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Value of Business Acquired, Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]  
Schedule of Value of Business Acquired

Information regarding value of business acquired was as follows:

 

   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
Schedule of Acquisitions Net Amortization Charged to Income

Presuming no additional acquisitions, net amortization charged to income is expected to approximate the following:

 

      
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 
Schedule of Goodwill by Segment

Information regarding goodwill by segment was as follows:

 

   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
Schedule of Carrying Value of Intangible Asset

The carrying value of the Company’s other intangible assets were as follows which is included in other assets:

 

      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
Schedule of Estimate of Future Amortization for Other Intangible Assets

The table below summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the Company’s assumptions in its December 31, 2023 valuation of MSRs. The assumptions used in the following table are likely to change as market conditions, portfolio composition and borrower behavior change, causing both actual and projected amortization levels to change over time.

 

   Estimated MSR Amortization 
2024  $390,131 
2025   342,170 
2026   306,597 
2027   271,773 
2028   242,596 
Thereafter   1,907,879 
Total  $3,461,146 
Other Intangible Assets [Member]  
Finite-Lived Intangible Assets [Line Items]  
Schedule of Estimate of Future Amortization for Other Intangible Assets

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