XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.21.1

8) Fair Value of Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
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 March 31, 2021.
| 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 | $ 279,550,528 |  | $ - |  | $ 277,359,435 |  | $ 2,191,093
Equity securities | 11,154,495 |  | 11,154,495 |  | - |  | -
Loans held for sale | 304,030,372 |  | - |  | - |  | 304,030,372
Restricted assets (1) | 1,456,017 |  | - |  | 1,456,017 |  | -
Restricted assets (2) | 2,704,704 |  | 2,704,704 |  | - |  | -
Cemetery perpetual care trust investments (1) | 738,979 |  | - |  | 738,979 |  | -
Cemetery perpetual care trust investments (2) | 2,208,138 |  | 2,208,138 |  | - |  | -
Derivatives - loan commitments (3) | 10,671,623 |  | - |  | - |  | 10,671,623
Total assets accounted for at fair value on a recurring basis | $ 612,514,856 |  | $ 16,067,337 |  | $ 279,554,431 |  | $ 316,893,088
Liabilities accounted for at fair value on a recurring basis |  |  |  |  |  |  |
Derivatives - call options (4) | $ (79,567) |  | $ (79,567) |  | $ - |  | $ -
Derivatives - loan commitments (4) | (228,547) |  | - |  | - |  | (228,547)
Total liabilities accounted for at fair value on a recurring basis | $ (308,114) |  | $ (79,567) |  | $ - |  | $ (228,547)
(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, 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
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 March 31, 2021, 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
|  | 3/31/2021 |  | Technique |  | Input(s) |  | Value | Value |  | Average
Loans held for sale |  | $ 304,030,372 |  | Market approach |  | Investor contract pricing as a percentage of unpaid principal balance |  | 95.0% | 109.0% |  | 103.0%
Derivatives - loan commitments (net) |  | 10,443,076 |  | Market approach |  | Pull-through rate |  | 61.0% | 92.0% |  | 82.0%
|  |  |  |  |  | Initial-Value |  | N/A | N/A |  | N/A
|  |  |  |  |  | Servicing |  | 0 bps | 129 bps |  | 55 bps
Fixed maturity securities available for sale |  | 2,191,093 |  | Broker quotes |  | Pricing quotes |  | $ 90.83 | $ 119.33 |  | $ 113.57
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
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, 2020 |  | $ 10,128,610 |  | $ 422,772,418 |  | $ 2,201,175 |
Originations and purchases |  | - |  | 1,449,841,009 |  | - |
Sales, maturities and paydowns |  | - |  | (1,614,880,058) |  | (11,100) |
Transfer to mortgage loans held for investment |  | - |  | (201,951) |  | - |
Total gains (losses): |  |  |  |  |  |  |
Included in earnings |  | 314,466 | (1) | 46,498,954 | (1) | 893 | (2)
Included in other comprehensive income |  | - |  | - |  | 125 |
Balance - March 31, 2021 |  | $ 10,443,076 |  | $ 304,030,372 |  | $ 2,191,093 |
(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 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 |  | - |  | 792,193,592 |  | - |
Sales, maturities and paydowns |  | - |  | (739,130,456) |  | (10,300) |
Transfer to mortgage loans held for investment |  | - |  | (8,933,676) |  | - |
Total gains (losses): |  |  |  |  |  |  |
Included in earnings |  | 3,275,032 | (1) | 23,465,484 | (1) | 828 | (2)
Included in other comprehensive income |  | - |  | - |  | 68,416 |
Balance - March 31, 2020 |  | $ 5,766,265 |  | $ 281,052,576 |  | $ 3,275,326 |
(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
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 March 31, 2021.
| 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 | $ 1,174,242 |  | $ - |  | $ - |  | $ 1,174,242
Total assets accounted for at fair value on a nonrecurring basis | $ 1,174,242 |  | $ - |  | $ - |  | $ 1,174,242
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, 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
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 March 31, 2021:
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |
Mortgage loans held for investment |  |  |  |  |  |  |  |  |
Residential | $ 85,296,730 |  | $ - |  | $ - |  | $ 90,940,077 |  | $ 90,940,077
Residential construction | 105,251,376 |  | - |  | - |  | 105,251,376 |  | 105,251,376
Commercial | 54,403,846 |  | - |  | - |  | 55,014,500 |  | 55,014,500
Mortgage loans held for investment, net | $ 244,951,952 |  | $ - |  | $ - |  | $ 251,205,953 |  | $ 251,205,953
Policy loans | 13,946,739 |  | - |  | - |  | 13,946,739 |  | 13,946,739
Insurance assignments, net (1) | 52,955,925 |  | - |  | - |  | 52,955,925 |  | 52,955,925
Restricted assets (2) | 3,076,760 |  | - |  | - |  | 3,076,760 |  | 3,076,760
Cemetery perpetual care trust investments (2) | 1,450,600 |  | - |  | - |  | 1,450,600 |  | 1,450,600
Mortgage servicing rights, net | 42,779,361 |  | - |  | - |  | 55,087,150 |  | 55,087,150
Liabilities |  |  |  |  |  |  |  |  |
Bank and other loans payable | $ (245,973,378) |  | $ - |  | $ - |  | $ (245,973,378) |  | $ (245,973,378)
Policyholder account balances (3) | (43,728,587) |  | - |  | - |  | (42,141,870) |  | (42,141,870)
Future policy benefits - annuities (3) | (108,202,268) |  | - |  | - |  | (112,119,227) |  | (112,119,227)
(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, 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

X
- Definition Represents the textual narrative disclosure of Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs, during the indicated time period. + References No definition available. + Details
Name: | snfc_ScheduleOfChangesInTheConsolidatedBalanceSheetLineItemsMeasuredUsingLevel3InputsTextBlock
Namespace Prefix: | snfc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the textual narrative disclosure of Schedule of Financial Instruments Carried at Other Than Fair Value, during the indicated time period. + References No definition available. + Details
Name: | snfc_ScheduleOfFinancialInstrumentsCarriedAtOtherThanFairValueTextBlock
Namespace Prefix: | snfc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + 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 (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlockSupplementAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration