0001437749-20-023658 | 10-Q | XBRL Viewer

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Nov. 06, 2020
Document Information [Line Items]
Entity Registrant Name	ICC Holdings, Inc.
Entity Central Index Key	0001681903
Trading Symbol	icch
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		3,293,325
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $0.01 per share

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)

Sep. 30, 2020

Dec. 31, 2019

Investments and cash:

Fixed maturity securities (cost or amortized cost - $96,725,639 at 9/30/2020 and $88,348,415 at 12/31/2019)

$ 103,318,485

$ 92,087,572

Other invested assets

1,779,060

877,900

Property held for investment, at cost, net of accumulated depreciation of $438,720 at 9/30/2020 and $332,218 at 12/31/2019

5,515,676

4,353,713

Cash and cash equivalents

6,598,640

6,626,585

Total investments and cash

131,446,949

118,394,543

Accrued investment income

719,389

646,504

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 9/30/2020 and 12/31/2019

22,737,615

22,368,526

Ceded unearned premiums

839,718

822,818

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 9/30/2020 and 12/31/2019

13,844,420

11,036,170

Federal income taxes

717,862

192,559

Deferred policy acquisition costs, net

5,267,470

5,269,256

Property and equipment, at cost, net of accumulated depreciation of $5,949,933 at 9/30/2020 and $5,619,706 at 12/31/2019

2,851,235

3,033,348

Other assets

1,559,179

1,239,794

Total assets

179,983,837

163,003,518

Liabilities:

Unpaid losses and settlement expenses

61,943,244

56,838,307

Unearned premiums

29,921,669

30,392,817

Reinsurance balances payable

728,674

374,998

Corporate debt

15,097,960

3,475,088

Accrued expenses

3,093,882

4,216,988

Income taxes - deferred

214,674

39,213

Other liabilities

950,858

1,324,273

Total liabilities

111,950,961

96,661,684

Equity:

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(3,112,656)

(3,146,576)

Additional paid-in capital

32,717,495

32,703,209

Accumulated other comprehensive earnings, net of tax

5,208,657

2,953,936

Retained earnings

35,821,408

36,608,750

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(2,637,028)

(2,812,485)

Total equity

68,032,876

66,341,834

Total liabilities and equity

179,983,837

163,003,518

Common Stock [Member]

Investments and cash:

Stocks at fair value

12,596,635

14,448,773

Preferred Stock [Member]

Investments and cash:

Stocks at fair value

$ 1,638,453

[1]	Par value $0.01; authorized: 2020 - 10,000,000 shares and 2019 - 10,000,000 shares; issued: 2020 - 3,500,000 shares and 2019 - 3,500,000 shares; outstanding: 2020 - 3,030,522 and 2019 - 3,014,941 shares.
[2]	2020 - 205,775 shares and 2019 - 203,811 shares
[3]	2020 - 263,703 shares and 2019 - 281,248 shares

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)

Sep. 30, 2020

Dec. 31, 2019

Fixed maturity securities, amortized cost

$ 96,725,639

$ 88,348,415

Property held for investment, accumulated depreciation

438,720

332,218

Premiums and reinsurance balances receivable, allowances for uncollectible amounts

100,000

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

Property and equipment, at cost, accumulated depreciation

$ 5,949,933

$ 5,619,706

Common stock, par value (in dollars per share)

^[1]

$ 0.01

Common stock, shares authorized (in shares)

^[1]

10,000,000

Common stock, shares issued (in shares)

^[1]

3,500,000

Common stock, shares outstanding (in shares)

^[1]

3,030,522

3,014,941

Treasury stock (in shares)

^[2]

205,775

203,811

Unearned Employee Stock Ownership Plan (in shares)

^[3]

263,703

281,248

[1]	Par value $0.01; authorized: 2020 - 10,000,000 shares and 2019 - 10,000,000 shares; issued: 2020 - 3,500,000 shares and 2019 - 3,500,000 shares; outstanding: 2020 - 3,030,522 and 2019 - 3,014,941 shares.
[2]	2020 - 205,775 shares and 2019 - 203,811 shares
[3]	2020 - 263,703 shares and 2019 - 281,248 shares

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net premiums earned	$ 12,532,967	$ 13,679,746	$ 36,921,702	$ 39,219,882
Net investment income	900,950	811,462	2,644,900	2,406,965
Net realized investment (losses) gains	(59,333)	141,481	(402,320)	741,123
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	981,779	(7,603)	2,195	1,716,124
Other income (loss)	(36,333)	(112,763)	82,934	(43,838)
Consolidated revenues	14,320,030	14,512,323	39,249,411	44,040,256
Losses and settlement expenses	8,863,053	9,609,347	25,913,619	28,117,369
Policy acquisition costs and other operating expenses	4,722,485	4,733,206	13,741,725	14,541,986
Interest expense on debt	58,724	32,458	150,773	96,353
General corporate expenses	171,860	164,378	471,616	444,829
Total expenses	13,816,122	14,539,389	40,277,733	43,200,537
Earnings (loss) before income taxes	503,908	(27,066)	(1,028,322)	839,719
Total income tax expense (benefit)	99,919	(13,150)	(240,980)	122,796
Net earnings (loss)	403,989	(13,916)	(787,342)	716,923
Other comprehensive earnings, net of tax	440,838	703,220	2,254,721	3,423,233
Comprehensive earnings	$ 844,827	$ 689,304	$ 1,467,379	$ 4,140,156
Basic:
Basic net earnings (loss) per share (in dollars per share)	$ 0.13	$ 0	$ (0.26)	$ 0.24
Diluted:
Diluted net earnings (loss) per share (in dollars per share)	$ 0.13	$ 0	$ (0.26)	$ 0.24
Weighted average number of common shares outstanding:
Basic (in shares)	3,030,571	3,011,034	3,023,794	3,004,887
Diluted (in shares)	3,039,658	3,015,038	3,032,881	3,008,891
Net premiums earned	$ 12,532,967	$ 13,679,746	$ 36,921,702	$ 39,219,882
Net investment income	900,950	811,462	2,644,900	2,406,965
Net realized investment (losses) gains	(59,333)	141,481	(402,320)	741,123
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	981,779	(7,603)	2,195	1,716,124
Other income (loss)	(36,333)	(112,763)	82,934	(43,838)
Consolidated revenues	14,320,030	14,512,323	39,249,411	44,040,256
Losses and settlement expenses	8,863,053	9,609,347	25,913,619	28,117,369
Policy acquisition costs and other operating expenses	4,722,485	4,733,206	13,741,725	14,541,986
Interest expense on debt	58,724	32,458	150,773	96,353
General corporate expenses	171,860	164,378	471,616	444,829
Total expenses	13,816,122	14,539,389	40,277,733	43,200,537
Earnings (loss) before income taxes	503,908	(27,066)	(1,028,322)	839,719
Total income tax expense (benefit)	99,919	(13,150)	(240,980)	122,796
Net earnings (loss)	403,989	(13,916)	(787,342)	716,923
Other comprehensive earnings, net of tax	440,838	703,220	2,254,721	3,423,233
Comprehensive earnings	$ 844,827	$ 689,304	$ 1,467,379	$ 4,140,156

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)