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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments

The Company’s investments as of December 31, 2023 are summarized as follows:

  

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses (1)   Allowance for Credit Losses   Estimated Fair Value 
December 31, 2023:                         
Fixed maturity securities, available for sale, at estimated fair value:                         
U.S. Treasury securities and obligations of U.S. Government agencies  $111,450,753   $344,425   $(1,416,448)  $-   $110,378,730 
                          
Obligations of states and political subdivisions   6,524,083    500    (319,260)   -    6,205,323 
                          
Corporate securities including public utilities   232,299,727    3,688,642    (7,145,507)   (308,500)   228,534,362 
                          
Mortgage-backed securities   40,359,878    506,647    (4,702,905)   (6,049)   36,157,571 
                          
Redeemable preferred stock   250,000    10,000    -    -    260,000 
                          
Total fixed maturity securities available for sale  $390,884,441   $4,550,214   $(13,584,120)  $(314,549)  $381,535,986 
                          
Equity securities at estimated fair value:                         
                          
Common stock:                         
                          
Industrial, miscellaneous and all other  $10,571,505   $3,504,141   $(439,575)       $13,636,071 
                          
Total equity securities at estimated fair value  $10,571,505   $3,504,141   $(439,575)       $13,636,071 
                          
Mortgage loans held for investment at amortized cost:                         
Residential  $103,153,587                     
Residential construction   104,052,748                     
Commercial   74,176,538                     
Less: Unamortized deferred loan fees, net   (1,623,226)                    
Less: Allowance for credit losses   (3,818,653)                    
Less: Net discounts   (324,157)                    
                          
Total mortgage loans held for investment  $275,616,837                     
                          
Real estate held for investment - net of accumulated depreciation:                         
Residential  $40,924,865                     
Commercial   142,494,427                     
                          
Total real estate held for investment  $183,419,292                     
                          
Real estate held for sale:                         
Residential  $-                     
Commercial   3,028,973                     
                          
Total real estate held for sale  $3,028,973                     
                          
Other investments and policy loans at amortized cost:                         
Policy loans  $13,264,183                     
Insurance assignments   45,605,322                     
Federal Home Loan Bank stock (2)   2,279,800                     
Other investments   9,809,148                     
Less: Allowance for credit losses   (1,553,836)                    
                          
Total policy loans and other investments  $69,404,617                     
                          
Accrued investment income  $10,170,790                     
                          
Total investments  $936,812,566                     

 

 

(1)Gross unrealized losses are net of allowance for credit losses
(2)Includes $530,900 of Membership stock and $1,748,900 of Activity stock due to short-term advances and letters of credit.

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2023 and 2022

 

2) 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 loan 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 doubtful accounts   (1,609,951)               
                     
Total policy loans and other investments  $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 due to short-term advances and letters of credit.
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   Fair Value 
At December 31, 2023                              
U.S. Treasury securities and obligations of U.S. Government agencies  $29,394   $9,436,090   $1,387,054   $70,885,403   $1,416,448   $80,321,493 
Obligations of states and political subdivisions   11,105    470,325    308,155    5,284,498    319,260    5,754,823 
Corporate securities including public utilities   529,660    32,507,773    6,615,847    107,556,216    7,145,507    140,063,989 
Mortgage and other asset-backed securities   29,799    2,260,445    4,673,106    22,184,174    4,702,905    24,444,619 
Total unrealized losses  $599,958   $44,674,633   $12,984,162   $205,910,291   $13,584,120   $250,584,924 
                               
At 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 including public utilities    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 
Total unrealized losses  $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

  

    December 31, 2023   December 31, 2022 
NAIC Designation   Amortized
Cost		   Estimated Fair
Value		   Amortized
Cost		   Estimated Fair
Value		 
1   $221,933,425   $216,975,288   $197,753,818   $189,691,540 
2    161,062,016    157,346,803    156,261,804    148,073,873 
3    6,418,829    5,953,542    7,080,305    6,635,786 
4    982,290    948,478    1,377,541    1,157,454 
5    236,648    51,875    25,736    39,155 
6    1,233    -    1,307    684 
Total   $390,634,441   $381,275,986   $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:

  

                     
   Year Ended December 31, 2023 
   U.S. Treasury Securities And Obligations of U.S. Government Agencies   Obligations of states and political subdivisions  

Corporate securities

including public utilities

   Mortgage-backed securities   Total 
                     
Beginning balance - December 31, 2022  $      -   $-   $-   $-   $- 
                          
Additions for credit losses not previously recorded   -    -    261,500    6,049    267,549 
Change in allowance on securities with previous allowance   -    -    57,764    -    57,764 
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 - December 31, 2023  $-   $-   $308,500   $6,049   $314,549 
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:

  

   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 December 31  $225,475 
Schedule of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and estimated fair value of fixed maturity securities available for sale at December 31, 2023, by contractual maturity. 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.

  

   Amortized   Estimated Fair 
   Cost   Value 
Due in 1 year  $-   $- 
Due in 2-5 years   168,831,608    166,186,132 
Due in 5-10 years   95,804,878    95,031,727 
Due in more than 10 years   85,638,077    83,900,556 
Mortgage-backed securities   40,359,878    36,157,571 
Redeemable preferred stock   250,000    260,000 
Total  $390,884,441   $381,535,986 
Schedule of Major Categories of Net Investment Income

Information regarding sales of fixed maturity securities available for sale is presented as follows.

  

   2023   2022 
   Years Ended December 31, 
   2023   2022 
Proceeds from sales  $2,557,074   $3,091,105 
Gross realized gains   11,508    24,281 
Gross realized losses   (57,861)   (32,976)
 

   2023   2022 
   Years Ended December 31 
   2023   2022 
Fixed maturity securities available for sale  $16,871,558   $12,395,764 
Equity securities   616,989    511,118 
Mortgage loans held for investment   33,242,094    34,949,763 
Real estate held for investment and sale   14,786,017    14,563,269 
Policy loans   816,711    932,362 
Insurance assignments   18,118,391    18,112,840 
Other investments   617,420    518,865 
Cash and cash equivalents   4,250,029    1,666,945 
Gross investment income   89,319,209    83,650,926 
Investment expenses   (16,976,162)   (17,453,334)
Net investment income  $72,343,047   $66,197,592 
 
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 

   2023   2022 
   Years Ended December 31, 
   2023   2022 
Fixed maturity securities available for sale
at estimated fair value		  $6,206,650   $8,817,959 
Other investments   400,000    - 
Cash and cash equivalents   1,909,215    2,214,206 
Total assets on deposit  $8,515,865   $11,032,165 

 

Assets held in trust related to third-party reinsurance agreements were as follows:

 

   Years Ended December 31, 
   2023   2022 
Fixed maturity securities available for sale
at estimated fair value		  $27,903,952   $27,955,297 
Cash and cash equivalents   2,101,052    1,866,453 
Total assets on deposit  $30,005,004   $29,821,750 

 

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). Assets pledged as collateral with the FHLB are presented below. These pledged securities are used as collateral for any FHLB cash advances. See Note 7 of the Notes to the Consolidated Financial Statements for more information about the FHLB.

 

   Years Ended December 31, 
   2023   2022 
Fixed maturity securities available for sale
at estimated fair value		  $93,903,089   $93,034,880 
Total assets pledged as collateral  $93,903,089   $93,034,880 
Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows:

  

   Net Book Value   Total Square Footage 
   December 31,   December 31, 
   2023   2022   2023   2022 
Utah (1)  $142,475,177   $147,627,946    625,920    625,920 
Louisiana   19,250    2,380,847    1,622    31,778 
Mississippi (2)   -    2,881,863    -    19,694 
                     
   $142,494,427   $152,890,656    627,542    677,392 

 

 

(1)Includes Center53
(2)This property was moved to held for sale
(1)Consists of approximately 93 acres of undeveloped land for $151,553. The remaining property for $2,877,420 was sold in February 2024.
The Company’s commercial real estate held for sale is summarized as follows:

 

    Net Book Value   Total Square Footage 
    December 31,   December 31, 
    2023   2022   2023   2022 
Mississippi (1)   $3,028,973   $151,553    19,694    - 
                      
    $3,028,973   $151,553    19,694    - 

 

 

(1)Consists of approximately 93 acres of undeveloped land for $151,553 for 2023 and 2022. The remaining property for $2,877,420 was sold in February 2024 for a gain of approximately $250,000.
 
Schedule of Annual Undiscounted Cash Flows of Operating Lease Payments

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease payments expected to be received.

  

      
2024  $11,816,339 
2025   11,843,124 
2026   10,695,017 
2027   9,198,450 
2028   9,009,534 
Thereafter   46,371,762 
Total  $98,934,226 
Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows:

  

    Net Book Value 
    December 31, 
    2023   2022 
Utah (1)   $40,924,865   $38,437,960 
    $40,924,865   $38,437,960 

 

 

(1)Includes multiple residential subdivision development projects

 

The following table presents additional information regarding the Company’s residential subdivision development in Utah.

 

   December 31, 
   2023   2022 
Lots available for sale   42    80 
Lots to be developed   1,145    1,131 
Ending Balance  $40,739,201   $38,241,705 

 

The Company’s residential real estate held for sale is summarized as follows:

 

    Net Book Value 
    December 31, 
    2023   2022 
Utah   $-   $11,010,029(1)
    $-   $11,010,029 

 

 

(1)All sold in 2023
Schedule of Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the commercial real estate owned by the Company. As of December 31, 2023, real estate owned and occupied by the Company is summarized as follows:

   

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) (3)  Life Insurance Operations   19,694    28%
1818 Marshall Street, Shreveport, LA (2)  Life Insurance Operations   12,274    100%
909 Foisy Street, Alexandria, LA (2) (4)  Life Insurance Sales   8,059    100%
812 Sheppard Street, Minden, LA (2) (5)  Life Insurance Sales   1,560    100%
1550 N 3rd Street, Jena, LA (2) (3)  Life Insurance Sales   1,737    100%

 

 

(1)Included in real estate held for investment on the consolidated balance sheets
(2)Included in property and equipment on the consolidated balance sheets
(3)Listed for sale and sold during the first quarter of 2024
(4)Listed for sale and currently under contract
(5)Listed for sale

Schedule of Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

  

   Commercial   Residential   Residential Construction   Total 
December 31, 2023                    
Allowance for credit losses:                    
Beginning balance - January 1, 2023  $187,129   $1,739,980   $43,202   $1,970,311 
Adoption of ASU 2016-13 (1)   555,807    (192,607)   301,830    665,030 
Change in provision for credit losses (2)   476,717    843,521    (136,926)   1,183,312 
Charge-offs   -    -    -    - 
Ending balance - December 31, 2023  $1,219,653   $2,390,894   $208,106   $3,818,653 
                     
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 1 of the notes to the consolidated financial statements
(2)Included in other expenses on the 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.

  

   Commercial   Residential   Residential
Construction		   Total 
December 31, 2023                    
30-59 days past due  $-   $3,387,673   $-   $3,387,673 
60-89 days past due   -    3,472,760    -    3,472,760 
Over 90 days past due (1)   405,000    3,480,931    -    3,885,931 
In process of foreclosure (1)   1,241,508    1,021,790    -    2,263,298 
Total past due   1,646,508    11,363,154    -    13,009,662 
Current   72,530,030    91,790,433    104,052,748    268,373,211 
Total mortgage loans   74,176,538    103,153,587    104,052,748    281,382,873 
Allowance for credit losses   (1,219,653)   (2,390,894)   (208,106)   (3,818,653)
Unamortized deferred loan fees, net   (172,989)   (1,135,491)   (314,746)   (1,623,226)
Unamortized discounts, net   (216,705)   (107,452)   -    (324,157)
Net mortgage loans held for investment  $72,567,191   $99,519,750   $103,529,896   $275,616,837 
                     
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 December 31, 2023:

  

Credit Quality Indicator  2023   2022   2021   2020   2019   Prior   Total   % of Total 
LTV:                                        
Less than 65%  $34,304,954   $13,555,737   $3,778,248   $-   $2,964,740   $6,565,389   $61,169,068    82.46%
65% to 80%   1,523,926    5,115,231    1,050,000    4,913,313    -    -    12,602,470    16.99%
Greater than 80%   -    -    405,000    -    -    -    405,000    0.55%
                                         
Total  $35,828,880   $18,670,968   $5,233,248   $4,913,313   $2,964,740   $6,565,389   $74,176,538    100.00%
                                         
DSCR                                        
>1.20x  $20,990,000   $1,000,000   $700,000   $4,913,313   $2,964,740   $2,612,625   $33,180,678    44.73%
1.00x - 1.20x   8,338,880    8,496,127    3,483,248    -    -    3,952,764    24,271,019    32.72%
<1.00x   6,500,000    9,174,841(1)   1,050,000    -    -    -    16,724,841    22.55%
                                         
Total  $35,828,880   $18,670,968   $5,233,248   $4,913,313   $2,964,740   $6,565,389   $74,176,538    100.00%

 

 

(1)Commercial construction loan

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2023 and 2022

 

2) Investments (Continued)

 

The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing LTV and 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 December 31, 2023:

 

Credit Quality Indicator  2023   2022   2021   2020   2019   Prior   Total   % of Total 
Performance Indicators:                                        
Performing  $15,337,828   $53,875,389   $7,156,934   $7,453,796   $2,786,562   $12,040,357   $98,650,866    95.63%
Non-performing (1)   -    2,202,114    365,061    613,101    -    1,322,445    4,502,721    4.37%
                                         
Total  $15,337,828   $56,077,503   $7,521,995   $8,066,897   $2,786,562   $13,362,802   $103,153,587    100.00%

 

 

(1)Includes residential mortgage loans in the process of foreclosure of $1,021,790

 

  2023   2022   2021   2020   2019   Prior   Total   % of Total 
LTV:                                        
Less than 65%  $3,280,144   $7,049,522   $1,843,286   $1,746,970   $446,675   $5,206,095   $19,572,692    18.97%
65% to 80%   10,962,770    44,371,320    4,269,894    4,222,170    2,339,887    5,711,440    71,877,481    69.68%
Greater than 80%   1,094,914    4,656,661    1,408,815    2,097,757    -    2,445,267    11,703,414    11.35%
                                         
Total  $15,337,828   $56,077,503   $7,521,995   $8,066,897   $2,786,562   $13,362,802   $103,153,587    100.00%
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 December 31, 2023:

 

Credit Quality Indicator  2023   2022   2021   Total   % of Total 
Performance Indicators:                         
Performing  $60,311,679   $16,624,182   $27,116,887   $104,052,748    100.00%
Non-performing   -    -    -    -    0.00%
                          
Total  $60,311,679   $16,624,182   $27,116,887   $104,052,748    100.00%
                          
LTV:                         
Less than 65%  $40,215,360   $8,732,500   $20,442,302   $69,390,162    66.69%
65% to 80%   20,096,319    7,891,682    6,674,585    34,662,586    33.31%
Greater than 80%   -    -    -    -    0.00%
                          
Total  $60,311,679   $16,624,182   $27,116,887   $104,052,748    100.00%
Schedule of Mortgage loans Held for Investment

 

       Principal   Principal   Principal 
       Amounts   Amounts   Amounts 
       Due in   Due in   Due 
   Total   1 Year   2-5 Years   Thereafter 
Residential  $103,153,587   $2,554,380   $9,231,545   $91,367,662 
Residential Construction   104,052,748    88,880,893    15,171,855    - 
Commercial   74,176,538    39,562,489    19,457,975    15,156,074 
Total  $281,382,873   $130,997,762   $43,861,375   $106,523,736 
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:

 

   Years Ended December 31, 
   2023   2022 
30-59 days past due  $10,829,629   $10,621,443 
60-89 days past due   3,709,754    3,997,484 
Over 90 days past due   4,329,468    5,813,013 
Total past due   18,868,851    20,431,941 
Current   26,736,471    26,510,594 
Total insurance assignments   45,605,322    46,942,536 
Allowance for credit losses   (1,553,836)   (1,609,951)
Net insurance assignments  $44,051,486   $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:

 

   Allowance 
Beginning balance - January 1, 2023  $1,609,951 
Change in provision for credit losses (1)   891,959 
Charge-offs   (948,074)
Ending balance - December 31, 2023  $1,553,836 
      
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 consolidated statements of earnings
Schedule of Gain (Loss) on Investments

The following table presents the net realized gains and losses from sales, calls, and maturities, unrealized gains and losses on equity securities from investments and other assets.

 

   2023   2022 
   Years Ended December 31 
   2023   2022 
Fixed maturity securities available for sale:          
Gross realized gains  $67,686   $205,949 
Gross realized losses   (106,760)   (43,776)
Net credit loss (provision) release   (325,314)   - 
           
Equity securities:          
Gains (losses) on securities sold   254,917    (10,519)
Unrealized gains (losses) on securities held at the
end of the period		   1,782,219    (2,109,556)
           
Real estate held for investment and sale:          
Gross realized gains   197,194    1,239,332 
Gross realized losses   (71,792)   (825,593)
           
Other assets, including call and put option derivatives:          
Gross realized gains   214,349    686,703 
Gross realized losses   (175,157)   - 
Total  $1,837,342   $(857,460)
Schedule of Accrued Investment Income

Accrued investment income consists of the following:

 

   2023   2022 
   Years Ended December 31, 
   2023   2022 
Fixed maturity securities available for sale  $3,984,695   $3,563,767 
Equity securities   20,451    14,496 
Mortgage loans held for investment   2,661,092    3,220,709 
Real estate held for investment   3,486,115    3,455,305 
Policy Loans   -    37,951 
Cash and cash equivalents   18,437    7,598 
Total accrued investment income  $10,170,790   $10,299,826