XML 23 R7.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net earnings $ 14,495,058 $ 25,690,302
Adjustments to reconcile net earnings to net cash used in operating activities:    
Losses (gains) on investments and other assets (1,837,342) 857,460
Depreciation 8,641,080 8,598,072
Provision for credit losses 1,959,707 1,331,887
Net amortization of deferred fees and costs, premiums and discounts (2,140,548) (1,018,200)
Provision for deferred income taxes (2,495,489) (9,954,005)
Policy and pre-need acquisition costs deferred (24,432,809) (20,233,669)
Policy and pre-need acquisition costs amortized 16,724,336 16,685,871
Value of business acquired amortized 1,300,002 1,264,331
Mortgage servicing rights, additions (1,009,312) (10,243,922)
Amortization of mortgage servicing rights [1] 587,931 9,078,706
Net gains on the sale of mortgage servicing rights (34,051,938)
Stock based compensation expense 601,362 929,692
Benefit plans funded with treasury stock 2,210,719 5,061,297
Net change in fair value of loans held for sale 478,460 8,834,797
Originations of loans held for sale (2,173,080,584) (3,373,554,484)
Proceeds from sales of loans held for sale 2,224,454,040 3,549,405,402
Net gains on sales of loans held for sale (40,239,112) (74,779,721)
Change in assets and liabilities:    
Land and improvements held for sale (62,217) (123,597)
Future policy benefits and unpaid claims 29,745,349 27,487,657
Other operating assets and liabilities (2,025,510) (815,484)
Net cash provided by operating activities 53,875,121 130,450,454
Cash flows from investing activities:    
Purchases of fixed maturity securities (70,315,501) (151,581,252)
Sales, calls and maturities of fixed maturity securities 42,966,901 25,163,141
Purchase of equity securities (6,993,289) (4,193,460)
Sales of equity securities 6,346,625 2,804,274
Purchases of restricted assets (3,065,758) (862,654)
Sales, calls and maturities of restricted assets 840,080
Purchases of cemetery perpetual care trust investments (1,083,550)
Sales, calls and maturities of cemetery perpetual care trust investments 458,046 1,205,208
Mortgage loans held for investment, other investments and policy loans made (645,581,141) (752,301,471)
Payments received for mortgage loans held for investment, other investments and policy loans 682,267,677 759,243,828
Proceeds from the sale of mortgage servicing rights 79,981,150
Purchases of property and equipment (1,109,937) (1,600,195)
Sales of property and equipment 69,248
Purchases of real estate (22,894,604) (20,458,983)
Sales of real estate 32,772,520 25,369,430
Net cash provided by (used in) investing activities 14,608,069 (37,161,736)
Cash flows from financing activities:    
Investment contract receipts 12,572,508 11,730,820
Investment contract withdrawals (15,654,593) (15,795,677)
Proceeds from stock options exercised 134,387 143,432
Purchase of treasury stock (2,846,447) (7,663,905)
Repayment of bank loans (69,602,737) (50,308,296)
Proceeds from bank loans 68,500,000 59,618,050
Net change in warehouse line borrowings for loans held for sale (55,146,726) (98,943,607)
Net cash used in financing activities (62,043,608) (101,219,183)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents 6,439,582 (7,930,465)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 133,483,817 141,414,282
Total cash, cash equivalents, restricted cash and restricted cash equivalents 139,923,399 133,483,817
Supplemental Disclosure of Cash Flow Information:    
Interest 5,136,747 7,697,921
Income taxes 20,406,598 729,687
Non Cash Investing and Financing Activities:    
Transfer of loans held for sale to mortgage loans held for investment 3,017,626 51,691,213
Transfer from mortgage loans held for investment to restricted assets 1,625,961
Transfer from mortgage loans held for investment to cemetery perpetual care trust investments 1,611,550
Accrued real estate construction costs and retainage 1,025,397
Mortgage loans held for investment foreclosed into real estate held for investment 10,998,485
Right-of-use assets obtained in exchange for operating lease liabilities 160,348 2,054,534
Right-of-use assets obtained in exchange for finance lease liabilities 12,332
Cash and cash equivalents 126,941,658 120,919,805
Restricted assets 10,114,694 10,638,034
Cemetery perpetual care trust investments $ 2,867,047 $ 1,925,978
[1] Included in other expenses on the consolidated statements of earnings