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8): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)
 9 Months Ended
Sep. 30, 2018
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

 $     230,386,875

 

 $                      -

 

 $   201,221,369

 

 $       33,002,784

 

 $     234,224,153

Mortgage loans held for investment:

 

 

 

 

 

 

 

 

 

Residential

          78,004,013

 

                         -

 

                         -

 

          82,516,040

 

          82,516,040

Residential construction

          70,716,110

 

                         -

 

                         -

 

          70,716,110

 

          70,716,110

Commercial

          32,661,399

 

                         -

 

                         -

 

          33,475,276

 

          33,475,276

Mortgage loans held for investment, net

 $     181,381,522

 

 $                      -

 

 $                      -

 

 $     186,707,426

 

 $     186,707,426

Policy loans

            6,389,122

 

                         -

 

                         -

 

            6,389,122

 

            6,389,122

Insurance assignments, net (1)

          31,119,910

 

                         -

 

                         -

 

          31,119,910

 

          31,119,910

Restricted assets (2)

            1,199,301

 

                         -

 

          1,201,983

 

                         -  

 

            1,201,983

Restricted assets (3)

            1,500,000

 

                         -

 

                         -

 

            1,500,000

 

            1,500,000

Cemetery perpetual care trust investments (2)

               973,821

 

                         -

 

             963,621

 

                         -  

 

               963,621

Mortgage servicing rights, net

          20,875,905

 

                         -

 

                         -

 

          32,327,266

 

          32,327,266

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Bank and other loans payable

 $   (196,422,645)

 

 $                      -

 

 $                      -

 

 $   (196,422,645)

 

 $   (196,422,645)

Policyholder account balances (4)

        (46,706,179)

 

                         -

 

                         -

 

        (34,223,082)

 

        (34,223,082)

Future policy benefits - annuities (4)

        (98,558,234)

 

                         -

 

                         -

 

        (96,511,305)

 

        (96,511,305)

                               

 

 

 

 

 

 

 

 

 

(1) Included in other investments and policy loans on the condensed consolidated balance sheet.

 

 

 

 

(2) Fixed maturity securities held to maturity

 

 

 

 

 

 

 

 

 

(3) Participation in mortgage loans held for investment (residential construction)

 

 

 

 

 

 

(4) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheet.

 

 

 

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, 2017:

 

 

Carrying Value

 

Level 1

 

Level 2

 

Level 3

 

Total Estimated Fair Value

Assets

 

 

 

 

 

 

 

 

 

Fixed maturity securities held to maturity

 $     228,397,623

 

 $                      -

 

 $   233,806,219

 

 $         7,692,190

 

 $     241,498,409

Mortgage loans held for investment:

 

 

 

 

 

 

 

 

 

Residential

          99,816,535

 

                         -

 

                         -

 

        106,050,169

 

        106,050,169

Residential construction

          49,694,025

 

                         -

 

                         -

 

          49,694,025

 

          49,694,025

Commercial

          54,700,325

 

                         -

 

                         -

 

          56,473,156

 

          56,473,156

Mortgage loans held for investment, net

 $     204,210,885

 

 $                      -

 

 $                      -

 

 $     212,217,350

 

 $     212,217,350

Policy loans

            6,531,352

 

                         -

 

                         -

 

            6,531,352

 

            6,531,352

Insurance assignments, net (1)

          35,455,098

 

                         -

 

                         -

 

          35,455,098

 

          35,455,098

Restricted assets (2)

            1,130,088

 

                         -

 

          1,152,324

 

                         -  

 

            1,152,324

Restricted assets (3)

            1,701,811

 

                         -

 

                         -

 

            1,796,910

 

            1,796,910

Cemetery perpetual care trust investments (2)

               943,211

 

                         -

 

             953,404

 

                         -  

 

               953,404

Cemetery perpetual care trust investments (3)

                   4,128

 

                         -

 

                         -

 

                   4,411

 

                   4,411

Mortgage servicing rights, net

          21,376,937

 

                         -

 

                         -

 

          27,427,174

 

          27,427,174

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Bank and other loans payable

 $   (157,450,925)

 

 $                      -

 

 $                      -

 

 $   (157,450,925)

 

 $   (157,450,925)

Policyholder account balances (4)

        (47,867,037)

 

                         -

 

                         -

 

        (34,557,111)

 

        (34,557,111)

Future policy benefits - annuities (4)

        (99,474,392)

 

                         -

 

                         -

 

        (98,827,107)

 

        (98,827,107)

                               

 

 

 

 

 

 

 

 

 

(1) Included in other investments and policy loans on the condensed consolidated balance sheet.

 

 

 

 

(2) Fixed maturity securities held to maturity

 

 

 

 

 

 

 

 

 

(3) Participation in mortgage loans held for investment (commercial)

 

 

 

 

 

 

(4) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheet.