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Derivative Instruments
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments

19) Derivative Instruments

 

The Company reports derivative instruments pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.

 

The following table shows the fair value and notional amounts of derivative instruments.

 

      December 31, 2023   December 31, 2022 
   Balance Sheet Location  Notional Amount   Asset Fair Value   Liability Fair Value   Notional Amount   Asset Fair Value   Liability Fair Value 
Derivatives not designated as hedging instruments:                           
Loan commitments  Other assets and Other liabilities  $161,832,250   $4,995,486   $3,412,224   $453,371,808   $4,089,856   $1,382,979 
Call options  Other liabilities   -    —    -    868,600    —    29,715 
Put options  Other liabilities   -    —    -    654,500    —    13,888 
Total     $161,832,250   $4,995,486   $3,412,224   $454,894,908   $4,089,856   $1,426,582 

 

The following table presents the gains (losses) on derivatives. There were no gains or losses reclassified from accumulated other comprehensive income into income or gains or losses recognized in income on derivatives ineffective portion or any amounts excluded from effective testing.

 

      Years ended December 31, 
Derivative  Classification  2023   2022 
Loan commitments  Mortgage fee income  $(1,123,615)  $(4,308,638)
              
Call and put options  Gains on investments and other assets  $49,963   $202,886 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2023 and 2022