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3) Investments (Tables) | 6 Months Ended
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Jun. 30, 2020
Table Text Block Supplement [Abstract] |
Held-to-maturity Securities | The Company’s investments as of June 30, 2020 are summarized as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
June 30, 2020: |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ 102,442,154 |  | $ 2,147,334 |  | $ - |  | $ 104,589,488
Obligations of states and political subdivisions |  | 5,878,900 |  | 269,394 |  | (2,661) |  | 6,145,633
Corporate securities including public utilities |  | 182,731,042 |  | 21,371,660 |  | (2,841,768) |  | 201,260,934
Mortgage-backed securities |  | 35,789,063 |  | 1,209,447 |  | (734,173) |  | 36,264,337
Redeemable preferred stock |  | 364,339 |  | 21,561 |  | (17,500) |  | 368,400
Total fixed maturity securities available for sale |  | $ 327,205,498 |  | $ 25,019,396 |  | $ (3,596,102) |  | $ 348,628,792
Equity securities at estimated fair value: |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ 12,380,259 |  | $ 1,525,151 |  | $ (2,113,899) |  | $ 11,791,511
Total equity securities at estimated fair value |  | $ 12,380,259 |  | $ 1,525,151 |  | $ (2,113,899) |  | $ 11,791,511
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |
Residential |  | $ 109,304,960 |  |  |  |  |  |
Residential construction |  | 106,890,366 |  |  |  |  |  |
Commercial |  | 49,613,367 |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  | (1,730,243) |  |  |  |  |  |
Less: Allowance for loan losses |  | (2,443,557) |  |  |  |  |  |
Less: Net discounts |  | (1,216,889) |  |  |  |  |  |
Total mortgage loans held for investment |  | $ 260,418,004 |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |
Residential |  | $ 19,973,537 |  |  |  |  |  |
Commercial |  | 93,218,885 |  |  |  |  |  |
Total real estate held for investment |  | $ 113,192,422 |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |
Residential |  | $ 4,522,020 |  |  |  |  |  |
Commercial |  | 6,076,321 |  |  |  |  |  |
Total real estate held for sale |  | $ 10,598,341 |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |
Policy loans |  | $ 14,450,587 |  |  |  |  |  |
Insurance assignments |  | 43,276,682 |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  | 4,056,600 |  |  |  |  |  |
Other investments |  | 5,450,438 |  |  |  |  |  |
Less: Allowance for doubtful accounts |  | (1,533,696) |  |  |  |  |  |
Total policy loans and other investments |  | $ 65,700,611 |  |  |  |  |  |
Accrued investment income |  | $ 5,008,772 |  |  |  |  |  |
Total investments |  | $ 815,338,453 |  |  |  |  |  |
(1) Includes $874,400 of Membership stock and $3,182,200 of Activity stock due to short-term borrowings.
The Company’s investments as of December 31, 2019 are summarized as follows:
|  | 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.
Schedule of Unrealized Loss on Investments | The tables set forth unrealized losses by duration with the fair value of the related fixed maturity securities:
|  | Unrealized Losses for Less than Twelve Months |  | Fair Value |  | Unrealized Losses for More than Twelve Months |  | Fair Value |  | Total Unrealized Loss |  | Fair Value
At June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Obligations of States and Political Subdivisions |  | $ 2,661 |  | $ 717,466 |  | $ - |  | $ - |  | $ 2,661 |  | $ 717,466
Corporate Securities |  | 1,876,784 |  | 22,141,540 |  | 964,984 |  | 3,039,240 |  | 2,841,768 |  | 25,180,780
Mortgage and other asset-backed securities |  | 710,364 |  | 10,024,319 |  | 23,809 |  | 504,583 |  | 734,173 |  | 10,528,902
Redeemable preferred stock |  | 17,500 |  | 232,500 |  | - |  | - |  | 17,500 |  | 232,500
Total unrealized losses |  | $ 2,607,309 |  | $ 33,115,825 |  | $ 988,793 |  | $ 3,543,823 |  | $ 3,596,102 |  | $ 36,659,648
At December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities and Obligations |  |  |  |  |  |  |  |  |  |  |  |
of U.S. Government Agencies |  | $ 20,211 |  | $ 30,629,288 |  | $ 5,004 |  | $ 10,000,400 |  | $ 25,215 |  | $ 40,629,688
Obligations of States and Political Subdivisions |  | 9,026 |  | 3,062,889 |  | - |  | - |  | 9,026 |  | 3,062,889
Corporate Securities |  | 118,746 |  | 7,184,311 |  | 344,667 |  | 3,950,509 |  | 463,413 |  | 11,134,820
Mortgage and other asset-backed securities |  | 205,470 |  | 13,266,443 |  | 34,707 |  | 502,769 |  | 240,177 |  | 13,769,212
Total unrealized losses |  | $ 353,453 |  | $ 54,142,931 |  | $ 384,378 |  | $ 14,453,678 |  | $ 737,831 |  | $ 68,596,609
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities available for sale, at June 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  | Estimated Fair Value
Due in 1 year |  | $ 61,039,649 |  | $ 61,451,128
Due in 2-5 years |  | 73,278,818 |  | 76,149,038
Due in 5-10 years |  | 82,777,913 |  | 88,468,598
Due in more than 10 years |  | 73,955,716 |  | 85,927,291
Mortgage-backed securities |  | 35,789,063 |  | 36,264,337
Redeemable preferred stock |  | 364,339 |  | 368,400
Total |  | $ 327,205,498 |  | $ 348,628,792
Gain (Loss) on Investments | The Company’s net realized gains and losses from sales, calls, and maturities, unrealized gains and losses on equity securities, and other than temporary impairments are summarized as follows:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Fixed maturity securities: |  |  |  |  |  |  |  |
Gross realized gains |  | $ 55,138 |  | $ 163,038 |  | $ 150,959 |  | $ 248,626
Gross realized losses |  | (12,089) |  | (69,622) |  | (12,089) |  | (105,015)
Equity securities: |  |  |  |  |  |  |  |
Gains (losses) on securities sold |  | (50,029) |  | 41,088 |  | (107,471) |  | 52,664
Unrealized gains and (losses) on securities held at the end of the period |  | 1,738,059 |  | 14,016 |  | (1,023,797) |  | 775,224
Other assets: |  |  |  |  |  |  |  |
Gross realized gains |  | 48,736 |  | 688,289 |  | 505,764 |  | 1,793,223
Gross realized losses |  | 458,464 |  | (1,862,702) |  | (487,334) |  | (1,983,954)
Total |  | $ 2,238,279 |  | $ (1,025,893) |  | $ (973,968) |  | $ 780,768
Schedule of Major categories of net investment income | Major categories of net investment income are as follows:
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Fixed maturity securities | $ 3,143,072 |  | $ 2,528,689 |  | $ 6,067,786 |  | $ 5,032,554
Equity securities | 111,122 |  | 74,730 |  | 203,164 |  | 152,651
Mortgage loans held for investment | 5,582,152 |  | 4,525,817 |  | 11,236,042 |  | 8,629,184
Real estate held for investment | 2,787,881 |  | 2,096,927 |  | 5,941,267 |  | 4,007,221
Policy loans | 257,527 |  | 106,905 |  | 491,492 |  | 195,042
Insurance assignments | 4,383,398 |  | 3,906,832 |  | 8,682,602 |  | 8,118,952
Other investments | 398 |  | 52,130 |  | 25,421 |  | 106,678
Cash and cash equivalents | 22,385 |  | 465,959 |  | 320,390 |  | 964,876
Gross investment income | 16,287,935 |  | 13,757,989 |  | 32,968,164 |  | 27,207,158
Investment expenses | (3,325,190) |  | (3,217,154) |  | (6,604,920) |  | (6,624,655)
Net investment income | $ 12,962,745 |  | $ 10,540,835 |  | $ 26,363,244 |  | $ 20,582,503
Commercial Real Estate Investment | The following is a summary of the Company’s commercial real estate held for investment for the periods presented:
|  | Net Ending Balance |  | Total Square Footage
|  | June 30 2020 |  | December 31 2019 |  | June 30 2020 |  | December 31 2019
Louisiana |  | $ 5,929,267 |  | $ 6,009,079 |  | 125,114 |  | 125,114
Mississippi |  | 2,914,989 |  | 2,951,478 |  | 21,521 |  | 21,521
Utah (1) |  | 84,374,629 |  | 81,266,083 |  | 462,730 |  | 462,730
|  | $93,218,885 |  | $ 90,226,640 |  | 609,365 |  | 609,365
(1) Includes Center53 phase 1 completed in July 2017 and phase 2 which is under construction
The following is a summary of the Company’s commercial real estate held for sale for the periods presented:
|  | Net Ending Balance |  | Total Square Footage
|  | June 30 2020 |  | December 31 2019 |  | June 30 2020 |  | December 31 2019
Arizona (1) |  | $ 2,500 |  | $ 2,500 |  | - |  | -
Kansas |  | 4,800,000 |  | 4,800,000 |  | 222,679 |  | 222,679
Mississippi |  | 318,322 |  | 318,322 |  | 12,300 |  | 12,300
Nevada |  | 655,499 |  | 655,499 |  | 4,800 |  | 4,800
Texas (2) |  | 300,000 |  | 300,000 |  | - |  | -
|  | $ 6,076,321 |  | $ 6,076,321 |  | 239,779 |  | 239,779
(1) Undeveloped land |  |  |  |  |  |
(2) Improved commercial pad |  |  |  |  |  |
Residential Real Estate Investment | The following is a summary of the Company’s residential real estate held for investment for the periods presented:
|  | Net Ending Balance
|  | June 30 2020 |  | December 31 2019
Florida |  | $ 1,269,577 |  | $ 2,487,723
Nevada |  | 686,124 |  | 293,516
Utah (1) |  | 17,731,655 |  | 9,462,886
Washington |  | 286,181 |  | 286,181
|  | $ 19,973,537 |  | $ 12,530,306
(1) Includes subdivision land developments
The following is a summary of the Company’s residential real estate held for sale for the periods presented:
|  | Net Ending Balance
|  | June 30 2020 |  | December 31 2019
California |  | 421,452 |  | 640,452
Florida |  | 1,351,040 |  | 1,300,641
Nevada |  | 293,516 |  | -
Ohio |  | 10,000 |  | 10,000
Utah |  | 2,446,012 |  | 5,880,213
Washington |  | - |  | 190,000
|  | $ 4,522,020 |  | $ 8,021,306
Real Estate Owned and Occupied by the Company | As of June 30, 2020, real estate owned and occupied by the Company is summarized as follows:
Location |  | Business Segment |  | Approximate Square Footage |  | Square Footage Occupied by the Company
121 W. Election Rd., Draper, UT |  | Corporate Offices, Life Insurance and Cemetery/Mortuary Operations |  | 78,979 |  | 18%
5201 Green Street, Salt Lake City, UT (1) |  | Life Insurance and Mortgage Operations |  | 39,157 |  | 73%
1044 River Oaks Dr., Flowood, MS |  | Life Insurance Operations |  | 19,694 |  | 28%
1818 Marshall Street, Shreveport, LA (1)(2) |  | Life Insurance Operations |  | 12,274 |  | 100%
909 Foisy Street, Alexandria, LA (1)(2) |  | Life Insurance Sales |  | 8,059 |  | 100%
812 Sheppard Street, Minden, LA (1)(2) |  | Life Insurance Sales |  | 1,560 |  | 100%
1550 N 3rd Street, Jena, LA (1)(2) |  | Life Insurance Sales |  | 1,737 |  | 100%
(1) Included in property and equipment on the condensed consolidated balance sheets |  |  |  |
(2) See Note 15 regarding the acquisition of Kilpatrick Life Insurance Company |  |  |  |
Schedule of Allowance for loan losses as a contra-asset account | The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented:
| Commercial |  | Residential |  | Residential Construction |  | Total
June 30, 2020 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2020 | $ 187,129 |  | $ 1,222,706 |  | $ 43,202 |  | $ 1,453,037
Charge-offs | - |  | - |  | - |  | -
Provision | - |  | 990,520 |  | - |  | 990,520
Ending balance - June 30, 2020 | $ 187,129 |  | $ 2,213,226 |  | $ 43,202 |  | $ 2,443,557
Ending balance: individually evaluated for impairment | $ - |  | $ 427,069 |  | $ - |  | $ 427,069
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,786,157 |  | $ 43,202 |  | $ 2,016,488
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 49,613,367 |  | $ 109,304,960 |  | $ 106,890,366 |  | $ 265,808,693
Ending balance: individually evaluated for impairment | $ 1,039,013 |  | $ 7,106,397 |  | $ 1,389,574 |  | $ 9,534,984
Ending balance: collectively evaluated for impairment | $ 48,574,354 |  | $ 102,198,563 |  | $ 105,500,792 |  | $ 256,273,709
December 31, 2019 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2019 | $ 187,129 |  | $ 1,125,623 |  | $ 35,220 |  | $ 1,347,972
Charge-offs | - |  | (32,692) |  | - |  | (32,692)
Provision | - |  | 129,775 |  | 7,982 |  | 137,757
Ending balance - December 31, 2019 | $ 187,129 |  | $ 1,222,706 |  | $ 43,202 |  | $ 1,453,037
Ending balance: individually evaluated for impairment | $ - |  | $ 195,993 |  | $ - |  | $ 195,993
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,026,713 |  | $ 43,202 |  | $ 1,257,044
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 38,718,220 |  | $ 113,043,965 |  | $ 89,430,237 |  | $ 241,192,422
Ending balance: individually evaluated for impairment | $ 4,488,719 |  | $ 3,752,207 |  | $ 655,000 |  | $ 8,895,926
Ending balance: collectively evaluated for impairment | $ 34,229,501 |  | $ 109,291,758 |  | $ 88,775,237 |  | $ 232,296,496
Schedule of aging of mortgage loans | The following is a summary of the aging of mortgage loans held for investment for the periods presented:
| 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 90 Days (1) | In Process of Foreclosure (1) | Total Past Due | Current | Total Mortgage Loans | Allowance for Loan Losses | Unamortized deferred loan fees, net | Unamortized discounts, net | Net Mortgage Loans
June 30, 2020 |  |  |  |  |  |  |  |  |  |
Commercial | $ 2,783,200 | $ 371,938 | $ 1,039,013 | $ - | $ 4,194,151 | $ 45,419,216 | $ 49,613,367 | $ (187,129) | $ (11,545) | $ (849,914) | $ 48,564,779
Residential | 7,624,435 | 3,308,995 | 5,423,083 | 1,683,314 | 18,039,827 | 91,265,133 | 109,304,960 | (2,213,226) | (1,258,346) | (366,975) | 105,466,413
Residential Construction | - | - | 1,389,574 | - | 1,389,574 | 105,500,792 | 106,890,366 | (43,202) | (460,352) | - | 106,386,812
Total | $ 10,407,635 | $ 3,680,933 | $ 7,851,670 | $ 1,683,314 | $23,623,552 | $242,185,141 | $ 65,808,693 | $(2,443,557) | $ (1,730,243) | $ (1,216,889) | $ 260,418,004
December 31, 2019 |  |  |  |  |  |  |  |  |  |
Commercial | $ 1,872,000 | $ - | $ 4,488,719 | $ - | $ 6,360,719 | $ 32,357,501 | $ 38,718,220 | $ (187,129) | $ (88,918) | $ (653,272) | $ 37,788,901
Residential | 10,609,296 | 4,085,767 | 2,100,742 | 1,651,465 | 18,447,270 | 94,596,695 | 113,043,965 | (1,222,706) | (1,567,581) | - | 110,253,678
Residential Construction | - | - | 655,000 | - | 655,000 | 88,775,237 | 89,430,237 | (43,202) | (735,068) | - | 88,651,967
Total | $ 12,481,296 | $ 4,085,767 | $ 7,244,461 | $ 1,651,465 | $25,462,989 | $215,729,433 | $241,192,422 | $(1,453,037) | $ (2,391,567) | $ (653,272) | $236,694,546
(1) Interest income is not recognized on loans past due greater than 90 days or in foreclosure.
Schedule of Impaired Mortgage Loans | The recorded investment in and unpaid principal balance of impaired loans along with the related loan specific allowance for losses, if any, for each reporting period and the average recorded investment and interest income recognized during the time the loans were impaired were as follows:
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
June 30, 2020 |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ 1,039,013 |  | $ 1,039,013 |  | $ - |  | $ 951,866 |  | $ -
Residential | 4,683,807 |  | 4,683,807 |  | - |  | 3,466,388 |  | -
Residential construction | 1,389,574 |  | 1,389,574 |  | - |  | 694,787 |  | -
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ - |  | $ - |  | $ - |  | $ - |  | $ -
Residential | 2,422,590 |  | 2,422,590 |  | 427,069 |  | 2,355,231 |  | -
Residential construction | - |  | - |  | - |  | - |  | -
Total: |  |  |  |  |  |  |  |  |
Commercial | $ 1,039,013 |  | $ 1,039,013 |  | $ - |  | $ 951,866 |  | $ -
Residential | 7,106,397 |  | 7,106,397 |  | 427,069 |  | 5,821,619 |  | -
Residential construction | 1,389,574 |  | 1,389,574 |  | - |  | 694,787 |  | -
December 31, 2019 |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ 4,488,719 |  | $ 4,488,719 |  | $ - |  | $ 1,499,043 |  | $ -
Residential | 2,254,189 |  | 2,254,189 |  | - |  | 3,367,151 |  | -
Residential construction | 655,000 |  | 655,000 |  | - |  | 1,457,278 |  | -
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ - |  | $ - |  | $ - |  | $ - |  | $ -
Residential | 1,498,018 |  | 1,498,018 |  | 195,993 |  | 665,270 |  | -
Residential construction | - |  | - |  | - |  | - |  | -
Total: |  |  |  |  |  |  |  |  |
Commercial | $ 4,488,719 |  | $ 4,488,719 |  | $ - |  | $ 1,499,043 |  | $ -
Residential | 3,752,207 |  | 3,752,207 |  | 195,993 |  | 4,032,421 |  | -
Residential construction | 655,000 |  | 655,000 |  | - |  | 1,457,278 |  | -
Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status: | The Company’s performing and non-performing mortgage loans held for investment were as follows:
| Commercial |  | Residential |  | Residential Construction |  | Total
| June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
Performing | $ 48,574,354 |  | $ 34,229,501 |  | $ 102,198,563 |  | $109,291,758 |  | $ 105,500,792 |  | $ 88,775,237 |  | $ 256,273,709 |  | $ 232,296,496
Non-performing | 1,039,013 |  | 4,488,719 |  | 7,106,397 |  | 3,752,207 |  | 1,389,574 |  | 655,000 |  | 9,534,984 |  | 8,895,926
Total | $ 49,613,367 |  | $ 38,718,220 |  | $ 109,304,960 |  | $113,043,965 |  | $ 106,890,366 |  | $ 89,430,237 |  | $ 265,808,693 |  | $ 241,192,422
Schedule of Mortgage loans on a nonaccrual status | The following is a summary of mortgage loans held for investment on a non-accrual status for the periods presented.
| As of June 30 2020 |  | As of December 31 2019
Commercial | $ 1,039,013 |  | $ 4,488,719
Residential | 7,106,397 |  | 3,752,207
Residential construction | 1,389,574 |  | 655,000
Total | $ 9,534,984 |  | $ 8,895,926

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