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Bank and Other Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of Bank Loans Payable

Bank and other loans payable are summarized as follows:

 

   December 31 
   2022   2021 
  $1,690,892   $2,481,878 
Prime rate note payable in monthly installments of $75,108 including principal and interest,collateralized by shares of Security National Life Insurance Company stock, due December 2024.  $1,690,892   $2,481,878 
           
4.329% fixed note payable in monthly installments of $9,775 including principal and interest,collateralized by real property with a book value of approximately $3,023,000, paid in full April 2022.   -    1,825,608 
           
4.00% variable with LIBOR at a 1% floor and a spread at 3% rate construction loan collateralized by real property with a book value of approximately $65,422,000, paid off with long term financing in May 2022.   -    34,547,181 
           
3.85% fixed note payable in monthly installments of $243,781 including principal and interest, collateralized by real property with a book value of approximately $65,422,000, due June 2032.   48,613,833    - 
           
3.30% fixed note payable in monthly installments of $179,562 including principal and interest, collateralized by real property with a book value of approximately $46,960,000, due April 2031.   39,298,298    40,090,359 
           
4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $16,948,000, due June 2028.   9,200,000    9,200,000 
           
1 month SOFR rate plus 2.1% loan purchase agreement with a warehouse line availability of $100,000,000, matures June 2023.   17,978,527    66,305,025 
           
1 month SOFR rate plus 2% loan purchase agreement with a warehouse line availability of $100,000,000, matures November 2023.   29,768,762    50,555,909 
           
1 month SOFR rate plus 2.5% loan purchase agreement with a warehouse line availability of $75,000,000, matures May 2023.   15,131,410    43,196,986 
           
1 month SOFR rate plus 2.1% loan purchase agreement with a warehouse line availability of $50,000,000, matures June 2023.   -    1,764,386 
           
Other short-term borrowings (1)   -    1,250,000 
           
Finance lease liabilities   31,082    62,767 
           
Other loans payable   -    6,828 
Total bank and other loans   161,712,804    251,286,927 
           
Less current installments   65,560,608    164,747,672 
Bank and other loans, excluding current installments  $96,152,196   $86,539,255 

 

(1)Revolving Line of Credit
Schedule of Combined Maturities of Bank Loans Payable Lines of Credit and Notes and Contracts Payable

The following tabulation shows the combined maturities of bank and other loans payable:

 

2023  $65,560,608 
2024   2,785,674 
2025   1,981,991 
2026   1,883,515 
2027   1,997,551 
Thereafter   87,503,465 
Total  $161,712,804