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22) Correction of Errors: Schedule of Error Corrections and Prior Period Adjustments (Tables) | 12 Months Ended
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Dec. 31, 2017
Consolidated Balance Sheets |
Schedule of Error Corrections and Prior Period Adjustments |
| As of December 31, 2016
| As Originally Reported |  | Adjustment (A) |  | As Previously Reported |  | Adjustments (B) |  | As Restated
Equity securities, available for sale, at estimated fair value | $ 10,573,356 |  | $ - |  | $ 10,573,356 |  | $ (662,100) |  | $ 9,911,256
Mortgage loans held for investment | 149,181,578 |  | - |  | 149,181,578 |  | (190,846) |  | 148,990,732
Policy loans and other investments | 40,937,146 |  | - |  | 40,937,146 |  | 662,100 |  | 41,599,246
Loans held for sale (formerly called Mortgage loans sold to investors) | 82,491,091 |  | - |  | 82,491,091 |  | 106,648,741 |  | 189,139,832
Receivables, net | 18,870,119 |  | - |  | 18,870,119 |  | (10,459,573) |  | 8,410,546
Other assets | 6,891,468 |  | - |  | 6,891,468 |  | 2,418,572 |  | 9,310,040
Total Assets | 854,004,671 |  | - |  | 854,004,671 |  | 98,416,894 |  | 952,421,565
Future policy benefits and unpaid claims | 585,610,063 |  | - |  | 585,610,063 |  | (1,542,371) |  | 584,067,692
Bank and other loans payable | 53,718,548 |  | - |  | 53,718,548 |  | 98,422,131 |  | 152,140,679
Other liabilities and accrued expenses | 33,950,503 |  | - |  | 33,950,503 |  | 742,982 |  | 34,693,485
Income taxes | 27,904,294 |  | - |  | 27,904,294 |  | (3,585,425) |  | 24,318,869
Total liabilities | 725,825,117 |  | - |  | 725,825,117 |  | 94,037,317 |  | 819,862,434
Accumulated other comprehensive income, net of taxes | 264,822 |  | - |  | 264,822 |  | - |  | 264,822
Retained earnings | 63,029,627 |  | - |  | 63,029,627 |  | 4,379,577 |  | 67,409,204
Total stockholders' equity | 128,179,554 |  | - |  | 128,179,554 |  | 4,379,577 |  | 132,559,131
Total Liabilities and Stockholders' Equity | 854,004,671 |  | - |  | 854,004,671 |  | 98,416,894 |  | 952,421,565
| As of January 1, 2016
| As Originally Reported |  | Adjustment (A) |  | As Previously Reported |  | Adjustments (B) |  | As Restated
Loans held for sale (formerly called Mortgage loans sold to investors) | $ 115,286,455 |  | $ - |  | $ 115,286,455 |  | $ 96,166,551 |  | $ 211,453,006
Receivables, net | 16,026,100 |  | - |  | 16,026,100 |  | (9,965,106) |  | 6,060,994
Other assets | 7,100,869 |  | - |  | 7,100,869 |  | 4,338,404 |  | 11,439,273
Total Assets | 749,933,317 |  | - |  | 749,933,317 |  | 90,539,849 |  | 840,473,166
Future policy benefits and unpaid claims | 517,177,388 |  | - |  | 517,177,388 |  | (1,388,134) |  | 515,789,254
Bank and other loans payable | 40,908,915 |  | - |  | 40,908,915 |  | 90,096,699 |  | 131,005,614
Income taxes | 25,052,059 |  | - |  | 25,052,059 |  | (4,639,170) |  | 20,412,889
Total liabilities | 638,687,092 |  | - |  | 638,687,092 |  | 84,069,395 |  | 722,756,487
Accumulated other comprehensive income (loss), net of taxes | 1,533,828 |  | (2,033,186) |  | (499,358) |  | - |  | (499,358)
Retained earnings | 52,021,764 |  | 2,033,186 |  | 54,054,950 |  | 6,470,454 |  | 60,525,404
Total stockholders' equity | 111,246,225 |  | - |  | 111,246,225 |  | 6,470,454 |  | 117,716,679
Total Liabilities and Stockholders' Equity | 749,933,317 |  | - |  | 749,933,317 |  | 90,539,849 |  | 840,473,166
Consolidated Statements of Earnings |
Schedule of Error Corrections and Prior Period Adjustments |
| Year Ended December 31, 2016
| As Originally Reported |  | Adjustment (A) |  | As Previously Reported |  | Adjustments (B) |  | As Restated
Net investment income | $ 37,582,444 |  | $ - |  | $ 37,582,444 |  | $ (5,603,843) |  | $ 31,978,601
Mortgage fee income | 186,416,311 |  | - |  | 186,416,311 |  | 2,730,328 |  | 189,146,639
Total revenues | 307,208,416 |  | - |  | 307,208,416 |  | (2,873,515) |  | 304,334,901
Increase in future policy benefits | 21,476,432 |  | - |  | 21,476,432 |  | (154,237) |  | 21,322,195
Commissions | 87,762,583 |  | - |  | 87,762,583 |  | 871,911 |  | 88,634,494
Provision for loan loss reserve | 4,688,754 |  | - |  | 4,688,754 |  | (2,988,754) |  | 1,700,000
Cost related to funding mortgage loans | 8,756,791 |  | - |  | 8,756,791 |  | 434,697 |  | 9,191,488
Total benefits and expenses | 286,468,053 |  | - |  | 286,468,053 |  | (1,836,383) |  | 284,631,670
Earnings before income taxes | 20,740,363 |  | - |  | 20,740,363 |  | (1,037,132) |  | 19,703,231
Income tax expense | (6,460,859) |  | - |  | (6,460,859) |  | (1,053,745) |  | (7,514,604)
Net earnings | 14,279,504 |  | - |  | 14,279,504 |  | (2,090,877) |  | 12,188,627
Net earnings per common share (1) | $0.92 |  | $0.00 |  | $0.92 |  | ($0.13) |  | $0.78
Net earnings per common share assuming dilution (1) | $0.90 |  | $0.00 |  | $0.90 |  | ($0.13) |  | $0.77
Consolidated Satements of Comprehensive Income |
Schedule of Error Corrections and Prior Period Adjustments |
| Year Ended December 31, 2016
| As Originally Reported |  | Adjustment (A) |  | As Previously Reported |  | Adjustments (B) |  | As Restated
Net earnings | $ 14,279,504 |  | $ - |  | $ 14,279,504 |  | $ (2,090,877) |  | $ 12,188,627
Net unrealized gains on derivative instruments | 6,490 |  | - |  | 6,490 |  | - |  | 6,490
Other comprehensive gain | 764,180 |  | - |  | 764,180 |  | - |  | 764,180
Consolidated Statements of Cash Flows |
Schedule of Error Corrections and Prior Period Adjustments |
| Year Ended December 31, 2016
| As Originally Reported |  | Adjustment (A) |  | As Previously Reported |  | Adjustments (B) |  | As Restated
Net earnings | $ 14,279,504 |  | $ - |  | $ 14,279,504 |  | $ (2,090,877) |  | $ 12,188,627
Provision for deferred and other income taxes | 5,076,899 |  | - |  | 5,076,899 |  | 1,053,745 |  | 6,130,644
Loans originated for sale | - |  | - |  | - |  | (3,098,710,299) |  | (3,098,710,299)
Proceeds from loans sold | - |  | - |  | - |  | 3,246,127,714 |  | 3,246,127,714
Net gains on loans sold | - |  | - |  | - |  | (137,682,984) |  | (137,682,984)
Future life and other benefits | 18,143,832 |  | - |  | 18,143,832 |  | (154,237) |  | 17,989,595
Receivables for mortgage loans sold | 20,216,621 |  | - |  | 20,216,621 |  | (20,216,621) |  | -
Other operating assets and liabilities | (8,473,503) |  | - |  | (8,473,503) |  | 3,348,127 |  | (5,125,376)
Net cash provided by (used in) operating activities | 43,860,446 |  | - |  | 43,860,446 |  | (8,325,432) |  | 35,535,014
Net change in warehouse line borrowings | - |  |  |  | - |  | 8,325,432 |  | 8,325,432
Net cash provided by financing activities | 10,664,656 |  | - |  | 10,664,656 |  | 8,325,432 |  | 18,990,088

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22658-107794 + Details
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