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Value of Business Acquired, Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]  
Schedule of Value of Business Acquired

Information regarding the value of business acquired was as follows:

 

   2024   2023 
   December 31, 
   2024   2023 
Balance at beginning of year  $8,467,613   $9,803,736 
Value of business acquired   -    - 
Imputed interest at 7% included in earnings   558,569(1)   626,666(1)
Amortization included in earnings   (1,466,527)(1)   (1,926,668)(1)
Shadow amortization included in other
comprehensive income		   (68,055)   (36,121)
Net amortization   (976,013)   (1,336,123)
Balance at end of year  $7,491,600   $8,467,613 

 

 

(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:

 

      
2025  $867,499 
2026   827,016 
2027   774,850 
2028   713,969 
2029   647,332 
Thereafter   3,660,934 
Total  $7,491,600 
Schedule of Goodwill by Segment

Information regarding goodwill by segment was as follows:

 

   Life Insurance   Cemetery/
Mortuary		   Total 
Balance at January 1, 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 
                
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 
                
Acquisition   -    -    - 
                
Balance at December 31, 2024:               
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 are included in other assets on the consolidated balance sheets:

 

      December 31, 
   Useful Life  2024   2023 
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 (2)  15 years   2,290,000    890,000 
Less accumulated amortization      (1,131,333)   (807,333)
Balance at end of year     $4,078,667   $3,002,667 

 

 

(1)Cemetery/Mortuary Segment
(2)Life Insurance Segment
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, 2024, 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 
2025  $305,312 
2026   272,903 
2027   249,515 
2028   224,804 
2029   202,811 
Thereafter   1,684,533 
Total  $2,939,878 
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:

 

      
2025  $347,333 
2026   347,333 
2027   347,333 
2028   347,333 
2029   347,333 
Thereafter   2,342,002 
Total  $4,078,667