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7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)
 6 Months Ended
Jun. 30, 2017
Tables/Schedules  
Schedule of Financial Instruments Carried at Other Than Fair Value

 

 

Carrying Value

 

Level 1

 

Level 2

 

Level 3

 

Total Estimated Fair Value

Assets

Fixed maturity securities, held to maturity

 $     193,208,660

 $                      -

 $   205,044,443

 $                        -

 $     205,044,443

Mortgage loans:

Residential

          61,306,680

                         -

                         -

          65,473,057

          65,473,057

Residential construction

          34,300,908

                         -

                         -

          34,300,908

          34,300,908

Commercial

          39,391,676

                         -

                         -

          40,945,013

          40,945,013

Mortgage loans, net

 $     134,999,264

 $                      -

 $                      -

 $     140,718,978

 $     140,718,978

Loans held for sale

        173,367,938

                         -

                         -

        177,060,605

        177,060,605

Policy loans

            6,685,452

                         -

                         -

            6,685,452

            6,685,452

Insurance assignments, net

          31,377,542

                         -

                         -

          31,377,542

          31,377,542

Short-term investments

          23,448,480

                         -

        23,448,480

                           -

          23,448,480

Mortgage servicing rights

          20,096,965

                         -

                         -

          26,448,288

          26,448,288

Liabilities

Bank and other loans payable

$   (163,581,969)

 $                      -

 $                      -

$   (163,581,969)

$   (163,581,969)

Policyholder account balances

        (48,540,633)

                         -

                         -

        (37,834,097)

        (37,834,097)

Future policy benefits - annuities

        (99,076,489)

                         -

                         -

        (99,975,768)

        (99,975,768)

 

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2016:

 

 

Carrying Value

 

Level 1

 

Level 2

 

Level 3

 

Total Estimated Fair Value

Assets

Fixed maturity securities, held to maturity

 $     184,979,644

 $                      -

 $   191,850,749

 $                        -

 $     191,850,749

Mortgage loans:

Residential

          57,132,082

                         -

                         -

          61,357,393

          61,357,393

Residential construction

          40,700,003

                         -

                         -

          40,700,003

          40,700,003

Commercial

          51,349,493

                         -

                         -

          53,299,800

          53,299,800

Mortgage loans, net

 $     149,181,578

 $                      -

 $                      -

 $     155,357,196

 $     155,357,196

Loans held for sale

        189,578,243

                         -

                         -

        192,289,854

        192,289,854

Policy loans

            6,694,148

                         -

                         -

            6,694,148

            6,694,148

Insurance assignments, net

          32,477,246

                         -

                         -

          32,477,246

          32,477,246

Short-term investments

          27,560,040

                         -

        27,560,040

                           -

          27,560,040

Mortgage servicing rights

          18,872,362

                         -

                         -

          25,496,832

          25,496,832

Liabilities

Bank and other loans payable

 $   (152,137,371)

 $                      -

 $                      -

 $   (152,137,371)

 $   (152,137,371)

Policyholder account balances

        (49,421,125)

                         -

                         -

        (38,530,031)

        (38,530,031)

Future policy benefits - annuities

        (99,388,662)

                         -

                         -

      (100,253,261)

      (100,253,261)