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v3.22.2.2

Investments (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The Company’s investments as of September 30, 2022 are summarized as follows: Schedule of Investments
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 92,703,449 |  |  | $ | 40,553 |  |  | $ | (2,712,674 | ) |  | $ | 90,031,328 |
Obligations of states and political subdivisions |  |  | 6,967,633 |  |  |  | 68,118 |  |  |  | (357,711 | ) |  |  | 6,678,040 |
Corporate securities including public utilities |  |  | 207,475,636 |  |  |  | 1,360,888 |  |  |  | (14,314,429 | ) |  |  | 194,522,095 |
Mortgage-backed securities |  |  | 32,865,784 |  |  |  | 170,765 |  |  |  | (3,721,627 | ) |  |  | 29,314,922 |
Redeemable preferred stock |  |  | 250,000 |  |  |  | 10,000 |  |  |  | - |  |  |  | 260,000 |
Total fixed maturity securities available for sale |  | $ | 340,262,502 |  |  | $ | 1,650,324 |  |  | $ | (21,106,441 | ) |  | $ | 320,806,385 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 9,792,380 |  |  | $ | 1,871,973 |  |  | $ | (1,293,321 | ) |  | $ | 10,371,032 |
Total equity securities at estimated fair value |  | $ | 9,792,380 |  |  | $ | 1,871,973 |  |  | $ | (1,293,321 | ) |  | $ | 10,371,032 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 89,281,273 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 201,685,076 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 33,350,108 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (1,730,306 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for loan losses |  |  | (1,675,015 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (347,536 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 320,563,600 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 38,506,725 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 157,570,812 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 196,077,537 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 151,553 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 151,553 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 13,066,150 |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 42,614,272 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  |  | 2,588,400 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 9,081,500 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for doubtful accounts |  |  | (1,736,761 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total policy loans and other investments |  | $ | 65,613,561 |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 10,844,025 |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 924,427,693 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) |  | Includes $933,300 of Membership stock and $1,655,100 of Activity stock due to short-term borrowings and letters of credit.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) The Company’s investments as of December 31, 2021 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 22,307,736 |  |  | $ | 578,567 |  |  | $ | - |  |  | $ | 22,886,303 |
Obligations of states and political subdivisions |  |  | 4,649,917 |  |  |  | 212,803 |  |  |  | (1,989 | ) |  |  | 4,860,731 |
Corporate securities including public utilities |  |  | 174,711,061 |  |  |  | 21,791,370 |  |  |  | (353,668 | ) |  |  | 196,148,763 |
Mortgage-backed securities |  |  | 34,365,382 |  |  |  | 905,159 |  |  |  | (161,332 | ) |  |  | 35,109,209 |
Redeemable preferred stock |  |  | 269,214 |  |  |  | 13,383 |  |  |  | - |  |  |  | 282,597 |
Total fixed maturity securities available for sale |  | $ | 236,303,310 |  |  | $ | 23,501,282 |  |  | $ | (516,989 | ) |  | $ | 259,287,603 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 8,275,772 |  |  | $ | 3,626,444 |  |  | $ | (305,802 | ) |  | $ | 11,596,414 |
Total equity securities at estimated fair value |  | $ | 8,275,772 |  |  | $ | 3,626,444 |  |  | $ | (305,802 | ) |  | $ | 11,596,414 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 53,533,712 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 175,117,783 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 51,683,022 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (918,586 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for loan losses |  |  | (1,699,902 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (409,983 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 277,306,046 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 41,972,462 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 155,393,335 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 197,365,797 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 1,190,602 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,540,698 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 3,731,300 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 13,478,214 |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 48,632,808 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  |  | 2,547,100 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 4,983,251 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for doubtful accounts |  |  | (1,686,218 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total policy loans and other investments |  | $ | 67,955,155 |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 6,313,012 |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 823,555,327 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Includes $905,700 of Membership stock and $1,641,400 of Activity stock due to short-term advances and letters of credit.
Schedule of Fair Value of Fixed Maturity Securities | The following table summarizes unrealized losses on fixed maturity securities available for sale that were carried at estimated fair value at September 30, 2022 and at December 31, 2021. The unrealized losses were primarily related to interest rate fluctuations and uncertainties relating to COVID-19. The table below sets forth unrealized losses by duration with the fair value of the related fixed maturity securities: Schedule of Fair Value of Fixed Maturity Securities
|  | Unrealized Losses for Less than Twelve Months |  |  | Fair Value |  |  | Unrealized Losses for More than Twelve Months |  |  | Fair Value |  |  | Combined Unrealized Loss |  |  | Combined Fair Value |
At September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities And Obligations of U.S. Government Agencies |  | $ | 2,712,674 |  |  | $ | 88,813,356 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,712,674 |  |  | $ | 88,813,356 |
Obligations of States and Political Subdivisions |  |  | 278,757 |  |  |  | 4,671,643 |  |  |  | 78,954 |  |  |  | 430,230 |  |  |  | 357,711 |  |  |  | 5,101,873 |
Corporate Securities |  |  | 13,675,310 |  |  |  | 159,071,249 |  |  |  | 639,119 |  |  |  | 3,930,859 |  |  |  | 14,314,429 |  |  |  | 163,002,108 |
Mortgage and other asset-backed securities |  |  | 2,715,858 |  |  |  | 20,511,908 |  |  |  | 1,005,769 |  |  |  | 7,330,869 |  |  |  | 3,721,627 |  |  |  | 27,842,777 |
Totals |  | $ | 19,382,599 |  |  | $ | 273,068,156 |  |  | $ | 1,723,842 |  |  | $ | 11,691,958 |  |  | $ | 21,106,441 |  |  | $ | 284,760,114 |
At December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of States and Political Subdivisions |  | $ | 1,989 |  |  | $ | 548,715 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,989 |  |  | $ | 548,715 |
Corporate Securities |  |  | 73,507 |  |  |  | 4,638,750 |  |  |  | 280,161 |  |  |  | 3,771,813 |  |  |  | 353,668 |  |  |  | 8,410,563 |
Mortgage and other asset-backed securities |  |  | 72,952 |  |  |  | 7,934,760 |  |  |  | 88,380 |  |  |  | 1,582,804 |  |  |  | 161,332 |  |  |  | 9,517,564 |
Totals |  | $ | 148,448 |  |  | $ | 13,122,225 |  |  | $ | 368,541 |  |  | $ | 5,354,617 |  |  | $ | 516,989 |  |  | $ | 18,476,842 |
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. Schedule of Earnings on Fixed Maturity Securities
|  | 2022 |  |  | 2021 |
Balance of credit-related OTTI at January 1 |  | $ | 264,977 |  |  | $ | 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) |  |  | (39,502 | ) |  |  | - |
Securities due to an increase in expected cash flows |  |  | - |  |  |  | - |
Balance of credit-related OTTI at September 30 |  | $ | 225,475 |  |  | $ | 370,975 |
Schedule of Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and estimated fair value of fixed maturity securities available for sale at September 30, 2022, by contractual maturity. 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 |  | $ | 11,546,042 |  |  | $ | 11,537,459 |
Due in 2-5 years |  |  | 137,667,392 |  |  |  | 132,904,405 |
Due in 5-10 years |  |  | 67,911,889 |  |  |  | 63,435,713 |
Due in more than 10 years |  |  | 90,021,395 |  |  |  | 83,353,886 |
Mortgage-backed securities |  |  | 32,865,784 |  |  |  | 29,314,922 |
Redeemable preferred stock |  |  | 250,000 |  |  |  | 260,000 |
Total |  | $ | 340,262,502 |  |  | $ | 320,806,385 |
Schedule of Gain (Loss) on Investments | The following table presents the realized gains and losses from sales, calls, and maturities, unrealized gains and losses on equity securities, and other than temporary impairments from investments and other assets. Schedule of Gain (Loss) on Investments
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 30,121 |  |  | $ | 244,275 |  |  | $ | 205,755 |  |  | $ | 517,934 |
Gross realized losses |  |  | (26,203 | ) |  |  | (16,812 | ) |  |  | (36,961 | ) |  |  | (31,698 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on securities sold |  |  | (131,472 | ) |  |  | 119,614 |  |  |  | (60,154 | ) |  |  | 372,194 |
Unrealized gains and (losses) on securities held at the end of the period |  |  | (1,383,627 | ) |  |  | (122,505 | ) |  |  | (4,097,049 | ) |  |  | 1,319,919 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | 59,599 |  |  |  | 855,282 |  |  |  | 1,892,630 |  |  |  | 2,702,084 |
Gross realized losses |  |  | (727,370 | ) |  |  | (102,954 | ) |  |  | (825,593 | ) |  |  | (466,216 | )
Total |  | $ | (2,178,952 | ) |  | $ | 976,900 |  |  | $ | (2,921,372 | ) |  | $ | 4,414,217 |
Schedule of Major Categories of Net Investment Income | Information regarding sales of fixed maturity securities available for sale is presented as follows. Schedule of Major Categories of Net Investment Income
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Proceeds from sales |  | $ | 1,198,240 |  |  | $ | 843,151 |  |  | $ | 1,886,891 |  |  | $ | 2,826,082 |
Gross realized gains |  |  | 21,926 |  |  |  | 13,878 |  |  |  | 24,281 |  |  |  | 223,010 |
Gross realized losses |  |  | (24,811 | ) |  |  | (3,249 | ) |  |  | (32,656 | ) |  |  | (3,249 | )
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) Major categories of net investment income were as follows:
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Fixed maturity securities available for sale |  | $ | 3,188,521 |  |  | $ | 2,667,848 |  |  | $ | 8,636,387 |  |  | $ | 8,189,971 |
Equity securities |  |  | 139,412 |  |  |  | 111,213 |  |  |  | 382,246 |  |  |  | 345,482 |
Mortgage loans held for investment |  |  | 10,477,672 |  |  |  | 7,040,773 |  |  |  | 27,682,315 |  |  |  | 20,027,656 |
Real estate held for investment and sale |  |  | 3,918,310 |  |  |  | 3,307,980 |  |  |  | 10,970,535 |  |  |  | 9,353,459 |
Policy loans |  |  | 213,520 |  |  |  | 229,857 |  |  |  | 727,103 |  |  |  | 694,345 |
Insurance assignments |  |  | 4,218,184 |  |  |  | 4,781,079 |  |  |  | 13,708,894 |  |  |  | 14,298,126 |
Other investments |  |  | 181,597 |  |  |  | 35,118 |  |  |  | 350,603 |  |  |  | 88,124 |
Cash and cash equivalents |  |  | 514,869 |  |  |  | 81,186 |  |  |  | 698,601 |  |  |  | 154,810 |
Gross investment income |  |  | 22,852,085 |  |  |  | 18,255,054 |  |  |  | 63,156,684 |  |  |  | 53,151,973 |
Investment expenses |  |  | (4,249,015 | ) |  |  | (3,162,092 | ) |  |  | (13,388,020 | ) |  |  | (9,587,806 | )
Net investment income |  | $ | 18,603,070 |  |  | $ | 15,092,962 |  |  | $ | 49,768,664 |  |  | $ | 43,564,167 |
Schedule of Commercial Real Estate Investment | The Company’s commercial real estate held for investment is summarized as follows: Schedule of Commercial Real Estate Investment
|  | Net Ending Balance |  |  | Total Square Footage |
|  | September 30 2022 |  |  | December 31 2021 |  |  | September 30 2022 |  |  | December 31 2021 |
Utah (1) |  | $ | 152,280,425 |  |  | $ | 150,105,948 |  |  |  | 625,920 |  |  |  | 625,920 |
Louisiana |  |  | 2,392,288 |  |  |  | 2,426,612 |  |  |  | 31,778 |  |  |  | 31,778 |
Mississippi |  |  | 2,898,099 |  |  |  | 2,860,775 |  |  |  | 19,694 |  |  |  | 19,694 |
|  | $ | 157,570,812 |  |  | $ | 155,393,335 |  |  |  | 677,392 |  |  |  | 677,392 |
(1) |  | Includes Center53 phase 1 and phase 2
The Company’s commercial real estate held for sale is summarized as follows:
|  | Net Ending Balance |  |  | Total Square Footage |
|  | September 30 2022 |  |  | December 31 2021 |  |  | September 30 2022 |  |  | December 31 2021 |
Kansas |  | $ | - |  |  | $ | 2,000,000 |  |  |  | - |  |  |  | 222,679 |
California |  |  | - |  |  |  | 389,145 |  |  |  | - |  |  |  | 2,872 |
Mississippi (1) |  |  | 151,553 |  |  |  | 151,553 |  |  |  | - |  |  |  | - |
|  | $ | 151,553 |  |  | $ | 2,540,698 |  |  |  | - |  |  |  | 225,551 |
(1) |  | Approximately 93 acres of undeveloped land
Schedule of Residential Real Estate Investment | The Company’s residential real estate held for investment is summarized as follows: Schedule of Residential Real Estate Investment
|  | Net Ending Balance |
|  | September 30 2022 |  |  | December 31 2021 |
Utah (1) |  | $ | 38,506,725 |  |  | $ | 41,686,281 |
Washington (2) |  |  | - |  |  |  | 286,181 |
|  | $ | 38,506,725 |  |  | $ | 41,972,462 |
(1) |  | Includes subdivision land developments
(2) |  | Improved residential lots
The following table presents additional information regarding the Company’s subdivision land developments in Utah.
|  | September 30 2022 |  |  | December 31 2021 |
Lots developed |  |  | 52 |  |  |  | 67 |
Lots to be developed |  |  | 2,206 |  |  |  | 548 |
Ending Balance |  | $ | 38,307,821 |  |  | $ | 41,479,434 |
The Company’s residential real estate held for sale is summarized as follows:
|  | Net Ending Balance |
|  | September 30 2022 |  |  | December 31 2021 |
Texas |  | $ | - |  |  | $ | 200,962 |
Nevada |  |  | - |  |  |  | 979,640 |
Ohio |  |  | - |  |  |  | 10,000 |
Real estate held for sale |  | $ | - |  |  | $ | 1,190,602 |
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, 2022, 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 |
433 West Ascension Way, Salt Lake City, UT - Center53 Building 2 |  | Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales |  |  | 221,000 |  |  |  | 50 | %
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 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 table presents the valuation allowance for loan losses as a contra-asset account. Schedule of Allowance for Loan Losses as Contra -Asset Account
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2022 |  | $ | 187,129 |  |  | $ | 1,469,571 |  |  | $ | 43,202 |  |  | $ | 1,699,902 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Provision |  |  | - |  |  |  | (24,887 | ) |  |  | - |  |  |  | (24,887 | )
Ending balance - September 30, 2022 |  | $ | 187,129 |  |  | $ | 1,444,684 |  |  | $ | 43,202 |  |  | $ | 1,675,015 |
Ending balance: individually evaluated for impairment |  | $ | - |  |  | $ | 41,139 |  |  | $ | - |  |  | $ | 41,139 |
Ending balance: collectively evaluated for impairment |  | $ | 187,129 |  |  | $ | 1,403,545 |  |  | $ | 43,202 |  |  | $ | 1,633,876 |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance - September 30, 2022 |  | $ | 33,350,108 |  |  | $ | 89,281,273 |  |  | $ | 201,685,076 |  |  | $ | 324,316,457 |
Ending balance: individually evaluated for impairment |  | $ | 405,000 |  |  | $ | 1,410,099 |  |  | $ | - |  |  | $ | 1,815,099 |
Ending balance: collectively evaluated for impairment |  | $ | 32,945,108 |  |  | $ | 87,871,174 |  |  | $ | 201,685,076 |  |  | $ | 322,501,358 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2021 |  | $ | 187,129 |  |  | $ | 1,774,796 |  |  | $ | 43,202 |  |  | $ | 2,005,127 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Provision |  |  | - |  |  |  | (305,225 | ) |  |  | - |  |  |  | (305,225 | )
Ending balance - December 31, 2021 |  | $ | 187,129 |  |  | $ | 1,469,571 |  |  | $ | 43,202 |  |  | $ | 1,699,902 |
Ending balance: individually evaluated for impairment |  | $ | - |  |  | $ | 105,384 |  |  | $ | - |  |  | $ | 105,384 |
Ending balance: collectively evaluated for impairment |  | $ | 187,129 |  |  | $ | 1,364,187 |  |  | $ | 43,202 |  |  | $ | 1,594,518 |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance - December 31, 2021 |  | $ | 51,683,022 |  |  | $ | 53,533,712 |  |  | $ | 175,117,783 |  |  | $ | 280,334,517 |
Ending balance: individually evaluated for impairment |  | $ | 1,723,372 |  |  | $ | 2,548,656 |  |  | $ | - |  |  | $ | 4,272,028 |
Ending balance: collectively evaluated for impairment |  | $ | 49,959,650 |  |  | $ | 50,985,056 |  |  | $ | 175,117,783 |  |  | $ | 276,062,489 | (1)
(1) Amount corrected from that previously reported due to a typographical error.
Schedule of Aging of Mortgage Loans | The following table presents the aging of mortgage loans held for investment. Schedule of Aging of Mortgage Loans
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 Days Past Due |  | $ | 205,763 |  |  | $ | 2,639,165 |  |  | $ | 1,644,520 |  |  | $ | 4,489,448 |
60-89 Days Past Due |  |  | - |  |  |  | 721,148 |  |  |  | 626,023 |  |  |  | 1,347,171 |
Greater Than 90 Days (1) |  |  | - |  |  |  | 1,088,810 |  |  |  | - |  |  |  | 1,088,810 |
In Process of Foreclosure (1) |  |  | 405,000 |  |  |  | 321,289 |  |  |  | - |  |  |  | 726,289 |
Total Past Due |  |  | 610,763 |  |  |  | 4,770,412 |  |  |  | 2,270,543 |  |  |  | 7,651,718 |
Current |  |  | 32,739,345 |  |  |  | 84,510,861 |  |  |  | 199,414,533 |  |  |  | 316,664,739 |
Total Mortgage Loans |  |  | 33,350,108 |  |  |  | 89,281,273 |  |  |  | 201,685,076 |  |  |  | 324,316,457 |
Allowance for Loan Losses |  |  | (187,129 | ) |  |  | (1,444,684 | ) |  |  | (43,202 | ) |  |  | (1,675,015 | )
Unamortized deferred loan fees, net |  |  | (84,392 | ) |  |  | (1,132,024 | ) |  |  | (513,890 | ) |  |  | (1,730,306 | )
Unamortized discounts, net |  |  | (234,558 | ) |  |  | (112,978 | ) |  |  | - |  |  |  | (347,536 | )
Net Mortgage Loans |  | $ | 32,844,029 |  |  | $ | 86,591,587 |  |  | $ | 201,127,984 |  |  | $ | 320,563,600 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 Days Past Due |  | $ | - |  |  | $ | 3,117,826 |  |  | $ | 1,363,127 |  |  | $ | 4,480,953 |
60-89 Days Past Due |  |  | 100,204 |  |  |  | 580,815 |  |  |  | - |  |  |  | 681,019 |
Greater Than 90 Days (1) |  |  | 1,723,372 |  |  |  | 2,052,062 |  |  |  | - |  |  |  | 3,775,434 |
In Process of Foreclosure (1) |  |  | - |  |  |  | 496,594 |  |  |  | - |  |  |  | 496,594 |
Total Past Due |  |  | 1,823,576 |  |  |  | 6,247,297 |  |  |  | 1,363,127 |  |  |  | 9,434,000 |
Current |  |  | 49,859,446 |  |  |  | 47,286,415 |  |  |  | 173,754,656 |  |  |  | 270,900,517 |
Total Mortgage Loans |  |  | 51,683,022 |  |  |  | 53,533,712 |  |  |  | 175,117,783 |  |  |  | 280,334,517 |
Allowance for Loan Losses |  |  | (187,129 | ) |  |  | (1,469,571 | ) |  |  | (43,202 | ) |  |  | (1,699,902 | )
Unamortized deferred loan fees, net |  |  | (36,813 | ) |  |  | (498,600 | ) |  |  | (383,173 | ) |  |  | (918,586 | )
Unamortized discounts, net |  |  | (240,614 | ) |  |  | (169,369 | ) |  |  | - |  |  |  | (409,983 | )
Net Mortgage Loans |  | $ | 51,218,466 |  |  | $ | 51,396,172 |  |  | $ | 174,691,408 |  |  | $ | 277,306,046 |
(1) |  | Interest income is not recognized on loans past due greater than 90 days or in foreclosure.
Schedule of Impairment Mortgage Loans | Schedule of Impairment Mortgage Loans
|  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 405,000 |  |  | $ | 405,000 |  |  | $ | - |  |  | $ | 881,234 |  |  | $ | - |
Residential |  |  | 897,174 |  |  |  | 897,174 |  |  |  | - |  |  |  | 952,765 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 138,635 |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Residential |  |  | 512,925 |  |  |  | 512,925 |  |  |  | 41,139 |  |  |  | 570,066 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 405,000 |  |  | $ | 405,000 |  |  | $ | - |  |  | $ | 881,234 |  |  | $ | - |
Residential |  |  | 1,410,099 |  |  |  | 1,410,099 |  |  |  | 41,139 |  |  |  | 1,522,831 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 138,635 |  |  |  | - |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,723,372 |  |  | $ | 1,723,372 |  |  | $ | - |  |  | $ | 1,053,865 |  |  | $ | - |
Residential |  |  | 1,591,368 |  |  |  | 1,591,368 |  |  |  | - |  |  |  | 2,731,421 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,481 |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Residential |  |  | 957,288 |  |  |  | 957,288 |  |  |  | 105,384 |  |  |  | 726,449 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,723,372 |  |  | $ | 1,723,372 |  |  | $ | - |  |  | $ | 1,053,865 |  |  | $ | - |
Residential |  |  | 2,548,656 |  |  |  | 2,548,656 |  |  |  | 105,384 |  |  |  | 3,457,870 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,481 |  |  |  | - |
Schedule of Credit Risk of Mortgage Loans Based on Performance Status | The Company’s performing and non-performing mortgage loans held for investment are summarized as follows: Schedule of Credit Risk of Mortgage Loans Based on Performance Status
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
|  | September 30, 2022 |  |  | December 31, 2021 |  |  | September 30, 2022 |  |  | December 31, 2021 |  |  | September 30, 2022 |  |  | December 31, 2021 |  |  | September 30, 2022 |  |  | December 31, 2021 |
Performing |  | $ | 32,945,108 |  |  | $ | 49,959,650 |  |  | $ | 87,871,174 |  |  | $ | 50,985,056 |  |  | $ | 201,685,076 |  |  | $ | 175,117,783 |  |  | $ | 322,501,358 |  |  | $ | 276,062,489 |
Non-performing |  |  | 405,000 |  |  |  | 1,723,372 |  |  |  | 1,410,099 |  |  |  | 2,548,656 |  |  |  | - |  |  |  | - |  |  |  | 1,815,099 |  |  |  | 4,272,028 |
Total |  | $ | 33,350,108 |  |  | $ | 51,683,022 |  |  | $ | 89,281,273 |  |  | $ | 53,533,712 |  |  | $ | 201,685,076 |  |  | $ | 175,117,783 |  |  | $ | 324,316,457 |  |  | $ | 280,334,517 |

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