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2) Investments: Held-to-maturity Securities (Tables) | 12 Months Ended
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Dec. 31, 2019
As of December 31, 2019 |
Held-to-maturity Securities |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2019: |  |  |  |  |  |  |  |
Fixed maturity securities available for sale at estimated fair value: |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ 142,740,641 |  | $ 632,185 |  | $ (25,215) |  | $ 143,347,611
Obligations of states and political subdivisions |  | 7,450,366 |  | 87,812 |  | (9,026) |  | 7,529,152
Corporate securities including public utilities |  | 156,599,184 |  | 16,768,449 |  | (463,413) |  | 172,904,220
Mortgage-backed securities |  | 31,475,280 |  | 597,395 |  | (240,177) |  | 31,832,498
Redeemable preferred stock |  | 364,339 |  | - |  | - |  | 364,339
Total fixed maturity securities available for sale |  | $ 338,629,810 |  | $ 18,085,841 |  | $ (737,831) |  | $ 355,977,820
Equity securities at estimated fair value: |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ 6,900,537 |  | $ 1,139,799 |  | $ (769,171) |  | $ 7,271,165
Total equity securities at estimated fair value |  | $ 6,900,537 |  | $ 1,139,799 |  | $ (769,171) |  | $ 7,271,165
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |
Residential |  | $ 113,043,965 |  |  |  |  |  |
Residential construction |  | 89,430,237 |  |  |  |  |  |
Commercial |  | 38,718,220 |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  | (2,391,567) |  |  |  |  |  |
Less: Allowance for loan losses |  | (1,453,037) |  |  |  |  |  |
Less: Net discounts |  | (653,272) |  |  |  |  |  |
Total mortgage loans held for investment |  | $ 236,694,546 |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |
Residential |  | $ 12,530,306 |  |  |  |  |  |
Commercial |  | 90,226,640 |  |  |  |  |  |
Total real estate held for investment |  | $ 102,756,946 |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |
Residential |  | $ 8,021,306 |  |  |  |  |  |
Commercial |  | 6,076,321 |  |  |  |  |  |
Total real estate held for sale |  | $ 14,097,627 |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |
Policy loans |  | $ 14,762,805 |  |  |  |  |  |
Insurance assignments |  | 41,062,965 |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  | 894,300 |  |  |  |  |  |
Other investments |  | 4,973,225 |  |  |  |  |  |
Less: Allowance for doubtful accounts |  | (1,448,026) |  |  |  |  |  |
Total policy loans and other investments |  | $ 60,245,269 |  |  |  |  |  |
Accrued investment income |  | $ 4,833,232 |  |  |  |  |  |
Total investments |  | $ 781,876,605 |  |  |  |  |  |
(1) Includes $894,300 of Membership stock and $-0- of Activity stock due to short-term borrowings.
As of December 2018 |
Held-to-maturity Securities |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2018: |  |  |  |  |  |  |  |
Fixed maturity securities held to maturity at amortized cost: |  |  |  |  |  |  |  |
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 policy loans and other investments |  | $ 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://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269825-111563 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269820-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27232-111563 + Details
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