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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of fair value assets and liabilities measured on a recurring basis

Schedule of fair value assets and liabilities measured on a recurring basis
		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		$	260,957,676			$	—			$	258,776,848			$	2,180,828
Equity securities			10,322,456				10,322,456				—				—
Loans held for sale			296,728,086				—				—				296,728,086
Restricted assets (1)			1,448,292				—				1,448,292				—
Restricted assets (2)			2,914,880				2,914,880				—				—
Cemetery perpetual care trust investments (1)			710,533				—				710,533				—
Cemetery perpetual care trust investments (2)			2,367,059				2,367,059				—				—
Derivatives - loan commitments (3)			10,704,411				—				—				10,704,411
Total assets accounted for at fair value on a recurring basis		$	586,153,393			$	15,604,395			$	260,935,673			$	309,613,325
Liabilities accounted for at fair value on a    recurring basis
Derivatives - call options (4)		$	(12,795	)		$	(12,795	)		$	—			$	—
Derivatives - loan commitments (4)			(744,198	)			—				—				(744,198	)
Total liabilities accounted for at fair value    on a recurring basis		$	(756,993	)		$	(12,795	)		$	—			$	(744,198	)

(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

Assets and liabilities measured at fair value on a recurring basis
								Significant		Range of Inputs
		Fair Value at				Valuation		Unobservable		Minimum				Maximum				Weighted
		6/30/2021				Technique		Input(s)		Value				Value				Average
Loans held for sale		$	296,728,086			Market approach		Investor contract pricing as a percentage of unpaid principal balance			95.0	%			112.0	%			103.0	%
Derivatives - loan commitments (net)			9,960,213			Market approach		Pull-through rate			56.0	%			92.0	%			81.0	%
								Initial-Value			N/A				N/A				N/A
								Servicing			0 bps				124 bps				60 bps
Fixed maturity securities available for sale			2,180,828			Broker quotes		Pricing quotes		$	90.83			$	119.33			$	113.68

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

Schedule of Changes in the 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			—				2,810,230,507				—
Sales, maturities and paydowns			—				(3,025,027,077	)			(22,400	)
Transfer to mortgage loans held for investment			—				(201,951	)			—
Total gains (losses):
Included in earnings			(168,397	)(1)			88,954,189	(1)			1,801	(2)
Included in other comprehensive income			—				—				252
Balance - June 30, 2021		$	9,960,213			$	296,728,086			$	2,180,828

(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 for the periods presented:

		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			—				2,105,048,030				—
Sales, maturities and paydowns			—				(2,017,976,791	)			(1,020,800	)
Transfer to mortgage loans held for investment			—				(8,933,676	)			—
Total gains (losses):
Included in earnings			8,553,132	(1)			65,354,763	(1)			1,672	(2)
Included in other comprehensive income			—				—				24,138
Balance - June 30, 2020		$	11,044,365			$	356,949,958			$	2,221,392

(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 for the periods presented:

		Net Loan Commitments				Loans Held for Sale				Fixed Maturity Securities Available for Sale
Balance - March 31, 2021		$	10,443,076			$	304,030,372			$	2,191,093
Originations and purchases			—				1,360,389,498				—
Sales, maturities and paydowns			—				(1,410,147,019	)			(11,300	)
Transfer to mortgage loans held for investment			—				—				—
Total gains (losses):
Included in earnings			(482,863)	(1)		42,455,235	(1)			908
Included in other comprehensive income			—				—				127
Balance - June 30, 2021		$	9,960,213			$	296,728,086			$	2,180,828

(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 for the periods presented:

		Net Loan Commitments				Loans Held for Sale				Fixed Maturity Securities Available for Sale
Balance - March 31, 2020		$	5,766,265			$	281,052,576			$	3,275,326
Originations and purchases			—				1,312,854,438				—
Sales, maturities and paydowns			—				(1,278,846,335	)			(1,010,500	)
Transfer to mortgage loans held for investment			—				—				—
Total gains (losses):
Included in earnings			5,278,100	(1)			41,889,279	(1)			844	(2)
Included in other comprehensive income			—				—				(44,278	)
Balance - June 30, 2020		$	11,044,365			$	356,949,958			$	2,221,392

(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

Fair Value Assets Measured on a Nonrecurring Basis
		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			1,091,908				—				—				1,091,908
Impaired real estate held for sale			390,000				—				—				390,000
Total assets accounted for at fair value on a nonrecurring basis		$	1,481,908			$	—			$	—			$	1,481,908

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

Schedule of Financial Instruments Carried at Other Than Fair Value
		Carrying Value				Level 1				Level 2				Level 3				Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential		$	80,082,710			$	—			$	—			$	84,136,136			$	84,136,136
Residential construction			135,202,855				—				—				135,202,855				135,202,855
Commercial			46,874,442				—				—				47,494,309				47,494,309
Mortgage loans held for investment, net		$	262,160,007			$	—			$	—			$	266,833,300			$	266,833,300
Policy loans			13,734,049				—				—				13,734,049				13,734,049
Insurance assignments, net (1)			40,352,681				—				—				40,352,681				40,352,681
Restricted assets (2)			2,668,080				—				—				2,668,080				2,668,080
Cemetery perpetual care trust investments (2)			811,250				—				—				811,250				811,250
Mortgage servicing rights, net			46,724,546				—				—				58,838,077				58,838,077
Liabilities
Bank and other loans payable		$	(231,972,771	)		$	—			$	—			$	(231,972,771	)		$	(231,972,771	)
Policyholder account balances (3)			(43,288,791	)			—				—				(42,203,722	)			(42,203,722	)
Future policy benefits - annuities (3)			(108,765,849	)			—				—				(112,155,627	)			(112,155,627	)

(1) Included in other investments and policy loans

(2) Mortgage loans held for investment

(3) Included in future policy benefits and unpaid claims

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 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 

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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).

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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.

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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).

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