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3) Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Table Text Block Supplement [Abstract] |
Available for sale | The Company’s investments as of March 31, 2021 are summarized as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
March 31, 2021: |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ 42,427,856 |  | $ 1,099,519 |  | $ - |  | $ 43,527,375
Obligations of states and political subdivisions |  | 5,370,754 |  | 209,554 |  | (24,569) |  | 5,555,739
Corporate securities including public utilities |  | 179,026,864 |  | 21,203,792 |  | (501,358) |  | 199,729,298
Mortgage-backed securities |  | 29,799,733 |  | 892,449 |  | (236,547) |  | 30,455,635
Redeemable preferred stock |  | 269,214 |  | 13,267 |  | - |  | 282,481
Total fixed maturity securities available for sale |  | $ 256,894,421 |  | $ 23,418,581 |  | $ (762,474) |  | $ 279,550,528
Equity securities at estimated fair value: |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ 8,913,275 |  | $ 2,586,343 |  | $ (345,123) |  | $ 11,154,495
Total equity securities at estimated fair value |  | $ 8,913,275 |  | $ 2,586,343 |  | $ (345,123) |  | $ 11,154,495
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |
Residential |  | $ 88,266,355 |  |  |  |  |  |
Residential construction |  | 105,450,591 |  |  |  |  |  |
Commercial |  | 55,065,455 |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  | (1,223,014) |  |  |  |  |  |
Less: Allowance for loan losses |  | (1,897,155) |  |  |  |  |  |
Less: Net discounts |  | (710,280) |  |  |  |  |  |
Total mortgage loans held for investment |  | $ 244,951,952 |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |
Residential |  | $ 39,752,530 |  |  |  |  |  |
Commercial |  | 117,288,006 |  |  |  |  |  |
Total real estate held for investment |  | $ 157,040,536 |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |
Residential |  | $ 1,156,313 |  |  |  |  |  |
Commercial |  | 4,400,553 |  |  |  |  |  |
Total real estate held for sale |  | $ 5,556,866 |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |
Policy loans |  | $ 13,946,739 |  |  |  |  |  |
Insurance assignments |  | 54,618,319 |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  | 2,544,700 |  |  |  |  |  |
Other investments |  | 5,242,786 |  |  |  |  |  |
Less: Allowance for doubtful accounts |  | (1,662,394) |  |  |  |  |  |
Total policy loans and other investments |  | $ 74,690,150 |  |  |  |  |  |
Accrued investment income |  | $ 6,266,403 |  |  |  |  |  |
Total investments |  | $ 779,210,930 |  |  |  |  |  |
| (1) | Includes $905,700 of Membership stock and $1,639,000 of Activity stock due to short-term borrowings.
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.
Schedule of Unrealized Loss on Investments | The following tables summarize unrealized losses on fixed maturity securities available for sale, which were carried at estimated fair value, at March 31, 2021 and December 31, 2020. 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 March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Obligations of States and Political Subdivisions |  | $ 24,569 |  | $ 778,979 |  | $ - |  | $ - |  | $ 24,569 |  | $ 778,979
Corporate Securities |  | 137,661 |  | 9,760,180 |  | 363,697 |  | 9,199,818 |  | 501,358 |  | 18,959,998
Mortgage and other asset-backed securities |  | 90,713 |  | 5,235,918 |  | 145,834 |  | 2,026,009 |  | 236,547 |  | 7,261,927
Total unrealized losses |  | $ 252,943 |  | $ 15,775,077 |  | $ 509,531 |  | $ 11,225,827 |  | $ 762,474 |  | $ 27,000,904
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
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 three months ended March 31:
|  | 2021 |  | 2020
Balance of credit-related OTTI at January 1 |  | $ 370,975 |  | $ -
Additions for credit impairments recognized on: |  |  |  |
Securities not previously impaired |  | - |  | -
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 March 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 Cost |  | Estimated Fair Value
Due in 1 year |  | $ 21,362,110 |  | $ 21,444,660
Due in 2-5 years |  | 66,817,800 |  | 71,062,356
Due in 5-10 years |  | 70,609,309 |  | 77,487,611
Due in more than 10 years |  | 68,036,255 |  | 78,817,785
Mortgage-backed securities |  | 29,799,733 |  | 30,455,635
Redeemable preferred stock |  | 269,214 |  | 282,481
Total |  | $ 256,894,421 |  | $ 279,550,528
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 March 31
|  | 2021 |  | 2020
Fixed maturity securities: |  |  |  |
Gross realized gains |  | $ 97,622 |  | $ 95,821
Gross realized losses |  | (24,997) |  | -
Equity securities: |  |  |  |
Gains (losses) on securities sold |  | 106,569 |  | (57,442)
Unrealized gains and (losses) on securities held at the end of the period |  | 952,030 |  | (2,761,856)
Other assets: |  |  |  |
Gross realized gains |  | 1,109,358 |  | 457,028
Gross realized losses |  | (280,469) |  | (945,798)
Total |  | $ 1,960,113 |  | $ (3,212,247)
Schedule of Major categories of net investment income | Information regarding sales of fixed maturity securities available for sale is summarized as follows:
|  | Three Months Ended March 31
|  | 2021 |  | 2020
Proceeds from sales |  | $ 819,565 |  | $ 645,750
Gross realized gains |  | 59,794 |  | 79,411
Gross realized losses |  | - |  | -
Major categories of net investment income are as follows:
| Three Months Ended March 31
| 2021 |  | 2020
Fixed maturity securities | $ 2,824,111 |  | $ 2,924,714
Equity securities | 128,229 |  | 92,042
Mortgage loans held for investment | 6,084,417 |  | 5,653,890
Real estate | 3,042,829 |  | 3,153,385
Policy loans | 232,353 |  | 233,966
Insurance assignments | 5,345,729 |  | 4,299,205
Other investments | 13,707 |  | 25,023
Cash and cash equivalents | 39,594 |  | 298,005
Gross investment income | 17,710,969 |  | 16,680,230
Investment expenses | (3,417,082) |  | (3,279,731)
Net investment income | $ 14,293,887 |  | $ 13,400,499
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
|  | March 31 2021 |  | December 31 2020 |  | March 31 2021 |  | December 31 2020
Utah (1) |  | $ 111,008,057 |  | $ 100,927,528 |  | 379,066 |  | 379,066
Louisiana |  | 2,981,296 |  | 2,998,684 |  | 84,841 |  | 84,841
Mississippi |  | 2,909,508 |  | 2,914,498 |  | 21,521 |  | 21,521
California |  | 389,145 |  | - |  | 2,872 |  | -
|  | $ 117,288,006 |  | $ 106,840,710 |  | 488,300 |  | 485,428
(1) Includes Center53 phase 1 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
|  | March 31 2021 |  | December 31 2020 |  | March 31 2021 |  | December 31 2020
Kansas |  | 4,000,000 |  | 4,000,000 |  | 222,679 |  | 222,679
Texas (1) |  | 249,000 |  | 249,000 |  | - |  | -
Mississippi |  | 151,553 |  | 151,553 |  | - |  | -
|  | $ 4,400,553 |  | $ 4,400,553 |  | 222,679 |  | 222,679
(1) 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
|  | March 31 2021 |  | December 31 2020
Utah (1) |  | 39,466,349 |  | $ 24,557,562
Washington (2) |  | 286,181 |  | 286,181
|  | $ 39,752,530 |  | $ 24,843,743
(1) Includes subdivision land developments (2) Improved residential lots Additional information regarding the Company’s subdivision land developments in Utah is summarized as follows:
|  | March 31 2021 |  | December 31 2020
Lots available for sale |  | 81 |  | 36
Lots to be developed |  | 369 |  | 350
Ending Balance (1) |  | $ 39,251,557 |  | $ 23,777,478
(1) The estimated remaining cost to complete the undeveloped lots is $15,613,000 and $17,354,000 as of March 31, 2021 and December 31, 2020, respectively. The following is a summary of the Company’s residential real estate held for sale for the periods presented:
|  | Net Ending Balance
|  | March 31 2021 |  | December 31 2020
Nevada |  | $ 979,640 |  | $ 979,640
Florida |  | 166,673 |  | 744,322
Ohio |  | 10,000 |  | 10,000
Utah |  | - |  | 1,744,292
|  | $ 1,156,313 |  | $ 3,478,254
Real Estate Owned and Occupied by the Company | As of March 31, 2021, 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) |  | Life Insurance Operations |  | 12,274 |  | 100%
909 Foisy Street, Alexandria, LA (1) |  | Life Insurance Sales |  | 8,059 |  | 100%
812 Sheppard Street, Minden, LA (1) |  | Life Insurance Sales |  | 1,560 |  | 100%
1550 N 3rd Street, Jena, LA (1) |  | Life Insurance Sales |  | 1,737 |  | 100%
(1) Included in property and equipment on the condensed consolidated balance sheets
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
March 31, 2021 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2021 | $ 187,129 |  | $ 1,774,796 |  | $ 43,202 |  | $ 2,005,127
Charge-offs | - |  | - |  | - |  | -
Provision | - |  | (107,972) |  | - |  | (107,972)
Ending balance - March 31, 2021 | $ 187,129 |  | $ 1,666,824 |  | $ 43,202 |  | $ 1,897,155
Ending balance: individually evaluated for impairment | $ - |  | $ 207,578 |  | $ - |  | $ 207,578
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,459,246 |  | $ 43,202 |  | $ 1,689,577
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 55,065,455 |  | $ 88,266,355 |  | $ 105,450,591 |  | $ 248,782,401
Ending balance: individually evaluated for impairment | $ 1,068,365 |  | $ 4,436,082 |  | $ 200,963 |  | $ 5,705,410
Ending balance: collectively evaluated for impairment | $ 53,997,090 |  | $ 83,830,273 |  | $ 105,249,628 |  | $ 243,076,991
December 31, 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
Schedule of aging of mortgage loans | The following is a summary of the aging of mortgage loans held for investment for the periods presented:
|  | Commercial |  | Residential |  | Residential Construction |  | Total
March 31, 2021 |  |  |  |  |  |  |  |
30-59 Days Past Due |  | $ - |  | $ 4,352,659 |  | $ 301,071 |  | $ 4,653,730
60-89 Days Past Due |  | 2,027,048 |  | 1,317,057 |  | - |  | 3,344,105
Greater Than 90 Days (1) |  | 817,429 |  | 2,522,314 |  | - |  | 3,339,743
In Process of Foreclosure (1) |  | 250,936 |  | 1,913,768 |  | 200,963 |  | 2,365,667
Total Past Due |  | 3,095,413 |  | 10,105,798 |  | 502,034 |  | 13,703,245
Current |  | 51,970,042 |  | 78,160,557 |  | 104,948,557 |  | 235,079,156
Total Mortgage Loans |  | 55,065,455 |  | 88,266,355 |  | 105,450,591 |  | 248,782,401
Allowance for Loan Losses |  | (187,129) |  | (1,666,824) |  | (43,202) |  | (1,897,155)
Unamortized deferred loan fees, net |  | (115,893) |  | (951,108) |  | (156,013) |  | (1,223,014)
Unamortized discounts, net |  | (358,587) |  | (351,693) |  | - |  | (710,280)
Net Mortgage Loans |  | $ 54,403,846 |  | $ 85,296,730 |  | $ 105,251,376 |  | $ 244,951,952
December 31, 2020 |  |  |  |  |  |  |  |
30-59 Days Past Due |  | $ 233,200 |  | $ 5,866,505 |  | $ 127,191 |  | $ 6,226,896
60-89 Days Past Due |  | 812,780 |  | 2,048,148 |  | - |  | 2,860,928
Greater Than 90 Days (1) |  | 2,148,827 |  | 5,669,583 |  | - |  | 7,818,410
In Process of Foreclosure (1) |  | - |  | 2,263,097 |  | 200,963 |  | 2,464,060
Total Past Due |  | 3,194,807 |  | 15,847,333 |  | 328,154 |  | 19,370,294
Current |  | 43,642,059 |  | 79,975,115 |  | 110,783,623 |  | 234,400,797
Total Mortgage Loans |  | 46,836,866 |  | 95,822,448 |  | 111,111,777 |  | 253,771,091
Allowance for Loan Losses |  | (187,129) |  | (1,774,796) |  | (43,202) |  | (2,005,127)
Unamortized deferred loan fees, net |  | (32,557) |  | (909,864) |  | (218,711) |  | (1,161,132)
Unamortized discounts, net |  | (880,721) |  | (380,175) |  | - |  | (1,260,896)
Net Mortgage Loans |  | $ 45,736,459 |  | $ 92,757,613 |  | $ 110,849,864 |  | $ 249,343,936
(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
March 31, 2021 |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ 1,068,365 |  | $ 1,068,365 |  | $ - |  | $ 1,068,365 |  | $ -
Residential | 3,054,262 |  | 3,054,262 |  | - |  | 3,054,262 |  | -
Residential construction | 200,963 |  | 200,963 |  | - |  | 200,963 |  | -
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial | $ - |  | $ - |  | $ - |  | $ - |  | $ -
Residential | 1,381,820 |  | 1,381,820 |  | 207,578 |  | 1,381,820 |  | -
Residential construction | - |  | - |  | - |  | - |  | -
Total: |  |  |  |  |  |  |  |  |
Commercial | $ 1,068,365 |  | $ 1,068,365 |  | $ - |  | $ 1,068,365 |  | $ -
Residential | 4,436,082 |  | 4,436,082 |  | 207,578 |  | 4,436,082 |  | -
Residential construction | 200,963 |  | 200,963 |  | - |  | 200,963 |  | -
December 31, 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 |  | -
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
| March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020
Performing | $ 53,997,090 |  | $ 44,688,039 |  | $ 83,830,273 |  | $ 87,889,768 |  | $ 105,249,628 |  | $ 110,910,814 |  | $ 243,076,991 |  | $ 243,488,621
Non-performing | 1,068,365 |  | 2,148,827 |  | 4,436,082 |  | 7,932,680 |  | 200,963 |  | 200,963 |  | 5,705,410 |  | 10,282,470
Total | $ 55,065,455 |  | $ 46,836,866 |  | $ 88,266,355 |  | $ 95,822,448 |  | $ 105,450,591 |  | $ 111,111,777 |  | $ 248,782,401 |  | $ 253,771,091
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 March 31 2021 |  | As of December 31 2020
Commercial | $ 1,068,365 |  | $ 2,148,827
Residential | 4,436,082 |  | 7,932,680
Residential construction | 200,963 |  | 200,963
Total | $ 5,705,410 |  | $ 10,282,470

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