0001096906-21-000634 | 10-K | XBRL Viewer | Security National Financial Corp

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Mar. 23, 2021	Jun. 30, 2020
Registrant CIK	0000318673
Fiscal Year End	--12-31
Registrant Name	Security National Financial Corporation
SEC Form	10-K
Period End date	Dec. 31, 2020
Tax Identification Number (TIN)	87-0345941
Entity Public Float			$ 50,000,000
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
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	FY
Document Annual Report	true
Document Transition Report	false
Common Class A
Number of common stock shares outstanding		16,621,147
Common Class C
Number of common stock shares outstanding		2,679,603

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities, available for sale, at estimated fair value	$ 294,656,679	$ 355,977,820
Equity securities at estimated fair value	11,324,239	7,271,165
Mortgage loans held for investment (net of allowances for loan losses of $2,005,127 and $1,453,037 for 2020 and 2019)	249,343,936	236,694,546
Real estate held for investment (net of accumulated depreciation of $13,800,973 and $12,788,739 for 2020 and 2019)	131,684,453	102,756,946
Real estate held for sale	7,878,807	14,097,627
Other investments and policy loans (net of allowances for doubtful accounts of $1,645,475 and $1,448,026 for 2020 and 2019)	73,696,661	60,245,269
Accrued investment income	5,360,523	4,833,232
Total investments	773,945,298	781,876,605
Cash and cash equivalents	106,219,429	127,754,719
Loans held for sale at estimated fair value	422,772,418	213,457,632
Receivables (net of allowances for doubtful accounts of $1,685,382 and $1,724,156 for 2020 and 2019)	10,899,207	9,236,330
Restricted assets (including $3,989,415 and $2,985,347 for 2020 and 2019 at estimated fair value)	16,150,036	13,935,317
Cemetery perpetual care trust investments (including $2,810,070 and $2,581,124 for 2020 and 2019 at estimated fair value)	6,413,167	4,411,864
Receivable from reinsurers	15,569,156	15,747,768
Cemetery land and improvements	8,761,436	9,519,950
Deferred plicy and pre-need contract acquisition costs	100,075,276	94,701,920
Mortgage servicing rights, net	35,210,516	17,155,529
Property and equipment, net	12,473,345	14,600,394
Value of business acquired	8,955,249	9,876,647
Goodwill	3,519,588	3,519,588
Other	27,976,357	18,649,812
Total Assets	1,548,940,478	1,334,444,075
Liabilities
Future policy benefits and unpaid claims	844,790,087	825,600,918
Unearned premium reserve	3,328,623	3,621,697
Bank and other loans payable	297,824,368	217,572,612
Deferred pre-need cemetery and mortuary contract revenues	13,080,179	12,607,978
Cemetery Perpetual Care Trust Obligation	4,087,704	3,933,719
Accounts payable	8,932,683	5,056,983
Other liabilities and accrued expenses	87,650,981	50,652,591
Income Taxes	25,258,800	18,686,972
Total liabilities	1,284,953,425	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	50,287,253	46,091,112
Accumulated other comprehensive income, net of taxes	23,243,133	13,726,514
Retained earnings	153,739,167	101,256,229
Treasury stock, at cost - 227,852 Class A shares and 10,985 Class C shares in 2020; 490,823 Class A shares and -0- Class C shares in 2019	(1,833,272)	(1,580,582)
Total stockholders' equity	263,987,053	196,710,605
Total Liabilities and Stockholders' Equity	1,548,940,478	1,334,444,075
Common Class A
Stockholders' Equity
Common Stock, Value, Issued	33,191,566	32,215,558
Common Class B
Stockholders' Equity
Common Stock, Value, Issued	0	0
Common Class C
Stockholders' Equity
Common Stock, Value, Issued	$ 5,359,206	$ 5,001,774

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Allowance for Loan and Lease Losses, Real Estate	$ 2,005,127	$ 1,453,037
Real Estate Investment Property, Accumulated Depreciation	13,800,973	12,788,739
Allowance for Doubtful Accounts, Premiums and Other Receivables	1,645,475	1,448,026
Accounts Receivable, Allowance for Credit Loss	1,685,382	1,724,156
Aggregate Fair Value, Restricted Assets	3,989,415	2,985,347
Aggregate Fair Value, Cemetary Perpetual Care Trust Investments	$ 2,810,070	$ 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
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	16,595,783	16,107,779
Common Stock, Shares, Outstanding	0	0
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	2,679,603	2,500,887
Common Stock, Shares, Outstanding	0	0
Treasury Class A
Treasury Stock, Shares	227,852	490,823
Treasury Class C
Treasury Stock, Shares	10,985	0

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)	12 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Mortgage fee income	$ 298,933,110	$ 131,976,082
Insurance premiums and other considerations	93,020,617	81,860,610
Net investment income	56,329,803	43,019,473
Net mortuary and cemetery sales	20,307,435	15,296,235
Gains on investments and other assets	1,925,850	728,367
Other than temporary impairments on investments	(370,975)	0
Other	11,317,482	10,180,163
Total revenues	481,463,322	283,060,930
Benefits and expenses:
Death benefits	59,040,130	41,591,057
Surrenders and other policy benefits	3,801,230	3,320,748
Increase in future policy benefits	23,568,650	23,568,497
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	14,307,425	14,634,577
Selling, general and administrative expenses:
Commissions	124,426,297	56,762,891
Personnel	84,989,971	64,221,270
Advertising	5,380,896	4,784,558
Rent and rent related	6,873,561	7,055,456
Depreciation on property and equipment	2,078,738	1,711,369
Provision for loan loss reserve	16,506,030	0
Costs related to funding mortgage loans	9,877,700	6,278,954
Other	47,331,102	34,922,761
Interest expense	8,578,810	7,386,688
Cost of goods and services sold - cemeteries and mortuaries	3,252,655	2,878,169
Total benefits and expenses	410,013,195	269,116,995
Earnings before income taxes	71,450,127	13,943,935
Income tax expense	(15,853,514)	(3,050,416)
Net earnings	$ 55,596,613	$ 10,893,519
Net earnings per Class A Equivalent common share	$ 2.95	$ 0.59
Net earnings per Class A Equivalent common share-assuming dilution	$ 2.88	$ 0.58
Weighted-average Class A equivalent common share outstanding	18,831,991	18,562,056
Weighted-average Class A equivalent common shares outstanding-assuming dilution	19,275,251	18,689,602

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Net earnings	$ 55,596,613	$ 10,893,519
Other comprehensive income:
Unrealized gains on fixed maturity securities available for sale	12,013,692	17,315,770
Unrealized gains on restricted assets	41,225	35,550
Unrealized gains (losses) on cemetery perpetual care trust investments	(6,817)	29,904
Foreign currency translation adjustments	(46)	972
Other comprehensive income, before income tax	12,048,054	17,382,196
Income tax benefit (expense)	(2,531,435)	(3,652,859)
Other comprehensive income, net of income tax	9,516,619	13,729,337
Comprehensive income	$ 65,113,232	$ 24,622,856

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Class A Common Stock	Class C Common Stock	Additional Paid-In Capital	Other Comprehensive Income / Loss	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					10,893,519		10,893,519
Other comprehensive income				13,729,337			13,729,337
Stock based compensation expense			256,996				256,996
Exercise of stock options	65,034	382,886	415,990				863,910
Sale of treasury stock			529,858			165,702	695,560
Purchase of treasury stock						(1,539,888)	1,539,888
Stock dividends	1,534,356	238,174	3,066,490		(4,839,022)		(2)
Conversion Class C to Class A	6,572	(6,572)
Stockholders' Equity Attributable to Parent, Ending 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					55,596,613		55,596,613
Other comprehensive income				9,516,619			9,516,619
Stock based compensation expense			358,878				358,878
Exercise of stock options	137,940	261,640	432,572				832,152
Sale of treasury stock			1,224,877			2,715,071	3,939,948
Purchase of treasury stock						(2,967,761)	2,967,761
Stock dividends	810,420	123,440	2,179,814		(3,113,675)		(1)
Conversion Class C to Class A	27,648	(27,648)
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2020	$ 33,191,566	$ 5,359,206	$ 50,287,253	$ 23,243,133	$ 153,739,167	$ (1,833,272)	$ 263,987,053

- 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 - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net earnings	$ 55,596,613	$ 10,893,519
Adjustments to reconcile net earnings to net cash used in operating activities:
Gains on investments and other assets	(1,925,850)	(728,367)
Other than temporary impairments on investments	370,975	0
Depreciation	5,447,363	5,183,658
Provision for loan losses and doubtful accounts	1,577,370	1,202,688
Net amortization of deferred fees and costs, premiums and discounts	(1,227,773)	(887,605)
Provision for deferred income taxes	2,854,669	(1,857,897)
Policy and pre-need acquisition costs deferred	(18,909,921)	(19,176,531)
Policy and pre-need acquisition costs amortized	13,520,600	13,787,037
Value of business acquired amortized	786,825	847,540
Mortgage servicing rights, additions	(29,896,465)	(4,194,502)
Amortization of mortgage servicing rights	11,841,478	7,055,795
Stock based compensation expense	358,878	256,996
Benefit plans funded with treasury stock	3,939,948	695,560
Net change in fair value of loans held for sale	(10,413,492)	(2,498,097)
Originations of loans held for sale	(5,627,013,749)	(2,606,839,175)
Proceeds from sales of loans held for sale	5,600,045,285	2,580,875,055
Net gains on sales of loans held for sale	(188,893,379)	(80,666,413)
Change in assets and liabilities:
Land and improvements held for sale	758,514	358,477
Future policy benefits and unpaid claims	25,804,740	18,394,928
Other operating assets and liabilities	25,750,164	1,695,259
Net cash used in operating activities	(129,627,207)	(75,602,075)
Cash flows from investing activities:
Purchases of fixed maturity securities	(58,493,147)	(110,601,438)
Sales, calls and maturities of fixed maturity securities	131,269,730	26,624,182
Purchases of equity securities	(6,991,832)	(3,264,028)
Sales of equity securities	3,902,835	2,639,729
Net changes in restricted assets	(1,954,437)	(1,254,991)
Net changes in perpetual care trusts	(2,755,856)	299,897
Mortgage loans held for investment, other investments and policy loans made	(682,170,126)	(572,171,590)
Payments received for mortgage loans held for investment, other investments and policy loans	672,544,708	556,352,676
Purchase of property and equipment	(1,630,734)	(1,839,293)
Sale of property and equipment	194,955	54,496
Purchases of real estate	(40,190,471)	(8,572,556)
Sales of real estate	22,418,816	11,614,927
Cash received for reinsurance assumed	0	158,358,594
Cash paid for purchase of subsidiaries, net of cash acquired	0	(20,141,074)
Net cash provided by investing activities	36,144,441	38,099,531
Cash flows from financing activities:
Investment contract receipts	11,511,118	12,141,627
Investment contract withdrawals	(18,235,107)	(16,911,841)
Proceeds from stock options exercised	832,152	863,910
Purchase of treasury stock	(2,967,761)	(1,539,888)
Repayment of bank loans	(174,865,813)	(236,790,722)
Proceeds from bank loans	164,586,365	196,610,127
Net change in warehouse line borrowings for loans held for sale	90,351,225	69,928,331
Net cash provided by financing activities	71,212,179	24,301,544
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	(22,270,587)	(13,201,000)
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	115,465,086	137,735,673
Cash paid during the year for:
Interest (net of amount capitalized)	8,385,270	7,284,078
Income taxes	11,813,120	4,861,318
Non Cash Investing and Financing Activities:
Transfer of loans held for sale to mortgage loans held for investment	16,960,549	31,881,851
Accrued real estate construction costs and retainage	6,365,534	590,256
Right-of-use assets obtained in exchange for operating lease liabilities	5,631,193	16,544,406
Mortgage loans held for investment foreclosed into real estate held for investment	686,124	1,704,015
Right-of-use assets obtained in exchange for finance lease liabilities	8,494	252,763
Transfer of real estate held for investment to property and equipment	0	3,261,259
Transfer of property and equipment to real estate held for investment	1,516,700	0
Mortgage loans held for investment foreclosed into receivables	$ 0	$ 155,347

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Cash and cash equivalents	$ 106,219,429	$ 127,754,719
Restricted assets	8,842,744	8,674,214
Cemetery perpetual care trust investments	402,913	1,306,740
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$ 115,465,086	$ 137,735,673

1) Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

1) Significant Accounting Policies

General Overview of Business

Security National Financial Corporation and its wholly owned subsidiaries (the “Company”) operate in three reportable business segments: life insurance, cemetery and mortuary, and mortgages. The life insurance segment is engaged in the business of selling and servicing selected lines of life insurance, annuity products and accident and health insurance marketed primarily in the Intermountain West, California and eleven southern states. The cemetery and mortuary segment of the Company consists of eight mortuaries and five cemeteries in Utah and one cemetery in California. The mortgage segment is an approved government and conventional lender that originates and underwrites residential and commercial loans for new construction, existing homes and real estate projects primarily in Florida, Nevada, Texas, and Utah.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP).

Principles of Consolidation

These consolidated financial statements include the financial statements of the Company and its majority owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.

Use of Estimates

Management of the Company has made a number of estimates and assumptions related to the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with GAAP. 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 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.

Investments

The Company’s management determines the appropriate classifications of investments in fixed maturity securities and equity securities at the acquisition date and re-evaluates the classifications at each balance sheet date.

Fixed maturity securities available for sale are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded in accumulated other comprehensive income. On December 31, 2019, the Company changed the classification of its bond and preferred stock investments to available for sale from held to maturity. As a result, securities available for sale are carried at estimated fair value.

Equity securities are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded through net earnings.

Mortgage loans held for investment are carried at their unpaid principal balances adjusted for net deferred fees, net discounts, charge-offs and the related allowance for loan losses. Interest income is included in net investment income on the 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 amortizes the net fees over the term of the loans. Origination fees are included in net investment income on the 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.

Real estate held for investment is carried at cost, less accumulated depreciation provided on a straight-line basis over the estimated useful lives of the properties, or is adjusted to a new basis for impairment in value, if any. Included are foreclosed properties which the Company intends to hold for investment purposes. These properties are recorded at the lower of cost or fair value upon foreclosure. Also, included are residential subdivision land developments which are carried at cost.

Real estate held for sale is carried at lower of cost or fair value. Depreciation is not recognized on real estate classified as held for sale.

Other investments and policy loans are carried at the aggregate unpaid balances, less allowances for losses.

Gains and losses on investments (except for equity securities carried at fair value through net earnings) arise when investments are sold (as determined on a specific identification basis) or are other than temporarily impaired. If in management’s judgment a decline in the value of an investment below cost is other than temporary, the cost of the investment is written down to fair value with a corresponding charge to earnings. Factors considered in judging whether an impairment is other than temporary include: the financial condition, business prospects and credit worthiness of the issuer, the length of time that fair value has been less than cost, the relative amount of the decline, and the Company’s ability and intent to hold the investment until the fair value recovers, which is not assured.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts, which at times exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

Loans Held for Sale

Accounting Standards Codification (“ASC”) No. 825, “Financial Instruments”, allows for the option to report certain financial assets and liabilities at fair value initially and at subsequent measurement dates with changes in fair value included in earnings. The option may be applied instrument by instrument, but it is irrevocable. The Company elected the fair value option for loans held for sale. The Company believes the fair value option most closely aligns the timing of the recognition of gains and costs. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Electing fair value also reduces certain timing differences and better matches changes in the fair value of these assets with changes in the fair value of the related derivatives used for these assets. See Note 3 and Note 17 to Consolidated Financial Statements for additional disclosures regarding loans held for sale.

Mortgage Fee Income

Mortgage fee income consists of origination fees, processing fees, interest income and certain other income related to the origination of mortgage loans held for sale. All revenues and costs are recognized when the mortgage loan is funded and any changes in fair value are shown as a component of mortgage fee income. See Note 3 and Note 17 to Consolidated Financial Statements for additional disclosures regarding loans held for sale.

The Company, through its mortgage subsidiaries, sells mortgage loans to third-party investors without recourse unless defects are identified in the representations and warranties made at loan sale. It may be required, however, to repurchase a loan or pay a fee instead of repurchase under certain events, which include the following:

Failure to deliver original documents specified by the investor,

The existence of misrepresentation or fraud in the origination of the loan,

The loan becomes delinquent due to nonpayment during the first several months after it is sold,

Early pay-off of a loan, as defined by the agreements,

Excessive time to settle a loan,

Investor declines purchase, and

Discontinued product and expired commitment.

Loan purchase commitments generally specify a date 30 to 45 days after delivery upon which the underlying loans should be settled. Depending on market conditions, these commitment settlement dates can be extended at a cost to the Company.

It is the Company's policy to cure any documentation problems regarding such loans at a minimal cost for up to a six-month time period and to pursue efforts to enforce loan purchase commitments from third-party investors concerning the loans. The Company believes that six months allows adequate time to remedy any documentation issues, to enforce purchase commitments, and to exhaust other alternatives. Remedial methods include the following:

Research reasons for rejection,

Provide additional documents,

Request investor exceptions,

Appeal rejection decision to purchase committee, and

Commit to secondary investors.

Once purchase commitments have expired and other alternatives to remedy are exhausted, which could be earlier than the six-month time period, the loans are repurchased and transferred to the long-term investment portfolio at the lower of cost or fair value and previously recorded mortgage fee income that was to be received from a third-party investor is written off against the loan loss reserve.

Determining Lower of Cost or Fair Value

Cost for loans held for sale is equal to the amount paid to the warehouse bank and the amount originally funded by the Company. Fair value is often difficult to determine, but is based on the following:

For loans that are committed, the Company uses the commitment price.

For loans that are non-committed that have an active market, the Company uses the market price.

For loans that are non-committed where there is no market but there is a similar product, the Company uses the market value for the similar product.

For loans that are non-committed where no active market exists, the Company determines that the unpaid principal balance best approximates the market value, after considering the fair value of the underlying real estate collateral, estimated future cash flows, and the loan interest rate.

The appraised value of the real estate underlying the original mortgage loan adds support to the Company’s determination of fair value because if the loan becomes delinquent, the Company has sufficient value to collect the unpaid principal balance or the carrying value of the loan, thus minimizing credit losses.

The majority of loans originated are sold to third-party investors. The amounts expected to be sold to investors are shown on the consolidated balance sheets as loans held for sale.

Loan Loss Reserve

The loan loss reserve is an estimate of probable losses at the balance sheet date that the Company will realize in the future on loans sold. The Company may be required to reimburse third-party investors for costs associated with early payoff of loans within six months of origination of such loans and to repurchase loans where there is a default in any of the first four monthly payments to the investors or, in lieu of repurchase, to pay a negotiated fee to the investors. The Company’s estimates are based upon historical loss experience and the best estimate of the probable loan loss liabilities.

Upon completion of a transfer that satisfies the conditions to be accounted for as a sale, the Company initially measures at fair value liabilities incurred in a sale relating to any guarantee or recourse provisions. The Company accrues a monthly allowance for indemnification losses to investors based on total production. This estimate is based on the Company’s historical experience and is included as a component of mortgage fee income. Subsequent updates to the recorded liability from changes in assumptions are recorded in selling, general and administrative expenses as a component of provision for loan loss reserve. The estimated liability for indemnification losses is included in other liabilities and accrued expenses.

The loan loss reserve analysis involves mortgage loans that have been sold to third-party investors, which were believed to have met investor underwriting guidelines at the time of sale, where the Company has received a demand from the investor. There are generally three types of demands: make whole, repurchase, or indemnification. These types of demands are further described as follows:

Make whole demand – A make whole demand occurs when an investor forecloses on a property and then sells the property. The make whole amount is calculated as the difference between the original unpaid principal balance, payments received, accrued interest and fees, less the sale proceeds.

Repurchase demand – A repurchase demand usually occurs when there is a significant payment default, error in underwriting or detected loan fraud.

Indemnification demand – On certain loans the Company has negotiated a set fee that is to be paid in lieu of repurchase. The fee varies by investor and by loan product type.

The Company believes the allowance for loan losses and the loan loss reserve represent probable loan losses incurred as of the balance sheet date.

Additional information related to the Loan Loss Reserve is included in Note 3.

Restricted Assets

Restricted assets are assets held in a trust account for future mortuary services and merchandise and consist of cash and cash equivalents; participations in mortgage loans held for investment with Security National Life Insurance Company (“Security National Life”); mutual funds carried at estimated fair value; equity securities carried at estimated fair value; and a surplus note with Security National Life (which is eliminated in consolidation). Restricted assets also represents escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company funded its medical benefit safe-harbor limit based on the qualified direct costs, and has included this amount as a component of restricted cash.

Cemetery Perpetual Care Trust Investments

Cemetery endowment care trusts have been set up for four of the six cemeteries owned by the Company. Under endowment care arrangements a portion of the price for each lot sold is withheld and invested in a portfolio of investments similar to those described in the prior paragraph. The earnings stream from the investments is designed to fund future maintenance and upkeep of the cemetery.

Cemetery Land and Improvements

The development of a cemetery involves not only the initial acquisition of raw land but also the installation of roads, water lines, landscaping and other costs to establish a marketable cemetery lot. The costs of developing the cemetery are shown as an asset on the balance sheet. The amount on the balance sheet is reduced by the total cost assigned to the development of a particular lot when the criterion for recognizing a sale of that lot is met.

Deferred Policy Acquisition Costs and Value of Business Acquired

Commissions and other costs, net of commission and expense allowances for reinsurance ceded, that vary with and are primarily related to the production of new insurance business have been deferred. Deferred policy acquisition costs (“DAC”) for traditional life insurance are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves. For interest-sensitive insurance products, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges, investment, mortality and expense margins. This amortization is adjusted when estimates of current or future gross profits to be realized from a group of products are reevaluated. Deferred acquisition costs are written off when policies lapse or are surrendered.

When accounting for DAC, the Company considers internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights or coverage that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to contract, or by the election of a feature or coverage within a contract. Modifications that result in a replacement contract that is substantially changed from the replaced contract are accounted for as an extinguishment of the replaced contract. Unamortized DAC, unearned revenue liabilities and deferred sales inducements from the replaced contract are written-off. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract.

Value of business acquired is the present value of estimated future profits of the acquired business and is amortized similar to deferred policy acquisition costs.

Mortgage Servicing Rights

Mortgage Servicing Rights (“MSR”) arise from contractual agreements between the Company and third-party investors (or their agents) when mortgage loans are sold. Under these contracts, the Company is obligated to retain and provide loan servicing functions on loans sold, in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition of real estate owned and property dispositions.

The total residential mortgage loans serviced for others consist primarily of agency conforming fixed-rate mortgage loans. The value of MSRs is derived from the net cash flows associated with the servicing contracts. The Company receives a servicing fee of generally about 0.250% annually on the remaining outstanding principal balances of the loans. Based on the result of the cash flow analysis, an asset or liability is recorded for mortgage servicing rights. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges, and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments. Contractual servicing fees and late fees are included in other revenues on the consolidated statements of earnings.

The Company’s subsequent accounting for MSRs is based on the class of MSRs. The Company has identified two classes of MSRs: MSRs backed by mortgage loans with initial term of 30 years and MSRs backed by mortgage loans with initial term of 15 years. The Company distinguishes between these classes of MSRs due to their differing sensitivities to change in value as the result of changes in market. 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.

Interest rate risk, prepayment risk, and default risk are inherent risks in MSR valuation. Interest rate changes largely drive prepayment rates. Refinance activity generally increases as rates decline. A significant decrease in rates beyond expectation could cause a decline in the value of the MSR. On the contrary, if rates increase borrowers are less likely to refinance or prepay their mortgage, which extends the duration of the loan and MSR values are likely to rise. Because of these risks, discount rates and prepayment speeds are used to estimate the fair value.

The Company periodically assesses MSRs for 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.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method over the estimated useful lives of the assets which range from three to forty years. Leasehold improvements paid for by the Company as a lessee are amortized over the lesser of the useful life or remaining lease terms.

Long-lived Assets

Long-lived assets to be held and used, including property and equipment and real estate held for investment, are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset, and long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. No impairment of long-lived assets has been recognized in the accompanying financial statements except for certain impairments of real estate held for investment as disclosed in Note 2.

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 consolidated balance sheets.

Call and Put Option Derivatives

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 consolidated balance sheets.

Allowance for Doubtful Accounts and Loan Losses and Impaired Loans

The Company records an allowance and recognizes an expense for potential losses from mortgage loans held for investment, other investments and receivables in accordance with GAAP.

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.

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. See the schedules in Note 2 for additional information. 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. The Company will rent the properties until it is deemed desirable to sell them.

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 and second mortgages on the unit. The borrower’s ability to repay is sensitive to the life events and general economic condition of the region. Where loan to values exceed 80%, the loan is generally guaranteed by private mortgage insurance, FHA or VA.

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.

Future Policy Benefits and Unpaid Claims

Future policy benefit reserves for traditional life insurance are computed using a net level method, including assumptions as to investment yields, mortality, morbidity, withdrawals, and other assumptions based on the life insurance subsidiaries’ experience, modified as necessary to give effect to anticipated trends and to include provisions for possible unfavorable deviations. Such liabilities are, for some plans, graded to equal statutory values or cash values at or prior to maturity, which are deemed a reasonable equivalent for GAAP. The range of assumed interest rates for all traditional life insurance policy reserves was 4% to 10%. Benefit reserves for traditional limited-payment life insurance policies include the deferred portion of the premiums received during the premium-paying period. Deferred premiums are recognized as income over the life of the policies. Policy benefit claims are charged to expense in the period the claims are incurred. Increases in future policy benefits are charged to expense.

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 3% to 6.5%.

The Company records an unpaid claims liability for claims in the course of settlement equal to the death benefit amount less any reinsurance recoverable amount for claims reported. There is also an unpaid claims liability for claims incurred but not reported. This liability is based on the historical experience of the net amount of claims that were reported in reporting periods subsequent to the reporting period when claims were incurred.

Participating Insurance

Participating business constituted 2% of insurance in force for the years ended 2020 and 2019. The provision for policyholders’ dividends included in policyholder obligations is based on dividend scales anticipated by management. Amounts to be paid are determined by the Board of Directors.

Recognition of Insurance Premiums and Other Considerations

Premiums and other consideration for traditional life insurance products (which include those products with fixed and guaranteed premiums and benefits and consist principally of whole life insurance policies, limited payment life insurance policies, and certain annuities with life contingencies) are recognized as revenues when due from policyholders. Premiums and other consideration for interest-sensitive insurance policies (which include universal life policies, interest-sensitive life policies, deferred annuities, and annuities without life contingencies) are recognized when earned and consist of amounts assessed against policyholder account balances during the period for policy administration charges and surrender charges.

Reinsurance

The Company follows the procedure of reinsuring risks in excess of $100,000 to provide for greater diversification of business to allow management to control exposure to potential losses arising from large risks, and provide additional capacity for growth. The Company remains liable for amounts ceded in the event the reinsurers are unable to meet their obligations.

The Company entered into coinsurance agreements with unaffiliated insurance companies under which the Company assumed 100% of the risk for certain life insurance policies and certain other policy-related liabilities of the insurance company.

Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Expense allowances received in connection with reinsurance ceded are accounted for as a reduction of the related policy acquisition costs and are deferred and amortized accordingly.

Pre-need Sales and Costs

Pre-need contract sales of funeral services and caskets - revenue and costs associated with the sales of pre-need funeral services and caskets are deferred until the performance obligations are fulfilled (services are performed or the caskets are delivered).

Sales of cemetery interment rights (cemetery burial property) - revenue and costs associated with the sale of cemetery interment rights are recognized in accordance with the retail land sales provisions based on GAAP. Under GAAP, recognition of revenue and associated costs from constructed cemetery property must be deferred until 10% of the sales price has been collected.

Pre-need contract sales of cemetery merchandise (primarily markers and vaults) - revenue and costs associated with the sale of pre-need cemetery merchandise is deferred until the merchandise is delivered.

Pre-need contract sales of cemetery services (primarily merchandise delivery, installation fees and burial opening and closing fees) - revenue and costs associated with the sales of pre-need cemetery services are deferred until the services are performed.

Prearranged funeral and pre-need cemetery customer acquisition costs - costs incurred related to obtaining new pre-need contract cemetery and prearranged funeral services are accounted for under the guidance of the provisions based on GAAP. Obtaining costs, which include only costs that vary with and are primarily related to the acquisition of new pre-need cemetery and prearranged funeral services, are deferred until the merchandise is delivered or services are performed.

Revenues and costs for at-need sales are recorded when a valid contract exists, the services are performed, collection is reasonably assured and there are no significant obligations remaining.

The Company, through its cemetery and mortuary operations, provides guaranteed funeral arrangements wherein a prospective customer can receive future goods and services at guaranteed prices. To accomplish this, the Company, through its life insurance operations, sells to the customer an increasing benefit life insurance policy that is assigned to the mortuaries. If, at the time of need, the policyholder/potential mortuary customer utilizes one of the Company’s facilities, the guaranteed funeral arrangement contract that has been assigned will provide the funeral goods and services at the contracted price. The increasing life insurance policy will cover the difference between the original contract prices and current prices. Risks may arise if the difference cannot be fully met by the life insurance policy. However, management believes that given current inflation rates and related price increases of goods and services, the risk of exposure is minimal.

Goodwill

Previous acquisitions have been accounted for as purchases under which assets acquired and liabilities assumed were recorded at their fair values with the excess purchase price recognized as goodwill. The Company evaluates annually or when changes in circumstances warrant the recoverability of goodwill and if there is a decrease in value, the related impairment is recognized as a charge against income. No impairment of goodwill has been recognized in the accompanying financial statements.

Other Intangibles (trade name and customer lists)

Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. The Company engaged a valuation firm to analyze the value of the Kilpatrick Life name in conjunction with its acquisition. The value of the trade name is included in Other Assets and was determined using the income approach, relying on a relief from the royalty method.

Income Taxes

Income taxes include taxes currently payable plus deferred taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences in the financial reporting basis and tax basis of assets and liabilities and operating loss carry-forwards. Deferred tax assets are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled.

Liabilities are established for uncertain tax positions expected to be taken in income tax returns when such positions are judged to meet the “more-likely-than-not” threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax penalties are included as a component of other expenses.

Earnings Per Common Share

The Company computes earnings per share which requires presentation of basic and diluted earnings per share. Basic earnings per equivalent Class A common share are computed by dividing net earnings by the weighted-average number of Class A common shares outstanding during each year presented, after the effect of the assumed conversion of Class C common stock to Class A common stock. Diluted earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding during the year used to compute basic earnings per share plus dilutive potential incremental shares. Basic and diluted earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends.

Stock Based Compensation

The cost of employee services received in exchange for an award of equity instruments is recognized in the financial statements and is measured based on the fair value on the grant date of the award. The fair value of stock options is calculated using the Black Scholes Option Pricing Model. Stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award and is included in personnel expenses on the consolidated statements of earnings.

Concentration of Credit Risk

For a description of the geographic concentration risk regarding mortgage loans held for investment and real estate held for investment, refer to Note 2 of the Notes to Consolidated Financial Statements.

Advertising

The Company expenses advertising costs as incurred.

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 method 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 October 2019, the FASB proposed an update to ASU No. 2016-13 that would make 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.

2) Investments

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

2) Investments

The Company’s investments as of December 31, 2020 are summarized as follows:

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2020:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 42,381,805	$ 1,358,562	$ -	$ 43,740,367

Obligations of states and political subdivisions	5,383,762	312,214	(1,261)	5,694,715

Corporate securities including public utilities	186,067,912	27,216,496	(681,478)	212,602,930

Mortgage-backed securities	31,047,791	1,565,377	(267,106)	32,346,062

Redeemable preferred stock	269,214	3,391	-	272,605

Total fixed maturity securities available for sale	$ 265,150,484	$ 30,456,040	$ (949,845)	$ 294,656,679

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 9,698,490	$ 2,376,156	$ (750,407)	$ 11,324,239

Total equity securities at estimated fair value	$ 9,698,490	$ 2,376,156	$ (750,407)	$ 11,324,239

Mortgage loans held for investment at amortized cost:
Residential	$ 95,822,448
Residential construction	111,111,777
Commercial	46,836,866
Less: Unamortized deferred loan fees, net	(1,161,132)
Less: Allowance for loan losses	(2,005,127)
Less: Net discounts	(1,260,896)

Total mortgage loans held for investment	$ 249,343,936

Real estate held for investment - net of accumulated depreciation:
Residential	$ 24,843,743
Commercial	106,840,710

Total real estate held for investment	$ 131,684,453

Real estate held for sale:
Residential	$ 3,478,254
Commercial	4,400,553

Total real estate held for sale	$ 7,878,807

Other investments and policy loans at amortized cost:
Policy loans	$ 14,171,589
Insurance assignments	53,231,131
Federal Home Loan Bank stock (1)	2,506,600
Other investments	5,432,816
Less: Allowance for doubtful accounts	(1,645,475)

Total policy loans and other investments	$ 73,696,661

Accrued investment income	$ 5,360,523

Total investments	$ 773,945,298

(1) Includes $866,900 of Membership stock and $1,639,700 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

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. Such investments are carried at fair value with any unrealized gains and losses reported as a component of other accumulated comprehensive income or loss. At the date of the transfer, the carrying value of the Company’s held to maturity securities was $338,629,810, and net unrealized gains of $17,315,770 were recognized in accumulated other comprehensive income.

The following tables summarize unrealized losses on fixed maturities securities that were carried at estimated fair value at December 31, 2020 and at 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 fixed maturity securities:

	Unrealized Losses for Less than Twelve Months	Fair Value	Unrealized Losses for More than Twelve Months	Fair Value	Total Unrealized Loss	Fair Value
At December 31, 2020
Obligations of States and Political Subdivisions	$ 1,261	$ 206,812	$ -	$ -	$ 1,261	$ 206,812
Corporate Securities	242,596	9,919,298	438,882	2,593,026	681,478	12,512,324
Mortgage and other asset-backed securities	266,522	3,455,574	584	51,961	267,106	3,507,535
Total unrealized losses	$ 510,379	$13,581,684	$ 439,466	2,644,987	$ 949,845	$16,226,671

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 were 63 securities with fair value of 94.7% of amortized cost at December 31, 2020. There were 93 securities with fair value of 98.9% of amortized cost at December 31, 2019. Credit losses of $370,975 and $-0- have been recognized for the years ended December 31, 2020 and 2019, respectively.

On a quarterly basis, the Company evaluates its fixed maturity securities classified as 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.

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 following table presents a rollforward of the Company's cumulative other than temporary credit impairments (“OTTI”) recognized in earnings on fixed maturity securities available for sale for the years ended December 31:

	2020	2019
Balance of credit-related OTTI at January 1	$ -	$ -

Additions for credit impairments recognized on:
Securities not previously impaired	370,975	-
Securities previously impaired	-	-

Reductions for credit impairments previously recognized on:
Securities that matured or were sold during the period (realized)	-	-
Securities due to an increase in expected cash flows	-	-

Balance of credit-related OTTI at December 31	$ 370,975	$ -

The amortized cost and estimated fair value of fixed maturity securities available for sale at December 31, 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	Estimated Fair
	Cost	Value
Due in 1 year	$ 28,634,042	$ 28,831,983
Due in 2-5 years	66,183,907	70,910,775
Due in 5-10 years	70,162,166	78,592,046
Due in more than 10 years	68,853,364	83,703,208
Mortgage-backed securities	31,047,791	32,346,062
Redeemable preferred stock	269,214	272,605
Total	$ 265,150,484	$ 294,656,679

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). The Company pledged a total of $40,000,000, par value, of United States Treasury fixed maturity securities with the FHLB at December 31, 2020. These securities are used as collateral on any cash borrowings from the FHLB. As of December 31, 2020, the Company did not have any outstanding amounts owed to the FHLB and its estimated maximum borrowing capacity was $39,102,336.

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 from investments and other assets for the years ended December 31 are summarized as follows:

	2020	2019
Fixed maturity securities available for sale:
Gross realized gains	$ 445,749	$ 459,286
Gross realized losses	(77,546)	(162,649)
Other than temporary impairments	(370,975)	-

Equity securities:
Gains on securities sold	74,836	256,520
Unrealized gains on securities held at the end of the period	1,125,304	1,086,116

Other assets:
Gross realized gains	2,342,418	2,844,673
Gross realized losses	(1,984,911)	(3,755,579)
Total	$ 1,554,875	$ 728,367

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 securities available for sale securities for the year ended December 31, 2020, were $5,477,438, and resulted in gross realized gains and gross realized losses of $358,236 and $21,137, respectively. The carrying amount of held to maturity securities sold for the year ended December 31, 2019 was $4,950,041 and the net realized gain related to these sales was $43,039.

Major categories of net investment income for the years ended December 31, were as follows:

	2020	2019
Fixed maturity securities available for sale	$ 12,233,394	$ 10,372,559
Equity securities	642,433	309,918
Mortgage loans held for investment	25,672,746	18,405,010
Real estate held for investment and sale	11,945,401	8,782,959
Policy loans	1,025,179	554,969
Insurance assignments	17,837,578	16,086,059
Other investments	126,013	184,439
Cash and cash equivalents	426,623	1,824,443
Gross investment income	69,909,367	56,520,356
Investment expenses	(13,579,564)	(13,500,883)
Net investment income	$ 56,329,803	$ 43,019,473

Net investment income includes income earned by the restricted assets of the cemeteries and mortuaries of $676,313 and $448,754 for the years ended December 31, 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 for regulatory authorities as required by law amounted to $9,684,409 and $9,633,818 at December 31, 2020 and 2019, respectively. The restricted securities are included in various assets under investments on the accompanying consolidated balance sheets.

There were no investments, aggregated by issuer, in excess of 10% of shareholders’ equity (before net unrealized gains and losses) at December 31, 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 segments in the form of acquisition, development and mortgage foreclosures. The Company reports real estate held for investment and held for sale pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.

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 assets that provide operational efficiencies.

The Company currently owns and operates 11 commercial properties in 5 states. These properties include office buildings, 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 does use debt in strategic cases to leverage established yields or to acquire a higher quality or different class of asset. See Note 20 regarding commercial real estate held for investment in Louisiana acquired with the acquisition of Kilpatrick Life Insurance Company.

The aggregated net ending balance of commercial real estate that serves as collateral for bank loans was $71,517,902 and $87,814,860 as of December 31, 2020 and 2019, respectively. The associated bank loan carrying values totaled $46,153,283 and $54,917,279 as of December 31, 2020 and 2019, respectively.

During the years ended December 31, 2020 and 2019, the Company recorded impairment losses on commercial real estate held for sale of $897,980 and $2,768,979, respectively. Impairment losses of $846,980 and of $2,768,979 for the years ended December 31, 2020 and 2019, respectively, relate to an office building located in Kansas held by the life insurance segment. An impairment loss of $51,000 for the year ended December 31, 2020 relates to the improved commercial pad located in Texas held by the life insurance segment. Impairment loss are included in gains (losses) on investments and other assets on the consolidated statements of earnings.

The Company’s commercial real estate held for investment for the years ended December 31, is summarized as follows:

	Net Ending Balance		Total Square Footage
	2020	2019	2020	2019
Louisiana	$ 2,998,684	$ 6,009,079	84,841	125,114
Mississippi	2,914,498	2,951,478	21,521	21,521
Utah (1)	100,927,528	81,266,083	379,066	465,230

	$ 106,840,710	$ 90,226,640	485,428	611,865

(1) Includes Center53 phase 1 and phase 2 which is under construction.

The Company’s commercial real estate held for sale for the years ended December 31, is summarized as follows:

	Net Ending Balance		Total Square Footage
	2020	2019	2020	2019
Arizona (1)	$ -	$ 2,500	-	-
Kansas	4,000,000	4,800,000	222,679	222,679
Mississippi	151,553	318,322	12,300	12,300
Nevada	-	655,499	-	4,800
Texas (2)	249,000	300,000	-	-

	$ 4,400,553	$ 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 small portfolio of residential homes primarily as a result of loan foreclosures. The Company has the option to sell them or to continue to hold them for cash flow and acceptable returns. The Company also invests in residential subdivision land 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 December 31, 2020, SNRE manages 11 residential properties in 5 states across the United States.

During the years ended December 31, 2020 and 2019, the Company recorded impairment losses on residential real estate held for sale of $43,394 and $700,134, respectively. These impairment losses are included in gains (losses) on investments and other assets on the consolidated statements of earnings.

The net ending balance of foreclosed residential real estate included in residential real estate held for investment or sale is $4,327,079 and $12,433,986 as of December 31, 2020 and 2019, respectively.

The Company’s residential real estate held for investment for the years ended December 31, is summarized as follows:

	Net Ending Balance
	2020	2019
Florida	-	2,487,723
Nevada	-	293,516
Utah (1)	24,557,562	9,462,886
Washington (2)	286,181	286,181
	$ 24,843,743	$ 12,530,306

(1) Including subdivision land developments
(2) Improved residential lots

Additional information regarding the Company’s subdivision land developments in Utah for the years ended December 31, is summarized as follows:

	2020	2019
Lots available for sale	36	48
Lots to be developed	350	174
Ending Balance (1)	$ 23,777,478	$ 7,889,576

(1) The estimated remaining cost to complete the undeveloped lots is $17,354,000 and $1,900,000 as of December 31, 2020 and 2019, respectively.

The Company’s residential real estate held for sale for the years ended December 31, is summarized as follows:

	Net Ending Balance
	2020	2019
California	-	640,452
Florida	744,322	1,300,641
Nevada	979,640	-
Ohio	10,000	10,000
Utah	1,744,292	5,880,213
Washington	-	190,000
	$ 3,478,254	$ 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 commercial real estate owned by the Company. As of December 31, 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 consolidated balance sheets

(2) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company

Mortgage Loans Held for Investment

The Company reports mortgage loans held for investment pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.

Mortgage loans 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 December 31, 2020, the Company had 57%, 13%, 9%, 4%, 3% 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.

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

Allowance for Credit Losses and Recorded Investment in Mortgage Loans Held for Investment
Years Ended December 31

	Commercial	Residential	Residential Construction	Total
2020
Allowance for credit losses:
Beginning balance	$ 187,129	$ 1,222,706	$ 43,202	$ 1,453,037
Charge-offs	-	-	-	-
Provision	-	552,090	-	552,090
Ending balance	$ 187,129	$ 1,774,796	$ 43,202	$ 2,005,127

Ending balance: individually evaluated for impairment	$ -	$ 219,905	$ -	$ 219,905

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,554,891	$ 43,202	$ 1,785,222

Mortgage loans:
Ending balance	$ 46,836,866	$ 111,111,777	$ 95,822,448	$ 253,771,091

Ending balance: individually evaluated for impairment	$ 2,148,827	$ 7,932,680	$ 200,963	$ 10,282,470

Ending balance: collectively evaluated for impairment	$ 44,688,039	$ 103,179,097	$ 95,621,485	$ 243,488,621

2019
Allowance for credit losses:
Beginning balance	$ 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	$ 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

Age Analysis of Past Due Mortgage Loans Held for Investment
Years Ended December 31

	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
2020
Commercial	$ 233,200	$ 812,780	$ 2,148,827	$ -	$ 3,194,807	$ 43,642,059	$ 46,836,866	$ (187,129)	$ (32,557)	$ (880,721)	$ 45,736,459
Residential	5,866,505	2,048,148	5,669,583	2,263,097	15,847,333	79,975,115	95,822,448	(1,774,796)	(909,864)	(380,175)	92,757,613
Residential Construction	127,191	-	-	200,963	328,154	110,783,623	111,111,777	(43,202)	(218,711)	-	110,849,864

Total	$ 6,226,896	$ 2,860,928	$ 7,818,410	$ 2,464,060	$ 19,370,294	$ 234,400,797	$ 253,771,091	$ (2,005,127)	$ (1,161,132)	$ (1,260,896)	$ 249,343,936

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) There was not any interest income recognized on loans past due greater than 90 days or in foreclosure.

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

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 other than temporary. 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:

Impaired Loans
Years Ended December 31
	Recorded Investment	Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized
2020
With no related allowance recorded:
Commercial	$ 2,148,827	$ 2,148,827	$ -	$ 1,866,819	$ -
Residential	6,415,419	6,415,419	-	5,010,078	-
Residential construction	200,963	200,963	-	555,278	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,517,261	1,517,261	219,905	1,182,368	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ 2,148,827	$ 2,148,827	$ -	$ 1,866,819	$ -
Residential	7,932,680	7,932,680	219,905	6,192,446	-
Residential construction	200,963	200,963	-	555,278	-

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:

Mortgage Loans Held for Investment Credit Exposure
Credit Risk Profile Based on Payment Activity
Years Ended December 31

	Commercial		Residential		Residential Construction		Total
	2020	2019	2020	2019	2020	2019	2020	2019

Performing	$ 44,688,039	$ 34,229,501	$ 87,889,768	$109,291,758	$ 110,910,814	$ 88,775,237	$ 243,488,621	$ 232,296,496
Non-performing	2,148,827	4,488,719	7,932,680	3,752,207	200,963	655,000	10,282,470	8,895,926

Total	$ 46,836,866	$ 38,718,220	$ 95,822,448	$113,043,965	$ 111,111,777	$ 89,430,237	$ 253,771,091	$ 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 income that had been accrued. Payments received for loans on a non-accrual status are recognized on a cash basis. Interest income recognized from any payments received for loans on a non-accrual status was immaterial. Accrual of interest resumes if a loan is brought current. Interest not accrued on these loans totals approximately $491,000 and $203,000 as of December 31, 2020 and 2019, respectively.

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

	Mortgage Loans on Non-accrual Status
	Years Ended December 31
	2020	2019
Commercial	$ 2,148,827	$ 4,488,719
Residential	7,932,680	3,752,207
Residential construction	200,963	655,000
Total	$ 10,282,470	$ 8,895,926

Principal Amounts Due

The amortized cost and contractual payments on mortgage loans held for investment by category as of December 31, 2020 are shown below. Expected principal payments may differ from contractual obligations because certain borrowers may elect to pay off mortgage obligations with or without early payment penalties.

		Principal	Principal	Principal
		Amounts	Amounts	Amounts
		Due in	Due in	Due
	Total	1 Year	2-5 Years	Thereafter
Residential	$ 95,822,448	$ 11,202,899	$ 17,774,238	$ 66,845,311
Residential Construction	111,111,777	$ 103,391,044	$ 7,720,733	-
Commercial	46,836,866	27,111,325	11,101,138	8,624,403
Total	$ 253,771,091	$ 141,705,268	$ 36,596,109	$ 75,469,714

3) Loans Held For Sale

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

3) Loans Held For Sale

3) Loans Held for Sale

The Company has elected the fair value option for loans held for sale as disclosed in Note 1. 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 consolidated statement of earnings. There are three loans with an aggregate unpaid principal balance of $208,636 that are 90 or more days past due and on a nonaccrual status as of December 31, 2020. See Note 17 of the Notes to 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 December 31 2020	As of December 31 2019

Aggregate fair value	$ 422,772,418	$ 213,457,632
Unpaid principal balance	406,407,323	206,417,122
Unrealized gain	16,365,095	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 for the years ended December 31, were as follows:

	2020	2019
Loan fees	$ 43,432,532	$ 28,660,966
Interest income	10,628,581	6,978,930
Secondary gains	231,759,342	93,581,956
Change in fair value of loan commitments	7,637,377	899,417
Change in fair value of loans held for sale	10,413,492	2,498,097
Provision for loan loss reserve	(4,938,214)	(643,284)
Mortgage fee income	$ 298,933,110	$ 131,976,082

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 which is included in other liabilities and accrued expenses:

	December 31
	2020	2019
Balance, beginning of period	$ 4,046,288	$ 3,604,869
Provision for current loan originations (1)	4,938,214	643,284
Additional provision for loan loss reserve	16,506,030	-
Charge-offs, net of recaptured amounts	(4,906,914)	(201,865)
Balance, at December 31	$ 20,583,618	$ 4,046,288

(1) Included in Mortgage fee income

The Company maintains reserves for estimated losses on current production volumes. For the year ended December 31, 2020, $4,938,214 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 year ended December 31, 2019, when $643,284 in 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 Company also increased its loan loss reserve for the year ended December 31, 2020 by an additional $16,506,030 to account for changes in estimates specific to settlements of loan losses. See Note 10 for additional information regarding mortgage loan loss settlements. 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. The Company will continue to monitor data and economic conditions in order to maintain adequate loss reserves on current production. Thus, the Company believes that the final loan loss reserve as of December 31, 2020, represents its best estimate for adequate loss reserves on loans sold.

4) Receivables

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

4) Receivables

Receivables consist of the following:

	December 31
	2020	2019
Trade contracts	$ 4,119,988	$ 2,795,471
Receivables from sales agents	2,677,774	2,962,571
Other	5,786,827	5,202,444
Total receivables	12,584,589	10,960,486
Allowance for doubtful accounts	(1,685,382)	(1,724,156)
Net receivables	$ 10,899,207	$ 9,236,330

5) Value of Business Acquired, Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

5) Value of Business Acquired, Intangible Assets and Goodwill

Information with regard to value of business acquired was as follows:

	December 31
	2020	2019
Balance at beginning of year	$ 9,876,647	$ 5,765,190
Value of business acquired	-	4,962,831	(1)
Imputed interest at 7% included in earnings	670,565	472,916
Amortization included in earnings	(1,457,390)	(1,320,456)
Shadow amortization included in other comprehensive income	(134,573)	(3,834)
Net amortization	(921,398)	(851,374)
Balance at end of year	$ 8,955,249	$ 9,876,647

(1) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company

Presuming no additional acquisitions, net amortization charged to income is expected to approximate $1,019,000, $918,000, $854,000, $784,000, and $707,000 for the years 2021 through 2026 . Actual amortization may vary based on changes in assumptions or experience. As of December 31, 2020, value of business acquired is being amortized over a weighted average life of 6.9 years.

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

		December 31
	Useful Life	2020	2019
Intangible asset - customer lists	15 years	$ 890,000	$ 890,000
Intangible asset - trade name (1)	15 years	$ 610,000	$ 610,000
Less accumulated amortization		(197,334)	(98,222)
Balance at end of year		$ 1,302,666	$ 1,401,778

(1) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company

Information regarding goodwill by segment was as follows:

	Life Insurance	Cemetery/Mortuary		Total
Balance at January 1, 2019:
Goodwill	$ 2,765,570	$ -		$ 2,765,570
Accumulated impairment	-	-		-
Total goodwill, net	2,765,570	-		2,765,570

Acquisition	-	754,018	(1)	754,018

Balance at December 31, 2019:
Goodwill	2,765,570	754,018		3,519,588
Accumulated impairment	-	-		-
Total goodwill, net	2,765,570	754,018		3,519,588

Acquisition	-	-		-

Balance at December 31, 2020:
Goodwill	2,765,570	754,018		3,519,588
Accumulated impairment	-	-		-
Total goodwill, net	$ 2,765,570	$ 754,018		$ 3,519,588

(1) See Note 20 regarding the acquisition of Probst Family Funerals and Cremations and Heber Valley Funeral Home

Goodwill of $3,519,588 is not amortized but is tested annually for impairment. The annual impairment tests resulted in no impairment of goodwill for the years ended December 31, 2020 and 2019.

6) Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

6) Property and Equipment

The cost of property and equipment is summarized below:

	December 31
	2020	2019
Land and buildings	$ 11,972,802	$ 15,131,301
Furniture and equipment	19,679,682	18,987,984
	31,652,484	34,119,285
Less accumulated depreciation	(19,179,139)	(19,518,891)
Total	$ 12,473,345	$ 14,600,394

Depreciation expense for the years ended December 31, 2020 and 2019 was $2,078,738 and $1,711,369, respectively. During 2020, the Company demolished a building with a gross building cost of $1,723,000 with its associated accumulated depreciation (net book value of $-0-) and transferred land with a cost of $1,516,700 to real estate held for investment to make way for phase 2 of the redevelopment and expansion of Center53. During 2019, the Company transferred $3,261,259 from real estate held for investment to property and equipment. The transfers are shown as a non cash items on the consolidated statements of cash flows. See Note 20 for additional information regarding property and equipment acquired through acquisitions.

7) Bank and Other Loans Payable

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

7) Bank and Other Loans Payable

Bank and other loans payable are summarized as follows:

	December 31
	2020	2019
2.25% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate note payable in monthly principal payments of $13,167 plus interest, collateralized by real property, paid in full November 2020.	$ -	$ 2,659,769

4.27% fixed note payable in monthly installments of $53,881 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2021.	633,890	1,238,619

Prime rate note payable in monthly installments of $75,108 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2024.	3,257,113	4,000,000

4.40% fixed note payable in monthly installments of $46,825 including principal and interest, collateralized by real property, paid in full April 2020.	-	7,247,651

4.329% fixed note payable in monthly installments of $9,775 including principal and interest, collateralized by real property with a book value of approximately $3,174,000, due September 2025.	1,861,920	1,896,450

2.5% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate construction loan payable in monthly principal payments of $113,000 plus interest, collateralized by real property with a book value of approximately $50,689,000, due March 2021.	35,091,364	33,811,559

4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $17,655,000, due June 2028.	9,200,000	9,200,000

1 month LIBOR rate plus 2.1% loan purchase agreement with a warehouse line availability of $150,000,000, matures June 2021.	116,598,834	88,509,536

1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of $175,000,000, matures November 2021.	68,766,572	67,537,600

1 month LIBOR rate plus 2.5% loan purchase agreement with a warehouse line availability of $90,000,000, matures May 2021.	60,715,374	-

1 month LIBOR rate plus 2.5% loan purchase agreement with a warehouse line availability of $5,000,000, matures August 2021.	317,582	-

Other short-term borrowings (1)	1,250,000	1,250,000

Finance lease liabilities	104,951	153,439

Other loans payable	26,768	67,989
Total bank and other loans	297,824,368	217,572,612

Less current installments	284,250,996	192,985,602
Bank and other loans, excluding current installments	$ 13,573,372	$ 24,587,010

(1) Revolving Line of Credit

Sources of Liquidity

Federal Home Loan Bank Membership

The Federal Home Loan Banks (“the FHLBs”) are a group of cooperatives that lending institutions use to finance housing and economic development in local communities. The Company is a member of the FHLB based in Des Moines, Iowa and based in Dallas, Texas. As a member of the FHLB, the Company is required to maintain a minimum investment in capital stock of the FHLB and may pledge collateral to the bank for advances of funds to be used in its operations.

Federal Home Loan Bank of Des Moines

At December 31, 2020, the amount available for borrowings from the FHLB of Des Moines was approximately $39,102,336, compared with $57,727,738 at December 31, 2019. United States Treasury fixed maturity securities with an estimated fair value of $40,729,400 at December 31, 2020 have been pledged at the FHLB of Des Moines as collateral for current and potential borrowings compared with $59,877,900 at December 31, 2019. At December 31, 2020 and 2019, the Company had no outstanding FHLB borrowings. At December 31, 2020, the Company’s total investment in FHLB stock was $786,300 compared with $806,500 at December 31, 2019. The Company’s decreased investment in FHLB stock was a result of its decrease in short-term FHLB borrowings during 2020.

Federal Home Loan Bank of Dallas

The membership of the FHLB of Dallas was acquired with the acquisition of Kilpatrick Life Insurance Company. See Note 20 regarding this acquisition. At December 31, 2020, the Company’s total investment in FHLB stock was $1,720,300 compared with $87,800 at December 31, 2019. The Company does not have any collateral pledged at the FHLB of Dallas or any outstanding borrowings.

Revolving Lines of Credit

The Company has a $2,000,000 revolving line-of-credit with a bank with interest payable at the prime rate minus .75%, secured by the capital stock of Security National Life and maturing September 30, 2021, renewable annually. At December 31, 2020, the Company was contingently liable under a standby letter of credit aggregating $348,183, to be used as collateral to cover any contingency related to additional risk assessments pertaining to the Company's captive insurance program and was contingently liable under standby letters of credit aggregating $1,585,063, to be used as collateral for residential subdivision land developments. The standby letters of credit will draw on the line of credit if necessary. The Company does not expect any material losses to result from the issuance of the standby letters of credit. As of December 31, 2020, there were no amounts outstanding under the revolving line-of-credit.

The Company also has a $2,500,000 revolving line-of-credit with a bank with interest payable at the overnight LIBOR rate plus 2.25% maturing September 30, 2021. As of December 31, 2020, there was $1,250,000 outstanding under the revolving line-of-credit.

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, and the liquidity overhead coverage ratio, and a quarterly gross profit of at least $1.00.

The Company, through its subsidiary SecurityNational Mortgage, has 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, has 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, has 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 December 31, 2020, the Company believes that it was in compliance with all debt covenants.

The following tabulation shows the combined maturities of bank and other loans payable:

2021	$ 284,242,327
2022	884,383
2023	926,186
2024	937,315
2025	1,634,157
Thereafter	9,200,000
Total	$ 297,824,368

Interest expense in 2020 and 2019 was $8,578,810 and $7,386,688, respectively. Interest paid in 2020 and 2019 was $8,385,270 and $7,284,078, respectively.

8) Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

8) Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets

State law requires the Company to pay into endowment care trusts a portion of the proceeds from the sale of certain cemetery property interment rights for cemeteries that have established an endowment care trust. These endowment care trusts are defined as variable interest entities pursuant to GAAP. Also, management has determined that the Company is the primary beneficiary of these trusts, as it absorbs both a majority of the losses and returns associated with the trusts. The Company has consolidated cemetery endowment care trust investments with a corresponding amount recorded as Cemetery Perpetual Care Obligation in the accompanying consolidated balance sheets.

The components of the cemetery perpetual care investments and obligation are as follows:

	December 31
	2020	2019
Cash and cash equivalents	$ 402,913	$ 1,306,740
Fixed maturity securities, available for sale, at estimated fair value	747,767	975,673
Equity securities, at estimated fair value	2,062,303	1,605,451
Commerical mortgage loans held for investment	-	524,000
Participating interests in residential construction mortgage loans held for investment with Security National Life	1,468,600	-
Real estate held for investment	1,731,584	-
Note receivables from Cottonwood Mortuary, Singing Hills
Cemetery and Memorial Estates eliminated in consolidation	-	1,541,120
Total cemetery perpetual care trust investments	6,413,167	5,952,984
Cemetery perpetual care obligation	(4,087,704)	(3,933,719)
Trust investments in excess of trust obligations	$ 2,325,463	$ 2,019,265

The Company has also established certain restricted assets to provide for future merchandise and service obligations incurred in connection with its pre-need sales for its cemetery and mortuary segment.

Restricted cash also represents escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company elected to maintain its medical benefit fund without change from the prior year and has included this amount as a component of restricted cash. These restricted cash items are for the Company’s life insurance and mortgage segments.

Restricted assets are summarized as follows:

	December 31
	2020	2019
Cash and cash equivalents (1)	$ 8,842,744	$ 8,674,214
Fixed maturity securities, available for sale, at estimated fair value	1,473,637	1,008,867
Equity securities, at estimated fair value	2,515,778	1,976,480
Participating interests in mortgage loans held for investment with Security National Life	3,317,877	2,275,756
Total	$ 16,150,036	$ 13,935,317

(1) Including cash and cash equivalents of $8,524,999 and $7,170,092 as of December 31, 2020 and 2019, respectively, for the life insurance and mortgage segments.

A surplus note receivable in the amount of $4,000,000 at December 31, 2020 and 2019, from Security National Life, was eliminated in consolidation.

See Notes 1 and 17 for additional information regarding restricted assets.

9) Income Taxes

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

9) Income Taxes

The Company’s income tax liability is summarized as follows:

	December 31
	2020	2019
Current	$ 2,595,877	$ 1,410,153
Deferred	22,662,923	17,276,819
Total	$ 25,258,800	$ 18,686,972

Significant components of the Company’s deferred tax (assets) and liabilities are approximately as follows:

	December 31
	2020	2019
Assets
Future policy benefits	$ (12,657,045)	$ (12,450,229)
Loan loss reserve	(5,352,942)	(1,053,256)
Unearned premium	(699,011)	(760,556)
Net operating loss	(334,085)	(438,420)
Deferred compensation	(2,833,298)	(1,996,865)
Deposit obligations	(610,041)	(619,633)
Other	(1,269,533)	(1,020,718)
Less: Valuation allowance	961,920	2,439,394
Total deferred tax assets	(22,794,035)	(15,900,283)

Liabilities
Deferred policy acquisition costs	16,430,001	15,536,717
Basis difference in property, equipment and real estate	5,312,787	3,638,512
Value of business acquired	1,880,602	2,074,096
Deferred gains	12,124,226	5,169,104
Trusts	1,064,387	1,064,387
Tax on unrealized appreciation	8,644,955	5,694,286
Total deferred tax liabilities	45,456,958	33,177,102
Net deferred tax liability	$ 22,662,923	$ 17,276,819

The valuation allowance relates to differences between recorded deferred tax assets and liabilities and ultimate anticipated realization. The Company has recorded a valuation allowance related to Kilpatrick Life Insurance Company that was acquired in December 2019.

The Company paid $11,813,120 and $4,861,318 in income taxes for the years ended December 31, 2020 and 2019, respectively.

The Company’s income tax expense is summarized as follows for the years ended December 31:

	2020	2019
Current
Federal	$ 10,678,612	$ 4,404,041
State	2,320,233	504,272
	12,998,845	4,908,313

Deferred
Federal	2,677,943	(1,551,725)
State	176,726	(306,172)
	2,854,669	(1,857,897)

Total	$ 15,853,514	$ 3,050,416

The reconciliation of income tax expense at the U.S. federal statutory rates is as follows:

	2020	2019
Computed expense at statutory rate	$ 15,004,527	$ 2,928,226
State tax expense, net of federal tax benefit	1,972,598	156,499
Change in valuation allowance	(1,477,474)	194,364
Other, net	353,863	(228,673)
Income tax expense	$ 15,853,514	$ 3,050,416

The Company’s overall effective tax rate for the years ended December 31, 2020 and 2019 was 22.2% and 21.9% 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 and a decrease to the valuation allowance related to Kilpatrick Life Insurance Company that decreased the effective income tax rate when compared to the prior year.

At December 31, 2020, the Company had no significant unrecognized tax benefits. As of December 31, 2020, the Company does not expect any material changes to the estimated amount of unrecognized tax benefits in the next twelve months. Federal and state income tax returns for 2017 through 2020 are subject to examination by taxing authorities.

Net Operating Losses and Tax Credit Carryforwards:

Year of Expiration
2021	$ 17,100
2022	-
2023	-
2024	-
2025	-
Thereafter up through 2037	1,405,155

	$ 1,422,255

- 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

10) Reinsurance, Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

10) Reinsurance, Commitments and Contingencies

Reinsurance

The Company follows the procedure of reinsuring risks in excess of a specified limit, which ranged from $25,000 to $100,000 during the years 2020 and 2019. 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 having insurance in force amounting to approximately $96,000,000 and approximately $99,000,000 at December 31, 2020 and 2019, respectively.

Mortgage Loan Loss Settlements

Future loan losses can be extremely difficult to estimate. However, the Company believes that its reserve methodology and its current practice of property preservation allow it to estimate potential losses on loans sold. The estimated liability for indemnification losses is included in other liabilities and accrued expenses and, as of December 31, 2020 and 2019, the balances were $20,584,000 and $4,046,000, respectively. The Company believes that the final loan loss reserve as of December 31, 2020, represents its best estimate for adequate loss reserves on loans sold.

Mortgage Loan Loss Litigation

Settlement Agreement and Mutual Release with Lehman Brothers Holdings Inc.

From 2004 to early 2008, SecurityNational Mortgage Company (“SecurityNational Mortgage”), a wholly owned subsidiary of the Company, originated “limited documentation” or “reduced documentation” loans which were sold to certain affiliates of Lehman Brothers Holdings Inc. (“Lehman Holdings”). Certain of these loans became the subject of disputes between SecurityNational Mortgage and Lehman Holdings and certain Lehman Holdings affiliates. Lehman Holdings filed a Petition for Relief under Chapter 11 of the United States Bankruptcy Code in 2008. In May of 2011, SecurityNational Mortgage filed a complaint in U.S. District Court against certain Lehman Holdings affiliates. In June of 2011, Lehman Holdings filed a complaint in Federal District Court against SecurityNational Mortgage, both of which were later resolved. In 2016, certain other pending loan disputes between SecurityNational Mortgage and Lehman Holdings became the subject of an unsuccessful, non-binding alternate dispute resolution mediation proceeding.

Thereafter, in 2016, Lehman Holdings filed an adversary proceeding complaint against approximately 150 mortgage loan originators, including SecurityNational Mortgage, in the U.S. Bankruptcy Court of the Southern District of New York, which included seeking damages relating to the alleged obligations of the defendants under indemnification provisions of 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. The complaint was later amended with the latest amended complaint filed against SecurityNational Mortgage on December 27, 2016, seeking damages to be determined at trial, including interest, attorneys’ fees and costs. This complaint involved approximately 135 mortgage loans, there being millions of dollars allegedly in dispute. These claims against SecurityNational Mortgage were asserted as a result of Lehman Holdings’ earlier settlements with the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Corporation (“Freddie Mac”).

In 2018, Lehman Holdings filed a separate adversary proceeding complaint against SecurityNational Mortgage. This adversary proceeding allegedly involved approximately 577 mortgage loans relative to private securitization trusts (“RMBS Loans”) and millions of dollars in damages. Thereafter, Lehman Holdings made a filing that effectively reduced the number of RMBS Loans to 248. This proceeding was in addition to the above-referenced proceeding involving the Fannie Mae and Freddie Mac mortgage loans. As with the above-referenced proceeding, damages were sought including interest, costs, and attorneys’ fees.

SecurityNational Mortgage, as well as other defendants, have been involved in written discovery, and production of documents relative to the cases, and the filing of motions. The deposition phase of the cases was yet to begin, as well as the later expert witness phase. Those phases would require substantial expenditures of legal fees and costs.

On February 1, 2021, SecurityNational Mortgage executed a settlement agreement with Lehman Holdings in relation to these two adversary proceedings wherein all mortgage loan related claims were resolved, thereby ending all liabilities asserted by Lehman Holdings and conclusively ending all proceedings between SecurityNational Mortgage and Lehman Holdings. In accordance with GAAP, the full amount of SecurityNational Mortgage’s settlement payment has been accounted for in the Company’s loan loss reserve as of December 31, 2020.

Non-Cancelable Leases

The Company leases office space and equipment under various non-cancelable agreements. See Note 24 regarding leases.

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 December 31, 2020, the Company’s commitments were approximately $185,751,000, for these loans of which $115,898,000 had been funded. The Company advances funds 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 and the 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 captive insurance 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.

11) Retirement Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

11) Retirement Plans

The Company and its subsidiaries have a noncontributory Employee Stock Ownership Plan (“ESOP”) for all eligible employees. Eligible employees are primarily those with more than one year of service, who work in excess of 1,000 hours per year. Contributions, which may be in cash or stock of the Company, are determined annually by the Board of Directors. The Company’s contributions are allocated to eligible employees based on the ratio of each eligible employee’s compensation to total compensation for all eligible employees during each year. The Company did not make any contributions for the years ended December 31, 2020 and 2019. On November 25, 2019, the Company distributed a “Notice of Intent to Terminate” the ESOP Plan to all current plan participants. The Company also filed Form 5310 “Application for Determination for Terminating Plan”, with the IRS on December 6, 2019. Beginning in the 4^th quarter of 2020, the Company began to distribute the ESOP Plan assets to participants that had made a distribution election. The Company is awaiting approval of its application from the IRS prior to its final distribution of the ESOP Plan assets to the participants. At December 31, 2020, the ESOP held 231,312 shares of Class A and 118,880 shares of Class C common stock of the Company. All shares held by the ESOP have been allocated to the participating employees and all shares held by the ESOP are considered outstanding for purposes of computing earnings per share.

The Company has three 401(k) savings plans covering all eligible employees, as defined above, which includes employer participation in accordance with the provisions of Section 401(k) of the Internal Revenue Code. The plans allow participants to make pretax contributions up to a maximum of $19,500 and $19,000 for the years 2020 and 2019, respectively or the statutory limits. Beginning January 1, 2008, the Company elected to be a “Safe Harbor” Plan for its matching 401(k) contributions. The Company matched 100% of up to 3% of an employee’s total annual compensation and matched 50% of 4% to 5% of an employee’s annual compensation. The match was in Company stock. The Company’s contribution for the years ended December 31, 2020 and 2019 was $1,690,568 and $695,560, respectively under the “Safe Harbor” plan.

In 2001, the Company’s Board of Directors adopted a Non-Qualified Deferred Compensation Plan, and this plan was amended in 2005. Under the terms of the Plan, the Company will provide deferred compensation for a select group of management or highly compensated employees, within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. The Board has appointed a Committee of the Company to be the Plan Administrator and to determine the employees who are eligible to participate in the plan. The employees who participate may elect to defer a portion of their compensation into the plan. The Company may contribute into the plan at the discretion of the Company’s Board of Directors. The Company did not make any contributions for 2020 and 2019.

Effective December 4, 2018, the Board members approved a motion to extend the Chief Executive Officer’s employment agreement, dated December 4, 2012, for an additional four-year term ending December 2022. In the event of disability, the Chief Executive Officer’s salary would be continued for up to five years at 75% of its current level of compensation. In the event of a sale or merger of the Company and the Chief Executive Officer is not retained in his current position, the Company would be obligated to continue paying the Chief Executive Officer’s current compensation and benefits for seven years following the merger or sale. The agreement further provides that the Chief Executive Officer is entitled to receive annual retirement benefits beginning (i) one month from the date of his retirement (to commence no sooner than age 65), (ii) five years following complete disability, or (iii) upon termination of his employment without cause. These retirement benefits are to be paid for a period of twenty years in annual installments in the amount equal to 75% of his then current level of compensation. In the event that the Chief Executive Officer dies prior to receiving all retirement benefits thereunder, the remaining benefits are to be paid to his heirs. The Company expensed $900,000 and $660,000 during the years ended December 31, 2020 and 2019, respectively, to cover the present value of anticipated retirement benefits under the employment agreement. The liability accrued was $6,656,363 and $5,722,837 as of December 31, 2020 and 2019, respectively.

The Company, through its wholly owned subsidiary, SecurityNational Mortgage, also has an employment agreement with its former Vice President of Mortgage Operations and President of SecurityNational Mortgage, who retired from the Company on December 31, 2015. Under the terms of the employment agreement, this individual is entitled to receive retirement benefits from the Company for a period of ten years in an amount equal to 50% of his rate of compensation at the time of his retirement, which was $267,685 for the year ended December 31, 2015. Such retirement payments are paid monthly during the ten-year period. In the event that this individual dies prior to receiving all of his retirement benefits under his employment agreement, the remaining benefits will be made to his heirs. The company paid $133,843 and $133,843 in retirement compensation to this individual during the years ended December 31, 2020 and 2019, respectively. The liability accrued was $669,212 and $803,055 as of December 31, 2020 and 2019, respectively and is included in Other liabilities and accrued expenses on the consolidated balance sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

12) Capital Stock

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

12) Capital Stock

The Company has one class of preferred stock of $1.00 par value, 5,000,000 shares authorized, of which none are issued. The preferred stock is non-voting.

The Company has two classes of common stock with shares outstanding, Class A common shares and Class C common shares. Class C shares have 10 votes per share on all matters except for the election of one third of the directors who are elected solely by the Class A shares. Class C shares are convertible into Class A shares at any time on a one to one ratio. The decrease in treasury stock was the result of treasury stock being used to fund the company’s 401(k) Plans.

Stockholders of both Class A and Class C common stock have received 5% stock dividends in the years 1990 through 2019, and a 7.5% stock dividend in the year 2020, as authorized by the Company’s Board of Directors.

The Company has Class B common stock of $1.00 par value, 5,000,000 shares authorized, of which none are issued. Class B shares are non-voting stock except to any proposed amendment to the Articles of Incorporation which would affect Class B common stock.

The following table summarizes the activity in shares of capital stock for the two-year period ended December 31, 2020:

	Class A	Class C
Outstanding shares at December 31, 2018	15,304,798	2,193,643

Exercise of stock options	32,517	191,443
Stock dividends	767,178	119,087
Conversion of Class C to Class A	3,286	(3,286)

Outstanding shares at December 31, 2019	16,107,779	2,500,887

Exercise of stock options	68,970	130,820
Stock dividends	405,210	61,720
Conversion of Class C to Class A	13,824	(13,824)

Outstanding shares at December 31, 2020	16,595,783	2,679,603

Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share amounts were calculated as follows:

	2020	2019
Numerator:
Net earnings	$ 55,596,613	$ 10,893,519

Denominator:
Denominator for basic earnings
per share-weighted-average shares	18,831,991	18,562,056

Effect of dilutive securities
Employee stock options	443,260	127,608
Dilutive potential common shares	443,260	127,608

Denominator for diluted earnings
per share-adjusted weighted-average
shares and assumed conversions	19,275,251	18,689,664

Basic earnings per share	$2.95	$0.59
Diluted earnings per share	$2.88	$0.58

For the years ended December 31, 2020 and 2019, there were -0- and 382,289 of 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.

13) Stock Compensation Plans

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

13) Stock-based Compensation

13) Stock Compensation Plans

The Company has two fixed option plans (the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $358,878 and $256,996 has been recognized under these plans for the years ended December 31, 2020 and 2019, respectively, and is included in personnel expenses on the consolidated statements of earnings. As of December 31, 2020, the total unrecognized compensation expense related to the options issued was $39,152, 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.

The following table summarizes the assumptions used in estimating the fair value of each option granted along with the weighted-average fair value of the options granted:

			Assumptions
Grant Date	Plan	Weighted-Average Fair Value of Each Option	Expected Dividend Yield	Underlying stock FMV	Weighted-Average Volatility	Weighted-Average Risk-Free Interest Rate	Weighted-Average Expected Life (years)
March 27, 2020	All Plans	$ 0.65	5%	$ 3.76	32.29%	1.64%	4.82

December 6, 2019	All Plans	$ 0.96	5%	$ 5.19	32.79%	1.64%	4.83

January 17, 2019	All Plans	$ 1.12	5%	$ 4.98	36.04%	2.56%	5.31

Activity of the stock option plans is summarized as follows:

	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
Adjustment for the effect of stock dividends	51,018		28,295
Granted	81,000		180,000
Exercised	(45,834)		(191,443)
Cancelled	(11,405)		-

Outstanding at December 31, 2019	1,086,053	$ 4.41	594,132	$ 5.36
Adjustment for the effect of stock dividends	27,968		19,354
Granted	77,000		180,000
Exercised	(116,487)		(130,820)
Cancelled	(1,671)		-

Outstanding at December 31, 2020	1,072,863	$ 4.33	662,666	$ 4.73

Exercisable at end of year	1,053,903	$ 4.45	616,542	$ 4.91

Available options for future grant	325,372		266,500

Weighted average contractual term of options
outstanding at December 31, 2020	5.50 years		6.71 years

Weighted average contractual term of options
exercisable at December 31, 2020	5.43 years		6.63 years

Aggregated intrinsic value of options outstanding
at December 31, 2020 (1)	$4,311,983		$2,396,954

Aggregated intrinsic value of options exercisable
at December 31, 2020 (1)	$4,223,251		$2,183,399

(1) The Company used a stock price of $8.35 as of December 31, 2020 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 years ended December 31, 2020 and 2019 was $663,901 and $271,220, respectively.

14) Statutory Financial Information and Dividend Limitations

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

14) Statutory Financial Information and Dividend Limitations

The Company’s insurance subsidiaries prepare their statutory-basis financial statements in conformity with accounting practices prescribed or permitted by the insurance department of the applicable state of domicile. Prescribed statutory accounting practices include a variety of publications of the NAIC, as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed.

All states require domiciled insurance companies to prepare statutory-basis financial statements in conformity with the NAIC Accounting Practices and Procedures Manual, subject to any deviations prescribed or permitted by the applicable insurance commissioner and/or director. Statutory accounting practices differ from GAAP primarily since they require charging policy acquisition and certain sales inducement costs to expense as incurred, establishing life insurance reserves based on different actuarial assumptions, and valuing certain investments and establishing deferred taxes on a different basis.

Statutory net income and capital and surplus of the Company’s insurance subsidiaries, determined in accordance with statutory accounting practices prescribed or permitted by insurance regulatory authorities are as follows:

	Statutory Net Income			Statutory Capital and Surplus
	2020	2019		2020	2019
Amounts by insurance subsidiary:
Security National Life Insurance Company	$ 6,054,764	$ 3,589,552		$ 53,089,185	$ 49,390,181
Kilpatrick Life Insurance Company	1,574,128	12,752,100	(1)	15,177,996	15,208,071
First Guaranty Insurance Company	790,221	1,078,733		7,045,644	6,352,670
Memorial Insurance Company of America	55	(107)		1,088,034	1,088,559
Southern Security Life Insurance Company, Inc.	183	87		1,581,647	1,588,396
Trans-Western Life Insurance Company	(1,527)	3,773		510,636	512,163
Total	$ 8,417,824	$17,424,138		$ 78,493,142	$ 74,140,040

(1) Includes 12 months even though Kilpatrick Life Insurance Company wasn't acquired by the Company until December 2019.

The Utah, Arkansas, Louisiana, Mississippi and Texas Insurance Departments impose minimum risk-based capital (RBC) requirements that were developed by the NAIC on insurance enterprises. The formulas for determining the RBC specify various factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio (the Ratio) of the enterprise’s regulatory total adjusted capital, as defined by the NAIC, to its authorized control level, as defined by the NAIC. Enterprises below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The life insurance subsidiaries each have a ratio that is greater than the first level of regulatory action as of December 31, 2020.

Generally, the net assets of the life insurance subsidiaries available for transfer to the Company are limited to the amounts of the life insurance subsidiaries net assets, as determined in accordance with statutory accounting practices, that exceed minimum statutory capital requirements. Additional requirements must be met depending on the state, and payments of such amounts as dividends are subject to approval by regulatory authorities.

Under the Utah Insurance Code, Security National Life Insurance Company is permitted to pay a stockholder dividend to the Company as long as the Company provides the Utah Insurance Commissioner (the “Utah Commissioner”) with at least 30 days notice and the aggregate amount of all such dividends in any 12 month period does not exceed the lesser of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) net gain from operations, not including realized capital gains, for the immediately preceding calendar year, not including pro rata distributions of the Company’s own securities. In determining whether a dividend is extraordinary, the Company may include carryforward net income from the previous two calendar years, excluding realized capital gains less dividends paid in the second and immediately preceding calendar years. Security National Life Insurance Company will be permitted to pay a dividend to the Company in excess of the lesser of such two amounts only if it files notice of its intention to declare such a dividend and the amount thereof with the Utah Commissioner and the Utah Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. In all cases, a dividend may not be paid that would reduce the insurer’s total adjusted capital below the insurer’s company action level risk-based capital, as defined for statutory reporting purposes. Amounts available to be paid as dividends in the next 12 months totals approximately $5,309,000.

Under the Louisiana Insurance Code, First Guaranty Insurance Company and Kilpatrick Life Insurance Company are permitted to pay a stockholder dividend to Security National Life as long as their capital has been (i) fully paid in cash, (ii) is unimpaired, (iii) has a surplus beyond its capital stock and (iv) has a surplus beyond its minimum required surplus. In 2019, First Guaranty Insurance Company paid to Security National Life a cash dividend of $500,000 and Kilpatrick Life Insurance Company paid a cash dividend of $3,000,000. Amounts available to be paid as dividends at December 31, 2020 totaled approximately $3,146,000 for First Guaranty Insurance Company and totaled approximately $11,478,000 for Kilpatrick Life Insurance Company.

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

15) Business Segment Information

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

15) 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 pre-sold loans before the funds are received from financial institutional investors.

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. 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.

	2020
	Life	Cemetery/		Intercompany
	Insurance	Mortuary	Mortgage	Eliminations	Consolidated
Revenues:
From external sources:
Revenue from customers	$ 93,020,617	$ 20,307,435	$ 298,933,110	$ -	$ 412,261,162
Net investment income	54,811,486	807,695	710,622	-	56,329,803
Gains on investments and other assets	2,088,541	(162,652)	(39)	-	1,925,850
Other than temporary impairments	(370,975)	-	-	-	(370,975)
Other revenues	1,491,585	94,349	9,731,548	-	11,317,482
Intersegment revenues:
Net investment income	8,022,503	351,505	716,240	(9,090,248)	-
Total revenues	159,063,757	21,398,332	310,091,481	(9,090,248)	481,463,322
Expenses:
Death, surrenders and other policy benefits	62,841,360	-	-	-	62,841,360
Increase in future policy benefits	23,568,650	-	-	-	23,568,650
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	13,618,204	689,221	-	-	14,307,425
Selling, general and administrative expenses:
Commissions	4,149,241	1,506,320	118,770,736	-	124,426,297
Personnel	25,449,100	5,669,367	53,871,504	-	84,989,971
Advertising	614,114	391,836	4,374,946	-	5,380,896
Rent and rent related	861,602	89,253	5,922,706	-	6,873,561
Depreciation on property and equipment	843,335	488,570	746,833	-	2,078,738
Provision for loan loss reserve	-	-	16,506,030	-	16,506,030
Cost related to funding mortgage loans	-	-	9,877,700	-	9,877,700
Intersegment	621,161	142,999	580,976	(1,345,136)	-
Other	11,808,818	4,417,805	31,104,479	-	47,331,102
Interest expense:
Intersegment	410,024	152,175	7,182,913	(7,745,112)	-
Other	2,354,760	198,968	6,025,082	-	8,578,810
Costs of goods and services sold-mortuaries and cemeteries	-	3,252,655	-	-	3,252,655
Total benefits and expenses	147,140,369	16,999,169	254,963,905	(9,090,248)	410,013,195
Earnings before income taxes	$ 11,923,388	$ 4,399,163	$ 55,127,576	$ -	$ 71,450,127
Income tax benefit (expense)	(1,433,901)	(1,009,137)	(13,410,476)	-	(15,853,514)
Net earnings	$ 10,489,487	$ 3,390,026	$ 41,717,100	$ -	$ 55,596,613

Identifiable assets	$ 1,171,158,235	$ 56,335,498	$ 408,325,196	$ (90,398,039)	$ 1,545,420,890

Goodwill	$ 2,765,570	$ 754,018	$ -	$ -	$ 3,519,588

	2019
	Life	Cemetery/		Intercompany
	Insurance	Mortuary	Mortgage	Eliminations	Consolidated
Revenues:
From external sources:
Revenue from customers	$ 81,860,610	$ 15,296,235	$ 131,976,082	$ -	$ 229,132,927
Net investment income	41,610,831	579,995	828,647	-	43,019,473
Gains on investments and other assets	138,330	530,098	59,939	-	728,367
Other revenues	2,128,961	95,197	7,956,005	-	10,180,163
Intersegment revenues:
Net investment income	4,455,034	443,548	508,637	(5,407,219)	-
Total revenues	130,193,766	16,945,073	141,329,310	(5,407,219)	283,060,930
Expenses:
Death, surrenders and other policy benefits	44,911,805	-	-	-	44,911,805
Increase in future policy benefits	23,568,497	-	-	-	23,568,497
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	14,199,152	435,425	-	-	14,634,577
Selling, general and administrative expenses:
Commissions	3,632,780	1,084,079	52,046,032	-	56,762,891
Personnel	20,311,591	5,177,810	38,731,869	-	64,221,270
Advertising	595,118	368,173	3,821,267	-	4,784,558
Rent and rent related	451,380	47,525	6,556,551	-	7,055,456
Depreciation on property and equipment	477,247	428,633	805,489	-	1,711,369
Cost related to funding mortgage loans	-	-	6,278,954	-	6,278,954
Intersegment	412,853	180,594	544,463	(1,137,910)	-
Other	11,769,097	3,241,023	19,912,641	-	34,922,761
Interest expense:
Intersegment	490,756	154,615	3,623,938	(4,269,309)	-
Other	2,808,081	288,768	4,289,839	-	7,386,688
Costs of goods and services sold-mortuaries and cemeteries	-	2,878,169	-	-	2,878,169
Total benefits and expenses	123,628,357	14,284,814	136,611,043	(5,407,219)	269,116,995
Earnings before income taxes	$ 6,565,409	$ 2,660,259	$ 4,718,267	$ -	$ 13,943,935
Income tax benefit (expense)	(1,085,848)	(649,144)	(1,315,424)	-	(3,050,416)
Net earnings	$ 5,479,561	$ 2,011,115	$ 3,402,843	$ -	$ 10,893,519

Identifiable assets	$ 1,110,641,526	$ 81,014,182	$ 249,970,323	$ (110,701,544)	$ 1,330,924,487

Goodwill	$ 2,765,570	$ 754,018	$ -	$ -	$ 3,519,588

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

16) Related Party Transactions

12 Months Ended

Dec. 31, 2020

16) Related Party Transactions

The Company’s Board of Directors has a written procedure, which requires disclosure to the Board of any material interest or any affiliation on the part of any of its officers, directors or employees that is in conflict or may be in conflict with the interests of the Company. The Company and its Board of Directors is unaware of any related party transactions that require disclosure as of December 31, 2020.

17) Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

17) 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 full term of 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, 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 consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature.

Cemetery Perpetual 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 consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature

Call and Put Options: The Company uses quoted market prices to value its call and put options.

Additionally, there were no transfers between Level 1 and Level 2 in the fair value hierarchy.

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.

Impaired 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 used 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 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 table summarizes Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the consolidated balance sheet at December 31, 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	$ 294,656,679	$ -	$ 292,455,504	$ 2,201,175
Equity securities	11,324,239	11,324,239	-	-
Loans held for sale	422,772,418	-	-	422,772,418
Restricted assets (1)	1,473,637	-	1,473,637	-
Restricted assets (2)	2,515,778	2,515,778	-	-
Cemetery perpetual care trust investments (1)	747,767	-	747,767	-
Cemetery perpetual care trust investments (2)	2,062,303	2,062,303	-	-
Derivatives - loan commitments (3)	12,592,672	-	-	12,592,672
Total assets accounted for at fair value on a recurring basis	$ 748,145,493	$ 15,902,320	$ 294,676,908	$ 437,566,265

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$ (43,097)	$ (43,097)	$ -	$ -
Derivatives - loan commitments (4)	(2,464,062)	-	-	(2,464,062)
Total liabilities accounted for at fair value on a recurring basis	$ (2,507,159)	$ (43,097)	$ -	$ (2,464,062)

(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 consolidated balance sheets
(4) Included in other liabilities and accrued expenses on the consolidated balance sheets

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 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
	12/31/2020	Technique	Input(s)	Value	Value	Average
Loans held for sale	$422,772,418	Market approach	Investor contract pricing as a percentage of unpaid principal balance	99.0%	110.0%	104.0%

Derivatives - loan commitments (net)	10,128,610	Market approach	Pull-through rate	52.0%	92.0%	81.0%
			Initial-Value	N/A	N/A	N/A
			Servicing	0 bps	184 bps	58 bps

Fixed maturity securities available for sale	2,201,175	Broker quotes	Pricing quotes	$ 90.83	$ 119.33	$ 113.47

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	Pull-through rate	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 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, 2019	$ 2,491,233		$ 213,457,632		$ 3,216,382
Originations/purchases	-		5,627,013,749		-
Sales, maturities and paydowns	-		(5,600,045,285)		(1,042,400)
Transfer to mortgage loans held for investment	-		(16,960,549)		-
Total gains (losses):
Included in earnings	7,637,377	(1)	199,306,871	(1)	3,408	(2)
Included in other comprehensive income	-		-		23,785

Balance - December 31, 2020	$ 10,128,610		$ 422,772,418		$ 2,201,175

(1) As a component of mortgage fee income on the consolidated statements of earnings
(2) As a component of net investment income on the consolidated statements of earnings

Following is a summary of changes in the 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, maturities and paydowns	-	(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 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 consolidated balance sheet at December 31, 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	$ 1,297,356	$ -	$ -	$ 1,297,356
Impaired real estate held for sale	4,249,000	-	-	4,249,000
Total assets accounted for at fair value on a nonrecurring basis	$ 5,546,356	$ -	$ -	$ 5,546,356

	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 December 31, 2020 and 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 December 31, 2020:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$ 92,757,613	$ -	$ -	$ 100,384,283	$ 100,384,283
Residential construction	110,849,864	-	-	110,849,864	110,849,864
Commercial	45,736,459	-	-	45,259,425	45,259,425
Mortgage loans held for investment, net	$ 249,343,936	$ -	$ -	$ 256,493,572	$ 256,493,572
Policy loans	14,171,589	-	-	14,171,589	14,171,589
Insurance assignments, net (1)	51,585,656	-	-	51,585,656	51,585,656
Restricted assets (2)	3,317,877	-	-	3,317,877	3,317,877
Cemetery perpetual care trust investments (2)	1,468,600	-	-	1,468,600	1,468,600
Mortgage servicing rights, net	35,210,516	-	-	38,702,358	38,702,358

Liabilities
Bank and other loans payable	$(297,824,368)	$ -	$ -	$ (297,824,368)	$ (297,824,368)
Policyholder account balances (3)	(44,026,809)	-	-	(42,220,725)	(42,220,725)
Future policy benefits - annuities (3)	(106,522,113)	-	-	(112,354,186)	(112,354,186)

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

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of 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 of mortgage loans 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 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 short in maturity. Accordingly, the carrying amounts reported in the accompanying consolidated balance sheet for these financial instruments approximate their fair values.

Bank and Other Loans Payable: The carrying amounts reported in the accompanying 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 contracts other 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

18) Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

18) Accumulated Other Comprehensive Income

The following summarizes the changes in accumulated other comprehensive income:

	December 31
	2020	2019

Unrealized gains on fixed maturity securities available for sale	$ 12,016,464	$ 17,315,770
Amounts reclassified into net earnings	(2,772)	-
Net unrealized gains before taxes	12,013,692	17,315,770
Tax expense	(2,522,876)	(3,636,311)
Net	9,490,816	13,679,459
Unrealized gains on restricted assets (1)	41,225	35,550
Tax expense	(10,269)	(8,856)
Net	30,956	26,694
Unrealized gains on cemetery perpetual care trust investments (1)	(6,817)	29,904
Tax expense	1,698	(7,449)
Net	(5,119)	22,455
Unrealized gains for foreign currency translations adjustments	(46)	972
Tax expense	12	(243)
Net	(34)	729
Other comprehensive income changes	$ 9,516,619	$ 13,729,337
_______________
(1) Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income as of December 31, 2020:

	Beginning Balance December 31, 2019	Change for the period	Ending Balance December 31, 2020
Unrealized gains on fixed maturity securities available for sale	$ 13,679,459	$ 9,490,816	$ 23,170,275
Unrealized gains on restricted assets (1)	26,694	30,956	57,650
Unrealized gains (losses) on cemetery perpetual care trust investments (1)	22,455	(5,119)	17,336
Foreign currency translation adjustments	(2,094)	(34)	(2,128)
Other comprehensive income	$ 13,726,514	$ 9,516,619	$ 23,243,133

(1) Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income as of December 31, 2019:

	Beginning Balance December 31, 2018	Change for the period	Ending Balance December 31, 2019
Unrealized gains on fixed maturity securities available for sale	$ -	$ 13,679,459	$ 13,679,459
Unrealized gains on restricted assets (1)	-	26,694	26,694
Unrealized gains on cemetery perpetual care trust investments (1)	-	22,455	22,455
Foreign currency translation adjustments	(2,823)	729	(2,094)
Other comprehensive income (loss)	$ (2,823)	$ 13,729,337	$ 13,726,514

(1) Fixed maturity securities available for sale

19) Derivative Instruments

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

19) Derivative Instruments

19)

Derivative Instruments

The following table shows the fair value and notional amounts of derivative instruments as of December 31, 2020 and 2019.

	Fair Values and Notional Amounts of Derivative Instruments
		December 31, 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	$659,245,038	$12,592,672	$2,464,062	$224,202,514	$2,722,580	$231,347
Call options	Other liabilities	1,873,200	--	43,097	1,813,500	--	62,265
Put options	Other liabilities	--	--	--	1,573,100	--	22,282
Total		$661,118,238	$12,592,672	$2,507,159	$227,589,114	$2,722,580	$315,894

The following table shows the gain (loss) on derivatives for the periods presented. There were no gains or losses reclassified from accumulated other comprehensive income into income or gains or losses recognized in income on derivatives ineffective portion or any amounts excluded from effective testing.

		Net Amount Gain (Loss)
		Years ended December 31
Derivative	Classification	2020	2019
Loan commitments	Mortgage fee income	$ 7,637,377	$ 899,417

Call and put options	Gains on investments and other assets	$ 272,758	$ 626,208

20) Acquisitions

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

20) Acquisitions

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 deposited into an interest bearing escrow account, as agreed with the shareholders. The current amount that is available to be disbursed to the prior owners is $598,949.

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, as coinsurer, 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 accordance with the terms and conditions of the policies and applicable law. Unless otherwise directed by Security National Life, as coinsurer, Kilpatrick Life continued to 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.

Kilpatrick Life’s revenues and net loss since the date of acquisition for the year ended December 31, 2019 were $1,461,011 and $848,031, respectively.

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 deposited into an escrow account. 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

Fair value of net assets acquired/consideration paid, net of cash acquired	$ 3,261,788

Probst Family Funerals and Heber Valley Funeral Home’s revenues and net earnings since the date of acquisition for the year ended December 31, 2019 were $796,992 and $97,400, respectively.

21) Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

21) Mortgage Servicing Rights

The Company reports MSRs pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.

The following table presents the MSR activity for the periods presented.

	December 31
	2020	2019
Amortized cost:
Balance before valuation allowance at beginning of year	$ 17,155,529	$ 20,016,822
MSR additions resulting from loan sales	29,896,465	4,194,502
Amortization (1)	(11,841,478)	(7,055,795)
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance before valuation allowance at year end	$ 35,210,516	$ 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 year end	$ -	$ -

Mortgage servicing rights, net	$ 35,210,516	$ 17,155,529

Estimated fair value of MSRs at year end	$ 38,702,358	$ 22,784,571

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

The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its December 31, 2020 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management.

		Estimated MSR Amortization
2021		$ 4,724,439
2022		3,582,811
2023		3,030,850
2024		2,574,323
2025		2,200,840
Thereafter		19,097,253
Total		$ 35,210,516

During the years ended December 31, 2020 and 2019, the Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the consolidated statements of earnings:

	2020	2019
Contractual servicing fees	$ 8,940,612	$ 7,212,164
Late fees	305,962	365,477
Total	$ 9,246,574	$ 7,577,641

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

	Years Ended December 31
	2020	2019
Servicing UPB	$ 5,070,287,864	$ 2,804,139,415

The following key assumptions were used in determining MSR value:

	Prepayment Speeds	Average Life(Years)	Discount Rate
December 31, 2020	15.60	5.30	9.50
December 31, 2019	15.30	5.27	9.51

22) Future Policy Benefits and Unpaid Claims

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

22) Future Policy Benefits and Unpaid Claims

The Company reports future policy benefits and unpaid claims pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.

The following table provides information regarding future policy benefits and unpaid claims and the related receivable from reinsurers.

	Years Ended September 30
	2020	2019
Life	$ 674,230,463	$654,585,723
Annuities	109,522,112	113,579,831
Policyholder account balances	44,026,809	45,154,180
Accident and health	651,140	667,428
Other policyholder funds	4,354,746	4,530,227
Reported but unpaid claims	8,689,723	4,891,922
Incurred but not reported claims	3,315,094	2,191,607

Gross future policy benefits and unpaid claims	$ 844,790,087	$825,600,918

Receivable from reinsurers

Life	10,841,567	11,040,398
Annuities	4,047,301	4,038,007
Accident and health	90,231	90,113
Reported but unpaid claims	571,057	569,250
Incurred but not reported claims	19,000	10,000

Total receivable from reinsurers	15,569,156	15,747,768

Net future policy benefits and unpaid claims	$ 829,220,931	$809,853,150

23) Revenues From Contracts With Customers

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

23) Revenues From Contracts With Customers

23) Revenues from Contracts with Customers

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

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 total contract liability for future obligations is included in deferred pre-need cemetery and mortuary contract revenues on the consolidated balance sheets and, as of December 31, 2020 and 2019, the balances were $13,080,179 and 12,607,978, respectively.

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. As of December 31, 2020 and 2019, the balances were $12,545,753 and $12,325,437, respectively.

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 manufacture and deliver the product. Revenue is deferred until the at-need merchandise is received. As of December 31, 2020 and 2019, the balances were $534,426 and $282,541, respectively. Deferred revenue for at-need specialty revenue is not placed in trust.

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. As of December 31, 2020 and 2019, the balances were $-0- and $-0-, respectively. 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 (12/31/2020)	4,119,988	-	13,080,179
Increase/(decrease)	1,341,109	-	472,201

	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 consolidated balance sheets

The following table disaggregates the opening and closing balances of the Company’s contract balances.

	Contract Balances
	Contract Asset	Contract Liability
Pre-need merchandise and services	$ -	$ 12,325,437
At-need specialty merchandise	-	282,541
Pre-need land sales	-	-
Opening (1/1/2020)	$ -	$ 12,607,978

Pre-need merchandise and services	$ -	$ 12,545,753
At-need specialty merchandise	-	534,426
Pre-need land sales	-	-
Closing (12/31/2020)	$ -	$ 13,080,179

	Contract Balances
	Contract Asset	Contract Liability
Pre-need merchandise and services	$ -	$ 12,175,943
At-need specialty merchandise	-	327,302
Pre-need land sales	-	5,380
Opening (1/1/2019)	$ -	$ 12,508,625

Pre-need merchandise and services	$ -	$ 12,325,437
At-need specialty merchandise	-	282,541
Pre-need land sales	-	-
Closing (12/31/2019)	$ -	$ 12,607,978

The amount of revenue recognized for the years ended December 31, 2020 and 2019 that was included in the opening contract liability balance was $4,359,709 and $3,558,103, 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.

	Years Ended December 31
	2020	2019
Major goods/service lines
At-need	$ 15,212,822	$ 12,334,777
Pre-need	5,094,613	2,961,458
	$ 20,307,435	$ 15,296,235

Timing of Revenue Recognition
Goods transferred at a point in time	$ 13,438,592	$ 10,133,723
Services transferred at a point in time	6,868,843	5,162,512
	$ 20,307,435	$ 15,296,235

Significant Judgments and Estimates

The Company's cemetery and mortuary segment recognizes revenue on future performance obligations when goods are delivered and when services are performed and is not determined by the terms or payments of the contract as long as any good or service is paid in full prior to delivery. Prices are determined based on the market at the time a contract is created. Goods or services are not partially completed. There are no significant judgements, estimations or allocation methods when revenue should be recognized.

Practical Expedients

The Company has not elected to use any of the practical expedients under ASC 606.

Contract Costs

The Company's cemetery and mortuary segment defers certain costs associated with obtaining a contract on future obligations.

Pre-need Merchandise and Service Revenue: Pre-need merchandise and service revenues are deferred until the goods or services are delivered. Recognition can be years until the obligations are satisfied. Commissions and other costs are capitalized and deferred until the obligation is satisfied. Other costs include rent on pre-need offices and training rooms, and call center costs. Costs that are allocated based on a percentage include family service advisor compensation, bonuses, utilities and supplies that are all used to procure a pre-need sale.

At-need Specialty Merchandise Revenue: At-need specialty merchandise is ordered from a third-party manufacturer. Generally, at-need specialty merchandise is ordered and received within 90 days of order. These orders are also short-term in nature and are deferred until the product is received from the manufacturer and the obligation is satisfied.

Deferred Pre-need Land Revenue: Revenue is recognized on pre-need land sales when the customer has paid at least 10% toward the land price. In cases, where customers pay less than 10%, the revenue and associated commissions are deferred until such time when 10% of the contract price is received.

The following table disaggregates contract costs that are included in deferred policy and pre-need contract acquisition costs on the consolidated balances sheets.

	Years Ended December 31
	2020	2019
Pre-need merchandise and services	$ 3,601,638	$ 3,590,266
At-need specialty merchandise	5,302	10,688
Pre-need land sales	-	-
	$ 3,606,940	$ 3,600,954

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-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
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

24) Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

24) Leases

On January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02 regarding Leases ASC Topic 842. See Note 1 regarding the adoption of this standard.

A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. The Company determines if a contract is a lease at the inception of the contract. At the commencement date of a lease, the Company measures the lease liability at the present value of the lease payments over the lease term, discounted using the discount rate for the lease. The Company uses the rate implicit in the lease, if available, otherwise the Company uses its incremental borrowing rate. Also, at the commencement date of a lease, the Company measures the cost of the related right-of-use asset which consists of the amount of the initial measurement of the lease liability, any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct costs incurred by the Company.

Information about the Nature of Leases and Subleases

The Company leases office space and equipment from third-parties under various non-cancelable agreements. The Company has operating leases for office space for its segments in areas where it conducts business. The Company subleases some of this office space. The Company also has finance leases for certain equipment, such as copy machines and postage machines. The Company does not have any lease agreements with variable lease payments. The Company has not included any options to extend or terminate leases in the recognition of the right-of-use assets or lease liabilities because of the uncertainty that they will be exercised. No residual value guarantees have been provided to the Company. The Company does not have any restrictions or covenants imposed by leases.

Leases that have not Commenced

The Company does not have any leases that have not commenced that create significant rights or obligations for the Company.

Related Party Lease Transactions

The Company does not have any related party lease transactions that require disclosure as of December 31, 2020.

Short-term Leases

The Company made an accounting policy election not to apply the recognition requirements of ASC 842 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.

Significant Judgments and Assumptions

The Company does not use any significant judgments or assumptions regarding the determination of whether a contract contains a lease; the allocation of the consideration in a contract between lease and nonlease components; or the determination of the discount rates for the leases. The following table presents the Company’s total lease cost recognized in earnings, amounts capitalized as right-of- use assets and cash flows from lease transactions for the period presented:

	Year Ended December 31	Year Ended December 31
	2020	2019
Lease Cost
Finance lease cost:
Amortization of right-of-use assets (1)	$ 58,576	$ 38,351
Interest on lease liabilities (2)	7,341	9,001
Operating lease cost (3)	5,408,737	5,706,490
Short-term lease cost (3)(4)	222,311	233,318
Sublease income (3)	(394,758)	(663,242)
Total lease cost	$ 5,302,207	$ 5,323,918

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 5,293,901	$ 5,567,761
Operating cash flows from finance leases	7,341	9,001
Financing cash flows from finance leases	56,982	95,931

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 5,631,193	$ 16,544,406
Finance leases	8,494	252,763

Weighted-average remaining lease term (in years)
Finance leases	2.74	3.23
Operating leases	5.40	4.67

Weighted-average discount rate
Finance leases	5.59%	5.47%
Operating leases	4.87%	5.06%

(1) Included in Depreciation on property and equipment on the consolidated statements of earnings
(2) Included in Interest expense on the consolidated statements of earnings
(3) Included in Rent and rent related expenses on the consolidated statements of earnings
(4) Includes leases with a term of 12 months or less

The following table presents the maturity analysis of the Company’s lease liabilities.

	Finance Leases	Operating Leases
Lease payments due in:
2021	$ 46,898	$ 4,344,756
2022	34,458	3,004,271
2023	27,220	2,088,028
2024	4,354	1,567,924
2025	692	837,526
Thereafter	-	2,938,906
Total undiscounted lease payments	113,622	14,781,411
Less: Discount on cash flows	(8,671)	(2,859,527)
Present value of lease liabilities	$ 104,951	$ 11,921,884

The following table presents the Company’s right-of-use assets and lease liabilities for the period presented:

	Balance Sheet Location	Year Ended December 31 2020	Year Ended December 31 2019
Operating Leases
Right-of-use assets	Other assets	$ 11,663,245	$ 11,267,247

Lease liabilities	Other liabilities and accrued expenses	$ 11,921,884	$ 11,405,976

Finance Leases
Right-of-use assets		$ 254,276	$ 248,565
Accumulated amortization		(154,144)	(98,351)
Right-of-use assets, net	Property and equipment, net	$ 100,132	$ 150,214

Lease liabilities	Bank and other loans payable	$ 104,951	$ 153,439

The Company is also a lessor and has operating lease agreements with various tenants that lease its commercial and residential properties. See Note 2 for information about the Company’s real estate held for investment.

1) Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

General Overview of Business

General Overview of Business

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP).

Principles of Consolidation

Principles of Consolidation

Use of Estimates

Use of Estimates

Investments

Investments

Equity securities are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded through net earnings.

Real estate held for sale is carried at lower of cost or fair value. Depreciation is not recognized on real estate classified as held for sale.

Other investments and policy loans are carried at the aggregate unpaid balances, less allowances for losses.

Cash and Cash Equivalents

Cash and Cash Equivalents

Loans Held for Sale

Loans Held for Sale

Mortgage Fee Income

Mortgage Fee Income

Failure to deliver original documents specified by the investor,

The existence of misrepresentation or fraud in the origination of the loan,

The loan becomes delinquent due to nonpayment during the first several months after it is sold,

Early pay-off of a loan, as defined by the agreements,

Excessive time to settle a loan,

Investor declines purchase, and

Discontinued product and expired commitment.

Research reasons for rejection,

Provide additional documents,

Request investor exceptions,

Appeal rejection decision to purchase committee, and

Commit to secondary investors.

Determining Lower of Cost or Fair Value

Determining Lower of Cost or Fair Value

For loans that are committed, the Company uses the commitment price.

For loans that are non-committed that have an active market, the Company uses the market price.

For loans that are non-committed where there is no market but there is a similar product, the Company uses the market value for the similar product.

The majority of loans originated are sold to third-party investors. The amounts expected to be sold to investors are shown on the consolidated balance sheets as loans held for sale.

Loan Loss Reserve

Loan Loss Reserve

Repurchase demand – A repurchase demand usually occurs when there is a significant payment default, error in underwriting or detected loan fraud.

Indemnification demand – On certain loans the Company has negotiated a set fee that is to be paid in lieu of repurchase. The fee varies by investor and by loan product type.

The Company believes the allowance for loan losses and the loan loss reserve represent probable loan losses incurred as of the balance sheet date.

Additional information related to the Loan Loss Reserve is included in Note 3.

Restricted Assets

Restricted Assets

Cemetery Perpetual Care Trust Investments

Cemetery Perpetual Care Trust Investments

Cemetery Land and Improvements

Deferred Policy Acquisition Costs and Value of Business Acquired

Deferred Policy Acquisition Costs and Value of Business Acquired

Value of business acquired is the present value of estimated future profits of the acquired business and is amortized similar to deferred policy acquisition costs.

Mortgage Servicing Rights

Mortgage Servicing Rights

Property and Equipment

Property and Equipment

Long-lived Assets

Derivative Instruments

Derivative Instruments

Mortgage Banking Derivatives

Loan Commitments

Forward Sale Commitments

Call and Put Option Derivatives

Allowance for Doubtful Accounts and Loan Losses and Impaired Loans

Allowance for Doubtful Accounts and Loan Losses and Impaired Loans

The Company records an allowance and recognizes an expense for potential losses from mortgage loans held for investment, other investments and receivables in accordance with GAAP.

Future Policy Benefits and Unpaid Claims

Participating Insurance

Participating Insurance

Recognition of Insurance Premiums and Other Considerations

Recognition of Insurance Premiums and Other Considerations

Reinsurance

Reinsurance

Pre-need Sales and Costs

Pre-need Sales and Costs

Revenues and costs for at-need sales are recorded when a valid contract exists, the services are performed, collection is reasonably assured and there are no significant obligations remaining.

Goodwill

Goodwill

Other Intangibles (trade name and customer lists)

Other Intangibles (trade name and customer lists)

Income Taxes

Income Taxes

Earnings Per Common Share

Earnings Per Common Share

Stock Based Compensation

Stock Based Compensation

Concentration of Credit Risk

Advertising

Advertising

The Company expenses advertising costs as incurred.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Accounting Standards Adopted in 2020

Accounting Standards Adopted in 2019

Accounting Standards Issued But Not Yet Adopted

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.

2) Investments (Tables)

12 Months Ended

Dec. 31, 2020

Table Text Block Supplement [Abstract]

Available for sale

The Company’s investments as of December 31, 2020 are summarized as follows:

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2020:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 42,381,805	$ 1,358,562	$ -	$ 43,740,367

Obligations of states and political subdivisions	5,383,762	312,214	(1,261)	5,694,715

Corporate securities including public utilities	186,067,912	27,216,496	(681,478)	212,602,930

Mortgage-backed securities	31,047,791	1,565,377	(267,106)	32,346,062

Redeemable preferred stock	269,214	3,391	-	272,605

Total fixed maturity securities available for sale	$ 265,150,484	$ 30,456,040	$ (949,845)	$ 294,656,679

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 9,698,490	$ 2,376,156	$ (750,407)	$ 11,324,239

Total equity securities at estimated fair value	$ 9,698,490	$ 2,376,156	$ (750,407)	$ 11,324,239

Mortgage loans held for investment at amortized cost:
Residential	$ 95,822,448
Residential construction	111,111,777
Commercial	46,836,866
Less: Unamortized deferred loan fees, net	(1,161,132)
Less: Allowance for loan losses	(2,005,127)
Less: Net discounts	(1,260,896)

Total mortgage loans held for investment	$ 249,343,936

Real estate held for investment - net of accumulated depreciation:
Residential	$ 24,843,743
Commercial	106,840,710

Total real estate held for investment	$ 131,684,453

Real estate held for sale:
Residential	$ 3,478,254
Commercial	4,400,553

Total real estate held for sale	$ 7,878,807

Other investments and policy loans at amortized cost:
Policy loans	$ 14,171,589
Insurance assignments	53,231,131
Federal Home Loan Bank stock (1)	2,506,600
Other investments	5,432,816
Less: Allowance for doubtful accounts	(1,645,475)

Total policy loans and other investments	$ 73,696,661

Accrued investment income	$ 5,360,523

Total investments	$ 773,945,298

(1) Includes $866,900 of Membership stock and $1,639,700 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 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 fixed maturity securities:

	Unrealized Losses for Less than Twelve Months	Fair Value	Unrealized Losses for More than Twelve Months	Fair Value	Total Unrealized Loss	Fair Value
At December 31, 2020
Obligations of States and Political Subdivisions	$ 1,261	$ 206,812	$ -	$ -	$ 1,261	$ 206,812
Corporate Securities	242,596	9,919,298	438,882	2,593,026	681,478	12,512,324
Mortgage and other asset-backed securities	266,522	3,455,574	584	51,961	267,106	3,507,535
Total unrealized losses	$ 510,379	$13,581,684	$ 439,466	2,644,987	$ 949,845	$16,226,671

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

Schedule of earnings on fixed maturity securities

	2020	2019
Balance of credit-related OTTI at January 1	$ -	$ -

Additions for credit impairments recognized on:
Securities not previously impaired	370,975	-
Securities previously impaired	-	-

Reductions for credit impairments previously recognized on:
Securities that matured or were sold during the period (realized)	-	-
Securities due to an increase in expected cash flows	-	-

Balance of credit-related OTTI at December 31	$ 370,975	$ -

Investments Classified by Contractual Maturity Date

Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized	Estimated Fair
	Cost	Value
Due in 1 year	$ 28,634,042	$ 28,831,983
Due in 2-5 years	66,183,907	70,910,775
Due in 5-10 years	70,162,166	78,592,046
Due in more than 10 years	68,853,364	83,703,208
Mortgage-backed securities	31,047,791	32,346,062
Redeemable preferred stock	269,214	272,605
Total	$ 265,150,484	$ 294,656,679

Gain (Loss) on Investments

	2020	2019
Fixed maturity securities available for sale:
Gross realized gains	$ 445,749	$ 459,286
Gross realized losses	(77,546)	(162,649)
Other than temporary impairments	(370,975)	-

Equity securities:
Gains on securities sold	74,836	256,520
Unrealized gains on securities held at the end of the period	1,125,304	1,086,116

Other assets:
Gross realized gains	2,342,418	2,844,673
Gross realized losses	(1,984,911)	(3,755,579)
Total	$ 1,554,875	$ 728,367

Schedule of Major categories of net investment income

Major categories of net investment income for the years ended December 31, were as follows:

	2020	2019
Fixed maturity securities available for sale	$ 12,233,394	$ 10,372,559
Equity securities	642,433	309,918
Mortgage loans held for investment	25,672,746	18,405,010
Real estate held for investment and sale	11,945,401	8,782,959
Policy loans	1,025,179	554,969
Insurance assignments	17,837,578	16,086,059
Other investments	126,013	184,439
Cash and cash equivalents	426,623	1,824,443
Gross investment income	69,909,367	56,520,356
Investment expenses	(13,579,564)	(13,500,883)
Net investment income	$ 56,329,803	$ 43,019,473

Commercial Real Estate Investment

The Company’s commercial real estate held for investment for the years ended December 31, is summarized as follows:

	Net Ending Balance		Total Square Footage
	2020	2019	2020	2019
Louisiana	$ 2,998,684	$ 6,009,079	84,841	125,114
Mississippi	2,914,498	2,951,478	21,521	21,521
Utah (1)	100,927,528	81,266,083	379,066	465,230

	$ 106,840,710	$ 90,226,640	485,428	611,865

(1) Includes Center53 phase 1 and phase 2 which is under construction.

The Company’s commercial real estate held for sale for the years ended December 31, is summarized as follows:

	Net Ending Balance		Total Square Footage
	2020	2019	2020	2019
Arizona (1)	$ -	$ 2,500	-	-
Kansas	4,000,000	4,800,000	222,679	222,679
Mississippi	151,553	318,322	12,300	12,300
Nevada	-	655,499	-	4,800
Texas (2)	249,000	300,000	-	-

	$ 4,400,553	$ 6,076,321	234,979	239,779

(1) Undeveloped land
(2) Improved commercial pad

Residential Real Estate Investment

The Company’s residential real estate held for investment for the years ended December 31, is summarized as follows:

	Net Ending Balance
	2020	2019
Florida	-	2,487,723
Nevada	-	293,516
Utah (1)	24,557,562	9,462,886
Washington (2)	286,181	286,181
	$ 24,843,743	$ 12,530,306

(1) Including subdivision land developments
(2) Improved residential lots

The Company’s residential real estate held for sale for the years ended December 31, is summarized as follows:

	Net Ending Balance
	2020	2019
California	-	640,452
Florida	744,322	1,300,641
Nevada	979,640	-
Ohio	10,000	10,000
Utah	1,744,292	5,880,213
Washington	-	190,000
	$ 3,478,254	$ 8,021,306

Schedule of subdivision land development

Additional information regarding the Company’s subdivision land developments in Utah for the years ended December 31, is summarized as follows:

	2020	2019
Lots available for sale	36	48
Lots to be developed	350	174
Ending Balance (1)	$ 23,777,478	$ 7,889,576

(1) The estimated remaining cost to complete the undeveloped lots is $17,354,000 and $1,900,000 as of December 31, 2020 and 2019, respectively.

Real Estate Owned and Occupied by the Company

As of December 31, 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 consolidated balance sheets

(2) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company

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

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

Allowance for Credit Losses and Recorded Investment in Mortgage Loans Held for Investment
Years Ended December 31

	Commercial	Residential	Residential Construction	Total
2020
Allowance for credit losses:
Beginning balance	$ 187,129	$ 1,222,706	$ 43,202	$ 1,453,037
Charge-offs	-	-	-	-
Provision	-	552,090	-	552,090
Ending balance	$ 187,129	$ 1,774,796	$ 43,202	$ 2,005,127

Ending balance: individually evaluated for impairment	$ -	$ 219,905	$ -	$ 219,905

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,554,891	$ 43,202	$ 1,785,222

Mortgage loans:
Ending balance	$ 46,836,866	$ 111,111,777	$ 95,822,448	$ 253,771,091

Ending balance: individually evaluated for impairment	$ 2,148,827	$ 7,932,680	$ 200,963	$ 10,282,470

Ending balance: collectively evaluated for impairment	$ 44,688,039	$ 103,179,097	$ 95,621,485	$ 243,488,621

2019
Allowance for credit losses:
Beginning balance	$ 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	$ 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

Age Analysis of Past Due Mortgage Loans Held for Investment
Years Ended December 31

	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
2020
Commercial	$ 233,200	$ 812,780	$ 2,148,827	$ -	$ 3,194,807	$ 43,642,059	$ 46,836,866	$ (187,129)	$ (32,557)	$ (880,721)	$ 45,736,459
Residential	5,866,505	2,048,148	5,669,583	2,263,097	15,847,333	79,975,115	95,822,448	(1,774,796)	(909,864)	(380,175)	92,757,613
Residential Construction	127,191	-	-	200,963	328,154	110,783,623	111,111,777	(43,202)	(218,711)	-	110,849,864

Total	$ 6,226,896	$ 2,860,928	$ 7,818,410	$ 2,464,060	$ 19,370,294	$ 234,400,797	$ 253,771,091	$ (2,005,127)	$ (1,161,132)	$ (1,260,896)	$ 249,343,936

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) There was not any interest income 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:

Impaired Loans
Years Ended December 31
	Recorded Investment	Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized
2020
With no related allowance recorded:
Commercial	$ 2,148,827	$ 2,148,827	$ -	$ 1,866,819	$ -
Residential	6,415,419	6,415,419	-	5,010,078	-
Residential construction	200,963	200,963	-	555,278	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,517,261	1,517,261	219,905	1,182,368	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ 2,148,827	$ 2,148,827	$ -	$ 1,866,819	$ -
Residential	7,932,680	7,932,680	219,905	6,192,446	-
Residential construction	200,963	200,963	-	555,278	-

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:

Mortgage Loans Held for Investment Credit Exposure
Credit Risk Profile Based on Payment Activity
Years Ended December 31

	Commercial		Residential		Residential Construction		Total
	2020	2019	2020	2019	2020	2019	2020	2019

Performing	$ 44,688,039	$ 34,229,501	$ 87,889,768	$109,291,758	$ 110,910,814	$ 88,775,237	$ 243,488,621	$ 232,296,496
Non-performing	2,148,827	4,488,719	7,932,680	3,752,207	200,963	655,000	10,282,470	8,895,926

Total	$ 46,836,866	$ 38,718,220	$ 95,822,448	$113,043,965	$ 111,111,777	$ 89,430,237	$ 253,771,091	$ 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.

	Mortgage Loans on Non-accrual Status
	Years Ended December 31
	2020	2019
Commercial	$ 2,148,827	$ 4,488,719
Residential	7,932,680	3,752,207
Residential construction	200,963	655,000
Total	$ 10,282,470	$ 8,895,926

Schedule of principal payments

Expected principal payments may differ from contractual obligations because certain borrowers may elect to pay off mortgage obligations with or without early payment penalties.

		Principal	Principal	Principal
		Amounts	Amounts	Amounts
		Due in	Due in	Due
	Total	1 Year	2-5 Years	Thereafter
Residential	$ 95,822,448	$ 11,202,899	$ 17,774,238	$ 66,845,311
Residential Construction	111,111,777	$ 103,391,044	$ 7,720,733	-
Commercial	46,836,866	27,111,325	11,101,138	8,624,403
Total	$ 253,771,091	$ 141,705,268	$ 36,596,109	$ 75,469,714

3) Loans Held For Sale (Tables)

12 Months Ended

Dec. 31, 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 balance of loans held for sale for the periods presented:

	As of December 31 2020	As of December 31 2019

Aggregate fair value	$ 422,772,418	$ 213,457,632
Unpaid principal balance	406,407,323	206,417,122
Unrealized gain	16,365,095	7,040,510

Schedule of Mortgage Fee Income for Loans Held for Sale

Major categories of mortgage fee income for loans held for sale for the years ended December 31, were as follows:

	2020	2019
Loan fees	$ 43,432,532	$ 28,660,966
Interest income	10,628,581	6,978,930
Secondary gains	231,759,342	93,581,956
Change in fair value of loan commitments	7,637,377	899,417
Change in fair value of loans held for sale	10,413,492	2,498,097
Provision for loan loss reserve	(4,938,214)	(643,284)
Mortgage fee income	$ 298,933,110	$ 131,976,082

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

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

	December 31
	2020	2019
Balance, beginning of period	$ 4,046,288	$ 3,604,869
Provision for current loan originations (1)	4,938,214	643,284
Additional provision for loan loss reserve	16,506,030	-
Charge-offs, net of recaptured amounts	(4,906,914)	(201,865)
Balance, at December 31	$ 20,583,618	$ 4,046,288

(1) Included in Mortgage fee income

4) Receivables (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of Receivables

Receivables consist of the following:

	December 31
	2020	2019
Trade contracts	$ 4,119,988	$ 2,795,471
Receivables from sales agents	2,677,774	2,962,571
Other	5,786,827	5,202,444
Total receivables	12,584,589	10,960,486
Allowance for doubtful accounts	(1,685,382)	(1,724,156)
Net receivables	$ 10,899,207	$ 9,236,330

5) Value of Business Acquired, Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Value of Business Acquired

Information with regard to value of business acquired was as follows:

	December 31
	2020	2019
Balance at beginning of year	$ 9,876,647	$ 5,765,190
Value of business acquired	-	4,962,831	(1)
Imputed interest at 7% included in earnings	670,565	472,916
Amortization included in earnings	(1,457,390)	(1,320,456)
Shadow amortization included in other comprehensive income	(134,573)	(3,834)
Net amortization	(921,398)	(851,374)
Balance at end of year	$ 8,955,249	$ 9,876,647

(1) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company

Schedule of Carrying Value of Intangible Asset

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

		December 31
	Useful Life	2020	2019
Intangible asset - customer lists	15 years	$ 890,000	$ 890,000
Intangible asset - trade name (1)	15 years	$ 610,000	$ 610,000
Less accumulated amortization		(197,334)	(98,222)
Balance at end of year		$ 1,302,666	$ 1,401,778

(1) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company

Schedule of Goodwill by Segment

Information regarding goodwill by segment was as follows:

	Life Insurance	Cemetery/Mortuary		Total
Balance at January 1, 2019:
Goodwill	$ 2,765,570	$ -		$ 2,765,570
Accumulated impairment	-	-		-
Total goodwill, net	2,765,570	-		2,765,570

Acquisition	-	754,018	(1)	754,018

Balance at December 31, 2019:
Goodwill	2,765,570	754,018		3,519,588
Accumulated impairment	-	-		-
Total goodwill, net	2,765,570	754,018		3,519,588

Acquisition	-	-		-

Balance at December 31, 2020:
Goodwill	2,765,570	754,018		3,519,588
Accumulated impairment	-	-		-
Total goodwill, net	$ 2,765,570	$ 754,018		$ 3,519,588

(1) See Note 20 regarding the acquisition of Probst Family Funerals and Cremations and Heber Valley Funeral Home

6) Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The cost of property and equipment is summarized below:

	December 31
	2020	2019
Land and buildings	$ 11,972,802	$ 15,131,301
Furniture and equipment	19,679,682	18,987,984
	31,652,484	34,119,285
Less accumulated depreciation	(19,179,139)	(19,518,891)
Total	$ 12,473,345	$ 14,600,394

7) Bank and Other Loans Payable (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of Bank Loans Payable

Bank and other loans payable are summarized as follows:

	December 31
	2020	2019
2.25% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate note payable in monthly principal payments of $13,167 plus interest, collateralized by real property, paid in full November 2020.	$ -	$ 2,659,769

4.27% fixed note payable in monthly installments of $53,881 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2021.	633,890	1,238,619

Prime rate note payable in monthly installments of $75,108 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2024.	3,257,113	4,000,000

4.40% fixed note payable in monthly installments of $46,825 including principal and interest, collateralized by real property, paid in full April 2020.	-	7,247,651

4.329% fixed note payable in monthly installments of $9,775 including principal and interest, collateralized by real property with a book value of approximately $3,174,000, due September 2025.	1,861,920	1,896,450

2.5% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate construction loan payable in monthly principal payments of $113,000 plus interest, collateralized by real property with a book value of approximately $50,689,000, due March 2021.	35,091,364	33,811,559

4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $17,655,000, due June 2028.	9,200,000	9,200,000

1 month LIBOR rate plus 2.1% loan purchase agreement with a warehouse line availability of $150,000,000, matures June 2021.	116,598,834	88,509,536

1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of $175,000,000, matures November 2021.	68,766,572	67,537,600

1 month LIBOR rate plus 2.5% loan purchase agreement with a warehouse line availability of $90,000,000, matures May 2021.	60,715,374	-

1 month LIBOR rate plus 2.5% loan purchase agreement with a warehouse line availability of $5,000,000, matures August 2021.	317,582	-

Other short-term borrowings (1)	1,250,000	1,250,000

Finance lease liabilities	104,951	153,439

Other loans payable	26,768	67,989
Total bank and other loans	297,824,368	217,572,612

Less current installments	284,250,996	192,985,602
Bank and other loans, excluding current installments	$ 13,573,372	$ 24,587,010

(1) Revolving Line of Credit

Schedule of combined maturities of bank loans payable, lines of credit and notes and contracts payable

The following tabulation shows the combined maturities of bank and other loans payable:

2021	$ 284,242,327
2022	884,383
2023	926,186
2024	937,315
2025	1,634,157
Thereafter	9,200,000
Total	$ 297,824,368

8) Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets (Tables)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Schedule of the components of the cemetery perpetual care obligation

The components of the cemetery perpetual care investments and obligation are as follows:

	December 31
	2020	2019
Cash and cash equivalents	$ 402,913	$ 1,306,740
Fixed maturity securities, available for sale, at estimated fair value	747,767	975,673
Equity securities, at estimated fair value	2,062,303	1,605,451
Commerical mortgage loans held for investment	-	524,000
Participating interests in residential construction mortgage loans held for investment with Security National Life	1,468,600	-
Real estate held for investment	1,731,584	-
Note receivables from Cottonwood Mortuary, Singing Hills
Cemetery and Memorial Estates eliminated in consolidation	-	1,541,120
Total cemetery perpetual care trust investments	6,413,167	5,952,984
Cemetery perpetual care obligation	(4,087,704)	(3,933,719)
Trust investments in excess of trust obligations	$ 2,325,463	$ 2,019,265

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds

Restricted assets are summarized as follows:

	December 31
	2020	2019
Cash and cash equivalents (1)	$ 8,842,744	$ 8,674,214
Fixed maturity securities, available for sale, at estimated fair value	1,473,637	1,008,867
Equity securities, at estimated fair value	2,515,778	1,976,480
Participating interests in mortgage loans held for investment with Security National Life	3,317,877	2,275,756
Total	$ 16,150,036	$ 13,935,317

(1) Including cash and cash equivalents of $8,524,999 and $7,170,092 as of December 31, 2020 and 2019, respectively, for the life insurance and mortgage segments.

9) Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

Summary of Income Tax Liability

The Company’s income tax liability is summarized as follows:

	December 31
	2020	2019
Current	$ 2,595,877	$ 1,410,153
Deferred	22,662,923	17,276,819
Total	$ 25,258,800	$ 18,686,972

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax (assets) and liabilities are approximately as follows:

	December 31
	2020	2019
Assets
Future policy benefits	$ (12,657,045)	$ (12,450,229)
Loan loss reserve	(5,352,942)	(1,053,256)
Unearned premium	(699,011)	(760,556)
Net operating loss	(334,085)	(438,420)
Deferred compensation	(2,833,298)	(1,996,865)
Deposit obligations	(610,041)	(619,633)
Other	(1,269,533)	(1,020,718)
Less: Valuation allowance	961,920	2,439,394
Total deferred tax assets	(22,794,035)	(15,900,283)

Liabilities
Deferred policy acquisition costs	16,430,001	15,536,717
Basis difference in property, equipment and real estate	5,312,787	3,638,512
Value of business acquired	1,880,602	2,074,096
Deferred gains	12,124,226	5,169,104
Trusts	1,064,387	1,064,387
Tax on unrealized appreciation	8,644,955	5,694,286
Total deferred tax liabilities	45,456,958	33,177,102
Net deferred tax liability	$ 22,662,923	$ 17,276,819

Schedule of Components of Income Tax Expense (Benefit)

The Company’s income tax expense is summarized as follows for the years ended December 31:

	2020	2019
Current
Federal	$ 10,678,612	$ 4,404,041
State	2,320,233	504,272
	12,998,845	4,908,313

Deferred
Federal	2,677,943	(1,551,725)
State	176,726	(306,172)
	2,854,669	(1,857,897)

Total	$ 15,853,514	$ 3,050,416

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax expense at the U.S. federal statutory rates is as follows:

	2020	2019
Computed expense at statutory rate	$ 15,004,527	$ 2,928,226
State tax expense, net of federal tax benefit	1,972,598	156,499
Change in valuation allowance	(1,477,474)	194,364
Other, net	353,863	(228,673)
Income tax expense	$ 15,853,514	$ 3,050,416

Summary of Operating Loss Carryforwards

Net Operating Losses and Tax Credit Carryforwards:

Year of Expiration
2021	$ 17,100
2022	-
2023	-
2024	-
2025	-
Thereafter up through 2037	1,405,155

	$ 1,422,255

12) Capital Stock (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	2020	2019
Numerator:
Net earnings	$ 55,596,613	$ 10,893,519

Denominator:
Denominator for basic earnings
per share-weighted-average shares	18,831,991	18,562,056

Effect of dilutive securities
Employee stock options	443,260	127,608
Dilutive potential common shares	443,260	127,608

Denominator for diluted earnings
per share-adjusted weighted-average
shares and assumed conversions	19,275,251	18,689,664

Basic earnings per share	$2.95	$0.59
Diluted earnings per share	$2.88	$0.58

13) Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

Table Text Block Supplement [Abstract]

Schedule of Assumptions Used

The following table summarizes the assumptions used in estimating the fair value of each option granted along with the weighted-average fair value of the options granted:

			Assumptions
Grant Date	Plan	Weighted-Average Fair Value of Each Option	Expected Dividend Yield	Underlying stock FMV	Weighted-Average Volatility	Weighted-Average Risk-Free Interest Rate	Weighted-Average Expected Life (years)
March 27, 2020	All Plans	$ 0.65	5%	$ 3.76	32.29%	1.64%	4.82

December 6, 2019	All Plans	$ 0.96	5%	$ 5.19	32.79%	1.64%	4.83

January 17, 2019	All Plans	$ 1.12	5%	$ 4.98	36.04%	2.56%	5.31

Schedule of Activity of Stock Option Plans

Activity of the stock option plans is summarized as follows:

	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
Adjustment for the effect of stock dividends	51,018		28,295
Granted	81,000		180,000
Exercised	(45,834)		(191,443)
Cancelled	(11,405)		-

Outstanding at December 31, 2019	1,086,053	$ 4.41	594,132	$ 5.36
Adjustment for the effect of stock dividends	27,968		19,354
Granted	77,000		180,000
Exercised	(116,487)		(130,820)
Cancelled	(1,671)		-

Outstanding at December 31, 2020	1,072,863	$ 4.33	662,666	$ 4.73

Exercisable at end of year	1,053,903	$ 4.45	616,542	$ 4.91

Available options for future grant	325,372		266,500

Weighted average contractual term of options
outstanding at December 31, 2020	5.50 years		6.71 years

Weighted average contractual term of options
exercisable at December 31, 2020	5.43 years		6.63 years

Aggregated intrinsic value of options outstanding
at December 31, 2020 (1)	$4,311,983		$2,396,954

Aggregated intrinsic value of options exercisable
at December 31, 2020 (1)	$4,223,251		$2,183,399

(1) The Company used a stock price of $8.35 as of December 31, 2020 to derive intrinsic value.

14) Statutory Financial Information and Dividend Limitations (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Schedule of statutory accounting practices

	Statutory Net Income			Statutory Capital and Surplus
	2020	2019		2020	2019
Amounts by insurance subsidiary:
Security National Life Insurance Company	$ 6,054,764	$ 3,589,552		$ 53,089,185	$ 49,390,181
Kilpatrick Life Insurance Company	1,574,128	12,752,100	(1)	15,177,996	15,208,071
First Guaranty Insurance Company	790,221	1,078,733		7,045,644	6,352,670
Memorial Insurance Company of America	55	(107)		1,088,034	1,088,559
Southern Security Life Insurance Company, Inc.	183	87		1,581,647	1,588,396
Trans-Western Life Insurance Company	(1,527)	3,773		510,636	512,163
Total	$ 8,417,824	$17,424,138		$ 78,493,142	$ 74,140,040

(1) Includes 12 months even though Kilpatrick Life Insurance Company wasn't acquired by the Company until December 2019.

15) Business Segments Information (Tables)

12 Months Ended

Dec. 31, 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.

	2020
	Life	Cemetery/		Intercompany
	Insurance	Mortuary	Mortgage	Eliminations	Consolidated
Revenues:
From external sources:
Revenue from customers	$ 93,020,617	$ 20,307,435	$ 298,933,110	$ -	$ 412,261,162
Net investment income	54,811,486	807,695	710,622	-	56,329,803
Gains on investments and other assets	2,088,541	(162,652)	(39)	-	1,925,850
Other than temporary impairments	(370,975)	-	-	-	(370,975)
Other revenues	1,491,585	94,349	9,731,548	-	11,317,482
Intersegment revenues:
Net investment income	8,022,503	351,505	716,240	(9,090,248)	-
Total revenues	159,063,757	21,398,332	310,091,481	(9,090,248)	481,463,322
Expenses:
Death, surrenders and other policy benefits	62,841,360	-	-	-	62,841,360
Increase in future policy benefits	23,568,650	-	-	-	23,568,650
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	13,618,204	689,221	-	-	14,307,425
Selling, general and administrative expenses:
Commissions	4,149,241	1,506,320	118,770,736	-	124,426,297
Personnel	25,449,100	5,669,367	53,871,504	-	84,989,971
Advertising	614,114	391,836	4,374,946	-	5,380,896
Rent and rent related	861,602	89,253	5,922,706	-	6,873,561
Depreciation on property and equipment	843,335	488,570	746,833	-	2,078,738
Provision for loan loss reserve	-	-	16,506,030	-	16,506,030
Cost related to funding mortgage loans	-	-	9,877,700	-	9,877,700
Intersegment	621,161	142,999	580,976	(1,345,136)	-
Other	11,808,818	4,417,805	31,104,479	-	47,331,102
Interest expense:
Intersegment	410,024	152,175	7,182,913	(7,745,112)	-
Other	2,354,760	198,968	6,025,082	-	8,578,810
Costs of goods and services sold-mortuaries and cemeteries	-	3,252,655	-	-	3,252,655
Total benefits and expenses	147,140,369	16,999,169	254,963,905	(9,090,248)	410,013,195
Earnings before income taxes	$ 11,923,388	$ 4,399,163	$ 55,127,576	$ -	$ 71,450,127
Income tax benefit (expense)	(1,433,901)	(1,009,137)	(13,410,476)	-	(15,853,514)
Net earnings	$ 10,489,487	$ 3,390,026	$ 41,717,100	$ -	$ 55,596,613

Identifiable assets	$ 1,171,158,235	$ 56,335,498	$ 408,325,196	$ (90,398,039)	$ 1,545,420,890

Goodwill	$ 2,765,570	$ 754,018	$ -	$ -	$ 3,519,588

	2019
	Life	Cemetery/		Intercompany
	Insurance	Mortuary	Mortgage	Eliminations	Consolidated
Revenues:
From external sources:
Revenue from customers	$ 81,860,610	$ 15,296,235	$ 131,976,082	$ -	$ 229,132,927
Net investment income	41,610,831	579,995	828,647	-	43,019,473
Gains on investments and other assets	138,330	530,098	59,939	-	728,367
Other revenues	2,128,961	95,197	7,956,005	-	10,180,163
Intersegment revenues:
Net investment income	4,455,034	443,548	508,637	(5,407,219)	-
Total revenues	130,193,766	16,945,073	141,329,310	(5,407,219)	283,060,930
Expenses:
Death, surrenders and other policy benefits	44,911,805	-	-	-	44,911,805
Increase in future policy benefits	23,568,497	-	-	-	23,568,497
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	14,199,152	435,425	-	-	14,634,577
Selling, general and administrative expenses:
Commissions	3,632,780	1,084,079	52,046,032	-	56,762,891
Personnel	20,311,591	5,177,810	38,731,869	-	64,221,270
Advertising	595,118	368,173	3,821,267	-	4,784,558
Rent and rent related	451,380	47,525	6,556,551	-	7,055,456
Depreciation on property and equipment	477,247	428,633	805,489	-	1,711,369
Cost related to funding mortgage loans	-	-	6,278,954	-	6,278,954
Intersegment	412,853	180,594	544,463	(1,137,910)	-
Other	11,769,097	3,241,023	19,912,641	-	34,922,761
Interest expense:
Intersegment	490,756	154,615	3,623,938	(4,269,309)	-
Other	2,808,081	288,768	4,289,839	-	7,386,688
Costs of goods and services sold-mortuaries and cemeteries	-	2,878,169	-	-	2,878,169
Total benefits and expenses	123,628,357	14,284,814	136,611,043	(5,407,219)	269,116,995
Earnings before income taxes	$ 6,565,409	$ 2,660,259	$ 4,718,267	$ -	$ 13,943,935
Income tax benefit (expense)	(1,085,848)	(649,144)	(1,315,424)	-	(3,050,416)
Net earnings	$ 5,479,561	$ 2,011,115	$ 3,402,843	$ -	$ 10,893,519

Identifiable assets	$ 1,110,641,526	$ 81,014,182	$ 249,970,323	$ (110,701,544)	$ 1,330,924,487

Goodwill	$ 2,765,570	$ 754,018	$ -	$ -	$ 3,519,588

17) Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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	$ 294,656,679	$ -	$ 292,455,504	$ 2,201,175
Equity securities	11,324,239	11,324,239	-	-
Loans held for sale	422,772,418	-	-	422,772,418
Restricted assets (1)	1,473,637	-	1,473,637	-
Restricted assets (2)	2,515,778	2,515,778	-	-
Cemetery perpetual care trust investments (1)	747,767	-	747,767	-
Cemetery perpetual care trust investments (2)	2,062,303	2,062,303	-	-
Derivatives - loan commitments (3)	12,592,672	-	-	12,592,672
Total assets accounted for at fair value on a recurring basis	$ 748,145,493	$ 15,902,320	$ 294,676,908	$ 437,566,265

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$ (43,097)	$ (43,097)	$ -	$ -
Derivatives - loan commitments (4)	(2,464,062)	-	-	(2,464,062)
Total liabilities accounted for at fair value on a recurring basis	$ (2,507,159)	$ (43,097)	$ -	$ (2,464,062)

(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 consolidated balance sheets
(4) Included in other liabilities and accrued expenses on the consolidated balance sheets

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 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
	12/31/2020	Technique	Input(s)	Value	Value	Average
Loans held for sale	$422,772,418	Market approach	Investor contract pricing as a percentage of unpaid principal balance	99.0%	110.0%	104.0%

Derivatives - loan commitments (net)	10,128,610	Market approach	Pull-through rate	52.0%	92.0%	81.0%
			Initial-Value	N/A	N/A	N/A
			Servicing	0 bps	184 bps	58 bps

Fixed maturity securities available for sale	2,201,175	Broker quotes	Pricing quotes	$ 90.83	$ 119.33	$ 113.47

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	Pull-through rate	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 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, 2019	$ 2,491,233		$ 213,457,632		$ 3,216,382
Originations/purchases	-		5,627,013,749		-
Sales, maturities and paydowns	-		(5,600,045,285)		(1,042,400)
Transfer to mortgage loans held for investment	-		(16,960,549)		-
Total gains (losses):
Included in earnings	7,637,377	(1)	199,306,871	(1)	3,408	(2)
Included in other comprehensive income	-		-		23,785

Balance - December 31, 2020	$ 10,128,610		$ 422,772,418		$ 2,201,175

(1) As a component of mortgage fee income on the consolidated statements of earnings
(2) As a component of net investment income on the consolidated statements of earnings

Following is a summary of changes in the 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, maturities and paydowns	-	(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 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	$ 1,297,356	$ -	$ -	$ 1,297,356
Impaired real estate held for sale	4,249,000	-	-	4,249,000
Total assets accounted for at fair value on a nonrecurring basis	$ 5,546,356	$ -	$ -	$ 5,546,356

	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 December 31, 2020:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$ 92,757,613	$ -	$ -	$ 100,384,283	$ 100,384,283
Residential construction	110,849,864	-	-	110,849,864	110,849,864
Commercial	45,736,459	-	-	45,259,425	45,259,425
Mortgage loans held for investment, net	$ 249,343,936	$ -	$ -	$ 256,493,572	$ 256,493,572
Policy loans	14,171,589	-	-	14,171,589	14,171,589
Insurance assignments, net (1)	51,585,656	-	-	51,585,656	51,585,656
Restricted assets (2)	3,317,877	-	-	3,317,877	3,317,877
Cemetery perpetual care trust investments (2)	1,468,600	-	-	1,468,600	1,468,600
Mortgage servicing rights, net	35,210,516	-	-	38,702,358	38,702,358

Liabilities
Bank and other loans payable	$(297,824,368)	$ -	$ -	$ (297,824,368)	$ (297,824,368)
Policyholder account balances (3)	(44,026,809)	-	-	(42,220,725)	(42,220,725)
Future policy benefits - annuities (3)	(106,522,113)	-	-	(112,354,186)	(112,354,186)

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

18) Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Changes in accumulated other comprehensive income

The following summarizes the changes in accumulated other comprehensive income:

	December 31
	2020	2019

Unrealized gains on fixed maturity securities available for sale	$ 12,016,464	$ 17,315,770
Amounts reclassified into net earnings	(2,772)	-
Net unrealized gains before taxes	12,013,692	17,315,770
Tax expense	(2,522,876)	(3,636,311)
Net	9,490,816	13,679,459
Unrealized gains on restricted assets (1)	41,225	35,550
Tax expense	(10,269)	(8,856)
Net	30,956	26,694
Unrealized gains on cemetery perpetual care trust investments (1)	(6,817)	29,904
Tax expense	1,698	(7,449)
Net	(5,119)	22,455
Unrealized gains for foreign currency translations adjustments	(46)	972
Tax expense	12	(243)
Net	(34)	729
Other comprehensive income changes	$ 9,516,619	$ 13,729,337
_______________
(1) Fixed maturity securities available for sale

Accumulated Balances of Other Comprehensive Income

The following is the accumulated balances of other comprehensive income as of December 31, 2020:

	Beginning Balance December 31, 2019	Change for the period	Ending Balance December 31, 2020
Unrealized gains on fixed maturity securities available for sale	$ 13,679,459	$ 9,490,816	$ 23,170,275
Unrealized gains on restricted assets (1)	26,694	30,956	57,650
Unrealized gains (losses) on cemetery perpetual care trust investments (1)	22,455	(5,119)	17,336
Foreign currency translation adjustments	(2,094)	(34)	(2,128)
Other comprehensive income	$ 13,726,514	$ 9,516,619	$ 23,243,133

(1) Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income as of December 31, 2019:

	Beginning Balance December 31, 2018	Change for the period	Ending Balance December 31, 2019
Unrealized gains on fixed maturity securities available for sale	$ -	$ 13,679,459	$ 13,679,459
Unrealized gains on restricted assets (1)	-	26,694	26,694
Unrealized gains on cemetery perpetual care trust investments (1)	-	22,455	22,455
Foreign currency translation adjustments	(2,823)	729	(2,094)
Other comprehensive income (loss)	$ (2,823)	$ 13,729,337	$ 13,726,514

(1) Fixed maturity securities available for sale

19) Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Table Text Block Supplement [Abstract]

Schedule of Derivative Assets at Fair Value

The following table shows the fair value and notional amounts of derivative instruments as of December 31, 2020 and 2019.

	Fair Values and Notional Amounts of Derivative Instruments
		December 31, 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	$659,245,038	$12,592,672	$2,464,062	$224,202,514	$2,722,580	$231,347
Call options	Other liabilities	1,873,200	--	43,097	1,813,500	--	62,265
Put options	Other liabilities	--	--	--	1,573,100	--	22,282
Total		$661,118,238	$12,592,672	$2,507,159	$227,589,114	$2,722,580	$315,894

Schedule of Gains and Losses on Derivatives

		Net Amount Gain (Loss)
		Years ended December 31
Derivative	Classification	2020	2019
Loan commitments	Mortgage fee income	$ 7,637,377	$ 899,417

Call and put options	Gains on investments and other assets	$ 272,758	$ 626,208

20) Acquisitions (Tables)

12 Months Ended

Dec. 31, 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

Fair value of net assets acquired/consideration paid, net of cash acquired	$ 3,261,788

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

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.

21) Mortgage Servicing Rightss (Tables)

12 Months Ended

Dec. 31, 2020

Table Text Block Supplement [Abstract]

Schedule of Mortgage Servicing Rights

The following table presents the MSR activity for the periods presented.

	December 31
	2020	2019
Amortized cost:
Balance before valuation allowance at beginning of year	$ 17,155,529	$ 20,016,822
MSR additions resulting from loan sales	29,896,465	4,194,502
Amortization (1)	(11,841,478)	(7,055,795)
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance before valuation allowance at year end	$ 35,210,516	$ 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 year end	$ -	$ -

Mortgage servicing rights, net	$ 35,210,516	$ 17,155,529

Estimated fair value of MSRs at year end	$ 38,702,358	$ 22,784,571

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

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

Therefore, the following estimates will change in a manner and amount not presently determinable by management.

		Estimated MSR Amortization
2021		$ 4,724,439
2022		3,582,811
2023		3,030,850
2024		2,574,323
2025		2,200,840
Thereafter		19,097,253
Total		$ 35,210,516

Schedule of Other Revenues

	2020	2019
Contractual servicing fees	$ 8,940,612	$ 7,212,164
Late fees	305,962	365,477
Total	$ 9,246,574	$ 7,577,641

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:

	Years Ended December 31
	2020	2019
Servicing UPB	$ 5,070,287,864	$ 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
December 31, 2020	15.60	5.30	9.50
December 31, 2019	15.30	5.27	9.51

22) Future Policy Benefits and Unpaid Claims (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Schedule of Liability for Future Policy Benefits, by Product Segment

The following table provides information regarding future policy benefits and unpaid claims and the related receivable from reinsurers.

	Years Ended September 30
	2020	2019
Life	$ 674,230,463	$654,585,723
Annuities	109,522,112	113,579,831
Policyholder account balances	44,026,809	45,154,180
Accident and health	651,140	667,428
Other policyholder funds	4,354,746	4,530,227
Reported but unpaid claims	8,689,723	4,891,922
Incurred but not reported claims	3,315,094	2,191,607

Gross future policy benefits and unpaid claims	$ 844,790,087	$825,600,918

Receivable from reinsurers

Life	10,841,567	11,040,398
Annuities	4,047,301	4,038,007
Accident and health	90,231	90,113
Reported but unpaid claims	571,057	569,250
Incurred but not reported claims	19,000	10,000

Total receivable from reinsurers	15,569,156	15,747,768

Net future policy benefits and unpaid claims	$ 829,220,931	$809,853,150

23) Revenues From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 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 (12/31/2020)	4,119,988	-	13,080,179
Increase/(decrease)	1,341,109	-	472,201

	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 consolidated balance sheets

Schedule of Opening and Closing Balances of the Assets and Liabilities

The following table disaggregates the opening and closing balances of the Company’s contract balances.

	Contract Balances
	Contract Asset	Contract Liability
Pre-need merchandise and services	$ -	$ 12,325,437
At-need specialty merchandise	-	282,541
Pre-need land sales	-	-
Opening (1/1/2020)	$ -	$ 12,607,978

Pre-need merchandise and services	$ -	$ 12,545,753
At-need specialty merchandise	-	534,426
Pre-need land sales	-	-
Closing (12/31/2020)	$ -	$ 13,080,179

	Contract Balances
	Contract Asset	Contract Liability
Pre-need merchandise and services	$ -	$ 12,175,943
At-need specialty merchandise	-	327,302
Pre-need land sales	-	5,380
Opening (1/1/2019)	$ -	$ 12,508,625

Pre-need merchandise and services	$ -	$ 12,325,437
At-need specialty merchandise	-	282,541
Pre-need land sales	-	-
Closing (12/31/2019)	$ -	$ 12,607,978

Revenues of the Cemetery and Mortuary Contracts

The following table disaggregates revenue for the Company’s cemetery and mortuary contracts.

	Years Ended December 31
	2020	2019
Major goods/service lines
At-need	$ 15,212,822	$ 12,334,777
Pre-need	5,094,613	2,961,458
	$ 20,307,435	$ 15,296,235

Timing of Revenue Recognition
Goods transferred at a point in time	$ 13,438,592	$ 10,133,723
Services transferred at a point in time	6,868,843	5,162,512
	$ 20,307,435	$ 15,296,235

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

The following table disaggregates contract costs that are included in deferred policy and pre-need contract acquisition costs on the consolidated balances sheets.

	Years Ended December 31
	2020	2019
Pre-need merchandise and services	$ 3,601,638	$ 3,590,266
At-need specialty merchandise	5,302	10,688
Pre-need land sales	-	-
	$ 3,606,940	$ 3,600,954

24) Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Lease Cost Recognized in Earnings

The following table presents the Company’s total lease cost recognized in earnings, amounts capitalized as right-of- use assets and cash flows from lease transactions for the period presented:

	Year Ended December 31	Year Ended December 31
	2020	2019
Lease Cost
Finance lease cost:
Amortization of right-of-use assets (1)	$ 58,576	$ 38,351
Interest on lease liabilities (2)	7,341	9,001
Operating lease cost (3)	5,408,737	5,706,490
Short-term lease cost (3)(4)	222,311	233,318
Sublease income (3)	(394,758)	(663,242)
Total lease cost	$ 5,302,207	$ 5,323,918

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 5,293,901	$ 5,567,761
Operating cash flows from finance leases	7,341	9,001
Financing cash flows from finance leases	56,982	95,931

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 5,631,193	$ 16,544,406
Finance leases	8,494	252,763

Weighted-average remaining lease term (in years)
Finance leases	2.74	3.23
Operating leases	5.40	4.67

Weighted-average discount rate
Finance leases	5.59%	5.47%
Operating leases	4.87%	5.06%

(1) Included in Depreciation on property and equipment on the consolidated statements of earnings
(2) Included in Interest expense on the consolidated statements of earnings
(3) Included in Rent and rent related expenses on the consolidated statements of earnings
(4) Includes leases with a term of 12 months or less

Schedule of Future Minimum Rental Payments for Operating Leases

The following table presents the maturity analysis of the Company’s lease liabilities.

	Finance Leases	Operating Leases
Lease payments due in:
2021	$ 46,898	$ 4,344,756
2022	34,458	3,004,271
2023	27,220	2,088,028
2024	4,354	1,567,924
2025	692	837,526
Thereafter	-	2,938,906
Total undiscounted lease payments	113,622	14,781,411
Less: Discount on cash flows	(8,671)	(2,859,527)
Present value of lease liabilities	$ 104,951	$ 11,921,884

Right-of-Use Assets and Lease Liabilities TextBlock

The following table presents the Company’s right-of-use assets and lease liabilities for the period presented:

	Balance Sheet Location	Year Ended December 31 2020	Year Ended December 31 2019
Operating Leases
Right-of-use assets	Other assets	$ 11,663,245	$ 11,267,247

Lease liabilities	Other liabilities and accrued expenses	$ 11,921,884	$ 11,405,976

Finance Leases
Right-of-use assets		$ 254,276	$ 248,565
Accumulated amortization		(154,144)	(98,351)
Right-of-use assets, net	Property and equipment, net	$ 100,132	$ 150,214

Lease liabilities	Bank and other loans payable	$ 104,951	$ 153,439

2) Investments: Available for sale (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Available for sale securities, Amortized Cost

$ 265,150,484

$ 338,629,810

Available for sale securities, Estimated fair value

294,656,679

355,977,820

Mortgage loans on real estate and construction

249,343,936

236,694,546

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

(1,161,132)

(2,391,567)

Mortgage loans on real estate and construction, allowance for losses

(2,005,127)

(1,453,037)

Mortgage loans on real estate and construction, Discount

(1,260,896)

(653,272)

Real estate held for investment, net of depreciation

131,684,453

102,756,946

Real estate held for sale

7,878,807

14,097,627

Policy loans

14,171,589

14,762,805

Insurance assignments

53,231,131

41,062,965

Federal Home Loan Bank stock

2,506,600

^[1]

894,300

^[2]

Other investments

5,432,816

4,973,225

Allowance for doubtful accounts

(1,645,475)

(1,448,026)

Total policy loans and other investments

73,696,661

60,245,269

Accrued investment income

5,360,523

4,833,232

Total investments

773,945,298

781,876,605

Total

Available for sale securities, Amortized Cost

265,150,484

338,629,810

Available for sale securities, Unrecognized Holding Gain

30,456,040

18,085,841

Available for sale securities, Unrecognized Holding Loss

(949,845)

(737,831)

Available for sale securities, Estimated fair value

355,977,820

US Treasury Securities

Available for sale securities, Amortized Cost

42,381,805

142,740,641

Available for sale securities, Unrecognized Holding Gain

1,358,562

632,185

Available for sale securities, Unrecognized Holding Loss

(25,215)

Available for sale securities, Estimated fair value

143,347,611

US States and Political Subdivisions Debt Securities

Available for sale securities, Amortized Cost

5,383,762

7,450,366

Available for sale securities, Unrecognized Holding Gain

312,214

87,812

Available for sale securities, Unrecognized Holding Loss

(1,261)

(9,026)

Available for sale securities, Estimated fair value

7,529,152

Corporate Debt Securities

Available for sale securities, Amortized Cost

186,067,912

156,599,184

Available for sale securities, Unrecognized Holding Gain

27,216,496

16,768,449

Available for sale securities, Unrecognized Holding Loss

(681,478)

(463,413)

Available for sale securities, Estimated fair value

172,904,220

Mortgage-backed Securities, Issued by US Government Sponsored Enterprises

Available for sale securities, Amortized Cost

31,047,791

31,475,280

Available for sale securities, Unrecognized Holding Gain

1,565,377

597,395

Available for sale securities, Unrecognized Holding Loss

(267,106)

(240,177)

Available for sale securities, Estimated fair value

31,832,498

Redeemable Preferred Stock

Available for sale securities, Amortized Cost

269,214

364,339

Available for sale securities, Unrecognized Holding Gain

3,391

Available for sale securities, Unrecognized Holding Loss

Available for sale securities, Estimated fair value

364,339

Industrial, miscellaneous and all other

Available-for-sale Securities, Amortized Cost Basis

9,698,490

6,900,537

Available-for-sale Securities, Gross Unrealized Gain

2,376,156

1,139,799

Available For Sale Securities - Gross Unrealized Losses

(750,407)

(769,171)

Available for Sale Securities - Estimated Fair Value

11,324,239

7,271,165

Equity Securities

Available-for-sale Securities, Amortized Cost Basis

9,698,490

6,900,537

Available-for-sale Securities, Gross Unrealized Gain

2,376,156

1,139,799

Available For Sale Securities - Gross Unrealized Losses

(750,407)

(769,171)

Available for Sale Securities - Estimated Fair Value

11,324,239

7,271,165

Residential Mortgage

Mortgage loans on real estate and construction

95,822,448

113,043,965

Real estate held for investment, net of depreciation

24,843,743

12,530,306

Real estate held for sale

3,478,254

8,021,306

Residential construction

Mortgage loans on real estate and construction

111,111,777

89,430,237

Commercial

Mortgage loans on real estate and construction

46,836,866

38,718,220

Real estate held for investment, net of depreciation

106,840,710

90,226,640

Real estate held for sale

$ 4,400,553

$ 6,076,321

[1]	Includes $866,900 of Membership stock and $1,639,700 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.

2) Investments (Details) - USD ($)	12 Months Ended
2) Investments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Available for sale securities, Amortized Cost	$ 265,150,484	$ 338,629,810
Fixed maturity securities unrealized gains	$ 12,013,692	$ 17,315,770
Average market value over amortized cost	94.70%	98.90%
Credit losses	$ 370,975	$ 0
Total
Available for sale securities, Amortized Cost	$ 265,150,484	$ 338,629,810

2) Investments: Other than temporary credit impairments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Balance of credit-related OTTI at beginning	$ 0	$ 0
Additions for credit impairments recognized on:
Securities not previously impaired	370,975	0
Securities previously impaired	0	0
Reductions for credit impairments previously recognized on:
Securities that matured or were sold during the period (realized)	0	0
Securities due to an increase in expected cash flows	0	0
Balance of credit-related OTTI at ending	$ 370,975	$ 0

2) Investments: Investments Classified by Contractual Maturity Date (Details)	Dec. 31, 2020 USD ($)
Amortized Cost	$ 265,150,484
Estimated fair value	294,656,679
Due in 1 year
Amortized Cost	28,634,042
Estimated fair value	28,831,983
Due in 2-5 years
Amortized Cost	66,183,907
Estimated fair value	70,910,775
Due in 5-10 years
Amortized Cost	70,162,166
Estimated fair value	78,592,046
Due in more than 10 years
Amortized Cost	68,853,364
Estimated fair value	83,703,208
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Amortized Cost	31,047,791
Estimated fair value	32,346,062
Redeemable Preferred Stock
Amortized Cost	269,214
Estimated fair value	$ 272,605

2) Investments: Gain (Loss) on Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fixed maturity securities available for sale:	$ 1,554,875	$ 728,367
Fixed maturity securities available for sale
Gross Realized Gains	445,749	459,286
Gross Realized Losses	77,546	162,649
Other than temporary impairments	(370,975)	0
Equity Securities
Gains on securities sold	74,836	256,520
Unrealized Gains and Losses on securities held at end of period	1,125,304	1,086,116
Other Assets {1}
Gross Realized Gains	2,342,418	2,844,673
Gross Realized Losses	$ (1,984,911)	$ (3,755,579)

2) Investments: Net carrying amount of held to maturity securities (Details) - Fixed maturity securities available for sale - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net carrying amount for sales of securities		$ 4,950,041
Net realized loss related to sales of securities		$ 43,039
Proceeds received from sale of fixed maturity available for sale securities	$ 5,477,438
Gross realized gains	358,236
Gross realized losses	$ 21,137

2) Investments: Schedule of Major categories of net investment income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Gross investment income	$ 69,909,367	$ 56,520,356
Investment Income, Investment Expense	(13,579,564)	(13,500,883)
Net investment income	56,329,803	43,019,473
Fixed Maturities
Gross investment income	12,233,394	10,372,559
Equity Securities
Gross investment income	642,433	309,918
Mortgage Loans Real Estate
Gross investment income	25,672,746	18,405,010
Real Estate
Gross investment income	11,945,401	8,782,959
Policy Student and Other Loans
Gross investment income	1,025,179	554,969
Insurance Assignments
Gross investment income	17,837,578	16,086,059
Other Investments {1}
Gross investment income	126,013	184,439
Cash and Cash Equivalents
Gross investment income	$ 426,623	$ 1,824,443

2) Investments: Net Investment Income - Additional (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net investment income	$ 56,329,803	$ 43,019,473
Securities on deposit for regulatory authorities	9,684,409	9,633,818
Cemeteries And Mortuaries
Net investment income	$ 676,313	$ 448,754

2) Investments: Commercial Real Estate Held for Investment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Bank and other loans payable	$ 297,824,368	$ 217,572,612
Impairment losses on commercial real estate held for sale	897,980	2,768,979
Kansas
Impairment losses on commercial real estate held for sale	846,980	2,768,979
Texas
Impairment losses on commercial real estate held for sale	51,000
Commercial Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	71,517,902	87,814,860
Bank and other loans payable	$ 46,153,283	$ 54,917,279

2) Investments: Commercial Real Estate Investment (Details)

Dec. 31, 2020

USD ($)

Decimal

Dec. 31, 2019

USD ($)

Decimal

Real estate held for investment (net of accumulated depreciation)

$ 131,684,453

$ 102,756,946

Real estate held for sale

7,878,807

14,097,627

Commercial Real Estate

Real estate held for investment (net of accumulated depreciation)

$ 106,840,710

$ 90,226,640

Total Square Footage | Decimal

485,428

611,865

Real estate held for sale

$ 4,400,553

$ 6,076,321

Square Footage | Decimal

234,979

239,779

Louisiana | Commercial Real Estate

Real estate held for investment (net of accumulated depreciation)

$ 2,998,684

$ 6,009,079

Total Square Footage | Decimal

84,841

125,114

Utah

Real estate held for investment (net of accumulated depreciation)

^[1]

$ 23,777,478

$ 7,889,576

Utah | Commercial Real Estate

Real estate held for investment (net of accumulated depreciation)

^[2]

$ 100,927,528

$ 81,266,083

Total Square Footage | Decimal

^[2]

379,066

465,230

Arizona | Commercial Real Estate

Real estate held for sale

^[3]

$ 0

$ 2,500

Square Footage | Decimal

^[3]

Kansas | Commercial Real Estate

Real estate held for sale

$ 4,000,000

$ 4,800,000

Square Footage | Decimal

222,679

Mississippi | Commercial Real Estate

Real estate held for investment (net of accumulated depreciation)

$ 2,914,498

$ 2,951,478

Total Square Footage | Decimal

21,521

Real estate held for sale

$ 151,553

$ 318,322

Square Footage | Decimal

12,300

Nevada | Commercial Real Estate

Real estate held for sale

$ 0

$ 655,499

Square Footage | Decimal

4,800

Texas | Commercial Real Estate

Real estate held for sale

^[4]

$ 249,000

$ 300,000

Square Footage | Decimal

^[4]

[1]	The estimated remaining cost to complete the undeveloped lots is $17,354,000 and $1,900,000 as of December 31, 2020 and 2019, respectively
[2]	Includes Center53 phase 1 and phase 2 which is under construction
[3]	Undeveloped land
[4]	Improved commercial pad

2) Investments: Residential Real Estate Held for Investment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Impairment losses on residential real estate held for investment	$ 43,394	$ 700,134
Residential Real Estate
Foreclosed Residential Real Estate included in Residential Real Estate Held for Investment	$ 4,327,079	$ 12,433,986

2) Investments: Residential Real Estate Investment (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Real estate held for investment (net of accumulated depreciation)

$ 131,684,453

$ 102,756,946

Real estate held for sale

7,878,807

14,097,627

Residential Real Estate

Real estate held for investment (net of accumulated depreciation)

24,843,743

12,530,306

Real estate held for sale

3,478,254

8,021,306

California | Residential Real Estate

Real estate held for sale

640,452

Florida | Residential Real Estate

Real estate held for investment (net of accumulated depreciation)

2,487,723

Real estate held for sale

744,322

1,300,641

Nevada | Residential Real Estate

Real estate held for investment (net of accumulated depreciation)

293,516

Real estate held for sale

979,640

Ohio | Residential Real Estate

Real estate held for sale

10,000

Utah

Real estate held for investment (net of accumulated depreciation)

^[1]

23,777,478

7,889,576

Utah | Residential Real Estate

Real estate held for investment (net of accumulated depreciation)

^[2]

24,557,562

9,462,886

Real estate held for sale

1,744,292

5,880,213

Lots available for sale

Lots to be developed

350

174

Washington | Residential Real Estate

Real estate held for investment (net of accumulated depreciation)

^[3]

286,181

Real estate held for sale

$ 0

$ 190,000

[1]	The estimated remaining cost to complete the undeveloped lots is $17,354,000 and $1,900,000 as of December 31, 2020 and 2019, respectively
[2]	Including subdivision land developments
[3]	Improved residential lots

2) Investments: Real Estate Owned and Occupied by the Company (Details)	Dec. 31, 2020 Decimal
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%

2) Investments: Schedule of Allowance for loan losses as a contra-asset account (Details) - USD ($)	12 Months Ended
	Dec. 31, 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	552,090	137,757
Financing Receivable, Allowance for Credit Loss	2,005,127	1,453,037
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	219,905	195,993
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,785,222	1,257,044
Mortgage loans	253,771,091	241,192,422
Financing Receivable, Individually Evaluated for Impairment	10,282,470	8,895,926
Financing Receivable, Collectively Evaluated for Impairment	243,488,621	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	46,836,866	38,718,220
Financing Receivable, Individually Evaluated for Impairment	2,148,827	4,488,719
Financing Receivable, Collectively Evaluated for Impairment	44,688,039	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	552,090	129,775
Financing Receivable, Allowance for Credit Loss	1,774,796	1,222,706
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	219,905	195,993
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,554,891	1,026,713
Mortgage loans	95,822,448	113,043,965
Financing Receivable, Individually Evaluated for Impairment	7,932,680	3,752,207
Financing Receivable, Collectively Evaluated for Impairment	103,179,097	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	111,111,777	89,430,237
Financing Receivable, Individually Evaluated for Impairment	200,963	655,000
Financing Receivable, Collectively Evaluated for Impairment	$ 95,621,485	$ 88,775,237

2) Investments: Schedule of aging of mortgage loans (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Mortgage Loans during period

$ 253,771,091

$ 241,192,422

Mortgage Loans, Allowance for Loan Losses

(2,005,127)

(1,453,037)

Mortgage Loans, Unamortized deferred loan fees, net

(1,161,132)

(2,391,567)

Mortgage Loans, Unamortized discounts, net

(1,260,896)

(653,272)

Past Due 30 to 59 Days

Mortgage Loans during period

6,226,896

12,481,296

Past Due 60 to 89 Days

Mortgage Loans during period

2,860,928

4,085,767

Past Due 90 or More Days

Mortgage Loans during period

^[1]

7,818,410

7,244,461

In Foreclosure

Mortgage Loans during period

^[1]

2,464,060

1,651,465

Total Past Due

Mortgage Loans during period

19,370,294

25,462,989

Current

Mortgage Loans during period

234,400,797

215,729,433

Net Mortgage Loans

Mortgage Loans during period

249,343,936

236,694,546

Commercial Loan

Mortgage Loans during period

46,836,866

38,718,220

Mortgage Loans, Allowance for Loan Losses

(187,129)

Mortgage Loans, Unamortized deferred loan fees, net

(32,557)

(88,918)

Mortgage Loans, Unamortized discounts, net

(880,721)

(653,272)

Commercial Loan | Past Due 30 to 59 Days

Mortgage Loans during period

233,200

1,872,000

Commercial Loan | Past Due 60 to 89 Days

Mortgage Loans during period

812,780

Commercial Loan | Past Due 90 or More Days

Mortgage Loans during period

^[1]

2,148,827

4,488,719

Commercial Loan | In Foreclosure

Mortgage Loans during period

^[1]

Commercial Loan | Total Past Due

Mortgage Loans during period

3,194,807

6,360,719

Commercial Loan | Current

Mortgage Loans during period

43,642,059

32,357,501

Commercial Loan | Net Mortgage Loans

Mortgage Loans during period

45,736,459

37,788,901

Residential Mortgage

Mortgage Loans during period

95,822,448

113,043,965

Mortgage Loans, Allowance for Loan Losses

(1,774,796)

(1,222,706)

Mortgage Loans, Unamortized deferred loan fees, net

(909,864)

(1,567,581)

Mortgage Loans, Unamortized discounts, net

(380,175)

Residential Mortgage | Past Due 30 to 59 Days

Mortgage Loans during period

5,866,505

10,609,296

Residential Mortgage | Past Due 60 to 89 Days

Mortgage Loans during period

2,048,148

4,085,767

Residential Mortgage | Past Due 90 or More Days

Mortgage Loans during period

^[1]

5,669,583

2,100,742

Residential Mortgage | In Foreclosure

Mortgage Loans during period

^[1]

2,263,097

1,651,465

Residential Mortgage | Total Past Due

Mortgage Loans during period

15,847,333

18,447,270

Residential Mortgage | Current

Mortgage Loans during period

79,975,115

94,596,695

Residential Mortgage | Net Mortgage Loans

Mortgage Loans during period

92,757,613

110,253,678

Residential construction

Mortgage Loans during period

111,111,777

89,430,237

Mortgage Loans, Allowance for Loan Losses

(43,202)

Mortgage Loans, Unamortized deferred loan fees, net

(218,711)

(735,068)

Mortgage Loans, Unamortized discounts, net

Residential construction | Past Due 30 to 59 Days

Mortgage Loans during period

127,191

Residential construction | Past Due 60 to 89 Days

Mortgage Loans during period

Residential construction | Past Due 90 or More Days

Mortgage Loans during period

^[1]

655,000

Residential construction | In Foreclosure

Mortgage Loans during period

^[1]

200,963

Residential construction | Total Past Due

Mortgage Loans during period

328,154

655,000

Residential construction | Current

Mortgage Loans during period

110,783,623

88,775,237

Residential construction | Net Mortgage Loans

Mortgage Loans during period

$ 110,849,864

$ 88,651,967

[1]	There was not any interest income recognized on loans past due greater than 90 days or in foreclosure

2) Investments: Schedule of Impaired Mortgage Loans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commercial Loan
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	$ 2,148,827	$ 4,488,719
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	2,148,827	4,488,719
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	1,866,819	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	2,148,827	4,488,719
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	2,148,827	4,488,719
Impaired Financing Receivable, Related Allowance	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	1,866,819	1,499,043
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential Mortgage
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	6,415,419	2,254,189
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	6,415,419	2,254,189
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	5,010,078	3,367,151
Impaired Financing Receivable, with No Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	1,517,261	1,498,018
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	1,517,261	1,498,018
Impaired Financing Receivable, Related Allowance	219,905	195,993
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	1,182,368	665,270
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential Mortgage \| Total
Impaired Financing Receivable, with Related Allowance, Recorded Investment	7,932,680	3,752,207
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	7,932,680	3,752,207
Impaired Financing Receivable, Related Allowance	219,905	195,993
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	6,192,446	4,032,421
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential construction
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	200,963	655,000
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	200,963	655,000
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	555,278	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	200,963	655,000
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	200,963	655,000
Impaired Financing Receivable, Related Allowance	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	555,278	1,457,278
Impaired Financing Receivable, with Interest Income Recognized	$ 0	$ 0

2) Investments: Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Mortgage loans	$ 253,771,091	$ 241,192,422
Commercial Loan
Mortgage loans	46,836,866	38,718,220
Residential Mortgage
Mortgage loans	95,822,448	113,043,965
Residential construction
Mortgage loans	111,111,777	89,430,237
Performing Financing Receivable
Mortgage loans	243,488,621	232,296,496
Performing Financing Receivable \| Commercial Loan
Mortgage loans	44,688,039	34,229,501
Performing Financing Receivable \| Residential Mortgage
Mortgage loans	87,889,768	109,291,758
Performing Financing Receivable \| Residential construction
Mortgage loans	110,910,814	88,775,237
Nonperforming Financing Receivable
Mortgage loans	10,282,470	8,895,926
Nonperforming Financing Receivable \| Commercial Loan
Mortgage loans	2,148,827	4,488,719
Nonperforming Financing Receivable \| Residential Mortgage
Mortgage loans	7,932,680	3,752,207
Nonperforming Financing Receivable \| Residential construction
Mortgage loans	$ 200,963	$ 655,000

2) Investments: Summary of Interest not accrued on non-performing mortgage loans (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Interest not accrued on non-performing loans	$ 491,000	$ 203,000

2) Investments: Schedule of Mortgage loans on a nonaccrual status (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 10,282,470	$ 8,895,926
Commercial
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	2,148,827	4,488,719
Residential Mortgage
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	7,932,680	3,752,207
Residential construction
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 200,963	$ 655,000

2) Investments: Contractual obligations (Details)	Dec. 31, 2020 USD ($)
Principal Amounts Due in 1 Year	$ 141,705,268
Principal Amounts Due in 2-5 Year	36,596,109
Principal Amounts Due Thereafter	75,469,714
Total	253,771,091
Residential Mortgage
Principal Amounts Due in 1 Year	11,202,899
Principal Amounts Due in 2-5 Year	17,774,238
Principal Amounts Due Thereafter	66,845,311
Total	95,822,448
Residential construction
Principal Amounts Due in 1 Year	103,391,044
Principal Amounts Due in 2-5 Year	7,720,733
Principal Amounts Due Thereafter	0
Total	111,111,777
Commercial
Principal Amounts Due in 1 Year	27,111,325
Principal Amounts Due in 2-5 Year	11,101,138
Principal Amounts Due Thereafter	8,624,403
Total	$ 46,836,866

3) Loans Held For Sale: Aggregate fair value - Loans Held for Sale (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Aggregate Fair Value - Loans Held For Sale	$ 422,772,418	$ 213,457,632
Aggregate unpaid principal balance - Loans Held for Sale	406,407,323	206,417,122
Unrealized gain - Loans Held for Sale	$ 16,365,095	$ 7,040,510

3) Loans Held For Sale: Schedule of Mortgage Fee Income for Loans Held for Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Mortgage fee income	$ 298,933,110	$ 131,976,082
Loans Held For Sale
Loan fees	43,432,532	28,660,966
Interest Income	10,628,581	6,978,930
Secondary gains	231,759,342	93,581,956
Change in fair value of loan commitments	7,637,377	899,417
Change in fair value of loans held for sale	10,413,492	2,498,097
Provision for loan loss reserve	(4,938,214)	(643,284)
Mortgage fee income	$ 298,933,110	$ 131,976,082

3) Loans Held For Sale: Schedule of loan loss reserve which is included in other liabilities and accrued expenses (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Beginning, Loan Loss Reserve	$ 4,046,288	$ 3,604,869
Loan loss reserve, Provisions for losses	4,938,214	643,284
Loan loss reserve, Additional	16,506,030	0
Loan loss reserve, Charge-offs	(4,906,914)	(201,865)
Ending, Loan Loss Reserve	$ 20,583,618	$ 4,046,288

4) Receivables (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade contracts	$ 4,119,988	$ 2,795,471
Receivables from sales agents	2,677,774	2,962,571
Other Receivables	5,786,827	5,202,444
Total receivables	12,584,589	10,960,486
Allowance for doubtful accounts	(1,685,382)	(1,724,156)
Net receivables	$ 10,899,207	$ 9,236,330

5) Value of Business Acquired, Intangible Assets and Goodwill: Schedule of Value of Business Acquired (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Value of business acquired, balance at start of period					$ 8,955,249	$ 9,876,647	$ 5,765,190
Value of business acquired						0	4,962,831
Imputed interest at 7% included in earnings						670,565	472,916
Amortization included in earnings						(1,457,390)	(1,320,456)
Shadow amortization included in other comprehensive income						(134,573)	(3,834)
Net amortization	$ (707,000)	$ (784,000)	$ (854,000)	$ (918,000)	$ (1,019,000)	(921,398)	(851,374)
Value of business acquired, balance at start of period						$ 8,955,249	$ 9,876,647

5) Value of Business Acquired, Intangible Assets and Goodwill: Net amortization charged to income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Value of business acquired - net amortization charged to income	$ 707,000	$ 784,000	$ 854,000	$ 918,000	$ 1,019,000	$ 921,398	$ 851,374
Weighted average amortization period						6 years 1 month 2 days

5) Value of Business Acquired, Intangible Assets and Goodwill: Schedule of Carrying Value of Intangible Asset (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Finite-Lived Intangible Assets, Accumulated Amortization

$ (197,334)

$ (98,222)

Finite-Lived Intangible Assets, Net

$ 1,302,666

1,401,778

Customer Lists [Member]

Finite-Lived Intangible Asset, Useful Life

15 years

Finite-Lived Intangible Assets, Gross

$ 890,000

890,000

Trade Names [Member]

Finite-Lived Intangible Asset, Useful Life

^[1]

15 years

Finite-Lived Intangible Assets, Gross

^[1]

$ 610,000

[1]	See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company

5) Value of Business Acquired, Intangible Assets and Goodwill: Schedule of Goodwill by Segment (Details) - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Goodwill, Gross

$ 3,519,588

$ 2,765,570

Accumulated impairment

Total goodwill, net

3,519,588

2,765,570

Acquisition

754,018

LifeInsurance

Goodwill, Gross

2,765,570

Accumulated impairment

2,765,570

754,018

Accumulated impairment

Total goodwill, net

$ 754,018

754,018

Acquisition

$ 0

$ 754,018

^[1]

[1]	See Note 20 regarding the acquisition of Probst Family Funerals and Cremations and Heber Valley Funeral Home

5) Value of Business Acquired, Intangible Assets and Goodwill (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 3,519,588	$ 3,519,588	$ 2,765,570

6) Property and Equipment: Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment, Gross	$ 31,652,484	$ 34,119,285
Less accumulated depreciation	(19,179,139)	(19,518,891)
Property and equipment, net	12,473,345	14,600,394
Land and Building [Member]
Property, Plant and Equipment, Gross	11,972,802	15,131,301
Furniture and equipment [Member]
Property, Plant and Equipment, Gross	$ 19,679,682	$ 18,987,984

6) Property and Equipment: (Details) - USD ($)	12 Months Ended
6) Property and Equipment: (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Depreciation expense	$ 2,078,738	$ 1,711,369
Property and equipment, net	12,473,345	14,600,394
Transfer of Cemetery Land and Improvements to Property and Equipment		$ 3,261,259
Building [Member]
Property and equipment, net	1,723,000
Land [Member]
Property and equipment, net	$ 1,516,700

7) Bank and Other Loans Payable: Summary of Bank Loans Payable (Details) - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Total bank and other loans

$ 297,824,368

$ 217,572,612

Finance lease liabilities

104,951

153,439

Current Installment

284,250,996

192,985,602

Bank and other loans, excluding current installments

13,573,372

24,587,010

Note Payable 1

Total bank and other loans

2,659,769

Note Payable 2

Total bank and other loans

633,890

1,238,619

Note Payable 3

Total bank and other loans

3,257,113

4,000,000

Note Payable 4

Total bank and other loans

7,247,651

Note Payable 5

Total bank and other loans

1,861,920

1,896,450

Note Payable 6

Total bank and other loans

35,091,364

33,811,559

Note Payable 7

Total bank and other loans

9,200,000

Note Payable 8

Total bank and other loans

116,598,834

88,509,536

Note Payable 9

Total bank and other loans

68,766,572

67,537,600

Note Payable 10

Total bank and other loans

60,715,374

Note Payable 11

Total bank and other loans

317,582

Other short-term borrowings

Total bank and other loans

^[1]

1,250,000

Other loans payable

Total bank and other loans

$ 26,768

$ 67,989

[1]	Revolving Line of Credit

7) Bank and Other Loans Payable (Details) - USD ($)	12 Months Ended
7) Bank and Other Loans Payable (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Investment	$ 773,945,298	$ 781,876,605
Interest expense	8,578,810	7,386,688
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	$ 8,385,270	7,284,078
Mortgage Warehouse Line of Credit 1
Line of Credit Facility, Description	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
Mortgage Warehouse Line of Credit 2
Line of Credit Facility, Description	The Company, through its subsidiary SecurityNational Mortgage, has 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
Comerica Bank
Line of Credit Facility, Description	The Company through its subsidiary SecurityNational Mortgage, has 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
Texas Capital Bank
Line of Credit Facility, Description	The Company, through its subsidiary EverLEND Mortgage, has 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
Kilpatrick Life Insurance Company
Investment	$ 1,720,300	87,800
FHLB
Line of Credit Facility, Maximum Borrowing Capacity	39,102,336	57,727,738
Line of credit	0	0
Mortage property, fair value	40,729,400	59,877,900
Investment	786,300	$ 806,500
Bank
Line of Credit Facility, Maximum Borrowing Capacity	2,000,000
Line of credit	0
Mortage property, fair value	$ 348,183
Maturity	Sep. 30, 2021
Bank
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500,000
Line of credit	$ 1,250,000
Maturity	Sep. 30, 2021

7) Bank and Other Loans Payable: Schedule of combined maturities of bank loans payable, lines of credit and notes (Details)	Dec. 31, 2020 USD ($)
Bank loans payable, lines of credit and notes and contracts payable	$ 297,824,368
Due in Year One
Bank loans payable, lines of credit and notes and contracts payable	284,242,327
Due in Year Two
Bank loans payable, lines of credit and notes and contracts payable	884,383
Due in Year Three
Bank loans payable, lines of credit and notes and contracts payable	926,186
Due in Year Four
Bank loans payable, lines of credit and notes and contracts payable	937,315
Due in Year Five
Bank loans payable, lines of credit and notes and contracts payable	1,634,157
DueThereafter
Bank loans payable, lines of credit and notes and contracts payable	$ 9,200,000

8) Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets: Schedule of cemetery perpetual (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Total Cemetery Perpetual Care Trust Investments	$ 6,413,167	$ 5,952,984
Cemetery perpetual care obligation	(4,087,704)	(3,933,719)
Trust investments in excess of trust obligations	2,325,463	2,019,265
Cash and cash equivalents
Total Cemetery Perpetual Care Trust Investments	402,913	1,306,740
Fixed Maturities
Total Cemetery Perpetual Care Trust Investments	747,767	975,673
Equity Securities
Total Cemetery Perpetual Care Trust Investments	2,062,303	1,605,451
Commercial Mortgage Loans Held for Investment
Total Cemetery Perpetual Care Trust Investments	0	524,000
Residential Mortgage
Total Cemetery Perpetual Care Trust Investments	1,468,600	0
Real estate
Total Cemetery Perpetual Care Trust Investments	1,731,584	0
Note receivables
Total Cemetery Perpetual Care Trust Investments	0	0
Cemetery and Memorial Estates
Total Cemetery Perpetual Care Trust Investments	$ 0	$ 1,541,120

8) Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets: Schedule of Restricted Assets (Details) - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Restricted assets

$ 16,150,036

$ 13,935,317

Cash and cash equivalents

Restricted assets

^[1]

8,842,744

8,674,214

Fixed maturity securities

Restricted assets

1,473,637

1,008,867

Equity Securities

Restricted assets

2,515,778

1,976,480

Restricted Assets, Participating Interests in Mortgage Loans Held for Investment

Restricted assets

$ 3,317,877

$ 2,275,756

[1]	Including cash and cash equivalents of $8,524,999 and $7,170,092 as of December 31, 2020 and 2019, respectively, for the life insurance and mortgage segments

9) Income Taxes: Summary of Income Tax Liability (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure Text Block [Abstract]
Current Income Tax Liability	$ 2,595,877	$ 1,410,153
Income Tax Liability	22,662,923	17,276,819
Income Taxes	$ 25,258,800	$ 18,686,972

9) Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure Text Block [Abstract]
Deferred Tax, Future policy benefits	$ (12,657,045)	$ (12,450,229)
Deferred Tax, Loan Loss Reserve	(5,352,942)	(1,053,256)
Deferred Tax, Unearned premium	(699,011)	(760,556)
Deferred Tax Net Operating Loss	(334,085)	(438,420)
Deferred Tax, Deferred Compensation	(2,833,298)	(1,996,865)
Deferred Tax, Deposit Obligations	(610,041)	(619,633)
Deferred Tax, Other	(1,269,533)	(1,020,718)
Deferred Tax Assets, Valuation Allowance	961,920	2,439,394
Deferred Tax Assets, Net of Valuation Allowance	(22,794,035)	(15,900,283)
Deferred Tax, Deferred policy acquisition costs	16,430,001	15,536,717
Deferred Tax, Basis difference in property and equipment	5,312,787	3,638,512
Deferred Tax, Value of business acquired	1,880,602	2,074,096
Deferred Tax, Deferred Gains	12,124,226	5,169,104
Deferred Tax, Trusts	1,064,387	1,064,387
Deferred Tax, Tax on Unrealized Appreciation	8,644,955	5,694,286
Deferred Tax Liabilities, Net	45,456,958	33,177,102
Income Tax Liability	$ 22,662,923	$ 17,276,819

9) Income Taxes (Details) - USD ($)	12 Months Ended
9) Income Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure Text Block [Abstract]
Income Taxes Paid	$ 11,813,120	$ 4,861,318
Effective Income Tax Rate Reconciliation, Percent	22.20%	21.90%

9) Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 10,678,612	$ 4,404,041
State	2,320,233	504,272
Current Income Tax Expense (Benefit)	12,998,845	4,908,313
Deferred
Federal	2,677,943	(1,551,725)
State	176,726	(306,172)
Provision for deferred income taxes	2,854,669	(1,857,897)
Income Tax Expense (Benefit)	$ 15,853,514	$ 3,050,416

- Definition

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

+ References + Details

9) Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Text Block [Abstract]
Computed expense at statutory rate	$ (15,004,527)	$ (2,928,226)
State tax expense, net of federal tax benefit	1,972,598	156,499
Change in valuation allowance	(1,477,474)	194,364
Other, net	353,863	(228,673)
Income tax expense	$ 15,853,514	$ 3,050,416

- Definition

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

+ References + Details

9) Income Taxes: Unrecognized tax benefits, interest and penalties (Details)	Dec. 31, 2020 USD ($)
Disclosure Text Block [Abstract]
Unrecognized Tax Benefits	$ 0

9) Income Taxes: Summary of Operating Loss Carryforwards (Details)	Dec. 31, 2020 USD ($)
Deferred Tax Assets, Operating Loss Carryforwards	$ 1,422,255
Year of Expiration 2021
Deferred Tax Assets, Operating Loss Carryforwards	17,100
Year of Expiration 2022
Deferred Tax Assets, Operating Loss Carryforwards	0
Year of Expiration 2023
Deferred Tax Assets, Operating Loss Carryforwards	0
Year of Expiration 2024
Deferred Tax Assets, Operating Loss Carryforwards	0
Year of Expiration 2025
Deferred Tax Assets, Operating Loss Carryforwards	0
Year of Expiration Thereafter up through 2037
Deferred Tax Assets, Operating Loss Carryforwards	$ 1,405,155

10) Reinsurance, Commitments and Contingencies Reinsurance (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure Text Block [Abstract]
Insurance assumed from other companies	$ 96,000,000	$ 99,000,000

10) Reinsurance, Commitments and Contingencies: Mortgage Loan Loss Settlements (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Amounts accrued for loan losses	$ 20,584,000	$ 4,046,000

10) Reinsurance, Commitments and Contingencies: Other Contingencies and Commitments (Details)	Dec. 31, 2020 USD ($)
Text Block [Abstract]
Commitments to fund new residential construction loans	$ 185,751,000
Commitments to fund new residential construction loans funded	$ 115,898,000

11) Retirement Plans: Deferred Compensation Plans (Details) - Employee Stock Ownership Plan - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pretax contributions	$ 19,500	$ 19,000
Contribution to plan	1,690,568	695,560
Compensation expenses	900,000	660,000
Present value of anticipated benefits	6,656,363	5,722,837
Payment to retirement compensation	133,843	133,843
Deferred Compensation Arrangement with Individual, Recorded Liability	$ 669,212	$ 803,055
Common Class A
Shares reserved for future issuance	231,312
Common Class C
Shares reserved for future issuance	118,880

12) Capital Stock: Share-based Payment Arrangement, Option, Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common Class A
Common Stock, Shares, Outstanding	16,107,779	15,304,798
Exercise of stock options	68,970	32,517
Dividends	$ 405,210	$ 767,178
Conversion of Class C to Class A	13,824	3,286
Common Stock, Shares, Outstanding	16,595,783	16,107,779
Common Class C
Common Stock, Shares, Outstanding	2,500,887	2,193,643
Exercise of stock options	130,820	191,443
Dividends	$ 61,720	$ 119,087
Conversion of Class C to Class A	(13,824)	(3,286)
Common Stock, Shares, Outstanding	2,679,603	2,500,887

12) Capital Stock: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net earnings	$ 55,596,613	$ 10,893,519
Denominator:
Denominator for basic earnings per share-weighted-average shares	18,831,991	18,562,056
Effect of dilutive securities Employee stock options	443,260	127,608
Effect of dilutive securities Dilutive potential common shares	443,260	127,608
Denominator for diluted earnings per share-adjusted weighted-average shares and assumed conversions	19,275,251	18,689,664
Basic earnings per share	$ 2.95	$ 0.59
Diluted earnings per share	$ 2.88	$ 0.58

- Definition

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

+ References

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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

12) Capital Stock (Details) - shares	12 Months Ended
12) Capital Stock (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Employee stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	382,289

13) Stock Compensation Plans (Details) - USD ($)	12 Months Ended
13) Stock Compensation Plans (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Share-based Payment Arrangement, Amount Capitalized	$ 358,878	$ 256,996
Unrecognized compensation expense related to the options issued in December 2014	39,152
Total intrinsic value	$ 663,901	$ 271,220

13) Stock Compensation Plans: Schedule of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares
All Plans - March 27 2020
Weighted Average Fair Value of Each Option	$ 0.65
Expected Dividend Yield	5.00%
Underlying stock FMV	$ 3.76
Weighted Average Volatility	32.29%
Weighted Average Risk Free Interest Rate	1.64%
Weighted Average Expected Life (Term)	4 years 9 months 25 days
All Plans - December 6, 2019
Weighted Average Fair Value of Each Option	$ 0.96
Expected Dividend Yield	5.00%
Underlying stock FMV	$ 5.19
Weighted Average Volatility	32.79%
Weighted Average Risk Free Interest Rate	1.64%
Weighted Average Expected Life (Term)	4 years 9 months 29 days
All Plans - January 17, 2019
Weighted Average Fair Value of Each Option	$ 1.12
Expected Dividend Yield	5.00%
Underlying stock FMV	$ 4.98
Weighted Average Volatility	36.04%
Weighted Average Risk Free Interest Rate	2.56%
Weighted Average Expected Life (Term)	5 years 3 months 22 days

13) Stock Compensation Plans: Schedule of stock inventive plan changes (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Common Class A

Shares, Outstanding, beginning

1,086,053

1,011,274

Adjustment for effect of stock dividends

27,968

51,018

Shares Granted

77,000

81,000

Shares Exercised

(116,487)

(45,834)

Shares Cancelled

(1,671)

(11,405)

Shares, Outstanding, ending

1,072,863

1,086,053

Shares outstanding, beginning

$ 4.41

$ 4.49

Per Share Shares Granted

0.00

Per Share Shares Exercised

0.00

Per Share Shares cancelled

0.00

Shares, Outstanding, ending

$ 4.33

$ 4.41

Options Exercisable

1,053,903

Available options for future grant

$ 325,372

Weighted average contractual term of options outstanding

P5Y6M

Weighted average contractual term of options exercisable

P5Y5M5D

Aggregated intrinsic value of options outstanding

^[1]

$ 4,311,983

Aggregated intrinsic value of options exercisable

^[1]

$ 4,223,251

Common Class C

Shares, Outstanding, beginning

594,132

577,280

Adjustment for effect of stock dividends

19,354

28,295

Shares Granted

180,000

Shares Exercised

(130,820)

(191,443)

Shares Cancelled

Shares, Outstanding, ending

662,666

594,132

Shares outstanding, beginning

$ 5.36

$ 5.15

Per Share Shares Granted

0.00

Per Share Shares Exercised

0.00

Per Share Shares cancelled

0.00

Shares, Outstanding, ending

$ 4.73

$ 5.36

Options Exercisable

616,542

Available options for future grant

$ 266,500

Weighted average contractual term of options outstanding

P6Y8M16D

Weighted average contractual term of options exercisable

P6Y7M17D

Aggregated intrinsic value of options outstanding

^[1]

$ 2,396,954

Aggregated intrinsic value of options exercisable

^[1]

$ 2,183,399

[1]	The Company used a stock price of $8.35 as of December 31, 2020 to derive intrinsic value.

14) Statutory Financial Information and Dividend Limitations: Schedule of statutory accounting practices (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statutory Net Income Amount	$ 8,417,824	$ 17,424,138
Statutory Capital and Surplus, Balance	78,493,142	74,140,040
Security National Life Insurance
Statutory Net Income Amount	6,054,764	3,589,552
Statutory Capital and Surplus, Balance	53,089,185	49,390,181
Kilpatrick Life Insurance Company
Statutory Net Income Amount	1,574,128	12,752,100
Statutory Capital and Surplus, Balance	15,177,996	15,208,071
First Guaranty Insurance Company
Statutory Net Income Amount	790,221	1,078,733
Statutory Capital and Surplus, Balance	7,045,644	6,352,670
Memorial Insurance Company of America
Statutory Net Income Amount	55	(107)
Statutory Capital and Surplus, Balance	1,088,034	1,088,559
Southern Security Life Insurance Company Inc
Statutory Net Income Amount	183	87
Statutory Capital and Surplus, Balance	1,581,647	1,588,396
Trans-Western Life Insurance Company
Statutory Net Income Amount	(1,527)	3,773
Statutory Capital and Surplus, Balance	$ 510,636	$ 512,163

14) Statutory Financial Information and Dividend Limitations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash dividend paid	$ 5,309,000
First Guaranty Insurance Company
Cash dividend paid	3,146,000	$ 500,000
Kilpatrick Life Insurance Company
Cash dividend paid	$ 11,478,000	$ 3,000,000

15) Business Segments Information : Schedule of reporting segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Other revenues	$ 9,246,574	$ 7,577,641
Net investment income	56,329,803	43,019,473
Total revenues	481,463,322	283,060,930
Selling, general and administrative expenses:
Commissions	124,426,297	56,762,891
Personnel	84,989,971	64,221,270
Advertising	5,380,896	4,784,558
Rent and rent related	6,873,561	7,055,456
Depreciation on property and equipment	2,078,738	1,711,369
Costs related to funding mortgage loans	9,877,700	6,278,954
Interest expense:
Cost of goods and services sold - cemeteries and mortuaries	3,252,655	2,878,169
Income tax benefit (expense)	(15,853,514)	(3,050,416)
Net Earnings (Loss)	55,596,613	10,893,519
Goodwill	3,519,588	3,519,588	$ 2,765,570
Life Insurance Product Line
Revenues:
Revenue from customers	93,020,617	81,860,610
Net investment income	54,811,486	41,610,831
Gains on investments and other assets	2,088,541	138,330
Other than temporary impairments	(370,975)
Other revenues	1,491,585	2,128,961
Net investment income	8,022,503	4,455,034
Total revenues	159,063,757	130,193,766
Expenses:
Death, surrenders and other policy benefits	62,841,360	44,911,805
Increase in future policy benefits	23,568,650	23,568,497
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	13,618,204	14,199,152
Selling, general and administrative expenses:
Commissions	4,149,241	3,632,780
Personnel	25,449,100	20,311,591
Advertising	614,114	595,118
Rent and rent related	861,602	451,380
Depreciation on property and equipment	843,335	477,247
Provision for loan loss reserve	0
Costs related to funding mortgage loans	0	0
Intersegment	621,161	412,853
Other	11,808,818	11,769,097
Interest expense:
Intersegment	410,024	490,756
Other	2,354,760	2,808,081
Cost of goods and services sold - cemeteries and mortuaries	0	0
Total benefits and expenses	147,140,369	123,628,357
Earnings before income taxes	11,923,388	6,565,409
Income tax benefit (expense)	(1,433,901)	(1,085,848)
Net Earnings (Loss)	10,489,487	5,479,561
Identifiable Assets	1,171,158,235	1,110,641,526
Goodwill	2,765,570	2,765,570
Cemetery and Mortuary
Revenues:
Revenue from customers	20,307,435	15,296,235
Net investment income	807,695	579,995
Gains on investments and other assets	(162,652)	530,098
Other than temporary impairments	0
Other revenues	94,349	95,197
Net investment income	351,505	443,548
Total revenues	21,398,332	16,945,073
Expenses:
Death, surrenders and other policy benefits	0	0
Increase in future policy benefits	0	0
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	689,221	435,425
Selling, general and administrative expenses:
Commissions	1,506,320	1,084,079
Personnel	5,669,367	5,177,810
Advertising	391,836	368,173
Rent and rent related	89,253	47,525
Depreciation on property and equipment	488,570	428,633
Provision for loan loss reserve	0
Costs related to funding mortgage loans	0	0
Intersegment	142,999	180,594
Other	4,417,805	3,241,023
Interest expense:
Intersegment	152,175	154,615
Other	198,968	288,768
Cost of goods and services sold - cemeteries and mortuaries	3,252,655	2,878,169
Total benefits and expenses	16,999,169	14,284,814
Earnings before income taxes	4,399,163	2,660,259
Income tax benefit (expense)	(1,009,137)	(649,144)
Net Earnings (Loss)	3,390,026	2,011,115
Identifiable Assets	56,335,498	81,014,182
Goodwill	754,018	754,018
Mortgage
Revenues:
Revenue from customers	298,933,110	131,976,082
Net investment income	710,622	828,647
Gains on investments and other assets	(39)	59,939
Other than temporary impairments	0
Other revenues	9,731,548	7,956,005
Net investment income	716,240	508,637
Total revenues	310,091,481	141,329,310
Expenses:
Death, surrenders and other policy benefits	0	0
Increase in future policy benefits	0	0
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	0	0
Selling, general and administrative expenses:
Commissions	118,770,736	52,046,032
Personnel	53,871,504	38,731,869
Advertising	4,374,946	3,821,267
Rent and rent related	5,922,706	6,556,551
Depreciation on property and equipment	746,833	805,489
Provision for loan loss reserve	16,506,030
Costs related to funding mortgage loans	9,877,700	6,278,954
Intersegment	580,976	544,463
Other	31,104,479	19,912,641
Interest expense:
Intersegment	7,182,913	3,623,938
Other	6,025,082	4,289,839
Cost of goods and services sold - cemeteries and mortuaries	0	0
Total benefits and expenses	254,963,905	136,611,043
Earnings before income taxes	55,127,576	4,718,267
Income tax benefit (expense)	(13,410,476)	(1,315,424)
Net Earnings (Loss)	41,717,100	3,402,843
Identifiable Assets	408,325,196	249,970,323
Goodwill	0	0
Intercompany Eliminations
Revenues:
Revenue from customers	0	0
Net investment income	0	0
Gains on investments and other assets	0	0
Other than temporary impairments	0
Other revenues	0	0
Net investment income	(9,090,248)	(5,407,219)
Total revenues	(9,090,248)	(5,407,219)
Expenses:
Death, surrenders and other policy benefits	0	0
Increase in future policy benefits	0	0
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	0	0
Selling, general and administrative expenses:
Commissions	0	0
Personnel	0	0
Advertising	0	0
Rent and rent related	0	0
Depreciation on property and equipment	0	0
Provision for loan loss reserve	0
Costs related to funding mortgage loans	0	0
Intersegment	(1,345,136)	(1,137,910)
Other	0	0
Interest expense:
Intersegment	(7,745,112)	(4,269,309)
Other	0	0
Cost of goods and services sold - cemeteries and mortuaries	0	0
Total benefits and expenses	(9,090,248)	(5,407,219)
Earnings before income taxes	0	0
Income tax benefit (expense)	0	0
Net Earnings (Loss)	0	0
Identifiable Assets	(90,398,039)	(110,701,544)
Goodwill	0	0
Consolidated
Revenues:
Revenue from customers	412,261,162	229,132,927
Net investment income	56,329,803	43,019,473
Gains on investments and other assets	1,925,850	728,367
Other than temporary impairments	(370,975)
Other revenues	11,317,482	10,180,163
Net investment income	0	0
Total revenues	481,463,322	283,060,930
Expenses:
Death, surrenders and other policy benefits	62,841,360	44,911,805
Increase in future policy benefits	23,568,650	23,568,497
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	14,307,425	14,634,577
Selling, general and administrative expenses:
Commissions	124,426,297	56,762,891
Personnel	84,989,971	64,221,270
Advertising	5,380,896	4,784,558
Rent and rent related	6,873,561	7,055,456
Depreciation on property and equipment	2,078,738	1,711,369
Provision for loan loss reserve	16,506,030	0
Costs related to funding mortgage loans	9,877,700	6,278,954
Intersegment	0	0
Other	47,331,102	34,922,761
Interest expense:
Intersegment	0	0
Other	8,578,810	7,386,688
Cost of goods and services sold - cemeteries and mortuaries	3,252,655	2,878,169
Total benefits and expenses	410,013,195	269,116,995
Earnings before income taxes	71,450,127	13,943,935
Income tax benefit (expense)	(15,853,514)	(3,050,416)
Net Earnings (Loss)	55,596,613	10,893,519
Identifiable Assets	1,545,420,890	1,330,924,487
Goodwill	$ 3,519,588	$ 3,519,588

17) Fair Value of Financial Instruments: Schedule of fair value assets and liabilities measured recurring basis (Details) - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Fixed maturity securities available for sale

$ 294,656,679

$ 355,977,820

Equity securities

11,324,239

7,271,165

Loans Held-for-sale

422,772,418

213,457,632

Restricted assets of cemeteries and mortuaries

^[1]

1,473,637

1,008,867

Restricted assets of cemeteries and mortuaries

^[2]

2,515,778

1,976,480

Cemetery perpetual care trust investments

^[1]

747,767

975,673

Cemetery perpetual care trust investments

^[2]

2,062,303

1,605,451

Derivatives - loan commitments

^[3]

12,592,672

2,722,580

Total assets accounted for at fair value on a recurring basis

748,145,493

584,995,668

Derivatives - call options

^[4]

(43,097)

(62,265)

Derivatives - loan commitments

^[4]

(2,464,062)

(22,282)

Derivatives - bank loan interest rate swaps, loan commitments

^[4]

(231,347)

Total liabilities accounted for at fair value on a recurring basis

(2,507,159)

(315,894)

Fair Value, Inputs, Level 1

Fixed maturity securities available for sale

Equity securities

11,324,239

7,271,165

Loans Held-for-sale

Restricted assets of cemeteries and mortuaries

^[1]

Restricted assets of cemeteries and mortuaries

^[2]

2,515,778

1,976,480

Cemetery perpetual care trust investments

^[1]

Cemetery perpetual care trust investments

^[2]

2,062,303

1,605,451

Derivatives - loan commitments

^[3]

Total assets accounted for at fair value on a recurring basis

15,902,320

10,853,096

Derivatives - call options

^[4]

(43,097)

(62,265)

Derivatives - loan commitments

^[4]

(22,282)

Derivatives - bank loan interest rate swaps, loan commitments

^[4]

Total liabilities accounted for at fair value on a recurring basis

(43,097)

(84,547)

Fair Value, Inputs, Level 2

Fixed maturity securities available for sale

292,455,504

352,761,438

Equity securities

Loans Held-for-sale

Restricted assets of cemeteries and mortuaries

^[1]

1,473,637

1,008,867

Restricted assets of cemeteries and mortuaries

^[2]

Cemetery perpetual care trust investments

^[1]

747,767

975,673

Cemetery perpetual care trust investments

^[2]

Derivatives - loan commitments

^[3]

Total assets accounted for at fair value on a recurring basis

294,676,908

354,745,978

Derivatives - call options

^[4]

Derivatives - loan commitments

^[4]

Derivatives - bank loan interest rate swaps, loan commitments

^[4]

Total liabilities accounted for at fair value on a recurring basis

Fair Value, Inputs, Level 3

Fixed maturity securities available for sale

2,201,175

3,216,382

Equity securities

Loans Held-for-sale

422,772,418

213,457,632

Restricted assets of cemeteries and mortuaries

^[1]

Restricted assets of cemeteries and mortuaries

^[2]

Cemetery perpetual care trust investments

^[1]

Cemetery perpetual care trust investments

^[2]

Derivatives - loan commitments

^[3]

12,592,672

2,722,580

Total assets accounted for at fair value on a recurring basis

437,566,265

219,396,594

Derivatives - call options

^[4]

Derivatives - loan commitments

^[4]

(2,464,062)

Derivatives - bank loan interest rate swaps, loan commitments

^[4]

(231,347)

Total liabilities accounted for at fair value on a recurring basis

$ (2,464,062)

$ (231,347)

[1]	Fixed maturity securities available for sale
[2]	Mutual funds and 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

17) Fair Value of Financial Instruments: Schedule of Effect of Significant Unobservable Inputs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loans Held For Sale
Fair Value Balance	$ 422,772,418	$ 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	$ 10,128,610	$ 2,491,233
Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Range of Inputs minimum	52.00%	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	81.00%	81.00%
Fixed maturity securities available for sale
Fair Value Balance	$ 2,201,175	$ 3,216,382

17) Fair Value of Financial Instruments: Schedule of Changes in the consolidated balance sheet line items measured (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Net Derivatives Loan Commitments

Fair Value Balance

$ 2,491,233

$ 1,591,816

Originations/purchases

Sales, maturities and paydowns

Transfer to mortgage loans held for investment

Transfer from fixed maturity securities held to maturity

Fair Value, Gains (Losses) included in earnings

7,637,377

^[1]

899,417

^[2]

Total gains (losses) included in other comprehensive income

Fair Value Balance

10,128,610

2,491,233

Loans Held For Sale

Fair Value Balance

213,457,632

136,210,853

Originations/purchases

5,627,013,749

2,606,839,175

Sales, maturities and paydowns

(5,600,045,285)

(2,580,875,055)

Transfer to mortgage loans held for investment

(16,960,549)

(31,881,851)

Transfer from fixed maturity securities held to maturity

Fair Value, Gains (Losses) included in earnings

199,306,871

^[1]

83,164,510

^[2]

Total gains (losses) included in other comprehensive income

Fair Value Balance

422,772,418

213,457,632

Fixed maturity securities available for sale

Fair Value Balance

3,216,382

Originations/purchases

Sales, maturities and paydowns

(1,042,400)

Transfer to mortgage loans held for investment

Transfer from fixed maturity securities held to maturity

3,216,382

Fair Value, Gains (Losses) included in earnings

3,408

^[3]

^[2]

Total gains (losses) included in other comprehensive income

23,785

Fair Value Balance

$ 2,201,175

$ 3,216,382

[1]	As a component of mortgage fee income on the consolidated statements of earnings
[2]	Included in other expenses on the consolidated statements of earnings
[3]	As a component of net investment income on the consolidated statements of earnings

17) Fair Value of Financial Instruments: Fair Value Assets Measured on a Nonrecurring Basis (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Impaired mortgage loans held for investment	$ 1,297,356	$ 1,302,025
Impaired real estate held for investment	4,249,000	8,375,884
Total assets accounted for at fair value on a nonrecurring basis	5,546,356	9,677,909
Fair Value, Inputs, Level 1
Impaired mortgage loans held for investment	0	0
Impaired real estate held for investment	0	0
Total assets accounted for at fair value on a nonrecurring basis	0	0
Fair Value, Inputs, Level 2
Impaired mortgage loans held for investment	0	0
Impaired real estate held for investment	0	0
Total assets accounted for at fair value on a nonrecurring basis	0	0
Fair Value, Inputs, Level 3
Impaired mortgage loans held for investment	1,297,356	1,302,025
Impaired real estate held for investment	4,249,000	8,375,884
Total assets accounted for at fair value on a nonrecurring basis	$ 5,546,356	$ 9,677,909

17) Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Residential Mortgage
Carrying Value	$ 92,757,613	$ 110,253,678
Estimated Carrying Value	100,384,283	115,320,638
Residential construction
Carrying Value	110,849,864	88,651,967
Estimated Carrying Value	110,849,864	88,651,967
Commercial Loan
Carrying Value	45,736,459	37,788,901
Estimated Carrying Value	45,259,425	39,289,462
Mortgage Loans Net
Carrying Value	249,343,936	236,694,546
Estimated Carrying Value	256,493,572	243,262,067
Policy Loan
Carrying Value	14,171,589	14,762,805
Estimated Carrying Value	14,171,589	14,762,805
Insurance Assignments
Carrying Value	51,585,656	39,614,939
Estimated Carrying Value	51,585,656	39,614,939
Restricted Assets 1
Carrying Value	3,317,877	2,275,756
Estimated Carrying Value	3,317,877	2,289,679
Cemetery Perpetual Care Trust Investments
Carrying Value	1,468,600	524,000
Estimated Carrying Value	1,468,600	536,553
Mortgage Servicing Rights
Carrying Value	35,210,516	17,155,529
Estimated Carrying Value	38,702,358	22,784,571
Bank And Other Loans Payable
Carrying Value	(297,824,368)	(217,572,612)
Estimated Carrying Value	(297,824,368)	(217,572,612)
Policyholder Account Balances
Carrying Value	(44,026,809)	(45,154,180)
Estimated Carrying Value	(42,220,725)	(41,828,469)
Future Policy Benefits Annuities
Carrying Value	(106,522,113)	(113,579,830)
Estimated Carrying Value	(112,354,186)	(117,304,614)
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 \| Cemetery Perpetual Care Trust Investments
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 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 \| Cemetery Perpetual Care Trust Investments
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 3 \| Residential Mortgage
Estimated Carrying Value	100,384,283	115,320,638
Fair Value, Inputs, Level 3 \| Residential construction
Estimated Carrying Value	110,849,864	88,651,967
Fair Value, Inputs, Level 3 \| Commercial Loan
Estimated Carrying Value	45,259,425	39,289,462
Fair Value, Inputs, Level 3 \| Mortgage Loans Net
Estimated Carrying Value	256,493,572	243,262,067
Fair Value, Inputs, Level 3 \| Policy Loan
Estimated Carrying Value	14,171,589	14,762,805
Fair Value, Inputs, Level 3 \| Insurance Assignments
Estimated Carrying Value	51,585,656	39,614,939
Fair Value, Inputs, Level 3 \| Restricted Assets 1
Estimated Carrying Value	3,317,877	2,289,679
Fair Value, Inputs, Level 3 \| Cemetery Perpetual Care Trust Investments
Estimated Carrying Value	1,468,600	536,553
Fair Value, Inputs, Level 3 \| Mortgage Servicing Rights
Estimated Carrying Value	38,702,358	22,784,571
Fair Value, Inputs, Level 3 \| Bank And Other Loans Payable
Estimated Carrying Value	(297,824,368)	(217,572,612)
Fair Value, Inputs, Level 3 \| Policyholder Account Balances
Estimated Carrying Value	(42,220,725)	(41,828,469)
Fair Value, Inputs, Level 3 \| Future Policy Benefits Annuities
Estimated Carrying Value	$ (112,354,186)	$ (117,304,614)

18) Accumulated Other Comprehensive Income: Schedule of Changes in accumulated other comprehensive income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Unrealized gains on fixed maturity securities available for sale	$ 12,016,464	$ 17,315,770
Amounts reclassified into net earnings	(2,772)	0
Net unrealized gains before taxes	12,013,692	17,315,770
Tax expense	(2,522,876)	(3,636,311)
Net Unrealized Gain (Loss)	9,490,816	13,679,459
Unrealized gains on restricted assets	41,225	35,550
Tax expense	(10,269)	(8,856)
Net	30,956	26,694
Unrealized gains on cemetery perpetual care trust investments	(6,817)	29,904
Tax expense	1,698	(7,449)
Net	(5,119)	22,455
Unrealized gains for foreign currency translation adjustments	(46)	972
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	12	(243)
Other comprehensive income balance, net	(34)	729
Other comprehensive income changes	$ 9,516,619	$ 13,729,337

18) Accumulated Other Comprehensive Income: Accumulated Balances of Other Comprehensive Income (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Equity [Abstract]

Increase (Decrease) in Unrealized gains on fixed maturity securities available-for-sale

$ 9,490,816

$ 13,679,459

Unrealized gains on fix maturity securities available-for-sale

23,170,275

13,679,459

$ 0

Increase Dececrease in Unrealized gains on restricted assets

^[1]

30,956

26,694

Unrealized gains on restricted assets

^[1]

57,650

26,694

Increase Dececrease in Unrealized gains on cemetery perpetual care trust investments

^[1]

(5,119)

22,455

Unrealized gains on cemetery perpetual care trust investments

^[1]

17,336

22,455

Increase Decrease Foreign currency translation adjustments

(34)

729

Foreign currency translation adjustments

(2,128)

(2,094)

(2,823)

Increase (Decrease) in Other comprehensive income (loss), Balance

9,516,619

13,729,337

Other comprehensive income (loss), Balance

$ 23,243,133

$ 13,726,514

$ (2,823)

[1]	Included in other expenses on the consolidated statements of earnings

19) Derivative Instruments: Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Loan Commitments
Derivative, Notional Amount	$ 659,245,038	$ 224,202,514
Derivative Asset, Notional Amount	12,592,672	2,722,580
Derivative Liability, Notional Amount	2,464,062	231,347
Call Options
Derivative, Notional Amount	1,873,200	1,813,500
Derivative Asset, Notional Amount	0	0
Derivative Liability, Notional Amount	43,097	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	661,118,238	227,589,114
Derivative Asset, Notional Amount	12,592,672	2,722,580
Derivative Liability, Notional Amount	$ 2,507,159	$ 315,894

19) Derivative Instruments: Schedule of Gains and Losses on Derivatives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Gain (Loss) on Derivatives, Loan Commitments	$ 7,637,377	$ 899,417
Gain (Loss) on Derivatives, Call and put options	$ 272,758	$ 626,208

20) Acquisitions: Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash received for reinsurance assumed	$ 0	$ 158,358,594
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)
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)
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 Assets Acquired	3,315,647
Fair Value of Net Assets Acquired / Consideration Paid, Net of Cash Acquired	3,261,788
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)

20) Acquisitions (Details) - USD ($)	12 Months Ended
20) Acquisitions (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Revenues	$ 481,463,322	$ 283,060,930
Net earnings	$ 55,596,613	10,893,519
Kilpatrick Life Insurance Co
Revenues		1,461,011
Net earnings		848,031
Probst Family Funerals and Cremations and Heber Valley Funeral Home
Revenues		796,992
Net earnings		$ 97,400

- Definition

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

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

21) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Details) - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Text Block [Abstract]

Balance before valuation allowance at beginning of year

$ 17,155,529

$ 20,016,822

MSR additions resulting from loan sales

29,896,465

4,194,502

Amortization

^[1]

(11,841,478)

(7,055,795)

Application of valuation allowance to write down MSRs with other than temporary impairment

Balance before valuation allowance at year end

35,210,516

17,155,529

Mortgage servicing rights, net

35,210,516

17,155,529

Estimated fair value of MSRs at end of period

$ 38,702,358

$ 22,784,571

[1]	Included in other expenses on the consolidated statements of earnings

21) Mortgage Servicing Rights: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details)	Dec. 31, 2020 USD ($)
Text Block [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Year One	$ 4,724,439
Finite-Lived Intangible Assets, Amortization Expense, Year Two	3,582,811
Finite-Lived Intangible Assets, Amortization Expense, Year Three	3,030,850
Finite-Lived Intangible Assets, Amortization Expense, Year Four	2,574,323
Finite-Lived Intangible Assets, Amortization Expense, Year Five	2,200,840
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	19,097,253
Finite-Lived Intangible Assets, Accumulated Amortization	$ 35,210,516

21) Mortgage Servicing Rights: Schedule of Other Revenues (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other Income	$ 9,246,574	$ 7,577,641
Contractual Servicing Fees
Other Income	8,940,612	7,212,164
Late Fees
Other Income	$ 305,962	$ 365,477

21) Mortgage Servicing Rights: Summary of Unpaid Principal Balances of the Servicing Portfolio (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Servicing Unpaid Principal Balance	$ 5,070,287,864	$ 2,804,139,415

21) Mortgage Servicing Rights: Assumptions used in determining MSR value (Details) - Decimal	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Prepayment Speeds	15.60	15.30
Average Life in Years of MSR	5 years 3 months 19 days	5 years 3 months 8 days
Discount Rate	9.50	9.51

22) Future Policy Benefits and Unpaid Claims: Schedule of Liability for Future Policy Benefits (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Gross future policy benefits and unpaid claims	$ 844,790,087	$ 825,600,918
Total receivable from reinsurers	15,569,156	15,747,768
Net future policy benefits and unpaid claims	829,220,931	809,853,150
Life Insurance Product Line
Gross future policy benefits and unpaid claims	674,230,463	654,585,723
Total receivable from reinsurers	10,841,567	11,040,398
Fixed Annuity [Member]
Gross future policy benefits and unpaid claims	109,522,112	113,579,831
Total receivable from reinsurers	4,047,301	4,038,007
Accident and health
Gross future policy benefits and unpaid claims	651,140	667,428
Total receivable from reinsurers	90,231	90,113
Reported but unpaid claims
Gross future policy benefits and unpaid claims	8,689,723	4,891,922
Total receivable from reinsurers	571,057	569,250
Incurred but not reported claims
Gross future policy benefits and unpaid claims	3,315,094	2,191,607
Total receivable from reinsurers	19,000	10,000
Policyholder Account Balances
Gross future policy benefits and unpaid claims	44,026,809	45,154,180
Other policyholder funds
Gross future policy benefits and unpaid claims	$ 4,354,746	$ 4,530,227

23) Revenues From Contracts With Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Text Block [Abstract]
Deferred pre-need cemetery and mortuary contract revenues	$ 13,080,179	$ 12,607,978
Pre-need merchandise and services	12,545,753	12,325,437
At-need specialty merchandise	534,426	282,541
Pre-need land sales	0	0
Revenue Included in Opening Contract Liability	$ 4,359,709	$ 3,558,103

23) Revenues From Contracts With Customers: Schedule of Balances of Receivables, Assets and Liabilities (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Receivables

$ 10,899,207

$ 9,236,330

Deferred pre-need cemetery and mortuary contract revenues

13,080,179

12,607,978

Receivables

^[1]

4,119,988

2,778,879

$ 2,816,225

Increase (Decrease) in Accounts Receivable

^[1]

1,341,109

(37,346)

Contract Asset

Deferred pre-need cemetery and mortuary contract revenues

Increase (Decrease) in Deferred Revenue

Contract Liability

Deferred pre-need cemetery and mortuary contract revenues

13,080,179

12,607,978

$ 12,508,625

Increase (Decrease) in Deferred Revenue

$ 472,201

$ 99,353

[1]	Included in Receivables, net on the consolidated balance sheets

23) Revenues From Contracts With Customers: Contract Assets and Contract Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pre-need merchandise and services	$ 12,545,753	$ 12,325,437
At-need specialty merchandise	534,426	282,541
Pre-need land sales	0	0
Deferred pre-need cemetery and mortuary contract revenues	13,080,179	12,607,978
Contract Asset
Pre-need merchandise and services	0	0	$ 0
At-need specialty merchandise	0	0	0
Pre-need land sales	0	0	0
Deferred pre-need cemetery and mortuary contract revenues	0	0	0
Contract Liabilities
Pre-need merchandise and services	12,545,753	12,325,437	12,175,943
At-need specialty merchandise	534,426	282,541	327,302
Pre-need land sales	0	0	5,380
Deferred pre-need cemetery and mortuary contract revenues	$ 13,080,179	$ 12,607,978	$ 12,508,625

23) Revenues From Contracts With Customers: Revenues of the Cemetery and Mortuary Contracts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net mortuary and cemetery sales	$ 20,307,435	$ 15,296,235
Major Goods Or Services Lines, at Need
Net mortuary and cemetery sales	15,212,822	12,334,777
Major Goods Or Services Lines, Pre Need
Net mortuary and cemetery sales	5,094,613	2,961,458
Timing Of Revenue Recognition, Goods Transferred At A Point In Time
Net mortuary and cemetery sales	13,438,592	10,133,723
Timing Of Revenue Recognition, Services Transferred At A Point In Time
Net mortuary and cemetery sales	$ 6,868,843	$ 5,162,512

23) Revenues From Contracts With Customers: Schedule of Contract Costs Included in Deferred Policy (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Text Block [Abstract]
Pre-need merchandise and services	$ 3,601,638	$ 3,590,266
At-need specialty merchandise	5,302	10,688
Pre-need land sales	0	0
Deferred plicy and pre-need contract acquisition costs	$ 3,606,940	$ 3,600,954

24) Leases: Schedule of Lease Cost Recognized in Earnings (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Leases [Abstract]

Finance Lease, Right-of-Use Asset, Amortization

^[1]

$ 58,576

$ 38,351

Finance Lease, Interest Expense

^[2]

7,341

9,001

Operating Lease, Cost

^[3]

5,408,737

5,706,490

Short-term Lease, Cost

^[4]

222,311

233,318

Sublease Income

^[3]

(394,758)

(663,242)

Total lease cost

5,302,207

5,323,918

Operating Cash Flows from Operating Leases

5,293,901

5,567,761

Operating Cash Flows from Finance Leases

7,341

9,001

Financing Cash Flows from Finance Leases

56,982

95,931

Right-of-use assets obtained in exchange for operating lease liabilities

5,631,193

16,544,406

Right-of-use assets obtained in exchange for finance lease liabilities

$ 8,494

$ 252,763

Finance Lease, Weighted Average Remaining Lease Term

2 years 8 months 26 days

3 years 2 months 23 days

Operating Lease, Weighted Average Remaining Lease Term

5 years 4 months 24 days

4 years 8 months 2 days

Finance Lease, Weighted Average Discount Rate, Percent

5.59%

5.47%

Operating Lease, Weighted Average Discount Rate, Percent

4.87%

5.06%

[1]	Included in Depreciation on property and equipment on the consolidated statements of earnings
[2]	Included in Interest expense on the consolidated statements of earnings
[3]	Included in Rent and rent related expenses on the consolidated statements of earnings
[4]	Includes leases with a term of 12 months or less

24) Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Present value of lease liabilities	$ 11,921,884	$ 11,405,976
Finance Leases
2021	46,898
2022	34,458
2023	27,220
2024	4,354
2025	692
Thereafter	0
Total undiscounted lease payments	113,622
Less: Discount on cash flows	(8,671)
Present value of lease liabilities	104,951
Operating Leases
2021	4,344,756
2022	3,004,271
2023	2,088,028
2024	1,567,924
2025	837,526
Thereafter	2,938,906
Total undiscounted lease payments	14,781,411
Less: Discount on cash flows	(2,859,527)
Present value of lease liabilities	$ 11,921,884

24) Leases: Right-of-Use Assets and Lease Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 11,663,245	$ 11,267,247
Present value of lease liabilities	11,921,884	11,405,976
Right-of-use assets	254,276	248,565
Accumulated amortization	(154,144)	(98,351)
Right-of-use assets, net	100,132	150,214
Finance lease liabilities	$ 104,951	$ 153,439