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17) Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Table Text Block Supplement [Abstract] |
Schedule of fair value assets and liabilities measured on a recurring basis | The following table summarizes Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the consolidated balance sheet at December 31, 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 | $ 294,656,679 |  | $ - |  | $ 292,455,504 |  | $ 2,201,175
Equity securities | 11,324,239 |  | 11,324,239 |  | - |  | -
Loans held for sale | 422,772,418 |  | - |  | - |  | 422,772,418
Restricted assets (1) | 1,473,637 |  | - |  | 1,473,637 |  | -
Restricted assets (2) | 2,515,778 |  | 2,515,778 |  | - |  | -
Cemetery perpetual care trust investments (1) | 747,767 |  | - |  | 747,767 |  | -
Cemetery perpetual care trust investments (2) | 2,062,303 |  | 2,062,303 |  | - |  | -
Derivatives - loan commitments (3) | 12,592,672 |  | - |  | - |  | 12,592,672
Total assets accounted for at fair value on a recurring basis | $ 748,145,493 |  | $ 15,902,320 |  | $ 294,676,908 |  | $ 437,566,265
Liabilities accounted for at fair value on a recurring basis |  |  |  |  |  |  |
Derivatives - call options (4) | $ (43,097) |  | $ (43,097) |  | $ - |  | $ -
Derivatives - loan commitments (4) | (2,464,062) |  | - |  | - |  | (2,464,062)
Total liabilities accounted for at fair value on a recurring basis | $ (2,507,159) |  | $ (43,097) |  | $ - |  | $ (2,464,062)
(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 table summarizes Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the 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 consolidated balance sheets |  |  |  |  |  |
(4) Included in other liabilities and accrued expenses on the consolidated balance sheets |  |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 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
|  | 12/31/2020 |  | Technique |  | Input(s) |  | Value | Value |  | Average
Loans held for sale |  | $422,772,418 |  | Market approach |  | Investor contract pricing as a percentage of unpaid principal balance |  | 99.0% | 110.0% |  | 104.0%
Derivatives - loan commitments (net) |  | 10,128,610 |  | Market approach |  | Pull-through rate |  | 52.0% | 92.0% |  | 81.0%
|  |  |  |  |  | Initial-Value |  | N/A | N/A |  | N/A
|  |  |  |  |  | Servicing |  | 0 bps | 184 bps |  | 58 bps
Fixed maturity securities available for sale |  | 2,201,175 |  | Broker quotes |  | Pricing quotes |  | $ 90.83 | $ 119.33 |  | $ 113.47
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 |  | Pull-through rate |  | 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 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, 2019 |  | $ 2,491,233 |  | $ 213,457,632 |  | $ 3,216,382 |
Originations/purchases |  | - |  | 5,627,013,749 |  | - |
Sales, maturities and paydowns |  | - |  | (5,600,045,285) |  | (1,042,400) |
Transfer to mortgage loans held for investment |  | - |  | (16,960,549) |  | - |
Total gains (losses): |  |  |  |  |  |  |
Included in earnings |  | 7,637,377 | (1) | 199,306,871 | (1) | 3,408 | (2)
Included in other comprehensive income |  | - |  | - |  | 23,785 |
Balance - December 31, 2020 |  | $ 10,128,610 |  | $ 422,772,418 |  | $ 2,201,175 |
(1) As a component of mortgage fee income on the consolidated statements of earnings |
(2) As a component of net investment income on the consolidated statements of earnings |
Following is a summary of changes in the 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, maturities and paydowns |  | - |  | (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 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 consolidated balance sheet at December 31, 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 | $ 1,297,356 |  | $ - |  | $ - |  | $ 1,297,356
Impaired real estate held for sale | 4,249,000 |  | - |  | - |  | 4,249,000
Total assets accounted for at fair value on a nonrecurring basis | $ 5,546,356 |  | $ - |  | $ - |  | $ 5,546,356
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 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 December 31, 2020:
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |
Mortgage loans held for investment |  |  |  |  |  |  |  |  |
Residential | $ 92,757,613 |  | $ - |  | $ - |  | $ 100,384,283 |  | $ 100,384,283
Residential construction | 110,849,864 |  | - |  | - |  | 110,849,864 |  | 110,849,864
Commercial | 45,736,459 |  | - |  | - |  | 45,259,425 |  | 45,259,425
Mortgage loans held for investment, net | $ 249,343,936 |  | $ - |  | $ - |  | $ 256,493,572 |  | $ 256,493,572
Policy loans | 14,171,589 |  | - |  | - |  | 14,171,589 |  | 14,171,589
Insurance assignments, net (1) | 51,585,656 |  | - |  | - |  | 51,585,656 |  | 51,585,656
Restricted assets (2) | 3,317,877 |  | - |  | - |  | 3,317,877 |  | 3,317,877
Cemetery perpetual care trust investments (2) | 1,468,600 |  | - |  | - |  | 1,468,600 |  | 1,468,600
Mortgage servicing rights, net | 35,210,516 |  | - |  | - |  | 38,702,358 |  | 38,702,358
Liabilities |  |  |  |  |  |  |  |  |
Bank and other loans payable | $(297,824,368) |  | $ - |  | $ - |  | $ (297,824,368) |  | $ (297,824,368)
Policyholder account balances (3) | (44,026,809) |  | - |  | - |  | (42,220,725) |  | (42,220,725)
Future policy benefits - annuities (3) | (106,522,113) |  | - |  | - |  | (112,354,186) |  | (112,354,186)
(1) Included in other investments and policy loans on the consolidated balance sheets |  |  |  |
(2) Mortgage loans held for investment |  |  |  |  |  |  |  |  |
(3) Included in future policy benefits and unpaid claims on the 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 consolidated balance sheets |  |  |  |
(2) Mortgage loans held for investment |  |  |  |  |  |  |  |  |
(3) Included in future policy benefits and unpaid claims on the consolidated balance sheets |  |  |  |

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