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3) Investments (Tables) | 9 Months Ended
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Sep. 30, 2020
Table Text Block Supplement [Abstract] |
Held-to-maturity Securities | The Company’s investments as of September 30, 2020 are summarized as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2020: |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ 92,395,468 |  | $ 2,059,112 |  | $ - |  | $ 94,454,580
Obligations of states and political subdivisions |  | 5,765,286 |  | 322,859 |  | (1,792) |  | 6,086,353
Corporate securities including public utilities |  | 189,323,616 |  | 24,248,838 |  | (2,137,953) |  | 211,434,501
Mortgage-backed securities |  | 31,887,810 |  | 1,313,395 |  | (499,496) |  | 32,701,709
Redeemable preferred stock |  | 269,214 |  | 3,530 |  | (32,500) |  | 240,244
Total fixed maturity securities available for sale |  | $ 319,641,394 |  | $ 27,947,734 |  | $ (2,671,741) |  | $ 344,917,387
Equity securities at estimated fair value: |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ 11,304,152 |  | $ 1,845,615 |  | $ (1,934,161) |  | $ 11,215,606
Total equity securities at estimated fair value |  | $ 11,304,152 |  | $ 1,845,615 |  | $ (1,934,161) |  | $ 11,215,606
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |
Residential |  | $ 80,051,914 |  |  |  |  |  |
Residential construction |  | 120,298,836 |  |  |  |  |  |
Commercial |  | 49,378,938 |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  | (905,018) |  |  |  |  |  |
Less: Allowance for loan losses |  | (2,066,481) |  |  |  |  |  |
Less: Net discounts |  | (1,148,662) |  |  |  |  |  |
Total mortgage loans held for investment |  | $ 245,609,527 |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |
Residential |  | $ 25,166,274 |  |  |  |  |  |
Commercial |  | 97,836,409 |  |  |  |  |  |
Total real estate held for investment |  | $ 123,002,683 |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |
Residential |  | $ 3,455,244 |  |  |  |  |  |
Commercial |  | 4,534,937 |  |  |  |  |  |
Total real estate held for sale |  | $ 7,990,181 |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |
Policy loans |  | $ 14,234,935 |  |  |  |  |  |
Insurance assignments |  | 45,858,660 |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  | 4,066,600 |  |  |  |  |  |
Other investments |  | 5,450,438 |  |  |  |  |  |
Less: Allowance for doubtful accounts |  | (1,602,483) |  |  |  |  |  |
Total policy loans and other investments |  | $ 68,008,150 |  |  |  |  |  |
Accrued investment income |  | $ 5,712,998 |  |  |  |  |  |
Total investments |  | $ 806,456,532 |  |  |  |  |  |
(1) Includes $866,900 of Membership stock and $3,199,700 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 fixedmaturity 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 September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Obligations of States and Political Subdivisions |  | $ 1,792 |  | $ 207,330 |  | $ - |  | $ - |  | $ 1,792 |  | $ 207,330
Corporate Securities |  | 1,305,034 |  | 28,511,620 |  | 832,919 |  | 3,366,248 |  | 2,137,953 |  | 31,877,868
Mortgage and other asset-backed securities |  | 476,698 |  | 5,601,677 |  | 22,798 |  | 401,217 |  | 499,496 |  | 6,002,894
Redeemable preferred stock |  | 32,500 |  | 217,500 |  | - |  | - |  | 32,500 |  | 217,500
Total unrealized losses |  | $ 1,816,024 |  | $ 34,538,127 |  | $ 855,717 |  | $ 3,767,465 |  | $ 2,671,741 |  | $ 38,305,592
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 securitiesavailable for sale, at September 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 |  | $ 50,670,550 |  | $ 51,171,942
Due in 2-5 years |  | 74,293,341 |  | 77,094,479
Due in 5-10 years |  | 85,128,399 |  | 92,517,720
Due in more than 10 years |  | 77,392,080 |  | 91,191,293
Mortgage-backed securities |  | 31,887,810 |  | 32,701,709
Redeemable preferred stock |  | 269,214 |  | 240,244
Total |  | $ 319,641,394 |  | $ 344,917,387
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 September 30 |  | Nine Months Ended September 30
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Fixed maturity securities: |  |  |  |  |  |  |  |
Gross realized gains |  | $ 50,171 |  | $ 113,849 |  | $ 201,130 |  | $ 362,475
Gross realized losses |  | (39,130) |  | (16,814) |  | (51,219) |  | (121,829)
Equity securities: |  |  |  |  |  |  |  |
Gains (losses) on securities sold |  | 95,331 |  | 85,998 |  | (12,141) |  | 138,662
Unrealized gains and (losses) on securities held at the end of the period |  | 511,168 |  | (98,635) |  | (512,629) |  | 676,589
Other assets: |  |  |  |  |  |  |  |
Gross realized gains |  | 1,480,053 |  | 472,691 |  | 1,985,817 |  | 2,265,914
Gross realized losses |  | (1,297,086) |  | (1,076,762) |  | (1,784,419) |  | (3,060,716)
Total |  | $ 800,507 |  | $ (519,673) |  | $ (173,461) |  | $ 261,095
Schedule of Major categories of net investment income | Major categories of net investment income are as follows:
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Fixed maturity securities | $ 3,191,064 |  | $ 2,563,481 |  | $ 9,258,850 |  | $ 7,596,035
Equity securities | 126,369 |  | 74,629 |  | 329,534 |  | 227,280
Mortgage loans held for investment | 6,918,081 |  | 4,558,232 |  | 18,154,123 |  | 13,187,416
Real estate held for investment | 2,998,806 |  | 2,259,064 |  | 8,940,072 |  | 6,266,286
Policy loans | 264,422 |  | 113,541 |  | 755,914 |  | 308,583
Insurance assignments | 4,561,574 |  | 3,851,804 |  | 13,244,176 |  | 11,970,755
Other investments | - |  | - |  | 25,421 |  | 106,678
Cash and cash equivalents | 65,460 |  | 398,997 |  | 385,848 |  | 1,363,873
Gross investment income | 18,125,776 |  | 13,819,748 |  | 51,093,938 |  | 41,026,906
Investment expenses | (3,416,634) |  | (3,341,182) |  | (10,021,552) |  | (9,965,837)
Net investment income | $ 14,709,142 |  | $ 10,478,566 |  | $ 41,072,386 |  | $ 31,061,069
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
|  | September 30 2020 |  | December 31 2019 |  | September 30 2020 |  | December 31 2019
Louisiana |  | $ 5,889,327 |  | $ 6,009,079 |  | 125,114 |  | 125,114
Mississippi |  | 2,932,976 |  | 2,951,478 |  | 21,521 |  | 21,521
Utah (1) |  | 89,014,106 |  | 81,266,083 |  | 462,730 |  | 465,230
|  | $ 97,836,409 |  | $ 90,226,640 |  | 609,365 |  | 611,865
(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
|  | September 30 2020 |  | December 31 2019 |  | September 30 2020 |  | December 31 2019
Arizona (1) |  | $ - |  | $ 2,500 |  | - |  | -
Kansas |  | 4,000,000 |  | 4,800,000 |  | 222,679 |  | 222,679
Mississippi |  | 234,937 |  | 318,322 |  | 12,300 |  | 12,300
Nevada |  | - |  | 655,499 |  | - |  | 4,800
Texas (2) |  | 300,000 |  | 300,000 |  | - |  | -
|  | $ 4,534,937 |  | $ 6,076,321 |  | 234,979 |  | 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
|  | September 30 2020 |  | December 31 2019
Florida |  | $ 1,261,975 |  | $ 2,487,723
Nevada |  | 686,124 |  | 293,516
Utah (1) |  | 22,931,994 |  | 9,462,886
Washington |  | 286,181 |  | 286,181
|  | $ 25,166,274 |  | $ 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
|  | September 30 2020 |  | December 31 2019
California |  | - |  | 640,452
Florida |  | 1,104,936 |  | 1,300,641
Nevada |  | 293,516 |  | -
Ohio |  | 10,000 |  | 10,000
Utah |  | 2,046,792 |  | 5,880,213
Washington |  | - |  | 190,000
|  | $ 3,455,244 |  | $ 8,021,306
Real Estate Owned and Occupied by the Company | As of September 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
September 30, 2020 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2020 | $ 187,129 |  | $ 1,222,706 |  | $ 43,202 |  | $ 1,453,037
Charge-offs | - |  | - |  | - |  | -
Provision | - |  | 613,444 |  | - |  | 613,444
Ending balance - September 30, 2020 | $ 187,129 |  | $ 1,836,150 |  | $ 43,202 |  | $ 2,066,481
Ending balance: individually evaluated for impairment | $ - |  | $ 238,997 |  | $ - |  | $ 238,997
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,597,153 |  | $ 43,202 |  | $ 1,827,484
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 49,378,938 |  | $ 80,051,914 |  | $ 120,298,836 |  | $ 249,729,688
Ending balance: individually evaluated for impairment | $ 3,414,719 |  | $ 5,193,865 |  | $ 630,574 |  | $ 9,239,158
Ending balance: collectively evaluated for impairment | $ 45,964,219 |  | $ 74,858,049 |  | $ 119,668,262 |  | $ 240,490,530
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
September 30, 2020 |  |  |  |  |  |  |  |  |  |
Commercial | $ 255,858 | $ 495,937 | $ 3,414,719 | $ - | $ 4,166,514 | $ 45,212,424 | $ 49,378,938 | $ (187,129) | $ (43,338) | $ (828,049) | $ 48,320,422
Residential | 5,261,818 | 1,930,361 | 3,745,621 | 1,448,244 | 12,386,044 | 67,665,870 | 80,051,914 | (1,836,150) | (521,661) | (320,613) | 77,373,490
Residential Construction | 276,403 | 1,630,000 | 630,574 | - | 2,536,977 | 117,761,859 | 120,298,836 | (43,202) | (340,019) | - | 119,915,615
Total | $ 5,794,079 | $ 4,056,298 | $ 7,790,914 | $ 1,448,244 | $ 19,089,535 | $ 230,640,153 | $ 249,729,688 | $ (2,066,481) | $ (905,018) | $ (1,148,662) | $ 245,609,527
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
September 30, 2020 |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ 3,414,719 |  | $ 3,414,719 |  | $ - |  | $ 1,772,817 |  | $ -
Residential | 3,435,710 |  | 3,435,710 |  | - |  | 4,235,285 |  | -
Residential construction | 630,574 |  | 630,574 |  | - |  | 673,383 |  | -
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ - |  | $ - |  | $ - |  | $ - |  | $ -
Residential | 1,758,155 |  | 1,758,155 |  | 238,997 |  | 1,186,545 |  | -
Residential construction | - |  | - |  | - |  | - |  | -
Total: |  |  |  |  |  |  |  |  |
Commercial | $ 3,414,719 |  | $ 3,414,719 |  | $ - |  | $ 1,772,817 |  | $ -
Residential | 5,193,865 |  | 5,193,865 |  | 238,997 |  | 5,421,830 |  | -
Residential construction | 630,574 |  | 630,574 |  | - |  | 673,383 |  | -
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
| September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019
Performing | $ 45,964,219 |  | $ 34,229,501 |  | $ 74,858,049 |  | $ 109,291,758 |  | $ 119,668,262 |  | $ 88,775,237 |  | $ 240,490,530 |  | $ 232,296,496
Non-performing | 3,414,719 |  | 4,488,719 |  | 5,193,865 |  | 3,752,207 |  | 630,574 |  | 655,000 |  | 9,239,158 |  | 8,895,926
Total | $ 49,378,938 |  | $ 38,718,220 |  | $ 80,051,914 |  | $ 113,043,965 |  | $ 120,298,836 |  | $ 89,430,237 |  | $ 249,729,688 |  | $ 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 September 30 2020 |  | As of December 31 2019
Commercial | $ 3,414,719 |  | $ 4,488,719
Residential | 5,193,865 |  | 3,752,207
Residential construction | 630,574 |  | 655,000
Total | $ 9,239,158 |  | $ 8,895,926

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