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3) Investments: Held-to-maturity Securities (Tables)

6 Months Ended

Jun. 30, 2019

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
June 30, 2019
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 42,197,238	$ 592,789	$ (82,086)	$ 42,707,941
Obligations of states and political subdivisions	6,103,022	79,100	(10,582)	6,171,540
Corporate securities including public utilities	157,441,604	14,001,117	(846,167)	170,596,554
Mortgage-backed securities	16,979,038	628,906	(55,141)	17,552,803
Redeemable preferred stock	103,197	12,112		115,309
Total fixed maturity securities held to maturity	$ 222,824,099	$ 15,314,024	$ (993,976)	$ 237,144,147


Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 7,558,408	$ 891,797	$ (848,644)	$ 7,601,561

Total equity securities at estimated fair value	$ 7,558,408	$ 891,797	$ (848,644)	$ 7,601,561

Mortgage loans held for investment at amortized cost:
Residential		$ 84,093,609
Residential construction		74,712,638
Commercial		32,009,118
Less: Unamortized deferred loan fees, net		(1,200,446)
Less: Allowance for loan losses		(1,292,914)
Total mortgage loans held for investment		$ 188,322,005

Real estate held for investment net of accumulated depreciation:
Residential		$ 26,386,608
Commercial		93,082,739
Total real estate held for investment		$ 119,469,347

Other investments and policy loans at amortized cost:
Policy loans		$ 6,265,560
Insurance assignments		35,789,203
Federal Home Loan Bank stock (1)		2,606,500
Other investments		4,348,750
Less: Allowance for doubtful accounts		(1,399,272)

Total other investments and policy loans		$ 47,610,741

Accrued investment income		$ 3,894,701

Total investments		$ 589,722,454

(1) Includes $806,500 of Membership stock and $1,800,000 of Activity stock due to short-term borrowings.

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2018:

Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 52,017,683	$ 264,891	$ (727,798)	$ 51,554,776
Obligations of states and political subdivisions	6,959,237	32,274	(111,271)	6,880,240
Corporate securities including public utilities	157,639,860	7,002,864	(3,704,137)	160,938,587
Mortgage-backed securities	15,358,746	227,398	(308,864)	15,277,280
Redeemable preferred stock	103,197	1,903	(5,125)	99,975
Total fixed maturity securities held to maturity	$ 232,078,723	$ 7,529,330	$ (4,857,195)	$ 234,750,858


Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 6,312,158	$ 422,528	$ (1,176,075)	$ 5,558,611

Total equity securities at estimated fair value	$ 6,312,158	$ 422,528	$ (1,176,075)	$ 5,558,611

Mortgage loans held for investment at amortized cost:
Residential		$ 89,935,600
Residential construction		71,366,544
Commercial		27,785,927
Less: Unamortized deferred loan fees, net		(1,275,030)
Less: Allowance for loan losses		(1,347,972)

Total mortgage loans held for investment		$ 186,465,069

Real estate held for investment net of accumulated depreciation:
Residential		$ 29,507,431
Commercial		92,050,791
Total real estate held for investment		$ 121,558,222

Other investments and policy loans at amortized cost:
Policy loans		$ 6,424,325
Insurance assignments		35,239,396
Federal Home Loan Bank stock (1)		2,548,700
Other investments		3,497,762
Less: Allowance for doubtful accounts		(1,092,528)

Total other investments and policy loans		$ 46,617,655


Accrued investment income		$ 3,566,146

Total investments		$ 595,844,426

(1) Includes $708,700 of Membership stock and $1,840,000 of Activity stock due to short-term borrowings.