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Value of Business Acquired, Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Value of Business Acquired, Goodwill and Other Intangible Assets | 5) Value of Business Acquired, Goodwill and Other Intangible Assets Information regarding value of business acquired was as follows: Schedule of Value of Business Acquired
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 9,803,736 |  |  | $ | 8,421,432 |
Value of business acquired |  |  | - |  |  |  | 2,136,085 |
Imputed interest at 7% included in earnings |  |  | 626,666 | (1) |  |  | 642,919 | (1)
Amortization included in earnings |  |  | (1,926,668 | )(1) |  |  | (1,907,250 | )(1)
Shadow amortization included in other comprehensive income |  |  | (36,121 | ) |  |  | 510,550 |
Net amortization |  |  | (1,336,123 | ) |  |  | (753,781 | )
Balance at end of year |  | $ | 8,467,613 |  |  | $ | 9,803,736 |
(1) |  | Included in Amortization of deferred policy and pre-need acquisition costs and value of business acquired on the consolidated statements of earnings
Presuming no additional acquisitions, net amortization charged to income is expected to approximate the following: Schedule of Acquisitions Net Amortization Charged to Income
2024 |  | $ | 1,219,496 |
2025 |  |  | 1,112,965 |
2026 |  |  | 1,030,635 |
2027 |  |  | 957,074 |
2028 |  |  | 833,216 |
Thereafter |  |  | 3,314,227 |
Total |  | $ | 8,467,613 |
Actual amortization may vary based on changes in assumptions or experience. As of December 31, 2023, value of business acquired is being amortized over a weighted average life of 5.1 years. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2023 and 2022 5) Value of Business Acquired, Goodwill and Other Intangible Assets (Continued) Information regarding goodwill by segment was as follows: Schedule of Goodwill by Segment
|  | Life Insurance |  |  | Cemetery/ Mortuary |  |  | Total |
Balance at January 1, 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 |
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 |
Acquisition |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  | $ | 2,765,570 |  |  | $ | 2,488,213 |  |  | $ | 5,253,783 |
Goodwill is not amortized but is tested annually for impairment. The annual impairment tests resulted in no impairment of goodwill for 2023 and 2022. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2023 and 2022 5) Value of Business Acquired, Goodwill and Other Intangible Assets (Continued) The carrying value of the Company’s other intangible assets were as follows which is included in other assets: Schedule of Carrying Value of Intangible Asset
|  |  |  | December 31, |
|  | Useful Life |  | 2023 |  |  | 2022 |
Intangible asset - trade name (1) |  | 15 years |  | $ | 2,100,000 |  |  | $ | 2,100,000 |
Intangible assets - other (1) |  | 15 years |  |  | 210,000 |  |  |  | 210,000 |
Intangible asset - trade name (2) |  | 15 years |  |  | 610,000 |  |  |  | 610,000 |
Intangible asset - customer lists (3) |  | 15 years |  |  | 890,000 |  |  |  | 890,000 |
Less accumulated amortization |  |  |  |  | (807,333 | ) |  |  | (553,333 | )
Balance at end of year |  |  |  | $ | 3,002,667 |  |  | $ | 3,256,667 |
(1) |  | Rivera Funerals, Cremations and Memorial Gardens
(2) |  | Kilpatrick Life
(3) |  | Beta Capital Corp
Amortization expense for 2023 and 2022 was $254,000 and $256,000, respectively, and is included in other expenses on the consolidated statements of earnings. 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
2024 |  | $ | 254,000 |
2025 |  |  | 254,000 |
2026 |  |  | 254,000 |
2027 |  |  | 254,000 |
2028 |  |  | 254,000 |
Thereafter |  |  | 1,732,667 |
Total |  | $ | 3,002,667 |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2023 and 2022

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