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Investments (Tables) | 6 Months Ended
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Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Available for sale |
Available for sale |  |  |  |  |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 22,260,808 |  |  | $ | 907,733 |  |  | $ | — |  |  | $ | 23,168,541 |
Obligations of states and political subdivisions |  |  | 5,158,473 |  |  |  | 242,668 |  |  |  | (4,769 | ) |  |  | 5,396,372 |
Corporate securities including public utilities |  |  | 177,621,795 |  |  |  | 25,368,792 |  |  |  | (243,492 | ) |  |  | 202,747,095 |
Mortgage-backed securities |  |  | 28,259,360 |  |  |  | 1,239,004 |  |  |  | (135,522 | ) |  |  | 29,362,842 |
Redeemable preferred stock |  |  | 269,214 |  |  |  | 13,612 |  |  |  | — |  |  |  | 282,826 |
Total fixed maturity securities available for sale |  | $ | 233,569,650 |  |  | $ | 27,771,809 |  |  | $ | (383,783 | ) |  | $ | 260,957,676 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 7,810,399 |  |  | $ | 2,797,881 |  |  | $ | (285,824 | ) |  | $ | 10,322,456 |
Total equity securities at estimated fair value |  | $ | 7,810,399 |  |  | $ | 2,797,881 |  |  | $ | (285,824 | ) |  | $ | 10,322,456 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 83,195,347 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 135,728,280 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 47,440,235 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (1,725,718 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for loan losses |  |  | (1,900,935 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (577,202 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 262,160,007 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 50,268,513 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 128,169,133 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 178,437,646 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 1,330,611 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 4,890,553 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 6,221,164 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 13,734,049 |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 42,029,299 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  |  | 2,545,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 5,256,014 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for doubtful accounts |  |  | (1,676,618 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total policy loans and other investments |  | $ | 61,887,744 |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 5,484,182 |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 785,470,875 |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |
Schedule of Unrealized Loss on Investments |  |  |  |  |  |  |  |  |  |  |  |
|  | Unrealized Losses for Less than Twelve Months |  | Fair Value |  | Unrealized Losses for More than Twelve Months |  | Fair Value |  | Total Unrealized Loss |  | Fair Value
At June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of States and Political Subdivisions |  | $ | 4,769 |  |  | $ | 757,348 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,769 |  |  | $ | 757,348 |
Corporate Securities |  |  | 28,595 |  |  |  | 4,269,265 |  |  |  | 214,897 |  |  |  | 4,618,270 |  |  |  | 243,492 |  |  |  | 8,887,535 |
Mortgage and other asset-backed securities |  |  | 25,176 |  |  |  | 1,952,135 |  |  |  | 110,346 |  |  |  | 1,836,960 |  |  |  | 135,522 |  |  |  | 3,789,095 |
Total unrealized losses |  | $ | 58,540 |  |  | $ | 6,978,748 |  |  | $ | 325,243 |  |  | $ | 6,455,230 |  |  | $ | 383,783 |  |  | $ | 13,433,978 |
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 |
Schedule of earnings on fixed maturity securities |  |  |  |
|  | 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 June 30 |  |  | 370,975 |  |  |  | — |
Investments Classified by Contractual Maturity Date |
Investments Classified by Contractual Maturity Date |  |  |  |
|  | Amortized Cost |  | Estimated Fair Value
Due in 1 year |  | $ | 470,918 |  |  | $ | 479,754 |
Due in 2-5 years |  |  | 65,576,854 |  |  |  | 69,598,648 |
Due in 5-10 years |  |  | 71,005,630 |  |  |  | 79,264,125 |
Due in more than 10 years |  |  | 67,987,674 |  |  |  | 81,969,481 |
Mortgage-backed securities |  |  | 28,259,360 |  |  |  | 29,362,842 |
Redeemable preferred stock |  |  | 269,214 |  |  |  | 282,826 |
Total |  | $ | 233,569,650 |  |  | $ | 260,957,676 |
Gain (Loss) on Investments |
Gain (Loss) on Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 188,266 |  |  | $ | 55,138 |  |  | $ | 273,659 |  |  | $ | 150,959 |
Gross realized losses |  |  | (2,119 | ) |  |  | (12,089 | ) |  |  | (14,886 | ) |  |  | (12,089 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on securities sold |  |  | 146,011 |  |  |  | (50,029 | ) |  |  | 252,580 |  |  |  | (107,471 | )
Unrealized gains and (losses) on securities held at the end of the period |  |  | 490,394 |  |  |  | 1,738,059 |  |  |  | 1,442,424 |  |  |  | (1,023,797 | )
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | 737,443 |  |  |  | 48,736 |  |  |  | 1,846,801 |  |  |  | 505,764 |
Gross realized losses |  |  | (82,791 | ) |  |  | 458,464 |  |  |  | (363,261 | ) |  |  | (487,334 | )
Total |  | $ | 1,477,204 |  |  | $ | 2,238,279 |  |  | $ | 3,437,317 |  |  | $ | (973,968 | )
Schedule of Major categories of net investment income |
Schedule of Major categories of net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Proceeds from sales |  | $ | 1,163,366 |  |  | $ | 2,107,581 |  |  | $ | 1,982,931 |  |  | $ | 2,753,331 |
Gross realized gains |  |  | 149,338 |  |  |  | 53,928 |  |  |  | 209,132 |  |  |  | 133,339 |
Gross realized losses |  |  | — |  |  |  | 137 |  |  |  | — |  |  |  | 137 |
Major categories of net investment income are as follows:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Fixed maturity securities |  | $ | 2,698,011 |  |  | $ | 3,143,072 |  |  | $ | 5,522,122 |  |  | $ | 6,067,786 |
Equity securities |  |  | 106,041 |  |  |  | 111,122 |  |  |  | 234,270 |  |  |  | 203,164 |
Mortgage loans held for investment |  |  | 6,902,466 |  |  |  | 5,582,152 |  |  |  | 12,986,883 |  |  |  | 11,236,042 |
Real estate |  |  | 3,002,650 |  |  |  | 2,787,881 |  |  |  | 6,045,479 |  |  |  | 5,941,267 |
Policy loans |  |  | 232,135 |  |  |  | 257,527 |  |  |  | 464,488 |  |  |  | 491,492 |
Insurance assignments |  |  | 4,171,318 |  |  |  | 4,383,398 |  |  |  | 9,517,047 |  |  |  | 8,682,602 |
Other investments |  |  | 39,299 |  |  |  | 398 |  |  |  | 53,006 |  |  |  | 25,421 |
Cash and cash equivalents |  |  | 34,030 |  |  |  | 22,385 |  |  |  | 73,624 |  |  |  | 320,390 |
Gross investment income |  |  | 17,185,950 |  |  |  | 16,287,935 |  |  |  | 34,896,919 |  |  |  | 32,968,164 |
Investment expenses |  |  | (3,008,632 | ) |  |  | (3,325,190 | ) |  |  | (6,425,714 | ) |  |  | (6,604,920 | )
Net investment income |  | $ | 14,177,318 |  |  | $ | 12,962,745 |  |  | $ | 28,471,205 |  |  | $ | 26,363,244 |
Commercial Real Estate Investment |
Commercial Real Estate Investment |  |  |  |  |  |  |  |
|  | Net Ending Balance |  | Total Square Footage
|  | June 30 2021 |  | December 31 2020 |  | June 30 2021 |  | December 31 2020
Utah (1) |  | $ | 122,439,551 |  |  | $ | 100,927,528 |  |  |  | 379,066 |  |  |  | 379,066 |
Louisiana |  |  | 2,449,494 |  |  |  | 2,998,684 |  |  |  | 31,778 |  |  |  | 84,841 |
Mississippi |  |  | 2,890,943 |  |  |  | 2,914,498 |  |  |  | 21,521 |  |  |  | 21,521 |
California |  |  | 389,145 |  |  |  | — |  |  |  | 2,872 |  |  |  | — |
|  | $ | 128,169,133 |  |  | $ | 106,840,710 |  |  |  | 435,237 |  |  |  | 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
|  | June 30 2021 |  | December 31 2020 |  | June 30 2021 |  | December 31 2020
Kansas |  |  | 4,000,000 |  |  |  | 4,000,000 |  |  |  | 222,679 |  |  |  | 222,679 |
Louisiana |  |  | 490,000 |  |  |  | — |  |  |  | 53,063 |  |  |  | — |
Texas (1) |  |  | 249,000 |  |  |  | 249,000 |  |  |  | — |  |  |  | — |
Mississippi |  |  | 151,553 |  |  |  | 151,553 |  |  |  | — |  |  |  | 12,300 |
|  | $ | 4,890,553 |  |  | $ | 4,400,553 |  |  |  | 275,742 |  |  |  | 234,979 |
Residential Real Estate Investment |
Residential Real Estate Investment |  |  |  |  |  |  |  |
|  | Net Ending Balance
|  | June 30 2021 |  | December 31 2020
Utah (1) |  |  | 49,982,332 |  |  | $ | 24,557,562 |
Washington (2) |  |  | 286,181 |  |  |  | 286,181 |
|  | $ | 50,268,513 |  |  | $ | 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:
|  | June 30 2021 |  | December 31 2020
Lots available for sale |  |  | 91 |  |  |  | 36 |
Lots to be developed |  |  | 469 |  |  |  | 350 |
Ending Balance (1) |  | $ | 49,770,193 |  |  | $ | 23,777,478 |
(1) | The estimated remaining cost to complete the undeveloped lots is $42,965,000 and $17,354,000 as of June 30, 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
|  | June 30 2021 |  | December 31 2020
| Nevada |  |  | $ | 979,640 |  |  | $ | 979,640 |
| Florida |  |  |  | 340,971 |  |  |  | 744,322 |
| Ohio |  |  |  | 10,000 |  |  |  | 10,000 |
| Utah |  |  |  | — |  |  |  | 1,744,292 |
|  |  |  | $ | 1,330,611 |  |  | $ | 3,478,254 |
Real Estate Owned and Occupied by the Company |
Real Estate Owned and Occupied by the Company |  |  |  |  |  |
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 |
Schedule of Allowance for loan losses as a contra-asset account |  |  |  |  |  |  |  |
|  | Commercial |  | Residential |  | Residential Construction |  | Total
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2021 |  | $ | 187,129 |  |  | $ | 1,774,796 |  |  | $ | 43,202 |  |  | $ | 2,005,127 |
Charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Provision |  |  | — |  |  |  | (104,192 | ) |  |  | — |  |  |  | (104,192 | )
Ending balance - June 30, 2021 |  | $ | 187,129 |  |  | $ | 1,670,604 |  |  | $ | 43,202 |  |  | $ | 1,900,935 |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 192,266 |  |  | $ | — |  |  | $ | 192,266 |
Ending balance: collectively evaluated for impairment |  | $ | 187,129 |  |  | $ | 1,478,338 |  |  | $ | 43,202 |  |  | $ | 1,708,669 |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 47,440,235 |  |  | $ | 83,195,347 |  |  | $ | 135,728,280 |  |  | $ | 266,363,862 |
Ending balance: individually evaluated for impairment |  | $ | 848,464 |  |  | $ | 3,676,282 |  |  | $ | 200,963 |  |  | $ | 4,725,709 |
Ending balance: collectively evaluated for impairment |  | $ | 46,591,771 |  |  | $ | 79,519,065 |  |  | $ | 135,527,317 |  |  | $ | 261,638,153 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2020 |  | $ | 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 - December 31, 2020 |  | $ | 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 |
Schedule of aging of mortgage loans |  |  |  |  |  |  |  |
|  | Commercial |  | Residential |  | Residential Construction |  | Total
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 Days Past Due |  | $ | 6,000,000 |  |  | $ | 4,328,577 |  |  | $ | 494,665 |  |  | $ | 10,823,242 |
60-89 Days Past Due |  |  | 554,638 |  |  |  | 3,338,670 |  |  |  | 965,186 |  |  |  | 4,858,494 |
Greater Than 90 Days (1) |  |  | 599,291 |  |  |  | 2,433,426 |  |  |  | — |  |  |  | 3,032,717 |
In Process of Foreclosure (1) |  |  | 249,173 |  |  |  | 1,242,856 |  |  |  | 200,963 |  |  |  | 1,692,992 |
Total Past Due |  |  | 7,403,102 |  |  |  | 11,343,529 |  |  |  | 1,660,814 |  |  |  | 20,407,445 |
Current |  |  | 40,037,133 |  |  |  | 71,851,818 |  |  |  | 134,067,466 |  |  |  | 245,956,417 |
Total Mortgage Loans |  |  | 47,440,235 |  |  |  | 83,195,347 |  |  |  | 135,728,280 |  |  |  | 266,363,862 |
Allowance for Loan Losses |  |  | (187,129 | ) |  |  | (1,670,604 | ) |  |  | (43,202 | ) |  |  | (1,900,935 | )
Unamortized deferred loan fees, net |  |  | (83,409 | ) |  |  | (1,160,086 | ) |  |  | (482,223 | ) |  |  | (1,725,718 | )
Unamortized discounts, net |  |  | (295,255 | ) |  |  | (281,947 | ) |  |  | — |  |  |  | (577,202 | )
Net Mortgage Loans |  | $ | 46,874,442 |  |  | $ | 80,082,710 |  |  | $ | 135,202,855 |  |  | $ | 262,160,007 |
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 |
Schedule of Impaired Mortgage Loans |  |  |  |  |  |  |  |  |  |
|  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 848,464 |  |  | $ | 848,464 |  |  | $ | — |  |  | $ | 958,414 |  |  | $ | — |
Residential |  |  | 2,392,109 |  |  |  | 2,392,109 |  |  |  | — |  |  |  | 3,118,925 |  |  |  | — |
Residential construction |  |  | 200,963 |  |  |  | 200,963 |  |  |  | — |  |  |  | 200,963 |  |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Residential |  |  | 1,284,173 |  |  |  | 1,284,173 |  |  |  | 192,266 |  |  |  | 937,257 |  |  |  | — |
Residential construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 848,464 |  |  | $ | 848,464 |  |  | $ | — |  |  | $ | 958,414 |  |  | $ | — |
Residential |  |  | 3,676,282 |  |  |  | 3,676,282 |  |  |  | 192,266 |  |  |  | 4,056,182 |  |  |  | — |
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: |
Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Commercial |  | Residential |  | Residential Construction |  | Total
|  | June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020
| Performing |  |  | $ | 46,591,771 |  |  | $ | 44,688,039 |  |  | $ | 79,519,065 |  |  | $ | 87,889,768 |  |  | $ | 135,527,317 |  |  | $ | 110,910,814 |  |  | $ | 261,638,153 |  |  | $ | 243,488,621 |
| Non-performing |  |  |  | 848,464 |  |  |  | 2,148,827 |  |  |  | 3,676,282 |  |  |  | 7,932,680 |  |  |  | 200,963 |  |  |  | 200,963 |  |  |  | 4,725,709 |  |  |  | 10,282,470 |
| Total |  |  | $ | 47,440,235 |  |  | $ | 46,836,866 |  |  | $ | 83,195,347 |  |  | $ | 95,822,448 |  |  | $ | 135,728,280 |  |  | $ | 111,111,777 |  |  | $ | 266,363,862 |  |  | $ | 253,771,091 |
Schedule of Mortgage loans on a nonaccrual status |
Schedule of Mortgage loans on a nonaccrual status |  |  |  |
|  | As of June 30 2021 |  | As of December 31 2020
Commercial |  | $ | 848,464 |  |  | $ | 2,148,827 |
Residential |  |  | 3,676,282 |  |  |  | 7,932,680 |
Residential construction |  |  | 200,963 |  |  |  | 200,963 |
Total |  | $ | 4,725,709 |  |  | $ | 10,282,470 |

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