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8) Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
Table Text Block Supplement [Abstract] |
Schedule of fair value assets and liabilities measured on a recurring basis | The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet at September 30, 2020.
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis |  |  |  |  |  |  |
Fixed maturity securities available for sale | $ 344,917,387 |  | $ - |  | $ 342,627,234 |  | $ 2,290,153
Equity securities | 11,215,606 |  | 11,215,606 |  | - |  | -
Loans held for sale | 445,878,979 |  | - |  | - |  | 445,878,979
Restricted assets (1) | 1,470,114 |  | - |  | 1,470,114 |  | -
Restricted assets (2) | 2,193,831 |  | 2,193,831 |  | - |  | -
Cemetery perpetual care trust investments (1) | 576,292 |  | - |  | 576,292 |  | -
Cemetery perpetual care trust investments (2) | 1,832,703 |  | 1,832,703 |  | - |  | -
Derivatives - loan commitments (3) | 17,945,259 |  | - |  | - |  | 17,945,259
Total assets accounted for at fair value on a recurring basis | $ 826,030,171 |  | $ 15,242,140 |  | $ 344,673,640 |  | $ 466,114,391
Liabilities accounted for at fair value on a recurring basis |  |  |  |  |  |  |
Derivatives - call options (4) | $ (126,193) |  | $ (126,193) |  | $ - |  | $ -
Derivatives - loan commitments (4) | (2,999,809) |  | - |  | - |  | (2,999,809)
Total liabilities accounted for at fair value on a recurring basis | $ (3,126,002) |  | $ (126,193) |  | $ - |  | $ (2,999,809)
(1) Fixed maturity securities available for sale |  |  |  |  |  |  |
(2) Equity securities |  |  |  |  |  |  |
(3) Included in other assets on the consolidated balance sheets |  |  |  |  |  |
(4) Included in other liabilities and accrued expenses on the consolidated balance sheets |  |
The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet at December 31, 2019.
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis |  |  |  |  |  |  |
Fixed maturity securities available for sale | $ 355,977,820 |  | $ - |  | $ 352,761,438 |  | $ 3,216,382
Equity securities | 7,271,165 |  | 7,271,165 |  | - |  | -
Loans held for sale | 213,457,632 |  | - |  | - |  | 213,457,632
Restricted assets (1) | 1,008,867 |  | - |  | 1,008,867 |  | -
Restricted assets (2) | 1,976,480 |  | 1,976,480 |  | - |  | -
Cemetery perpetual care trust investments (1) | 975,673 |  | - |  | 975,673 |  | -
Cemetery perpetual care trust investments (2) | 1,605,451 |  | 1,605,451 |  | - |  | -
Derivatives - loan commitments (3) | 2,722,580 |  | - |  | - |  | 2,722,580
Total assets accounted for at fair value on a recurring basis | $ 584,995,668 |  | $ 10,853,096 |  | $ 354,745,978 |  | $ 219,396,594
Liabilities accounted for at fair value on a recurring basis |  |  |  |  |  |  |
Derivatives - call options (4) | $ (62,265) |  | $ (62,265) |  | $ - |  | $ -
Derivatives - put options (4) | (22,282) |  | (22,282) |  | - |  | -
Derivatives - loan commitments (4) | (231,347) |  | - |  | - |  | (231,347)
Total liabilities accounted for at fair value on a recurring basis | $ (315,894) |  | $ (84,547) |  | $ - |  | $ (231,347)
(1) Fixed maturity securities available for sale |  |  |  |  |  |  |
(2) Mutual funds and equity securities |  |  |  |  |  |  |
(3) Included in other assets on the condensed consolidated balance sheets |  |  |  |
(4) Included in other liabilities and accrued expenses on the condensed consolidated balance sheets |  |
Assets and liabilities measured at fair value on a recurring basis | For Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
|  |  |  |  |  | Significant |  | Range of Inputs |  |
|  | Fair Value at |  | Valuation |  | Unobservable |  | Minimum | Maximum |  | Weighted
|  | 9/30/2020 |  | Technique |  | Input(s) |  | Value | Value |  | Average
Loans held for sale |  | $ 445,878,979 |  | Market approach |  | Investor contract pricing as a percentage of unpaid principal balance |  | 99.0% | 110.0% |  | 104.0%
Derivatives - loan commitments (net) |  | 14,945,451 |  | Market approach |  | Fall-out factor |  | 1.0% | 92.0% |  | 80.0%
|  |  |  |  |  | Initial-Value |  | N/A | N/A |  | N/A
|  |  |  |  |  | Servicing |  | 0 bps | 133 bps |  | 67 bps
Fixed maturity securities available for sale |  | 2,290,153 |  | Broker quotes |  | Pricing quotes |  | $ 91.49 | $ 123.46 |  | $ 117.45
For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:
|  |  |  |  |  | Significant |  | Range of Inputs |  |
|  | Fair Value at |  | Valuation |  | Unobservable |  | Minimum | Maximum |  | Weighted
|  | 12/31/2019 |  | Technique |  | Input(s) |  | Value | Value |  | Average
Loans held for sale |  | $ 213,457,632 |  | Market approach |  | Investor contract pricing as a percentage of unpaid principal balance |  | 98.0% | 109.0% |  | 103.0%
Derivatives - loan commitments (net) |  | 2,491,233 |  | Market approach |  | Fall-out factor |  | 1.0% | 92.0% |  | 81.0%
|  |  |  |  |  | Initial-Value |  | N/A | N/A |  | N/A
|  |  |  |  |  | Servicing |  | 0 bps | 318 bps |  | 79 bps
Fixed maturity securities available for sale |  | 3,216,382 |  | Broker quotes |  | Pricing quotes |  | $ 95.02 | $ 115.80 |  | $ 107.98
Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs | Following is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs:
|  | Net Loan Commitments |  | Loans Held for Sale |  | Fixed Maturity Securities Available for Sale |
Balance - December 31, 2019 |  | $ 2,491,233 |  | $ 213,457,632 |  | $ 3,216,382 |
Originations and purchases |  | - |  | 3,824,329,264 |  | - |
Sales, maturities and paydowns |  | - |  | (3,709,992,155) |  | (1,031,500) |
Transfer to mortgage loans held for investment |  | - |  | (9,170,610) |  | - |
Total gains (losses): |  |  |  |  |  |  |
Included in earnings |  | 12,454,218 | (1) | 127,254,848 | (1) | 2,532 | (2)
Included in other comprehensive income |  | - |  | - |  | 102,739 |
Balance - September 30, 2020 |  | $ 14,945,451 |  | $ 445,878,979 |  | $ 2,290,153 |
(1) As a component of Mortgage fee income on the condensed consolidated statements of earnings |
(2) As a component of Net investment income on the condensed consolidated statements of earnings |
Following is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs:
|  | Net Derivatives Loan Commitments |  | Loans Held for Sale |  | Fixed Maturity Securities Available for Sale
Balance - December 31, 2018 |  | $ 1,591,816 |  | $ 136,210,853 |  | $ -
Originations/purchases |  | - |  | 2,606,839,175 |  | -
Sales |  | - |  | (2,580,875,055) |  | -
Transfer to mortgage loans held for investment |  | - |  | (31,881,851) |  | -
Transfer from fixed maturity securities held to maturity |  | - |  | - |  | 3,216,382
Total gains (losses): |  |  |  |  |  |
Included in earnings (1) |  | 899,417 |  | 83,164,510 |  | -
Balance - December 31, 2019 |  | $ 2,491,233 |  | $ 213,457,632 |  | $ 3,216,382
(1) As a component of mortgage fee income on the condensed consolidated statements of earnings
Fair Value Assets Measured on a Nonrecurring Basis | The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a nonrecurring basis by their classification in the condensed consolidated balance sheet at September 30, 2020.
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a nonrecurring basis |  |  |  |  |  |  |
Impaired mortgage loans held for investment | $ 1,519,159 |  | $ - |  | $ - |  | $ 1,519,159
Impaired real estate held for sale | 4,000,000 |  | - |  | - |  | 4,000,000
Total assets accounted for at fair value on a nonrecurring basis | $ 5,519,159 |  | $ - |  | $ - |  | $ 5,519,159
The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a nonrecurring basis by their classification in the condensed consolidated balance sheet at December 31, 2019.
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a nonrecurring basis |  |  |  |  |  |  |
Impaired mortgage loans held for investment | $ 1,302,025 |  | $ - |  | $ - |  | $ 1,302,025
Impaired real estate held for investment | 8,375,884 |  | - |  | - |  | 8,375,884
Total assets accounted for at fair value on a nonrecurring basis | $ 9,677,909 |  | $ - |  | $ - |  | $ 9,677,909
Schedule of Financial Instruments Carried at Other Than Fair Value | The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of September 30, 2020:
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |
Mortgage loans held for investment |  |  |  |  |  |  |  |  |
Residential | $ 77,373,490 |  | $ - |  | $ - |  | $ 82,076,345 |  | $ 82,076,345
Residential construction | 119,915,615 |  | - |  | - |  | 119,915,615 |  | 119,915,615
Commercial | 48,320,422 |  | - |  | - |  | 47,954,726 |  | 47,954,726
Mortgage loans held for investment, net | $ 245,609,527 |  | $ - |  | $ - |  | $ 249,946,686 |  | $ 249,946,686
Policy loans | 14,234,935 |  | - |  | - |  | 14,234,935 |  | 14,234,935
Insurance assignments, net (1) | 44,256,177 |  | - |  | - |  | 44,256,177 |  | 44,256,177
Restricted assets (2) | 4,110,252 |  | - |  | - |  | 4,110,252 |  | 4,110,252
Mortgage servicing rights, net | 28,387,476 |  | - |  | - |  | 30,288,406 |  | 30,288,406
Liabilities |  |  |  |  |  |  |  |  |
Bank and other loans payable | $ (424,932,007) |  | $ - |  | $ - |  | $ (424,932,007) |  | $ (424,932,007)
Policyholder account balances (3) | (44,246,123) |  | - |  | - |  | (41,229,265) |  | (41,229,265)
Future policy benefits - annuities (3) | (110,638,182) |  | - |  | - |  | (115,049,853) |  | (115,049,853)
(1) Included in other investments and policy loans on the condensed consolidated balance sheets |  |  |
(2) Mortgage loans held for investment |  |  |  |  |  |  |  |  |
(3) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets |  |
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2019:
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |
Mortgage loans held for investment |  |  |  |  |  |  |  |  |
Residential | $ 110,253,678 |  | $ - |  | $ - |  | $ 115,320,638 |  | $ 115,320,638
Residential construction | 88,651,967 |  | - |  | - |  | 88,651,967 |  | 88,651,967
Commercial | 37,788,901 |  | - |  | - |  | 39,289,462 |  | 39,289,462
Mortgage loans held for investment, net | $ 236,694,546 |  | $ - |  | $ - |  | $ 243,262,067 |  | $ 243,262,067
Policy loans | 14,762,805 |  | - |  | - |  | 14,762,805 |  | 14,762,805
Insurance assignments, net (1) | 39,614,939 |  | - |  | - |  | 39,614,939 |  | 39,614,939
Restricted assets (2) | 2,275,756 |  | - |  | - |  | 2,289,679 |  | 2,289,679
Cemetery perpetual care trust investments (2) | 524,000 |  | - |  | - |  | 536,553 |  | 536,553
Mortgage servicing rights, net | 17,155,529 |  | - |  | - |  | 22,784,571 |  | 22,784,571
Liabilities |  |  |  |  |  |  |  |  |
Bank and other loans payable | $ (217,572,612) |  | $ - |  | $ - |  | $ (217,572,612) |  | $ (217,572,612)
Policyholder account balances (3) | (45,154,180) |  | - |  | - |  | (41,828,469) |  | (41,828,469)
Future policy benefits - annuities (3) | (113,579,830) |  | - |  | - |  | (117,304,614) |  | (117,304,614)
(1) Included in other investments and policy loans on the condensed consolidated balance sheets |  |  |
(2) Mortgage loans held for investment |  |  |  |  |  |  |  |  |
(3) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets |  |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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