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Investments (Tables)

6 Months Ended

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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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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No definition available.

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- Definition

Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.

+ References

No definition available.

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The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 45
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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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