0001437749-24-016687 | 10-Q | XBRL Viewer

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

2.	INVESTMENTS

The Company’s investments are primarily composed of fixed income debt securities and common and preferred equity securities. We carry our equity securities at fair value and categorize all our fixed maturity debt securities 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 3 – 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.

Available-for-Sale Fixed Maturity and Equity Securities

The following tables are a summary of the proceeds from sales, maturities, and calls of AFS fixed maturity and equity securities and the related gross realized gains and losses.

	*For the Three-Months Ended March 31,*
								*Net Realized*
	*Proceeds*		*Gains*		*Losses*			*Gains (Losses)*
2024
Fixed maturity securities	$	4,294,521	$	1,167	$	—		$	1,167
Common stocks		705,443		249,637		(70,057	)		179,580
Preferred stocks		245,513		1,409		(31,470	)		(30,061	)
2023
Fixed maturity securities	$	3,830,441	$	—	$	(40,520	)	$	(40,520	)
Common stocks		778,071		126,001		(185,458	)		(59,457	)
Preferred stocks		95,628		24,412		—			24,412

The amortized cost and estimated fair value of fixed income securities at March 31, 2024, by contractual maturity, are shown as follows:

	*Amortized Cost*		*Fair Value*
Due in one year or less	$	3,548,339	$	3,498,321
Due after one year through five years		15,222,260		14,582,221
Due after five years through 10 years		24,129,964		22,440,674
Due after 10 years		26,891,230		22,631,543
Asset and mortgage-backed securities without a specific due date		48,381,623		45,834,486
Redeemable preferred stocks		186,393		181,040
Total fixed maturity securities	$	118,359,809	$	109,168,285

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

The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at March 31, 2024 and December 31, 2023:

					*Gross Unrealized*
	*Amortized Cost*		*Fair Value*		*Gains*		*Losses*
2024
Fixed maturity securities:
U.S. Treasury	$	1,351,519	$	1,295,211	$	—	$	(56,308	)
MBS/ABS/CMBS		48,381,623		45,834,486		291,072		(2,838,209	)
Corporate		45,827,528		42,444,447		104,428		(3,487,509	)
Municipal		22,612,746		19,413,101		125,472		(3,325,117	)
Redeemable preferred stock		186,393		181,040		—		(5,353	)
Total fixed maturity securities	$	118,359,809	$	109,168,285	$	520,972	$	(9,712,496	)

					*Gross Unrealized*
	*Amortized Cost*		*Fair Value*		*Gains*		*Losses*
2023
Fixed maturity securities:
U.S. Treasury	$	1,351,768	$	1,289,774	$	—	$	(61,994	)
MBS/ABS/CMBS		49,400,028		47,020,328		283,957		(2,663,657	)
Corporate		45,764,492		42,981,718		287,412		(3,070,186	)
Municipal		22,633,360		19,493,317		153,103		(3,293,146	)
Redeemable preferred stock		186,393		170,560		—		(15,833	)
Total fixed maturity securities	$	119,336,041	$	110,955,697	$	724,472	$	(9,104,816	)

All the Company’s collateralized securities carry an average credit rating of AA by one or more major rating agencies and continue to pay according to contractual terms. Included within MBS/ABS/CMBS, as defined in Note 3 – Fair Value Disclosures, are asset backed securities with fair values of $8,192,160 and $8,462,540, residential mortgage-backed securities of $32,154,992 and $32,928,128, and commercial mortgage-backed securities of $5,487,334 and $5,629,659 at March 31, 2024 and December 31, 2023, respectively. The Company has recorded no current expected credit loss (CECL) allowances related to available for sale investments at March 31, 2024 and December 31, 2023, respectively.

ANALYSIS

The following tables display the total value of securities that were in an unrealized loss position as of March 31, 2024 and December 31, 2023. The tables segregate the securities based on type, noting the fair value, amortized cost, and unrealized loss on each category of investment as well as in total. The tables further classifies the securities based on the length of time they have been in an unrealized loss position.

	*March 31, 2024*									*December 31, 2023*
				*12 Months*									*12 Months*
	*< 12 Months*			*& Greater*			*Total*			*< 12 Months*			*& Greater*			*Total*
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	—		$	1,295,211		$	1,295,211		$	—		$	1,289,774		$	1,289,774
Amortized cost		—			1,351,519			1,351,519			—			1,351,768			1,351,768
Unrealized loss		—			(56,308	)		(56,308	)		—			(61,994	)		(61,994	)
MBS/ABS/CMBS
Fair value		8,671,226			20,894,107			29,565,333			8,345,340			24,323,865			32,669,205
Amortized cost		8,780,692			23,622,850			32,403,542			8,462,010			26,870,852			35,332,862
Unrealized loss		(109,466	)		(2,728,743	)		(2,838,209	)		(116,670	)		(2,546,987	)		(2,663,657	)
Corporate
Fair value		5,126,823			31,263,210			36,390,033			477,051			33,352,754			33,829,805
Amortized cost		5,205,614			34,671,928			39,877,542			478,370			36,421,621			36,899,991
Unrealized loss		(78,791	)		(3,408,718	)		(3,487,509	)		(1,319	)		(3,068,867	)		(3,070,186	)
Municipal
Fair value		1,276,758			12,114,730			13,391,488			—			12,149,238			12,149,238
Amortized cost		1,283,254			15,433,351			16,716,605			—			15,442,384			15,442,384
Unrealized loss		(6,496	)		(3,318,621	)		(3,325,117	)		—			(3,293,146	)		(3,293,146	)
Redeemable preferred stock
Fair value		121,500			59,540			181,040			149,240			21,320			170,560
Amortized cost		123,188			63,205			186,393			161,549			24,844			186,393
Unrealized loss		(1,688	)		(3,665	)		(5,353	)		(12,309	)		(3,524	)		(15,833	)
Total
Fair value		15,196,307			65,626,798			80,823,105			8,971,631			71,136,951			80,108,582
Amortized cost		15,392,748			75,142,853			90,535,601			9,101,929			80,111,469			89,213,398
Unrealized loss	$	(196,441	)	$	(9,516,055	)	$	(9,712,496	)	$	(130,298	)	$	(8,974,518	)	$	(9,104,816	)

The fixed income portfolio contained 219 securities in an unrealized loss position as of March 31, 2024. Of these 219 securities, 192 have been in an unrealized loss position for 12 consecutive months or longer and represent $9,516,055 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. Current unrealized losses are the result of rising interest rates. 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 CECL allowances from the fixed income portfolio recognized in net earnings during the three months ended March 31, 2024 and 2023. In addition, the Company is not required to, nor does it intend to sell these investments prior to recovering the entire amortized cost basis for each security, which may be at maturity.

UNREALIZED GAINS AND LOSSES ON INVESTMENTS

Net unrealized gains recognized during the three months ended March 31, 2024 on equity securities and limited partnership investments were $1,273,890. Net unrealized gains recognized during the three months ended March 31, 2023 on investments held as of March 31, 2023 were $639,418.

Other Invested Assets

Other invested assets as of March 31, 2024 and December 31, 2023 were $9,040,528 and $8,898,409, respectively. These amounts were net of $39,000 in CECL allowances. Other invested assets as of March 31, 2024 include privately held investments of $2,414,810, notes receivable of $5,420,520, Funds at Lloyd's of $819,198 and a $425,000 membership in the Federal Home Loan Bank of Chicago (FHLBC). As of December 31, 2023, privately held investments were $2,197,232, notes receivable were $5,495,978, Funds at Lloyd's were 819,198, and the membership in FHLBC was $425,000.

As of March 31, 2024, privately held investments are comprised of a $1,950,380 limited partnership accounted for under the equity method with a three month lag, a $250,000 SAFE investment carried at cost, and $214,430 in stock carried at fair value. The limited partnership is considered a related party. In November 2021, we agreed to commit up to $10.0 million to a private investment fund, subject to regulatory approval, which may be callable from time to time by such fund. As of March 31, 2024, the Company has received calls for $1,949,134 for a limited partnership from the private investment fund. Our balance available for future endeavors with the private investment fund is $8,050,866 as of March 31, 2024. As of December 31, 2023, privately held investments are comprised of a $1,734,622 limited partnership accounted for under the equity method with a three month lag, a $250,000 SAFE investment carried at cost, and $212,610 in stock carried at fair value. As of December 31, 2023, the Company received calls for $1,949,134 for the limited partnership and our balance available for future endeavors was $8,050,866.

Notes receivable are carried at outstanding value plus accrued interest. As of March 31, 2024, most of the notes receivable bear interest between 3.9% and 8.25%. One note has interest at prime minus 25 basis points with a floor of 4.0%. For the three months ended March 31, 2024, $75,458 in note payments were received and $0 in accrued principal and interest receivable was recorded. The Company had $39,000 in CECL allowances recorded related to uncollectible note receivables at March 31, 2024.

The Funds at Lloyd's and membership in the FHLBC are carried at cost.

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	21.00%	20.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Tax Credit Carryforward, Amount	$ 0		$ 0
Operating Loss Carryforwards	$ 0		$ 0
Open Tax Year			2020 2021 2022 2023 2024

Note 3 - Fair Value Disclosures

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Text Block]

3.	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), Commercial Mortgage-backed Securities (CMBS) 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, CMBS, CMO, and ABS with corroborated and observable inputs are classified as Level 2. All MBS, CMBS, 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 and cash equivalents, their carrying amounts are reasonable estimates of fair value. Other invested assets include notes receivable, stock, a limited partnership, a SAFE investment, Funds at Lloyd's, and membership in the FHLBC. Notes receivable are carried at outstanding balance plus accrued interest. Stock is at fair value when available. The limited partnership is accounted for under the equity method, which is considered a related party. The SAFE investment, Funds at Lloyd's, and the membership in FHLBC are carried at cost.

Assets measured at fair value on a recurring basis as of March 31, 2024, are 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	$	1,295,211	$	—	$	—	$	1,295,211
MBS/ABS/CMBS		—		45,834,486		—		45,834,486
Corporate		—		42,444,447		—		42,444,447
Municipal		—		19,413,101		—		19,413,101
Redeemable preferred stocks		—		181,040		—		181,040
Total fixed maturity securities		1,295,211		107,873,074		—		109,168,285
Equity securities
Common stocks		13,369,954		—		—		13,369,954
Perpetual preferred stocks		—		3,046,812		—		3,046,812
Total equity securities		13,369,954		3,046,812		—		16,416,766
Total marketable investments measured at fair value	$	14,665,165	$	110,919,886	$	—	$	125,585,051

Assets measured at fair value on a recurring basis as of December 31, 2023, are 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	$	1,289,774	$	—	$	—	$	1,289,774
MBS/ABS/CMBS		—		47,020,328		—		47,020,328
Corporate		—		42,981,718		—		42,981,718
Municipal		—		19,493,317		—		19,493,317
Redeemable preferred stocks		—		170,560		—		170,560
Total fixed maturity securities		1,289,774		109,665,923		—		110,955,697
Equity securities
Common stocks		12,191,621		—		—		12,191,621
Perpetual preferred stocks		—		2,896,296		—		2,896,296
Total equity securities		12,191,621		2,896,296		—		15,087,917
Total marketable investments measured at fair value	$	13,481,395	$	112,562,219	$	—	$	126,043,614

As noted in the previous tables, the Company has no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2024 or December 31, 2023. Additionally, there were no securities transferred in or out of Levels 1 and 2 during the three-month periods ended March 31, 2024 and 2023.

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Balance	$ 67,003,549	$ 60,440,931
Net current period other comprehensive (loss) earnings	(640,112)	1,596,353
Balance	68,685,411	63,598,529
AOCI Attributable to Parent [Member]
Balance	(6,621,336)	(8,841,517)
Other comprehensive (loss) earnings before reclassification	(639,189)	1,564,342
Amount reclassified from accumulated other comprehensive (loss) earnings	(923)	32,011
Net current period other comprehensive (loss) earnings	(640,112)	1,596,353
Balance	$ (7,261,448)	$ (7,245,164)

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

Note 7 - Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Text Block]

7.	INCOME TAXES

The Company’s effective tax rate for the three month periods ended March 31, 2024 was 21.0% compared to 20.4% for the same period in 2023. Effective rates are dependent upon components of pretax earnings and losses and the related tax effects.

Income tax expense for the three month periods ended March 31, 2024 and 2023 differed from the amounts computed by applying the U.S. federal tax rate of 21% to pretax income from continuing operations as demonstrated in the following table:

	*For the Three-Months Ended*
	*March 31,*
	*2024*			*2023*
Provision for income taxes at the statutory federal tax rates	$	595,435		$	416,654
Increase (reduction) in taxes resulting from:
Tax-exempt interest income		(7,929	)		(10,072	)
Dividends received deduction		(10,065	)		(20,460	)
Proration of tax-exempt interest and dividends received deduction		4,283			7,417
Nondeductible expenses		15,915			15,091
Officer life insurance, net		(1,438	)		(3,110	)
Total	$	596,201		$	405,520

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.

As of March 31, 2024 and December 31, 2023, the Company does not have any capital or operating loss carryforwards. Periods still subject to IRS audit include 2020 through current year. There are currently no open tax exams. As of March 31, 2024 a significant portion of the Company's net deferred tax asset relates to unrealized losses on fixed income securities and equity securities.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Note 8 - Employee Benefits (Details Textual) - USD ($)	3 Months Ended
Note 8 - Employee Benefits (Details Textual) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares)	350,000
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share)	$ 10
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP	$ 0	$ 0
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 90,044	$ 89,944
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)	5,827	5,779
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Payment Arrangement, Expense	$ 59,380	$ 52,850
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	0.33%

Note 9 - Subsequent Events (Details Textual) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2024	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		0
Subsequent Event [Member] \| Inter-Atlantic Fund [Member]
Investments			$ 3
Restricted Stock Units (RSUs) [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	20,100

Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost	$ 118,359,809	$ 119,336,041
Debt Securities, Available-for-Sale	109,168,285	110,955,697
Gross Unrealized Gains	520,972	724,472
Gross Unrealized Losses	(9,712,496)	(9,104,816)
Fixed maturity securities, amortized cost	118,359,809	119,336,041
US Treasury Securities [Member]
Amortized Cost	1,351,519	1,351,768
Debt Securities, Available-for-Sale	1,295,211	1,289,774
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(56,308)	(61,994)
Fixed maturity securities, amortized cost	1,351,519	1,351,768
MBS,ABS,CMBS [Member]
Amortized Cost	48,381,623	49,400,028
Debt Securities, Available-for-Sale	45,834,486	47,020,328
Gross Unrealized Gains	291,072	283,957
Gross Unrealized Losses	(2,838,209)	(2,663,657)
Fixed maturity securities, amortized cost	48,381,623	49,400,028
Corporate Debt Securities [Member]
Amortized Cost	45,827,528	45,764,492
Debt Securities, Available-for-Sale	42,444,447	42,981,718
Gross Unrealized Gains	104,428	287,412
Gross Unrealized Losses	(3,487,509)	(3,070,186)
Fixed maturity securities, amortized cost	45,827,528	45,764,492
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	22,612,746	22,633,360
Debt Securities, Available-for-Sale	19,413,101	19,493,317
Gross Unrealized Gains	125,472	153,103
Gross Unrealized Losses	(3,325,117)	(3,293,146)
Fixed maturity securities, amortized cost	22,612,746	22,633,360
Redeemable Preferred Stock [Member]
Amortized Cost	186,393	186,393
Debt Securities, Available-for-Sale	181,040	170,560
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5,353)	(15,833)
Fixed maturity securities, amortized cost	$ 186,393	$ 186,393

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

Note 8 - Employee Benefits

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Text Block]

8.	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. ICC makes annual contributions to the ESOP sufficient to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. The Company repurchases shares from participants that have left our employment. ICC Holdings did not contributed to the ESOP for the three months ended March 31, 2024 and 2023. No other contributions were made to the ESOP during these time periods.

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 three months ended March 31, 2024, we recognized compensation expense of $90,044 related to 5,827 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2024. For the three months ended March 31, 2023, we recognized compensation expense of $89,944 related to 5,779 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2023.

RESTRICTED STOCK UNITS

Restricted stock units (RSUs) were granted for the first time in February 2018 and more recently in April of each year. 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 one third over three years beginning the first anniversary of the date of grant. The Company recognized $59,380 and $52,850 in RSU expense for the three months ended March 31, 2024 and March 31, 2023, respectfully.

	*RSUs*			*Weighted Average Grant Date Fair Value*
Nonvested on December 31, 2023		19,787		$	15.87
Granted		—			—
Vested		(3,782	)		15.70
Nonvested on March 31, 2024		16,005		$	15.92

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net earnings	$ 2,239,205	$ 1,578,545
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized investment (gains) losses	(150,686)	75,565
Net unrealized gains on investments	(1,273,890)	(639,418)
Depreciation	199,686	173,491
Deferred income tax	194,829	267,226
Amortization of bond premium and discount	(18,871)	29,821
Stock-based compensation expense	149,424	142,794
Change in:
Accrued investment income	(47,086)	509
Premiums and reinsurance balances receivable	769,731	(506,948)
Ceded unearned premiums	30,927	143,200
Reinsurance balances recoverable	(1,002,320)	(843,357)
Deferred policy acquisition costs	(91,079)	(565,515)
Unpaid losses and settlement expenses	5,731,401	5,252,537
Unearned premiums	190,711	568,115
Reinsurance balances payable	(468,415)	(1,123,875)
Accrued expenses	(1,659,134)	(1,949,578)
Current federal income tax	364,293	124,565
Other	(93,842)	(386,200)
Net cash provided by operating activities	5,064,884	2,341,477
Cash flows from investing activities:
Fixed maturity securities	(3,259,172)	(5,960,521)
Other invested assets	0	(360,000)
Property held for investment	(250,201)	(358,210)
Property and equipment	(192,156)	(160,191)
Proceeds from sales, maturities and calls of:
Fixed maturity securities	4,294,521	3,830,441
Other invested assets	75,458	8,557
Property and equipment	101	33
Net cash provided by (used in) investing activities	550,635	(3,012,834)
Cash flows from financing activities:
Purchase of treasury stock	(66,655)	(46,334)
Net cash used in financing activities	(66,655)	(46,334)
Net increase (decrease) in cash and cash equivalents	5,548,864	(717,691)
Cash and cash equivalents at beginning of year	1,478,135	3,139,986
Cash and cash equivalents at end of period	7,026,999	2,422,295
Supplemental information:
Interest paid	45,900	39,500
Common Stock [Member]
Cash flows from investing activities:
Equity securities	(826,741)	(807,926)
Proceeds from sales, maturities and calls of:
Equity securities	705,443	778,071
Preferred Stock [Member]
Cash flows from investing activities:
Equity securities	(242,131)	(78,716)
Proceeds from sales, maturities and calls of:
Equity securities	$ 245,513	$ 95,628

Note 9 - Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Text Block]

9.	SUBSEQUENT EVENTS

The Company granted 20,100 restricted stock units on April 1, 2024. On April 30, 2024, the Company made a commitment for $3.0 million investment in Inter-Atlantic Fund X, L.P., a limited partnership. To date there have been no cash calls.

Note 3 - Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale	$ 109,168,285	$ 110,955,697
Equity securities	16,416,766	15,087,917
Total marketable investments measured at fair value	125,585,051	126,043,614
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	1,295,211	1,289,774
Equity securities	13,369,954	12,191,621
Total marketable investments measured at fair value	14,665,165	13,481,395
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	107,873,074	109,665,923
Equity securities	3,046,812	2,896,296
Total marketable investments measured at fair value	110,919,886	112,562,219
US Treasury Securities [Member]
Debt Securities, Available-for-Sale	1,295,211	1,289,774
US Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	1,295,211	1,289,774
MBS,ABS,CMBS [Member]
Debt Securities, Available-for-Sale	45,834,486	47,020,328
MBS,ABS,CMBS [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	45,834,486	47,020,328
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale	42,444,447	42,981,718
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	42,444,447	42,981,718
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale	19,413,101	19,493,317
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	19,413,101	19,493,317
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-Sale	181,040	170,560
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	181,040	170,560
Common Stock [Member]
Equity securities	13,369,954	12,191,621
Common Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Equity securities	13,369,954	12,191,621
Common Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Equity securities	0
Preferred Stock [Member]
Equity securities	3,046,812	2,896,296
Preferred Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Equity securities	$ 3,046,812	$ 2,896,296

Note 4 - Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Text Block]

DEBT

Debt Obligation

Debt Obligations

The Company had $15,000,000 in outstanding debt as of March 31, 2024 and December 31, 2023.

The Company also has borrowing capacity of $48.2 million with the Federal Home Loan Bank of Chicago (FHLBC), which is 25% of net admitted statutory assets of Illinois Casualty Company as of the prior year-end. As of March 31, 2024, the Company has used $15.0 million of that capacity through three separate 5-year term loans expiring between 2025 and 2027, with a weighted average interest rate of 1.21%.

The Company has $19.1 million in bonds pledged as collateral for all FHLBC loans.

Revolving Line of Credit

As of March 31, 2024, the balance on the line of credit was $0. As of July 5, 2023, this line of credit is priced at prime plus 0.5% with a floor of 6.00% and renews annually with a current expiration date of July 5, 2024. The Company has $4.0 million of available credit and has pledged $4.0 million of business assets in the event the Company draws down on the line of credit. This agreement includes an annually calculated financial debt covenant requiring a minimum total adjusted capital of $21.0 million. Total adjusted capital is the sum of an insurer’s statutory capital and surplus as determined in accordance with the statutory accounting principles applicable to the annual financial statements required to be filed with Illinois Department of Insurance. As of March 31, 2024, our total adjusted capital is approximately $65.4 million. There was no interest paid on the line of credit during the three months ended March 31, 2024 and 2023.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Note 6 - Unpaid Losses and Settlement Expenses - Schedule of Liability for Unpaid Claims and Claim Adjustment Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gross	$ 71,919,585	$ 67,614,000
Less: Ceded	12,736,579	13,610,000
Less: CECL allowance for reinsurance recoverable on unpaid losses	82,000	0
Net	59,101,000	54,004,000
Current year, incurred	12,288,000	11,072,000
Prior years, incurred	49,000	(24,000)
Total incurred	12,337,000	11,048,000
Current year, paid	1,924,000	1,158,000
Prior years, paid	5,690,000	5,487,000
Total paid	7,614,000	6,645,000
Net unpaid losses and settlement expense - end of the period	63,824,000	58,407,000
Plus: Reinsurance recoverable on unpaid losses net of CECL	13,738,899	14,356,000
Plus: CECL allowance for reinsurance recoverable on unpaid losses1	88,000	104,000
Unpaid losses and settlement expenses	$ 77,650,986	$ 72,867,000

Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Cost	$ 10,472,744	$ 10,315,398
Accumulated depreciation	(7,109,013)	(6,990,076)
Net property and equipment	3,363,731	3,325,322
Automobiles [Member]
Cost	693,634	645,458
Furniture and Fixtures [Member]
Cost	526,657	525,843
Computer Equipment [Member]
Cost	5,093,380	5,037,301
Home Office [Member]
Cost	$ 4,159,073	$ 4,106,796

Note 7 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*For the Three-Months Ended*
	*March 31,*
	*2024*			*2023*
Provision for income taxes at the statutory federal tax rates	$	595,435		$	416,654
Increase (reduction) in taxes resulting from:
Tax-exempt interest income		(7,929	)		(10,072	)
Dividends received deduction		(10,065	)		(20,460	)
Proration of tax-exempt interest and dividends received deduction		4,283			7,417
Nondeductible expenses		15,915			15,091
Officer life insurance, net		(1,438	)		(3,110	)
Total	$	596,201		$	405,520

Note 3 - Fair Value Disclosures (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)
Assets, Fair Value Disclosure	$ 0

Note 6 - Unpaid Losses and Settlement Expenses

3 Months Ended

Mar. 31, 2024

Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]

6.	UNPAID LOSSES AND SETTLEMENT EXPENSES

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

	*For the Three-Months Ended*
	*March 31,*

(In thousands)	*2024*		*2023*
Unpaid losses and settlement expense - beginning of the period:
Gross	$	71,920	$	67,614
Less: Ceded		12,737		13,610
Less: CECL allowance for reinsurance recoverable on unpaid losses		82		—
Net		59,101		54,004
Increase in incurred losses and settlement expense:
Current year		12,288		11,072
Prior years		49		(24	)
Total incurred		12,337		11,048
Deduct: Loss and settlement expense payments for claims incurred:
Current year		1,924		1,158
Prior years		5,690		5,487
Total paid		7,614		6,645
Net unpaid losses and settlement expense - end of the period		63,824		58,407
Plus: Reinsurance recoverable on unpaid losses net of CECL		13,739		14,356
Plus: CECL allowance for reinsurance recoverable on unpaid losses¹		88		104
Gross unpaid losses and settlement expense - end of the period	$	77,651	$	72,867

¹ See page 7, Significant account policies, for an explanation of CECL.

For the three months ended March 31, 2024 and 2023, we experienced unfavorable and favorable development of $49,000 and $24,000, respectively. The unfavorable development for the three months ended March 31, 2024 is primarily due to additional information received on prior year accident claims for liquor liability.

Note 8 - Employee Benefits - Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Nonvested Balance (in shares) \| shares	19,787
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 15.87
Granted, Restricted Stock Units (in shares) \| shares	0
Granted, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 0
Vested, Restricted Stock Units (in shares) \| shares	(3,782)
Vested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 15.7
Nonvested Balance (in shares) \| shares	16,005
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 15.92

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net premiums earned	$ 20,222,366	$ 17,801,297
Net investment income	1,440,202	1,209,415
Net realized investment gains (losses)	150,686	(75,565)
Net unrealized gains on investments	1,273,890	639,418
Other (loss) income	(5,037)	45,836
Consolidated revenues	23,082,107	19,620,401
Losses and settlement expenses	12,336,928	11,047,681
Policy acquisition costs and other operating expenses	7,663,099	6,349,581
Interest expense on debt	45,904	45,400
General corporate expenses	200,770	193,674
Total expenses	20,246,701	17,636,336
Earnings before income taxes	2,835,406	1,984,065
Total income tax expense	596,201	405,520
Net earnings	2,239,205	1,578,545
Other comprehensive (loss) earnings, net of tax	(640,112)	1,596,353
Comprehensive earnings	$ 1,599,093	$ 3,174,898
Basic:
Basic net earnings per share (in dollars per share)	$ 0.76	$ 0.54
Diluted:
Diluted net earnings per share (in dollars per share)	$ 0.75	$ 0.53
Weighted average number of common shares outstanding:
Basic (in shares)	2,953,441	2,942,659
Diluted (in shares)	2,969,446	2,956,273

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2023
Retained Earnings (Accumulated Deficit)	$ 50,083,573		$ 47,844,368
Tangible Asset Impairment Charges	$ 0		$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Finite-Lived Intangible Assets, Gross	$ 1,200,000
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Retained Earnings (Accumulated Deficit)				$ 113,760
Premiums [Member] \| Geographic Concentration Risk [Member] \| ILLINOIS
Concentration Risk, Percentage	21.70%	23.00%

Note 6 - Unpaid Losses and Settlement Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

	*For the Three-Months Ended*
	*March 31,*

(In thousands)	*2024*		*2023*
Unpaid losses and settlement expense - beginning of the period:
Gross	$	71,920	$	67,614
Less: Ceded		12,737		13,610
Less: CECL allowance for reinsurance recoverable on unpaid losses		82		—
Net		59,101		54,004
Increase in incurred losses and settlement expense:
Current year		12,288		11,072
Prior years		49		(24	)
Total incurred		12,337		11,048
Deduct: Loss and settlement expense payments for claims incurred:
Current year		1,924		1,158
Prior years		5,690		5,487
Total paid		7,614		6,645
Net unpaid losses and settlement expense - end of the period		63,824		58,407
Plus: Reinsurance recoverable on unpaid losses net of CECL		13,739		14,356
Plus: CECL allowance for reinsurance recoverable on unpaid losses¹		88		104
Gross unpaid losses and settlement expense - end of the period	$	77,651	$	72,867

Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Provision for income taxes at the statutory federal tax rates	$ 595,435	$ 416,654
Tax-exempt interest income	(7,929)	(10,072)
Dividends received deduction	(10,065)	(20,460)
Proration of tax-exempt interest and dividends received deduction	4,283	7,417
Nondeductible expenses	15,915	15,091
Officer life insurance, net	(1,438)	(3,110)
Total	$ 596,201	$ 405,520

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Note 5 - Reinsurance (Details Textual)	12 Months Ended
Note 5 - Reinsurance (Details Textual)	Dec. 31, 2023 USD ($)
Casualty Business [Member] \| Maximum [Member]
Reinsurance, Amount Retained, Per Life	$ 1,000,000
Property [Member]
Reinsurance Maximum Individual Risk	$ 1,000,000

Note 5 - Reinsurance

3 Months Ended

Mar. 31, 2024

Reinsurance [Text Block]

5.	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 $1,000,000 for casualty and workers’ compensation business and $1,000,000 for property, 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 March 31,*
	*2024*			*2023*
WRITTEN
Direct	$	23,735,559		$	20,814,526
Reinsurance assumed		47,776			38,726
Reinsurance ceded		(3,339,331	)		(2,340,640	)
Net	$	20,444,004		$	18,512,612
EARNED
Direct	$	23,545,004		$	20,243,436
Reinsurance assumed		47,620			41,702
Reinsurance ceded		(3,370,258	)		(2,483,841	)
Net	$	20,222,366		$	17,801,297
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	14,119,451		$	13,266,429
Reinsurance assumed		63,722			9,241
Reinsurance ceded		(1,846,245	)		(2,227,989	)
Net	$	12,336,928		$	11,047,681

Note 2 - Investments - Summary of Proceeds from Investments and Related Gross Realized Gains and Losses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fixed Income Securities [Member]
Fixed maturity securities, proceeds	$ 4,294,521	$ 3,830,441
Fixed maturity securities, realized gains	1,167	0
Fixed maturity securities, realized losses	0	(40,520)
Fixed maturity securities, net realized gains (losses)	(1,167)	(40,520)
Common Stock [Member]
Equity securities, proceeds	705,443	778,071
Equity securities, realized gains	249,637	126,001
Equity securities, realized losses	(70,057)	(185,458)
Equity securities, net realized gains (losses)	179,580	(59,457)
Preferred Stock [Member]
Equity securities, proceeds	245,513	95,628
Equity securities, realized gains	1,409	24,412
Equity securities, realized losses	(31,470)	0
Equity securities, net realized gains (losses)	$ 30,061	$ 24,412

Note 3 - Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

			*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	$	1,295,211	$	—	$	—	$	1,295,211
MBS/ABS/CMBS		—		45,834,486		—		45,834,486
Corporate		—		42,444,447		—		42,444,447
Municipal		—		19,413,101		—		19,413,101
Redeemable preferred stocks		—		181,040		—		181,040
Total fixed maturity securities		1,295,211		107,873,074		—		109,168,285
Equity securities
Common stocks		13,369,954		—		—		13,369,954
Perpetual preferred stocks		—		3,046,812		—		3,046,812
Total equity securities		13,369,954		3,046,812		—		16,416,766
Total marketable investments measured at fair value	$	14,665,165	$	110,919,886	$	—	$	125,585,051

			*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	$	1,289,774	$	—	$	—	$	1,289,774
MBS/ABS/CMBS		—		47,020,328		—		47,020,328
Corporate		—		42,981,718		—		42,981,718
Municipal		—		19,493,317		—		19,493,317
Redeemable preferred stocks		—		170,560		—		170,560
Total fixed maturity securities		1,289,774		109,665,923		—		110,955,697
Equity securities
Common stocks		12,191,621		—		—		12,191,621
Perpetual preferred stocks		—		2,896,296		—		2,896,296
Total equity securities		12,191,621		2,896,296		—		15,087,917
Total marketable investments measured at fair value	$	13,481,395	$	112,562,219	$	—	$	126,043,614

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

Mar. 31, 2024

Dec. 31, 2023

Investments and cash:

Fixed maturity securities (amortized cost of $118,359,809 at 3/31/2024 and $119,336,041 at 12/31/2023)

$ 109,168,285

$ 110,955,697

Other invested assets, net of allowances for credit losses of $39,000 at 3/31/2024 and $39,000 at 12/31/2023

9,040,528

8,898,409

Property held for investment, at cost, net of accumulated depreciation of $728,443 at 3/31/2024 and $682,402 at 12/31/2023

6,115,025

5,910,864

Cash and cash equivalents

7,026,999

1,478,135

Total investments and cash

147,767,603

142,331,022

Accrued investment income

962,242

915,156

Premiums and reinsurance balances receivable, net of allowances for credit losses of $136,000 at 3/31/2024 and $143,000 at 12/31/2023

36,450,702

37,220,433

Ceded unearned premiums

724,172

755,099

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for credit losses of $88,000 at 3/31/2024 and $82,000 at 12/31/2023

13,738,899

12,736,579

Federal income taxes

2,386,403

2,775,366

Deferred policy acquisition costs, net

8,643,538

8,552,459

Property and equipment, at cost, net of accumulated depreciation of $7,109,013 at 3/31/2024 and $6,990,076 at 12/31/2023

3,363,731

3,325,322

Other Assets, net of allowances for credit losses of $5,000 at 3/31/2024 and $5,000 at 12/31/2023

2,395,727

2,405,577

Total assets

216,433,017

211,017,013

Liabilities:

Unpaid losses and settlement expenses

77,650,986

71,919,585

Unearned premiums

47,450,348

47,259,637

Reinsurance balances payable

663,886

1,132,301

Corporate debt

15,000,000

Accrued expenses

5,783,483

7,442,617

Other liabilities

1,198,903

1,259,324

Total liabilities

147,747,606

144,013,464

Equity:

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(5,776,979)

(5,710,324)

Additional paid-in capital

33,421,997

33,330,846

Accumulated other comprehensive (loss), net of tax

(7,261,448)

(6,621,336)

Retained earnings

50,083,573

47,844,368

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(1,816,732)

(1,875,005)

Total equity

68,685,411

67,003,549

Total liabilities and equity

216,433,017

211,017,013

Common Stock [Member]

Investments and cash:

Stocks at fair value

13,369,954

12,191,621

Preferred Stock [Member]

Investments and cash:

Stocks at fair value

$ 3,046,812

$ 2,896,296

[1]	Par value $0.01; authorized: 2024 and 2023 - 10,000,000 shares; issued: 2024 – 3,500,000 shares and 2023 – 3,500,000 shares; outstanding: 2024 – 3,138,976 and 2023 – 3,138,976 shares
[2]	2024 – 361,024 shares and 2023 – 361,024 shares
[3]	2024 – 181,671 shares and 2023 – 187,498 shares

Note 5 - Reinsurance (Tables)

3 Months Ended

Mar. 31, 2024