XML 19 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net earnings $ 25,690,302 $ 39,518,990
Adjustments to reconcile net earnings to net cash used in operating activities:    
Losses (gains) on investments and other assets 857,460 (6,265,134)
Other than temporary impairments on investments 39,502
Depreciation 8,598,072 5,540,672
Provision for loan losses and doubtful accounts 1,331,887 965,736
Net amortization of deferred fees and costs, premiums and discounts (1,018,200) (1,154,604)
Provision for deferred income taxes (9,954,005) 11,308,436
Policy and pre-need acquisition costs deferred (20,233,669) (19,985,257)
Policy and pre-need acquisition costs amortized 16,685,871 15,027,841
Value of business acquired amortized 1,264,331 1,115,129
Mortgage servicing rights, additions (10,243,922) (32,701,819)
Amortization of mortgage servicing rights [1] 9,078,706 14,851,880
Net gains on the sale of mortgage servicing rights (34,051,938)
Stock based compensation expense 929,692 118,384
Benefit plans funded with treasury stock 5,061,297 6,007,402
Net change in fair value of loans held for sale 8,834,797 8,783,376
Originations of loans held for sale (3,373,554,484) (5,611,189,587)
Proceeds from sales of loans held for sale 3,549,405,402 5,900,076,766
Net gains on sales of loans held for sale (74,779,721) (177,876,915)
Change in assets and liabilities:    
Land and improvements held for sale (123,597) 441,839
Future policy benefits and unpaid claims 27,487,657 22,104,116
Other operating assets and liabilities (815,484) (32,088,511)
Net cash provided by operating activities 130,450,454 144,638,242
Cash flows from investing activities:    
Purchases of fixed maturity securities (151,581,252) (18,857,131)
Sales, calls and maturities of fixed maturity securities 25,163,141 48,015,753
Purchase of equity securities (4,193,460) (1,950,554)
Sales of equity securities 2,804,274 3,868,061
Net changes in restricted assets (862,654) 473,156
Net changes in cemetery perpetual care trust investments 1,205,208 (143,379)
Mortgage loans held for investment, other investments and policy loans made (752,301,471) (838,524,150)
Payments received for mortgage loans held for investment, other investments and policy loans 759,243,828 818,108,666
Proceeds from the sale of mortage servicing rights 79,981,150
Purchases of property and equipment (1,600,195) (5,219,928)
Sales of property and equipment 69,248
Purchases of real estate (20,458,983) (92,403,534)
Sales of real estate 25,369,430 35,644,576
Cash paid for purchase of subsidiaries, net of cash acquired (12,625,142)
Net cash used in investing activities (37,161,736) (63,613,606)
Cash flows from financing activities:    
Investment contract receipts 11,730,820 11,481,349
Investment contract withdrawals (15,795,677) (15,244,629)
Proceeds from stock options exercised 143,432 1,077,425
Purchase of treasury stock (7,663,905) (5,769,735)
Repayment of bank loans (50,308,296) (69,039,725)
Proceeds from bank loans 59,618,050 106,995,930
Net change in warehouse line borrowings for loans held for sale (98,943,607) (84,576,055)
Net cash used in financing activities (101,219,183) (55,075,440)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents (7,930,465) 25,949,196
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 141,414,282 115,465,086
Total cash, cash equivalents, restricted cash and restricted cash equivalents 133,483,817 141,414,282
Cash paid during the year for:    
Interest 7,697,921 7,290,867
Income taxes 729,687 5,127,913
Non Cash Investing and Financing Activities:    
Transfer of loans held for sale to mortgage loans held for investment 51,691,213 201,951
Mortgage loans held for investment foreclosed into real estate held for investment 10,998,485 931,079
Right-of-use assets obtained in exchange for operating lease liabilities 2,054,534 5,216,048
Accrued real estate construction costs and retainage 1,025,397 4,400,320
Transfer of property and equipment to real estate held for investment 3,108,681
Cash and cash equivalents 120,919,805 131,354,470
Restricted assets 10,638,034 9,000,293
Cemetery perpetual care trust investments $ 1,925,978 $ 1,059,519
[1] Included in other expenses on the consolidated statements of earnings