XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Investments | 9 Months Ended
--- | ---
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments | 3) 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.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) 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 |
There were 703 securities with fair value of 93.1% of aggregate amortized cost at September 30, 2022. There were 55 securities with fair value of 97.3% of aggregate amortized cost at December 31, 2021. No credit losses have been recognized for the three and nine months ended September 30, 2022 and 2021, since the increase in unrealized losses is primarily a result of the recent rise in interest rates. On a quarterly basis, the Company evaluates its fixed maturity securities classified as available for sale. This evaluation includes a review of current ratings by the National Association of Insurance Commissions (“NAIC”). Securities with a rating of 1 or 2 are considered investment grade and are not reviewed for impairment, unless current market or recent company news could lead to a credit downgrade. Securities with ratings of 3 to 5 are evaluated for impairment. Securities with a rating of 6 are automatically determined to be impaired and are written down. The evaluation involves an analysis of the securities in relation to historical values, interest payment history, projected earnings and revenue growth rates as well as a review of the reason for a downgrade in the NAIC rating. Based on the analysis of a security that is rated 3 to 5, a determination is made whether the security will likely make interest and principal payments in accordance with the terms of the financial instrument. If it is unlikely that the security will meet contractual obligations, the loss is considered to be other than temporary, the security is written down to the new anticipated market value and an impairment loss is recognized. The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements, are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) 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 |
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 |
The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). The Company had pledged a total of $86,320,358, at estimated fair value, of fixed maturity securities with the FHLB at September 30, 2022. These securities are used as collateral on any cash borrowings from the FHLB. As of September 30, 2022, the Company owed nil to the FHLB and its estimated maximum borrowing capacity was $83,051,896. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) Investment Related Earnings 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 |
The realized gains and losses on the sale of securities are recorded on the trade date, and the cost of the securities sold is determined using the specific identification method. 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 |
Net investment income includes income earned by the restricted assets of the cemeteries and mortuaries of $675,259 and $778,892 for the three months ended September 30, 2022 and 2021, respectively, and of $1,882,502 and $1,130,771 for the nine months ended September 30, 2022 and 2021, respectively. Net investment income on real estate consists primarily of rental revenue. Investment expenses consist primarily of depreciation, property taxes, operating expenses of real estate and an estimated portion of administrative expenses relating to investment activities. Securities and cash on deposit with regulatory authorities as required by law amounted to $11,048,787 at September 30, 2022 and $10,168,853 at December 31, 2021 (the December 31, 2021 amount has been corrected from that previously reported due to a typographical error). These restricted securities are included in various assets under investments on the accompanying condensed consolidated balance sheets. There were no investments, aggregated by issuer, in excess of 10% of shareholders’ equity (before net unrealized gains and losses on equity securities and fixed maturity securities) at September 30, 2022, other than investments issued or guaranteed by the United States Government. Real Estate Held for Investment and Held for Sale The Company strategically deploys resources into real estate to match the income and yield durations of its primary obligations. The sources for these real estate assets come through its various business units in the form of acquisition, development and mortgage foreclosures. Commercial Real Estate Held for Investment and Held for Sale The Company owns and manages commercial real estate assets as a means of generating investment income. These assets are acquired in accordance with the Company’s goals and objectives for risk-adjusted returns. Due diligence is conducted on each asset using internal and third-party reports. Geographic locations and asset classes of the investment activity is determined by senior management under the direction of the Board of Directors. The Company employs full-time employees to attend to the day-to-day operations of those assets within the greater Salt Lake area and close surrounding markets. The Company utilizes third party property managers when the geographic boundary does not warrant full-time staff or through strategic lease-up periods. The Company generally looks to acquire assets in regions that are high growth regions for employment and population and in assets that provide operational efficiencies. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) The Company currently owns and operates nine commercial properties in three states. These properties include office buildings, flex office space, and includes the redevelopment and expansion of its corporate campus (“Center53”) in Salt Lake City, Utah. The Company uses bank debt in strategic cases to leverage established yields or to acquire a higher quality or different class of asset. The aggregated net ending balance of commercial real estate that serves as collateral for bank loans was $133,785,749 and $134,251,205 as of September 30, 2022 and December 31, 2021, respectively. The associated bank loan carrying values totaled $97,562,264 and $85,663,148 as of September 30, 2022 and December 31, 2021, respectively. During the three months ended September 30, 2022 and 2021, the Company did not record any impairment losses on commercial real estate held for investment or held for sale. During the nine months ended September 30, 2022 and 2021, the Company recorded impairment losses on commercial real estate held for sale of nil and $28,378, respectively. Impairment losses are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings. 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
This property is being marketed with the assistance of commercial real estate brokers in the markets where the property is located. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) Residential Real Estate Held for Investment and Held for Sale The Company occasionally owns a small portfolio of residential homes primarily as a result of loan foreclosures. The Company has the option to sell them or to continue to hold them for cash flow and acceptable returns. The Company also invests in residential subdivision land developments. The Company established Security National Real Estate Services (“SNRE”) to manage the residential portfolio. SNRE cultivates and maintains the preferred vendor relationships necessary to manage costs and quality of work performed on the residential portfolio across the country. The net ending balance of foreclosed residential real estate included in residential real estate held for sale was nil and $1,190,602 as of September 30, 2022 and December 31, 2021, respectively. During the three months ended September 30, 2022 and 2021 the Company did not record any impairment losses on residential real estate held for sale or held for investment. During the nine months ended September 30, 2022 and 2021 the Company recorded impairment losses on residential real estate held for sale of $94,400 and nil, respectively. Impairment losses are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings. 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 |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) 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
Mortgage Loans Held for Investment Mortgage loans held for investment consist of first and second mortgages. The mortgage loans bear interest at rates ranging from 2.0% to 10.5%, maturity dates range from nine months to 30 years and are secured by real estate. Concentrations of credit risk arise when a number of mortgage loan debtors have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. Although the Company has a diversified mortgage loan portfolio consisting of residential mortgages, commercial loans and residential construction loans and requires collateral on all real estate exposures, a substantial portion of its debtors’ ability to honor obligations is reliant on the economic stability of the geographic region in which the debtors do business. At September 30, 2022, the Company had 69%, 8%, 4%, 4%, 4% and 3% of its mortgage loans from borrowers located in the states of Utah, Florida, Texas, California, Arizona, and Nevada, respectively. At December 31, 2021, the Company had 70%, 7%, 5%, 4%, 4% and 2% of its mortgage loans from borrowers located in the states of Utah, Florida, California, Texas, Nevada and Arizona, respectively. Mortgage loans held for investment are carried at their unpaid principal balances adjusted for net deferred fees, charge-offs, premiums, discounts and the related allowance for loan losses. Interest income is included in net investment income on the condensed consolidated statements of earnings and is recognized when earned. The Company defers related material loan origination fees, net of related direct loan origination costs, and amortizes the net fees over the term of the loans. Origination fees are included in net investment income on the condensed consolidated statements of earnings. Mortgage loans are secured by the underlying property and require an appraisal at the time of underwriting and funding. Generally, the Company will fund a loan not to exceed 80% of the fair market value of the loan’s collateral. Amounts over 80% will require additional collateral or mortgage insurance by an approved third-party insurer. The Company provides for losses on its mortgage loans held for investment through an allowance for loan losses (a contra-asset account). The allowance is comprised of two components. The first component is an allowance for collectively evaluated impairment that is based upon the Company’s historical experience in collecting similar receivables. The second component is based upon individual evaluation of loans that are determined to be impaired. As a practical expedient, upon determining impairment, the Company establishes an individual impairment allowance based upon an assessment of the fair value of the underlying collateral. In addition, when a mortgage loan is past due more than 90 days, the Company does not accrue any interest income. When a loan becomes delinquent, the Company proceeds to foreclose on the real estate and all expenses for foreclosure are expensed as incurred. Once foreclosed, an adjustment for the lower of cost or fair value is made, if necessary, and the amount is classified as real estate held for investment or held for sale. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) The allowance for losses on mortgage loans held for investment could change based on changes in the value of the underlying collateral, the performance status of the loans, or the Company’s actual collection experience. The actual losses could change, in the near term, from the established allowance, based upon the occurrence or non-occurrence of these events. For purposes of determining the allowance for losses, the Company has segmented its mortgage loans held for investment by loan type. The Company’s loan types are commercial, residential, and residential construction. The inherent risks within the portfolio vary depending upon the loan type as follows: Commercial - Underwritten in accordance with the Company’s policies to determine the borrower’s ability to repay the obligation as agreed. Commercial loans are made primarily based on the underlying collateral supporting the loan. Accordingly, the repayment of a commercial loan depends primarily on the collateral and its ability to generate income and secondarily on the borrower’s (or guarantors) ability to repay. Residential — Secured by family dwelling units. These loans are secured by first and second mortgages on the unit. The borrower’s ability to repay is sensitive to the life events and general economic condition of the region. Where loan to value exceeds 80%, the loan is generally guaranteed by private mortgage insurance, FHA or VA. Residential construction (including land acquisition and development) – Underwritten in accordance with the Company’s underwriting policies which include a financial analysis of the builders, borrowers (guarantors), construction cost estimates, and independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation estimates may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project and the ability of the borrower to secure long-term financing. Additionally, land is underwritten according to the Company’s policies, which include independent appraisal valuations as well as the estimated value associated with the land upon completion of development into finished lots. These cost and valuation estimates may be inaccurate. These loans are considered to be of a higher risk than other mortgage loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term or construction financing, and interest rate sensitivity. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) 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. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) 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.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) Impaired Mortgage Loans Held for Investment Impaired mortgage loans held for investment include loans with a related specific valuation allowance or loans whose carrying amount has been reduced to the expected collectible amount because the impairment has been considered other than temporary. The recorded investment in and unpaid principal balance of impaired loans along with the related loan specific allowance for losses, if any, for each reporting period and the average recorded investment and interest income recognized during the time the loans were impaired are summarized as follows: 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 |  |  |  | - |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 3) Investments (Continued) Credit Risk Profile Based on Performance Status The Company’s mortgage loan held for investment portfolio is monitored based on performance of the loans. Monitoring a mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment. The Company defines non-performing mortgage loans as loans 90 days or greater delinquent or on non-accrual 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 |
Non-Accrual Mortgage Loans Held for Investment Once a loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and write off any interest income that had been accrued. Payments received for loans on a non-accrual status are recognized on a cash basis. Interest income recognized from any payments received for loans on a non-accrual status was immaterial. Accrual of interest resumes if a loan is brought current. Interest not accrued on these loans totaled approximately $110,000 and $236,000 as of September 30, 2022 and December 31, 2021, respectively. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited)

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration