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Investments (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The Company’s investments as of September 30, 2021 are summarized as follows: Schedule of Investments
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
September 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 22,284,283 |  |  | $ | 794,130 |  |  | $ | — |  |  | $ | 23,078,413 |
Obligations of states and political subdivisions |  |  | 5,077,822 |  |  |  | 229,814 |  |  |  | (5,226 | ) |  |  | 5,302,410 |
Corporate securities including public utilities |  |  | 174,862,169 |  |  |  | 24,331,635 |  |  |  | (291,388 | ) |  |  | 198,902,416 |
Mortgage-backed securities |  |  | 36,316,313 |  |  |  | 1,148,676 |  |  |  | (185,752 | ) |  |  | 37,279,237 |
Redeemable preferred stock |  |  | 268,941 |  |  |  | 13,525 |  |  |  | — |  |  |  | 282,466 |
Total fixed maturity securities available for sale |  | $ | 238,809,528 |  |  | $ | 26,517,780 |  |  | $ | (482,366 | ) |  | $ | 264,844,942 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 8,198,282 |  |  | $ | 2,885,061 |  |  | $ | (353,599 | ) |  | $ | 10,729,744 |
Total equity securities at estimated fair value |  | $ | 8,198,282 |  |  | $ | 2,885,061 |  |  | $ | (353,599 | ) |  | $ | 10,729,744 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 89,544,581 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 169,030,287 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 52,087,010 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (1,013,925 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for loan losses |  |  | (1,753,853 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (503,619 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 307,390,481 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 46,606,702 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 143,003,658 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 189,610,360 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 1,190,602 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 4,890,553 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 6,081,155 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 13,699,414 |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 53,417,350 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  |  | 3,105,100 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 5,188,801 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for doubtful accounts |  |  | (1,795,037 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total policy loans and other investments |  | $ | 73,615,628 |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 5,386,756 |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 857,659,066 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Includes $905,700 of Membership stock and $2,199,440 of Activity stock due to short-term borrowings.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2021 (Unaudited) 3) Investments (Continued) 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 September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of States and Political Subdivisions |  | $ | 5,226 |  |  | $ | 756,793 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,226 |  |  | $ | 756,793 |
Corporate Securities |  |  | 62,966 |  |  |  | 3,633,271 |  |  |  | 228,422 |  |  |  | 4,226,222 |  |  |  | 291,388 |  |  |  | 7,859,493 |
Mortgage and other asset-backed securities |  |  | 67,554 |  |  |  | 7,858,646 |  |  |  | 118,198 |  |  |  | 1,759,305 |  |  |  | 185,752 |  |  |  | 9,617,951 |
Total unrealized losses |  | $ | 135,746 |  |  | $ | 12,248,710 |  |  | $ | 346,620 |  |  | $ | 5,985,527 |  |  | $ | 482,366 |  |  | $ | 18,234,237 |
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 nine months ended September 30: 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 September 30 |  | $ | 370,975 |  |  | $ | — |
Schedule of Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities available for sale at September 30, 2021, by contractual maturity, are shown below. 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. Schedule of Investments Classified by Contractual Maturity Date
|  | Amortized Cost |  |  | Estimated Fair Value |
Due in 1 year |  | $ | 469,744 |  |  | $ | 474,140 |
Due in 2-5 years |  |  | 62,693,405 |  |  |  | 66,205,403 |
Due in 5-10 years |  |  | 71,364,711 |  |  |  | 79,246,211 |
Due in more than 10 years |  |  | 67,696,414 |  |  |  | 81,357,485 |
Mortgage-backed securities |  |  | 36,316,313 |  |  |  | 37,279,237 |
Redeemable preferred stock |  |  | 268,941 |  |  |  | 282,466 |
Total |  | $ | 238,809,528 |  |  | $ | 264,844,942 |
Schedule of 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: Schedule of Gain (Loss) on Investments
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 244,275 |  |  | $ | 50,171 |  |  | $ | 517,934 |  |  | $ | 201,130 |
Gross realized losses |  |  | (16,812 | ) |  |  | (39,130 | ) |  |  | (31,698 | ) |  |  | (51,219 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on securities sold |  |  | 119,614 |  |  |  | 95,331 |  |  |  | 372,194 |  |  |  | (12,141 | )
Unrealized gains and (losses) on securities held at the end of the period |  |  | (122,505 | ) |  |  | 511,168 |  |  |  | 1,319,919 |  |  |  | (512,629 | )
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | 855,282 |  |  |  | 1,480,053 |  |  |  | 2,702,084 |  |  |  | 1,985,817 |
Gross realized losses |  |  | (102,954 | ) |  |  | (1,297,086 | ) |  |  | (466,216 | ) |  |  | (1,784,419 | )
Total |  | $ | 976,900 |  |  | $ | 800,507 |  |  | $ | 4,414,217 |  |  | $ | (173,461 | )
Schedule of Major Categories of Net Investment Income | Information regarding sales of fixed maturity securities available for sale is summarized as follows: Schedule of Major Categories of Net Investment Income
|  | Three Months Ended September 30 |  |  | Nine Months Ended Nine 30 |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Proceeds from sales |  | $ | 843,151 |  |  | $ | 214,200 |  |  | $ | 2,826,082 |  |  | $ | 2,967,531 |
Gross realized gains |  |  | 13,878 |  |  |  | 16,302 |  |  |  | 223,010 |  |  |  | 149,641 |
Gross realized losses |  |  | (3,249 | ) |  |  | (906 | ) |  |  | (3,249 | ) |  |  | (1,043 | )
Major categories of net investment income are as follows:
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Fixed maturity securities |  | $ | 2,667,848 |  |  | $ | 3,191,064 |  |  | $ | 8,189,971 |  |  | $ | 9,258,850 |
Equity securities |  |  | 111,213 |  |  |  | 126,369 |  |  |  | 345,482 |  |  |  | 329,534 |
Mortgage loans held for investment |  |  | 7,040,773 |  |  |  | 6,918,081 |  |  |  | 20,027,656 |  |  |  | 18,154,123 |
Real estate |  |  | 3,307,980 |  |  |  | 2,998,806 |  |  |  | 9,353,459 |  |  |  | 8,940,072 |
Policy loans |  |  | 229,857 |  |  |  | 264,422 |  |  |  | 694,345 |  |  |  | 755,914 |
Insurance assignments |  |  | 4,781,079 |  |  |  | 4,561,574 |  |  |  | 14,298,126 |  |  |  | 13,244,176 |
Other investments |  |  | 35,118 |  |  |  | — |  |  |  | 88,124 |  |  |  | 25,421 |
Cash and cash equivalents |  |  | 81,186 |  |  |  | 65,460 |  |  |  | 154,810 |  |  |  | 385,848 |
Gross investment income |  |  | 18,255,054 |  |  |  | 18,125,776 |  |  |  | 53,151,973 |  |  |  | 51,093,938 |
Investment expenses |  |  | (3,162,092 | ) |  |  | (3,416,634 | ) |  |  | (9,587,806 | ) |  |  | (10,021,552 | )
Net investment income |  | $ | 15,092,962 |  |  | $ | 14,709,142 |  |  | $ | 43,564,167 |  |  | $ | 41,072,386 |
Schedule of Commercial Real Estate Investment | The following is a summary of the Company’s commercial real estate held for investment for the periods presented: Schedule of Commercial Real Estate Investment
|  | Net Ending Balance |  |  | Total Square Footage |
|  | September 30 2021 |  |  | December 31 2020 |  |  | September 30 2021 |  |  | December 31 2020 |
Utah (1) |  | $ | 137,296,733 |  |  | $ | 100,927,528 |  |  |  | 369,899 |  |  |  | 379,066 |
Louisiana |  |  | 2,438,053 |  |  |  | 2,998,684 |  |  |  | 31,778 |  |  |  | 84,841 |
Mississippi |  |  | 2,879,727 |  |  |  | 2,914,498 |  |  |  | 19,694 |  |  |  | 21,521 |
California |  |  | 389,145 |  |  |  | — |  |  |  | 2,872 |  |  |  | — |
|  | $ | 143,003,658 |  |  | $ | 106,840,710 |  |  |  | 424,243 |  |  |  | 485,428 |
(1) | Includes Center53 phase 1 completed and phase 2, which is currently 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 |
|  | September 30 2021 |  |  | December 31 2020 |  |  | September 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 |
(1) | Improved commercial pad
Schedule of Residential Real Estate Investment | The following is a summary of the Company’s residential real estate held for investment for the periods presented: Schedule of Residential Real Estate Investment
|  | Net Ending Balance |
|  | September 30 2021 |  |  | December 31 2020 |
Utah (1) |  | $ | 46,520,521 |  |  | $ | 24,557,562 |
Washington (2) |  |  | 286,181 |  |  |  | 286,181 |
|  | $ | 46,606,702 |  |  | $ | 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:
|  | September 30 2021 |  |  | December 31 2020 |
Lots available for sale |  |  | 106 |  |  |  | 36 |
Lots to be developed |  |  | 1,254 |  |  |  | 350 |
Ending Balance |  | $ | 46,111,025 |  |  | $ | 23,777,478 |
The following is a summary of the Company’s residential real estate held for sale for the periods presented:
|  | Net Ending Balance |
|  | September 30 2021 |  |  | December 31 2020 |
Nevada |  | $ | 979,640 |  |  | $ | 979,640 |
Florida |  |  | — |  |  |  | 744,322 |
Texas |  |  | 200,962 |  |  |  | — |
Ohio |  |  | 10,000 |  |  |  | 10,000 |
Utah |  |  | — |  |  |  | 1,744,292 |
|  | $ | 1,190,602 |  |  | $ | 3,478,254 |
Schedule of Real Estate Owned and Occupied by the Company | The primary business units of the Company occupy a portion of the real estate owned by the Company. As of September 30, 2021, real estate owned and occupied by the Company is summarized as follows: Schedule of 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 Contra-Asset Account | The Company establishes a valuation allowance for credit losses in its mortgage loans held for investment portfolio. The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented: Schedule of Allowance for Loan Losses as Contra-Asset Account
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2021 |  | $ | 187,129 |  |  | $ | 1,774,796 |  |  | $ | 43,202 |  |  | $ | 2,005,127 |
Charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Provision |  |  | — |  |  |  | (251,274 | ) |  |  | — |  |  |  | (251,273 | )
Ending balance - September 30, 2021 |  | $ | 187,129 |  |  | $ | 1,523,522 |  |  | $ | 43,202 |  |  | $ | 1,753,853 |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 131,576 |  |  | $ | — |  |  | $ | 131,576 |
Ending balance: collectively evaluated for impairment |  | $ | 187,129 |  |  | $ | 1,391,946 |  |  | $ | 43,202 |  |  | $ | 1,622,277 |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance – September 30, 2021 |  | $ | 52,087,010 |  |  | $ | 89,544,581 |  |  | $ | 169,030,287 |  |  | $ | 310,661,878 |
Ending balance: individually evaluated for impairment |  | $ | 575,260 |  |  | $ | 3,170,462 |  |  | $ | — |  |  | $ | 3,745,722 |
Ending balance: collectively evaluated for impairment |  | $ | 51,511,750 |  |  | $ | 86,374,119 |  |  | $ | 169,030,287 |  |  | $ | 306,916,156 |
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 – December 31, 2020 |  | $ | 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 | The following is a summary of the aging of mortgage loans held for investment for the periods presented: Schedule of Aging of Mortgage Loans
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 Days Past Due |  | $ | 5,920,000 |  |  | $ | 2,675,378 |  |  | $ | — |  |  | $ | 8,595,378 |
60-89 Days Past Due |  |  | 451,337 |  |  |  | 861,848 |  |  |  | 1,799,000 |  |  |  | 3,112,185 |
Greater Than 90 Days (1) |  |  | 473,372 |  |  |  | 2,021,311 |  |  |  | — |  |  |  | 2,494,683 |
In Process of Foreclosure (1) |  |  | 101,888 |  |  |  | 1,149,151 |  |  |  | — |  |  |  | 1,251,039 |
Total Past Due |  |  | 6,946,597 |  |  |  | 6,707,686 |  |  |  | 1,799,000 |  |  |  | 15,453,285 |
Current |  |  | 45,140,413 |  |  |  | 82,836,895 |  |  |  | 167,231,287 |  |  |  | 295,208,595 |
Total Mortgage Loans |  |  | 52,087,010 |  |  |  | 89,544,581 |  |  |  | 169,030,287 |  |  |  | 310,661,878 |
Allowance for Loan Losses |  |  | (187,129 | ) |  |  | (1,523,522 | ) |  |  | (43,202 | ) |  |  | (1,753,853 | )
Unamortized deferred loan fees, net |  |  | (27,735 | ) |  |  | (695,987 | ) |  |  | (290,203 | ) |  |  | (1,013,925 | )
Unamortized discounts, net |  |  | (269,363 | ) |  |  | (234,256 | ) |  |  | — |  |  |  | (503,619 | )
Net Mortgage Loans |  | $ | 51,602,783 |  |  | $ | 87,090,816 |  |  | $ | 168,696,882 |  |  | $ | 307,390,481 |
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 |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 575,260 |  |  | $ | 575,260 |  |  | $ | — |  |  | $ | 830,696 |  |  | $ | — |
Residential |  |  | 2,268,746 |  |  |  | 2,268,746 |  |  |  | — |  |  |  | 2,868,607 |  |  |  | — |
Residential construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 133,975 |  |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Residential |  |  | 901,716 |  |  |  | 901,716 |  |  |  | 131,576 |  |  |  | 892,335 |  |  |  | — |
Residential construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 575,260 |  |  | $ | 575,260 |  |  | $ | — |  |  | $ | 830,696 |  |  | $ | — |
Residential |  |  | 3,170,462 |  |  |  | 3,170,462 |  |  |  | 131,576 |  |  |  | 3,760,942 |  |  |  | — |
Residential construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 133,975 |  |  |  | — |
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: Schedule Of Credit Risk Of Mortgage Loans Based on Performance Status
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
|  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2021 |  |  | December 31, 2020 |
Performing |  | $ | 51,511,750 |  |  | $ | 44,688,039 |  |  | $ | 86,374,119 |  |  | $ | 87,889,768 |  |  | $ | 169,030,287 |  |  | $ | 110,910,814 |  |  | $ | 306,916,156 |  |  | $ | 243,488,621 |
Non-performing |  |  | 575,260 |  |  |  | 2,148,827 |  |  |  | 3,170,462 |  |  |  | 7,932,680 |  |  |  | — |  |  |  | 200,963 |  |  |  | 3,745,722 |  |  |  | 10,282,470 |
Total |  | $ | 52,087,011 |  |  | $ | 46,836,866 |  |  | $ | 89,544,581 |  |  | $ | 95,822,448 |  |  | $ | 169,030,287 |  |  | $ | 111,111,777 |  |  | $ | 310,661,878 |  |  | $ | 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. Schedule of Mortgage loans on a Nonaccrual Status
|  | As of September 30 2021 |  |  | As of December 31 2020 |
Commercial |  | $ | 575,260 |  |  | $ | 2,148,827 |
Residential |  |  | 3,170,462 |  |  |  | 7,932,680 |
Residential construction |  |  | — |  |  |  | 200,963 |
Total |  | $ | 3,745,222 |  |  | $ | 10,282,470 |

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