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v3.23.3

Investments (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The Company’s investments as of September 30, 2023 are summarized as follows: Schedule of Investments
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses (1) |  |  | Allowance for Credit Losses |  |  | Estimated Fair Value |
September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 108,680,913 |  |  | $ | 5,981 |  |  | $ | (2,498,554 | ) |  | $ | - |  |  | $ | 106,188,340 |
Obligations of states and political subdivisions |  |  | 6,649,289 |  |  |  | 218 |  |  |  | (586,789 | ) |  |  | - |  |  |  | 6,062,718 |
Corporate securities including public utilities |  |  | 231,814,067 |  |  |  | 600,075 |  |  |  | (15,412,932 | ) |  |  | (211,500 | ) |  |  | 216,789,710 |
Mortgage-backed securities |  |  | 32,889,293 |  |  |  | 13,422 |  |  |  | (5,755,224 | ) |  |  | - |  |  |  | 27,147,491 |
Redeemable preferred stock |  |  | 250,000 |  |  |  | 10,000 |  |  |  | - |  |  |  | - |  |  |  | 260,000 |
Total fixed maturity securities available for sale |  | $ | 380,283,562 |  |  | $ | 629,696 |  |  | $ | (24,253,499 | ) |  | $ | (211,500 | ) |  | $ | 356,448,259 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 10,470,974 |  |  | $ | 2,684,920 |  |  | $ | (846,350 | ) |  |  |  |  |  | $ | 12,309,544 |
Total equity securities at estimated fair value |  | $ | 10,470,974 |  |  | $ | 2,684,920 |  |  | $ | (846,350 | ) |  |  |  |  |  | $ | 12,309,544 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 96,591,643 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 101,295,751 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 55,991,027 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (1,629,546 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for credit losses |  |  | (2,612,944 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (328,833 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 249,307,098 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 38,034,997 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 146,656,466 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 184,691,463 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,285,707 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,478,660 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 4,764,367 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 13,154,845 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 42,624,001 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (2) |  |  | 2,699,300 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 9,330,532 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for credit losses for insurance assignments |  |  | (1,555,261 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other investments and policy loans |  | $ | 66,253,417 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 12,266,695 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 886,040,843 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) |  | Gross unrealized losses are net of allowance for credit losses
(2) |  | Includes $978,600 of Membership stock and $1,720,700 of Activity stock attributable to short-term borrowings and letters of credit.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2023 (Unaudited) 3) Investments (Continued) The Company’s investments as of December 31, 2022 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 93,182,210 |  |  | $ | 180,643 |  |  | $ | (2,685,277 | ) |  | $ | 90,677,576 |
Obligations of states and political subdivisions |  |  | 6,675,071 |  |  |  | 13,869 |  |  |  | (458,137 | ) |  |  | 6,230,803 |
Corporate securities including public utilities |  |  | 229,141,544 |  |  |  | 1,909,630 |  |  |  | (11,930,773 | ) |  |  | 219,120,401 |
Mortgage-backed securities |  |  | 33,501,686 |  |  |  | 168,700 |  |  |  | (4,100,674 | ) |  |  | 29,569,712 |
Redeemable preferred stock |  |  | 250,000 |  |  |  | 10,000 |  |  |  | - |  |  |  | 260,000 |
Total fixed maturity securities available for sale |  | $ | 362,750,511 |  |  | $ | 2,282,842 |  |  | $ | (19,174,861 | ) |  | $ | 345,858,492 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 9,942,265 |  |  | $ | 2,688,375 |  |  | $ | (948,114 | ) |  | $ | 11,682,526 |
Total equity securities at estimated fair value |  | $ | 9,942,265 |  |  | $ | 2,688,375 |  |  | $ | (948,114 | ) |  | $ | 11,682,526 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 93,355,623 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 172,516,125 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 46,311,955 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (1,746,605 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for credit losses |  |  | (1,970,311 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (342,860 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 308,123,927 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 38,437,960 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 152,890,656 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 191,328,616 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 11,010,029 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 151,553 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 11,161,582 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 13,095,473 |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 46,942,536 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  |  | 2,600,300 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 9,479,798 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for credit losses for insurance assignments |  |  | (1,609,951 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total other investments and policy loans |  | $ | 70,508,156 |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 10,299,826 |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 948,963,125 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Includes $938,500 of Membership stock and $1,661,800 of Activity stock attributable to short-term borrowings and letters of credit.
Schedule of Fair Value of 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 |  |  | Total Unrealized Loss |  |  | Combined Fair Value |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities And Obligations of U.S. Government Agencies |  | $ | 331,740 |  |  | $ | 36,115,986 |  |  | $ | 2,166,815 |  |  | $ | 69,967,155 |  |  | $ | 2,498,555 |  |  | $ | 106,083,141 |
Obligations of States and Political Subdivisions |  |  | 155,458 |  |  |  | 1,469,753 |  |  |  | 431,331 |  |  |  | 4,142,748 |  |  |  | 586,789 |  |  |  | 5,612,501 |
Corporate Securities |  |  | 4,092,910 |  |  |  | 86,409,480 |  |  |  | 11,320,021 |  |  |  | 106,047,158 |  |  |  | 15,412,931 |  |  |  | 192,456,638 |
Mortgage and other asset-backed securities |  |  | 123,790 |  |  |  | 4,627,445 |  |  |  | 5,631,434 |  |  |  | 22,003,452 |  |  |  | 5,755,224 |  |  |  | 26,630,897 |
Totals |  | $ | 4,703,898 |  |  | $ | 128,622,664 |  |  | $ | 19,549,601 |  |  | $ | 202,160,513 |  |  | $ | 24,253,499 |  |  | $ | 330,783,177 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities And Obligations of U.S. Government Agencies |  | $ | 2,685,277 |  |  | $ | 79,400,753 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,685,277 |  |  | $ | 79,400,753 |
Obligations of States and Political Subdivisions |  |  | 378,067 |  |  |  | 5,467,910 |  |  |  | 80,070 |  |  |  | 429,020 |  |  |  | 458,137 |  |  |  | 5,896,930 |
Corporate Securities |  |  | 10,935,114 |  |  |  | 162,995,969 |  |  |  | 995,659 |  |  |  | 5,781,822 |  |  |  | 11,930,773 |  |  |  | 168,777,791 |
Mortgage and other asset-backed securities |  |  | 2,884,731 |  |  |  | 19,909,907 |  |  |  | 1,215,943 |  |  |  | 6,978,745 |  |  |  | 4,100,674 |  |  |  | 26,888,652 |
Totals |  | $ | 16,883,189 |  |  | $ | 267,774,539 |  |  | $ | 2,291,672 |  |  | $ | 13,189,587 |  |  | $ | 19,174,861 |  |  | $ | 280,964,126 |
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation | The following table summarizes the credit quality, by NAIC designation, of the Company’s fixed maturity securities available for sale, excluding redeemable preferred stock. Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation
|  | September 30, 2023 |  |  | December 31, 2022 |
NAIC Designation |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
1 |  | $ | 210,224,246 |  |  | $ | 198,601,878 |  |  | $ | 197,753,818 |  |  | $ | 189,691,540 |
2 |  |  | 162,752,957 |  |  |  | 151,279,566 |  |  |  | 156,261,804 |  |  |  | 148,073,873 |
3 |  |  | 5,329,117 |  |  |  | 4,890,504 |  |  |  | 7,080,305 |  |  |  | 6,635,786 |
4 |  |  | 1,462,481 |  |  |  | 1,325,409 |  |  |  | 1,377,541 |  |  |  | 1,157,454 |
5 |  |  | 263,504 |  |  |  | 90,901 |  |  |  | 25,736 |  |  |  | 39,155 |
6 |  |  | 1,257 |  |  |  | 1 |  |  |  | 1,307 |  |  |  | 684 |
Total |  | $ | 380,033,562 |  |  | $ | 356,188,259 |  |  | $ | 362,500,511 |  |  | $ | 345,598,492 |
Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale | The following tables presents a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale: Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale
|  | Nine Months Ended September 30, 2023 |
|  | U.S. Treasury Securities And Obligations of U.S. Government Agencies |  |  | Obligations of states and political subdivisions |  |  | Corporate securities |  |  | Mortgage-backed securities |  |  | Total |
Beginning balance - December 31, 2022 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Additions for credit losses not previously recorded |  |  | - |  |  |  | - |  |  |  | 179,500 |  |  |  | - |  |  |  | 179,500 |
Change in allowance on securities with previous allowance |  |  | - |  |  |  | - |  |  |  | 42,764 |  |  |  | - |  |  |  | 42,764 |
Reductions for securities sold during the period |  |  | - |  |  |  | - |  |  |  | (10,764 | ) |  |  | - |  |  |  | (10,764 | )
Reductions for securities with credit losses due to intent to sell |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Write-offs charged against the allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries of amounts previously written off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending Balance - September 30, 2023 |  | $ | - |  |  | $ | - |  |  | $ | 211,500 |  |  | $ | - |  |  | $ | 211,500 |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2023 (Unaudited) 3) Investments (Continued)
|  | Three Months Ended September 30, 2023 |
|  | U.S. Treasury Securities And Obligations of U.S. Government Agencies |  |  | Obligations of states and political subdivisions |  |  | Corporate securities |  |  | Mortgage-backed securities |  |  | Total |
Beginning balance - June 30, 2023 |  | $ | - |  |  | $ | - |  |  | $ | 224,005 |  |  | $ | - |  |  | $ | 224,005 |
Beginning balance |  | $ | - |  |  | $ | - |  |  | $ | 224,005 |  |  | $ | - |  |  | $ | 224,005 |
Additions for credit losses not previously recorded |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Change in allowance on securities with previous allowance |  |  | - |  |  |  | - |  |  |  | (1,741 | ) |  |  | - |  |  |  | (1,741 | )
Reductions for securities sold during the period |  |  | - |  |  |  | - |  |  |  | (10,764 | ) |  |  | - |  |  |  | (10,764 | )
Reductions for securities with credit losses due to intent to sell |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Write-offs charged against the allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries of amounts previously written off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending Balance - September 30, 2023 |  | $ | - |  |  | $ | - |  |  | $ | 211,500 |  |  | $ | - |  |  | $ | 211,500 |
Ending balance |  | $ | - |  |  | $ | - |  |  | $ | 211,500 |  |  | $ | - |  |  | $ | 211,500 |
Schedule of Earnings on Fixed Maturity Securities | The following table presents a roll forward of the Company’s cumulative other than temporary credit impairments (“OTTI”) recognized in earnings on fixed maturity securities available for sale which was required to be presented prior to the adoption of ASU 2016-13: Schedule of Earnings on Fixed Maturity Securities
|  | 2022 |
Balance of credit-related OTTI at January 1 |  | $ | 264,977 |
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 |
Schedule of Investments Classified by Contractual Maturity Date | The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale as of September 30, 2023, by contractual maturity. Actual or 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 |  | $ | 6,818,008 |  |  | $ | 6,812,398 |
Due in 2-5 years |  |  | 160,874,392 |  |  |  | 155,802,499 |
Due in 5-10 years |  |  | 93,763,663 |  |  |  | 88,297,470 |
Due in more than 10 years |  |  | 85,688,206 |  |  |  | 78,128,401 |
Mortgage-backed securities |  |  | 32,889,293 |  |  |  | 27,147,491 |
Redeemable preferred stock |  |  | 250,000 |  |  |  | 260,000 |
Total |  | $ | 380,283,562 |  |  | $ | 356,448,259 |
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
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Proceeds from sales |  | $ | 207,522 |  |  | $ | 1,198,240 |  |  | $ | 1,163,132 |  |  | $ | 1,886,891 |
Gross realized gains |  |  | - |  |  |  | 21,926 |  |  |  | 11,257 |  |  |  | 24,281 |
Gross realized losses |  |  | (3,368 | ) |  |  | (24,811 | ) |  |  | (57,472 | ) |  |  | (32,656 | )
Major categories of net investment income were as follows:
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Fixed maturity securities available for sale |  | $ | 4,242,185 |  |  | $ | 3,188,521 |  |  | $ | 12,398,685 |  |  | $ | 8,636,387 |
Equity securities |  |  | 167,348 |  |  |  | 139,412 |  |  |  | 448,564 |  |  |  | 382,246 |
Mortgage loans held for investment |  |  | 9,842,845 |  |  |  | 10,477,672 |  |  |  | 27,797,908 |  |  |  | 27,682,315 |
Real estate held for investment and sale |  |  | 3,291,047 |  |  |  | 3,918,310 |  |  |  | 11,553,643 |  |  |  | 10,970,535 |
Policy loans |  |  | 191,843 |  |  |  | 213,520 |  |  |  | 599,498 |  |  |  | 727,103 |
Insurance assignments |  |  | 4,340,644 |  |  |  | 4,218,184 |  |  |  | 13,570,659 |  |  |  | 13,708,894 |
Other investments |  |  | 213,560 |  |  |  | 181,597 |  |  |  | 555,720 |  |  |  | 350,603 |
Cash and cash equivalents |  |  | 1,083,241 |  |  |  | 514,869 |  |  |  | 2,651,148 |  |  |  | 698,601 |
Gross investment income |  |  | 23,372,713 |  |  |  | 22,852,085 |  |  |  | 69,575,825 |  |  |  | 63,156,684 |
Investment expenses |  |  | (4,124,250 | ) |  |  | (4,249,015 | ) |  |  | (12,380,505 | ) |  |  | (13,388,020 | )
Net investment income |  | $ | 19,248,463 |  |  | $ | 18,603,070 |  |  | $ | 57,195,320 |  |  | $ | 49,768,664 |
Schedule of Assets on Deposit With Life Insurance | Assets on deposit with life insurance regulatory authorities as required by law were as follows: Schedule of Assets on Deposit With Life Insurance
|  | As of September 30, 2023 |  |  | As of December 31, 2022 |
Fixed maturity securities available for sale |  | $ | 6,248,114 |  |  | $ | 8,817,959 |
Cash and cash equivalents |  |  | 1,956,777 |  |  |  | 2,214,206 |
Total |  | $ | 8,204,891 |  |  | $ | 11,032,165 |
Schedule of Commercial Real Estate Investment | The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated: Schedule of Commercial Real Estate Investment
|  | Net Book Value |  |  | Total Square Footage |
|  | September 30, 2023 |  |  | December 31, 2022 |  |  | September 30, 2023 |  |  | December 31, 2022 |
Utah (1) |  | $ | 143,735,609 |  |  | $ | 147,627,946 |  |  |  | 625,920 |  |  |  | 625,920 |
Louisiana |  |  | 19,416 |  |  |  | 2,380,847 |  |  |  | 1,622 |  |  |  | 31,778 |
Mississippi |  |  | 2,901,441 |  |  |  | 2,881,863 |  |  |  | 19,694 |  |  |  | 19,694 |
|  | $ | 146,656,466 |  |  | $ | 152,890,656 |  |  |  | 647,236 |  |  |  | 677,392 |
(1) | Includes Center53
The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:
|  | Net Book Value |  |  | Total Square Footage |
|  | September 30, 2023 |  |  | December 31, 2022 |  |  | September 30, 2023 |  |  | December 31, 2022 |
Louisiana |  | $ | 2,327,107 |  |  | $ | - |  |  |  | 30,156 |  |  |  | - |
Mississippi (1) |  |  | 151,553 |  |  |  | 151,553 |  |  |  | - |  |  |  | - |
|  | $ | 2,478,660 |  |  | $ | 151,553 |  |  |  | 30,156 |  |  |  | - |
(1) | Consists of 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 as of the respective dates indicated: Schedule of Residential Real Estate Investment
|  | Net Book Value |
|  | September 30, 2023 |  |  | December 31, 2022 |
Utah (1) |  | $ | 38,034,997 |  |  | $ | 38,437,960 |
|  | $ | 38,034,997 |  |  | $ | 38,437,960 |
(1) | Includes residential subdivision development
The following table presents additional information regarding the Company’s residential subdivision development in Utah:
|  | September 30, 2023 |  |  | December 31, 2022 |
Lots developed |  |  | 50 |  |  |  | 80 |
Lots to be developed |  |  | 1,080 |  |  |  | 1,131 |
Book Value |  | $ | 37,846,685 |  |  | $ | 38,241,705 |
The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:
|  | Net Book Value |
|  | September 30, 2023 |  |  | December 31, 2022 |
Utah |  |  | $ 2,285,707 | (1) |  | $ | 11,010,029 |
|  | $ | 2,285,707 |  |  | $ | 11,010,029 |
(1) | Unimproved land
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, 2023, 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 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1) |  | Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales |  |  | 221,000 |  |  |  | 50 | %
1044 River Oaks Dr., Flowood, MS (1) |  | Life Insurance Operations |  |  | 19,694 |  |  |  | 28 | %
1818 Marshall Street, Shreveport, LA (2) |  | Life Insurance Operations |  |  | 12,274 |  |  |  | 100 | %
909 Foisy Street, Alexandria, LA (2) |  | Life Insurance Sales |  |  | 8,059 |  |  |  | 100 | %
812 Sheppard Street, Minden, LA (2) |  | Life Insurance Sales |  |  | 1,560 |  |  |  | 100 | %
1550 N 3rd Street, Jena, LA (2) |  | Life Insurance Sales |  |  | 1,737 |  |  |  | 100 | %
(1) | Included in real estate held for investment on the condensed consolidated balance sheets
(2) | Included in property and equipment on the condensed consolidated balance sheets
Schedule of Allowance for Loan Losses | The following table presents a roll forward of the allowance for credit losses as of the dates indicated: Schedule of Allowance for Loan Losses
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2023 |  | $ | 187,129 |  |  | $ | 1,739,980 |  |  | $ | 43,202 |  |  | $ | 1,970,311 |
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13) (1) |  |  | 555,807 |  |  |  | (192,607 | ) |  |  | 301,830 |  |  |  | 665,030 |
Change in provision for credit losses (2) |  |  | 67,246 |  |  |  | 52,797 |  |  |  | (142,440 | ) |  |  | (22,397 | )
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance - September 30, 2023 |  | $ | 810,182 |  |  | $ | 1,600,170 |  |  | $ | 202,592 |  |  | $ | 2,612,944 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2022 |  | $ | 187,129 |  |  | $ | 1,469,571 |  |  | $ | 43,202 |  |  | $ | 1,699,902 |
Change in provision for credit losses (2) |  |  | - |  |  |  | 270,409 |  |  |  | - |  |  |  | 270,409 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance - December 31, 2022 |  | $ | 187,129 |  |  | $ | 1,739,980 |  |  | $ | 43,202 |  |  | $ | 1,970,311 |
(1) | See Note 2 of the notes to the condensed consolidated financial statements
(2) | Included in other expenses on the condensed consolidated statements of earnings
Schedule of Aging of Mortgage Loans | The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated: Schedule of Aging of Mortgage Loans
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days past due |  | $ | 3,139,403 |  |  | $ | 3,816,822 |  |  | $ | 805,766 |  |  | $ | 7,761,991 |
60-89 days past due |  |  | - |  |  |  | 1,795,326 |  |  |  | - |  |  |  | 1,795,326 |
Over 90 days past due (1) |  |  | 1,646,508 |  |  |  | 3,778,582 |  |  |  | 1,005,417 |  |  |  | 6,430,507 |
In process of foreclosure (1) |  |  | - |  |  |  | 276,580 |  |  |  | - |  |  |  | 276,580 |
Total past due |  |  | 4,785,911 |  |  |  | 9,667,310 |  |  |  | 1,811,183 |  |  |  | 16,264,404 |
Current |  |  | 51,205,116 |  |  |  | 86,924,333 |  |  |  | 99,484,568 |  |  |  | 237,614,017 |
Total mortgage loans |  |  | 55,991,027 |  |  |  | 96,591,643 |  |  |  | 101,295,751 |  |  |  | 253,878,421 |
Allowance for credit losses |  |  | (810,182 | ) |  |  | (1,600,170 | ) |  |  | (202,592 | ) |  |  | (2,612,944 | )
Unamortized deferred loan fees, net |  |  | (145,572 | ) |  |  | (1,129,517 | ) |  |  | (354,457 | ) |  |  | (1,629,546 | )
Unamortized discounts, net |  |  | (220,276 | ) |  |  | (108,557 | ) |  |  | - |  |  |  | (328,833 | )
Net mortgage loans held for investment |  | $ | 54,814,997 |  |  | $ | 93,753,399 |  |  | $ | 100,738,702 |  |  | $ | 249,307,098 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days past due |  | $ | 1,000,000 |  |  | $ | 3,553,390 |  |  | $ | - |  |  | $ | 4,553,390 |
60-89 days past due |  |  | - |  |  |  | 814,184 |  |  |  | - |  |  |  | 814,184 |
Over 90 days past due (1) |  |  | - |  |  |  | 1,286,211 |  |  |  | - |  |  |  | 1,286,211 |
In process of foreclosure (1) |  |  | 405,000 |  |  |  | 876,174 |  |  |  | - |  |  |  | 1,281,174 |
Total past due |  |  | 1,405,000 |  |  |  | 6,529,959 |  |  |  | - |  |  |  | 7,934,959 |
Current |  |  | 44,906,955 |  |  |  | 86,825,664 |  |  |  | 172,516,125 |  |  |  | 304,248,744 |
Total mortgage loans |  |  | 46,311,955 |  |  |  | 93,355,623 |  |  |  | 172,516,125 |  |  |  | 312,183,703 |
Allowance for credit losses |  |  | (187,129 | ) |  |  | (1,739,980 | ) |  |  | (43,202 | ) |  |  | (1,970,311 | )
Unamortized deferred loan fees, net |  |  | (199,765 | ) |  |  | (1,212,994 | ) |  |  | (333,846 | ) |  |  | (1,746,605 | )
Unamortized discounts, net |  |  | (230,987 | ) |  |  | (111,873 | ) |  |  | - |  |  |  | (342,860 | )
Net mortgage loans held for investment |  | $ | 45,694,074 |  |  | $ | 90,290,776 |  |  | $ | 172,139,077 |  |  | $ | 308,123,927 |
(1) | Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.
Schedule of Commercial Mortgage Loans By Credit Quality Indicator | The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2023: Schedule of Commercial Mortgage Loans By Credit Quality Indicator
Credit Quality Indicator |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Total |  |  | % of Total |
LTV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 17,525,000 |  |  | $ | 13,396,458 |  |  | $ | 3,800,378 |  |  | $ | - |  |  | $ | 2,989,026 |  |  | $ | 6,796,621 |  |  | $ | 44,507,483 |  |  |  | 79.49 | %
65% to 80% |  |  | - |  |  |  | 4,585,706 |  |  |  | 1,050,000 |  |  |  | 4,913,313 |  |  |  | - |  |  |  | - |  |  |  | 10,549,019 |  |  |  | 18.84 | %
Greater than 80% |  |  | - |  |  |  | 529,525 |  |  |  | 405,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 934,525 |  |  |  | 1.67 | %
Total |  | $ | 17,525,000 |  |  | $ | 18,511,689 |  |  | $ | 5,255,378 |  |  | $ | 4,913,313 |  |  | $ | 2,989,026 |  |  | $ | 6,796,621 |  |  | $ | 55,991,027 |  |  |  | 100.00 | %
DSCR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
>1.20x |  | $ | 5,725,000 |  |  | $ | 1,000,000 |  |  | $ | 1,750,000 |  |  | $ | 4,913,313 |  |  | $ | 2,989,026 |  |  | $ | 2,754,604 |  |  | $ | 19,131,943 |  |  |  | 34.17 | %
1.00x - 1.20x |  |  | 5,300,000 |  |  |  | 8,496,130 |  |  |  | 3,505,378 |  |  |  | - |  |  |  | - |  |  |  | 4,042,017 |  |  |  | 21,343,525 |  |  |  | 38.12 | %
<1.00x |  |  | 6,500,000 |  |  |  | 9,015,559(1) | (1) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15,515,559 |  |  |  | 27.71 | %
Total |  | $ | 17,525,000 |  |  | $ | 18,511,689 |  |  | $ | 5,255,378 |  |  | $ | 4,913,313 |  |  | $ | 2,989,026 |  |  | $ | 6,796,621 |  |  | $ | 55,991,027 |  |  |  | 100.00 | %
(1) | Commercial construction loan
The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing loan performance. The Company defines non-performing mortgage loans as loans more than 90 days past due and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment. The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2023:
Credit Quality Indicator |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Total |  |  | % of Total |
Performance Indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 7,788,450 |  |  | $ | 55,306,009 |  |  | $ | 7,249,701 |  |  | $ | 7,495,836 |  |  | $ | 2,808,390 |  |  | $ | 11,888,093 |  |  | $ | 92,536,479 |  |  |  | 95.80 | %
Non-performing (1) |  |  | 324,111 |  |  |  | 838,669 |  |  |  | 741,534 |  |  |  | 800,486 |  |  |  | - |  |  |  | 1,350,364 |  |  |  | 4,055,164 |  |  |  | 4.20 | %
Total |  | $ | 8,112,561 |  |  | $ | 56,144,678 |  |  | $ | 7,991,235 |  |  | $ | 8,296,322 |  |  | $ | 2,808,390 |  |  | $ | 13,238,457 |  |  | $ | 96,591,643 |  |  |  | 100.00 | %
(1) | Includes residential mortgage loans in the process of foreclosure of $276,580 as of September 30, 2023
Schedule of Residential Construction Mortgage Loans | The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2023: Schedule of Residential Construction Mortgage Loans
Credit Quality Indicator |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Total |  |  | % of Total |
Performance Indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 48,525,276 |  |  | $ | 27,213,555 |  |  | $ | 24,551,503 |  |  | $ | 100,290,334 |  |  |  | 99.01 | %
Non-performing |  |  | - |  |  |  | 1,005,417 |  |  |  | - |  |  |  | 1,005,417 |  |  |  | 0.99 | %
Total |  | $ | 48,525,276 |  |  | $ | 28,218,972 |  |  | $ | 24,551,503 |  |  | $ | 101,295,751 |  |  |  | 100.00 | %
LTV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 29,476,916 |  |  | $ | 8,675,281 |  |  | $ | 17,117,181 |  |  | $ | 55,269,378 |  |  |  | 54.56 | %
65% to 80% |  |  | 19,048,360 |  |  |  | 19,543,691 |  |  |  | 7,434,322 |  |  |  | 46,026,373 |  |  |  | 45.44 | %
Greater than 80% |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.00 | %
Total |  | $ | 48,525,276 |  |  | $ | 28,218,972 |  |  | $ | 24,551,503 |  |  | $ | 101,295,751 |  |  |  | 100.00 | %
Schedule of Aging of Insurance Assignments | The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets: Schedule of Aging of Insurance Assignments
|  | As of September 30, 2023 |  |  | As of December 31, 2022 |
30-59 days past due |  | $ | 9,374,806 |  |  | $ | 10,621,443 |
60-89 days past due |  |  | 3,591,685 |  |  |  | 3,997,484 |
Over 90 days past due |  |  | 4,611,748 |  |  |  | 5,813,013 |
Total past due |  |  | 17,578,239 |  |  |  | 20,431,941 |
Current |  |  | 25,045,762 |  |  |  | 26,510,594 |
Total insurance assignments |  |  | 42,624,001 |  |  |  | 46,942,536 |
Allowance for credit losses |  |  | (1,555,261 | ) |  |  | (1,609,951 | )
Net insurance assignments |  | $ | 41,068,740 |  |  | $ | 45,332,585 |
Schedule of Allowance for Credit Losses | The following table presents a roll forward of the allowance for credit losses for insurance assignments as of the dates indicated: Schedule of Allowance for Credit Losses
|  | Allowance |
Beginning balance - January 1, 2023 |  | $ | 1,609,951 |
Change in provision for credit losses (1) |  |  | 667,260 |
Charge-offs |  |  | (721,950 | )
Ending balance - September 30, 2023 |  | $ | 1,555,261 |
Beginning balance - January 1, 2022 |  | $ | 1,686,218 |
Change in provision for credit losses (1) |  |  | 889,480 |
Charge-offs |  |  | (965,747 | )
Ending balance - December 31, 2022 |  | $ | 1,609,951 |
(1) | Included in other expenses on the condensed consolidated statements of earnings
Schedule of Gain (Loss) on Investments | The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets: Schedule of Gain (Loss) on Investments
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 37,565 |  |  | $ | 30,121 |  |  | $ | 54,619 |  |  | $ | 205,755 |
Gross realized losses |  |  | (10,383 | ) |  |  | (26,203 | ) |  |  | (102,182 | ) |  |  | (36,961 | )
Net credit loss (provision) release |  |  | 1,740 |  |  |  | - |  |  |  | (222,264 | ) |  |  | - |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on securities sold |  |  | 324,009 |  |  |  | (131,472 | ) |  |  | 277,057 |  |  |  | (60,154 | )
Unrealized losses on securities held at the end of the period |  |  | (1,321,511 | ) |  |  | (1,383,627 | ) |  |  | (423,448 | ) |  |  | (4,097,049 | )
Real estate held for investment and sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | 36,166 |  |  |  | - |  |  |  | 197,194 |  |  |  | 1,260,548 |
Gross realized losses |  |  | - |  |  |  | (727,370 | ) |  |  | - |  |  |  | (825,593 | )
Other assets, including call and put option derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | - |  |  |  | 59,599 |  |  |  | 214,348 |  |  |  | 632,082 |
Gross realized losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | (932,414 | ) |  | $ | (2,178,952 | ) |  | $ | (4,676 | ) |  | $ | (2,921,372 | )
Schedule of Accrued Investment Income | Accrued investment income consists of the following: Schedule of Accrued Investment Income
|  | As of September 30, 2023 |  |  | As of December 31, 2022 |
Fixed maturity securities available for sale |  | $ | 4,343,327 |  |  | $ | 3,563,767 |
Equity securities |  |  | 12,729 |  |  |  | 14,496 |
Mortgage loans held for investment |  |  | 4,732,717 |  |  |  | 3,220,709 |
Real estate held for investment |  |  | 3,158,708 |  |  |  | 3,455,305 |
Policy Loans |  |  | 4,463 |  |  |  | 37,951 |
Cash and cash equivalents |  |  | 14,751 |  |  |  | 7,598 |
Total accrued investment income |  | $ | 12,266,695 |  |  | $ | 10,299,826 |

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