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Value of Business Acquired, Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]  
Schedule of Value of Business Acquired

Information with regard to value of business acquired was as follows:

 

   2022   2021 
   December 31 
   2022   2021 
Balance at beginning of year  $8,421,432   $8,955,249 
Value of business acquired   2,136,085    586,840 
Imputed interest at 7% included in earnings   642,919(1)   613,028(1)
Amortization included in earnings   (1,907,250)(1)   (1,728,157)(1)
Shadow amortization included in other comprehensive income   510,550    (5,528)
Net amortization   (753,781)   (1,120,657)
Balance at end of year  $9,803,736   $8,421,432 

 

 
(1)Included in Amortization of deferred policy and pre-need acquistion costs and value of business acquired on the consolidated statements of earnings
Schedule of Acquisitions Net Amortization Charged to Income

Presuming no additional acquisitions, net amortization charged to income is expected to approximate the following:

 

      
2023  $1,181,000 
2024   1,098,000 
2025   995,000 
2026   924,000 
2027   841,000 
Thereafter   4,764,736 
Total  $9,803,736 
Schedule of Goodwill by Segment

Information regarding goodwill by segment was as follows:

 

   Life Insurance   Cemetery/
Mortuary		   Total 
Balance at January 1, 2021:               
Goodwill  $2,765,570   $754,018   $3,519,588 
Accumulated impairment   -    -    - 
Total goodwill, net   2,765,570    754,018    3,519,588 
                
Acquisition   -    1,734,195(1)   1,734,195 
                
Balance at December 31, 2021:               
Goodwill   2,765,570    2,488,213    5,253,783 
Accumulated impairment   -    -    - 
Total goodwill, net   2,765,570    2,488,213    5,253,783 
                
Acquisition   -    -    - 
                
Balance at December 31, 2022:               
Goodwill   2,765,570    2,488,213    5,253,783 
Accumulated impairment   -    -    - 
Total goodwill, net  $2,765,570   $2,488,213   $5,253,783 

 

 
(1)See Note 20 regarding the acquisition of Rivera Funerals, Cremations and Memorial Gardens and Holbrook Mortuary
Schedule of Carrying Value of Intangible Asset

The carrying value of the Company’s other intangible assets were as follows which is included in other assets:

 

      December 31 
   Useful Life  2022   2021 
Intangible asset - trade name (1)  15 years  $2,100,000   $2,100,000 
Intangible asset - customer lists  15 years   890,000    890,000 
Intangible asset - trade name (2)  15 years   610,000    610,000 
Intangible assets - other (1)  15 years   210,000    210,000 
Less accumulated amortization      (553,333)   (297,333)
Balance at end of year     $3,256,667   $3,512,667 

 

 
(1)See Note 20 regarding the acquisition of Rivera Funerals, Cremations and Memorial Gardens
(2)Kilpatrick Life
Schedule of Estimate of Future Amortization for Other Intangible Assets

The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its December 31, 2022 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management.

 

   Estimated MSR Amortization 
2023  $316,449 
2024   286,934 
2025   260,259 
2026   234,139 
2027   211,523 
Thereafter   1,730,461 
Total  $3,039,765 
Other Intangible Assets [Member]  
Finite-Lived Intangible Assets [Line Items]  
Schedule of Estimate of Future Amortization for Other Intangible Assets

The following table summarizes the Company’s estimate of future amortization for the other intangible assets:

 Schedule of Estimate of Future Amortization for Other Intangible Assets

      
2023  $254,000 
2024   254,000 
2025   254,000 
2026   254,000 
2027   254,000 
Thereafter   1,986,667 
Total  $3,256,667