0001096906-20-000268 | 10-Q | XBRL Viewer | Security National Financial Corp

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Nov. 10, 2020
Registrant CIK	0000318673
Fiscal Year End	--12-31
Registrant Name	Security National Financial Corporation
SEC Form	10-Q
Period End date	Sep. 30, 2020
Tax Identification Number (TIN)	87-0345941
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Shell Company	false
Small Business	true
Emerging Growth Company	false
Entity Incorporation, State or Country Code	UT
Entity File Number	000-09341
Entity Address, Address Line One	121 West Election Road
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Draper
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84020
City Area Code	(801)
Local Phone Number	264-1060
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Common Class A
Number of common stock shares outstanding		16,573,341
Common Class C
Number of common stock shares outstanding		2,589,783

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities, available for sale, at estimated fair value	$ 344,917,387	$ 355,977,820
Equity securities at estimated fair value	11,215,606	7,271,165
Mortgage loans held for investment (net of allowances for loan losses of $2,046,481 and $1,453,037 for 2020 and 2019)	245,609,527	236,694,546
Real estate held for investment (net of accumulated depreciation of $13,497,759 and $12,788,739 for 2020 and 2019)	123,002,683	102,756,946
Real estate held for sale	7,990,181	14,097,627
Other investments and policy loans (net of allowances for doubtful accounts of $1,602,483 and $1,448,026 for 2020 and 2019)	68,008,150	60,245,269
Accrued investment income	5,712,998	4,833,232
Total investments	806,456,532	781,876,605
Cash and cash equivalents	151,686,960	127,754,719
Loans held for sale at estimated fair value	445,878,979	213,457,632
Receivables (net of allowances for doubtful accounts of $1,698,836	10,423,683	9,236,330
Restricted assets (including $3,663,945 and $2,985,347 for 2020 and 2019 at estimated fair value)	16,242,387	13,935,317
Cemetery perpetual care trust investments (including $2,408,995 and $2,581,124 for 2020 and 2019 at estimated fair value)	5,387,732	4,411,864
Receivable from reinsurers	15,849,961	15,747,768
Cemetery land and improvements	9,117,882	9,519,950
Deferred plicy and pre-need contract acquisition costs	98,432,491	94,701,920
Mortgage servicing rights, net	28,387,476	17,155,529
Property and equipment, net	12,636,951	14,600,394
Value of business acquired	9,188,492	9,876,647
Goodwill	3,519,588	3,519,588
Other	33,988,873	18,649,812
Total Assets	1,647,197,987	1,334,444,075
Liabilities
Future policy benefits and unpaid claims	840,604,906	825,600,918
Unearned premium reserve	3,404,592	3,621,697
Bank and other loans payable	424,932,007	217,572,612
Deferred pre-need cemetery and mortuary contract revenues	13,045,307	12,607,978
Cemetery Perpetual Care Trust Obligation	4,038,169	3,933,719
Accounts payable	5,185,265	5,056,983
Other liabilities and accrued expenses	68,639,787	50,652,591
Income Taxes	31,301,997	18,686,972
Total liabilities	1,391,152,030	1,137,733,470
Stockholders' Equity
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	49,355,124	46,091,112
Accumulated other comprehensive income, net of taxes	19,909,604	13,726,514
Retained earnings	149,428,819	101,256,229
Treasury stock at cost - 189,390 Class A shares in 2020 and 490,823 Class A shares in 2019	(866,330)	(1,580,582)
Total stockholders' equity	256,045,957	196,710,605
Total Liabilities and Stockholders' Equity	1,647,197,987	1,334,444,075
Common Class A
Stockholders' Equity
Common Stock, Value, Issued	33,119,974	32,215,558
Common Class B
Stockholders' Equity
Common Stock, Value, Issued	0	0
Common Class C
Stockholders' Equity
Common Stock, Value, Issued	$ 5,098,766	$ 5,001,774

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Allowance for Loan and Lease Losses, Real Estate	$ 2,046,481	$ 1,453,037
Real Estate Investment Property, Accumulated Depreciation	13,497,759	12,788,739
Allowance for Doubtful Accounts, Premiums and Other Receivables	1,602,483	1,448,026
Accounts Receivable, Allowance for Credit Loss	1,698,836	1,724,156
Aggregate Fair Value, Restricted Assets	3,663,945	2,985,347
Aggregate Fair Value, Cemetary Perpetual Care Trust Investments	$ 2,408,995	$ 2,581,124
Preferred Stock, Par or Stated Value Per Share	$ 1.00	$ 1.00
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Treasury Stock, Shares	189,390	490,823
Common Class A
Common Stock, Par or Stated Value Per Share	$ 2.00	$ 2.00
Common Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Shares, Issued	16,559,987	16,107,779
Common Class B
Common Stock, Par or Stated Value Per Share	$ 1.00	$ 1.00
Common Stock, Shares Authorized	5,000,000	5,000,000
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0
Common Class C
Common Stock, Par or Stated Value Per Share	$ 2.00	$ 2.00
Common Stock, Shares Authorized	3,000,000	3,000,000
Common Stock, Shares, Issued	2,549,383	2,500,887
Common Stock, Shares, Outstanding	2,549,383	2,500,887

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Revenues:

Insurance premiums and other considerations

$ 23,766,576

$ 19,832,492

$ 68,982,561

$ 58,504,712

Net investment income

14,709,142

10,478,566

41,072,386

31,061,069

Net mortuary and cemetery sales

5,371,715

3,526,416

14,530,584

11,205,774

Gains (losses) on investments and other assets

800,507

(519,673)

(173,461)

261,095

Mortgage fee income

98,559,624

39,735,752

212,209,718

97,161,190

Other Revenues

2,997,001

2,326,106

7,853,468

7,124,836

Total revenues

146,204,565

75,379,659

344,475,256

205,318,676

Benefits and expenses:

Death benefits

16,026,897

9,937,711

43,021,247

29,264,410

Surrenders and other policy benefits

1,056,318

636,366

2,964,984

2,266,275

Increase in future policy benefits

4,892,972

5,980,721

18,534,848

17,407,962

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

4,239,935

3,477,160

10,781,658

9,678,912

Selling, general and administrative expenses:

Commissions

37,761,992

16,714,061

81,555,823

40,243,042

Personnel

21,700,446

16,287,957

60,959,099

47,018,553

Advertising

1,607,138

1,361,745

3,842,296

3,566,823

Rent and rent related

1,797,161

1,749,402

5,074,755

5,377,869

Depreciation on property and equipment

516,243

421,970

1,550,526

1,294,576

Costs related to funding mortgage loans

3,057,276

1,917,390

7,392,373

4,831,604

Other

11,701,986

9,355,218

33,080,916

25,154,712

Interest expense

2,363,169

2,078,733

6,063,218

5,353,177

Cost of goods and services sold-mortuaries and cemeteries

899,101

701,403

2,401,592

2,044,937

Total benefits and expenses

107,620,634

70,619,837

277,223,335

193,502,852

Earnings before income taxes

38,583,931

4,759,822

67,251,921

11,815,824

Income tax expense

(9,279,162)

(1,142,408)

(15,965,656)

(2,788,038)

Net earnings

$ 29,304,769

$ 3,617,414

$ 51,286,265

$ 9,027,786

Net earnings per Class A Equivalent common share

$ 1.55

$ 0.19

$ 2.73

$ 0.49

Net earnings per Class A Equivalent common share-assuming dilution

$ 1.51

$ 0.19

$ 2.68

$ 0.48

Weighted-average Class A equivalent common share outstanding

18,873,886

18,551,116

18,760,884

18,560,874

Weighted-average Class A equivalent common shares outstanding-assuming dilution

^[1]

19,433,619

18,755,091

19,164,890

18,769,435

[1]	Net earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Text Block [Abstract]
Net earnings	$ 29,304,769	$ 3,617,414	$ 51,286,265	$ 9,027,786
Other comprehensive income:
Unrealized gains on fixed maturity securities available for sale	3,810,906	0	7,810,537	0
Unrealized gains on restricted assets	23,323	0	28,309	0
Unrealized losses on cemetery perpetual care trust investments	(16,883)	0	(11,114)	0
Foreign currency translation adjustments	84	(340)	(196)	1,707
Other comprehensive income, before income tax	3,817,430	(340)	7,827,536	1,707
Income tax benefit (expense)	(801,915)	85	(1,644,446)	(426)
Other comprehensive income, net of income tax	3,015,515	(255)	6,183,090	1,281
Comprehensive income	$ 32,320,284	$ 3,617,159	$ 57,469,355	$ 9,029,067

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Class A Common Stock	Class C Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings	Treasury Stock	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2018	$ 30,609,596	$ 4,387,286	$ 41,821,778	$ (2,823)	$ 95,201,732	$ (206,396)	$ 171,811,173
Net earnings					1,930,318		1,930,318
Other comprehensive income (loss)				820			820
Stock-based compensation expense			64,704				64,704
Exercise of stock options	8,936		8,444				17,380
Sale of treasury stock			295,153			42,343	337,496
Purchase of treasury stock						(112,404)	(112,404)
Stock dividends	282	(4)	489		(769)		(2)
Conversion Class C to Class A	6,560	(6,560)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2019	30,625,374	4,380,722	42,190,568	(2,003)	97,131,281	(276,457)	174,049,485
Net earnings					3,480,054		3,480,054
Other comprehensive income (loss)				716			716
Stock-based compensation expense			65,037				65,037
Exercise of stock options	20,274		9,519				29,793
Sale of treasury stock			92,605			25,190	117,795
Purchase of treasury stock						(174,704)	(174,704)
Conversion Class C to Class A	12	(14)	2
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2019	30,645,660	4,380,708	42,357,731	(1,287)	100,611,335	(425,971)	177,568,176
Net earnings					3,617,414		3,617,414
Other comprehensive income (loss)				(255)			(255)
Stock-based compensation expense			65,746				65,746
Exercise of stock options	8,936	127,628	114,376				250,940
Sale of treasury stock			88,162			35,400	123,562
Purchase of treasury stock						(553,193)	(553,193)
Conversion Class C to Class A
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2019	30,654,596	4,508,336	42,626,015	(1,542)	104,228,749	(943,764)	181,072,390
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019	32,215,558	5,001,774	46,091,112	13,726,514	101,256,229	(1,580,582)	196,710,605
Net earnings					1,424,449		1,424,449
Other comprehensive income (loss)				(8,852,313)			(8,852,313)
Stock-based compensation expense			65,877				65,877
Exercise of stock options	44,822		(33,930)				10,892
Sale of treasury stock			218,280			264,081	482,361
Purchase of treasury stock						(129,608)	(129,608)
Stock dividends	2,322	(1,020)	2,292		(3,594)
Conversion Class C to Class A	22,324	(22,324)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2020	32,285,026	4,978,430	46,343,631	4,874,201	102,677,084	(1,446,109)	189,712,263
Net earnings					20,557,047		20,557,047
Other comprehensive income (loss)				12,019,888			12,019,888
Stock-based compensation expense			101,520				101,520
Exercise of stock options	22,726		(22,726)
Sale of treasury stock			319,676			664,546	984,222
Purchase of treasury stock						(760,713)	(760,713)
Stock dividends	807,356	124,460	2,175,790		(3,107,607)		(1)
Conversion Class C to Class A
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2020	33,115,108	5,102,890	48,917,891	16,894,089	120,126,524	(1,542,276)	222,614,226
Net earnings					29,304,769		29,304,769
Other comprehensive income (loss)				3,015,515			3,015,515
Stock-based compensation expense			104,562				104,562
Sale of treasury stock			330,939			886,452	1,217,391
Purchase of treasury stock						(210,506)	(210,506)
Stock dividends	742		1,732		(2,474)
Conversion Class C to Class A	4,124	(4,124)
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2020	$ 33,119,974	$ 5,098,766	$ 49,355,124	$ 19,909,604	$ 149,428,819	$ (866,330)	$ 256,045,957

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net cash used in operating activities	$ (164,589,158)	$ (62,865,938)
Cash flows from investing activities:
Purchases of fixed maturity securities	(56,899,073)	(27,227,180)
Calls and maturities of fixed maturity securities	75,523,084	19,444,922
Purchases of equity securities	(6,492,243)	(3,521,610)
Sales of equity securities	2,011,568	1,691,231
Net changes in restricted assets	(2,650,188)	(514,574)
Net changes in perpetual care trusts	(870,485)	(111,076)
Mortgage loans held for investment, other investments and policy loans made	(486,189,616)	(421,682,247)
Payments received for mortgage loans held for investment, other investments and policy loans	478,445,833	410,303,611
Purchase of property and equipment	(1,111,360)	(931,691)
Sale of property and equipment	0	51,104
Purchase of real estate	(27,528,643)	(6,465,802)
Sale of real estate	13,052,416	8,291,147
Cash paid for purchase of subsidiaries, net of cash acquired	0	(3,261,788)
Net cash (used in) investing activities	(12,708,707)	(23,933,953)
Cash flows from financing activities:
Investment contract receipts	8,656,037	9,628,472
Investment contract withdrawals	(13,759,734)	(13,282,143)
Proceeds from stock options exercised	10,892	298,113
Payments to acquire treasury stock	(1,100,827)	(840,301)
Repayment of bank and other loans	(251,041,466)	(139,046,605)
Proceeds from borrowing on bank loans	329,672,821	149,304,399
Net change in warehouse line borrowings for loans held for sale	128,600,308	62,987,462
Net cash provided by financing activities	201,038,031	69,049,397
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	23,740,166	(17,750,494)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	137,735,673	150,936,673
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	161,475,839	133,186,179
Supplemental Cash Flow Information
Cash paid during the year for interest	5,917,344	5,292,868
Cash paid during the year for income taxes (net of refunds)	4,995,073	3,350,434
Non Cash Operating, Investing and Financing Activities:
Transfer of loans held for sale to mortgage loans held for investment	9,170,610	0
Right-of-use assets obtained in exchange for operating lease liabilities	4,796,580	13,441,537
Benefit plans funded with treasury stock	2,683,974	578,853
Mortgage loans held for investment foreclosed into real estate held for investment	686,124	1,410,499
Accrued real estate construction costs and retainage	347,826	689,291
Right-of-use assets obtained in exchange for finance lease liabilities	8,494	255,147
Mortgage loans held for investment foreclosed into receivables	$ 0	$ 155,347

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Text Block [Abstract]
Cash and cash equivalents	$ 151,686,960	$ 123,178,762
Restricted assets	8,468,191	9,166,838
Cemetery perpetual care trust investments	1,320,688	840,579
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 161,475,839	$ 133,186,179

1) Basis of Presentation

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto for the year ended December 31, 2019, included in the Company’s Annual Report on Form 10-K (File Number 000-09341). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to adopt policies and make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In applying these policies and estimates, the Company makes judgments that frequently require assumptions about matters that are inherently uncertain. The novel coronavirus (“COVID-19”) spread rapidly across the world in the first, second and third quarters of 2020 and was declared a pandemic (the “COVID-19 Pandemic”) by the World Health Organization. The government and private sector responses to contain its spread began to affect the Company’s operations in March, have continued to affect the Company’s operations and will likely continue to affect nearly all of the Company’s operations, although such effects may vary significantly. The duration and extent of the effects over longer terms cannot be reasonably estimated at this time. The risks and uncertainties resulting from the pandemic that may affect the Company’s future earnings, cash flows, and financial condition include the nature and duration of the curtailment or closure of the Company’s various facilities and the long-term effect on the demand for the Company’s products and services. Accordingly, significant estimates used in the preparation of the Company’s financial statements may be subject to significant adjustments in future periods. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant changes in the near term are those used in determining the value of derivative assets and liabilities; those used in determining deferred acquisition costs and the value of business acquired; those used in determining the value of mortgage loans foreclosed to real estate held for investment; those used in determining the liability for future policy benefits;those used in estimating other than temporary impairments on available for sale securities; those used in determining the value of mortgage servicing rights;those used in determining allowances for loan losses for mortgage loans held for investment; those used in determining loan loss reserve; and those used in determining deferred tax assets and liabilities. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

2) Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

2) Recent Accounting Pronouncements

Accounting Standards Adopted in 2020

ASU No. 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” – Issued in August 2018, ASU 2018-13 modifies the disclosure requirements of Topic 820 by removing, modifying or adding certain disclosures. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 does not change the fair value measurements already required or permitted by existing standards. The Company adopted this standard on January 1, 2020. The adoption of this standard did not materially impact the Company’s financial statements. See Note 8 for the Company’s fair value disclosures.

Accounting Standards Adopted in 2019

ASU No. 2016-02: “Leases (Topic 842)” - Issued in February 2016, ASU 2016-02 supersedes the requirements in Accounting Standards Codification (“ASC”) Topic 840, “Leases”, and was issued to increase transparency and comparability among organizations. The new standard sets forth the principles for the recognition, measurement, presentation, and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record on the balance sheet right-of-use assets and lease liabilities, equal to the present value of the remaining lease payments. The lease classification will determine whether the lease expense is recognized based on an effective interest rate met hod or a straight-line basis over the term of the leases. The FASB further clarified ASU 2016-02 and provided targeted improvements by issuing ASU 2018-01, ASU 2018-10, ASU 2018-11 and ASU 2018-20.

The Company adopted this standard on January 1, 2019 using the modified retrospective transition method with no cumulative-effect adjustment to the opening balance of retained earnings. Under this transition method, the application date was the beginning of the reporting period, January 1, 2019, in which the Company first applied the standard. Under this transition option, the Company will apply the legacy guidance in ASC 840, “Leases”, including its disclosure requirements, in the comparative periods presented in the year of adoption. The Company has made an accounting policy election not to apply the recognition requirements to short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying assets that the lessee is reasonably certain to exercise. The new authoritative guidance allows for certain practical expedients to be utilized to assist with the implementation of the new standard. The Company has elected the transition package of practical expedients which allows the Company to not reassess whether any expired or existing contracts are or contain leases, to not reassess the lease classification for any expired or existing leases and to not reassess initial direct costs for any existing leases.

The Company implemented a third-party lease accounting system to assist with the measurement of the lease liabilities and the related right-of-use assets.The Company compiled an inventory of its leases, determined the appropriate discount rates and has determined the impact of this standard which is not material to the Company’s results of operations, but has an effect on the balance sheet presentation for leased assets and obligations. The Company recognized a right-of-use asset and related lease liability for approximately $12,076,000 on January 1, 2019. This standard did not impact the Company’s accounting for leases where the Company is the lessor.

Accounting Standards Issued But Not Yet Adopted

ASU No. 2016-13: “Financial Instruments – Credit Losses (Topic 326)” – Issued in September 2016, ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis (such as mortgage loans and held to maturity debt securities) and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. In November 2019, the FASB issued an update to ASU No. 2016-13 that made the ASU effective for the Company on January 1, 2023. The Company is in the process of evaluating the potential impact of this standard, especially as it relates to mortgage loans held for investment.

ASU No. 2018-12: “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” – Issued in August 2018, ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits on traditional long-duration contracts by requiring that assumptions be updated after contract inception and by modifying the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In November 2020, the FASB issued an update to ASU No. 2018-12 that made the ASU effective for the Company on January 1, 2025. The Company is in the process of evaluating the potential impact of this standard.

The Company has reviewed other recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

3) Investments

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

3) Investments

The Company’s investments as of September 30, 2020 are summarized as follows:

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
September 30, 2020:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 92,395,468	$ 2,059,112	$ -	$ 94,454,580

Obligations of states and political subdivisions	5,765,286	322,859	(1,792)	6,086,353

Corporate securities including public utilities	189,323,616	24,248,838	(2,137,953)	211,434,501

Mortgage-backed securities	31,887,810	1,313,395	(499,496)	32,701,709

Redeemable preferred stock	269,214	3,530	(32,500)	240,244

Total fixed maturity securities available for sale	$ 319,641,394	$ 27,947,734	$ (2,671,741)	$ 344,917,387

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 11,304,152	$ 1,845,615	$ (1,934,161)	$ 11,215,606

Total equity securities at estimated fair value	$ 11,304,152	$ 1,845,615	$ (1,934,161)	$ 11,215,606

Mortgage loans held for investment at amortized cost:
Residential	$ 80,051,914
Residential construction	120,298,836
Commercial	49,378,938
Less: Unamortized deferred loan fees, net	(905,018)
Less: Allowance for loan losses	(2,066,481)
Less: Net discounts	(1,148,662)

Total mortgage loans held for investment	$ 245,609,527

Real estate held for investment - net of accumulated depreciation:
Residential	$ 25,166,274
Commercial	97,836,409

Total real estate held for investment	$ 123,002,683

Real estate held for sale:
Residential	$ 3,455,244
Commercial	4,534,937

Total real estate held for sale	$ 7,990,181

Other investments and policy loans at amortized cost:
Policy loans	$ 14,234,935
Insurance assignments	45,858,660
Federal Home Loan Bank stock (1)	4,066,600
Other investments	5,450,438
Less: Allowance for doubtful accounts	(1,602,483)

Total policy loans and other investments	$ 68,008,150

Accrued investment income	$ 5,712,998

Total investments	$ 806,456,532


(1) Includes $866,900 of Membership stock and $3,199,700 of Activity stock due to short-term borrowings.

The Company’s investments as of December 31, 2019 are summarized as follows:

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2019:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 142,740,641	$ 632,185	$ (25,215)	$ 143,347,611

Obligations of states and political subdivisions	7,450,366	87,812	(9,026)	7,529,152

Corporate securities including public utilities	156,599,184	16,768,449	(463,413)	172,904,220

Mortgage-backed securities	31,475,280	597,395	(240,177)	31,832,498

Redeemable preferred stock	364,339	-	-	364,339

Total fixed maturity securities available for sale	$ 338,629,810	$ 18,085,841	$ (737,831)	$ 355,977,820

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 6,900,537	$ 1,139,799	$ (769,171)	$ 7,271,165

Total equity securities at estimated fair value	$ 6,900,537	$ 1,139,799	$ (769,171)	$ 7,271,165

Mortgage loans held for investment at amortized cost:
Residential	$ 113,043,965
Residential construction	89,430,237
Commercial	38,718,220
Less: Unamortized deferred loan fees, net	(2,391,567)
Less: Allowance for loan losses	(1,453,037)
Less: Net discounts	(653,272)

Total mortgage loans held for investment	$ 236,694,546

Real estate held for investment - net of accumulated depreciation:
Residential	$ 12,530,306
Commercial	90,226,640

Total real estate held for investment	$ 102,756,946

Real estate held for sale:
Residential	$ 8,021,306
Commercial	6,076,321

Total real estate held for sale	$ 14,097,627

Other investments and policy loans at amortized cost:
Policy loans	$ 14,762,805
Insurance assignments	41,062,965
Federal Home Loan Bank stock (1)	894,300
Other investments	4,973,225
Less: Allowance for doubtful accounts	(1,448,026)

Total policy loans and other investments	$ 60,245,269

Accrued investment income	$ 4,833,232

Total investments	$ 781,876,605


(1) Includes $894,300 of Membership stock and $-0- of Activity stock due to short-term borrowings.

Fixed Maturity Securities

The following tables summarize unrealized losses on fixedmaturity securitiesavailable for sale, which were carried at estimated fair value, at September 30, 2020 and December 31, 2019. The unrealized losses were primarily related to interest rate fluctuations and uncertainties relating to COVID-19. The tables set forth unrealized losses by duration with the fair value of the related fixedmaturity 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 September 30, 2020
Obligations of States and Political Subdivisions	$ 1,792	$ 207,330	$ -	$ -	$ 1,792	$ 207,330
Corporate Securities	1,305,034	28,511,620	832,919	3,366,248	2,137,953	31,877,868
Mortgage and other asset-backed securities	476,698	5,601,677	22,798	401,217	499,496	6,002,894
Redeemable preferred stock	32,500	217,500	-	-	32,500	217,500
Total unrealized losses	$ 1,816,024	$ 34,538,127	$ 855,717	$ 3,767,465	$ 2,671,741	$ 38,305,592

At December 31, 2019
U.S. Treasury Securities and Obligations
of U.S. Government Agencies	$ 20,211	$ 30,629,288	$ 5,004	$ 10,000,400	$ 25,215	$ 40,629,688
Obligations of States and Political Subdivisions	9,026	3,062,889	-	-	9,026	3,062,889
Corporate Securities	118,746	7,184,311	344,667	3,950,509	463,413	11,134,820
Mortgage and other asset-backed securities	205,470	13,266,443	34,707	502,769	240,177	13,769,212
Total unrealized losses	$ 353,453	$ 54,142,931	$ 384,378	$ 14,453,678	$ 737,831	$ 68,596,609

There were113securities with fair valueof 93.5% of amortized cost at September 30, 2020. There were 93 securities with fair value of 98.9% of amortized cost at December 31, 2019. No credit losses have been recognized for the three and ninemonths ended September 30, 2020 and 2019.

On a quarterly basis, the Company evaluates its fixed maturity securities available for sale. This evaluation includes a review of current ratings by the National Association of Insurance Commissions (“NAIC”). Securities with a rating of 1 or 2 are considered investment grade and are not reviewed for impairment. Securities with ratings of 3 to 5 are evaluated for impairment. Securities with a rating of 6 are automatically determined to be impaired and are written down. The evaluation involves an analysis of the securities in relation to historical values, interest payment history, projected earnings and revenue growth rates as well as a review of the reason for a downgrade in the NAIC rating. Based on the analysis of a security that is rated 3 to 5, a determination is made whether the security will likely make interest and principal payments in accordance with the terms of the financial instrument. If it is unlikely that the security will meet contractual obligations, the loss is considered to be other than temporary, the security is written down to the new anticipated market value and an impairment loss is recognized. Impairment losses are treated as credit losses as the Company holds fixed maturity securities to maturity unless the underlying conditions have changed in the financial instrument to require an impairment.

The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements, are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments.

The amortized cost and estimated fair value of fixed maturity securitiesavailable for sale, at September 30, 2020, by contractual maturity, are shown below. 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 Cost	Estimated Fair Value
Due in 1 year	$ 50,670,550	$ 51,171,942
Due in 2-5 years	74,293,341	77,094,479
Due in 5-10 years	85,128,399	92,517,720
Due in more than 10 years	77,392,080	91,191,293
Mortgage-backed securities	31,887,810	32,701,709
Redeemable preferred stock	269,214	240,244
Total	$ 319,641,394	$ 344,917,387

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). The Company pledged a total of $90,000,000, par value, of United States Treasury fixed maturity securities with the FHLB at September 30, 2020. These securities are used as collateral on any cash borrowings from the FHLB. As of September 30, 2020, the Company owed $88,000,000 to the FHLB and its estimated remaining maximum borrowing capacity was $384,000.

Investment Related Earnings

The Company’s net realized gains and losses from sales, calls, and maturities, unrealized gains and losses on equity securities, and other than temporary impairments are summarized as follows:

`	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Fixed maturity securities:
Gross realized gains	$ 50,171	$ 113,849	$ 201,130	$ 362,475
Gross realized losses	(39,130)	(16,814)	(51,219)	(121,829)

Equity securities:
Gains (losses) on securities sold	95,331	85,998	(12,141)	138,662
Unrealized gains and (losses) on securities held at the end of the period	511,168	(98,635)	(512,629)	676,589

Other assets:
Gross realized gains	1,480,053	472,691	1,985,817	2,265,914
Gross realized losses	(1,297,086)	(1,076,762)	(1,784,419)	(3,060,716)
Total	$ 800,507	$ (519,673)	$ (173,461)	$ 261,095

The net realized gains and losses on the sale of securities are recorded on the trade date, and the cost of the securities sold is determined using the specific identification method.

On December 31, 2019, the Company changed the classification of its bond and preferred stock investments from held to maturity to available for sale based on the Company’s need to be able to respond proactively to market risks in managing its portfolio.Proceeds received from the sale of fixed maturity availableforsale securities for the nine months ended September 30, 2020,were $2,967,531, and resulted in gross realized gains and gross realized losses of $149,641 and $1,043, respectively.The carrying amount of held to maturity securities soldfor the nine months endedSeptember 30, 2019was $2,724,199 and the net realized loss related to these sales was$12,394.

Major categories of net investment income are as follows:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Fixed maturity securities	$ 3,191,064	$ 2,563,481	$ 9,258,850	$ 7,596,035
Equity securities	126,369	74,629	329,534	227,280
Mortgage loans held for investment	6,918,081	4,558,232	18,154,123	13,187,416
Real estate held for investment	2,998,806	2,259,064	8,940,072	6,266,286
Policy loans	264,422	113,541	755,914	308,583
Insurance assignments	4,561,574	3,851,804	13,244,176	11,970,755
Other investments	-	-	25,421	106,678
Cash and cash equivalents	65,460	398,997	385,848	1,363,873
Gross investment income	18,125,776	13,819,748	51,093,938	41,026,906
Investment expenses	(3,416,634)	(3,341,182)	(10,021,552)	(9,965,837)
Net investment income	$ 14,709,142	$ 10,478,566	$ 41,072,386	$ 31,061,069

Net investment income includes income earned by the restricted assets cemeteries and mortuaries of$129,347and $102,888for the three months ended September 30, 2020and 2019, respectively, and $380,079and $323,404 for the nine months ended September 30, 2020 and 2019, respectively.

Net investment income on real estate consists primarily of rental revenue.

Investment expenses consist primarily of depreciation, property taxes, operating expenses of real estate and an estimated portion of administrative expenses relating to investment activities.

Securities on deposit with regulatory authorities as required by law amounted to $9,735,147 at September 30, 2020 and $9,633,818 at December 31, 2019. These restricted securities are included in various assets under investments on the accompanying condensedconsolidated balance sheets.

There were no investments, aggregated by issuer, in excess of 10% of shareholders’ equity (before net unrealized gains and losses on equity securities and fixed maturity securities) at September 30, 2020, other than investments issued or guaranteed by the United States Government.

Real Estate Held for Investment and Held for Sale

The Company continues to strategically deploy resources into real estate to match the income and yield durations of its primary obligations. The sources for these real estate assets come through its various business units in the form of acquisition, development andmortgage foreclosures.

Commercial Real Estate Held for Investment and Held for Sale

The Company owns and manages commercial real estate assets as a means of generating investment income. These assets are acquired in accordance with the Company’s goals and objectives for risk-adjusted returns. Due diligence is conducted on each asset using internal and third-party reports. Geographic locations and asset classes of the investment activity is determined by senior management under the direction of the Board of Directors.

The Company employs full-time employees to attend to the day-to-day operations of those assets within the greater Salt Lake area and close surrounding markets. The Company utilizes third party property managers when the geographic boundary does not warrant full-time staff or through strategic lease-up periods. The Company generally looks to acquire assets in regions that are high growth regions for employment and population and in assets that provide operational efficiencies.

The Company currently owns and operates 12 commercial properties in 5 states. These properties include office buildings, an assisted living facility, a funeral home, flex office space,and includes the redevelopment and expansion of its corporate campus (“Center53”) in Salt Lake City, Utah.The Company also holds undeveloped land that may be used for future commercial developments. The Company usesbank debt in strategic cases to leverage established yields or to acquire a higher quality or different class of asset.

The aggregated net ending balance of commercial real estate that serves as collateral for bank borrowings wasapproximately $70,054,000and $87,815,000 as of September 30, 2020 and December 31, 2019, respectively. The associated bank loan carrying values totaledapproximately $46,681,000and $54,917,000 as of September 30, 2020 and December 31, 2019, respectively.

During the threemonths ended September 30, 2020 and 2019, the Companyrecorded impairment losses on commercial real estate held for sale of $800,000 and $790,827, respectively.During the nine months ended September 30, 2020 and 2019, the Company recorded impairment losses on commercial real estate held for sale of $846,980 and $2,658,024, respectively. These impairment losses relate to an office building held by the life insurance segment. Impairment lossesare included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

The following is a summary of the Company’s commercial real estate held for investment for the periods presented:

	Net Ending Balance		Total Square Footage
	September 30 2020	December 31 2019	September 30 2020	December 31 2019
Louisiana	$ 5,889,327	$ 6,009,079	125,114	125,114
Mississippi	2,932,976	2,951,478	21,521	21,521
Utah (1)	89,014,106	81,266,083	462,730	465,230

	$ 97,836,409	$ 90,226,640	609,365	611,865

(1) Includes Center53 phase 1 completed in July 2017 and phase 2 which is under construction

The following is a summary of the Company’s commercial real estate held for sale for the periods presented:

	Net Ending Balance		Total Square Footage
	September 30 2020	December 31 2019	September 30 2020	December 31 2019
Arizona (1)	$ -	$ 2,500	-	-
Kansas	4,000,000	4,800,000	222,679	222,679
Mississippi	234,937	318,322	12,300	12,300
Nevada	-	655,499	-	4,800
Texas (2)	300,000	300,000	-	-

	$ 4,534,937	$ 6,076,321	234,979	239,779

(1) Undeveloped land
(2) Improved commercial pad

These properties are all actively being marketed with the assistance of commercial real estate brokers in the markets where the properties are located. The Company expects these properties to sell within the coming 12 months.

Residential Real Estate Held for Investment and Held for Sale

The Company owns a portfolio of residential homes primarily as a result of loan foreclosures. The strategy has been to lease these homes to produce cash flow and allow time for the economic fundamentals to return to the various markets. As an orderly and active market for these homes returns, the Company has the option to dispose or to continue and hold them for cash flow and acceptable returns. The Company also invests in residential subdivision developments.

The Company established Security National Real Estate Services (“SNRE”) to manage the residential portfolio. SNRE cultivates and maintains the preferred vendor relationships necessary to manage costs and quality of work performed on the portfolio of homes across the country.

As of September 30, 2020, SNREmanages 19 residential properties in 5 states across the United States.

The net ending balance of foreclosed residential real estate included in residential real estate held for investment and sale is $6,256,000 and $12,434,000 as of September 30, 2020 and December 31, 2019, respectively.

During the threemonths ended September 30, 2020 and 2019the Company recorded impairment losses on residential real estate held for investmentof $-0- and $125,980, respectively, and during the nine months ended September 30, 2020 and 2019the Company recorded impairment losses on residential real estate held for investment of $43,394 and $125,980, respectively. Impairment losses, if any, are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

The following is a summary of the Company’s residential real estate held for investment for the periods presented:

	Net Ending Balance
	September 30 2020	December 31 2019
Florida	$ 1,261,975	$ 2,487,723
Nevada	686,124	293,516
Utah (1)	22,931,994	9,462,886
Washington	286,181	286,181
	$ 25,166,274	$ 12,530,306

(1) Includes subdivision land developments

The following is a summary of the Company’s residential real estate held for sale for the periods presented:

	Net Ending Balance
	September 30 2020	December 31 2019
California	-	640,452
Florida	1,104,936	1,300,641
Nevada	293,516	-
Ohio	10,000	10,000
Utah	2,046,792	5,880,213
Washington	-	190,000
	$ 3,455,244	$ 8,021,306

These properties are all actively being marketed with the assistance of residential real estate brokers in the markets where the properties are located. The Company expects these properties to sell within the coming 12 months.

Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of September 30, 2020, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage	Square Footage Occupied by the Company
121 W. Election Rd., Draper, UT	Corporate Offices, Life Insurance and Cemetery/Mortuary Operations	78,979	18%
5201 Green Street, Salt Lake City, UT (1)	Life Insurance and Mortgage Operations	39,157	73%
1044 River Oaks Dr., Flowood, MS	Life Insurance Operations	19,694	28%
1818 Marshall Street, Shreveport, LA (1)(2)	Life Insurance Operations	12,274	100%
909 Foisy Street, Alexandria, LA (1)(2)	Life Insurance Sales	8,059	100%
812 Sheppard Street, Minden, LA (1)(2)	Life Insurance Sales	1,560	100%
1550 N 3rd Street, Jena, LA (1)(2)	Life Insurance Sales	1,737	100%

(1) Included in property and equipment on the condensed consolidated balance sheets

(2) See Note 15 regarding the acquisition of Kilpatrick Life Insurance Company

Mortgage Loans Held for Investment

Mortgage loans held for investment consist of first and second mortgages. The mortgage loans bear interest at rates ranging from 2.0% to 10.5%, maturity dates range from nine months to 30 years and are secured by real estate. Concentrations of credit risk arise when a number of mortgage loan debtors have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. Although the Company has a diversified mortgage loan portfolio consisting of residential mortgages, commercial loans and residential construction loans and requires collateral on all real estate exposures, a substantial portion of its debtors’ ability to honor obligations is reliant on the economic stability of the geographic region in which the debtors do business.At September 30,2020, the Company had 62%, 11%, 8%, 3%, 5% and 3% of its mortgage loans from borrowers located in the states of Utah, Florida, Texas,California,Nevada, and Arizona, respectively. At December 31, 2019, the Company had 48%, 16%, 10%, 6%, 6% and 5% of its mortgage loans from borrowers located in the states of Utah, Florida, Texas, California, Nevada and Arizona, respectively.

Mortgage loans held for investmentarecarried at their unpaid principal balances adjusted for net deferred fees, charge-offs, premiums, discounts and the related allowance for loan losses. Interest income is included in net investment income on the condensed consolidated statements of earnings and is recognized when earned.The Company defers related material loan origination fees, net of related direct loan origination costs, and amortizesthe net fees over the term of the loans. Origination fees are included in net investment incomeon the condensed consolidated statements of earnings.

Mortgage loans are secured by the underlying property and require an appraisal at the time of underwriting and funding. Generally, the Company will fund a loan not to exceed 80% of the loan’s collateral fair market value. Amounts over 80% will require additional collateral or mortgage insurance by an approved third-party insurer.

The Company provides for losses on its mortgage loans held for investment through an allowance for loan losses (a contra-asset account).The allowance is comprised of two components. The first component is an allowance for collectively evaluated impairment that is based upon the Company’s historical experience in collecting similar receivables. The second component is based upon individual evaluation of loans that are determined to be impaired. Upon determining impairment, the Company establishes an individual impairment allowance based upon an assessment of the fair value of the underlying collateral. In addition, when a mortgage loan is past due more than 90 days, the Company does not accrue any interest income. When a loan becomes delinquent, the Company proceeds to foreclose on the real estate and all expenses for foreclosure are expensed as incurred. Once foreclosed, an adjustment for the lower of cost or fair value is made, if necessary, and the amount is classified as real estate held for investment or held for sale.

The allowance for losses on mortgage loans held for investment could change based on changes in the value of the underlying collateral, the performance status of the loans, or the Company’s actual collection experience. The actual losses could change, in the near term, from the established allowance, based upon the occurrence or non-occurrence of these events.

For purposes of determining the allowance for losses, the Company has segmented its mortgage loans held for investment by loan type. The Company’s loan types are commercial, residential, and residential construction. The inherent risks within the portfolio vary depending upon the loan type as follows:

Commercial - Underwritten in accordance with the Company’s policies to determine the borrower’s ability to repay the obligation as agreed. Commercial loans are made primarily based on the underlying collateral supporting the loan. Accordingly, the repayment of a commercial loan depends primarily on the collateral and its ability to generate income and secondary on the borrower’s (or guarantors) ability to repay.

Residential – Secured by family dwelling units. These loans are secured by first mortgages on the unit, which are generally the primary residence of the borrower, generally at a loan-to-value ratio (“LTV”) of 80% or less.

Residential construction (including land acquisition and development) – Underwritten in accordance with the Company’s underwriting policies which include a financial analysis of the builders, borrowers (guarantors), construction cost estimates, and independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation estimates may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project and the ability of the borrower to secure long-term financing. Additionally, land is underwritten according to the Company’s policies, which include independent appraisal valuations as well as the estimated value associated with the land upon completion of development into finished lots. These cost and valuation estimates may be inaccurate. These loans are considered to be of a higher risk than other mortgage loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term or construction financing, and interest rate sensitivity.

The Company establishes a valuation allowance for credit losses in its mortgage loans held for investment portfolio. The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented:

	Commercial	Residential	Residential Construction	Total
September 30, 2020
Allowance for credit losses:
Beginning balance - January 1, 2020	$ 187,129	$ 1,222,706	$ 43,202	$ 1,453,037
Charge-offs	-	-	-	-
Provision	-	613,444	-	613,444
Ending balance - September 30, 2020	$ 187,129	$ 1,836,150	$ 43,202	$ 2,066,481

Ending balance: individually evaluated for impairment	$ -	$ 238,997	$ -	$ 238,997

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,597,153	$ 43,202	$ 1,827,484

Mortgage loans:
Ending balance	$ 49,378,938	$ 80,051,914	$ 120,298,836	$ 249,729,688

Ending balance: individually evaluated for impairment	$ 3,414,719	$ 5,193,865	$ 630,574	$ 9,239,158

Ending balance: collectively evaluated for impairment	$ 45,964,219	$ 74,858,049	$ 119,668,262	$ 240,490,530

December 31, 2019
Allowance for credit losses:
Beginning balance - January 1, 2019	$ 187,129	$ 1,125,623	$ 35,220	$ 1,347,972
Charge-offs	-	(32,692)	-	(32,692)
Provision	-	129,775	7,982	137,757
Ending balance - December 31, 2019	$ 187,129	$ 1,222,706	$ 43,202	$ 1,453,037

Ending balance: individually evaluated for impairment	$ -	$ 195,993	$ -	$ 195,993

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,026,713	$ 43,202	$ 1,257,044

Mortgage loans:
Ending balance	$ 38,718,220	$ 113,043,965	$ 89,430,237	$ 241,192,422

Ending balance: individually evaluated for impairment	$ 4,488,719	$ 3,752,207	$ 655,000	$ 8,895,926

Ending balance: collectively evaluated for impairment	$ 34,229,501	$ 109,291,758	$ 88,775,237	$ 232,296,496

The following is a summary of the aging of mortgage loans held for investment for the periods presented:

	30-59 Days Past Due	60-89 Days Past Due	Greater Than 90 Days (1)	In Process of Foreclosure (1)	Total Past Due	Current	Total Mortgage Loans	Allowance for Loan Losses	Unamortized deferred loan fees, net	Unamortized discounts, net	Net Mortgage Loans
September 30, 2020
Commercial	$ 255,858	$ 495,937	$ 3,414,719	$ -	$ 4,166,514	$ 45,212,424	$ 49,378,938	$ (187,129)	$ (43,338)	$ (828,049)	$ 48,320,422
Residential	5,261,818	1,930,361	3,745,621	1,448,244	12,386,044	67,665,870	80,051,914	(1,836,150)	(521,661)	(320,613)	77,373,490
Residential Construction	276,403	1,630,000	630,574	-	2,536,977	117,761,859	120,298,836	(43,202)	(340,019)	-	119,915,615

Total	$ 5,794,079	$ 4,056,298	$ 7,790,914	$ 1,448,244	$ 19,089,535	$ 230,640,153	$ 249,729,688	$ (2,066,481)	$ (905,018)	$ (1,148,662)	$ 245,609,527

December 31, 2019
Commercial	$ 1,872,000	$ -	$ 4,488,719	$ -	$ 6,360,719	$ 32,357,501	$ 38,718,220	$ (187,129)	$ (88,918)	$ (653,272)	$ 37,788,901
Residential	10,609,296	4,085,767	2,100,742	1,651,465	18,447,270	94,596,695	113,043,965	(1,222,706)	(1,567,581)	-	110,253,678
Residential Construction	-	-	655,000	-	655,000	88,775,237	89,430,237	(43,202)	(735,068)	-	88,651,967

Total	$ 12,481,296	$ 4,085,767	$ 7,244,461	$ 1,651,465	$ 25,462,989	$ 215,729,433	$ 241,192,422	$ (1,453,037)	$ (2,391,567)	$ (653,272)	$ 236,694,546

(1) Interest income is not recognized on loans past due greater than 90 days or in foreclosure.

Impaired Mortgage Loans Held for Investment

Impaired mortgage loans held for investment include loans with a related specific valuation allowance or loans whose carrying amount has been reduced to the expected collectible amount because the impairment has been considered otherthantemporary. The recorded investment in and unpaid principal balance of impaired loans along with the related loan specific allowance for losses, if any, for each reporting period and the average recorded investment and interest income recognized during the time the loans were impaired were as follows:

	Recorded Investment	Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized
September 30, 2020
With no related allowance recorded:
Commercial	$ 3,414,719	$ 3,414,719	$ -	$ 1,772,817	$ -
Residential	3,435,710	3,435,710	-	4,235,285	-
Residential construction	630,574	630,574	-	673,383	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,758,155	1,758,155	238,997	1,186,545	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ 3,414,719	$ 3,414,719	$ -	$ 1,772,817	$ -
Residential	5,193,865	5,193,865	238,997	5,421,830	-
Residential construction	630,574	630,574	-	673,383	-

December 31, 2019
With no related allowance recorded:
Commercial	$ 4,488,719	$ 4,488,719	$ -	$ 1,499,043	$ -
Residential	2,254,189	2,254,189	-	3,367,151	-
Residential construction	655,000	655,000	-	1,457,278	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,498,018	1,498,018	195,993	665,270	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ 4,488,719	$ 4,488,719	$ -	$ 1,499,043	$ -
Residential	3,752,207	3,752,207	195,993	4,032,421	-
Residential construction	655,000	655,000	-	1,457,278	-

Credit Risk Profile Based on Performance Status

The Company’s mortgage loan held for investment portfolio is monitored based on performance of the loans. Monitoring a mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment. The Company defines non-performing mortgage loans as loans 90 days or greater delinquent or on non-accrual status.

The Company’s performing and non-performing mortgage loans held for investment were as follows:

	Commercial		Residential		Residential Construction		Total
	September 30, 2020	December 31, 2019	September 30, 2020	December 31, 2019	September 30, 2020	December 31, 2019	September 30, 2020	December 31, 2019

Performing	$ 45,964,219	$ 34,229,501	$ 74,858,049	$ 109,291,758	$ 119,668,262	$ 88,775,237	$ 240,490,530	$ 232,296,496
Non-performing	3,414,719	4,488,719	5,193,865	3,752,207	630,574	655,000	9,239,158	8,895,926

Total	$ 49,378,938	$ 38,718,220	$ 80,051,914	$ 113,043,965	$ 120,298,836	$ 89,430,237	$ 249,729,688	$ 241,192,422

Non-Accrual Mortgage Loans Held for Investment

Once a loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and write off any interest income that had been accrued. Payments received for loans on a non-accrual statusare recognized on a cash basis. Interest income recognized from any payments received for loans on a non-accrual statuswas immaterial. Accrual of interest resumes if a loan is brought current. Interest not accrued on these loans totals approximately $397,000and $203,000 as of September 30, 2020 and December 31, 2019, respectively.

The following is a summary of mortgage loans held for investment on a non-accrual status for the periods presented.

	As of September 30 2020	As of December 31 2019
Commercial	$ 3,414,719	$ 4,488,719
Residential	5,193,865	3,752,207
Residential construction	630,574	655,000
Total	$ 9,239,158	$ 8,895,926

4) Loans Held For Sale

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

4) Loans Held For Sale

4) Loans Held for Sale

The Company has elected the fair value option for loans held for sale. Changes in the fair value of the loans are included in mortgage fee income. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on mortgage loans held for investment and is included in mortgage fee income on the condensed consolidated statement of earnings. There is one loan with an unpaid principal balance of $190,560 that is 90 or more days past due and on a nonaccrual status as of September 30, 2020. See Note 8 to the condensed consolidated financial statements for additional disclosures regarding loans held for sale.

The following is a summary of the aggregate fair value and the aggregate unpaid principal balance of loans held for sale for the periods presented:

	As of September 30 2020	As of December 31 2019

Aggregate fair value	$ 445,878,979	$ 213,457,632
Unpaid principal balance	428,860,105	206,417,122
Unrealized gain	17,018,874	7,040,510

Mortgage Fee Income

Mortgage fee income consists of origination fees, processing fees, interest income and certain other income related to the origination and sale of mortgage loans held for sale.

Major categories of mortgage fee income for loans held for sale are as follows:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Loan fees	$ 20,630,052	$ 8,438,471	$ 40,167,476	$ 22,162,455
Interest income	3,348,929	2,127,775	7,630,993	5,032,505
Secondary gains	70,627,864	27,574,294	151,215,666	66,434,923
Change in fair value of loan commitments	3,901,086	378,899	12,454,218	1,915,223
Change in fair value of loans held for sale	1,404,131	1,411,322	4,231,347	2,065,978
Provision for loan loss reserve	(1,352,438)	(195,009)	(3,489,982)	(449,894)
Mortgage fee income	$ 98,559,624	$ 39,735,752	$ 212,209,718	$ 97,161,190

Loan Loss Reserve

When a repurchase demand corresponding to a mortgage loan previously held for sale and sold to a third-party investor is received from a third-party investor, the relevant data is reviewed and captured so that an estimated future loss can be calculated. The key factors that are used in the estimated loss calculation are as follows: (i) lien position, (ii) payment status, (iii) claim type, (iv) unpaid principal balance, (v) interest rate, and (vi) validity of the demand. Other data is captured and is useful for management purposes; the actual estimated loss is generally based on these key factors. The Company conducts its own review upon the receipt of a repurchase demand. In many instances, the Company is able to resolve the issues relating to the repurchase demand by the third-party investor without having to make any payments to the investor.

The following is a summary of the loan loss reserve that is included in other liabilities and accrued expenses:

	As of September 30 2020	As of December 31 2019
Balance, beginning of period	$ 4,046,288	$ 3,604,869
Provision on current loan originations (1)	3,489,982	643,284
Charge-offs, net of recaptured amounts	(4,527,157)	(201,865)
Balance, end of period	$ 3,009,113	$ 4,046,288

(1) Included in mortgage fee income

The Company maintains reserves for estimated losses on current production volumes. For the nine months ended September 30, 2020, $3,489,982 in reserves were added at a rate of 8.9 basis points per loan, the equivalent of $890 per $1,000,000 in loans originated. This is an increase over the nine months ended September 30, 2019, when reserves were added at a rate of 2.5 basis points per loan originated, the equivalent of $250 per $1,000,000 in loans originated. The economic impact of COVID-19 and subsequent government action has increased the potential for losses due to early payoff penalties and potential for losses due to increased delinquency. The unique nature of these current events creates significant difficulty for forecasting potential future losses. Based on the Company’s best estimate for potential loan losses and considering published industry data, a loss reserve of 8 basis points per loan originated will be used in the fourth quarter 2020. The Company will continue to monitor data and economic conditions in order to maintain adequate loss reserves on current production.

During the third quarter 2020, the loan loss reserve decreased significantly primarily due to a $3,000,000 settlement that was paid to an investor for loans originated between 2004 and 2007. No additional loss reserves are being held for loans originated between 2004 and 2007.

Thus, the Company believes that the final loan loss reserve as of September 30, 2020, represents its best estimate for adequate loss reserves on loans sold.

5) Stock Compensation Plans

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

5) Stock-based Compensation

5) Stock Compensation Plans

The Company has two fixed option plans (the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $104,562 and $65,746 has been recognized for these plans for the three months ended September 30, 2020 and 2019, respectively, and $271,959 and $195,487 has been recognized for these plans for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, the total unrecognized compensation expense related to the options issued was $126,071, which is expected to be recognized over the vesting period of one year.

The fair value of each option granted is estimated on the date of grant using the Black Scholes Option Pricing Model. The Company estimates the expected life of the options using the simplified method. Future volatility is estimated based upon the weighted historical volatility of the Company’s Class A common stock over a period equal to the expected life of the options. The risk-free interest rate for the expected life of the options is based upon the Federal Reserve Board’s daily interest rates in effect at the time of the grant.

A summary of the status of the Company’s stock compensation plans as of September 30, 2020, and the changes during the nine months ended September 30, 2020, are presented below:

	Number of Class A Shares	Weighted Average Exercise Price	Number of Class C Shares	Weighted Average Exercise Price

Outstanding at January 1, 2020	1,086,053	$ 4.41	594,132	$ 5.36
Adjustment for effect of stock dividends	27,968		19,354
Granted	77,000		180,000
Exercised	(78,803)		-
Cancelled	-		-
Outstanding at September 30, 2020	1,112,218	$ 4.28	793,486	$ 4.88

As of September 30, 2020:
Options exercisable	1,053,033	$ 4.39	652,805	$ 5.14

As of September 30, 2020:
Available options for future grant	325,372		266,500

Weighted average contractual term of options
outstanding at September 30, 2020	5.72 years		5.94 years

Weighted average contractual term of options
exercisable at September 30, 2020	5.51 years		5.49 years

Aggregated intrinsic value of options
outstanding at September 30, 2020 (1)	$2,242,693		$1,115,985

Aggregated intrinsic value of options
exercisable at September 30, 2020 (1)	$2,228,291		$894,505


(1) The Company used a stock price of $6.40 as of September 30, 2020 to derive intrinsic value.

A summary of the status of the Company’s stock compensation plans as of September 30, 2019, and the changes during the nine months ended September 30, 2019, are presented below:

	Number of Class A Shares	Weighted Average Exercise Price	Number of Class C Shares	Weighted Average Exercise Price

Outstanding at January 1, 2019	1,011,274	$ 4.49	577,280	$ 5.15
Granted	2,000		-
Exercised	(19,796)		(63,814)
Cancelled	-		-
Outstanding at September 30, 2019	993,478	$ 4.50	513,466	$ 5.33

As of September 30, 2019:
Options exercisable	955,195	$ 4.46	489,840	$ 5.34

As of September 30, 2019:
Available options for future grant	299,351		146,425

Weighted average contractual term of options
outstanding at September 30, 2019	5.40 years		3.63 years

Weighted average contractual term of options
exercisable at September 30, 2019	5.34 years		3.37 years

Aggregated intrinsic value of options
outstanding at September 30, 2019 (1)	$765,360		$106,646

Aggregated intrinsic value of options
exercisable at September 30, 2019 (1)	$765,360		$106,646


(1) The Company used a stock price of $4.90 as of September 30, 2019 to derive intrinsic value.

The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the nine months September 30, 2020 and 2019 was $191,309 and $112,340, respectively.

6) Earnings Per Share

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

6) Earnings Per Share

The basic and diluted earnings per share amounts were calculated as follows:

		Three Months Ended September 30		Nine Months Ended September 30
		2020	2019	2020	2019
Numerator:
	Net earnings	$ 29,304,769	$ 3,617,414	$ 51,286,265	$ 9,027,786
Denominator:
	Basic weighted-average shares outstanding	18,873,886	18,551,116	18,760,884	18,560,874
Effect of dilutive securities:
	Employee stock options	559,733	203,975	404,006	208,561

	Diluted weighted-average shares outstanding	19,433,619	18,755,091	19,164,890	18,769,435

Basic net earnings per share		$1.55	$0.19	$2.73	$0.49

Diluted net earnings per share		$1.51	$0.19	$2.68	$0.48

Net earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. For thenine monthsSeptember 30, 2020 and 2019,there were-0-and 864,915of anti-dilutive employee stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive.

7) Business Segment Information

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

7) Business Segment Information

Description of Products and Services by Segment

The Company has three reportable business segments: life insurance, cemetery and mortuary, and mortgage. The Company’s life insurance segment consists of life insurance premiums and operating expenses from the sale of insurance products sold by the Company’s independent agency force and net investment income derived from investing policyholder and segment surplus funds. The Company’s cemetery and mortuary segment consists of revenues and operating expenses from the sale of at-need cemetery and mortuary merchandise and services at its mortuaries and cemeteries, pre-need sales of cemetery spaces after collection of 10% or more of the purchase price and the net investment income from investing segment surplus funds. The Company’s mortgage segment consists of fee income and expenses from the originations of residential mortgage loans and interest earned and interest expenses from warehousing loans held for sale.

Measurement of Segment Profit or Loss and Segment Assets

The accounting policies of the reportable segments are the same as those described in the Significant Accounting Principles of the Form 10-K for the year ended December 31, 2019. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation.

Factors Management Used to Identify the Enterprise’s Reportable Segments

The Company’s reportable segments are business units that are managed separately due to the different products provided and the need to report separately to the various regulatory jurisdictions. The Company regularly reviews the quantitative thresholds and other criteria to determine when other business segments may need to be reported.

	Life Insurance	Cemetery/ Mortuary	Mortgage	IntercompanyEliminations	Consolidated
For the Three Months Ended
September 30, 2020
Revenues from external customers	$ 39,261,044	$ 5,495,990	$ 101,447,531	$ -	$ 146,204,565
Intersegment revenues	2,952,836	79,096	168,890	(3,200,822)	-
Segment profit before income taxes	4,807,280	1,322,303	32,454,348	-	38,583,931
		-
For the Three Months Ended

September 30, 2019
Revenues from external customers	$ 29,824,686	$ 3,570,419	$ 41,984,554	$ -	$ 75,379,659
Intersegment revenues	1,465,778	106,638	120,891	(1,693,307)	-
Segment profit before income taxes	1,263,836	213,198	3,282,788	-	4,759,822

For the Nine Months Ended
September 30, 2020
Revenues from external customers	$ 110,255,399	$ 14,815,991	$ 219,403,866	$ -	$ 344,475,256
Intersegment revenues	5,677,189	272,409	559,923	(6,509,521)	-
Segment profit before income taxes	5,408,482	2,975,556	58,867,883	-	67,251,921

Identifiable Assets	1,232,786,760	55,339,760	443,756,079	(88,204,200)	1,643,678,399
Goodwill	2,765,570	754,018	-	-	3,519,588
Total Assets	1,235,552,330	56,093,778	443,756,079	(88,204,200)	1,647,197,987

For the Nine Months Ended
September 30, 2019
Revenues from external customers	$ 88,937,110	$ 12,472,711	$ 103,908,855	$ -	$ 205,318,676
Intersegment revenues	3,441,497	336,911	372,170	(4,150,578)	-
Segment profit before income taxes	4,568,178	2,421,845	4,825,801	-	11,815,824

Identifiable Assets	941,739,161	84,250,592	243,272,631	(110,132,588)	1,159,129,796
Goodwill	2,765,570	754,018	-	-	3,519,588
Total Assets	944,504,731	85,004,610	243,272,631	(110,132,588)	1,162,649,384

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

8) Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

8) Fair Value of Financial Instruments

GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. Fair value measurements are classified under the following hierarchy:

Level 1: Financial assets and financial liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access.

Level 2: Financial assets and financial liabilities whose values are based on the following:

a) Quoted prices for similar assets or liabilities in active markets;

b)Quoted prices for identical or similar assets or liabilities in non-active markets; or

Valuation models whose inputs are observable, directly or indirectly, for substantially the fulltermof the asset or liability.

Level 3: Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs may reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial assets and financial liabilities.

The Company utilizes a combination of third-party valuation service providers, brokers, and internal valuation models to determine fair value.

The following methods and assumptions were used by the Company in estimating the fair value disclosures related to significant financial instruments.

The items shown under Level 1 and Level 2 are valued as follows:

Fixed Maturity Securities Available for Sale: The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements (considered Level 3 investments), are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments.

Equity Securities: The fair values for equity securities are based on quoted market prices.

Loans Held for Sale: The Company elected the fair value option for loans held for sale. The fair value is based on quoted market prices, when available. When a quoted market price is not readily available, the Company uses the market price from its last sale of similar assets.

Restricted Assets:A portion of these assets include mutual funds and equity securities and fixed maturity securities that have quoted market prices that are used to determine fair value. Also included are cash and cash equivalents and participations in mortgage loans. The carrying amounts reported in the accompanying condensed consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature.

Cemetery Endowment Care Trust Investments:A portion of these assets include equity securities and fixed maturity securities that have quoted market prices that are used to determine fair value. Also included are cash and cash equivalents. The carrying amounts reported in the accompanying condensed consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature.

Call and Put Option Derivatives:The fair values for call and put options are based on quoted market prices.

The items shown under Level 3 are valued as follows:

Loan Commitments and Forward Sale Commitments: The Company’s mortgage segment enters into loan commitments with potential borrowers and forward sale commitments to sell loans to third-party investors. The Company also uses a hedging strategy for these transactions.A loan commitment binds the Company to lend funds to a qualified borrower at a specified interest rate and within a specified period of time, generally up to 30 days after issuance of the loan commitment. Loan commitments are defined to be derivatives under GAAP and are recognized at fair value on the consolidated balance sheets with changes in their fair values recorded in current earnings.

The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted MBS prices, estimates of the fair value of mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the commitment. The change in fair value of the underlying mortgage loan is measured from the date the loan commitment is issued. Following issuance, the value of a mortgage loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. Fallout rates and other factors from the Company’s recent historical data are used to estimate the quantity and value of mortgage loans that will fund within the terms of the commitments.

Impaired Mortgage Loans Held for Investment: The Company believes that the fair value of these nonperforming loans will approximate the unpaid principal balance expected to be recovered based on the fair value of the underlying collateral. For residential and commercial properties, the collateral value is estimated by obtaining an independent appraisal. The appraisal typically considers area comparables and property condition as well as potential rental income that could be generated (particularly for commercial properties). For residential construction loans, the collateral is typically incomplete, so fair value is estimated as the replacement cost using data from a provider of building cost information to the real estate construction.

Real Estate Held for Investment:The Company believes that in an orderly market, fair value will approximate the replacement cost of a home and the rental income provides a cash flow stream for investment analysis. The Company believes the highest and best use of the properties are as income producing assets since it is the Company’s intent to hold the properties as rental properties, matching the income from the investment in rental properties with the funds required for future estimated policy claims.

It should be noted that for replacement cost, when determining the fair value of real estate held for investment, the Company uses a provider of building cost information to the real estate construction industry. For the investment analysis, the Company uses market data based upon its real estate operation experience and projected the present value of the net rental income over seven years. The Company also considers area comparables and property condition when determining fair value.

In addition to this analysis performed by the Company, the Company depreciates Real Estate Held for Investment. This depreciation reduces the book value of these properties and lessens the exposure to the Company from further deterioration in real estate values.

Mortgage Servicing Rights: The Company initially recognizes Mortgage Servicing Rights (“MSRs”) at their estimated fair values derived from the net cash flows associated with the servicing contracts,where the Company assumes the obligation to service the loan in the sale transaction.

The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet at September 30, 2020.

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$ 344,917,387	$ -	$ 342,627,234	$ 2,290,153
Equity securities	11,215,606	11,215,606	-	-
Loans held for sale	445,878,979	-	-	445,878,979
Restricted assets (1)	1,470,114	-	1,470,114	-
Restricted assets (2)	2,193,831	2,193,831	-	-
Cemetery perpetual care trust investments (1)	576,292	-	576,292	-
Cemetery perpetual care trust investments (2)	1,832,703	1,832,703	-	-
Derivatives - loan commitments (3)	17,945,259	-	-	17,945,259
Total assets accounted for at fair value on a recurring basis	$ 826,030,171	$ 15,242,140	$ 344,673,640	$ 466,114,391

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$ (126,193)	$ (126,193)	$ -	$ -
Derivatives - loan commitments (4)	(2,999,809)	-	-	(2,999,809)
Total liabilities accounted for at fair value on a recurring basis	$ (3,126,002)	$ (126,193)	$ -	$ (2,999,809)

(1) Fixed maturity securities available for sale
(2) Equity securities
(3) Included in other assets on the consolidated balance sheets
(4) Included in other liabilities and accrued expenses on the consolidated balance sheets

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$ 355,977,820	$ -	$ 352,761,438	$ 3,216,382
Equity securities	7,271,165	7,271,165	-	-
Loans held for sale	213,457,632	-	-	213,457,632
Restricted assets (1)	1,008,867	-	1,008,867	-
Restricted assets (2)	1,976,480	1,976,480	-	-
Cemetery perpetual care trust investments (1)	975,673	-	975,673	-
Cemetery perpetual care trust investments (2)	1,605,451	1,605,451	-	-
Derivatives - loan commitments (3)	2,722,580	-	-	2,722,580
Total assets accounted for at fair value on a recurring basis	$ 584,995,668	$ 10,853,096	$ 354,745,978	$ 219,396,594

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$ (62,265)	$ (62,265)	$ -	$ -
Derivatives - put options (4)	(22,282)	(22,282)	-	-
Derivatives - loan commitments (4)	(231,347)	-	-	(231,347)
Total liabilities accounted for at fair value on a recurring basis	$ (315,894)	$ (84,547)	$ -	$ (231,347)

(1) Fixed maturity securities available for sale
(2) Mutual funds and equity securities
(3) Included in other assets on the condensed consolidated balance sheets
(4) Included in other liabilities and accrued expenses on the condensed consolidated balance sheets

For Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2020, the significant unobservable inputs used in the fair value measurements were as follows:

			Significant	Range of Inputs
	Fair Value at	Valuation	Unobservable	Minimum	Maximum	Weighted
	9/30/2020	Technique	Input(s)	Value	Value	Average
Loans held for sale	$ 445,878,979	Market approach	Investor contract pricing as a percentage of unpaid principal balance	99.0%	110.0%	104.0%

Derivatives - loan commitments (net)	14,945,451	Market approach	Fall-out factor	1.0%	92.0%	80.0%
			Initial-Value	N/A	N/A	N/A
			Servicing	0 bps	133 bps	67 bps

Fixed maturity securities available for sale	2,290,153	Broker quotes	Pricing quotes	$ 91.49	$ 123.46	$ 117.45

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

			Significant	Range of Inputs
	Fair Value at	Valuation	Unobservable	Minimum	Maximum	Weighted
	12/31/2019	Technique	Input(s)	Value	Value	Average
Loans held for sale	$ 213,457,632	Market approach	Investor contract pricing as a percentage of unpaid principal balance	98.0%	109.0%	103.0%

Derivatives - loan commitments (net)	2,491,233	Market approach	Fall-out factor	1.0%	92.0%	81.0%
			Initial-Value	N/A	N/A	N/A
			Servicing	0 bps	318 bps	79 bps

Fixed maturity securities available for sale	3,216,382	Broker quotes	Pricing quotes	$ 95.02	$ 115.80	$ 107.98

Following is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs:

	Net Loan Commitments		Loans Held for Sale		Fixed Maturity Securities Available for Sale
Balance - December 31, 2019	$ 2,491,233		$ 213,457,632		$ 3,216,382
Originations and purchases	-		3,824,329,264		-
Sales, maturities and paydowns	-		(3,709,992,155)		(1,031,500)
Transfer to mortgage loans held for investment	-		(9,170,610)		-
Total gains (losses):
Included in earnings	12,454,218	(1)	127,254,848	(1)	2,532	(2)
Included in other comprehensive income	-		-		102,739

Balance - September 30, 2020	$ 14,945,451		$ 445,878,979		$ 2,290,153

(1) As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2) As a component of Net investment income on the condensed consolidated statements of earnings

Following is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs:

	Net Derivatives Loan Commitments	Loans Held for Sale	Fixed Maturity Securities Available for Sale

Balance - December 31, 2018	$ 1,591,816	$ 136,210,853	$ -
Originations/purchases	-	2,606,839,175	-
Sales	-	(2,580,875,055)	-
Transfer to mortgage loans held for investment	-	(31,881,851)	-
Transfer from fixed maturity securities held to maturity	-	-	3,216,382
Total gains (losses):
Included in earnings (1)	899,417	83,164,510	-

Balance - December 31, 2019	$ 2,491,233	$ 213,457,632	$ 3,216,382

(1) As a component of mortgage fee income on the condensed consolidated statements of earnings

The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a nonrecurring basis by their classification in the condensed consolidated balance sheet at September 30, 2020.

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a nonrecurring basis
Impaired mortgage loans held for investment	$ 1,519,159	$ -	$ -	$ 1,519,159
Impaired real estate held for sale	4,000,000	-	-	4,000,000
Total assets accounted for at fair value on a nonrecurring basis	$ 5,519,159	$ -	$ -	$ 5,519,159

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a nonrecurring basis
Impaired mortgage loans held for investment	$ 1,302,025	$ -	$ -	$ 1,302,025
Impaired real estate held for investment	8,375,884	-	-	8,375,884
Total assets accounted for at fair value on a nonrecurring basis	$ 9,677,909	$ -	$ -	$ 9,677,909

Fair Value of Financial Instruments Carried at Other Than Fair Value

ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value.

Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at September 30, 2020 and December 31, 2019.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of September 30, 2020:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$ 77,373,490	$ -	$ -	$ 82,076,345	$ 82,076,345
Residential construction	119,915,615	-	-	119,915,615	119,915,615
Commercial	48,320,422	-	-	47,954,726	47,954,726
Mortgage loans held for investment, net	$ 245,609,527	$ -	$ -	$ 249,946,686	$ 249,946,686
Policy loans	14,234,935	-	-	14,234,935	14,234,935
Insurance assignments, net (1)	44,256,177	-	-	44,256,177	44,256,177
Restricted assets (2)	4,110,252	-	-	4,110,252	4,110,252
Mortgage servicing rights, net	28,387,476	-	-	30,288,406	30,288,406

Liabilities
Bank and other loans payable	$ (424,932,007)	$ -	$ -	$ (424,932,007)	$ (424,932,007)
Policyholder account balances (3)	(44,246,123)	-	-	(41,229,265)	(41,229,265)
Future policy benefits - annuities (3)	(110,638,182)	-	-	(115,049,853)	(115,049,853)

(1) Included in other investments and policy loans on the condensed consolidated balance sheets
(2) Mortgage loans held for investment
(3) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2019:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$ 110,253,678	$ -	$ -	$ 115,320,638	$ 115,320,638
Residential construction	88,651,967	-	-	88,651,967	88,651,967
Commercial	37,788,901	-	-	39,289,462	39,289,462
Mortgage loans held for investment, net	$ 236,694,546	$ -	$ -	$ 243,262,067	$ 243,262,067
Policy loans	14,762,805	-	-	14,762,805	14,762,805
Insurance assignments, net (1)	39,614,939	-	-	39,614,939	39,614,939
Restricted assets (2)	2,275,756	-	-	2,289,679	2,289,679
Cemetery perpetual care trust investments (2)	524,000	-	-	536,553	536,553
Mortgage servicing rights, net	17,155,529	-	-	22,784,571	22,784,571

Liabilities
Bank and other loans payable	$ (217,572,612)	$ -	$ -	$ (217,572,612)	$ (217,572,612)
Policyholder account balances (3)	(45,154,180)	-	-	(41,828,469)	(41,828,469)
Future policy benefits - annuities (3)	(113,579,830)	-	-	(117,304,614)	(117,304,614)

(1) Included in other investments and policy loans on the condensed consolidated balance sheets
(2) Mortgage loans held for investment
(3) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of these financial instruments are summarized as follows:

Mortgage Loans Held for Investment: The estimated fair value of the Company’s mortgage loans held for investment is determined using various methods. The Company’s mortgage loans are grouped into three categories: Residential, Residential Construction and Commercial. When estimating the expected future cash flows, it is assumed that all loans will be held to maturity, and any loans that are non-performing are evaluated individually for impairment.

Residential – The estimated fair value is determined through a combination of discounted cash flows(estimating expected future cash flows of payments and discounting them using current interest rates from single family mortgages) and considering pricing of similar loans that were sold recently.

Residential Construction – These loans are primarily short in maturity.Accordingly, the estimated fair value is determined to be the carrying value.

Commercial – The estimated fair value is determined by estimating expected future cash flows of payments and discounting them using current interest rates for commercial mortgages.

Policy Loans: The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values because they are fully collateralized by the cash surrender value of the underlying insurance policies.

Insurance Assignments, Net: These investments are primarily short in maturity, accordingly, the carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values.

Bank and Other Loans Payable: The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values due to their relatively short-term maturities and variable interest rates.

Policyholder Account Balances and Future Policy Benefits-Annuities: Future policy benefit reserves for interest-sensitive insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for interest-sensitive insurance products ranged from 1.5% to 6.5%. The fair values for these investment-type insurance contracts are estimated based on the present value of liability cash flows.

The fair values for the Company’s insurance contractsother than investment-type contracts are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

9) Allowance For Doubtful Accounts

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

9) Allowance for Doubtful Accounts

The Company records an allowance and recognizes an expense for potential losses from other investments and receivables in accordance with generally accepted accounting principles.

Receivables are the result of cemetery and mortuary operations, mortgage loan operations and life insurance operations. The allowance is based upon the Company’s historical experience for collectively evaluated impairment. Other allowances are based upon receivables individually evaluated for impairment. Collectability of the cemetery and mortuary receivables is significantly influenced by current economic conditions. The critical issues that impact recovery of mortgage loan operations are interest rate risk, loan underwriting, new regulations and the overall economy

10) Derivative Instruments

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

10) Derivative Instruments

Mortgage Banking Derivatives

Loan Commitments

The Company is exposed to price risk due to the potential impact of changes in interest rates on the values of loan commitments from the time a loan commitment is made to an applicant to the time the loan that would result from the exercise of that loan commitment is funded. Managing price risk is complicated by the fact that the ultimate percentage of loan commitments that will be exercised (i.e., the number of loans that will be funded) fluctuates. The probability that a loan will not be funded or the loan application is denied or withdrawn within the terms of the commitment is driven by a number of factors, particularly the change, if any, in mortgage rates following the issuance of the loan commitment.

In general, the probability of funding increases if mortgage rates rise and decreases if mortgage rates fall. This is due primarily to the relative attractiveness of current mortgage rates compared to the applicant’s committed rate. The probability that a loan will not be funded within the terms of the mortgage loan commitment also is influenced by the source of the applications (retail, broker or correspondent channels), proximity to rate lock expiration, purpose for the loan (purchase or refinance), product type and the application approval status. The Company has developed fallout estimates using historical data that take into account all of the variables, as well as renegotiations of rate and point commitments that tend to occur when mortgage rates fall. These fallout estimates are used to estimate the number of loans that the Company expects to be funded within the terms of the loan commitments and are updated periodically to reflect the most current data.

The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices, estimates of the fair value of mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the commitment. The change in fair value of the underlying mortgage loan is measured from the date the loan commitment is issued and is shown net of expenses. Following issuance, the value of a loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans.

Forward Sale Commitments

The Company utilizes forward commitments to economically hedge the price risk associated with its outstanding mortgage loan commitments. A forward commitment protects the Company from losses on sales of the loans arising from exercise of the loan commitments. Management expects these types of commitments will experience changes in fair value opposite to changes in fair value of the loan commitments, thereby reducing earnings volatility related to the recognition in earnings of changes in the values of the commitments.

The net changes in fair value of loan commitments and forward sale commitments are shown in current earnings as a component of mortgage fee income on the consolidated statements of earnings. Mortgage banking derivatives are shown in other assets and other liabilities and accrued expenses on the condensed consolidated balance sheets.

Call and Put Options

The Company uses a strategy of selling “out of the money” call options on its equity securities as a source of revenue. The options give the purchaser the right to buy from the Company specified equity securities at a set price up to a pre-determined date in the future. The Company uses the strategy of selling put options as a means of generating cash or purchasing equity securities at lower than current market prices. The Company receives an immediate payment of cash for the value of the option and establishes a liability for the fair value of the option. The liability for options is adjusted to fair value at each reporting date. In the event a call option is exercised, the Company sells the equity security at a favorable price enhanced by the value of the option that was sold. If the option expires unexercised, the Company recognizes a gain from the expired option. In the event a put option is exercised, the Company acquires an equity security at the strike price of the option reduced by the value received from the sale of the put option. The equity security is then treated as a normal equity security in the Company’s portfolio. The net changes in the fair value of call and put options are shown in current earnings as a component of realized gains (losses) on investments and other assets. Call and put options are shown in other liabilities and accrued expenses on the condensed consolidated balance sheets.

The following table shows the notional amount and fair value of derivatives as of September 30, 2020 and December 31, 2019.

	Fair Values and Notional Values of Derivative Instruments
		September 30, 2020			December 31, 2019
	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	$977,036,503	$17,945,259	$2,999,809	$224,202,514	$2,722,580	$231,347
Call options	Other liabilities	1,957,000	-	126,193	1,813,500	-	62,265
Put options	Other liabilities	-	-	-	1,573,100	-	22,282
Total		$978,993,503	$17,945,259	$3,126,002	$227,589,114	$2,722,580	$315,894

The following table shows the gains and losseson derivatives for the periods presented.

		Net Amount Gain (Loss)		Net Amount Gain (Loss)
		Three Months Ended September 30		Nine Months Ended September 30
Derivative	Classification	2020	2019	2020	2019
Loan commitments	Mortgage fee income	$ 3,901,086	$ 378,899	$ 12,454,218	$ 1,915,223

Call and put options	Gains on investments and other assets	$ 34,171	$ 104,702	$ 124,516	$ 509,639

11) Reinsurance, Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

11) Reinsurance, Commitments and Contingencies

Reinsurance

The Company follows the procedure of reinsuring risks in excess of a specified limit, which ranges from $25,000 to $100,000. The Company is liable for these amounts in the event such reinsurers are unable to pay their portion of the claims. The Company has also assumed insurance from other companies.

Mortgage Loan Loss Settlements

Future loan losses can beextremely difficult to estimate.However, management believes that the Company’s reserve methodologyand its current practice of property preservation allow it to estimate its potential losses on loans sold.The estimated liability for indemnification losses is included in other liabilities and accrued expenses and, as of September 30, 2020 and December 31, 2019, the balances were $3,009,000and $4,046,000, respectively.

Thus, the Company believes that the final loan loss reserve as of September 30, 2020, represents its best estimate for adequate loss reserves on loans sold.

Mortgage Loan Loss Litigation

Lehman Brothers Holdings Litigation – Delaware and New York

In January 2014, Lehman Brothers Holdings Inc. (“Lehman Holdings”) entered into a settlement with the Federal National Mortgage Association (Fannie Mae) concerning the mortgage loan claims that Fannie Mae had asserted against Lehman Holdings, which were based on alleged breaches of certain representations and warranties by Lehman Holdings in the mortgage loans it had sold to Fannie Mae. Lehman Holdings had acquired these loans from Aurora Bank, FSB, formerly known as Lehman Brothers Bank, FSB, which in turn purchased the loans from residential mortgage loan originators, including SecurityNational Mortgage Company (“SecurityNational Mortgage”). A settlement based on similar circumstances was entered into between Lehman Holdings and the Federal Home Loan Mortgage Corporation (Freddie Mac) in February 2014.

Lehman Holdings filed a motion in May 2014 with the U.S. Bankruptcy Court of the Southern District of New York to require the mortgage loan originators, including SecurityNational Mortgage, to engage in non-binding mediations of the alleged indemnification claims against the mortgage loan originators relative to the Fannie Mae and Freddie Mac settlements with Lehman Holdings. The mediation was not successful in resolving any issues between SecurityNational Mortgage and Lehman Holdings.

On January 26, 2016, SecurityNational Mortgage filed a declaratory judgment action against Lehman Holdings in the Superior Court for the State of Delaware. In the Delaware action, SecurityNational Mortgage asserted its right to obtain a declaration of rights in that there are allegedly millions of dollars in dispute with Lehman Holdings pertaining to approximately 136 mortgage loans. SecurityNational Mortgage sought a declaratory judgment as to its rights as it contends that it has no liability to Lehman Holdings as a result of Lehman Holdings’ settlements with Fannie Mae and Freddie Mac. Lehman Holdings filed a motion in the Delaware court seeking to stay or dismiss the declaratory judgment action. On August 24, 2016, the Court ruled that it would exercise its discretion to decline jurisdiction over the action and granted Lehman Holdings’ motion to dismiss.

On February 3, 2016, Lehman Holdings filed an adversary proceeding against approximately 150 mortgage loan originators, including SecurityNational Mortgage, in the U.S. Bankruptcy Court of the Southern District of New York seeking a declaration of rights similar in nature to the declaration that SecurityNational Mortgage sought in its Delaware lawsuit, and for damages relating to the alleged obligations of the defendants under indemnification provisions of the alleged agreements, in amounts to be determined at trial, including interest, attorneys’ fees and costs incurred by Lehman Holdings in enforcing the obligations of the defendants. No response was required to be filed relative to the Complaint or the Amended Complaint dated March 7, 2016. A Case Management Order was entered on November 1, 2016.

On December 27, 2016, pursuant to the Case Management Order, Lehman Holdings filed a Second Amended Complaint against SecurityNational Mortgage, which eliminates the declaratory judgment claim but retains a similar claim for damages as in the Complaint. Many of the defendants, including SecurityNational Mortgage, filed a joint motion in the case asserting that the Bankruptcy Court does not have subject matter jurisdiction concerning the matter and that venue is improper. Lehman Holdings’ response memorandum was filed on May 31, 2017 and a reply memorandum of the defendants filing the motion was filed on July 14, 2017. A hearing on the motion was heldon June 12, 2018.

On August 13, 2018, the Court issued its Memorandum Decision and Order (“Decision”) denying the motion. On August 27, 2018, a number of the defendants, including SecurityNational Mortgage, filed a joint motion with the United States District Court (Case No. 18-mc-00392(VEC)) requesting that the Bankruptcy Court’s Decision be treated as findings of fact and conclusions of law, and for the District Court to review the Decision de novo as to jurisdiction. Included with the motion were proposed objections to the Bankruptcy Court’s Decision. On September 18, 2018, Lehman Holdings filed its response to the joint motion, and defendants’ reply was filed on October 2, 2018.

On September 17, 2018, certain defendants, including SecurityNational Mortgage, also filed a notice of appeal, and thereafter a motion for leave to file an interlocutory appeal as to the Bankruptcy Court’s Decision pertaining to jurisdiction and improper venue as a “protective” appeal should the District Court decide not to treat the Decision as findings of fact and conclusions of law. Separately, certain other defendants also filed a notice of appeal and motion for leave to file an interlocutory appeal with respect to the Bankruptcy Court’s Decision concerning improper venue. Lehman Holdings filed its response on October 22, 2018, and defendants filed a joint reply to Lehman Holdings’ response on November 26, 2018. The motions to file appeals were consolidated before Valerie Caproni, U.S. District Court Judge, Case No. 18-cv-08986 (VEC). Case No. 18-mc-00392 (VEC) was also before Judge Caproni.

On May 8, 2019, Judge Caproni issued her Opinion and Order denying the motion for an interlocutory appeal of the bankruptcy court’s ruling relative to jurisdiction and venue. Further, the judge denied the motion for immediate de novo review of the bankruptcy court’s ruling indicating that de novo review can be left for the future.

On October 1, 2018, Lehman Holdings filed a motion for leave to fileThird Amended Complaints against numerous defendants including SecurityNational Mortgage. In addition to the Fannie Mae and Freddie Mac related loans, the amendments and supplements include additional mortgage loans sold to Lehman Holdings that were packaged for securitization (“RMBS loans”). The RMBS loans had allegedly been sold by defendants to Lehman Bank that, in turn, sold them to Lehman Holdings. The allegations pertaining to the RMBS loans include, e.g., purported breaches of representations and warranties made to the securitization trusts by Lehman Holdings. Lehman Holdings asserts that it made representations and warranties purportedly based in part by representations and warranties made to Lehman Bank by loan originators, including SecurityNational Mortgage.

The alleged RMBS loans in dispute with SecurityNational Mortgage allegedly involve millions of dollars pertaining to approximately 577 mortgage loans in addition to the Fannie Mae and Freddie Mac related loans. Lehman Holdings also moved the Court to simultaneously allow alternative dispute resolution procedures to take place including potential mediation. Over objections, at a hearing on October 29, 2018, the Court granted Lehman Holdings’ motion to amend or supplement its complaints adding the RMBS loans, and also to mandate alternative dispute resolution procedures affecting many defendants including SecurityNational Mortgage.

Instead of filing a Third Amended Complaint to include the RMBS loans referenced above, Lehman Holdings filed the matter against SecurityNational Mortgage as a new complaint ("RMBS Complaint") (United States Bankruptcy Court, Southern District of New York, Adversary Proceeding 18-01819) pertaining to the approximately 577 RMBS loans, in addition to theSecond Amended Complaint already on file. The RMBS Complaint seeks alleged damages relating to obligations under alleged contractual indemnification provisions in an amount to be determined at trial, interest, costsand expenses incurred by LBHI in enforcing alleged obligations, including attorneys' fees and costs and any expert witness fees incurred in litigation; and such other relief as the Court deems just and proper.

In response to a Court order, certain defendants referenced in the Second Amended Complaint and the RMBS Complaints negotiated with Lehman Holdings concerning an amended case management order pertaining to certain case procedures and management for both lawsuits including, but not limited to, timing for filing motions and answering the complaints, and provisions concerning discovery such as a document production,taking depositions, and use of experts. At a hearing held on March 7, 2019, the Court considered differences of the parties as to the content of an amended case management order, and thereafter signed an amended case management order dated March 13, 2019.SecurityNational Mortgage filed an answer and amended answer in the Fannie Mae and Freddie Mac case, and in the RMBS case. Discovery is in process.

Lehman Holdings sent an Indemnification Alternative Dispute Resolution Notice to SecurityNational Mortgage dated August 1, 2019. SecurityNational Mortgage sent its Statement of Position to Lehman Brothers Holdings dated September 3, 2019 in response to the notice. Thereafter, Lehman Holdings sent its Reply dated October 2, 2019 to SecurityNational Mortgage. On January 9, 2020, SecurityNational Mortgage submitted further information to the mediator. Mediation was set to take place on January 23, 2020 in New York. In view of a motion of SecurityNational Mortgage dated January 15, 2020, Lehman Holdings requested that the mediation be continued.

On January 15, 2020, SecurityNational Mortgage filed a motion to dismiss Lehman Holdings’ RMBS action in the Bankruptcy Court for lack of subject matter jurisdiction and standing. It was not filed in the Bankruptcy Court but in the United States District Court for the Southern District of New York. The District Court referred the matter to a magistrate judge for general pretrial, which “includes scheduling, discovery, non-dispositive pretrial motions, and settlement,” as well as for “a Report and Recommendation” as to the pending motion. The final disposition of the motion will be with the District Court judge. Lehman Holdings asked the District Court to transfer the case to one of two other judges allegedly due to related matters. No action has been taken by the District Court to transfer the case.

However, Lehman Holdings filed its response brief to the motion and SecurityNational Mortgage filed its reply. On July 10, 2020, the Magistrate Judge filed a report and recommendation with the District Court judge recommending that SecurityNational Mortgage’s motion to dismiss be denied on the procedural basis that the motion should not be in the District Court, but the Bankruptcy Court. SecurityNational Mortgage filed an objection to the report and recommendation to which Lehman Holdings responded. The District Court entered an order on August 10, 2020 adopting the Magistrate Judge’s recommendation that SecurityNational Mortgage’s motion be denied on the procedural basis that the matter should not be in the District Court at present, and that the Bankruptcy Court may recommend on an interlocutory basis whether there is subject matter jurisdiction and standing, and that later in the proceedings the District Court could then review the recommendation as to subject matter jurisdiction and standing.

On September 15, 2020, SecurityNational Mortgage filed a Petition for a Writ of Mandamus with the Second Circuit Court of Appeals asking that the District Court be ordered to presently resolve SecurityNational Mortgage’s motion as its motion is filed in the proper court. No action has yet to be taken by the Second Circuit.

Earlier, on March 17, 2020, Lehman Holdings filed a motion for partial summary judgment against dozens of defendants asserting that sufficient notice was given defendants concerning the settlement of the RMBS claims so that Lehman Holdings, as an indemnitee, would not have to prove that it (Lehman Holdings) had liability to the RMBS Trustees, but only that its settlement was reasonable and in good faith. Defendants involved filed a response brief that for various reasons Lehman Holdings cannot establish sufficient notice as required by law. Certain defendants, excluding SecurityNational Mortgage, also filed a cross motion to seek an affirmative ruling on the issue of Lehman Holdings’ motion.

Thereafter, Lehman Holdings filed a reply brief in support of its motion, and also a response brief to certain defendants’ cross motion. Defendants that filed a cross motion filed a reply brief in support of the cross motion.The motions are now under advisement with the Bankruptcy Court. Even if Lehman Holdings were to prevail on its motion, it does not absolve Lehman Holdings of its burden to prove indemnity liability to the defendants. SecurityNational Mortgage denies any liability to Lehman Holdings and intends to vigorously protect and defend its position.

Debt Covenants for Mortgage Warehouse Lines of Credit

The Company, through its subsidiary SecurityNational Mortgage, has a $150,000,000 line of credit with Wells Fargo Bank N.A. The agreement charges interest at the 1-Month LIBOR rate plus 2.1% and matures on June 24, 2021. SecurityNational Mortgage is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, the ratio of indebtedness to adjusted tangible net worth, andthe liquidity overhead coverage ratio, and a quarterly gross profit of at least $1.00.

The Company, through its subsidiary SecurityNational Mortgage, also uses a line of credit with Texas Capital Bank N.A. This agreement with the bank allows SecurityNational Mortgage to borrow up to $175,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at the 1-Month LIBOR rate plus 3% and matures on November 15, 2021. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income (excluding any changes in the fair value of mortgage servicing rights) of at least $1.00 on a rolling four-quarter basis.

The Company through its subsidiary SecurityNational Mortgage, also uses a line of credit with Comerica Bank. This agreement with the bank allows SecurityNational Mortgage to borrow up to $90,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at the 1-Month LIBOR rate plus 2.5% and matures on May 27, 2021. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income (excluding any changes in the fair value of mortgage servicing rights) of at least $1.00 on a rolling twelve months.

The Company, through its subsidiary EverLEND Mortgage, also uses a line of credit with Texas Capital Bank N.A. This agreement with the bank allows EverLEND Mortgage to borrow up to $5,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at the 1-Month LIBOR rate plus 2.5% and matures on August 1, 2021. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income (excluding any changes in the fair value of mortgage servicing rights) of at least $1.00 on a rolling four-quarter basis.

The agreements for warehouse lines include cross default provisions in that a covenant violation under one agreement constitutes a covenant violation under the other agreement. As of September 30, 2020, the Company believes that it was in compliance with all debt covenants.

Other Contingencies and Commitments

The Company has entered into commitments to fund construction and land development loans and has also provided financing for land acquisition and development. As of September 30, 2020, the Company’s commitments wereapproximately$187,305,000 for these loans, of which $124,409,000had been funded. The Company will advancefunds once the work has been completed and an independent inspection is made. The maximum loan commitment ranges between 50% and 80% of appraised value. The Company receives fees and interest for these loans andthe interest rate is generally fixed 5.50% to 8.00% per annum. Maturities range between six and eighteen months.

The Company belongs to a captive insurance group for certain casualty insurance, worker compensation and liability programs. Insurance reserves are maintained relative to these programs. The level of exposure from catastrophic events is limited by the purchase of stop-loss and aggregate liability reinsurance coverage. When estimating the insurance liabilities and related reserves, the captive insurance management considers a number of factors, which include historical claims experience, demographic factors, severity factors and valuations provided by independent third-party actuaries. If actual claims or adverse development of loss reserves occurs and exceed these estimates, additional reserves may be required. The estimation process contains uncertainty since captiveinsurance management must use judgment to estimate the ultimate cost that will be incurred to settle reported claims and unreported claims for incidents incurred but not reported as of the balance sheet date.

The Company is a defendant in various other legal actions arising from the normal conduct of business. Management believes that none of the actions will have a material effect on the Company’s financial position or results of operations. Based on management’s assessment and legal counsel’s representations concerning the likelihood of unfavorable outcomes, no amounts have been accrued for the above claims in the consolidated financial statements.

The Company is not a party to any other material legal proceedings outside the ordinary course of business or to any other legal proceedings, which, if adversely determined, would have a material adverse effect on its financial condition or results of operations.

12) Mortgage Servicing Rights

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

12) Mortgage Servicing Rights

The Company initially records these MSRs at fair value as discussed in Note 8.

After being initially recorded at fair value, MSRs backed by mortgage loans are accounted for using the amortization method. Amortization expense is included in other expenses on the consolidated statements of earnings.MSR amortization is determined by amortizing the MSR balance in proportion to, and over the period of the estimated future net servicing income of the underlying financial assets.

The Company periodically assesses MSRsfor impairment. Impairment occurs when the current fair value of the MSR falls below the asset’s carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance.

Management periodically reviews the various loan strata to determine whether the value of the MSRs in a given stratum is impaired and likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.

The following is a summary of the MSR activity for the periods presented.

	As of September 30 2020	As of December 31 2019
Amortized cost:
Balance before valuation allowance at beginning of year	$ 17,155,529	$ 20,016,822
MSR additions resulting from loan sales	19,400,262	4,194,502
Amortization (1)	(8,168,315)	(7,055,795)
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance before valuation allowance at end of period	$ 28,387,476	$ 17,155,529

Valuation allowance for impairment of MSRs:
Balance at beginning of year	$ -	$ -
Additions	-	-
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance at end of period	$ -	$ -

Mortgage servicing rights, net	$ 28,387,476	$ 17,155,529

Estimated fair value of MSRs at end of period	$ 30,288,406	$ 22,784,571

(1) Included in other expenses on the condensed consolidated statements of earnings

The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost:

		Estimated MSR Amortization
2020		4,926,285
2021		3,690,972
2022		3,094,986
2023		2,609,308
2024		2,213,796
Thereafter		11,852,129
Total		$ 28,387,476

The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the condensedconsolidated statement of earnings:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Contractual servicing fees	$ 2,340,546	$ 1,765,957	$ 6,055,055	$ 5,433,970
Late fees	69,314	82,547	238,826	261,437
Total	$ 2,409,860	$ 1,848,504	$ 6,293,881	$ 5,695,407

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio for the periods presented:

	As of September 30 2020		As of December 31 2019
Servicing UPB	$ 4,215,559,388		$ 2,804,139,415

The following key assumptions were used in determining MSR value:

	Prepayment Speeds	Average Life (Years)	Discount Rate
September 30, 2020	16.70	5.06	9.5
December 31, 2019	15.30	5.27	9.51

13) Income Taxes

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

13) Income Taxes

The Company’s overall effective tax rate for the three months ended September 30, 2020and 2019 was 24.0% and 24.0%, respectively, which resulted in a provision for income taxes of $9,279,162 and $1,142,408, respectively. The Company’s overall effective tax rate for the nine months ended September 30, 2020 and 2019 was 23.7% and 23.6%, respectively, which resulted in a provision for income taxes of $15,965,656 and $2,788,038, respectively. The Company's effective tax rates differ from the U.S. federal statutory rate of 21% partially due to its provision for state income taxes. The effective tax rate increased when compared to the prior year period partly due theCompany’s provision for state income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

14) Revenues From Contracts With Customers

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

14) Revenues From Contracts With Customers

14) Revenues from Contracts with Customers

The Company reports revenues from contracts with customers pursuant toASC No. 606, Revenue from Contracts with Customers.

Information about Performance Obligations and Contract Balances

The Company’s cemetery and mortuary segment sells a variety of goods and services to customers in both at-need and pre-need situations. Due to the timing of the fulfillment of the obligation, revenue is deferred until that obligation is fulfilled.

The Company’s three types of future obligations are as follows:

Pre-need Merchandise and Service Revenue: All pre-need merchandise and service revenue is deferred and the funds are placed in trust until the need arises, the merchandise is received or the service is performed. The trust is then relieved, and the revenue and commissions are recognized.

At-need Specialty Merchandise Revenue: At-need specialty merchandise revenue consists of customizable merchandise ordered from a manufacturer such as markers and bases. When specialty merchandise is ordered, it can take time to manufactureand deliver the product. Revenue is deferred until the at-need merchandise is received.

Deferred Pre-need Land Revenue: Deferred pre-need revenue and corresponding commissions are deferred until 10% of the funds are received from the customer through regular monthly payments. Deferred pre-need land revenue is not placed in trust.

Complete payment of the contract does not constitute fulfillment of the performance obligation. Goods or services are deferred until such time the service is performed or merchandise is received. Pre-need contracts are required to be paid in full prior to a customer using a good or service from a pre-need contract. Goods and services from pre-need contracts can be transferred when paid in full from one owner to another. In such cases, the Company will act as an agent in transferring the requested goods and services. A transfer of goods and services does not fulfill an obligation and revenue remains deferred.

The opening and closing balances of the Company’s receivables, contract assets and contract liabilities are as follows:

	Contract Balances
	Receivables (1)	Contract Asset	Contract Liability
Opening (1/1/2020)	$ 2,778,879	$ -	$ 12,607,978
Closing (9/30/2020)	3,580,669	-	13,045,307
Increase/(decrease)	801,790	-	437,329

	Contract Balances
	Receivables (1)	Contract Asset	Contract Liability
Opening (1/1/2019)	$ 2,816,225	$ -	$ 12,508,625
Closing (12/31/2019)	2,778,879	-	12,607,978
Increase/(decrease)	(37,346)	-	99,353

(1) Included in Receivables, net on the condensed consolidated balance sheets

The amount of revenue recognized and included in the opening contract liability balancefor the three months ended September 30, 2020 and 2019 was $1,427,418 and $884,180, respectively, and for the nine months ended September 30, 2020 and 2019 was $3,258,824 and $2,515,278, respectively.

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment.

Disaggregation of Revenue

The following table disaggregates revenue for the Company’s cemetery and mortuary contracts for the periods presented:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Major goods/service lines
At-need	$ 4,272,816	$2,888,996	$ 10,915,712	$ 8,883,846
Pre-need	1,098,899	637,420	3,614,872	2,321,928
	$ 5,371,715	$3,526,416	$ 14,530,584	$ 11,205,774

Timing of Revenue Recognition
Goods transferred at a point in time	$ 3,559,431	$2,371,041	$ 9,641,751	$ 7,515,881
Services transferred at a point in time	1,812,284	1,155,375	4,888,833	3,689,893
	$ 5,371,715	$3,526,416	$ 14,530,584	$ 11,205,774

The following table reconciles revenues from cemetery and mortuary contracts to Note 7 – Business Segment Information for the Cemetery/Mortuary Segment for the periods presented:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Net mortuary and cemetery sales	$ 5,371,715	$ 3,526,416	$ 14,530,584	$ 11,205,774
Gains (losses) on investments and other assets	(66,673)	(100,685)	(244,413)	752,412
Net investment income	168,478	112,246	444,971	387,617
Other revenues	22,470	32,442	84,849	126,908
Revenues from external customers	5,495,990	3,570,419	14,815,991	12,472,711

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

15) Acquisitions

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

15) Acquisitions

Probst Family Funerals and Cremations and Heber Valley Funeral Home

On February 15, 2019, the Company, through its wholly-owned subsidiary, Memorial Mortuary Inc., completed an asset purchase transaction with Probst Family Funerals and Cremations, LLC. (“Probst Family Funerals”) and Heber Valley Funeral Home, Inc. (“Heber Valley Funeral Home”). These funeral homes are both located in Heber Valley, a community situated about 45 miles southeast of Salt Lake City.

Under the terms of the transaction, as set forth in the Asset Purchase Agreement, dated February 15, 2019, Memorial Mortuary Inc. paid a net purchase price of $3,315,647 for the business and assets of Probst Family Funerals and Heber Valley Funeral Home, subject to a $150,000 holdback. In August 2019, this escrow account was settled and $137,550 was paid to the prior owners.

The estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition were as follows:

Cash	$ 53,859
Property and equipment	2,475,526
Receivables	13,620
Goodwill	754,018
Other	21,800
Total assets acquired	3,318,823

Bank and other loans payable	(3,176)
Total liabilities assumed	(3,176)
Fair value of net assets acquired/consideration paid	$ 3,315,647

Kilpatrick Life Insurance Company

On December 13, 2019, the Company, through its wholly owned subsidiary, Security National Life Insurance Company (“Security National Life”) completed a stock purchase transaction with Kilpatrick Life Insurance Company, a Louisiana domiciled life insurance company (“Kilpatrick Life”) and its shareholders, which resulted in the purchase of all the outstanding shares of common stock of Kilpatrick Life. The closing of the transaction was subject to approval by the Louisiana Department of Insurance of the change of control of Kilpatrick Life, which was received on December 12, 2019.Under the terms of the transaction, the total Purchase Price that Security National Life paid for all the shares held by the Kilpatrick shareholders was $23,779,940 subject to a $1,400,000 holdback, as agreed with the shareholders.

Kilpatrick Life has been in operation since 1932 and provides life insurance products and services through insurance plans such as permanent and term life insurance, asset protection plans, graded whole life insurance, and annuities. Additionally, it provides insurance services for emergencies and pre-arranged funeral services. Kilpatrick Life is based in Shreveport, Louisiana with additional offices in Jena, Alexandria, Minden, and Arcadia, Louisiana.

Kilpatrick Life employs a staff of almost 120 associates in four offices in Louisiana and is licensed to operate in Louisiana, Texas, Arkansas, Oklahoma, and Mississippi with the home office located in Shreveport, LA.It is the mission of Kilpatrick Life to continue providing the utmost service and protection for its policyholders for generations to come.

Prior to the stock purchase transaction,Security National life and Kilpatrick Life entered into a coinsurance agreement, effective October 1, 2019. After the effective date, Security National Life, ascoinsurer, agreed to be responsible for and was obligated with respect to 100% of the contractual liabilities under the Kilpatrick Life’s life insurance policies in accordancewith the terms and conditions of the policies and applicable law. Unless otherwise directed by Security National Life, as coinsurer, Kilpatrick Lifecontinuedto administer the policies on behalf of Security National Life, as coinsurer, for the duration of the coinsurance agreement.

As part of the coinsurance agreement, effective October 1, 2019, Security National Life acquired the following assets and assumed the following contractual liabilities.

Other investments and policy loans	$ 9,124,459
Real estate held for investment	2,850,000
Mortgage loans held for investment	200,000
Receivables	131,258
Total assets acquired	12,305,717

Future policy benefits and unpaid claims	(165,404,970)
Other liabilities and accrued expenses	(5,259,341)
Total liabilities assumed	(170,664,311)
Cash received for reinsurance assumed	$ 158,358,594

Contemporaneous with the stock purchase transaction, both Kilpatrick Life and Security National Life, as coinsurer, agreed to terminate the coinsurance agreement, to require the recapture of the life insurance policies by Kilpatrick Life and provided notification to the Louisiana Department of Insurance. The final settlement and transfer of the coinsurance trust assets from Security National Life back to Kilpatrick Life occurred shortly thereafter.

The estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition, on December 13, 2019, are shown in the following table. At the time of acquisition some of these assets and liabilities became intercompany items, and the Company has eliminated them for consolidation.

Fixed maturity securities, available for sale	$ 22,766,520
Fixed maturity securities, held to maturity	16,436
Mortgage loans held for investment	8,011,660
Real estate held for investment	2,708,557
Other investments	446,655
Accrued investment income	183,527
Total investments	34,133,355

Cash and cash equivalents	6,900,654
Receivables, net	5,407,736	(1)
Receivables from reinsurers	168,105,064	(1)
Property and equipment, net	1,498,245
Value of business acquired	4,962,831
Deferred taxes	167,344
Other	712,323
Total assets acquired	221,887,552

Future policy benefits and unpaid claims	(189,071,407)
Accounts payable	(283,304)
Other liabilities and accrued expenses	(7,870,944)
Income taxes	(881,957)
Total liabilities assumed	(198,107,612)
Fair value of net assets acquired/consideration paid	$ 23,779,940

Fair value of net assets acquired/consideration paid, net of cash acquired	$ 16,879,286

(1) Receivable from reinsurers of $162,907,008 and receivables, net of $5,000,000 were settled with the recapture of the coinsurance agreement by Kilpatrick Life from Security National Life.

3) Investments (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Held-to-maturity Securities

The Company’s investments as of September 30, 2020 are summarized as follows:

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
September 30, 2020:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 92,395,468	$ 2,059,112	$ -	$ 94,454,580

Obligations of states and political subdivisions	5,765,286	322,859	(1,792)	6,086,353

Corporate securities including public utilities	189,323,616	24,248,838	(2,137,953)	211,434,501

Mortgage-backed securities	31,887,810	1,313,395	(499,496)	32,701,709

Redeemable preferred stock	269,214	3,530	(32,500)	240,244

Total fixed maturity securities available for sale	$ 319,641,394	$ 27,947,734	$ (2,671,741)	$ 344,917,387

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 11,304,152	$ 1,845,615	$ (1,934,161)	$ 11,215,606

Total equity securities at estimated fair value	$ 11,304,152	$ 1,845,615	$ (1,934,161)	$ 11,215,606

Mortgage loans held for investment at amortized cost:
Residential	$ 80,051,914
Residential construction	120,298,836
Commercial	49,378,938
Less: Unamortized deferred loan fees, net	(905,018)
Less: Allowance for loan losses	(2,066,481)
Less: Net discounts	(1,148,662)

Total mortgage loans held for investment	$ 245,609,527

Real estate held for investment - net of accumulated depreciation:
Residential	$ 25,166,274
Commercial	97,836,409

Total real estate held for investment	$ 123,002,683

Real estate held for sale:
Residential	$ 3,455,244
Commercial	4,534,937

Total real estate held for sale	$ 7,990,181

Other investments and policy loans at amortized cost:
Policy loans	$ 14,234,935
Insurance assignments	45,858,660
Federal Home Loan Bank stock (1)	4,066,600
Other investments	5,450,438
Less: Allowance for doubtful accounts	(1,602,483)

Total policy loans and other investments	$ 68,008,150

Accrued investment income	$ 5,712,998

Total investments	$ 806,456,532


(1) Includes $866,900 of Membership stock and $3,199,700 of Activity stock due to short-term borrowings.

The Company’s investments as of December 31, 2019 are summarized as follows:

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2019:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 142,740,641	$ 632,185	$ (25,215)	$ 143,347,611

Obligations of states and political subdivisions	7,450,366	87,812	(9,026)	7,529,152

Corporate securities including public utilities	156,599,184	16,768,449	(463,413)	172,904,220

Mortgage-backed securities	31,475,280	597,395	(240,177)	31,832,498

Redeemable preferred stock	364,339	-	-	364,339

Total fixed maturity securities available for sale	$ 338,629,810	$ 18,085,841	$ (737,831)	$ 355,977,820

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 6,900,537	$ 1,139,799	$ (769,171)	$ 7,271,165

Total equity securities at estimated fair value	$ 6,900,537	$ 1,139,799	$ (769,171)	$ 7,271,165

Mortgage loans held for investment at amortized cost:
Residential	$ 113,043,965
Residential construction	89,430,237
Commercial	38,718,220
Less: Unamortized deferred loan fees, net	(2,391,567)
Less: Allowance for loan losses	(1,453,037)
Less: Net discounts	(653,272)

Total mortgage loans held for investment	$ 236,694,546

Real estate held for investment - net of accumulated depreciation:
Residential	$ 12,530,306
Commercial	90,226,640

Total real estate held for investment	$ 102,756,946

Real estate held for sale:
Residential	$ 8,021,306
Commercial	6,076,321

Total real estate held for sale	$ 14,097,627

Other investments and policy loans at amortized cost:
Policy loans	$ 14,762,805
Insurance assignments	41,062,965
Federal Home Loan Bank stock (1)	894,300
Other investments	4,973,225
Less: Allowance for doubtful accounts	(1,448,026)

Total policy loans and other investments	$ 60,245,269

Accrued investment income	$ 4,833,232

Total investments	$ 781,876,605


(1) Includes $894,300 of Membership stock and $-0- of Activity stock due to short-term borrowings.

Schedule of Unrealized Loss on Investments

The tables set forth unrealized losses by duration with the fair value of the related fixedmaturity 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 September 30, 2020
Obligations of States and Political Subdivisions	$ 1,792	$ 207,330	$ -	$ -	$ 1,792	$ 207,330
Corporate Securities	1,305,034	28,511,620	832,919	3,366,248	2,137,953	31,877,868
Mortgage and other asset-backed securities	476,698	5,601,677	22,798	401,217	499,496	6,002,894
Redeemable preferred stock	32,500	217,500	-	-	32,500	217,500
Total unrealized losses	$ 1,816,024	$ 34,538,127	$ 855,717	$ 3,767,465	$ 2,671,741	$ 38,305,592

At December 31, 2019
U.S. Treasury Securities and Obligations
of U.S. Government Agencies	$ 20,211	$ 30,629,288	$ 5,004	$ 10,000,400	$ 25,215	$ 40,629,688
Obligations of States and Political Subdivisions	9,026	3,062,889	-	-	9,026	3,062,889
Corporate Securities	118,746	7,184,311	344,667	3,950,509	463,413	11,134,820
Mortgage and other asset-backed securities	205,470	13,266,443	34,707	502,769	240,177	13,769,212
Total unrealized losses	$ 353,453	$ 54,142,931	$ 384,378	$ 14,453,678	$ 737,831	$ 68,596,609

Investments Classified by Contractual Maturity Date

	Amortized Cost	Estimated Fair Value
Due in 1 year	$ 50,670,550	$ 51,171,942
Due in 2-5 years	74,293,341	77,094,479
Due in 5-10 years	85,128,399	92,517,720
Due in more than 10 years	77,392,080	91,191,293
Mortgage-backed securities	31,887,810	32,701,709
Redeemable preferred stock	269,214	240,244
Total	$ 319,641,394	$ 344,917,387

Gain (Loss) on Investments

The Company’s net realized gains and losses from sales, calls, and maturities, unrealized gains and losses on equity securities, and other than temporary impairments are summarized as follows:

`	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Fixed maturity securities:
Gross realized gains	$ 50,171	$ 113,849	$ 201,130	$ 362,475
Gross realized losses	(39,130)	(16,814)	(51,219)	(121,829)

Equity securities:
Gains (losses) on securities sold	95,331	85,998	(12,141)	138,662
Unrealized gains and (losses) on securities held at the end of the period	511,168	(98,635)	(512,629)	676,589

Other assets:
Gross realized gains	1,480,053	472,691	1,985,817	2,265,914
Gross realized losses	(1,297,086)	(1,076,762)	(1,784,419)	(3,060,716)
Total	$ 800,507	$ (519,673)	$ (173,461)	$ 261,095

Schedule of Major categories of net investment income

Major categories of net investment income are as follows:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Fixed maturity securities	$ 3,191,064	$ 2,563,481	$ 9,258,850	$ 7,596,035
Equity securities	126,369	74,629	329,534	227,280
Mortgage loans held for investment	6,918,081	4,558,232	18,154,123	13,187,416
Real estate held for investment	2,998,806	2,259,064	8,940,072	6,266,286
Policy loans	264,422	113,541	755,914	308,583
Insurance assignments	4,561,574	3,851,804	13,244,176	11,970,755
Other investments	-	-	25,421	106,678
Cash and cash equivalents	65,460	398,997	385,848	1,363,873
Gross investment income	18,125,776	13,819,748	51,093,938	41,026,906
Investment expenses	(3,416,634)	(3,341,182)	(10,021,552)	(9,965,837)
Net investment income	$ 14,709,142	$ 10,478,566	$ 41,072,386	$ 31,061,069

Commercial Real Estate Investment

The following is a summary of the Company’s commercial real estate held for investment for the periods presented:

	Net Ending Balance		Total Square Footage
	September 30 2020	December 31 2019	September 30 2020	December 31 2019
Louisiana	$ 5,889,327	$ 6,009,079	125,114	125,114
Mississippi	2,932,976	2,951,478	21,521	21,521
Utah (1)	89,014,106	81,266,083	462,730	465,230

	$ 97,836,409	$ 90,226,640	609,365	611,865

(1) Includes Center53 phase 1 completed in July 2017 and phase 2 which is under construction

The following is a summary of the Company’s commercial real estate held for sale for the periods presented:

	Net Ending Balance		Total Square Footage
	September 30 2020	December 31 2019	September 30 2020	December 31 2019
Arizona (1)	$ -	$ 2,500	-	-
Kansas	4,000,000	4,800,000	222,679	222,679
Mississippi	234,937	318,322	12,300	12,300
Nevada	-	655,499	-	4,800
Texas (2)	300,000	300,000	-	-

	$ 4,534,937	$ 6,076,321	234,979	239,779

(1) Undeveloped land
(2) Improved commercial pad

Residential Real Estate Investment

The following is a summary of the Company’s residential real estate held for investment for the periods presented:

	Net Ending Balance
	September 30 2020	December 31 2019
Florida	$ 1,261,975	$ 2,487,723
Nevada	686,124	293,516
Utah (1)	22,931,994	9,462,886
Washington	286,181	286,181
	$ 25,166,274	$ 12,530,306

(1) Includes subdivision land developments

The following is a summary of the Company’s residential real estate held for sale for the periods presented:

	Net Ending Balance
	September 30 2020	December 31 2019
California	-	640,452
Florida	1,104,936	1,300,641
Nevada	293,516	-
Ohio	10,000	10,000
Utah	2,046,792	5,880,213
Washington	-	190,000
	$ 3,455,244	$ 8,021,306

Real Estate Owned and Occupied by the Company

As of September 30, 2020, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage	Square Footage Occupied by the Company
121 W. Election Rd., Draper, UT	Corporate Offices, Life Insurance and Cemetery/Mortuary Operations	78,979	18%
5201 Green Street, Salt Lake City, UT (1)	Life Insurance and Mortgage Operations	39,157	73%
1044 River Oaks Dr., Flowood, MS	Life Insurance Operations	19,694	28%
1818 Marshall Street, Shreveport, LA (1)(2)	Life Insurance Operations	12,274	100%
909 Foisy Street, Alexandria, LA (1)(2)	Life Insurance Sales	8,059	100%
812 Sheppard Street, Minden, LA (1)(2)	Life Insurance Sales	1,560	100%
1550 N 3rd Street, Jena, LA (1)(2)	Life Insurance Sales	1,737	100%

(1) Included in property and equipment on the condensed consolidated balance sheets

(2) See Note 15 regarding the acquisition of Kilpatrick Life Insurance Company

Schedule of Allowance for loan losses as a contra-asset account

The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented:

	Commercial	Residential	Residential Construction	Total
September 30, 2020
Allowance for credit losses:
Beginning balance - January 1, 2020	$ 187,129	$ 1,222,706	$ 43,202	$ 1,453,037
Charge-offs	-	-	-	-
Provision	-	613,444	-	613,444
Ending balance - September 30, 2020	$ 187,129	$ 1,836,150	$ 43,202	$ 2,066,481

Ending balance: individually evaluated for impairment	$ -	$ 238,997	$ -	$ 238,997

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,597,153	$ 43,202	$ 1,827,484

Mortgage loans:
Ending balance	$ 49,378,938	$ 80,051,914	$ 120,298,836	$ 249,729,688

Ending balance: individually evaluated for impairment	$ 3,414,719	$ 5,193,865	$ 630,574	$ 9,239,158

Ending balance: collectively evaluated for impairment	$ 45,964,219	$ 74,858,049	$ 119,668,262	$ 240,490,530

December 31, 2019
Allowance for credit losses:
Beginning balance - January 1, 2019	$ 187,129	$ 1,125,623	$ 35,220	$ 1,347,972
Charge-offs	-	(32,692)	-	(32,692)
Provision	-	129,775	7,982	137,757
Ending balance - December 31, 2019	$ 187,129	$ 1,222,706	$ 43,202	$ 1,453,037

Ending balance: individually evaluated for impairment	$ -	$ 195,993	$ -	$ 195,993

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,026,713	$ 43,202	$ 1,257,044

Mortgage loans:
Ending balance	$ 38,718,220	$ 113,043,965	$ 89,430,237	$ 241,192,422

Ending balance: individually evaluated for impairment	$ 4,488,719	$ 3,752,207	$ 655,000	$ 8,895,926

Ending balance: collectively evaluated for impairment	$ 34,229,501	$ 109,291,758	$ 88,775,237	$ 232,296,496

Schedule of aging of mortgage loans

The following is a summary of the aging of mortgage loans held for investment for the periods presented:

	30-59 Days Past Due	60-89 Days Past Due	Greater Than 90 Days (1)	In Process of Foreclosure (1)	Total Past Due	Current	Total Mortgage Loans	Allowance for Loan Losses	Unamortized deferred loan fees, net	Unamortized discounts, net	Net Mortgage Loans
September 30, 2020
Commercial	$ 255,858	$ 495,937	$ 3,414,719	$ -	$ 4,166,514	$ 45,212,424	$ 49,378,938	$ (187,129)	$ (43,338)	$ (828,049)	$ 48,320,422
Residential	5,261,818	1,930,361	3,745,621	1,448,244	12,386,044	67,665,870	80,051,914	(1,836,150)	(521,661)	(320,613)	77,373,490
Residential Construction	276,403	1,630,000	630,574	-	2,536,977	117,761,859	120,298,836	(43,202)	(340,019)	-	119,915,615

Total	$ 5,794,079	$ 4,056,298	$ 7,790,914	$ 1,448,244	$ 19,089,535	$ 230,640,153	$ 249,729,688	$ (2,066,481)	$ (905,018)	$ (1,148,662)	$ 245,609,527

December 31, 2019
Commercial	$ 1,872,000	$ -	$ 4,488,719	$ -	$ 6,360,719	$ 32,357,501	$ 38,718,220	$ (187,129)	$ (88,918)	$ (653,272)	$ 37,788,901
Residential	10,609,296	4,085,767	2,100,742	1,651,465	18,447,270	94,596,695	113,043,965	(1,222,706)	(1,567,581)	-	110,253,678
Residential Construction	-	-	655,000	-	655,000	88,775,237	89,430,237	(43,202)	(735,068)	-	88,651,967

Total	$ 12,481,296	$ 4,085,767	$ 7,244,461	$ 1,651,465	$ 25,462,989	$ 215,729,433	$ 241,192,422	$ (1,453,037)	$ (2,391,567)	$ (653,272)	$ 236,694,546

(1) Interest income is not recognized on loans past due greater than 90 days or in foreclosure.

Schedule of Impaired Mortgage Loans

The recorded investment in and unpaid principal balance of impaired loans along with the related loan specific allowance for losses, if any, for each reporting period and the average recorded investment and interest income recognized during the time the loans were impaired were as follows:

	Recorded Investment	Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized
September 30, 2020
With no related allowance recorded:
Commercial	$ 3,414,719	$ 3,414,719	$ -	$ 1,772,817	$ -
Residential	3,435,710	3,435,710	-	4,235,285	-
Residential construction	630,574	630,574	-	673,383	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,758,155	1,758,155	238,997	1,186,545	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ 3,414,719	$ 3,414,719	$ -	$ 1,772,817	$ -
Residential	5,193,865	5,193,865	238,997	5,421,830	-
Residential construction	630,574	630,574	-	673,383	-

December 31, 2019
With no related allowance recorded:
Commercial	$ 4,488,719	$ 4,488,719	$ -	$ 1,499,043	$ -
Residential	2,254,189	2,254,189	-	3,367,151	-
Residential construction	655,000	655,000	-	1,457,278	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,498,018	1,498,018	195,993	665,270	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ 4,488,719	$ 4,488,719	$ -	$ 1,499,043	$ -
Residential	3,752,207	3,752,207	195,993	4,032,421	-
Residential construction	655,000	655,000	-	1,457,278	-

Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status:

The Company’s performing and non-performing mortgage loans held for investment were as follows:

	Commercial		Residential		Residential Construction		Total
	September 30, 2020	December 31, 2019	September 30, 2020	December 31, 2019	September 30, 2020	December 31, 2019	September 30, 2020	December 31, 2019

Performing	$ 45,964,219	$ 34,229,501	$ 74,858,049	$ 109,291,758	$ 119,668,262	$ 88,775,237	$ 240,490,530	$ 232,296,496
Non-performing	3,414,719	4,488,719	5,193,865	3,752,207	630,574	655,000	9,239,158	8,895,926

Total	$ 49,378,938	$ 38,718,220	$ 80,051,914	$ 113,043,965	$ 120,298,836	$ 89,430,237	$ 249,729,688	$ 241,192,422

Schedule of Mortgage loans on a nonaccrual status

The following is a summary of mortgage loans held for investment on a non-accrual status for the periods presented.

	As of September 30 2020	As of December 31 2019
Commercial	$ 3,414,719	$ 4,488,719
Residential	5,193,865	3,752,207
Residential construction	630,574	655,000
Total	$ 9,239,158	$ 8,895,926

4) Loans Held For Sale (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Aggregate fair value - Loans Held for Sale

The following is a summary of the aggregate fair value and the aggregate unpaid principal balanceof loans held for sale for the periods presented:

	As of September 30 2020	As of December 31 2019

Aggregate fair value	$ 445,878,979	$ 213,457,632
Unpaid principal balance	428,860,105	206,417,122
Unrealized gain	17,018,874	7,040,510

Schedule of Mortgage Fee Income for Loans Held for Sale

Major categories of mortgage fee income for loans held for sale are as follows:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Loan fees	$ 20,630,052	$ 8,438,471	$ 40,167,476	$ 22,162,455
Interest income	3,348,929	2,127,775	7,630,993	5,032,505
Secondary gains	70,627,864	27,574,294	151,215,666	66,434,923
Change in fair value of loan commitments	3,901,086	378,899	12,454,218	1,915,223
Change in fair value of loans held for sale	1,404,131	1,411,322	4,231,347	2,065,978
Provision for loan loss reserve	(1,352,438)	(195,009)	(3,489,982)	(449,894)
Mortgage fee income	$ 98,559,624	$ 39,735,752	$ 212,209,718	$ 97,161,190

Schedule of loan loss reserve which is included in other liabilities and accrued expenses

The following is a summary of the loan loss reserve that is included in other liabilities and accrued expenses:

	As of September 30 2020	As of December 31 2019
Balance, beginning of period	$ 4,046,288	$ 3,604,869
Provision on current loan originations (1)	3,489,982	643,284
Charge-offs, net of recaptured amounts	(4,527,157)	(201,865)
Balance, end of period	$ 3,009,113	$ 4,046,288

(1) Included in mortgage fee income

5) Stock Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Schedule of stock inventive plan changes

A summary of the status of the Company’s stock compensation plans as of September 30, 2020, and the changes during the nine months endedSeptember 30, 2020, are presented below:

	Number of Class A Shares	Weighted Average Exercise Price	Number of Class C Shares	Weighted Average Exercise Price

Outstanding at January 1, 2020	1,086,053	$ 4.41	594,132	$ 5.36
Adjustment for effect of stock dividends	27,968		19,354
Granted	77,000		180,000
Exercised	(78,803)		-
Cancelled	-		-
Outstanding at September 30, 2020	1,112,218	$ 4.28	793,486	$ 4.88

As of September 30, 2020:
Options exercisable	1,053,033	$ 4.39	652,805	$ 5.14

As of September 30, 2020:
Available options for future grant	325,372		266,500

Weighted average contractual term of options
outstanding at September 30, 2020	5.72 years		5.94 years

Weighted average contractual term of options
exercisable at September 30, 2020	5.51 years		5.49 years

Aggregated intrinsic value of options
outstanding at September 30, 2020 (1)	$2,242,693		$1,115,985

Aggregated intrinsic value of options
exercisable at September 30, 2020 (1)	$2,228,291		$894,505


(1) The Company used a stock price of $6.40 as of September 30, 2020 to derive intrinsic value.

A summary of the status of the Company’s stock compensation plans as of September 30, 2019, and the changes during thenine months endedSeptember 30, 2019, are presented below:

	Number of Class A Shares	Weighted Average Exercise Price	Number of Class C Shares	Weighted Average Exercise Price

Outstanding at January 1, 2019	1,011,274	$ 4.49	577,280	$ 5.15
Granted	2,000		-
Exercised	(19,796)		(63,814)
Cancelled	-		-
Outstanding at September 30, 2019	993,478	$ 4.50	513,466	$ 5.33

As of September 30, 2019:
Options exercisable	955,195	$ 4.46	489,840	$ 5.34

As of September 30, 2019:
Available options for future grant	299,351		146,425

Weighted average contractual term of options
outstanding at September 30, 2019	5.40 years		3.63 years

Weighted average contractual term of options
exercisable at September 30, 2019	5.34 years		3.37 years

Aggregated intrinsic value of options
outstanding at September 30, 2019 (1)	$765,360		$106,646

Aggregated intrinsic value of options
exercisable at September 30, 2019 (1)	$765,360		$106,646


(1) The Company used a stock price of $4.90 as of September 30, 2019 to derive intrinsic value.

6) Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The basic and diluted earnings per share amounts were calculated as follows:

		Three Months Ended September 30		Nine Months Ended September 30
		2020	2019	2020	2019
Numerator:
	Net earnings	$ 29,304,769	$ 3,617,414	$ 51,286,265	$ 9,027,786
Denominator:
	Basic weighted-average shares outstanding	18,873,886	18,551,116	18,760,884	18,560,874
Effect of dilutive securities:
	Employee stock options	559,733	203,975	404,006	208,561

	Diluted weighted-average shares outstanding	19,433,619	18,755,091	19,164,890	18,769,435

Basic net earnings per share		$1.55	$0.19	$2.73	$0.49

Diluted net earnings per share		$1.51	$0.19	$2.68	$0.48

7) Business Segments Information (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Schedule of Revenues and Expenses by Reportable Segment

The Company regularly reviews the quantitative thresholds and other criteria to determine when other business segments may need to be reported.

	Life Insurance	Cemetery/ Mortuary	Mortgage	Intercompany Eliminations	Consolidated
For the Three Months Ended
September 30, 2020
Revenues from external customers	$ 39,261,044	$ 5,495,990	$ 101,447,531	$ -	$ 146,204,565
Intersegment revenues	2,952,836	79,096	168,890	(3,200,822)	-
Segment profit before income taxes	4,807,280	1,322,303	32,454,348	-	38,583,931
		-
For the Three Months Ended

September 30, 2019
Revenues from external customers	$ 29,824,686	$ 3,570,419	$ 41,984,554	$ -	$ 75,379,659
Intersegment revenues	1,465,778	106,638	120,891	(1,693,307)	-
Segment profit before income taxes	1,263,836	213,198	3,282,788	-	4,759,822

For the Nine Months Ended
September 30, 2020
Revenues from external customers	$ 110,255,399	$ 14,815,991	$ 219,403,866	$ -	$ 344,475,256
Intersegment revenues	5,677,189	272,409	559,923	(6,509,521)	-
Segment profit before income taxes	5,408,482	2,975,556	58,867,883	-	67,251,921

Identifiable Assets	1,232,786,760	55,339,760	443,756,079	(88,204,200)	1,643,678,399
Goodwill	2,765,570	754,018	-	-	3,519,588
Total Assets	1,235,552,330	56,093,778	443,756,079	(88,204,200)	1,647,197,987

For the Nine Months Ended
September 30, 2019
Revenues from external customers	$ 88,937,110	$ 12,472,711	$ 103,908,855	$ -	$ 205,318,676
Intersegment revenues	3,441,497	336,911	372,170	(4,150,578)	-
Segment profit before income taxes	4,568,178	2,421,845	4,825,801	-	11,815,824

Identifiable Assets	941,739,161	84,250,592	243,272,631	(110,132,588)	1,159,129,796
Goodwill	2,765,570	754,018	-	-	3,519,588
Total Assets	944,504,731	85,004,610	243,272,631	(110,132,588)	1,162,649,384

8) Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Schedule of fair value assets and liabilities measured on a recurring basis

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$ 344,917,387	$ -	$ 342,627,234	$ 2,290,153
Equity securities	11,215,606	11,215,606	-	-
Loans held for sale	445,878,979	-	-	445,878,979
Restricted assets (1)	1,470,114	-	1,470,114	-
Restricted assets (2)	2,193,831	2,193,831	-	-
Cemetery perpetual care trust investments (1)	576,292	-	576,292	-
Cemetery perpetual care trust investments (2)	1,832,703	1,832,703	-	-
Derivatives - loan commitments (3)	17,945,259	-	-	17,945,259
Total assets accounted for at fair value on a recurring basis	$ 826,030,171	$ 15,242,140	$ 344,673,640	$ 466,114,391

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$ (126,193)	$ (126,193)	$ -	$ -
Derivatives - loan commitments (4)	(2,999,809)	-	-	(2,999,809)
Total liabilities accounted for at fair value on a recurring basis	$ (3,126,002)	$ (126,193)	$ -	$ (2,999,809)

(1) Fixed maturity securities available for sale
(2) Equity securities
(3) Included in other assets on the consolidated balance sheets
(4) Included in other liabilities and accrued expenses on the consolidated balance sheets

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$ 355,977,820	$ -	$ 352,761,438	$ 3,216,382
Equity securities	7,271,165	7,271,165	-	-
Loans held for sale	213,457,632	-	-	213,457,632
Restricted assets (1)	1,008,867	-	1,008,867	-
Restricted assets (2)	1,976,480	1,976,480	-	-
Cemetery perpetual care trust investments (1)	975,673	-	975,673	-
Cemetery perpetual care trust investments (2)	1,605,451	1,605,451	-	-
Derivatives - loan commitments (3)	2,722,580	-	-	2,722,580
Total assets accounted for at fair value on a recurring basis	$ 584,995,668	$ 10,853,096	$ 354,745,978	$ 219,396,594

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$ (62,265)	$ (62,265)	$ -	$ -
Derivatives - put options (4)	(22,282)	(22,282)	-	-
Derivatives - loan commitments (4)	(231,347)	-	-	(231,347)
Total liabilities accounted for at fair value on a recurring basis	$ (315,894)	$ (84,547)	$ -	$ (231,347)

(1) Fixed maturity securities available for sale
(2) Mutual funds and equity securities
(3) Included in other assets on the condensed consolidated balance sheets
(4) Included in other liabilities and accrued expenses on the condensed consolidated balance sheets

Assets and liabilities measured at fair value on a recurring basis

For Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2020, the significant unobservable inputs used in the fair value measurements were as follows:

			Significant	Range of Inputs
	Fair Value at	Valuation	Unobservable	Minimum	Maximum	Weighted
	9/30/2020	Technique	Input(s)	Value	Value	Average
Loans held for sale	$ 445,878,979	Market approach	Investor contract pricing as a percentage of unpaid principal balance	99.0%	110.0%	104.0%

Derivatives - loan commitments (net)	14,945,451	Market approach	Fall-out factor	1.0%	92.0%	80.0%
			Initial-Value	N/A	N/A	N/A
			Servicing	0 bps	133 bps	67 bps

Fixed maturity securities available for sale	2,290,153	Broker quotes	Pricing quotes	$ 91.49	$ 123.46	$ 117.45

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

			Significant	Range of Inputs
	Fair Value at	Valuation	Unobservable	Minimum	Maximum	Weighted
	12/31/2019	Technique	Input(s)	Value	Value	Average
Loans held for sale	$ 213,457,632	Market approach	Investor contract pricing as a percentage of unpaid principal balance	98.0%	109.0%	103.0%

Derivatives - loan commitments (net)	2,491,233	Market approach	Fall-out factor	1.0%	92.0%	81.0%
			Initial-Value	N/A	N/A	N/A
			Servicing	0 bps	318 bps	79 bps

Fixed maturity securities available for sale	3,216,382	Broker quotes	Pricing quotes	$ 95.02	$ 115.80	$ 107.98

Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs

Following is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs:

	Net Loan Commitments		Loans Held for Sale		Fixed Maturity Securities Available for Sale
Balance - December 31, 2019	$ 2,491,233		$ 213,457,632		$ 3,216,382
Originations and purchases	-		3,824,329,264		-
Sales, maturities and paydowns	-		(3,709,992,155)		(1,031,500)
Transfer to mortgage loans held for investment	-		(9,170,610)		-
Total gains (losses):
Included in earnings	12,454,218	(1)	127,254,848	(1)	2,532	(2)
Included in other comprehensive income	-		-		102,739

Balance - September 30, 2020	$ 14,945,451		$ 445,878,979		$ 2,290,153

(1) As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2) As a component of Net investment income on the condensed consolidated statements of earnings

Following is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs:

	Net Derivatives Loan Commitments	Loans Held for Sale	Fixed Maturity Securities Available for Sale

Balance - December 31, 2018	$ 1,591,816	$ 136,210,853	$ -
Originations/purchases	-	2,606,839,175	-
Sales	-	(2,580,875,055)	-
Transfer to mortgage loans held for investment	-	(31,881,851)	-
Transfer from fixed maturity securities held to maturity	-	-	3,216,382
Total gains (losses):
Included in earnings (1)	899,417	83,164,510	-

Balance - December 31, 2019	$ 2,491,233	$ 213,457,632	$ 3,216,382

(1) As a component of mortgage fee income on the condensed consolidated statements of earnings

Fair Value Assets Measured on a Nonrecurring Basis

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a nonrecurring basis
Impaired mortgage loans held for investment	$ 1,519,159	$ -	$ -	$ 1,519,159
Impaired real estate held for sale	4,000,000	-	-	4,000,000
Total assets accounted for at fair value on a nonrecurring basis	$ 5,519,159	$ -	$ -	$ 5,519,159

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a nonrecurring basis
Impaired mortgage loans held for investment	$ 1,302,025	$ -	$ -	$ 1,302,025
Impaired real estate held for investment	8,375,884	-	-	8,375,884
Total assets accounted for at fair value on a nonrecurring basis	$ 9,677,909	$ -	$ -	$ 9,677,909

Schedule of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of September 30, 2020:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$ 77,373,490	$ -	$ -	$ 82,076,345	$ 82,076,345
Residential construction	119,915,615	-	-	119,915,615	119,915,615
Commercial	48,320,422	-	-	47,954,726	47,954,726
Mortgage loans held for investment, net	$ 245,609,527	$ -	$ -	$ 249,946,686	$ 249,946,686
Policy loans	14,234,935	-	-	14,234,935	14,234,935
Insurance assignments, net (1)	44,256,177	-	-	44,256,177	44,256,177
Restricted assets (2)	4,110,252	-	-	4,110,252	4,110,252
Mortgage servicing rights, net	28,387,476	-	-	30,288,406	30,288,406

Liabilities
Bank and other loans payable	$ (424,932,007)	$ -	$ -	$ (424,932,007)	$ (424,932,007)
Policyholder account balances (3)	(44,246,123)	-	-	(41,229,265)	(41,229,265)
Future policy benefits - annuities (3)	(110,638,182)	-	-	(115,049,853)	(115,049,853)

(1) Included in other investments and policy loans on the condensed consolidated balance sheets
(2) Mortgage loans held for investment
(3) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2019:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$ 110,253,678	$ -	$ -	$ 115,320,638	$ 115,320,638
Residential construction	88,651,967	-	-	88,651,967	88,651,967
Commercial	37,788,901	-	-	39,289,462	39,289,462
Mortgage loans held for investment, net	$ 236,694,546	$ -	$ -	$ 243,262,067	$ 243,262,067
Policy loans	14,762,805	-	-	14,762,805	14,762,805
Insurance assignments, net (1)	39,614,939	-	-	39,614,939	39,614,939
Restricted assets (2)	2,275,756	-	-	2,289,679	2,289,679
Cemetery perpetual care trust investments (2)	524,000	-	-	536,553	536,553
Mortgage servicing rights, net	17,155,529	-	-	22,784,571	22,784,571

Liabilities
Bank and other loans payable	$ (217,572,612)	$ -	$ -	$ (217,572,612)	$ (217,572,612)
Policyholder account balances (3)	(45,154,180)	-	-	(41,828,469)	(41,828,469)
Future policy benefits - annuities (3)	(113,579,830)	-	-	(117,304,614)	(117,304,614)

(1) Included in other investments and policy loans on the condensed consolidated balance sheets
(2) Mortgage loans held for investment
(3) Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

10) Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Schedule of Derivative Assets at Fair Value

The following table shows the notional amount and fair value of derivatives as of September 30, 2020 and December 31, 2019.

	Fair Values and Notional Values of Derivative Instruments
		September 30, 2020			December 31, 2019
	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	$977,036,503	$17,945,259	$2,999,809	$224,202,514	$2,722,580	$231,347
Call options	Other liabilities	1,957,000	-	126,193	1,813,500	-	62,265
Put options	Other liabilities	-	-	-	1,573,100	-	22,282
Total		$978,993,503	$17,945,259	$3,126,002	$227,589,114	$2,722,580	$315,894

Schedule of Gains and Losses on Derivatives

The following table shows the gains and losseson derivatives for the periods presented.

		Net Amount Gain (Loss)		Net Amount Gain (Loss)
		Three Months Ended September 30		Nine Months Ended September 30
Derivative	Classification	2020	2019	2020	2019
Loan commitments	Mortgage fee income	$ 3,901,086	$ 378,899	$ 12,454,218	$ 1,915,223

Call and put options	Gains on investments and other assets	$ 34,171	$ 104,702	$ 124,516	$ 509,639

12) Mortgage Servicing Rightss (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Schedule of Mortgage Servicing Rights

The following is a summary of the MSR activity for the periods presented.

	As of September 30 2020	As of December 31 2019
Amortized cost:
Balance before valuation allowance at beginning of year	$ 17,155,529	$ 20,016,822
MSR additions resulting from loan sales	19,400,262	4,194,502
Amortization (1)	(8,168,315)	(7,055,795)
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance before valuation allowance at end of period	$ 28,387,476	$ 17,155,529

Valuation allowance for impairment of MSRs:
Balance at beginning of year	$ -	$ -
Additions	-	-
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance at end of period	$ -	$ -

Mortgage servicing rights, net	$ 28,387,476	$ 17,155,529

Estimated fair value of MSRs at end of period	$ 30,288,406	$ 22,784,571

(1) Included in other expenses on the condensed consolidated statements of earnings

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights

The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost:

		Estimated MSR Amortization
2020		4,926,285
2021		3,690,972
2022		3,094,986
2023		2,609,308
2024		2,213,796
Thereafter		11,852,129
Total		$ 28,387,476

Schedule of Other Revenues

The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the condensedconsolidated statement of earnings:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Contractual servicing fees	$ 2,340,546	$ 1,765,957	$ 6,055,055	$ 5,433,970
Late fees	69,314	82,547	238,826	261,437
Total	$ 2,409,860	$ 1,848,504	$ 6,293,881	$ 5,695,407

Summary of Unpaid Principal Balances of the Servicing Portfolio

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio for the periods presented:

	As of September 30 2020		As of December 31 2019
Servicing UPB	$ 4,215,559,388		$ 2,804,139,415

Assumptions used in determining MSR value

The following key assumptions were used in determining MSR value:

	Prepayment Speeds	Average Life (Years)	Discount Rate
September 30, 2020	16.70	5.06	9.5
December 31, 2019	15.30	5.27	9.51

14) Revenues From Contracts With Customers (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities

The opening and closing balances of the Company’s receivables, contract assets and contract liabilities are as follows:

	Contract Balances
	Receivables (1)	Contract Asset	Contract Liability
Opening (1/1/2020)	$ 2,778,879	$ -	$ 12,607,978
Closing (9/30/2020)	3,580,669	-	13,045,307
Increase/(decrease)	801,790	-	437,329

	Contract Balances
	Receivables (1)	Contract Asset	Contract Liability
Opening (1/1/2019)	$ 2,816,225	$ -	$ 12,508,625
Closing (12/31/2019)	2,778,879	-	12,607,978
Increase/(decrease)	(37,346)	-	99,353

(1) Included in Receivables, net on the condensed consolidated balance sheets

Revenues of the Cemetery and Mortuary Contracts

Disaggregation of Revenue

The following table disaggregates revenue for the Company’s cemetery and mortuary contracts for the periods presented:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Major goods/service lines
At-need	$ 4,272,816	$2,888,996	$ 10,915,712	$ 8,883,846
Pre-need	1,098,899	637,420	3,614,872	2,321,928
	$ 5,371,715	$3,526,416	$ 14,530,584	$ 11,205,774

Timing of Revenue Recognition
Goods transferred at a point in time	$ 3,559,431	$2,371,041	$ 9,641,751	$ 7,515,881
Services transferred at a point in time	1,812,284	1,155,375	4,888,833	3,689,893
	$ 5,371,715	$3,526,416	$ 14,530,584	$ 11,205,774

Reconciliation of Revenues from Cemetery and mortuary contracts to Business Segment Information

The following table reconciles revenues from cemetery and mortuary contracts to Note 7 – Business Segment Information for the Cemetery/Mortuary Segment for the periods presented:

	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Net mortuary and cemetery sales	$ 5,371,715	$ 3,526,416	$ 14,530,584	$ 11,205,774
Gains (losses) on investments and other assets	(66,673)	(100,685)	(244,413)	752,412
Net investment income	168,478	112,246	444,971	387,617
Other revenues	22,470	32,442	84,849	126,908
Revenues from external customers	5,495,990	3,570,419	14,815,991	12,472,711

15) Acquisitions (Tables)

9 Months Ended

Sep. 30, 2020

Probst Family Funerals and Cremations and Heber Valley Funeral Home

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition were as follows:

Cash	$ 53,859
Property and equipment	2,475,526
Receivables	13,620
Goodwill	754,018
Other	21,800
Total assets acquired	3,318,823

Bank and other loans payable	(3,176)
Total liabilities assumed	(3,176)
Fair value of net assets acquired/consideration paid	$ 3,315,647

Kilpatrick

Estimated Fair Values of Assets Acquired and Liabilities Assumed

As part of the coinsurance agreement, effective October 1, 2019, Security National Life acquired the following assets and assumed the following contractual liabilities.

Other investments and policy loans	$ 9,124,459
Real estate held for investment	2,850,000
Mortgage loans held for investment	200,000
Receivables	131,258
Total assets acquired	12,305,717

Future policy benefits and unpaid claims	(165,404,970)
Other liabilities and accrued expenses	(5,259,341)
Total liabilities assumed	(170,664,311)
Cash received for reinsurance assumed	$ 158,358,594

Fixed maturity securities, available for sale	$ 22,766,520
Fixed maturity securities, held to maturity	16,436
Mortgage loans held for investment	8,011,660
Real estate held for investment	2,708,557
Other investments	446,655
Accrued investment income	183,527
Total investments	34,133,355

Cash and cash equivalents	6,900,654
Receivables, net	5,407,736	(1)
Receivables from reinsurers	168,105,064	(1)
Property and equipment, net	1,498,245
Value of business acquired	4,962,831
Deferred taxes	167,344
Other	712,323
Total assets acquired	221,887,552

Future policy benefits and unpaid claims	(189,071,407)
Accounts payable	(283,304)
Other liabilities and accrued expenses	(7,870,944)
Income taxes	(881,957)
Total liabilities assumed	(198,107,612)
Fair value of net assets acquired/consideration paid	$ 23,779,940

Fair value of net assets acquired/consideration paid, net of cash acquired	$ 16,879,286

(1) Receivable from reinsurers of $162,907,008 and receivables, net of $5,000,000 were settled with the recapture of the coinsurance agreement by Kilpatrick Life from Security National Life.

3) Investments: Held-to-maturity Securities (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

AmortizedCost

$ 319,641,394

Held to maturity securities, Estimated fair value

344,917,387

Mortgage loans on real estate and construction

245,609,527

$ 236,694,546

Mortgage loans on real estate and construction, unamortized deferred loan fees, net

(905,018)

2,391,567

Mortgage loans on real estate and construction, allowance for losses

(2,066,481)

(1,453,037)

Mortgage loans on real estate and construction, Discount

(1,148,662)

(653,272)

Real estate held for investment, net of depreciation

123,002,683

102,756,946

Real estate held for sale

7,990,181

14,097,627

Policy loans

14,234,935

14,762,805

Insurance assignments

45,858,660

41,062,965

Federal Home Loan Bank stock

4,066,600

^[1]

894,300

Other investments

5,450,438

4,973,225

^[2]

Allowance for doubtful accounts

(1,602,483)

(1,448,026)

Total other investments and policy loans

68,008,150

60,245,269

Accrued investment income

5,712,998

4,833,232

Total investments

806,456,532

781,876,605

Total

AmortizedCost

319,641,394

338,629,810

Held-to-maturity Securities, Unrecognized Holding Gain

27,947,734

18,085,841

Held-to-maturity Securities, Unrecognized Holding Loss

(2,671,741)

(737,831)

Held to maturity securities, Estimated fair value

344,917,387

355,977,820

US Treasury Securities

AmortizedCost

92,395,468

142,740,641

Held-to-maturity Securities, Unrecognized Holding Gain

2,059,112

632,185

Held-to-maturity Securities, Unrecognized Holding Loss

(25,215)

Held to maturity securities, Estimated fair value

94,454,580

143,347,611

US States and Political Subdivisions Debt Securities

AmortizedCost

5,765,286

7,450,366

Held-to-maturity Securities, Unrecognized Holding Gain

322,859

87,812

Held-to-maturity Securities, Unrecognized Holding Loss

(1,792)

(9,026)

Held to maturity securities, Estimated fair value

6,086,353

7,529,152

Corporate Debt Securities

AmortizedCost

189,323,616

156,599,184

Held-to-maturity Securities, Unrecognized Holding Gain

24,248,838

16,768,449

Held-to-maturity Securities, Unrecognized Holding Loss

(2,137,953)

(463,413)

Held to maturity securities, Estimated fair value

211,434,501

172,904,220

Mortgage-backed Securities, Issued by US Government Sponsored Enterprises

AmortizedCost

31,887,810

31,475,280

Held-to-maturity Securities, Unrecognized Holding Gain

1,313,395

597,395

Held-to-maturity Securities, Unrecognized Holding Loss

(499,496)

(240,177)

Held to maturity securities, Estimated fair value

32,701,709

31,832,498

Redeemable Preferred Stock

AmortizedCost

269,214

364,339

Held-to-maturity Securities, Unrecognized Holding Gain

3,530

Held-to-maturity Securities, Unrecognized Holding Loss

(32,500)

Held to maturity securities, Estimated fair value

240,244

364,339

Industrial, miscellaneous and all other

Available-for-sale Securities, Amortized Cost Basis

11,304,152

6,900,537

Available-for-sale Securities, Gross Unrealized Gain

1,845,615

1,139,799

Available For Sale Securities - Gross Unrealized Losses

(1,934,161)

(769,171)

Available for Sale Securities - Estimated Fair Value

11,215,606

7,271,165

Equity Securities

Available-for-sale Securities, Amortized Cost Basis

11,304,152

6,900,537

Available-for-sale Securities, Gross Unrealized Gain

1,845,615

1,139,799

Available For Sale Securities - Gross Unrealized Losses

(1,934,161)

(769,171)

Available for Sale Securities - Estimated Fair Value

11,215,606

7,271,165

Residential Mortgage

Mortgage loans on real estate and construction

80,051,914

113,043,965

Real estate held for investment, net of depreciation

25,166,274

12,530,306

Real estate held for sale

3,455,244

8,021,306

Residential construction

Mortgage loans on real estate and construction

120,298,836

89,430,237

Commercial

Mortgage loans on real estate and construction

49,378,938

38,718,220

Real estate held for investment, net of depreciation

97,836,409

90,226,640

Real estate held for sale

$ 4,534,937

$ 6,076,321

[1]	Includes $866,900 of Membership stock and $3,199,700 of Activity stock due to short-term borrowings.
[2]	Includes $894,300 of Membership stock and $-0- of Activity stock due to short-term borrowings.

3) Investments: Schedule of Unrealized Loss on Investments (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 1,792	$ 9,026
Debt Securities, Held-to-maturity, Fair Value	207,330	3,062,889
US States and Political Subdivisions Debt Securities \| Less Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	1,792	9,026
Debt Securities, Held-to-maturity, Fair Value	207,330	3,062,889
US States and Political Subdivisions Debt Securities \| More Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	0	0
Corporate Securities
Held-to-maturity Securities, Unrecognized Holding Loss	2,137,953	463,413
Debt Securities, Held-to-maturity, Fair Value	31,877,868	11,134,820
Corporate Securities \| Less Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	1,305,034	118,746
Debt Securities, Held-to-maturity, Fair Value	28,511,620	7,184,311
Corporate Securities \| More Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	832,919	344,667
Debt Securities, Held-to-maturity, Fair Value	3,366,248	3,950,509
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Held-to-maturity Securities, Unrecognized Holding Loss	499,496	240,177
Debt Securities, Held-to-maturity, Fair Value	6,002,894	13,769,212
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises \| Less Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	476,698	205,470
Debt Securities, Held-to-maturity, Fair Value	5,601,677	13,266,443
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises \| More Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	22,798	34,707
Debt Securities, Held-to-maturity, Fair Value	401,217	502,769
Redeemable Preferred Stock
Held-to-maturity Securities, Unrecognized Holding Loss	32,500	0
Debt Securities, Held-to-maturity, Fair Value	217,500
Redeemable Preferred Stock \| Less Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	32,500
Debt Securities, Held-to-maturity, Fair Value	217,500
Redeemable Preferred Stock \| More Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	0
Debt Securities, Held-to-maturity, Fair Value	0
Total unrealized losses
Held-to-maturity Securities, Unrecognized Holding Loss	2,671,741	737,831
Debt Securities, Held-to-maturity, Fair Value	38,305,592	68,596,609
Total unrealized losses \| Less Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	1,816,024	353,453
Debt Securities, Held-to-maturity, Fair Value	34,538,127	54,142,931
Total unrealized losses \| More Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss	855,717	384,378
Debt Securities, Held-to-maturity, Fair Value	3,767,465	14,453,678
US Treasury Securities [Member]
Held-to-maturity Securities, Unrecognized Holding Loss	$ 0	25,215
Debt Securities, Held-to-maturity, Fair Value		40,629,688
US Treasury Securities [Member] \| Less Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss		20,211
Debt Securities, Held-to-maturity, Fair Value		30,629,288
US Treasury Securities [Member] \| More Than 12 Months
Held-to-maturity Securities, Unrecognized Holding Loss		5,004
Debt Securities, Held-to-maturity, Fair Value		$ 10,000,400

3) Investments (Details)	Sep. 30, 2020	Dec. 31, 2019
Text Block [Abstract]
Average market value over amortized cost	93.50%	98.90%

3) Investments: Investments Classified by Contractual Maturity Date (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost	$ 319,641,394
Held to maturity securities, Estimated fair value	344,917,387
Due in 1 year
Amortized Cost	50,670,550
Held to maturity securities, Estimated fair value	51,171,942
Due in 2-5 years
Amortized Cost	74,293,341
Held to maturity securities, Estimated fair value	77,094,479
Due in 5-10 years
Amortized Cost	85,128,399
Held to maturity securities, Estimated fair value	92,517,720
Due in more than 10 years
Amortized Cost	77,392,080
Held to maturity securities, Estimated fair value	91,191,293
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Amortized Cost	31,887,810	$ 31,475,280
Held to maturity securities, Estimated fair value	32,701,709	31,832,498
Redeemable Preferred Stock
Amortized Cost	269,214	364,339
Held to maturity securities, Estimated fair value	$ 240,244	$ 364,339

3) Investments: Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fixed maturity securities held to maturity:	$ 800,507	$ (519,673)	$ (173,461)	$ 261,095
Equity Securities
Gains on securities sold	95,331	85,998	(12,141)	138,662
Unrealized Gains and Losses on securities held at end of period	511,168	(98,635)	(512,629)	676,589
Held-to-maturity Securities {1}
Gross Realized Gains	50,171	113,849	201,130	362,475
Gross Realized Losses	(39,130)	(16,814)	(51,219)	(121,829)
Other Assets {1}
Gross Realized Gains	1,480,053	472,691	1,985,817	2,265,914
Gross Realized Losses	$ (1,297,086)	$ (1,076,762)	$ (1,784,419)	$ (3,060,716)

3) Investments: Net carrying amount of held to maturity securities (Details) - Held-to-maturity Securities {1} - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net carrying amount for sales of securities		$ 2,724,199
Net realized loss related to sales of securities		$ 12,394
Proceeds received from sale of fixed maturity available for sale securities	$ 2,967,531
Gross realized gains	149,641
Gross realized losses	$ 1,043

3) Investments: Schedule of Major categories of net investment income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Gross investment income	$ 18,125,776	$ 13,819,748	$ 51,093,938	$ 41,026,906
Investment Income, Investment Expense	(3,416,634)	(3,341,182)	(10,021,552)	(9,965,837)
Net investment income	14,709,142	10,478,566	41,072,386	31,061,069
Fixed Maturities
Gross investment income	3,191,064	2,563,481	9,258,850	7,596,035
Equity Securities
Gross investment income	126,369	74,629	329,534	227,280
Mortgage Loans Real Estate
Gross investment income	6,918,081	4,558,232	18,154,123	13,187,416
Real Estate
Gross investment income	2,998,806	2,259,064	8,940,072	6,266,286
Policy Student and Other Loans
Gross investment income	264,422	113,541	755,914	308,583
Insurance Assignments
Gross investment income	4,561,574	3,851,804	13,244,176	11,970,755
Other Investments {1}
Gross investment income	0	0	25,421	106,678
Cash and Cash Equivalents
Gross investment income	$ 65,460	$ 398,997	$ 385,848	$ 1,363,873

3) Investments: Net Investment Income - Additional (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Net investment income	$ 14,709,142	$ 10,478,566	$ 41,072,386	$ 31,061,069
Securities on deposit for regulatory authorities	9,735,147		9,735,147		$ 9,633,818
Cemeteries And Mortuaries
Net investment income	$ 129,347	$ 102,888	$ 380,079	$ 323,404

3) Investments: Commercial Real Estate Held for Investment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Bank and other loans payable	$ 424,932,007		$ 424,932,007		$ 217,572,612
Impairment losses on commercial real estate held for sale	800,000	$ 790,827	846,980	$ 2,658,024
Commercial Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	70,054,000		70,054,000		87,815,000
Bank and other loans payable	$ 46,681,000		$ 46,681,000		$ 54,917,000

3) Investments: Commercial Real Estate Investment (Details)	Sep. 30, 2020 USD ($) Decimal	Dec. 31, 2019 USD ($) Decimal
Real estate held for investment (net of accumulated depreciation)	$ 123,002,683	$ 102,756,946
Real estate held for sale	7,990,181	14,097,627
Commercial Real Estate
Real estate held for investment (net of accumulated depreciation)	$ 97,836,409	$ 90,226,640
Total Square Footage \| Decimal	609,365	611,865
Real estate held for sale	$ 4,534,937	$ 6,076,321
Square Footage \| Decimal	234,979	239,779
Arizona \| Commercial Real Estate
Real estate held for sale	$ 0	$ 2,500
Square Footage \| Decimal	0	0
Kansas \| Commercial Real Estate
Real estate held for sale	$ 4,000,000	$ 4,800,000
Square Footage \| Decimal	222,679	222,679
Mississippi \| Commercial Real Estate
Real estate held for investment (net of accumulated depreciation)	$ 2,932,976	$ 2,951,478
Total Square Footage \| Decimal	21,521	21,521
Real estate held for sale	$ 234,937	$ 318,322
Square Footage \| Decimal	12,300	12,300
Nevada \| Commercial Real Estate
Real estate held for sale	$ 0	$ 655,499
Square Footage \| Decimal	0	4,800
Texas \| Commercial Real Estate
Real estate held for sale	$ 300,000	$ 300,000
Square Footage \| Decimal	0	0
Louisiana \| Commercial Real Estate
Real estate held for investment (net of accumulated depreciation)	$ 5,889,327	$ 6,009,079
Total Square Footage \| Decimal	125,114	125,114
Utah \| Commercial Real Estate
Real estate held for investment (net of accumulated depreciation)	$ 89,014,106	$ 81,266,083
Total Square Footage \| Decimal	462,730	465,230

3) Investments: Residential Real Estate Held for Investment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Impairment losses on residential real estate held for investment	$ 0	$ 125,980	$ 43,394	$ 125,980
Residential Real Estate
Foreclosed Residential Real Estate included in Residential Real Estate Held for Investment	$ 6,256,000		$ 6,256,000		$ 12,434,000

3) Investments: Residential Real Estate Investment (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Real estate held for investment (net of accumulated depreciation)	$ 123,002,683	$ 102,756,946
Real estate held for sale	7,990,181	14,097,627
Residential Real Estate
Real estate held for investment (net of accumulated depreciation)	25,166,274	12,530,306
Real estate held for sale	3,455,244	8,021,306
California \| Residential Real Estate
Real estate held for sale	0	640,452
Florida \| Residential Real Estate
Real estate held for investment (net of accumulated depreciation)	1,261,975	2,487,723
Real estate held for sale	1,104,936	1,300,641
Nevada \| Residential Real Estate
Real estate held for investment (net of accumulated depreciation)	686,124	293,516
Real estate held for sale	293,516	0
Ohio \| Residential Real Estate
Real estate held for sale	10,000	10,000
Utah \| Residential Real Estate
Real estate held for investment (net of accumulated depreciation)	22,931,994	9,462,886
Real estate held for sale	2,046,792	5,880,213
Washington \| Residential Real Estate
Real estate held for investment (net of accumulated depreciation)	286,181	286,181
Real estate held for sale	$ 0	$ 190,000

3) Investments: Real Estate Owned and Occupied by the Company (Details)	Sep. 30, 2020 ft²
Corporate Offices, Life Insurance and Cemetery/Mortuary Operations
Approximate Square Footage	78,979
Square Footage Occupied by the Company	18.00%
Mortgage
Approximate Square Footage	39,157
Square Footage Occupied by the Company	73.00%
Life Insurance Operations
Approximate Square Footage	19,694
Square Footage Occupied by the Company	28.00%
Life Insurance Operations 1
Approximate Square Footage	12,274
Square Footage Occupied by the Company	100.00%
Mortgage Sales
Approximate Square Footage	8,059
Square Footage Occupied by the Company	100.00%
Mortgage Sales
Approximate Square Footage	1,560
Square Footage Occupied by the Company	100.00%
Mortgage Sales
Approximate Square Footage	1,737
Square Footage Occupied by the Company	100.00%

3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss	$ 1,453,037	$ 1,347,972
Allowance for credit losses, Charge-offs	0	(32,692)
Allowance for Credit Losses, Provision	613,444	137,757
Financing Receivable, Allowance for Credit Loss	2,066,481	1,453,037
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	238,997	195,993
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,827,484	1,257,044
Mortgage loans	249,729,688	241,192,422
Financing Receivable, Individually Evaluated for Impairment	9,239,158	8,895,926
Financing Receivable, Collectively Evaluated for Impairment	240,490,530	232,296,496
Commercial Loan
Financing Receivable, Allowance for Credit Loss	187,129	187,129
Allowance for credit losses, Charge-offs	0	0
Allowance for Credit Losses, Provision	0	0
Financing Receivable, Allowance for Credit Loss	187,129	187,129
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	0	0
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	187,129	187,129
Mortgage loans	49,378,938	38,718,220
Financing Receivable, Individually Evaluated for Impairment	3,414,719	4,488,719
Financing Receivable, Collectively Evaluated for Impairment	45,964,219	34,229,501
Residential Mortgage
Financing Receivable, Allowance for Credit Loss	1,222,706	1,125,623
Allowance for credit losses, Charge-offs	0	(32,692)
Allowance for Credit Losses, Provision	613,444	129,775
Financing Receivable, Allowance for Credit Loss	1,836,150	1,222,706
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	238,997	195,993
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,597,153	1,026,713
Mortgage loans	80,051,914	113,043,965
Financing Receivable, Individually Evaluated for Impairment	5,193,865	3,752,207
Financing Receivable, Collectively Evaluated for Impairment	74,858,049	109,291,758
Residential construction
Financing Receivable, Allowance for Credit Loss	43,202	35,220
Allowance for credit losses, Charge-offs	0	0
Allowance for Credit Losses, Provision	0	7,982
Financing Receivable, Allowance for Credit Loss	43,202	43,202
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	0	0
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	43,202	43,202
Mortgage loans	120,298,836	89,430,237
Financing Receivable, Individually Evaluated for Impairment	630,574	655,000
Financing Receivable, Collectively Evaluated for Impairment	$ 119,668,262	$ 88,775,237

3) Investments: Schedule of aging of mortgage loans (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Mortgage Loans during period	$ 249,729,688	$ 241,192,422
Mortgage Loans, Allowance for Loan Losses	(2,066,481)	(1,453,037)
Mortgage Loans, Unamortized deferred loan fees, net	(905,018)	(2,391,567)
Mortgage Loans, Unamortized discounts, net	(1,148,662)	(653,272)
Past Due 30 to 59 Days
Mortgage Loans during period	5,794,079	12,481,296
Past Due 60 to 89 Days
Mortgage Loans during period	4,056,298	4,085,767
Past Due 90 or More Days
Mortgage Loans during period	7,790,914	7,244,461
In Foreclosure
Mortgage Loans during period	1,448,244	1,651,465
Total Past Due
Mortgage Loans during period	19,089,535	25,462,989
Current
Mortgage Loans during period	230,640,153	215,729,433
Net Mortgage Loans
Mortgage Loans during period	245,609,527	236,694,546
Commercial Loan
Mortgage Loans during period	49,378,938	38,718,220
Mortgage Loans, Allowance for Loan Losses	(187,129)	(187,129)
Mortgage Loans, Unamortized deferred loan fees, net	(43,338)	(88,918)
Mortgage Loans, Unamortized discounts, net	(828,049)	(653,272)
Commercial Loan \| Past Due 30 to 59 Days
Mortgage Loans during period	255,858	1,872,000
Commercial Loan \| Past Due 60 to 89 Days
Mortgage Loans during period	495,937	0
Commercial Loan \| Past Due 90 or More Days
Mortgage Loans during period	3,414,719	4,488,719
Commercial Loan \| In Foreclosure
Mortgage Loans during period	0	0
Commercial Loan \| Total Past Due
Mortgage Loans during period	4,166,514	6,360,719
Commercial Loan \| Current
Mortgage Loans during period	45,212,424	32,357,501
Commercial Loan \| Net Mortgage Loans
Mortgage Loans during period	48,320,422	37,788,901
Residential Mortgage
Mortgage Loans during period	80,051,914	113,043,965
Mortgage Loans, Allowance for Loan Losses	(1,836,150)	(1,222,706)
Mortgage Loans, Unamortized deferred loan fees, net	(521,661)	(1,567,581)
Mortgage Loans, Unamortized discounts, net	(320,613)	0
Residential Mortgage \| Past Due 30 to 59 Days
Mortgage Loans during period	5,261,818	10,609,296
Residential Mortgage \| Past Due 60 to 89 Days
Mortgage Loans during period	1,930,361	4,085,767
Residential Mortgage \| Past Due 90 or More Days
Mortgage Loans during period	3,745,621	2,100,742
Residential Mortgage \| In Foreclosure
Mortgage Loans during period	1,448,244	1,651,465
Residential Mortgage \| Total Past Due
Mortgage Loans during period	12,386,044	18,447,270
Residential Mortgage \| Current
Mortgage Loans during period	67,665,870	94,596,695
Residential Mortgage \| Net Mortgage Loans
Mortgage Loans during period	77,373,490	110,253,678
Residential construction
Mortgage Loans during period	120,298,836	89,430,237
Mortgage Loans, Allowance for Loan Losses	(43,202)	(43,202)
Mortgage Loans, Unamortized deferred loan fees, net	(340,019)	(735,068)
Mortgage Loans, Unamortized discounts, net	0	0
Residential construction \| Past Due 30 to 59 Days
Mortgage Loans during period	276,403	0
Residential construction \| Past Due 60 to 89 Days
Mortgage Loans during period	1,630,000	0
Residential construction \| Past Due 90 or More Days
Mortgage Loans during period	630,574	655,000
Residential construction \| In Foreclosure
Mortgage Loans during period	0	0
Residential construction \| Total Past Due
Mortgage Loans during period	2,536,977	655,000
Residential construction \| Current
Mortgage Loans during period	117,761,859	88,775,237
Residential construction \| Net Mortgage Loans
Mortgage Loans during period	$ 119,915,615	$ 88,651,967

3) Investments: Schedule of Impaired Mortgage Loans (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Commercial Loan
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	$ 3,414,719	$ 4,488,719
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	3,414,719	4,488,719
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	1,772,817	1,499,043
Impaired Financing Receivable, with No Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	0
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0	0
Impaired Financing Receivable, Related Allowance	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	0
Impaired Financing Receivable, with Interest Income Recognized	0	0
Commercial Loan \| Total
Impaired Financing Receivable, with Related Allowance, Recorded Investment	3,414,719	4,488,719
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	3,414,719	4,488,719
Impaired Financing Receivable, Related Allowance	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	1,772,817	1,499,043
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential Mortgage
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	3,435,710	2,254,189
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	3,435,710	2,254,189
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	4,235,285	3,367,151
Impaired Financing Receivable, with No Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	1,758,155	1,498,018
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	1,758,155	1,498,018
Impaired Financing Receivable, Related Allowance	238,997	195,993
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	1,186,545	665,270
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential Mortgage \| Total
Impaired Financing Receivable, with Related Allowance, Recorded Investment	5,193,865	3,752,207
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	5,193,865	3,752,207
Impaired Financing Receivable, Related Allowance	238,997	195,993
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	5,421,830	4,032,421
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential construction
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	630,574	655,000
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	630,574	655,000
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	673,383	1,457,278
Impaired Financing Receivable, with No Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	0
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0	0
Impaired Financing Receivable, Related Allowance	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	0
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential construction \| Total
Impaired Financing Receivable, with Related Allowance, Recorded Investment	630,574	655,000
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	630,574	655,000
Impaired Financing Receivable, Related Allowance	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	673,383	1,457,278
Impaired Financing Receivable, with Interest Income Recognized	$ 0	$ 0

3) Investments: Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Mortgage loans	$ 249,729,688	$ 241,192,422
Commercial Loan
Mortgage loans	49,378,938	38,718,220
Residential Mortgage
Mortgage loans	80,051,914	113,043,965
Residential construction
Mortgage loans	120,298,836	89,430,237
Performing Financing Receivable
Mortgage loans	240,490,530	232,296,496
Performing Financing Receivable \| Commercial Loan
Mortgage loans	45,964,219	34,229,501
Performing Financing Receivable \| Residential Mortgage
Mortgage loans	74,858,049	109,291,758
Performing Financing Receivable \| Residential construction
Mortgage loans	119,668,262	88,775,237
Nonperforming Financing Receivable
Mortgage loans	9,239,158	8,895,926
Nonperforming Financing Receivable \| Commercial Loan
Mortgage loans	3,414,719	4,488,719
Nonperforming Financing Receivable \| Residential Mortgage
Mortgage loans	5,193,865	3,752,207
Nonperforming Financing Receivable \| Residential construction
Mortgage loans	$ 630,574	$ 655,000

3) Investments: Summary of Interest not accrued on non-performing mortgage loans (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Text Block [Abstract]
Interest not accrued on non-performing loans	$ 397,000	$ 203,000

3) Investments: Schedule of Mortgage loans on a nonaccrual status (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 9,239,158	$ 8,895,926
Commercial
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	3,414,719	4,488,719
Residential Mortgage
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	5,193,865	3,752,207
Residential construction
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 630,574	$ 655,000

4) Loans Held For Sale: Aggregate fair value - Loans Held for Sale (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Text Block [Abstract]
Aggregate Fair Value - Loans Held For Sale	$ 445,878,979	$ 213,457,632
Aggregate unpaid principal balance - Loans Held for Sale	428,860,105	206,417,122
Unrealized gain - Loans Held for Sale	$ 17,018,874	$ 7,040,510

4) Loans Held For Sale: Schedule of Mortgage Fee Income for Loans Held for Sale (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Mortgage fee income	$ 98,559,624	$ 39,735,752	$ 212,209,718	$ 97,161,190
Loans Held For Sale
Loan fees	20,630,052	8,438,471	40,167,476	22,162,455
Interest Income	3,348,929	2,127,775	7,630,993	5,032,505
Secondary gains	70,627,864	27,574,294	151,215,666	66,434,923
Change in fair value of loan commitments	3,901,086	378,899	12,454,218	1,915,223
Change in fair value of loans held for sale	1,404,131	1,411,322	4,231,347	2,065,978
Provision for loan loss reserve	(1,352,438)	(195,009)	(3,489,982)	(449,894)
Mortgage fee income	$ 98,559,624	$ 39,735,752	$ 212,209,718	$ 97,161,190

4) Loans Held For Sale: Schedule of loan loss reserve which is included in other liabilities and accrued expenses (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Text Block [Abstract]
Beginning, Loan Loss Reserve	$ 4,046,288	$ 3,604,869
Loan loss reserve, Provisions for losses	3,489,982	643,284
Loan loss reserve, Charge-offs	(4,527,157)	(201,865)
Ending, Loan Loss Reserve	$ 3,009,113	$ 4,046,288

5) Stock Compensation Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
5) Stock Compensation Plans (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Text Block [Abstract]
Share-based Payment Arrangement, Amount Capitalized	$ 104,562	$ 65,746	$ 271,959	$ 195,487
Unrecognized compensation expense related to the options issued in December 2014	$ 126,071		126,071
Total intrinsic value			$ 191,309	$ 112,340

5) Stock Compensation Plans: Schedule of stock inventive plan changes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Common Class A
Shares, Outstanding	1,112,218	993,478	1,086,053	577,280
Shares outstanding	$ 4.28	$ 4.50	$ 4.41	$ 5.15
Adjustment for effect of stock dividends	27,968
Shares Granted	77,000	2,000
Shares Exercised	(78,803)	(19,796)
Per Share Shares Exercised		$ 0
Shares Cancelled	0
Options Exercisable	1,053,033	955,195
Options exercisable	$ 4.39	$ 4.46
Available options for future grant	$ 325,372	$ 299,351
Weighted average contractual term of options outstanding	P5Y8M19D	P5Y4M24D
Weighted average contractual term of options exercisable	P5Y6M3D	P5Y4M2D
Aggregated intrinsic value of options outstanding	$ 2,242,693	$ 765,360
Aggregated intrinsic value of options exercisable	$ 2,228,291	$ 765,360
Common Class C
Shares, Outstanding	793,486	513,466	594,132	1,011,274
Shares outstanding	$ 4.88	$ 5.33	$ 5.36	$ 4.49
Adjustment for effect of stock dividends	19,354
Shares Granted	180,000	0
Shares Exercised	0	(63,814)
Per Share Shares Exercised		$ 0
Shares Cancelled	0
Options Exercisable	652,805	489,840
Options exercisable	$ 5.14	$ 5.34
Available options for future grant	$ 266,500	$ 146,425
Weighted average contractual term of options outstanding	P5Y11M8D	P3Y7M17D
Weighted average contractual term of options exercisable	P5Y5M27D	P3Y4M13D
Aggregated intrinsic value of options outstanding	$ 1,115,985	$ 106,646
Aggregated intrinsic value of options exercisable	$ 894,505	$ 106,646

6) Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Text Block [Abstract]
Net earnings	$ 29,304,769	$ 3,617,414	$ 51,286,265	$ 9,027,786
Weighted Average Number of Shares Outstanding, Basic	18,873,886	18,551,116	18,760,884	18,560,874
Employee stock options	$ 559,733	$ 203,975	$ 404,006	$ 208,561
Diluted weighted-average shares outstanding	19,433,619	18,755,091	19,164,890	18,769,435
Earnings Per Share, Basic	$ 1.55	$ 0.19	$ 2.73	$ 0.49
Earnings Per Share, Diluted	$ 1.51	$ 0.19	$ 2.68	$ 0.48

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

6) Earnings Per Share (Details) - shares	9 Months Ended
6) Earnings Per Share (Details) - shares	Sep. 30, 2020	Sep. 30, 2019
Text Block [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	864,915

7) Business Segments Information : Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue from customers	$ 146,204,565	$ 75,379,659	$ 344,475,256	$ 205,318,676
Segment Reporting Information, Intersegment Revenue	0	0	0	0
Segment Reporting Information, Income Loss Before Income Taxes	38,583,931	4,759,822	67,251,921	11,815,824
Identifiable Assets	1,643,678,399	1,159,129,796	1,643,678,399	1,159,129,796
Goodwill	3,519,588	3,519,588	3,519,588	3,519,588	$ 3,519,588
Total Assets	1,647,197,987	1,162,649,384	1,647,197,987	1,162,649,384	$ 1,334,444,075
Life Insurance Product Line
Revenue from customers	39,261,044	29,824,686	110,255,399	88,937,110
Segment Reporting Information, Intersegment Revenue	2,952,836	1,465,778	5,677,189	3,441,497
Segment Reporting Information, Income Loss Before Income Taxes	4,807,280	1,263,836	5,408,482	4,568,178
Identifiable Assets	1,232,786,760	941,739,161	1,232,786,760	941,739,161
Goodwill	2,765,570	2,765,570	2,765,570	2,765,570
Total Assets	1,235,552,330	944,504,731	1,235,552,330	944,504,731
Cemetery and Mortuary
Revenue from customers	5,495,990	3,570,419	14,815,991	12,472,711
Segment Reporting Information, Intersegment Revenue	79,096	106,638	272,409	336,911
Segment Reporting Information, Income Loss Before Income Taxes	1,322,303	213,198	2,975,556	2,421,845
Identifiable Assets	55,339,760	84,250,592	55,339,760	84,250,592
Goodwill	754,018	754,018	754,018	754,018
Total Assets	56,093,778	85,004,610	56,093,778	85,004,610
Mortgage
Revenue from customers	101,447,531	41,984,554	219,403,866	103,908,855
Segment Reporting Information, Intersegment Revenue	168,890	120,891	559,923	372,170
Segment Reporting Information, Income Loss Before Income Taxes	32,454,348	3,282,788	58,867,883	4,825,801
Identifiable Assets	443,756,079	243,272,631	443,756,079	243,272,631
Goodwill	0	0	0	0
Total Assets	443,756,079	243,272,631	443,756,079	243,272,631
Intercompany Eliminations
Revenue from customers	0	0	0	0
Segment Reporting Information, Intersegment Revenue	(3,200,822)	(1,693,307)	(6,509,521)	(4,150,578)
Segment Reporting Information, Income Loss Before Income Taxes	0	0	0	0
Identifiable Assets	(88,204,200)	(110,132,588)	(88,204,200)	(110,132,588)
Goodwill	0	0	0	0
Total Assets	$ (88,204,200)	$ (110,132,588)	$ (88,204,200)	$ (110,132,588)

8) Fair Value of Financial Instruments: Schedule of fair value assets and liabilities measured on a recurring basis (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Trading Securities, Equity	$ 344,917,387	$ 355,977,820
Available-for-sale Securities	11,215,606	7,271,165
Loans Held-for-sale, Fair Value Disclosure	445,878,979	213,457,632
Restricted assets of cemeteries and mortuaries	1,470,114	1,008,867
Restricted assets of cemeteries and mortuaries	2,193,831	1,976,480
Cemetery perpetual care trust investments	576,292	975,673
Cemetery perpetual care trust investments	1,832,703	1,605,451
Derivatives - loan commitments	17,945,259	2,722,580
Assets, Fair Value Disclosure, Recurring	826,030,171	584,995,668
Derivatives - bank loan interest rate swaps, Call Options	(126,193)	(62,265)
Derivatives - bank loan interest rate swaps, Put Options		(22,282)
Derivatives - bank loan interest rate swaps, loan commitments	(2,999,809)	(231,347)
Obligations, Fair Value Disclosure	(3,126,002)	(315,894)
Fair Value, Inputs, Level 1
Trading Securities, Equity	0	0
Available-for-sale Securities	11,215,606	7,271,165
Loans Held-for-sale, Fair Value Disclosure	0	0
Restricted assets of cemeteries and mortuaries	0	0
Restricted assets of cemeteries and mortuaries	2,193,831	1,976,480
Cemetery perpetual care trust investments	0	0
Cemetery perpetual care trust investments	1,832,703	1,605,451
Derivatives - loan commitments	0	0
Assets, Fair Value Disclosure, Recurring	15,242,140	10,853,096
Derivatives - bank loan interest rate swaps, Call Options	(126,193)	(62,265)
Derivatives - bank loan interest rate swaps, Put Options		(22,282)
Derivatives - bank loan interest rate swaps, loan commitments	0	0
Obligations, Fair Value Disclosure	(126,193)	(84,547)
Fair Value, Inputs, Level 2
Trading Securities, Equity	342,627,234	352,761,438
Available-for-sale Securities	0	0
Loans Held-for-sale, Fair Value Disclosure	0	0
Restricted assets of cemeteries and mortuaries	1,470,114	1,008,867
Restricted assets of cemeteries and mortuaries	0	0
Cemetery perpetual care trust investments	576,292	975,673
Cemetery perpetual care trust investments	0	0
Derivatives - loan commitments	0	0
Assets, Fair Value Disclosure, Recurring	344,673,640	354,745,978
Derivatives - bank loan interest rate swaps, Call Options	0	0
Derivatives - bank loan interest rate swaps, Put Options		0
Derivatives - bank loan interest rate swaps, loan commitments	0	0
Obligations, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3
Trading Securities, Equity	2,290,153	3,216,382
Available-for-sale Securities	0	0
Loans Held-for-sale, Fair Value Disclosure	445,878,979	213,457,632
Restricted assets of cemeteries and mortuaries	0	0
Restricted assets of cemeteries and mortuaries	0	0
Cemetery perpetual care trust investments	0	0
Cemetery perpetual care trust investments	0	0
Derivatives - loan commitments	17,945,259	2,722,580
Assets, Fair Value Disclosure, Recurring	466,114,391	219,396,594
Derivatives - bank loan interest rate swaps, Call Options	0	0
Derivatives - bank loan interest rate swaps, Put Options		0
Derivatives - bank loan interest rate swaps, loan commitments	(2,999,809)	(231,347)
Obligations, Fair Value Disclosure	$ (2,999,809)	$ (231,347)

8) Fair Value of Financial Instruments: Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Loans Held For Sale
Fair Value Balance	$ 445,878,979	$ 213,457,632
Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Range of Inputs minimum	99.00%	98.00%
Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Range of Inputs maximum	110.00%	109.00%
Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Weighted Average	104.00%	103.00%
Net Derivatives Loan Commitments
Fair Value Balance	$ 14,945,451	$ 2,491,233
Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Range of Inputs minimum	1.00%	1.00%
Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Range of Inputs maximum	92.00%	92.00%
Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Weighted Average	80.00%	81.00%
Fixed maturity securities available for sale
Fair Value Balance	$ 2,290,153	$ 3,216,382

8) Fair Value of Financial Instruments: Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net Derivatives Loan Commitments
Fair Value Balance	$ 2,491,233	$ 1,591,816
Originations	0	0
Sales	0	0
Transfer to mortgage loans held for investment	0	0
Transfer from fixed maturity securities held to maturity		0
Fair Value, Gains (Losses) included in earnings	12,454,218	899,417
Total gains (losses) included in other comprehensive income	0	0
Fair Value Balance	14,945,451	2,491,233
Loans Held For Sale
Fair Value Balance	213,457,632	136,210,853
Originations	3,824,329,264	2,606,839,175
Sales	(3,709,992,155)	(2,580,875,055)
Transfer to mortgage loans held for investment	(9,170,610)	(31,881,851)
Transfer from fixed maturity securities held to maturity		0
Fair Value, Gains (Losses) included in earnings	127,254,848	83,164,510
Total gains (losses) included in other comprehensive income	0	0
Fair Value Balance	445,878,979	213,457,632
Fixed maturity securities available for sale
Fair Value Balance	3,216,382	0
Originations	0	0
Sales	(1,031,500)	0
Transfer to mortgage loans held for investment	0	0
Transfer from fixed maturity securities held to maturity		3,216,382
Fair Value, Gains (Losses) included in earnings	2,532	0
Total gains (losses) included in other comprehensive income	102,739	0
Fair Value Balance	$ 2,290,153	$ 3,216,382

8) Fair Value of Financial Instruments: Fair Value Assets Measured on a Nonrecurring Basis (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Impaired mortgage loans held for investment	$ 1,519,159	$ 1,302,025
Impaired real estate held for investment	4,000,000	8,375,884
Assets, Fair Value Disclosure, Nonrecurring	5,519,159	9,677,909
Fair Value, Inputs, Level 1
Impaired mortgage loans held for investment	0	0
Impaired real estate held for investment	0	0
Assets, Fair Value Disclosure, Nonrecurring	0	0
Fair Value, Inputs, Level 2
Impaired mortgage loans held for investment	0	0
Impaired real estate held for investment	0	0
Assets, Fair Value Disclosure, Nonrecurring	0	0
Fair Value, Inputs, Level 3
Impaired mortgage loans held for investment	1,519,159	1,302,025
Impaired real estate held for investment	4,000,000	8,375,884
Assets, Fair Value Disclosure, Nonrecurring	$ 5,519,159	$ 9,677,909

8) Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Residential Mortgage
Carrying Value	$ 77,373,490	$ 110,253,678
Estimated Carrying Value	82,076,345	115,320,638
Residential construction
Carrying Value	119,915,615	88,651,967
Estimated Carrying Value	119,915,615	88,651,967
Commercial Loan
Carrying Value	48,320,422	37,788,901
Estimated Carrying Value	47,954,726	39,289,462
Mortgage Loans Net
Carrying Value	245,609,527	236,694,546
Estimated Carrying Value	249,946,686	243,262,067
Policy Loan
Carrying Value	14,234,935	14,762,805
Estimated Carrying Value	14,234,935	14,762,805
Insurance Assignments
Carrying Value	44,256,177	39,614,939
Estimated Carrying Value	44,256,177	39,614,939
Restricted Assets 1
Carrying Value	4,110,252	2,275,756
Estimated Carrying Value	4,110,252	2,289,679
Mortgage Servicing Rights
Carrying Value	28,387,476	17,155,529
Estimated Carrying Value	30,288,406	22,784,571
Bank And Other Loans Payable
Carrying Value	(424,932,007)	(217,572,612)
Estimated Carrying Value	(424,932,007)	(217,572,612)
Policyholder Account Balances
Carrying Value	(44,246,123)	(45,154,180)
Estimated Carrying Value	(41,229,265)	(41,828,469)
Future Policy Benefits Annuities
Carrying Value	(110,638,182)	(113,579,830)
Estimated Carrying Value	(115,049,853)	(117,304,614)
Cemetery Perpetual Care Trust Investments
Carrying Value		524,000
Estimated Carrying Value		536,553
Fair Value, Inputs, Level 1 \| Residential Mortgage
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Residential construction
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Commercial Loan
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Mortgage Loans Net
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Policy Loan
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Insurance Assignments
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Restricted Assets 1
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Mortgage Servicing Rights
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Bank And Other Loans Payable
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Policyholder Account Balances
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Future Policy Benefits Annuities
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 1 \| Cemetery Perpetual Care Trust Investments
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Residential Mortgage
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Residential construction
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Commercial Loan
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Mortgage Loans Net
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Policy Loan
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Insurance Assignments
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Restricted Assets 1
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Mortgage Servicing Rights
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Bank And Other Loans Payable
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Policyholder Account Balances
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Future Policy Benefits Annuities
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Cemetery Perpetual Care Trust Investments
Estimated Carrying Value	0	0
Fair Value, Inputs, Level 2 \| Fair Value, Inputs, Level 3
Estimated Carrying Value		88,651,967
Fair Value, Inputs, Level 3 \| Residential Mortgage
Estimated Carrying Value	82,076,345	115,320,638
Fair Value, Inputs, Level 3 \| Residential construction
Estimated Carrying Value	119,915,615
Fair Value, Inputs, Level 3 \| Commercial Loan
Estimated Carrying Value	47,954,726	39,289,462
Fair Value, Inputs, Level 3 \| Mortgage Loans Net
Estimated Carrying Value	249,946,686	243,262,067
Fair Value, Inputs, Level 3 \| Policy Loan
Estimated Carrying Value	14,234,935	14,762,805
Fair Value, Inputs, Level 3 \| Insurance Assignments
Estimated Carrying Value	44,256,177	39,614,939
Fair Value, Inputs, Level 3 \| Restricted Assets 1
Estimated Carrying Value	4,110,252	2,289,679
Fair Value, Inputs, Level 3 \| Mortgage Servicing Rights
Estimated Carrying Value	30,288,406	22,784,571
Fair Value, Inputs, Level 3 \| Bank And Other Loans Payable
Estimated Carrying Value	(424,932,007)	(217,572,612)
Fair Value, Inputs, Level 3 \| Policyholder Account Balances
Estimated Carrying Value	(41,229,265)	(41,828,469)
Fair Value, Inputs, Level 3 \| Future Policy Benefits Annuities
Estimated Carrying Value	$ (115,049,853)	(117,304,614)
Fair Value, Inputs, Level 3 \| Cemetery Perpetual Care Trust Investments
Estimated Carrying Value		$ 536,553

10) Derivative Instruments: Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Loan Commitments
Derivative, Notional Amount	$ 977,036,503	$ 224,202,514
Derivative Asset, Notional Amount	17,945,259	2,722,580
Derivative Liability, Notional Amount	2,999,809	231,347
Call Options
Derivative, Notional Amount	1,957,000	1,813,500
Derivative Asset, Notional Amount	0	0
Derivative Liability, Notional Amount	126,193	62,265
Put Options
Derivative, Notional Amount	0	1,573,100
Derivative Asset, Notional Amount	0	0
Derivative Liability, Notional Amount	0	22,282
Net Derivatives Loan Commitments
Derivative, Notional Amount	978,993,503	227,589,114
Derivative Asset, Notional Amount	17,945,259	2,722,580
Derivative Liability, Notional Amount	$ 3,126,002	$ 315,894

10) Derivative Instruments: Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Text Block [Abstract]
Gain (Loss) on Derivatives, Loan Commitments	$ 3,901,086	$ 378,899	$ 12,454,218	$ 1,915,223
Gain (Loss) on Derivatives, Call and put options	$ 34,171	$ 104,702	$ 124,516	$ 509,639

11) Reinsurance, Commitments and Contingencies: Mortgage Loan Loss Settlements (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Text Block [Abstract]
Funds reserved and accrued to settle investor related claims	$ 3,009,000	$ 4,046,000

11) Reinsurance, Commitments and Contingencies: Other Contingencies and Commitments (Details)	Sep. 30, 2020 USD ($)
Text Block [Abstract]
Commitments to fund new residential construction loans	$ 187,305,000
Commitments to fund new residential construction loans funded	$ 124,409,000

12) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Text Block [Abstract]
Balance before valuation allowance at beginning of year	$ 17,155,529	$ 20,016,822
MSRs proceeds from loan sales	19,400,262	4,194,502
Amortization	(8,168,315)	(7,055,795)
Application of valuation allowance to write down MSRs with other than temporary impairment	0	0
Balance before valuation allowance at year end	28,387,476	17,155,529
Mortgage servicing rights, net	28,387,476	17,155,529
Estimated fair value of MSRs at end of period	$ 30,288,406	$ 22,784,571

12) Mortgage Servicing Rights: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights (Details)	Sep. 30, 2020 USD ($)
Text Block [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 4,926,285
Finite-Lived Intangible Assets, Amortization Expense, Year One	3,690,972
Finite-Lived Intangible Assets, Amortization Expense, Year Two	3,094,986
Finite-Lived Intangible Assets, Amortization Expense, Year Three	2,609,308
Finite-Lived Intangible Assets, Amortization Expense, Year Four	2,213,796
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	11,852,129
Finite-Lived Intangible Assets, Accumulated Amortization	$ 28,387,476

12) Mortgage Servicing Rights: Schedule of Other Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income	$ 2,409,860	$ 1,848,504	$ 6,293,881	$ 5,695,407
Contractual Servicing Fees
Other Income	2,340,546	1,765,957	6,055,055	5,433,970
Late Fees
Other Income	$ 69,314	$ 82,547	$ 238,826	$ 261,437

12) Mortgage Servicing Rights: Summary of Unpaid Principal Balances of the Servicing Portfolio (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Text Block [Abstract]
Servicing Unpaid Principal Balance	$ 4,215,559,388	$ 2,804,139,415

12) Mortgage Servicing Rights: Assumptions used in determining MSR value (Details) - Decimal	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Text Block [Abstract]
Prepayment Speeds	16.7	15.3
Average Life in Years of MSR	5 years 22 days	5 years 3 months 8 days
Discount Rate	9.5	9.51

13) Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
13) Income Taxes (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Text Block [Abstract]
Effective Income Tax Rate Reconciliation, Percent	24.00%	24.00%	23.70%	23.60%
Provision for income taxes	$ 9,279,162	$ 1,142,408	$ 15,965,656	$ 2,788,038

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

14) Revenues From Contracts With Customers: Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables	$ 10,423,683	$ 9,236,330
Deferred pre-need cemetery and mortuary contract revenues	13,045,307	12,607,978
Receivables
Receivables	801,790	2,778,879	$ 2,816,225
Increase (Decrease) in Accounts Receivable	3,580,669	(37,346)
Contract Asset
Deferred pre-need cemetery and mortuary contract revenues	0	0	0
Increase (Decrease) in Deferred Revenue	0	0
Contract Liability
Deferred pre-need cemetery and mortuary contract revenues	437,329	12,607,978	$ 12,508,625
Increase (Decrease) in Deferred Revenue	$ 13,045,307	$ 99,353

14) Revenues From Contracts With Customers (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Text Block [Abstract]
Revenue recognized included in the opening contract liability	$ 1,427,418	$ 884,180	$ 3,258,824	$ 2,515,278

14) Revenues From Contracts With Customers: Revenues of the Cemetery and Mortuary Contracts (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net mortuary and cemetery sales	$ 5,371,715	$ 3,526,416	$ 14,530,584	$ 11,205,774
Major Goods Or Services Lines, at Need
Net mortuary and cemetery sales	4,272,816	2,888,996	10,915,712	8,883,846
Major Goods Or Services Lines, Pre Need
Net mortuary and cemetery sales	1,098,899	637,420	3,614,872	2,321,928
Timing Of Revenue Recognition, Goods Transferred At A Point In Time
Net mortuary and cemetery sales	3,559,431	2,371,041	9,641,751	7,515,881
Timing Of Revenue Recognition, Services Transferred At A Point In Time
Net mortuary and cemetery sales	$ 1,812,284	$ 1,155,375	$ 4,888,833	$ 3,689,893

14) Revenues From Contracts With Customers: Reconciliation of Revenues from Cemetery and mortuary contracts to Business Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net mortuary and cemetery sales	$ 5,371,715	$ 3,526,416	$ 14,530,584	$ 11,205,774
Gains (losses) on investments and other assets	800,507	(519,673)	(173,461)	261,095
Net investment income	14,709,142	10,478,566	41,072,386	31,061,069
Other Revenues	2,997,001	2,326,106	7,853,468	7,124,836
Cemetery and Mortuary
Net mortuary and cemetery sales	5,371,715	3,526,416	14,530,584	11,205,774
Gains (losses) on investments and other assets	(66,673)	(100,685)	(244,413)	752,412
Net investment income	168,478	112,246	444,971	387,617
Other Revenues	22,470	32,442	84,849	126,908
Revenues from External Customers	$ 5,495,990	$ 3,570,419	$ 14,815,991	$ 12,472,711

15) Acquisitions: Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details)	9 Months Ended
	Sep. 30, 2020 USD ($)
Probst Family Funerals and Cremations and Heber Valley Funeral Home
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	$ 2,475,526
Fair Value of Net Assets Acquired / Consideration Paid, Net of Cash Acquired	53,859
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	754,018
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	3,318,823
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(3,176)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	53,859
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	13,620
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	21,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(3,176)
Kilpatrick Life Insurance Co
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Real estate held for investment	2,708,557
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Mortgage loans held for investment	8,011,660
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Future policy benefits and unpaid claims	(189,071,407)
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Fixed maturity securities, available for sale	22,766,520
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Fixed maturity securities, held to maturity	16,436
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other investments	446,655
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accrued investment income	183,527
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Investments	34,133,355
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Receivables from reinsurers	168,105,064
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1,498,245
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Value of business acquired	4,962,831
Fair Value of Assets Acquired	23,779,940
Fair Value of Net Assets Acquired / Consideration Paid, Net of Cash Acquired	16,879,286
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	221,887,552
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	(7,870,944)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(198,107,612)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	6,900,654
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	5,407,736
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	167,344
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	712,323
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(283,304)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(881,957)
Coinsurance Agreement
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other investments and policy loans	9,124,459
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Real estate held for investment	2,850,000
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Mortgage loans held for investment	200,000
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Future policy benefits and unpaid claims	(165,404,970)
Cash received for reinsurance assumed	158,358,594
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	12,305,717
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(170,664,311)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	131,258
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	$ (5,259,341)