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3) Investments: Held-to-maturity Securities (Tables) | 9 Months Ended
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Sep. 30, 2019
As of June 30, 2019 |
Held-to-maturity Securities |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2019 |  |  |  |  |  |  |  |
Fixed maturity securities held to maturity carried at amortized cost: |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ 62,267,359 |  | $ 703,132 |  | $ (35,072) |  | $ 62,935,419
Obligations of states and political subdivisions |  | 5,877,586 |  | 144,335 |  | - |  | 6,021,921
Corporate securities including public utilities |  | 154,480,928 |  | 16,868,422 |  | (696,122) |  | 170,653,228
Mortgage-backed securities |  | 17,020,727 |  | 732,042 |  | (42,738) |  | 17,710,031
Redeemable preferred stock |  | 103,197 |  | 14,039 |  | - |  | 117,236
Total fixed maturity securities held to maturity |  | $ 239,749,797 |  | $ 18,461,970 |  | $ (773,932) |  | $ 257,437,835
Equity securities at estimated fair value: |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ 8,126,632 |  | $ 962,133 |  | $ (978,987) |  | $ 8,109,778
Total equity securities at estimated fair value |  | $ 8,126,632 |  | $ 962,133 |  | $ (978,987) |  | $ 8,109,778
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |
Residential |  | $ 79,853,121 |  |  |  |  |  |
Residential construction |  | 92,602,632 |  |  |  |  |  |
Commercial |  | 26,720,812 |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  | (1,366,186) |  |  |  |  |  |
Less: Allowance for loan losses |  | (1,301,476) |  |  |  |  |  |
Total mortgage loans held for investment |  | $ 196,508,903 |  |  |  |  |  |
Real estate held for investment net of accumulated depreciation: |  |  |  |  |  |  |  |
Residential |  | $ 23,420,598 |  |  |  |  |  |
Commercial |  | 93,634,800 |  |  |  |  |  |
Total real estate held for investment |  | $ 117,055,398 |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |
Policy loans |  | $ 6,344,074 |  |  |  |  |  |
Insurance assignments |  | 34,404,766 |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  | 3,006,500 |  |  |  |  |  |
Other investments |  | 4,188,048 |  |  |  |  |  |
Less: Allowance for doubtful accounts |  | (1,495,268) |  |  |  |  |  |
Total other investments and policy loans |  | $ 46,448,120 |  |  |  |  |  |
Accrued investment income |  | $ 4,046,143 |  |  |  |  |  |
Total investments |  | $ 611,918,139 |  |  |  |  |  |
(1) Includes $806,500 of Membership stock and $2,200,000 of Activity stock due to short-term borrowings. |  |
As of December 2018 |
Held-to-maturity Securities |
|  | 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. |  |  |

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- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27232-111563 + Details
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