABS/CMBS		—		36,408,799		—		36,408,799
Corporate		—		31,157,991		—		31,157,991
Municipal		—		20,806,584		—		20,806,584
Total fixed maturity securities		1,321,469		88,373,374		—		89,694,843
Equity securities
Common stocks		12,907,136		—		—		12,907,136
Preferred stocks		—		65,650		—		65,650
Total equity securities		12,907,136		65,650		—		12,972,786
Total AFS securities	$	14,228,605	$	88,439,024	$	—	$	102,667,629

Assets measured at fair value on a recurring basis as of December 31, 2017, are as summarized below:


			Significant
	Quoted in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
AFS securities
Fixed maturity securities
U.S. treasury	$	1,333,725	$	—	$	—	$	1,333,725
MBS/ABS/CMBS		—		31,518,662		—		31,518,662
Corporate		—		31,989,174		—		31,989,174
Municipal		—		24,763,512		—		24,763,512
Total fixed maturity securities		1,333,725		88,271,348		—		89,605,073
Equity securities
Common stocks		8,534,109		—		—		8,534,109
Preferred stocks		—		3,867,429		—		3,867,429
Total equity securities		8,534,109		3,867,429		—		12,401,538
Total AFS securities	$	9,867,834	$	92,138,777	$	—	$	102,006,611

Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt [Abstract]

Schedule of Long-Term Debt



	June 30,		December 31,
	2018		2017
Capital lease obligation	$	—	$	805,013
Debt obligation		3,489,056		3,534,195
Total	$	3,489,056	$	4,339,208

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2018

Reinsurance [Abstract]

Summary of the Effects of Reinsurance



	Three-Month Periods Ended June 30,
	2018		2017
WRITTEN
Direct	$	16,024,661	$	13,821,048
Reinsurance assumed		39,681		63,549
Reinsurance ceded		(2,923,738)		(1,990,713)
Net	$	13,140,604	$	11,893,884
EARNED
Direct	$	14,175,677	$	12,580,381
Reinsurance assumed		41,420		67,956
Reinsurance ceded		(2,732,026)		(1,937,579)
Net	$	11,485,071	$	10,710,758
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	9,051,216	$	8,583,336
Reinsurance assumed		(1,374)		20,026
Reinsurance ceded		(1,259,255)		(1,739,104)
Net	$	7,790,587	$	6,864,258



	Six-Month Periods Ended June 30,
	2018		2017
WRITTEN
Direct	$	30,412,331	$	26,409,639
Reinsurance assumed		92,487		103,385
Reinsurance ceded		(5,390,711)		(3,966,942)
Net	$	25,114,107	$	22,546,082
EARNED
Direct	$	27,662,798	$	25,373,175
Reinsurance assumed		99,164		117,174
Reinsurance ceded		(4,979,947)		(3,941,485)
Net	$	22,782,015	$	21,548,864
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	18,597,156	$	16,452,838
Reinsurance assumed		34,757		62,458
Reinsurance ceded		(2,845,477)		(3,051,654)
Net	$	15,786,436	$	13,463,642

Unpaid Losses and Settlement Expenses (Tables)

6 Months Ended

Jun. 30, 2018

Unpaid Losses and Settlement Expenses [Abstract]

Schedule of the Changes in the Reserves for Losses and Loss Adjustment Expense



	For the Six-Months Ended
	June 30,
(In thousands)	2018		2017
Unpaid losses and settlement expense - beginning of the period:
Gross	$	51,074	$	52,817
Less: Ceded		10,030		12,115
Net		41,044		40,702
Increase (decrease) in incurred losses and settlement expense:
Current year		14,263		13,804
Prior years		1,523		(340)
Total incurred		15,786		13,464
Deduct: Loss and settlement expense payments for claims incurred:
Current year		3,898		4,727
Prior years		9,832		9,498
Total paid		13,730		14,225
Net unpaid losses and settlement expense - end of the period		43,100		39,941
Plus: Reinsurance recoverable on unpaid losses		8,288		9,750
Gross unpaid losses and settlement expense - end of the period	$	51,388	$	49,691

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2018

Income Taxes [Abstract]

Schedule of Effective Income Tax Rate Reconciliation



	For the Three-Months Ended
	June 30,
	2018		2017
Provision for income taxes at the statutory federal tax rates	$	(60,471)	$	(123,612)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(8,950)		(9,104)
Tax-exempt interest income		(33,569)		(51,643)
Proration of tax exempt interest and dividends received deduction		10,413		9,112
Officer life insurance, net		3,578		5,793
Nondeductible expenses		9,746		8,530
Prior year true-ups and other		(167)		32,481
Total	$	(79,420)	$	(128,443)



	For the Six-Months Ended
	June 30,
	2018		2017
Provision for income taxes at the statutory federal tax rates	$	116,144	$	323,116
Increase (reduction) in taxes resulting from:
Dividends received deduction		(17,901)		(18,207)
Tax-exempt interest income		(69,892)		(91,981)
Proration of tax exempt interest and dividends received deduction		21,492		16,528
Officer life insurance, net		6,807		10,796
Nondeductible expenses		24,169		17,341
Prior year true-up and other		4,959		78,828
Total	$	85,778	$	336,421

Summary of Significant Accounting Policies (Narrative) (Details)			3 Months Ended		6 Months Ended
	Mar. 28, 2017 USD ($)	Mar. 17, 2017 USD ($) shares	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018 USD ($) segment	Jun. 30, 2017 USD ($)	Mar. 24, 2017 shares
Summary Of Significant Accounting Policies [Line Items]
Impairment					$ 0	$ 0
Federal tax rate					21.00%	34.00%
Employee stock ownership plan, shares \| shares							350,000
Underwriting fees paid	$ 1,000,000
Net proceeds received from issuance of shares of common stock	$ 28,700,000					$ 29,253,588
Operating segments \| segment					1
Illinois [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk			28.80%	36.50%	30.90%	36.20%
Surplus Notes [Member]
Summary Of Significant Accounting Policies [Line Items]
Notes converted		$ 1,650,000
Debt converted, shares issued \| shares		165,000

Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) - USD ($)

Jun. 30, 2018

Dec. 31, 2017

Net property and equipent

$ 8,290,147

$ 8,399,946

Accumulated depreciation

(4,815,812)

(4,896,042)

3,474,335

^[1]

3,503,904

Automobiles [Member]

Furniture and Fixtures [Member]

567,291

794,959

Computer Equipment and Software [Member]

427,453

425,825

3,453,042

3,404,975

Home Office [Member]

Summary of Significant Accounting Policies [Abstract]

$ 3,842,361

$ 3,774,187

[1]	As restated

Summary of Significant Accounting Policies (Summary of Components of Other Comprehensive Earnings) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Unrealized holding (losses) gains arising during the period, Pre-tax

$ (74,733)

$ 764,541

$ (2,222,069)

$ 1,291,868

Reclassification adjustment for (gains) losses included in net earnings, Pre-tax

29,930

57,319

(1,072,200)

(387,462)

Total other comprehensive (loss) earnings, Pre-tax

(44,803)

821,860

(3,294,269)

904,406

Unrealized holding (losses) gains arising during the period, Tax

15,692

(259,944)

466,634

(439,235)

Reclassification adjustment for (gains) losses included in net earnings, Tax

(6,285)

(19,489)

225,162

131,737

Total other comprehensive (loss) earnings, Tax

9,407

(279,433)

691,796

(307,498)

Unrealized holding (losses) gains arising during the period, After-tax

(59,041)

504,597

(1,755,435)

852,633

Reclassification adjustment for (gains) losses included in net earnings, After-tax

23,645

37,830

(847,038)

(255,725)

Total other comprehensive (loss) earnings

$ (35,396)

^[1]

$ 542,427

$ (2,602,473)

^[1]

$ 596,908

[1]	As restated

Summary of Significant Accounting Policies (Schedule of Reclassification Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Net realized investment loses (gains)

$ 29,930

^[1]

$ 3

$ (1,072,200)

^[1]

$ (444,778)

Income tax (benefit) expense

57,316

(79,420)

^[1]

(128,443)

85,778

^[1]

336,421

Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Net income (loss)

23,645

37,830

(847,038)

(255,725)

Unrealized Gains on AFS Investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Net realized investment loses (gains)

29,930

(1,072,200)

(444,778)

Income tax (benefit) expense

57,316

$ (6,285)

$ (19,489)

$ 225,162

$ 131,737

[1]	As restated

Restatement of Previously Issued Consolidated Financial Statements (Narrative) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ (208,539)

^[1]

$ (235,123)

$ 467,288

^[1]

$ 613,921

Error Corrections and Prior Period Adjustments Restatement [Line Items]

39,200

715,027

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Contingent commission

316,000

$ (247,739)

[1]	As restated

Restatement of Previously Issued Consolidated Financial Statements (Consolidated Balance Sheet) (Details) - USD ($)

Jun. 30, 2018

Dec. 31, 2017

Jun. 30, 2017

Dec. 31, 2016

Fixed maturity securities (amortized cost - $89,975,510 at 6/30/2018 and $87,773,047 at 12/31/2017)

$ 89,694,843

^[1]

$ 89,605,073

Short-term investments, at cost which approximates fair value

12,972,786

12,401,538

Property held for investment, at cost, net of accumulated depreciation of $172,791 at 6/30/2018 and $50,948 at 12/31/2017

^[1]

139,200

3,112,608

^[1]

3,126,566

Cash and cash equivalents

4,055,577

^[1]

6,876,519

Total investments and cash

109,975,014

^[1]

112,009,696

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $50,000 at 6/30/2018 and 12/31/2017

668,230

^[1]

687,453

21,433,743

^[1]

19,013,262

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2018 and 12/31/2017

685,736

^[1]

274,972

8,287,587

^[1]

10,029,834

$ 9,750,000

$ 12,115,000

Deferred policy acquisition costs, net

1,552,037

^[1]

922,405

5,090,527

^[1]

4,592,415

Property and equipment, at cost, net of accumulated depreciation of $4,815,812 at 6/30/2018 and $4,896,042 at 12/31/2017

3,474,335

^[1]

3,503,904

1,298,764

^[1]

1,301,420

152,465,973

^[1]

152,335,361

51,387,881

^[1]

51,074,126

$ 49,691,000

$ 52,817,000

29,298,437

^[1]

26,555,582

943,686

^[1]

327,483

Corporate debt

3,489,056

^[1]

4,339,208

Additional paid-in capital

3,256,084

^[1]

4,274,002

Bank overdraft

Other liabilities

1,922,410

^[1]

1,663,415

Total liabilities

90,297,554

^[1]

88,233,816

Equity:

Common stock

^[2]

35,000

^[1]

35,000

32,418,807

^[1]

32,333,290

Accumulated other comprehensive (loss) earnings, net of tax

(375,404)

^[1]

2,227,069

Less: Unearned Employee Stock Ownership Plan shares at cost

33,254,695

^[1]

32,787,406

^[3]

(3,164,679)

^[1]

(3,281,220)

62,168,419

^[1]

64,101,545

152,465,973

^[1]

152,335,361

89,975,510

87,773,047

Property held for investment, accumulated depreciation

13,167,315

11,414,491

172,791

50,948

Premiums and reinsurance balances receivable, allowances for uncollectible amounts

50,000

Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts

Property and equipment, at cost, accumulated depreciation

$ 4,815,812

$ 4,896,042

Common stock, par value

$ 0.01

Common stock, shares authorized (in shares)

10,000,000

Common stock, shares issued (in shares)

3,500,000

Common stock, shares outstanding (in shares)

3,183,532

3,171,878

Unearned ESOP shares (in shares)

316,468

328,122

^[4]

$ 12,907,136

^[1]

$ 8,534,109

Equity:

13,100,640

7,631,180

65,650

^[1]

3,867,429

Equity:

66,675

$ 3,783,311

Fixed maturity securities (amortized cost - $89,975,510 at 6/30/2018 and $87,773,047 at 12/31/2017)

89,694,843

Property held for investment, at cost, net of accumulated depreciation of $172,791 at 6/30/2018 and $50,948 at 12/31/2017

139,200

3,112,608

Cash and cash equivalents

4,055,577

Total investments and cash

109,975,014

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $50,000 at 6/30/2018 and 12/31/2017

668,230

21,433,743

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2018 and 12/31/2017

685,736

8,287,587

Deferred policy acquisition costs, net

1,492,828

5,090,527

Property and equipment, at cost, net of accumulated depreciation of $4,815,812 at 6/30/2018 and $4,896,042 at 12/31/2017

3,474,335

1,289,712

152,397,712

51,387,881

29,298,437

Additional paid-in capital

943,686

3,489,056

2,940,084

1,922,410

89,981,554

Equity:

Common stock

^[2]

35,000

32,418,807

Accumulated other comprehensive (loss) earnings, net of tax

(375,404)

Less: Unearned Employee Stock Ownership Plan shares at cost

33,502,434

^[3]

(3,164,679)

62,416,158

As Previously Reported [Member] | Common Stocks [Member]

152,397,712

As Previously Reported [Member] | Preferred Stocks [Member]

^[4]

12,907,136

65,650

59,209

9,052

68,261

316,000

Total liabilities

316,000

Equity:

(247,739)

(247,739)

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ 68,261

[1]	As restated
[2]	Par value $0.01; authorized: 2018 - 10,000,000 shares and 2017 - 10,000,000 shares; issued: 2018 - 3,500,000 shares and 2017 - 3,500,000 shares; outstanding: 2018 - 3,183,532 and 2017 - 3,171,878 shares.
[3]	2018 -316,468 shares and 2017 - 328,122 shares
[4]	At June 30, 2018, common stock securities consist entirely of individual common stocks. At December 31, 2017, common stock consisted of exchange trade funds (ETF) made up primarily of Dividends Select and the S&P 500.

Restatement of Previously Issued Consolidated Financial Statements (Condensed Consolidated Statements of Earnings and Comprehensive Earnings) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Net premiums earned

$ 11,485,071

^[1]

$ 10,710,758

$ 22,782,015

^[1]

$ 21,548,864

Net investment income

685,492

^[1]

688,963

1,388,376

^[1]

1,161,287

Net realized investment losses

(29,930)

^[1]

(3)

1,072,200

^[1]

444,778

Losses and settlement expenses

(57,316)

Other (loss) income

(507)

^[1]

64,722

56,171

^[1]

148,980

Consolidated revenues

12,140,126

^[1]

11,407,124

25,298,762

^[1]

23,246,593

7,790,587

^[1]

6,864,258

15,786,436

^[1]

13,463,642

Policy acquisition costs and other operating expenses

4,476,071

^[1]

4,720,298

8,613,422

^[1]

8,454,950

Interest expense on debt

27,621

^[1]

57,229

75,782

^[1]

109,539

General corporate expenses

133,806

^[1]

128,905

270,056

^[1]

268,120

12,428,085

^[1]

11,770,690

24,745,696

^[1]

22,296,251

(287,959)

^[1]

(363,566)

553,066

^[1]

950,342

(79,420)

^[1]

(128,443)

85,778

^[1]

336,421

Other comprehensive (loss) earnings, net of tax

(208,539)

^[1]

(235,123)

467,288

^[1]

613,921

(35,396)

^[1]

542,427

(2,602,473)

^[1]

596,908

$ (243,935)

^[1]

$ 307,304

$ (2,135,185)

^[1]

$ 1,210,829

Basic:

$ (0.07)

^[1]

$ (0.07)

$ 0.15

^[1]

$ 0.19

Diluted:

Weighted average number of common shares outstanding:

$ (0.07)

^[1]

$ (0.07)

$ 0.15

^[1]

$ 0.19

Basic

3,179,669

^[1]

3,153,876

3,174,324

^[1]

3,151,946

Diluted

3,180,679

^[1]

3,153,876

3,175,334

^[1]

3,151,946

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Net premiums earned

$ 11,485,071

$ 22,782,015

Net investment income

685,492

1,388,376

Net realized investment losses

(29,930)

1,072,200

Other (loss) income

(507)

56,171

Consolidated revenues

12,140,126

25,298,762

Losses and settlement expenses

7,790,587

15,786,436

Policy acquisition costs and other operating expenses

4,160,071

8,297,422

Interest expense on debt

27,621

75,782

General corporate expenses

133,806

270,056

12,112,085

24,429,696

28,041

869,066

(11,159)

154,039

Other comprehensive (loss) earnings, net of tax

39,200

715,027

(35,396)

(2,602,473)

$ 3,804

$ (1,887,446)

Basic:

$ 0.01

$ 0.23

Diluted:

Weighted average number of common shares outstanding:

$ 0.01

$ 0.23

Basic

3,179,669

3,174,324

Diluted

3,180,679

3,175,334

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Policy acquisition costs and other operating expenses

$ 316,000

316,000

(316,000)

(68,261)

(247,739)

$ (247,739)

Basic:

$ (0.08)

Diluted:

$ (0.08)

[1]	As restated

Restatement of Previously Issued Consolidated Financial Statements (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($)

3 Months Ended

6 Months Ended

Mar. 28, 2017

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Adjustments to reconcile net earnings to net cash used in operating activities

Net earnings

$ (208,539)

^[1]

$ (235,123)

$ 467,288

^[1]

$ 613,921

Net realized investment gains

(1,072,200)

^[1]

(444,778)

57,316

Depreciation

310,857

^[1]

428,161

Amortization of bond premium and discount

(37,143)

^[1]

190,257

158,743

^[1]

135,265

Stock-based compensation expense

^[1]

202,058

Premiums and reinsurance balances receivable, (net)

19,223

^[1]

(122,970)

(2,420,481)

^[1]

(361,761)

(410,764)

^[1]

(25,457)

Reinsurance balances recoverable

616,203

^[1]

20,431

1,742,247

^[1]

2,364,744

Deferred policy acquisition costs

(498,112)

^[1]

(139,961)

313,755

^[1]

(3,125,882)

2,742,855

^[1]

1,022,675

(1,017,918)

^[1]

(1,645,086)

99,307

^[1]

(483,608)

Net cash provided by (used in) operating activities

261,651

^[1]

102,915

1,477,569

^[1]

(1,413,818)

(9,003,061)

^[1]

(22,821,724)

Property held for investment

^[1]

(39,200)

(31,673)

^[1]

(677,714)

(300,484)

^[1]

(333,887)

6,669,276

^[1]

4,414,597

Net cash used in investing activities

64,826

^[1]

967

(3,448,359)

^[1]

(23,317,840)

Cash flows from financing activities:

Net proceeds received from issuance of shares of common stock

$ 28,700,000

29,253,588

Proceeds from loans

3,499,149

Net cash (used in) provided by financing activities

(850,152)

^[1]

(2,294,961)

(850,152)

^[1]

30,457,776

Net (decrease) increase in cash and cash equivalents

(2,820,942)

^[1]

5,726,118

Cash and cash equivalents at beginning of year

6,876,519

^[1]

4,376,847

Cash and cash equivalents at end of period

4,055,577

^[1]

$ 10,102,965

4,055,577

^[1]

10,102,965

Supplemental information:

Federal income tax paid

600,000

Interest paid

108,336

^[1]

109,451

Adjustments to reconcile net earnings to net cash used in operating activities

Net earnings

39,200

715,027

Net realized investment gains

(1,072,200)

Depreciation

310,857

Amortization of bond premium and discount

(35,427)

158,743

Stock-based compensation expense

202,058

Premiums and reinsurance balances receivable, (net)

19,223

(2,420,481)

(410,764)

Reinsurance balances recoverable

616,203

1,742,247

Deferred policy acquisition costs

(498,112)

313,755

2,742,855

(1,333,918)

156,800

Net cash provided by (used in) operating activities

270,703

1,477,569

(9,003,061)

Property held for investment

(39,200)

(31,673)

(300,484)

6,669,276

Net cash used in investing activities

64,826

(3,448,359)

Cash flows from financing activities:

Net cash (used in) provided by financing activities

(850,152)

(850,152)

Net (decrease) increase in cash and cash equivalents

(2,820,942)

Cash and cash equivalents at beginning of year

6,876,519

Cash and cash equivalents at end of period

4,055,577

Supplemental information:

Interest paid

108,336

Adjustments to reconcile net earnings to net cash used in operating activities

Net earnings

$ (247,739)

(247,739)

(1,716)

316,000

(57,493)

(9,052)

(13,363,215)

^[1]

(5,216,872)

Common Stocks [Member] | As Previously Reported [Member]

8,834,375

^[1]

1,955,715

(13,363,215)

8,834,375

(140,925)

^[1]

$ (638,922)

Preferred Stocks [Member] | As Previously Reported [Member]

^[1]

3,861,722

(140,925)

Due in one year or less, amortized cost

$ 3,861,722

[1]	As restated

Investments (Narrative) (Details)	6 Months Ended
Investments (Narrative) (Details)	Jun. 30, 2018 USD ($) item	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) item
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer	$ 461,000		$ 264,751
OTTI losses recognized in other comprehensive earnings	0	$ 57,316
Securities pledged	0
FHLBC outstanding balance	$ 0
Common Equity And Preferred Stock Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities in an unrealized loss position \| item	148		13
Number of securities in an unrealized loss position for 12 consecutive months or longer \| item	0		5
Unrealized losses for 12 consecutive months or longer			$ 19,711
Common Stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities in an unrealized loss position \| item	124
Number of securities in an unrealized loss position for 12 consecutive months or longer \| item	24
Unrealized losses for 12 consecutive months or longer	$ 461,000		245,040
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer	373,214		200,014
MBS/ABS/CMBS [Member] \| Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	14,271,429		13,517,725
MBS/ABS/CMBS [Member] \| Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	9,177,628		$ 8,469,852
Significant Unobservable Inputs (Level 3)
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 0

Investments (Summary of Recognized Impairments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fixed Maturity Securities [Member]
Proceeds	$ 2,598,335	$ 906,700	$ 6,669,276	$ 4,414,597
Gains	4,669		52,787	29,328
Losses	(13,084)	(3)	(26,115)	(21)
Net realized gain / (Loss)	(8,415)	$ (3)	26,672	29,307
Common Stocks [Member]
Proceeds	241,047		8,834,375	1,955,715
Gains	16,473		1,102,862	415,471
Losses	(37,988)		(62,242)
Net realized gain / (Loss)	$ (21,515)		1,040,620	$ 415,471
Preferred Stocks [Member]
Proceeds			3,861,722
Gains			86,862
Losses			(81,954)
Net realized gain / (Loss)			$ 4,908

Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($)

Jun. 30, 2018

Dec. 31, 2017

Investments [Abstract]

$ 311,535

Due after one year through five years, amortized cost

23,915,785

Due after five years through 10 years, amortized cost

10,685,245

Due after 10 years, amortized cost

18,034,819

Asset and mortgage backed securities without a specific due date, amortized cost

37,028,126

Due in one year or less, fair value

89,975,510

$ 87,773,047

311,420

Due after one year through five years, fair value

23,924,513

Due after five years through 10 years, fair value

10,767,086

Due after 10 years, fair value

18,283,025

Asset and mortgage backed securities witout a specific due date, fair value

36,408,799

Fixed maturity securities, fair value

$ 89,694,843

^[1]

$ 89,605,073

[1]	As restated

Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($)

Jun. 30, 2018

Dec. 31, 2017

Schedule of Available-for-sale Securities [Line Items]

$ 89,975,510

$ 87,773,047

AFS securities, amortized cost

13,167,315

11,414,491

103,142,825

99,187,538

AFS securities, fair value

89,694,843

^[1]

89,605,073

Equity securities

12,972,786

12,401,538

102,667,629

102,006,611

Equity securities, gross unrealized gains

892,028

2,137,722

656,830

1,052,683

Total AFS securities, gross unrealized gains

1,548,858

3,190,405

Equity securities, gross unrealized losses

(1,172,695)

(305,696)

(851,359)

(65,636)

Total AFS securities, gross unrealized losses

(2,024,054)

(371,332)

US Treasury [Member]

Schedule of Available-for-sale Securities [Line Items]

1,347,640

1,346,712

1,321,469

1,333,725

Schedule of Available-for-sale Securities [Line Items]

(26,171)

(12,987)

MBS/ABS/CMBS [Member]

37,028,126

31,584,141

36,408,799

31,518,662

49,487

158,944

Schedule of Available-for-sale Securities [Line Items]

(668,814)

(224,423)

Corporate [Member]

31,210,729

31,038,526

31,157,991

31,989,174

356,164

1,001,906

Schedule of Available-for-sale Securities [Line Items]

(408,902)

(51,258)

Municipal [Member]

20,389,015

23,803,668

20,806,584

24,763,512

486,377

976,872

(68,808)

(17,028)

Schedule of Available-for-sale Securities [Line Items]

Equity securities, gross unrealized gains

13,100,640

7,631,180

Equity securities

12,907,136

8,534,109

656,830

920,629

Equity securities, gross unrealized losses

(850,334)

(17,700)

Schedule of Available-for-sale Securities [Line Items]

Equity securities, gross unrealized gains

66,675

3,783,311

Equity securities

65,650

3,867,429

132,054

Equity securities, gross unrealized losses

$ (1,025)

$ (47,936)

[1]	As restated

Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	$ 49,501,370	$ 18,334,007
Greater than 12 months, fair value	8,595,651	11,456,585
Fair value	58,097,021	29,790,592
Less than 12 months, Cost or amortized cost	51,064,424	18,440,588
Greater than 12 months, Cost or amortized cost	9,056,651	11,721,336
Cost or amortized cost	60,121,075	30,161,924
Less than 12 months, unrealized losses	(1,563,054)	(106,581)
Greater than 12 months, unrealized losses	(461,000)	(264,751)
Unrealized losses	(2,024,054)	(371,332)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	1,029,263	1,038,297
Greater than 12 months, fair value	292,206	295,428
Fair value	1,321,469	1,333,725
Less than 12 months, Cost or amortized cost	1,047,472	1,046,508
Greater than 12 months, Cost or amortized cost	300,168	300,204
Cost or amortized cost	1,347,640	1,346,712
Less than 12 months, unrealized losses	(18,209)	(8,211)
Greater than 12 months, unrealized losses	(7,962)	(4,776)
Unrealized losses	(26,171)	(12,987)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	20,073,237	9,754,119
Greater than 12 months, fair value	6,708,127	7,445,071
Fair value	26,781,364	17,199,190
Less than 12 months, Cost or amortized cost	20,368,837	9,778,528
Greater than 12 months, Cost or amortized cost	7,081,341	7,645,085
Cost or amortized cost	27,450,178	17,423,613
Less than 12 months, unrealized losses	(295,600)	(24,409)
Greater than 12 months, unrealized losses	(373,214)	(200,014)
Unrealized losses	(668,814)	(224,423)
Corporate [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	17,434,719	5,583,942
Greater than 12 months, fair value	755,371	2,023,856
Fair value	18,190,090	7,607,798
Less than 12 months, Cost or amortized cost	17,799,788	5,610,093
Greater than 12 months, Cost or amortized cost	799,204	2,048,963
Cost or amortized cost	18,598,992	7,659,056
Less than 12 months, unrealized losses	(365,069)	(26,151)
Greater than 12 months, unrealized losses	(43,833)	(25,107)
Unrealized losses	(408,902)	(51,258)
Municipal [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	3,644,260	478,019
Greater than 12 months, fair value	839,947	1,171,520
Fair value	4,484,207	1,649,539
Less than 12 months, Cost or amortized cost	3,677,077	479,904
Greater than 12 months, Cost or amortized cost	875,938	1,186,663
Cost or amortized cost	4,553,015	1,666,567
Less than 12 months, unrealized losses	(32,817)	(1,885)
Greater than 12 months, unrealized losses	(35,991)	(15,143)
Unrealized losses	(68,808)	(17,028)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	42,181,479	16,854,377
Greater than 12 months, fair value	8,595,651	10,935,875
Fair value	50,777,130	27,790,252
Less than 12 months, Cost or amortized cost	42,893,174	16,915,033
Greater than 12 months, Cost or amortized cost	9,056,651	11,180,915
Cost or amortized cost	51,949,825	28,095,948
Less than 12 months, unrealized losses	(711,695)	(60,656)
Greater than 12 months, unrealized losses	(461,000)	(245,040)
Unrealized losses	(1,172,695)	(305,696)
Common Stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	7,254,241	637,100
Greater than 12 months, fair value
Fair value	7,254,241	637,100
Less than 12 months, Cost or amortized cost	8,104,575	654,800
Greater than 12 months, Cost or amortized cost
Cost or amortized cost	8,104,575	654,800
Less than 12 months, unrealized losses	(850,334)	(17,700)
Greater than 12 months, unrealized losses
Unrealized losses	(850,334)	(17,700)
Preferred Stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	65,650	842,530
Greater than 12 months, fair value		520,710
Fair value	65,650	1,363,240
Less than 12 months, Cost or amortized cost	66,675	870,755
Greater than 12 months, Cost or amortized cost		540,421
Cost or amortized cost	66,675	1,411,176
Less than 12 months, unrealized losses	(1,025)	(28,225)
Greater than 12 months, unrealized losses		(19,711)
Unrealized losses	$ (1,025)	$ (47,936)

Fair Value Disclosures (Narrative) (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Securities transferred from level 1 to level 2	$ 0	$ 0
Securities transferred from level 2 to level 1	$ 0	$ 0

Debt (Narrative) (Details)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 07, 2018

USD ($)

Mar. 02, 2018

USD ($)

Mar. 31, 2018

USD ($)

Sep. 30, 2017

USD ($)

Jun. 30, 2017

USD ($)

Jun. 30, 2018

USD ($)

Jun. 30, 2017

USD ($)

Dec. 31, 2017

USD ($)

item

Mar. 31, 2017

USD ($)

Corporate debt

$ 3,489,056

^[1]

$ 4,339,208

Current interest rate

3.70%

3.90%

Revolver

Maximum borrowing capacity

Interest expense

$ 0

Debt maturity

Aug. 25, 2018

Collateral

$ 5,000,000

$ 1,750,000

London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolver

London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolver

Variable interest rate

2.00%

Capital Lease Obligations [Member]

Variable interest rate

3.50%

Gain (loss) on capital lease

Interest rate

4.70%

Collateral

$ 923,563

$ 923,766

Lease payments

$ 346,000

$ 404,928

$ 125,494

70,051

$ 250,988

Outstanding lease obligation

$ 0

805,013

Debt Obligation [Member]

$ 3,500,000

Interest rate

3.65%

Debt Obligation [Member] | Bofi Federal Bank B [Member]

$ 3,489,056

3,534,195

Collateral

$ 1,500,000

Term of debt instrument

5 years

$ 500,000

Debt Obligation [Member] | Bofi Federal Bank C [Member]

500,000

$ 75,000

Debt Obligation [Member] | Bofi Federal Bank B & C [Member]

$ 75,000

Number of debt agreements | item

$ 500,000

Optional prepayment term

12 months

$ 3,489,056

$ 3,534,195

Term of debt instrument

36 months

[1]	As restated

Debt (Schedule of Long-Term Debt) (Details) - USD ($)

Jun. 30, 2018

Dec. 31, 2017

Capital Lease Obligations [Member]

Total

$ 3,489,056

^[1]

$ 4,339,208

Capital lease obligation

805,013

Debt Obligation [Member]

$ 3,489,056

$ 3,534,195

[1]	As restated

Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

WRITTEN

Direct

$ 16,024,661

$ 13,821,048

$ 30,412,331

$ 26,409,639

Reinsurance assumed

39,681

63,549

92,487

103,385

Reinsurance ceded

(2,923,738)

(1,990,713)

(5,390,711)

(3,966,942)

13,140,604

11,893,884

25,114,107

22,546,082

EARNED

Direct

14,175,677

12,580,381

27,662,798

25,373,175

Reinsurance assumed

41,420

67,956

99,164

117,174

Reinsurance ceded

(2,732,026)

(1,937,579)

(4,979,947)

(3,941,485)

LOSSES AND SETTLEMENT EXPENSES INCURRED

11,485,071

^[1]

10,710,758

22,782,015

^[1]

21,548,864

Direct

9,051,216

8,583,336

18,597,156

16,452,838

Reinsurance assumed

(1,374)

20,026

34,757

62,458

Reinsurance ceded

(1,259,255)

(1,739,104)

(2,845,477)

(3,051,654)

Unpaid losses and settlement expense - beginning of the period:

$ 7,790,587

$ 6,864,258

$ 15,786,436

$ 13,463,642

[1]	As restated

Unpaid Losses and Settlement Expenses (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Gross

$ 51,074,126

$ 52,817,000

Less: Ceded

10,029,834

12,115,000

Increase (decrease) in incurred losses and settlement expense:

41,044,000

40,702,000

Current year

14,263,000

13,804,000

Prior years

1,523,000

(340,000)