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2) Investments (Tables) | 12 Months Ended
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Dec. 31, 2020
Table Text Block Supplement [Abstract] |
Available for sale | The Company’s investments as of December 31, 2020 are summarized as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2020: |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ 42,381,805 |  | $ 1,358,562 |  | $ - |  | $ 43,740,367
Obligations of states and political subdivisions |  | 5,383,762 |  | 312,214 |  | (1,261) |  | 5,694,715
Corporate securities including public utilities |  | 186,067,912 |  | 27,216,496 |  | (681,478) |  | 212,602,930
Mortgage-backed securities |  | 31,047,791 |  | 1,565,377 |  | (267,106) |  | 32,346,062
Redeemable preferred stock |  | 269,214 |  | 3,391 |  | - |  | 272,605
Total fixed maturity securities available for sale |  | $ 265,150,484 |  | $ 30,456,040 |  | $ (949,845) |  | $ 294,656,679
Equity securities at estimated fair value: |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ 9,698,490 |  | $ 2,376,156 |  | $ (750,407) |  | $ 11,324,239
Total equity securities at estimated fair value |  | $ 9,698,490 |  | $ 2,376,156 |  | $ (750,407) |  | $ 11,324,239
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |
Residential |  | $ 95,822,448 |  |  |  |  |  |
Residential construction |  | 111,111,777 |  |  |  |  |  |
Commercial |  | 46,836,866 |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  | (1,161,132) |  |  |  |  |  |
Less: Allowance for loan losses |  | (2,005,127) |  |  |  |  |  |
Less: Net discounts |  | (1,260,896) |  |  |  |  |  |
Total mortgage loans held for investment |  | $ 249,343,936 |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |
Residential |  | $ 24,843,743 |  |  |  |  |  |
Commercial |  | 106,840,710 |  |  |  |  |  |
Total real estate held for investment |  | $ 131,684,453 |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |
Residential |  | $ 3,478,254 |  |  |  |  |  |
Commercial |  | 4,400,553 |  |  |  |  |  |
Total real estate held for sale |  | $ 7,878,807 |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |
Policy loans |  | $ 14,171,589 |  |  |  |  |  |
Insurance assignments |  | 53,231,131 |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  | 2,506,600 |  |  |  |  |  |
Other investments |  | 5,432,816 |  |  |  |  |  |
Less: Allowance for doubtful accounts |  | (1,645,475) |  |  |  |  |  |
Total policy loans and other investments |  | $ 73,696,661 |  |  |  |  |  |
Accrued investment income |  | $ 5,360,523 |  |  |  |  |  |
Total investments |  | $ 773,945,298 |  |  |  |  |  |
(1) Includes $866,900 of Membership stock and $1,639,700 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 unrealized losses were primarily related to interest rate fluctuations and uncertainties relating to COVID-19. 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 December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Obligations of States and Political Subdivisions |  | $ 1,261 |  | $ 206,812 |  | $ - |  | $ - |  | $ 1,261 |  | $ 206,812
Corporate Securities |  | 242,596 |  | 9,919,298 |  | 438,882 |  | 2,593,026 |  | 681,478 |  | 12,512,324
Mortgage and other asset-backed securities |  | 266,522 |  | 3,455,574 |  | 584 |  | 51,961 |  | 267,106 |  | 3,507,535
Total unrealized losses |  | $ 510,379 |  | $13,581,684 |  | $ 439,466 |  | 2,644,987 |  | $ 949,845 |  | $16,226,671
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
Schedule of earnings on fixed maturity securities | The following table presents a rollforward of the Company's cumulative other than temporary credit impairments (“OTTI”) recognized in earnings on fixed maturity securities available for sale for the years ended December 31:
| 2020 | 2019
Balance of credit-related OTTI at January 1 | $ - | $ -
Additions for credit impairments recognized on: |  |
Securities not previously impaired | 370,975 | -
Securities previously impaired | - | -
Reductions for credit impairments previously recognized on: |  |
Securities that matured or were sold during the period (realized) | - | -
Securities due to an increase in expected cash flows | - | -
Balance of credit-related OTTI at December 31 | $ 370,975 | $ -
Investments Classified by Contractual Maturity Date | 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 |  | Estimated Fair
|  | Cost |  | Value
Due in 1 year |  | $ 28,634,042 |  | $ 28,831,983
Due in 2-5 years |  | 66,183,907 |  | 70,910,775
Due in 5-10 years |  | 70,162,166 |  | 78,592,046
Due in more than 10 years |  | 68,853,364 |  | 83,703,208
Mortgage-backed securities |  | 31,047,791 |  | 32,346,062
Redeemable preferred stock |  | 269,214 |  | 272,605
Total |  | $ 265,150,484 |  | $ 294,656,679
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 from investments and other assets for the years ended December 31 are summarized as follows:
| 2020 |  | 2019
Fixed maturity securities available for sale: |  |  |
Gross realized gains | $ 445,749 |  | $ 459,286
Gross realized losses | (77,546) |  | (162,649)
Other than temporary impairments | (370,975) |  | -
Equity securities: |  |  |
Gains on securities sold | 74,836 |  | 256,520
Unrealized gains on securities held at the end of the period | 1,125,304 |  | 1,086,116
Other assets: |  |  |
Gross realized gains | 2,342,418 |  | 2,844,673
Gross realized losses | (1,984,911) |  | (3,755,579)
Total | $ 1,554,875 |  | $ 728,367
Schedule of Major categories of net investment income | Major categories of net investment income for the years ended December 31, were as follows:
| 2020 |  | 2019
Fixed maturity securities available for sale | $ 12,233,394 |  | $ 10,372,559
Equity securities | 642,433 |  | 309,918
Mortgage loans held for investment | 25,672,746 |  | 18,405,010
Real estate held for investment and sale | 11,945,401 |  | 8,782,959
Policy loans | 1,025,179 |  | 554,969
Insurance assignments | 17,837,578 |  | 16,086,059
Other investments | 126,013 |  | 184,439
Cash and cash equivalents | 426,623 |  | 1,824,443
Gross investment income | 69,909,367 |  | 56,520,356
Investment expenses | (13,579,564) |  | (13,500,883)
Net investment income | $ 56,329,803 |  | $ 43,019,473
Commercial Real Estate Investment | The Company’s commercial real estate held for investment for the years ended December 31, is summarized as follows:
|  | Net Ending Balance |  | Total Square Footage
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Louisiana |  | $ 2,998,684 |  | $ 6,009,079 |  | 84,841 |  | 125,114
Mississippi |  | 2,914,498 |  | 2,951,478 |  | 21,521 |  | 21,521
Utah (1) |  | 100,927,528 |  | 81,266,083 |  | 379,066 |  | 465,230
|  | $ 106,840,710 |  | $ 90,226,640 |  | 485,428 |  | 611,865
(1) Includes Center53 phase 1 and phase 2 which is under construction.
The Company’s commercial real estate held for sale for the years ended December 31, is summarized as follows:
|  | Net Ending Balance |  | Total Square Footage
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Arizona (1) |  | $ - |  | $ 2,500 |  | - |  | -
Kansas |  | 4,000,000 |  | 4,800,000 |  | 222,679 |  | 222,679
Mississippi |  | 151,553 |  | 318,322 |  | 12,300 |  | 12,300
Nevada |  | - |  | 655,499 |  | - |  | 4,800
Texas (2) |  | 249,000 |  | 300,000 |  | - |  | -
|  | $ 4,400,553 |  | $ 6,076,321 |  | 234,979 |  | 239,779
(1) Undeveloped land |  |  |  |  |  |
(2) Improved commercial pad |  |  |  |  |  |
Residential Real Estate Investment | The Company’s residential real estate held for investment for the years ended December 31, is summarized as follows:
|  | Net Ending Balance
|  | 2020 |  | 2019
Florida |  | - |  | 2,487,723
Nevada |  | - |  | 293,516
Utah (1) |  | 24,557,562 |  | 9,462,886
Washington (2) |  | 286,181 |  | 286,181
|  | $ 24,843,743 |  | $ 12,530,306
(1) Including subdivision land developments
(2) Improved residential lots
The Company’s residential real estate held for sale for the years ended December 31, is summarized as follows:
|  | Net Ending Balance
|  | 2020 |  | 2019
California |  | - |  | 640,452
Florida |  | 744,322 |  | 1,300,641
Nevada |  | 979,640 |  | -
Ohio |  | 10,000 |  | 10,000
Utah |  | 1,744,292 |  | 5,880,213
Washington |  | - |  | 190,000
|  | $ 3,478,254 |  | $ 8,021,306
Schedule of subdivision land development | Additional information regarding the Company’s subdivision land developments in Utah for the years ended December 31, is summarized as follows:
|  | 2020 |  | 2019
Lots available for sale |  | 36 |  | 48
Lots to be developed |  | 350 |  | 174
Ending Balance (1) |  | $ 23,777,478 |  | $ 7,889,576
(1) The estimated remaining cost to complete the undeveloped lots is $17,354,000 and $1,900,000 as of December 31, 2020 and 2019, respectively.
Real Estate Owned and Occupied by the Company | As of December 31, 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 consolidated balance sheets |  |  |  |
(2) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company |  |  |  |
Schedule of Allowance for loan losses as a contra-asset account | The Company establishes a valuation allowance for credit losses in its portfolio. The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented:
Allowance for Credit Losses and Recorded Investment in Mortgage Loans Held for Investment
Years Ended December 31
| Commercial |  | Residential |  | Residential Construction |  | Total
2020 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance | $ 187,129 |  | $ 1,222,706 |  | $ 43,202 |  | $ 1,453,037
Charge-offs | - |  | - |  | - |  | -
Provision | - |  | 552,090 |  | - |  | 552,090
Ending balance | $ 187,129 |  | $ 1,774,796 |  | $ 43,202 |  | $ 2,005,127
Ending balance: individually evaluated for impairment | $ - |  | $ 219,905 |  | $ - |  | $ 219,905
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,554,891 |  | $ 43,202 |  | $ 1,785,222
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 46,836,866 |  | $ 111,111,777 |  | $ 95,822,448 |  | $ 253,771,091
Ending balance: individually evaluated for impairment | $ 2,148,827 |  | $ 7,932,680 |  | $ 200,963 |  | $ 10,282,470
Ending balance: collectively evaluated for impairment | $ 44,688,039 |  | $ 103,179,097 |  | $ 95,621,485 |  | $ 243,488,621
2019 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance | $ 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 | $ 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 |
Age Analysis of Past Due Mortgage Loans Held for Investment
Years Ended December 31
| 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
2020 |  |  |  |  |  |  |  |  |  |  |
Commercial | $ 233,200 | $ 812,780 | $ 2,148,827 | $ - | $ 3,194,807 | $ 43,642,059 | $ 46,836,866 | $ (187,129) | $ (32,557) | $ (880,721) | $ 45,736,459
Residential | 5,866,505 | 2,048,148 | 5,669,583 | 2,263,097 | 15,847,333 | 79,975,115 | 95,822,448 | (1,774,796) | (909,864) | (380,175) | 92,757,613
Residential Construction | 127,191 | - | - | 200,963 | 328,154 | 110,783,623 | 111,111,777 | (43,202) | (218,711) | - | 110,849,864
Total | $ 6,226,896 | $ 2,860,928 | $ 7,818,410 | $ 2,464,060 | $ 19,370,294 | $ 234,400,797 | $ 253,771,091 | $ (2,005,127) | $ (1,161,132) | $ (1,260,896) | $ 249,343,936
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) There was not any interest income 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:
Impaired Loans
Years Ended December 31
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
2020 |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ 2,148,827 |  | $ 2,148,827 |  | $ - |  | $ 1,866,819 |  | $ -
Residential | 6,415,419 |  | 6,415,419 |  | - |  | 5,010,078 |  | -
Residential construction | 200,963 |  | 200,963 |  | - |  | 555,278 |  | -
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ - |  | $ - |  | $ - |  | $ - |  | $ -
Residential | 1,517,261 |  | 1,517,261 |  | 219,905 |  | 1,182,368 |  | -
Residential construction | - |  | - |  | - |  | - |  | -
Total: |  |  |  |  |  |  |  |  |
Commercial | $ 2,148,827 |  | $ 2,148,827 |  | $ - |  | $ 1,866,819 |  | $ -
Residential | 7,932,680 |  | 7,932,680 |  | 219,905 |  | 6,192,446 |  | -
Residential construction | 200,963 |  | 200,963 |  | - |  | 555,278 |  | -
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:
Mortgage Loans Held for Investment Credit Exposure
Credit Risk Profile Based on Payment Activity
Years Ended December 31
| Commercial |  | Residential |  | Residential Construction |  | Total |
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Performing | $ 44,688,039 |  | $ 34,229,501 |  | $ 87,889,768 |  | $109,291,758 |  | $ 110,910,814 |  | $ 88,775,237 |  | $ 243,488,621 |  | $ 232,296,496 |
Non-performing | 2,148,827 |  | 4,488,719 |  | 7,932,680 |  | 3,752,207 |  | 200,963 |  | 655,000 |  | 10,282,470 |  | 8,895,926 |
Total | $ 46,836,866 |  | $ 38,718,220 |  | $ 95,822,448 |  | $113,043,965 |  | $ 111,111,777 |  | $ 89,430,237 |  | $ 253,771,091 |  | $ 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.
| Mortgage Loans on Non-accrual Status
| Years Ended December 31
| 2020 |  | 2019
Commercial | $ 2,148,827 |  | $ 4,488,719
Residential | 7,932,680 |  | 3,752,207
Residential construction | 200,963 |  | 655,000
Total | $ 10,282,470 |  | $ 8,895,926
Schedule of principal payments | Expected principal payments may differ from contractual obligations because certain borrowers may elect to pay off mortgage obligations with or without early payment penalties.
|  |  | Principal |  | Principal |  | Principal
|  |  | Amounts |  | Amounts |  | Amounts
|  |  | Due in |  | Due in |  | Due
| Total |  | 1 Year |  | 2-5 Years |  | Thereafter
Residential | $ 95,822,448 |  | $ 11,202,899 |  | $ 17,774,238 |  | $ 66,845,311
Residential Construction | 111,111,777 |  | $ 103,391,044 |  | $ 7,720,733 |  | -
Commercial | 46,836,866 |  | 27,111,325 |  | 11,101,138 |  | 8,624,403
Total | $ 253,771,091 |  | $ 141,705,268 |  | $ 36,596,109 |  | $ 75,469,714

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