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17) Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)
 12 Months Ended
Dec. 31, 2018
As of December 2018  
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

 $     232,078,723

 

 $                  -

 

 $   229,668,844

 

 $         5,082,014

 

 $     234,750,858

Mortgage loans held for investment

 

 

 

 

 

 

 

 

 

   Residential

          87,947,566

 

                     -

 

                         -

 

          92,503,553

 

          92,503,553

   Residential construction

          70,886,702

 

                     -

 

                         -

 

          70,886,702

 

          70,886,702

   Commercial

          27,630,801

 

                     -

 

                         -

 

          28,359,205

 

          28,359,205

Mortgage loans held for investment, net

 $     186,465,069

 

 $                  -

 

 $                      -

 

 $     191,749,460

 

 $     191,749,460

Policy loans

            6,424,325

 

                     -

 

                         -

 

            6,424,325

 

            6,424,325

Insurance assignments, net (1)

          34,146,868

 

                     -

 

                         -

 

          34,168,868

 

          34,168,868

Restricted assets (2)

            1,258,397

 

                     -

 

          1,271,687

 

                         -  

 

            1,271,687

Restricted assets (3)

            1,799,268

 

                     -

 

                         -

 

            1,810,185

 

            1,810,185

Cemetery perpetual care trust investments (2)

               990,390

 

                     -

 

             983,410

 

                         -  

 

               983,410

Mortgage servicing rights, net

          20,016,822

 

                     -

 

                         -

 

          28,885,316

 

          28,885,316

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Bank and other loans payable

 $   (187,521,188)

 

 $                  -

 

 $                      -

 

 $   (187,521,188)

 

 $   (187,521,188)

Policyholder account balances (4)

        (46,479,853)

 

                     -

 

                         -

 

        (37,348,289)

 

        (37,348,289)

Future policy benefits - annuities (4)

        (98,137,615)

 

                     -

 

                         -

 

        (97,641,146)

 

        (97,641,146)

                               

 

 

 

 

 

 

 

 

 

(1) Included in other investments and policy loans on the consolidated balance sheets

 

 

 

 

(2) Fixed maturity securities held to maturity

 

 

 

 

 

 

 

 

 

(3) Participation in mortgage loans held for investment

 

 

 

 

 

 

 

 

(4) Included in future policy benefits and unpaid claims on the consolidated balance sheets

 

 

 

 
AsOfDecember312017  
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

 $     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 consolidated balance sheets

 

 

 

 

(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 consolidated balance sheets