Investments (Tables)

12 Months Ended

Dec. 31, 2025

Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at December 31, 2025 and 2024 are as follows:

	2025
	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	79,242,467	$	47,257	$	79,289,724	$	84,055	$	4,864,438	$	74,509,341
Obligations of states and political subdivisions		436,802,311		357,188		437,159,499		3,221,019		39,248,172		401,132,346
Corporate securities		252,098,474		903,506		253,001,980		2,211,196		7,422,745		247,790,431
Mortgage-backed securities		8,304,095		4,952		8,309,047		66,156		147,998		8,227,205
Totals	$	776,447,347	$	1,312,903	$	777,760,250	$	5,582,426	$	51,683,353	$	731,659,323

	2025
Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	25,057,361	$	107,304	$	835,267	$	24,329,398
Obligations of states and political subdivisions		49,982,079		504,540		1,935,902		48,550,717
Corporate securities		132,203,204		699,686		1,978,429		130,924,461
Mortgage-backed securities		443,127,367		3,091,284		9,300,452		436,918,199
Totals	$	650,370,011	$	4,402,814	$	14,050,050	$	640,722,775

	2024
	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	86,579,024	$	51,632	$	86,630,656	$	—	$	8,484,505	$	78,146,151
Obligations of states and political subdivisions		371,895,483		259,896		372,155,379		649,770		54,062,089		318,743,060
Corporate securities		236,550,262		1,070,337		237,620,599		272,817		13,607,632		224,285,784
Mortgage-backed securities		10,689,147		6,375		10,695,522		—		301,588		10,393,934
Totals	$	705,713,916	$	1,388,240	$	707,102,156	$	922,587	$	76,455,814	$	631,568,929

	2024
Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	87,514,016	$	50,451	$	3,771,832	$	83,792,635
Obligations of states and political subdivisions		41,693,772		9,435		4,298,787		37,404,420
Corporate securities		211,059,119		141,685		8,269,108		202,931,696
Mortgage-backed securities		312,298,058		216,549		18,751,496		293,763,111
Totals	$	652,564,965	$	418,120	$	35,091,223	$	617,891,862

Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

We set forth below the amortized cost and estimated fair value of fixed maturities at December 31, 2025 by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
Held to maturity
Due in one year or less	$	9,858,728	$	9,844,359
Due after one year through five years		169,072,060		163,642,082
Due after five years through ten years		239,817,355		231,085,406
Due after ten years		350,703,060		318,860,271
Mortgage-backed securities		8,309,047		8,227,205
Total held to maturity	$	777,760,250	$	731,659,323
Available for sale
Due in one year or less	$	18,784,118	$	18,750,756
Due after one year through five years		48,817,652		48,465,558
Due after five years through ten years		86,158,680		84,052,777
Due after ten years		53,482,194		52,535,485
Mortgage-backed securities		443,127,367		436,918,199
Total available for sale	$	650,370,011	$	640,722,775

Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at December 31, 2025 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value

Equity securities	$	27,238,146	$	17,193,576	$	61,364	$	44,370,358

The cost and estimated fair values of our equity securities at December 31, 2024 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value

Equity securities	$	24,725,576	$	12,087,227	$	4,993	$	36,807,810

Net Investment Income, Consisting Primarily of Interest and Dividends

We derived net investment income, consisting primarily of interest and dividends, from the following sources:

	2025			2024			2023
Fixed maturities	$	50,881,739		$	44,450,895		$	40,445,697
Equity securities		814,239			710,333			765,881
Short-term investments		5,165,683			3,621,766			2,471,998
Other		29,250			29,250			29,250
Investment income		56,890,911			48,812,244			43,712,826
Investment expenses		(4,264,196	)		(3,894,082	)		(2,859,611	)
Net investment income	$	52,626,715		$	44,918,162		$	40,853,215

Gross Investment Gains and Losses before Applicable Income Taxes

We present below gross gains and losses from investments and the change in the difference between fair value and cost of investments:

	2025			2024			2023
Gross realized gains:
Fixed maturities	$	1,217,434		$	113,699		$	1,059,244
Equity securities		686,981			289,840			2,662,661
		1,904,415			403,539			3,721,905
Gross realized losses:
Fixed maturities		6,410,388			288,008			3,300,351
Equity securities		—			95,290			732,940
		6,410,388			383,298			4,033,291
Net realized (losses) gains		(4,505,973	)		20,241			(311,386	)
Gross unrealized gains on equity securities		5,111,342			5,028,206			3,651,125
Gross unrealized losses on equity securities		(61,364	)		(4,982	)		(109,125	)
Decrease (increase) in allowance for credit losses		75,337			(62,393	)		(57,807	)
Net investment gains	$	619,342		$	4,981,072		$	3,172,807

Change in difference between fair value and cost of investments:
Fixed maturities	$	54,458,167		$	(530,513	)	$	28,839,658
Equity securities		5,049,978			5,023,207			2,724,820
Totals	$	59,508,145		$	4,492,694		$	31,564,478

Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2025 as follows:

	Less than 12 months				12 months or longer
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	9,502,823	$	45,722	$	76,505,619	$	5,653,983
Obligations of states and political subdivisions		34,777,933		697,410		287,717,398		40,486,664
Corporate securities		47,139,104		405,757		183,025,525		8,995,417
Mortgage-backed securities		102,103,532		540,325		88,886,762		8,908,125
Totals	$	193,523,392	$	1,689,214	$	636,135,304	$	64,044,189

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2024 as follows:

	Less than 12 months				12 months or longer
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	37,528,341	$	349,573	$	112,322,114	$	11,906,764
Obligations of states and political subdivisions		37,674,513		824,487		292,851,970		57,536,389
Corporate securities		83,342,468		1,505,512		311,435,364		20,371,228
Mortgage-backed securities		112,950,244		1,261,878		153,960,179		17,791,206
Totals	$	271,495,566	$	3,941,450	$	870,569,627	$	107,605,587