0001096906-21-002063 | 10-Q | XBRL Viewer | Security National Financial Corp

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2021	Aug. 12, 2021
Affiliate, Collateralized Security [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-09341
Entity Registrant Name	Security National Financial Corporation
Entity Central Index Key	0000318673
Entity Tax Identification Number	87-0345941
Entity Incorporation, State or Country Code	UT
Entity Address, Address Line One	121 West Election Road
Entity Address, Address Line Two	Suite
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
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SNFCA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Affiliate, Collateralized Security [Line Items]
Entity Common Stock, Shares Outstanding		17,582,869
Common Class C [Member]
Affiliate, Collateralized Security [Line Items]
Entity Common Stock, Shares Outstanding		2,762,629

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $233,569,650 and $265,150,484 for 2021 and 2020)	$ 260,957,676	$ 294,656,679
Equity securities at estimated fair value (cost of $7,810,399 and $9,698,490 for 2021 and 2020)	10,322,456	11,324,239
Mortgage loans held for investment (net of allowances for loan losses of $1,900,935 and $2,005,127 for 2021 and 2020)	262,160,007	249,343,936
Real estate held for investment (net of accumulated depreciation of $15,268,717 and $13,800,973 for 2021 and 2020)	178,437,646	131,684,453
Real estate held for sale	6,221,164	7,878,807
Other investments and policy loans (net of allowances for doubtful accounts of $1,676,618 and $1,645,475 for 2021 and 2020)	61,887,744	73,696,661
Accrued investment income	5,484,182	5,360,523
Total investments	785,470,875	773,945,298
Cash and cash equivalents	149,209,290	106,219,429
Loans held for sale at estimated fair value	296,728,086	422,772,418
Receivables (net of allowances for doubtful accounts of $1,733,393 and $1,685,382 for 2021 and 2020)	16,397,549	10,899,207
Restricted assets (including $4,363,172 and $3,989,415 for 2021 and 2020 at estimated fair value)	17,225,453	16,150,036
Cemetery perpetual care trust investments (including $3,077,592 and $2,810,070 for 2021 and 2020 at estimated fair value)	6,827,765	6,413,167
Receivable from reinsurers	15,769,108	15,569,156
Cemetery land and improvements	8,416,613	8,761,436
Deferred policy and pre-need contract acquisition costs	103,469,583	100,075,276
Mortgage servicing rights, net	46,724,546	35,210,516
Property and equipment, net	14,830,650	12,473,345
Value of business acquired	8,574,921	8,955,249
Goodwill	3,519,588	3,519,588
Other	28,892,160	27,976,357
Total Assets	1,502,056,187	1,548,940,478
Liabilities
Future policy benefits and unpaid claims	852,448,753	844,790,087
Unearned premium reserve	3,193,838	3,328,623
Bank and other loans payable	231,972,771	297,824,368
Deferred pre-need cemetery and mortuary contract revenues	13,707,231	13,080,179
Cemetery perpetual care obligation	4,201,629	4,087,704
Accounts payable	10,211,871	8,932,683
Other liabilities and accrued expenses	70,577,233	87,650,981
Income taxes	29,894,148	25,258,800
Total liabilities	1,216,207,474	1,284,953,425
Stockholders' Equity
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized;
Additional paid-in capital	57,394,514	50,287,253
Accumulated other comprehensive income, net of taxes	21,598,498	23,243,133
Retained earnings	168,415,007	153,739,167
Treasury stock at cost - 175,153 Class A shares and 95,356 Class C shares in 2021; and 227,852 Class A shares and 10,985 Class C shares in 2020	(2,207,608)	(1,833,272)
Total stockholders' equity	285,848,713	263,987,053
Total Liabilities and Stockholders' Equity	1,502,056,187	1,548,940,478
Common Class A [Member]
Stockholders' Equity
Common Stock, Value	35,123,042	33,191,566
Common Class B [Member]
Stockholders' Equity
Common Stock, Value	0	0
Common Class C [Member]
Stockholders' Equity
Common Stock, Value	$ 5,525,260	$ 5,359,206

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Amortized Cost	$ 233,569,650	$ 265,150,484
Equity securities cost	7,810,399	9,698,490
Allowance for Loan and Lease Losses, Real Estate	1,900,935	2,005,127
Real Estate Investment Property, Accumulated Depreciation	15,268,717	13,800,973
Allowance for Doubtful Accounts, Premiums and Other Receivables	1,676,618	1,645,475
Accounts Receivable, Allowance for Credit Loss	1,733,393	1,685,382
Aggregate Fair Value, Restricted Assets	4,363,172	3,989,415
Aggregate Fair Value, Cemetary Perpetual Care Trust Investments	$ 3,077,592	$ 2,810,070
Preferred Stock, Par or Stated Value Per Share		$ 1.00
Preferred Stock, Shares Authorized		5,000,000
Preferred Stock, Shares Outstanding		0
Common Class A [Member]
Common Stock, Par or Stated Value Per Share		$ 2.00
Common Stock, Shares Authorized		20,000,000
Common Stock, Shares, Issued	17,561,521	16,595,783
Treasury Stock, Shares	175,153	227,852
Common Class B [Member]
Common Stock, Par or Stated Value Per Share		$ 1.00
Common Stock, Shares Authorized		5,000,000
Common Stock, Shares, Outstanding		0
Common Class C [Member]
Common Stock, Par or Stated Value Per Share		$ 2.00
Common Stock, Shares Authorized		3,000,000
Common Stock, Shares, Issued	2,762,630	2,679,603
Treasury Stock, Shares	95,356	10,985

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Mortgage fee income	$ 65,157,813	$ 73,368,333	$ 138,156,425	$ 113,650,094
Insurance premiums and other considerations	24,959,028	22,924,709	48,309,238	45,215,985
Net investment income	14,177,318	12,962,745	28,471,205	26,363,244
Net mortuary and cemetery sales	6,318,398	4,700,778	12,260,524	9,158,869
Gains (losses) on investments and other assets	1,477,204	2,238,279	3,437,317	(973,968)
Other	4,660,554	2,466,898	8,774,212	4,856,467
Total revenues	116,750,315	118,661,742	239,408,921	198,270,691
Benefits and expenses:
Death benefits	14,844,067	13,586,723	33,156,073	26,994,350
Surrenders and other policy benefits	670,957	838,191	1,748,601	1,908,666
Increase in future policy benefits	7,400,716	6,603,843	11,655,374	13,641,876
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	3,654,061	3,026,666	7,230,926	6,541,723
Selling, general and administrative expenses:
Commissions	29,893,565	27,239,088	62,623,245	43,793,831
Personnel	24,328,690	20,538,655	48,700,195	39,258,653
Advertising	1,597,067	1,229,841	3,398,065	2,235,158
Rent and rent related	1,874,348	1,662,853	3,740,246	3,277,594
Depreciation on property and equipment	473,478	518,070	975,123	1,034,283
Costs related to funding mortgage loans	2,739,500	2,378,815	5,676,725	4,335,097
Other	12,029,714	11,303,388	23,979,578	21,378,930
Interest expense	1,694,012	1,881,440	3,519,611	3,700,049
Cost of goods and services sold-mortuaries and cemeteries	872,788	660,413	1,972,752	1,502,491
Total benefits and expenses	102,072,963	91,467,986	208,376,514	169,602,701
Earnings before income taxes	14,677,352	27,193,756	31,032,407	28,667,990
Income tax expense	(3,419,873)	(6,636,709)	(7,646,213)	(6,686,494)
Net earnings	$ 11,257,479	$ 20,557,047	$ 23,386,194	$ 21,981,496
Net earnings per Class A Equivalent common share (1)	$ 0.56	$ 1.04	$ 1.16	$ 1.12
Net earnings per Class A Equivalent common share-assuming dilution (1)	$ 0.54	$ 1.02	$ 1.12	$ 1.10
Weighted-average Class A equivalent common shares outstanding (1)	20,106,954	19,719,792	20,093,834	19,658,351
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)	20,891,771	20,159,385	20,919,882	20,007,853

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net earnings	$ 11,257,479	$ 20,557,047	$ 23,386,194	$ 21,981,496
Other comprehensive income:
Unrealized gains (losses) on fixed maturity securities available for sale	4,734,692	15,180,782	(2,071,211)	3,999,631
Unrealized gains (losses) on restricted assets	2,698	18,072	(7,731)	4,987
Unrealized gains (losses) on cemetery perpetual care trust investments	1,939	17,815	(6,258)	5,769
Foreign currency translation adjustments	0	165	2,835	(280)
Other comprehensive income (loss), before income tax	4,739,329	15,216,834	(2,082,365)	4,010,107
Income tax benefit (expense)	(995,442)	(3,196,946)	437,730	(842,532)
Other comprehensive income (loss), net of income tax	3,743,887	12,019,888	(1,644,635)	3,167,575
Comprehensive income	$ 15,001,366	$ 32,576,935	$ 21,741,559	$ 25,149,071

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Class A Common Stock [Member]	Class C Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
March 31, 2020 at Dec. 31, 2019	$ 32,215,558	$ 5,001,774	$ 46,091,112	$ 13,726,514	$ 101,256,229	$ (1,580,582)	$ 196,710,605
Net earnings					1,424,449		1,424,449
Other comprehensive income				(8,852,313)			(8,852,313)
Stock-based compensation expense			65,877				65,877
Exercise of stock options	44,822		(33,930)				10,892
Sale of treasury stock			218,280			264,081	482,361
Purchase of treasury stock						(129,608)	(129,608)
Conversion Class C to Class A	22,324	(22,324)
Stock dividends	2,322	(1,020)	2,292		(3,594)
June 30, 2020 at Mar. 31, 2020	32,285,026	4,978,430	46,343,631	4,874,201	102,677,084	(1,446,109)	189,712,263
March 31, 2020 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							21,981,496
June 30, 2020 at Jun. 30, 2020	33,115,108	5,102,890	48,917,891	16,894,089	120,126,524	(1,542,276)	222,614,226
March 31, 2020 at Mar. 31, 2020	32,285,026	4,978,430	46,343,631	4,874,201	102,677,084	(1,446,109)	189,712,263
Net earnings					20,557,047		20,557,047
Other comprehensive income				12,019,888			12,019,888
Stock-based compensation expense			101,520				101,520
Exercise of stock options	22,726		(22,726)
Sale of treasury stock			319,676			664,546	984,222
Purchase of treasury stock						(760,713)	(760,713)
Stock dividends	807,356	124,460	2,175,790		(3,107,607)		(1)
June 30, 2020 at Jun. 30, 2020	33,115,108	5,102,890	48,917,891	16,894,089	120,126,524	(1,542,276)	222,614,226
March 31, 2020 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
Net earnings					12,128,715		12,128,715
Other comprehensive income				(5,388,522)			(5,388,522)
Stock-based compensation expense			39,153				39,153
Exercise of stock options	55,852		33,401				89,253
Sale of treasury stock			290,381			1,632,041	1,922,422
Purchase of treasury stock						(910,233)	(910,233)
Conversion Class C to Class A	97,054	(97,054)
June 30, 2020 at Mar. 31, 2021	33,344,472	5,262,152	50,650,188	17,854,611	165,867,882	(1,111,464)	271,867,841
March 31, 2020 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
Net earnings							23,386,194
June 30, 2020 at Jun. 30, 2021	35,123,042	5,525,260	57,394,514	21,598,498	168,415,007	(2,207,608)	285,848,713
March 31, 2020 at Mar. 31, 2021	33,344,472	5,262,152	50,650,188	17,854,611	165,867,882	(1,111,464)	271,867,841
Net earnings					11,257,479		11,257,479
Other comprehensive income				3,743,887			3,743,887
Exercise of stock options	106,044		7,655				113,699
Sale of treasury stock			(38,048)			1,499,862	1,461,814
Purchase of treasury stock						(2,596,006)	(2,596,006)
Stock dividends	1,672,526	263,108	6,774,719		(8,710,354)		(1)
June 30, 2020 at Jun. 30, 2021	$ 35,123,042	$ 5,525,260	$ 57,394,514	$ 21,598,498	$ 168,415,007	$ (2,207,608)	$ 285,848,713

- Definition

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

+ References

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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.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 124,476,144	$ (109,561,903)
Cash flows from investing activities:
Purchases of fixed maturity securities	(2,758,463)	(49,243,362)
Sales, calls and maturities of fixed maturity securities	34,388,575	60,438,933
Purchases of equity securities	(635,843)	(13,396,648)
Sales of equity securities	2,885,620	7,841,952
Net changes in restricted assets	514,085	(1,476,279)
Net changes in perpetual care trusts	140,092	(120,904)
Mortgage loans held for investment, other investments and policy loans made	(399,597,382)	(313,439,255)
Payments received for mortgage loans held for investment, other investments and policy loans	398,670,420	291,577,885
Purchases of property and equipment	(3,342,889)	(910,429)
Purchases of real estate	(49,123,963)	(12,217,051)
Sales of real estate	10,022,114	6,584,359
Net cash used in investing activities	(8,837,634)	(24,360,799)
Cash flows from financing activities:
Investment contract receipts	5,865,484	5,180,530
Investment contract withdrawals	(7,699,546)	(8,606,537)
Proceeds from stock options exercised	202,952	10,892
Purchases of treasury stock	(3,506,239)	(890,321)
Repayment of bank loans	(53,878,750)	(48,739,820)
Proceeds from bank loans	72,702,425	119,172,821
Net change in warehouse line borrowings for loans held for sale	(84,737,685)	59,048,513
Net cash provided by (used in) financing activities	(71,051,359)	125,176,078
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	44,587,151	(8,746,624)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	115,465,086	137,735,673
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	160,052,237	128,989,049
Supplemental Disclosure of Cash Flow Information:
Interest	3,759,561	3,732,031
Income taxes (net of refunds)	2,573,137	409,223
Non Cash Operating, Investing and Financing Activities:
Accrued real estate construction costs and retainage	5,776,672	687,314
Benefit plans funded with treasury stock	3,384,236	1,466,583
Right-of-use assets obtained in exchange for operating lease liabilities	1,974,832	4,641,238
Mortgage loans held for investment foreclosed into real estate held for investment	730,116	686,124
Transfer of loans held for sale to mortgage loans held for investment	201,951	8,933,676
Right-of-use assets obtained in exchange for finance lease liabilities	0	8,494
Cash and cash equivalents	149,209,290	116,961,182
Restricted assets	10,194,202	9,992,953
Cemetery perpetual care trust investments	648,745	2,034,914
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$ 160,052,237	$ 128,989,049

Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K (File Number 000-09341). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to adopt policies and make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In applying these policies and estimates, the Company makes judgments that frequently require assumptions about matters that are inherently uncertain. Accordingly, significant estimates used in the preparation of the Company’s financial statements may be subject to significant adjustments in future periods. Actual results could differ from those estimates.

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

COVID-19. During 2020, the outbreak of COVID-19 had spread worldwide and was declared a global pandemic by the World Health Organization on March 11, 2020. COVID-19 poses a threat to the health and economic well-being of the Company’s employees, customers, and vendors. The Company is closely monitoring developments relating to the COVID-19 pandemic and assessing its impact on the Company’s business. The continued uncertainty surrounding the COVID-19 pandemic has had and continues to have a major impact on the global economy and financial markets. Governments and businesses have taken numerous measures to try to contain the virus, which include the implementation of travel bans, self-imposed quarantine periods, and social distancing. These measures have disrupted and will continue to disrupt businesses globally. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize the economic conditions.

Like most businesses, COVID-19 has impacted the Company. However, the Company cannot, with any certainty predict the severity or duration with which COVID-19 will impact the Company’s business, financial condition, results of operations, and cash flows. To the extent the COVID-19 pandemic adversely affects the Company’s business, financial condition, and results of operations, it may also have the effect of heightening many of the other risks described in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. These uncertainties have the potential to negatively affect the risk of credit default for the issuers of the Company’s fixed maturity debt securities and individual borrowers with mortgage loans held by the Company.

The Company has implemented risk management, business continuity plans and has taken preventive measures and other precautions, such as business travel restrictions and remote work arrangements. Such measures and precautions have enabled the Company to continue to conduct business.

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

2) Recent Accounting Pronouncements

Accounting Standards Adopted in 2020

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

Accounting Standards 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.

- Definition

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

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+ Details

Investments

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

3) Investments

The Company’s investments as of June 30, 2021 are summarized as follows:

Available for sale
	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30, 2021:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	22,260,808		$	907,733	$	—		$	23,168,541

Obligations of states and political subdivisions		5,158,473			242,668		(4,769	)		5,396,372

Corporate securities including public utilities		177,621,795			25,368,792		(243,492	)		202,747,095

Mortgage-backed securities		28,259,360			1,239,004		(135,522	)		29,362,842

Redeemable preferred stock		269,214			13,612		—			282,826

Total fixed maturity securities available for sale	$	233,569,650		$	27,771,809	$	(383,783	)	$	260,957,676

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	7,810,399		$	2,797,881	$	(285,824	)	$	10,322,456

Total equity securities at estimated fair value	$	7,810,399		$	2,797,881	$	(285,824	)	$	10,322,456

Mortgage loans held for investment at amortized cost:
Residential	$	83,195,347
Residential construction		135,728,280
Commercial		47,440,235
Less: Unamortized deferred loan fees, net		(1,725,718	)
Less: Allowance for loan losses		(1,900,935	)
Less: Net discounts		(577,202	)

Total mortgage loans held for investment	$	262,160,007

Real estate held for investment - net of accumulated depreciation:
Residential	$	50,268,513
Commercial		128,169,133

Total real estate held for investment	$	178,437,646

Real estate held for sale:
Residential	$	1,330,611
Commercial		4,890,553

Total real estate held for sale	$	6,221,164

Other investments and policy loans at amortized cost:
Policy loans	$	13,734,049
Insurance assignments		42,029,299
Federal Home Loan Bank stock (1)		2,545,000
Other investments		5,256,014
Less: Allowance for doubtful accounts		(1,676,618	)

Total policy loans and other investments	$	61,887,744

Accrued investment income	$	5,484,182

Total investments	$	785,470,875

(1)	Includes $905,700 of Membership stock and $1,639,000 of Activity stock due to short-term borrowings.

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.

Fixed Maturity Securities

The following tables summarize unrealized losses on fixed maturity securities available for sale, which were carried at estimated fair value, at June 30, 2021 and December 31, 2020. 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 June 30, 2021
Obligations of States and Political Subdivisions	$	4,769	$	757,348	$	—	$	—	$	4,769	$	757,348
Corporate Securities		28,595		4,269,265		214,897		4,618,270		243,492		8,887,535
Mortgage and other asset-backed securities		25,176		1,952,135		110,346		1,836,960		135,522		3,789,095
Total unrealized losses	$	58,540	$	6,978,748	$	325,243	$	6,455,230	$	383,783	$	13,433,978

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

There were 51 securities with fair value of 97.2% of amortized cost at June 30, 2021. There were 63 securities with fair value of 94.7% of amortized cost at December 31, 2020. No additional credit losses have been recognized for the three and six months ended June 30, 2021 and 2020.

On a quarterly basis, the Company evaluates its fixed maturity securities available for sale. This evaluation includes a review of current ratings by the National Association of Insurance Commissions (NAIC). Securities with a rating of 1 or 2 are considered investment grade. Securities with ratings of 3 to 5 are considered non-investment grade and 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 six months ended June 30:


	2021		2020
Balance of credit-related OTTI at January 1	$	370,975	$	—

Additions for credit impairments recognized on:
Securities not previously impaired		—		—
Securities previously impaired		—		—

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

Balance of credit-related OTTI at June 30		370,975		—

The amortized cost and estimated fair value of fixed maturity securities available for sale at June 30, 2021, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Estimated Fair Value
Due in 1 year	$	470,918	$	479,754
Due in 2-5 years		65,576,854		69,598,648
Due in 5-10 years		71,005,630		79,264,125
Due in more than 10 years		67,987,674		81,969,481
Mortgage-backed securities		28,259,360		29,362,842
Redeemable preferred stock		269,214		282,826
Total	$	233,569,650	$	260,957,676

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). The Company pledged a total of $20,000,000, par value, of United States Treasury fixed maturity securities with the FHLB at June 30, 2021. These securities are used as collateral on any cash borrowings from the FHLB. As of June 30, 2021, the Company did not have any amounts outstanding with the FHLB and its estimated remaining maximum borrowing capacity was $19,152,949.

Investment Related Earnings

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

Gain (Loss) on Investments
	Three Months Ended June 30						Six Months Ended June 30
	2021			2020			2021			2020
Fixed maturity securities:
Gross realized gains	$	188,266		$	55,138		$	273,659		$	150,959
Gross realized losses		(2,119	)		(12,089	)		(14,886	)		(12,089	)

Equity securities:
Gains (losses) on securities sold		146,011			(50,029	)		252,580			(107,471	)
Unrealized gains and (losses) on securities held at the end of the period		490,394			1,738,059			1,442,424			(1,023,797	)

Other assets:
Gross realized gains		737,443			48,736			1,846,801			505,764
Gross realized losses		(82,791	)		458,464			(363,261	)		(487,334	)
Total	$	1,477,204		$	2,238,279		$	3,437,317		$	(973,968	)

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.

Information regarding sales of fixed maturity securities available for sale is summarized as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Proceeds from sales	$	1,163,366	$	2,107,581	$	1,982,931	$	2,753,331
Gross realized gains		149,338		53,928		209,132		133,339
Gross realized losses		—		137		—		137

Major categories of net investment income are as follows:

	Three Months Ended June 30						Six Months Ended June 30
	2021			2020			2021			2020
Fixed maturity securities	$	2,698,011		$	3,143,072		$	5,522,122		$	6,067,786
Equity securities		106,041			111,122			234,270			203,164
Mortgage loans held for investment		6,902,466			5,582,152			12,986,883			11,236,042
Real estate		3,002,650			2,787,881			6,045,479			5,941,267
Policy loans		232,135			257,527			464,488			491,492
Insurance assignments		4,171,318			4,383,398			9,517,047			8,682,602
Other investments		39,299			398			53,006			25,421
Cash and cash equivalents		34,030			22,385			73,624			320,390
Gross investment income		17,185,950			16,287,935			34,896,919			32,968,164
Investment expenses		(3,008,632	)		(3,325,190	)		(6,425,714	)		(6,604,920	)
Net investment income	$	14,177,318		$	12,962,745		$	28,471,205		$	26,363,244

Net investment income includes income earned by the restricted assets cemeteries and mortuaries of $190,668 and $140,093 for the three months ended June 30, 2021 and 2020, respectively, and $351,879 and $250,732 for the six months ended June 30, 2021 and 2020, respectively.

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

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

Securities on deposit with regulatory authorities as required by law amounted to $10,263,529 at June 30,2021 and $9,684,409 at December 31, 2020. These restricted securities are included in various assets under investments on the accompanying condensed consolidated balance sheets.

There were no investments, aggregated by issuer, in excess of 10% of shareholders’ equity (before net unrealized gains and losses on equity securities and fixed maturity securities) at June 30, 2021, other than investments issued or guaranteed by the United States Government.

Real Estate Held for Investment and Held for Sale

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

Commercial Real Estate Held for Investment and Held for Sale

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

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

The Company currently owns and operates 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 (“Center 53”) in Salt Lake City, Utah. The Company also holds undeveloped land that may be used for future commercial developments. The Company uses bank debt in strategic cases to leverage established yields or to acquire a higher quality or different class of asset.

The aggregated net ending balance of commercial real estate that serves as collateral for bank loans was $110,763,510 and $71,517,902 as of June 30, 2021 and December 31, 2020, respectively. The associated bank loan carrying values totaled $66,163,722 and $46,153,283 as of June 30, 2021 and December 31, 2020, respectively.

During the three months ended June 30, 2021 and 2020, the Company recorded impairment losses on commercial real estate held for sale of $28,378 and $15,551, respectively. During the six months ended June 30, 2021 and 2020, the Company recorded impairment losses on commercial real estate held for sale of $28,378 and $46,980, respectively. These impairment losses relate to an office building and a funeral home held by the life insurance segment. Impairment losses are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

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

Commercial Real Estate Investment
	Net Ending Balance				Total Square Footage
	June 30 2021		December 31 2020		June 30 2021		December 31 2020
Utah (1)	$	122,439,551	$	100,927,528		379,066		379,066
Louisiana		2,449,494		2,998,684		31,778		84,841
Mississippi		2,890,943		2,914,498		21,521		21,521
California		389,145		—		2,872		—

	$	128,169,133	$	106,840,710		435,237		485,428

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

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

	Net Ending Balance				Total Square Footage
	June 30 2021		December 31 2020		June 30 2021		December 31 2020
Kansas		4,000,000		4,000,000		222,679		222,679
Louisiana		490,000		—		53,063		—
Texas (1)		249,000		249,000		—		—
Mississippi		151,553		151,553		—		12,300

	$	4,890,553	$	4,400,553		275,742		234,979

(1)	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.

The net ending balance of foreclosed residential real estate included in residential real estate held for investment and sale is $1,828,936 and $4,327,079 as of June 30, 2021 and December 31, 2020, respectively.

During the three and six months ended June 30, 2021 and 2020 the Company did not record any impairment losses on residential real estate held for investment or held for sale. Impairment losses, if any, are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

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

Residential Real Estate Investment
	Net Ending Balance
	June 30 2021		December 31 2020
Utah (1)		49,982,332	$	24,557,562
Washington (2)		286,181		286,181
	$	50,268,513	$	24,843,743

(1)	Includes subdivision land developments

(2)	Improved residential lots

Additional information regarding the Company’s subdivision land developments in Utah is summarized as follows:

	June 30 2021		December 31 2020
Lots available for sale		91		36
Lots to be developed		469		350
Ending Balance (1)	$	49,770,193	$	23,777,478

(1)	The estimated remaining cost to complete the undeveloped lots is $42,965,000 and $17,354,000 as of June 30, 2021 and December 31, 2020, respectively.

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

	Net Ending Balance
	June 30 2021		December 31 2020
Nevada	$	979,640	$	979,640
Florida		340,971		744,322
Ohio		10,000		10,000
Utah		—		1,744,292
	$	1,330,611	$	3,478,254

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

Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of June 30, 2021, 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)	Life Insurance Operations		12,274		100	%
909 Foisy Street, Alexandria, LA (1)	Life Insurance Sales		8,059		100	%
812 Sheppard Street, Minden, LA (1)	Life Insurance Sales		1,560		100	%
1550 N 3rd Street, Jena, LA (1)	Life Insurance Sales		1,737		100	%

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

Mortgage Loans Held for Investment

Mortgage loans held for investment consist of first and second mortgages. The mortgage loans bear interest at rates ranging from 2.0% to 10.5%, maturity dates range from nine months to 30 years and are secured by real estate. Concentrations of credit risk arise when a number of mortgage loan debtors have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. Although the Company has a diversified mortgage loan portfolio consisting of residential mortgages, commercial loans and residential construction loans and requires collateral on all real estate exposures, a substantial portion of its debtors’ ability to honor obligations is reliant on the economic stability of the geographic region in which the debtors do business. At June 30,2021, the Company had 60%, 13%, 8%, 4%, 3%,2%, 2% and 2% of its mortgage loans from borrowers located in the states of Utah, Florida, Texas,Nevada, Arizona, Colorado, Hawaii, and Louisiana, respectively. 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.

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

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

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

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

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

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

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

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

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


	Commercial		Residential			Residential Construction		Total
June 30, 2021
Allowance for credit losses:
Beginning balance - January 1, 2021	$	187,129	$	1,774,796		$	43,202	$	2,005,127
Charge-offs		—		—			—		—
Provision		—		(104,192	)		—		(104,192	)
Ending balance - June 30, 2021	$	187,129	$	1,670,604		$	43,202	$	1,900,935

Ending balance: individually evaluated for impairment	$	—	$	192,266		$	—	$	192,266

Ending balance: collectively evaluated for impairment	$	187,129	$	1,478,338		$	43,202	$	1,708,669

Mortgage loans:
Ending balance	$	47,440,235	$	83,195,347		$	135,728,280	$	266,363,862

Ending balance: individually evaluated for impairment	$	848,464	$	3,676,282		$	200,963	$	4,725,709

Ending balance: collectively evaluated for impairment	$	46,591,771	$	79,519,065		$	135,527,317	$	261,638,153

December 31, 2020
Allowance for credit losses:
Beginning balance - January 1, 2020	$	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 - December 31, 2020	$	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

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

Schedule of aging of mortgage loans
	Commercial			Residential			Residential Construction			Total
June 30, 2021
30-59 Days Past Due	$	6,000,000		$	4,328,577		$	494,665		$	10,823,242
60-89 Days Past Due		554,638			3,338,670			965,186			4,858,494
Greater Than 90 Days (1)		599,291			2,433,426			—			3,032,717
In Process of Foreclosure (1)		249,173			1,242,856			200,963			1,692,992
Total Past Due		7,403,102			11,343,529			1,660,814			20,407,445
Current		40,037,133			71,851,818			134,067,466			245,956,417
Total Mortgage Loans		47,440,235			83,195,347			135,728,280			266,363,862
Allowance for Loan Losses		(187,129	)		(1,670,604	)		(43,202	)		(1,900,935	)
Unamortized deferred loan fees, net		(83,409	)		(1,160,086	)		(482,223	)		(1,725,718	)
Unamortized discounts, net		(295,255	)		(281,947	)		—			(577,202	)
Net Mortgage Loans	$	46,874,442		$	80,082,710		$	135,202,855		$	262,160,007

December 31, 2020
30-59 Days Past Due	$	233,200		$	5,866,505		$	127,191		$	6,226,896
60-89 Days Past Due		812,780			2,048,148			—			2,860,928
Greater Than 90 Days (1)		2,148,827			5,669,583			—			7,818,410
In Process of Foreclosure (1)		—			2,263,097			200,963			2,464,060
Total Past Due		3,194,807			15,847,333			328,154			19,370,294
Current		43,642,059			79,975,115			110,783,623			234,400,797
Total Mortgage Loans		46,836,866			95,822,448			111,111,777			253,771,091
Allowance for Loan Losses		(187,129	)		(1,774,796	)		(43,202	)		(2,005,127	)
Unamortized deferred loan fees, net		(32,557	)		(909,864	)		(218,711	)		(1,161,132	)
Unamortized discounts, net		(880,721	)		(380,175	)		—			(1,260,896	)
Net Mortgage Loans	$	45,736,459		$	92,757,613		$	110,849,864		$	249,343,936

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

Impaired Mortgage Loans Held for Investment

Impaired mortgage loans held for investment include loans with a related specific valuation allowance or loans whose carrying amount has been reduced to the expected collectible amount because the impairment has been considered 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:

Schedule of Impaired Mortgage Loans
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
June 30, 2021
With no related allowance recorded:
Commercial	$	848,464	$	848,464	$	—	$	958,414	$	—
Residential		2,392,109		2,392,109		—		3,118,925		—
Residential construction		200,963		200,963		—		200,963		—

With an allowance recorded:
Commercial	$	—	$	—	$	—	$	—	$	—
Residential		1,284,173		1,284,173		192,266		937,257		—
Residential construction		—		—		—		—		—

Total:
Commercial	$	848,464	$	848,464	$	—	$	958,414	$	—
Residential		3,676,282		3,676,282		192,266		4,056,182		—
Residential construction		200,963		200,963		—		200,963		—

December 31, 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		—

Credit Risk Profile Based on Performance Status

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

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


	Commercial				Residential				Residential Construction				Total
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020

Performing	$	46,591,771	$	44,688,039	$	79,519,065	$	87,889,768	$	135,527,317	$	110,910,814	$	261,638,153	$	243,488,621
Non-performing		848,464		2,148,827		3,676,282		7,932,680		200,963		200,963		4,725,709		10,282,470

Total	$	47,440,235	$	46,836,866	$	83,195,347	$	95,822,448	$	135,728,280	$	111,111,777	$	266,363,862	$	253,771,091

Non-Accrual Mortgage Loans Held for Investment

Once a loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and write off any interest income that had been accrued. Payments received for loans on a non-accrual 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 $316,000 and $491,000 as of June 30, 2021 and December 31, 2020, respectively.

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


	As of June 30 2021		As of December 31 2020
Commercial	$	848,464	$	2,148,827
Residential		3,676,282		7,932,680
Residential construction		200,963		200,963
Total	$	4,725,709	$	10,282,470

Loans Held for Sale

6 Months Ended

Jun. 30, 2021

Loans Held For Sale

Loans Held for Sale

4) Loans Held for Sale

The Company has elected the fair value option for loans held for sale. Changes in the fair value of the loans are included in mortgage fee income. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on mortgage loans held for investment and is included in mortgage fee income on the condensed consolidated statement of earnings. See Note 8 to the condensed consolidated financial statements for additional disclosures regarding loans held for sale.

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


	As of June 30 2021		As of December 31 2020

Aggregate fair value	$	296,728,086	$	422,772,418
Unpaid principal balance		287,867,995		406,407,323
Unrealized gain		8,860,091		16,365,095

Mortgage Fee Income

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

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


	Three Months Ended June 30						Six Months Ended June 30
	2021			2020			2021			2020
Loan fees	$	9,154,621		$	15,226,535		$	18,694,577		$	22,940,750
Interest income		2,188,380			2,601,605			4,500,181			4,282,063
Secondary gains		56,020,876			49,422,815			124,459,809			77,269,683
Change in fair value of loan commitments		(482,863	)		5,278,100			(168,397	)		8,553,132
Change in fair value of loans held for sale		(1,114,632	)		2,363,713			(8,060,513	)		2,742,010
Provision for loan loss reserve		(608,569	)		(1,524,435	)		(1,269,232	)		(2,137,544	)
Mortgage fee income	$	65,157,813		$	73,368,333		$	138,156,425		$	113,650,094

Loan Loss Reserve

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

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


	As of June 30 2021			As of December 31 2020
Balance, beginning of period	$	20,583,618		$	4,046,288
Provision on current loan originations (1)		1,269,232			4,938,214
Additional provision for loan loss reserve		—			16,506,030
Charge-offs, net of recaptured amounts		(19,440,198	)		(4,906,914	)
Balance, end of period	$	2,412,652		$	20,583,618

(1)	Included in mortgage fee income

The Company maintains reserves for estimated losses on current production volumes. For the six months ended June 30, 2021, $1,269,232 in reserves were added at a rate of 4.5 basis points per loan, the equivalent of $450 per $1,000,000 in loans originated. This is an increase over the six months ended June 30, 2020, when reserves were added at a rate of 2.5 basis points per loan originated, the equivalent of $250 per $1,000,000 in loans originated. The 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 11 for additional information regarding mortgage loan loss settlements and charge-offs. 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 June 30, 2021, represents its best estimate for adequate loss reserves on loans sold.

Stock Compensation Plans

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock Compensation Plans

5) Stock Compensation Plans

The Company has two fixed option plans (the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $ 0 and $101,520 has been recognized for these plans for the three months ended June 30, 2021 and 2020, respectively, and $39,153 and $167,397 has been recognized for these plans for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the total unrecognized compensation expense related to the options issued was $0.

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

A summary of the status of the Company’s stock compensation plans as of June 30, 2021, and the changes during the six months ended June 30, 2021, are presented below:


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

Outstanding at January 1, 2021		1,072,863		$	4.22		662,666	$	4.61
Adjustment for effect of stock dividends		47,594					33,136
Granted		—					—
Exercised		(97,313	)				—
Cancelled		—					—
Outstanding at June 30, 2021		1,023,144		$	4.29		695,802	$	4.61

As of June 30, 2021:
Options exercisable		1,023,144		$	4.29		695,802	$	4.61

As of June 30, 2021:
Available options for future grant		358,462					279,825

Weighted average contractual term of options
outstanding at June 30, 2021		5.18 years					6.32 years

Weighted average contractual term of options
exercisable at June 30, 2021		5.18 years					6.32 years

Aggregated intrinsic value of options
outstanding at June 30, 2021 (1)	$	4,135,399				$	2,585,420

Aggregated intrinsic value of options
exercisable at June 30, 2021 (1)	$	4,135,399				$	2,585,420

(1)	The Company used a stock price of $8.33 as of June 30, 2021 to derive intrinsic value.

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

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

Outstanding at January 1, 2020		1,086,053		$	4.41		594,132	$	5.36
Adjustment for effect of stock dividends		29,099					22,544
Granted		77,000					180,000
Exercised		(78,803	)				—
Cancelled		—					—
Outstanding at June 30, 2020		1,113,349		$	4.27		796,676	$	4.87

As of June 30, 2020:
Options exercisable		1,013,955		$	4.27		561,440	$	5.11

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

Weighted average contractual term of options
outstanding at June 30, 2020		5.97 years					6.18 years

Weighted average contractual term of options
exercisable at June 30, 2020		5.61 years					5.32 years

Aggregated intrinsic value of options
outstanding at June 30, 2020 (1)	$	2,568,502				$	1,360,855

Aggregated intrinsic value of options
exercisable at June 30, 2020 (1)	$	2,338,090				$	823,712

(1)	The Company used a stock price of $6.58 as of June 30, 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 six months June 30, 2021 and 2020 was $434,318 and $191,656, respectively.

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

6) Earnings Per Share

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

Three Months Ended

30-June

Six Months Ended

30-June

2021 2020 2021 2020

Numerator:

Net earnings $ 11,257,479 $ 20,557,047 $ 23,386,194 $ 21,981,496

Denominator:

Basic weighted-average shares outstanding 20,106,954 19,719,792 20,093,834 19,658,351

Effect of dilutive securities:

Employee stock options 784,817 439,593 826,048 349,502

Diluted weighted-average shares outstanding 20,891,771 20,159,385 20,919,882 20,007,853

Basic net earnings per share $ 0.56 $ 1.04 $ 1.16 $ 1.12

Diluted net earnings per share $ 0.54 $ 1.02 $ 1.12 $ 1.10

Net earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. For the six months June 30, 2021 and 2020,there were 0 and 0 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. Basic and diluted earnings per share amounts are the same for each class of common stock.

The following table summarizes the activity in shares of capital stock for the periods presented:


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

Exercise of stock options		33,774		—
Stock dividends		404,839		61,720
Conversion of Class C to Class A		11,162		(11,162	)

Outstanding shares at June 30, 2020		16,557,554		2,551,445

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

Exercise of stock options		80,948		—
Stock dividends		836,263		131,554
Conversion of Class C to Class A		48,527		(48,527	)

Outstanding shares at June 30, 2021		17,561,521		2,762,630

Business Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Business Segment Information

7) Business Segment Information

Description of Products and Services by Segment

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

Measurement of Segment Profit or Loss and Segment Assets

The accounting policies of the reportable segments are the same as those described in the Significant Accounting Principles of the Form 10-K for the year ended December 31, 2020. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation.

Factors Management Used to Identify the Enterprise’s Reportable Segments

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


	Life Insurance		Cemetery/ Mortuary		Mortgage		Intercompany Eliminations			Consolidated
For the Three Months Ended
June 30, 2021
Revenues from external customers	$	40,657,393	$	6,807,922	$	69,285,000	$	—		$	116,750,315
Intersegment revenues		1,750,929		78,302		156,016		(1,985,247	)		—
Segment profit before income taxes		4,694,177		2,269,325		7,713,850		—			14,677,352

For the Three Months Ended
June 30, 2020
Revenues from external customers	$	37,788,593	$	5,306,305	$	75,566,844	$	—		$	118,661,742
Intersegment revenues		1,816,185		89,799		190,701		(2,096,685	)		—
Segment profit before income taxes		3,670,369		1,548,452		21,974,935		—			27,193,756

For the Six Months Ended
June 30, 2021
Revenues from external customers	$	79,601,227	$	13,807,187	$	146,000,507				$	239,408,921
Intersegment revenues		3,652,981		155,809		317,032		(4,125,822	)		—
Segment profit before income taxes		7,389,205		4,970,270		18,672,932					31,032,407

Identifiable Assets		1,193,893,855		59,621,349		317,945,282		(72,923,887	)		1,498,536,599
Goodwill		2,765,570		754,018		—					3,519,588
Total Assets		1,196,659,425		60,375,367		317,945,282		(72,923,887	)		1,502,056,187

For the Six Months Ended
June 30, 2020
Revenues from external customers	$	70,994,355	$	9,320,001	$	117,956,335				$	198,270,691
Intersegment revenues		2,724,353		193,313		391,033		(3,308,699	)		—
Segment profit before income taxes		601,202		1,653,253		26,413,535					28,667,990

Identifiable Assets		1,206,815,231		75,048,428		346,286,603		(110,608,108	)		1,517,542,154
Goodwill		2,765,570		754,018							3,519,588
Total Assets		1,209,580,801		75,802,446		346,286,603		(110,608,108	)		1,521,061,742

- 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=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 34
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

8) Fair Value of Financial Instruments

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

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

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

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

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

c) 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.

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

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

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

The items shown under Level 3 are valued as follows:

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.

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 uses market data based upon its real estate operation experience and projected the present value of the net rental income over seven years. The Company also considers area comparables and property condition when determining fair value.

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

Mortgage Servicing Rights: The Company initially recognizes Mortgage Servicing Rights (“MSRs”) at their estimated fair values derived from the net cash flows associated with the servicing contracts,where the Company assumes the obligation to service the loan in the sale transaction. See Note 12 for more information regarding MSRs.

The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet at June 30, 2021.


	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	$	260,957,676		$	—		$	258,776,848	$	2,180,828
Equity securities		10,322,456			10,322,456			—		—
Loans held for sale		296,728,086			—			—		296,728,086
Restricted assets (1)		1,448,292			—			1,448,292		—
Restricted assets (2)		2,914,880			2,914,880			—		—
Cemetery perpetual care trust investments (1)		710,533			—			710,533		—
Cemetery perpetual care trust investments (2)		2,367,059			2,367,059			—		—
Derivatives - loan commitments (3)		10,704,411			—			—		10,704,411
Total assets accounted for at fair value on a recurring basis	$	586,153,393		$	15,604,395		$	260,935,673	$	309,613,325

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$	(12,795	)	$	(12,795	)	$	—	$	—
Derivatives - loan commitments (4)		(744,198	)		—			—		(744,198	)
Total liabilities accounted for at fair value on a recurring basis	$	(756,993	)	$	(12,795	)	$	—	$	(744,198	)

(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	$	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

For Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2021, 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
	6/30/2021		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	296,728,086	Market approach	Investor contract pricing as a percentage of unpaid principal balance		95.0	%		112.0	%		103.0	%

Derivatives - loan commitments (net)		9,960,213	Market approach	Pull-through rate		56.0	%		92.0	%		81.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			124 bps			60 bps

Fixed maturity securities available for sale		2,180,828	Broker quotes	Pricing quotes	$	90.83		$	119.33		$	113.68

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

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


	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2020	$	10,128,610		$	422,772,418		$	2,201,175
Originations and purchases		—			2,810,230,507			—
Sales, maturities and paydowns		—			(3,025,027,077	)		(22,400	)
Transfer to mortgage loans held for investment		—			(201,951	)		—
Total gains (losses):
Included in earnings		(168,397	)(1)		88,954,189	(1)		1,801	(2)
Included in other comprehensive income		—			—			252

Balance - June 30, 2021	$	9,960,213		$	296,728,086		$	2,180,828

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

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

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

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2019	$	2,491,233		$	213,457,632		$	3,216,382
Originations and purchases		—			2,105,048,030			—
Sales, maturities and paydowns		—			(2,017,976,791	)		(1,020,800	)
Transfer to mortgage loans held for investment		—			(8,933,676	)		—
Total gains (losses):
Included in earnings		8,553,132	(1)		65,354,763	(1)		1,672	(2)
Included in other comprehensive income		—			—			24,138

Balance - June 30, 2020	$	11,044,365		$	356,949,958		$	2,221,392

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

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

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

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - March 31, 2021	$	10,443,076		$	304,030,372		$	2,191,093
Originations and purchases		—			1,360,389,498			—
Sales, maturities and paydowns		—			(1,410,147,019	)		(11,300	)
Transfer to mortgage loans held for investment		—			—			—
Total gains (losses):
Included in earnings		(482,863)	(1)	42,455,235	(1)		908
Included in other comprehensive income		—			—			127

Balance - June 30, 2021	$	9,960,213		$	296,728,086		$	2,180,828

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

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

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

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - March 31, 2020	$	5,766,265		$	281,052,576		$	3,275,326
Originations and purchases		—			1,312,854,438			—
Sales, maturities and paydowns		—			(1,278,846,335	)		(1,010,500	)
Transfer to mortgage loans held for investment		—			—			—
Total gains (losses):
Included in earnings		5,278,100	(1)		41,889,279	(1)		844	(2)
Included in other comprehensive income		—			—			(44,278	)

Balance - June 30, 2020	$	11,044,365		$	356,949,958		$	2,221,392

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

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

The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a nonrecurring basis by their classification in the condensed consolidated balance sheet at June 30, 2021.


	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		1,091,908		—		—		1,091,908
Impaired real estate held for sale		390,000		—		—		390,000
Total assets accounted for at fair value on a nonrecurring basis	$	1,481,908	$	—	$	—	$	1,481,908

	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

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 June 30, 2021 and December 31, 2020.

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 June 30, 2021:


	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	80,082,710		$	—	$	—	$	84,136,136		$	84,136,136
Residential construction		135,202,855			—		—		135,202,855			135,202,855
Commercial		46,874,442			—		—		47,494,309			47,494,309
Mortgage loans held for investment, net	$	262,160,007		$	—	$	—	$	266,833,300		$	266,833,300
Policy loans		13,734,049			—		—		13,734,049			13,734,049
Insurance assignments, net (1)		40,352,681			—		—		40,352,681			40,352,681
Restricted assets (2)		2,668,080			—		—		2,668,080			2,668,080
Cemetery perpetual care trust investments (2)		811,250			—		—		811,250			811,250
Mortgage servicing rights, net		46,724,546			—		—		58,838,077			58,838,077

Liabilities
Bank and other loans payable	$	(231,972,771	)	$	—	$	—	$	(231,972,771	)	$	(231,972,771	)
Policyholder account balances (3)		(43,288,791	)		—		—		(42,203,722	)		(42,203,722	)
Future policy benefits - annuities (3)		(108,765,849	)		—		—		(112,155,627	)		(112,155,627	)

(1)	Included in other investments and policy loans

(2)	Mortgage loans held for investment

(3)	Included in future policy benefits and unpaid claims

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 condensed consolidated balance sheets

(2)	Mortgage loans held for investment

(3)	Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

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

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

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

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

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

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

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

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

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

Allowance for Doubtful Accounts

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Allowance for Doubtful Accounts

9) Allowance for Doubtful Accounts

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

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

Derivative Instruments

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

10) Derivative Instruments

Mortgage Banking Derivatives

Loan Commitments

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

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

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

Forward Sale Commitments

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

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

Call and Put Options

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

The following table shows the notional amount and fair value of derivatives as of June 30, 2021 and December 31, 2020.


	Fair Values and Notional Values of Derivative Instruments
		June 30, 2021						December 31, 2020
	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	$	923,793,977	$	10,704,411	$	744,198	$	659,245,038	$	12,592,672	$	2,464,062
Call options	Other liabilities		714,000		—		12,795		1,873,200		—		43,097
Total		$	924,507,977	$	10,704,411	$	756,993	$	661,118,238	$	12,592,672	$	2,507,159

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


		Net Amount Gain (Loss)					Net Amount Gain (Loss)
		Three Months Ended June 30					Six Months Ended June 30
Derivative	Classification	2021			2020		2021			2020
Loan commitments	Mortgage fee income	$	(482,863	)	$	5,278,100	$	(168,397	)	$	8,553,132

Call and put options	Gains on investments and other assets	$	88,522		$	828,205	$	115,285		$	90,346

Reinsurance, Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Reinsurance, Commitments and Contingencies

11) Reinsurance, Commitments and Contingencies

Reinsurance

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

Mortgage Loan Loss Settlements

Future loan losses can be extremely difficult to estimate. However, the Company believes that the Company’s reserve methodology and its current practice of property preservation allow it to estimate its potential losses on loans sold. The estimated liability for indemnification losses is included in other liabilities and accrued expenses and, as of June 30, 2021 and December 31, 2020, the balances were $2,412,652 and $20,583,618, respectively. The Company believes that the final loan loss reserve as of June 30, 2021, 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, Security National Mortgage Company (“Security National 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 Security National 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, Security National 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 Security National Mortgage, both of which were later resolved. In 2016, certain other pending loan disputes between Security National 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 Security National 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 Security National 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 Security National 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 Security National 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.

Security National 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, Security National 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 Security National Mortgage and Lehman Holdings. The full amount of Security National Mortgage’s settlement payment was accounted for in the Company’s loan loss reserve as of December 31, 2020 and was paid during the first quarter 2021.

Debt Covenants for Mortgage Warehouse Lines of Credit

The Company, through its subsidiary Security National Mortgage, has a $100,000,000 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 9, 2022. Security National 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 Security National Mortgage, has a line of credit with Texas Capital Bank N.A. This agreement with the bank allows Security National Mortgage to borrow up to $100,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at the 1-Month LIBOR rate plus 2% 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 Security National Mortgage, has a line of credit with Comerica Bank. This agreement with the bank allows Security National Mortgage to borrow up to $75,000,000 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, 2022. 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 Security National Mortgage, has a line of credit with U.S Bank. This agreement with the bank allows Security National Mortgage to borrow up to $100,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at the 1-Month LIBOR rate plus 2.0% and matures on June 4, 2022. 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 26, 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 June 30, 2021, the Company believes that it was in compliance with all debt covenants.

Other Contingencies and Commitments

The Company has entered into commitments to fund construction and land development loans and has also provided financing for land acquisition and development. As of June 30, 2021, the Company’s commitments were approximately $249,815,000 for these loans, of which $139,207,610 had been funded. The Company will advance 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 5.25% 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, if adversely determined, 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.

Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Mortgage Servicing Rights

12) Mortgage Servicing Rights

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

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

The Company periodically assesses 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.

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


	As of June 30 2021			As of December 31 2020
Amortized cost:
Balance before valuation allowance at beginning of year	$	35,210,516		$	17,155,529
MSR additions resulting from loan sales		18,286,569			29,896,465
Amortization (1)		(6,772,539	)		(11,841,478	)
Application of valuation allowance to write down MSRs with other than temporary impairment		—			—
Balance before valuation allowance at end of period	$	46,724,546		$	35,210,516

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

Mortgage servicing rights, net	$	46,724,546		$	35,210,516

Estimated fair value of MSRs at end of period	$	58,838,077		$	38,702,358

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

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


	Estimated MSR Amortization
2021		5,996,013
2022		4,891,593
2023		4,248,886
2024		3,685,273
2025		3,217,703
Thereafter		24,685,078
Total	$	46,724,546

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

Schedule of Other Revenues
	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Contractual servicing fees	$	3,755,294	$	1,929,565	$	7,142,765	$	3,714,509
Late fees		74,437		71,704		155,487		169,512
Total	$	3,829,731	$	2,001,269	$	7,298,252	$	3,884,021

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


	As of June 30 2021		As of December 31 2020
Servicing UPB	$	6,280,506,543	$	5,070,287,864

The following key assumptions were used in determining MSR value:


	Prepayment Speeds		Average Life (Years)		Discount Rate
June 30, 2021		12.20		6.55		9.50
December 31, 2020		15.60		5.30		9.50

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13) Income Taxes

The Company’s overall effective tax rate for the three months ended June 30, 2021 and 2020 was 23.3% and 24.4%, respectively, which resulted in a provision for income taxes of $3,419,873 and $6,636,709, respectively. The Company’s overall effective tax rate for the six months ended June 30, 2021 and 2020 was 24.6% and 23.3%, respectively, which resulted in a provision for income taxes of $7,646,213 and $6,686,494, respectively. The Company's effective tax rates differ from the U.S. federal statutory rate of 21% partially due to its provision for state income taxes. The effective tax rate in the current period decreased when compared to the prior year period partly due to the Company's provision for state income taxes.

Interim income taxes are based on an estimated annualized effective tax rate applied to the respective quarterly periods, adjusted for discrete tax items in the period in which they occur. Although the Company believes its tax estimates are reasonable, the Company can make no assurance that the final tax outcome of these matters will not be different from that which it has reflected in its historical income tax provisions and accruals.

- 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.

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+ Details

Revenues from Contracts with Customers

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

14) Revenues from Contracts with Customers

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

Information about Performance Obligations and Contract Balances

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

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

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

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

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

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

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


	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (1/1/2021)	$	4,119,988	$	—	$	13,080,179
Closing (6/30/2021)		4,500,996		—		13,707,231
Increase/(decrease)		381,008		—		627,052

	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

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

The amount of revenue recognized and included in the opening contract liability balance for the three months ended June 30, 2021 and 2020 was $1,309,936 and $880,663, respectively, and for the six months ended June 30, 2021 and 2020 was $2,444,937 and $1,831,406, respectively

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

Disaggregation of Revenue

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


	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Major goods/service lines
At-need	$	4,001,408	$	3,257,705	$	8,043,428	$	6,642,896
Pre-need		2,316,990		1,443,073		4,217,096		2,515,973
	$	6,318,398	$	4,700,778	$	12,260,524	$	9,158,869

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,552,154	$	3,088,616	$	8,750,827	$	6,082,320
Services transferred at a point in time		1,766,244		1,612,162		3,509,697		3,076,549
	$	6,318,398	$	4,700,778	$	12,260,524	$	9,158,869

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


	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Net mortuary and cemetery sales	$	6,318,398	$	4,700,778	$	12,260,524	$	9,158,869
Gains (losses) on investments and other assets		227,546		482,383		1,025,886		(177,740	)
Net investment income		240,587		71,647		470,891		276,493
Other revenues		21,391		51,497		49,886		62,379
Revenues from external customers		6,807,922		5,306,305		13,807,187		9,320,001

- 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.

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+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Available for sale

Available for sale
	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30, 2021:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	22,260,808		$	907,733	$	—		$	23,168,541

Obligations of states and political subdivisions		5,158,473			242,668		(4,769	)		5,396,372

Corporate securities including public utilities		177,621,795			25,368,792		(243,492	)		202,747,095

Mortgage-backed securities		28,259,360			1,239,004		(135,522	)		29,362,842

Redeemable preferred stock		269,214			13,612		—			282,826

Total fixed maturity securities available for sale	$	233,569,650		$	27,771,809	$	(383,783	)	$	260,957,676

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	7,810,399		$	2,797,881	$	(285,824	)	$	10,322,456

Total equity securities at estimated fair value	$	7,810,399		$	2,797,881	$	(285,824	)	$	10,322,456

Mortgage loans held for investment at amortized cost:
Residential	$	83,195,347
Residential construction		135,728,280
Commercial		47,440,235
Less: Unamortized deferred loan fees, net		(1,725,718	)
Less: Allowance for loan losses		(1,900,935	)
Less: Net discounts		(577,202	)

Total mortgage loans held for investment	$	262,160,007

Real estate held for investment - net of accumulated depreciation:
Residential	$	50,268,513
Commercial		128,169,133

Total real estate held for investment	$	178,437,646

Real estate held for sale:
Residential	$	1,330,611
Commercial		4,890,553

Total real estate held for sale	$	6,221,164

Other investments and policy loans at amortized cost:
Policy loans	$	13,734,049
Insurance assignments		42,029,299
Federal Home Loan Bank stock (1)		2,545,000
Other investments		5,256,014
Less: Allowance for doubtful accounts		(1,676,618	)

Total policy loans and other investments	$	61,887,744

Accrued investment income	$	5,484,182

Total investments	$	785,470,875

(1)	Includes $905,700 of Membership stock and $1,639,000 of Activity stock due to short-term borrowings.

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.

Schedule of Unrealized Loss on Investments


	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
At June 30, 2021
Obligations of States and Political Subdivisions	$	4,769	$	757,348	$	—	$	—	$	4,769	$	757,348
Corporate Securities		28,595		4,269,265		214,897		4,618,270		243,492		8,887,535
Mortgage and other asset-backed securities		25,176		1,952,135		110,346		1,836,960		135,522		3,789,095
Total unrealized losses	$	58,540	$	6,978,748	$	325,243	$	6,455,230	$	383,783	$	13,433,978

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

Schedule of earnings on fixed maturity securities


	2021		2020
Balance of credit-related OTTI at January 1	$	370,975	$	—

Additions for credit impairments recognized on:
Securities not previously impaired		—		—
Securities previously impaired		—		—

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

Balance of credit-related OTTI at June 30		370,975		—

Investments Classified by Contractual Maturity Date


	Amortized Cost		Estimated Fair Value
Due in 1 year	$	470,918	$	479,754
Due in 2-5 years		65,576,854		69,598,648
Due in 5-10 years		71,005,630		79,264,125
Due in more than 10 years		67,987,674		81,969,481
Mortgage-backed securities		28,259,360		29,362,842
Redeemable preferred stock		269,214		282,826
Total	$	233,569,650	$	260,957,676

Gain (Loss) on Investments

Gain (Loss) on Investments
	Three Months Ended June 30						Six Months Ended June 30
	2021			2020			2021			2020
Fixed maturity securities:
Gross realized gains	$	188,266		$	55,138		$	273,659		$	150,959
Gross realized losses		(2,119	)		(12,089	)		(14,886	)		(12,089	)

Equity securities:
Gains (losses) on securities sold		146,011			(50,029	)		252,580			(107,471	)
Unrealized gains and (losses) on securities held at the end of the period		490,394			1,738,059			1,442,424			(1,023,797	)

Other assets:
Gross realized gains		737,443			48,736			1,846,801			505,764
Gross realized losses		(82,791	)		458,464			(363,261	)		(487,334	)
Total	$	1,477,204		$	2,238,279		$	3,437,317		$	(973,968	)

Schedule of Major categories of net investment income


	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Proceeds from sales	$	1,163,366	$	2,107,581	$	1,982,931	$	2,753,331
Gross realized gains		149,338		53,928		209,132		133,339
Gross realized losses		—		137		—		137

Major categories of net investment income are as follows:

	Three Months Ended June 30						Six Months Ended June 30
	2021			2020			2021			2020
Fixed maturity securities	$	2,698,011		$	3,143,072		$	5,522,122		$	6,067,786
Equity securities		106,041			111,122			234,270			203,164
Mortgage loans held for investment		6,902,466			5,582,152			12,986,883			11,236,042
Real estate		3,002,650			2,787,881			6,045,479			5,941,267
Policy loans		232,135			257,527			464,488			491,492
Insurance assignments		4,171,318			4,383,398			9,517,047			8,682,602
Other investments		39,299			398			53,006			25,421
Cash and cash equivalents		34,030			22,385			73,624			320,390
Gross investment income		17,185,950			16,287,935			34,896,919			32,968,164
Investment expenses		(3,008,632	)		(3,325,190	)		(6,425,714	)		(6,604,920	)
Net investment income	$	14,177,318		$	12,962,745		$	28,471,205		$	26,363,244

Commercial Real Estate Investment

Commercial Real Estate Investment
	Net Ending Balance				Total Square Footage
	June 30 2021		December 31 2020		June 30 2021		December 31 2020
Utah (1)	$	122,439,551	$	100,927,528		379,066		379,066
Louisiana		2,449,494		2,998,684		31,778		84,841
Mississippi		2,890,943		2,914,498		21,521		21,521
California		389,145		—		2,872		—

	$	128,169,133	$	106,840,710		435,237		485,428

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

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

	Net Ending Balance				Total Square Footage
	June 30 2021		December 31 2020		June 30 2021		December 31 2020
Kansas		4,000,000		4,000,000		222,679		222,679
Louisiana		490,000		—		53,063		—
Texas (1)		249,000		249,000		—		—
Mississippi		151,553		151,553		—		12,300

	$	4,890,553	$	4,400,553		275,742		234,979

Residential Real Estate Investment

Residential Real Estate Investment
	Net Ending Balance
	June 30 2021		December 31 2020
Utah (1)		49,982,332	$	24,557,562
Washington (2)		286,181		286,181
	$	50,268,513	$	24,843,743

(1)	Includes subdivision land developments

(2)	Improved residential lots

Additional information regarding the Company’s subdivision land developments in Utah is summarized as follows:

	June 30 2021		December 31 2020
Lots available for sale		91		36
Lots to be developed		469		350
Ending Balance (1)	$	49,770,193	$	23,777,478

(1)	The estimated remaining cost to complete the undeveloped lots is $42,965,000 and $17,354,000 as of June 30, 2021 and December 31, 2020, respectively.

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

	Net Ending Balance
	June 30 2021		December 31 2020
Nevada	$	979,640	$	979,640
Florida		340,971		744,322
Ohio		10,000		10,000
Utah		—		1,744,292
	$	1,330,611	$	3,478,254

Real Estate Owned and Occupied by the Company


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)	Life Insurance Operations		12,274		100	%
909 Foisy Street, Alexandria, LA (1)	Life Insurance Sales		8,059		100	%
812 Sheppard Street, Minden, LA (1)	Life Insurance Sales		1,560		100	%
1550 N 3rd Street, Jena, LA (1)	Life Insurance Sales		1,737		100	%

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

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


	Commercial		Residential			Residential Construction		Total
June 30, 2021
Allowance for credit losses:
Beginning balance - January 1, 2021	$	187,129	$	1,774,796		$	43,202	$	2,005,127
Charge-offs		—		—			—		—
Provision		—		(104,192	)		—		(104,192	)
Ending balance - June 30, 2021	$	187,129	$	1,670,604		$	43,202	$	1,900,935

Ending balance: individually evaluated for impairment	$	—	$	192,266		$	—	$	192,266

Ending balance: collectively evaluated for impairment	$	187,129	$	1,478,338		$	43,202	$	1,708,669

Mortgage loans:
Ending balance	$	47,440,235	$	83,195,347		$	135,728,280	$	266,363,862

Ending balance: individually evaluated for impairment	$	848,464	$	3,676,282		$	200,963	$	4,725,709

Ending balance: collectively evaluated for impairment	$	46,591,771	$	79,519,065		$	135,527,317	$	261,638,153

December 31, 2020
Allowance for credit losses:
Beginning balance - January 1, 2020	$	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 - December 31, 2020	$	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

Schedule of aging of mortgage loans

Schedule of aging of mortgage loans
	Commercial			Residential			Residential Construction			Total
June 30, 2021
30-59 Days Past Due	$	6,000,000		$	4,328,577		$	494,665		$	10,823,242
60-89 Days Past Due		554,638			3,338,670			965,186			4,858,494
Greater Than 90 Days (1)		599,291			2,433,426			—			3,032,717
In Process of Foreclosure (1)		249,173			1,242,856			200,963			1,692,992
Total Past Due		7,403,102			11,343,529			1,660,814			20,407,445
Current		40,037,133			71,851,818			134,067,466			245,956,417
Total Mortgage Loans		47,440,235			83,195,347			135,728,280			266,363,862
Allowance for Loan Losses		(187,129	)		(1,670,604	)		(43,202	)		(1,900,935	)
Unamortized deferred loan fees, net		(83,409	)		(1,160,086	)		(482,223	)		(1,725,718	)
Unamortized discounts, net		(295,255	)		(281,947	)		—			(577,202	)
Net Mortgage Loans	$	46,874,442		$	80,082,710		$	135,202,855		$	262,160,007

December 31, 2020
30-59 Days Past Due	$	233,200		$	5,866,505		$	127,191		$	6,226,896
60-89 Days Past Due		812,780			2,048,148			—			2,860,928
Greater Than 90 Days (1)		2,148,827			5,669,583			—			7,818,410
In Process of Foreclosure (1)		—			2,263,097			200,963			2,464,060
Total Past Due		3,194,807			15,847,333			328,154			19,370,294
Current		43,642,059			79,975,115			110,783,623			234,400,797
Total Mortgage Loans		46,836,866			95,822,448			111,111,777			253,771,091
Allowance for Loan Losses		(187,129	)		(1,774,796	)		(43,202	)		(2,005,127	)
Unamortized deferred loan fees, net		(32,557	)		(909,864	)		(218,711	)		(1,161,132	)
Unamortized discounts, net		(880,721	)		(380,175	)		—			(1,260,896	)
Net Mortgage Loans	$	45,736,459		$	92,757,613		$	110,849,864		$	249,343,936

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

Schedule of Impaired Mortgage Loans

Schedule of Impaired Mortgage Loans
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
June 30, 2021
With no related allowance recorded:
Commercial	$	848,464	$	848,464	$	—	$	958,414	$	—
Residential		2,392,109		2,392,109		—		3,118,925		—
Residential construction		200,963		200,963		—		200,963		—

With an allowance recorded:
Commercial	$	—	$	—	$	—	$	—	$	—
Residential		1,284,173		1,284,173		192,266		937,257		—
Residential construction		—		—		—		—		—

Total:
Commercial	$	848,464	$	848,464	$	—	$	958,414	$	—
Residential		3,676,282		3,676,282		192,266		4,056,182		—
Residential construction		200,963		200,963		—		200,963		—

December 31, 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		—

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


	Commercial				Residential				Residential Construction				Total
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020

Performing	$	46,591,771	$	44,688,039	$	79,519,065	$	87,889,768	$	135,527,317	$	110,910,814	$	261,638,153	$	243,488,621
Non-performing		848,464		2,148,827		3,676,282		7,932,680		200,963		200,963		4,725,709		10,282,470

Total	$	47,440,235	$	46,836,866	$	83,195,347	$	95,822,448	$	135,728,280	$	111,111,777	$	266,363,862	$	253,771,091

Schedule of Mortgage loans on a nonaccrual status


	As of June 30 2021		As of December 31 2020
Commercial	$	848,464	$	2,148,827
Residential		3,676,282		7,932,680
Residential construction		200,963		200,963
Total	$	4,725,709	$	10,282,470

Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2021

Loans Held For Sale

Aggregate fair value - Loans Held for Sale


	As of June 30 2021		As of December 31 2020

Aggregate fair value	$	296,728,086	$	422,772,418
Unpaid principal balance		287,867,995		406,407,323
Unrealized gain		8,860,091		16,365,095

Schedule of Mortgage Fee Income for Loans Held for Sale


	Three Months Ended June 30						Six Months Ended June 30
	2021			2020			2021			2020
Loan fees	$	9,154,621		$	15,226,535		$	18,694,577		$	22,940,750
Interest income		2,188,380			2,601,605			4,500,181			4,282,063
Secondary gains		56,020,876			49,422,815			124,459,809			77,269,683
Change in fair value of loan commitments		(482,863	)		5,278,100			(168,397	)		8,553,132
Change in fair value of loans held for sale		(1,114,632	)		2,363,713			(8,060,513	)		2,742,010
Provision for loan loss reserve		(608,569	)		(1,524,435	)		(1,269,232	)		(2,137,544	)
Mortgage fee income	$	65,157,813		$	73,368,333		$	138,156,425		$	113,650,094

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


	As of June 30 2021			As of December 31 2020
Balance, beginning of period	$	20,583,618		$	4,046,288
Provision on current loan originations (1)		1,269,232			4,938,214
Additional provision for loan loss reserve		—			16,506,030
Charge-offs, net of recaptured amounts		(19,440,198	)		(4,906,914	)
Balance, end of period	$	2,412,652		$	20,583,618

(1)	Included in mortgage fee income

Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock inventive plan changes


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

Outstanding at January 1, 2021		1,072,863		$	4.22		662,666	$	4.61
Adjustment for effect of stock dividends		47,594					33,136
Granted		—					—
Exercised		(97,313	)				—
Cancelled		—					—
Outstanding at June 30, 2021		1,023,144		$	4.29		695,802	$	4.61

As of June 30, 2021:
Options exercisable		1,023,144		$	4.29		695,802	$	4.61

As of June 30, 2021:
Available options for future grant		358,462					279,825

Weighted average contractual term of options
outstanding at June 30, 2021		5.18 years					6.32 years

Weighted average contractual term of options
exercisable at June 30, 2021		5.18 years					6.32 years

Aggregated intrinsic value of options
outstanding at June 30, 2021 (1)	$	4,135,399				$	2,585,420

Aggregated intrinsic value of options
exercisable at June 30, 2021 (1)	$	4,135,399				$	2,585,420

(1)	The Company used a stock price of $8.33 as of June 30, 2021 to derive intrinsic value.

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

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

Outstanding at January 1, 2020		1,086,053		$	4.41		594,132	$	5.36
Adjustment for effect of stock dividends		29,099					22,544
Granted		77,000					180,000
Exercised		(78,803	)				—
Cancelled		—					—
Outstanding at June 30, 2020		1,113,349		$	4.27		796,676	$	4.87

As of June 30, 2020:
Options exercisable		1,013,955		$	4.27		561,440	$	5.11

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

Weighted average contractual term of options
outstanding at June 30, 2020		5.97 years					6.18 years

Weighted average contractual term of options
exercisable at June 30, 2020		5.61 years					5.32 years

Aggregated intrinsic value of options
outstanding at June 30, 2020 (1)	$	2,568,502				$	1,360,855

Aggregated intrinsic value of options
exercisable at June 30, 2020 (1)	$	2,338,090				$	823,712

(1)	The Company used a stock price of $6.58 as of June 30, 2020 to derive intrinsic value.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended 30-June				Six Months Ended 30-June
		2021		2020		2021		2020
Numerator:
Net earnings	$	11,257,479	$	20,557,047	$	23,386,194	$	21,981,496
Denominator:
Basic weighted-average shares outstanding		20,106,954		19,719,792		20,093,834		19,658,351
Effect of dilutive securities:
Employee stock options		784,817		439,593		826,048		349,502

Diluted weighted-average shares outstanding		20,891,771		20,159,385		20,919,882		20,007,853

Basic net earnings per share	$	0.56	$	1.04	$	1.16	$	1.12

Diluted net earnings per share	$	0.54	$	1.02	$	1.12	$	1.10

Schedule of Activity of Stock Option Plans


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

Exercise of stock options		33,774		—
Stock dividends		404,839		61,720
Conversion of Class C to Class A		11,162		(11,162	)

Outstanding shares at June 30, 2020		16,557,554		2,551,445

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

Exercise of stock options		80,948		—
Stock dividends		836,263		131,554
Conversion of Class C to Class A		48,527		(48,527	)

Outstanding shares at June 30, 2021		17,561,521		2,762,630

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Revenues and Expenses by Reportable Segment


	Life Insurance		Cemetery/ Mortuary		Mortgage		Intercompany Eliminations			Consolidated
For the Three Months Ended
June 30, 2021
Revenues from external customers	$	40,657,393	$	6,807,922	$	69,285,000	$	—		$	116,750,315
Intersegment revenues		1,750,929		78,302		156,016		(1,985,247	)		—
Segment profit before income taxes		4,694,177		2,269,325		7,713,850		—			14,677,352

For the Three Months Ended
June 30, 2020
Revenues from external customers	$	37,788,593	$	5,306,305	$	75,566,844	$	—		$	118,661,742
Intersegment revenues		1,816,185		89,799		190,701		(2,096,685	)		—
Segment profit before income taxes		3,670,369		1,548,452		21,974,935		—			27,193,756

For the Six Months Ended
June 30, 2021
Revenues from external customers	$	79,601,227	$	13,807,187	$	146,000,507				$	239,408,921
Intersegment revenues		3,652,981		155,809		317,032		(4,125,822	)		—
Segment profit before income taxes		7,389,205		4,970,270		18,672,932					31,032,407

Identifiable Assets		1,193,893,855		59,621,349		317,945,282		(72,923,887	)		1,498,536,599
Goodwill		2,765,570		754,018		—					3,519,588
Total Assets		1,196,659,425		60,375,367		317,945,282		(72,923,887	)		1,502,056,187

For the Six Months Ended
June 30, 2020
Revenues from external customers	$	70,994,355	$	9,320,001	$	117,956,335				$	198,270,691
Intersegment revenues		2,724,353		193,313		391,033		(3,308,699	)		—
Segment profit before income taxes		601,202		1,653,253		26,413,535					28,667,990

Identifiable Assets		1,206,815,231		75,048,428		346,286,603		(110,608,108	)		1,517,542,154
Goodwill		2,765,570		754,018							3,519,588
Total Assets		1,209,580,801		75,802,446		346,286,603		(110,608,108	)		1,521,061,742

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [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	$	260,957,676		$	—		$	258,776,848	$	2,180,828
Equity securities		10,322,456			10,322,456			—		—
Loans held for sale		296,728,086			—			—		296,728,086
Restricted assets (1)		1,448,292			—			1,448,292		—
Restricted assets (2)		2,914,880			2,914,880			—		—
Cemetery perpetual care trust investments (1)		710,533			—			710,533		—
Cemetery perpetual care trust investments (2)		2,367,059			2,367,059			—		—
Derivatives - loan commitments (3)		10,704,411			—			—		10,704,411
Total assets accounted for at fair value on a recurring basis	$	586,153,393		$	15,604,395		$	260,935,673	$	309,613,325

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$	(12,795	)	$	(12,795	)	$	—	$	—
Derivatives - loan commitments (4)		(744,198	)		—			—		(744,198	)
Total liabilities accounted for at fair value on a recurring basis	$	(756,993	)	$	(12,795	)	$	—	$	(744,198	)

(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	$	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

Assets and liabilities measured at fair value on a recurring basis


				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	6/30/2021		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	296,728,086	Market approach	Investor contract pricing as a percentage of unpaid principal balance		95.0	%		112.0	%		103.0	%

Derivatives - loan commitments (net)		9,960,213	Market approach	Pull-through rate		56.0	%		92.0	%		81.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			124 bps			60 bps

Fixed maturity securities available for sale		2,180,828	Broker quotes	Pricing quotes	$	90.83		$	119.33		$	113.68

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

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


	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2020	$	10,128,610		$	422,772,418		$	2,201,175
Originations and purchases		—			2,810,230,507			—
Sales, maturities and paydowns		—			(3,025,027,077	)		(22,400	)
Transfer to mortgage loans held for investment		—			(201,951	)		—
Total gains (losses):
Included in earnings		(168,397	)(1)		88,954,189	(1)		1,801	(2)
Included in other comprehensive income		—			—			252

Balance - June 30, 2021	$	9,960,213		$	296,728,086		$	2,180,828

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

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

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

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2019	$	2,491,233		$	213,457,632		$	3,216,382
Originations and purchases		—			2,105,048,030			—
Sales, maturities and paydowns		—			(2,017,976,791	)		(1,020,800	)
Transfer to mortgage loans held for investment		—			(8,933,676	)		—
Total gains (losses):
Included in earnings		8,553,132	(1)		65,354,763	(1)		1,672	(2)
Included in other comprehensive income		—			—			24,138

Balance - June 30, 2020	$	11,044,365		$	356,949,958		$	2,221,392

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

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

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

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - March 31, 2021	$	10,443,076		$	304,030,372		$	2,191,093
Originations and purchases		—			1,360,389,498			—
Sales, maturities and paydowns		—			(1,410,147,019	)		(11,300	)
Transfer to mortgage loans held for investment		—			—			—
Total gains (losses):
Included in earnings		(482,863)	(1)	42,455,235	(1)		908
Included in other comprehensive income		—			—			127

Balance - June 30, 2021	$	9,960,213		$	296,728,086		$	2,180,828

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

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

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

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - March 31, 2020	$	5,766,265		$	281,052,576		$	3,275,326
Originations and purchases		—			1,312,854,438			—
Sales, maturities and paydowns		—			(1,278,846,335	)		(1,010,500	)
Transfer to mortgage loans held for investment		—			—			—
Total gains (losses):
Included in earnings		5,278,100	(1)		41,889,279	(1)		844	(2)
Included in other comprehensive income		—			—			(44,278	)

Balance - June 30, 2020	$	11,044,365		$	356,949,958		$	2,221,392

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

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

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		1,091,908		—		—		1,091,908
Impaired real estate held for sale		390,000		—		—		390,000
Total assets accounted for at fair value on a nonrecurring basis	$	1,481,908	$	—	$	—	$	1,481,908

	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

Schedule of Financial Instruments Carried at Other Than Fair Value


	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	80,082,710		$	—	$	—	$	84,136,136		$	84,136,136
Residential construction		135,202,855			—		—		135,202,855			135,202,855
Commercial		46,874,442			—		—		47,494,309			47,494,309
Mortgage loans held for investment, net	$	262,160,007		$	—	$	—	$	266,833,300		$	266,833,300
Policy loans		13,734,049			—		—		13,734,049			13,734,049
Insurance assignments, net (1)		40,352,681			—		—		40,352,681			40,352,681
Restricted assets (2)		2,668,080			—		—		2,668,080			2,668,080
Cemetery perpetual care trust investments (2)		811,250			—		—		811,250			811,250
Mortgage servicing rights, net		46,724,546			—		—		58,838,077			58,838,077

Liabilities
Bank and other loans payable	$	(231,972,771	)	$	—	$	—	$	(231,972,771	)	$	(231,972,771	)
Policyholder account balances (3)		(43,288,791	)		—		—		(42,203,722	)		(42,203,722	)
Future policy benefits - annuities (3)		(108,765,849	)		—		—		(112,155,627	)		(112,155,627	)

(1)	Included in other investments and policy loans

(2)	Mortgage loans held for investment

(3)	Included in future policy benefits and unpaid claims

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 condensed consolidated balance sheets

(2)	Mortgage loans held for investment

(3)	Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value


	Fair Values and Notional Values of Derivative Instruments
		June 30, 2021						December 31, 2020
	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	$	923,793,977	$	10,704,411	$	744,198	$	659,245,038	$	12,592,672	$	2,464,062
Call options	Other liabilities		714,000		—		12,795		1,873,200		—		43,097
Total		$	924,507,977	$	10,704,411	$	756,993	$	661,118,238	$	12,592,672	$	2,507,159

Schedule of Gains and Losses on Derivatives


		Net Amount Gain (Loss)					Net Amount Gain (Loss)
		Three Months Ended June 30					Six Months Ended June 30
Derivative	Classification	2021			2020		2021			2020
Loan commitments	Mortgage fee income	$	(482,863	)	$	5,278,100	$	(168,397	)	$	8,553,132

Call and put options	Gains on investments and other assets	$	88,522		$	828,205	$	115,285		$	90,346

Mortgage Servicing Rights (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Mortgage Servicing Rights


	As of June 30 2021			As of December 31 2020
Amortized cost:
Balance before valuation allowance at beginning of year	$	35,210,516		$	17,155,529
MSR additions resulting from loan sales		18,286,569			29,896,465
Amortization (1)		(6,772,539	)		(11,841,478	)
Application of valuation allowance to write down MSRs with other than temporary impairment		—			—
Balance before valuation allowance at end of period	$	46,724,546		$	35,210,516

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

Mortgage servicing rights, net	$	46,724,546		$	35,210,516

Estimated fair value of MSRs at end of period	$	58,838,077		$	38,702,358

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

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


	Estimated MSR Amortization
2021		5,996,013
2022		4,891,593
2023		4,248,886
2024		3,685,273
2025		3,217,703
Thereafter		24,685,078
Total	$	46,724,546

Schedule of Other Revenues

Schedule of Other Revenues
	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Contractual servicing fees	$	3,755,294	$	1,929,565	$	7,142,765	$	3,714,509
Late fees		74,437		71,704		155,487		169,512
Total	$	3,829,731	$	2,001,269	$	7,298,252	$	3,884,021

Summary of Unpaid Principal Balances of the Servicing Portfolio


	As of June 30 2021		As of December 31 2020
Servicing UPB	$	6,280,506,543	$	5,070,287,864

Assumptions used in determining MSR value


	Prepayment Speeds		Average Life (Years)		Discount Rate
June 30, 2021		12.20		6.55		9.50
December 31, 2020		15.60		5.30		9.50

Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

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


	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (1/1/2021)	$	4,119,988	$	—	$	13,080,179
Closing (6/30/2021)		4,500,996		—		13,707,231
Increase/(decrease)		381,008		—		627,052

	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

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

Revenues of the Cemetery and Mortuary Contracts


	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Major goods/service lines
At-need	$	4,001,408	$	3,257,705	$	8,043,428	$	6,642,896
Pre-need		2,316,990		1,443,073		4,217,096		2,515,973
	$	6,318,398	$	4,700,778	$	12,260,524	$	9,158,869

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,552,154	$	3,088,616	$	8,750,827	$	6,082,320
Services transferred at a point in time		1,766,244		1,612,162		3,509,697		3,076,549
	$	6,318,398	$	4,700,778	$	12,260,524	$	9,158,869

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


	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Net mortuary and cemetery sales	$	6,318,398	$	4,700,778	$	12,260,524	$	9,158,869
Gains (losses) on investments and other assets		227,546		482,383		1,025,886		(177,740	)
Net investment income		240,587		71,647		470,891		276,493
Other revenues		21,391		51,497		49,886		62,379
Revenues from external customers		6,807,922		5,306,305		13,807,187		9,320,001

Investments (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Marketable Securities [Line Items]

Available for sale securities, Amortized Cost

$ 233,569,650

$ 265,150,484

Available for sale securities, Unrecognized Holding Gain

27,771,809

30,456,040

Available for sale securities, Unrecognized Holding Loss

(383,783)

(949,845)

Available for sale securities, Estimated fair value

260,957,676

294,656,679

Available for sale securities, Unrecognized Holding Loss

383,783

949,845

Mortgage loans on real estate and construction

262,160,007

249,343,936

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

(1,725,718)

(1,161,132)

Mortgage loans on real estate and construction, allowance for losses

(1,900,935)

(2,005,127)

Mortgage loans on real estate and construction, Discount

(577,202)

(1,260,896)

Real estate held for investment, net of depreciation

178,437,646

131,684,453

Real estate held for sale

6,221,164

7,878,807

Policy loans

13,734,049

14,171,589

Insurance assignments

42,029,299

53,231,131

Federal Home Loan Bank stock

2,545,000

^[1]

2,506,600

^[2]

Other investments

5,256,014

5,432,816

Allowance for doubtful accounts

(1,676,618)

(1,645,475)

Total policy loans and other investments

61,887,744

73,696,661

Accrued investment income

5,484,182

5,360,523

Total investments

785,470,875

773,945,298

US Treasury Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, Amortized Cost

22,260,808

42,381,805

Available for sale securities, Unrecognized Holding Gain

907,733

1,358,562

Available for sale securities, Unrecognized Holding Loss

Available for sale securities, Estimated fair value

23,168,541

43,740,367

Available for sale securities, Unrecognized Holding Loss

(0)

US States and Political Subdivisions Debt Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, Amortized Cost

5,158,473

5,383,762

Available for sale securities, Unrecognized Holding Gain

242,668

312,214

Available for sale securities, Unrecognized Holding Loss

(4,769)

(1,261)

Available for sale securities, Estimated fair value

5,396,372

5,694,715

Available for sale securities, Unrecognized Holding Loss

4,769

1,261

Corporate Debt Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, Amortized Cost

177,621,795

186,067,912

Available for sale securities, Unrecognized Holding Gain

25,368,792

27,216,496

Available for sale securities, Unrecognized Holding Loss

(243,492)

(681,478)

Available for sale securities, Estimated fair value

202,747,095

212,602,930

Available for sale securities, Unrecognized Holding Loss

243,492

681,478

Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]

Marketable Securities [Line Items]

Available for sale securities, Amortized Cost

28,259,360

31,047,791

Available for sale securities, Unrecognized Holding Gain

1,239,004

1,565,377

Available for sale securities, Unrecognized Holding Loss

(135,522)

(267,106)

Available for sale securities, Estimated fair value

29,362,842

32,346,062

Available for sale securities, Unrecognized Holding Loss

135,522

267,106

Redeemable Preferred Stock [Member]

Marketable Securities [Line Items]

Available for sale securities, Amortized Cost

269,214

Available for sale securities, Unrecognized Holding Gain

13,612

3,391

Available for sale securities, Unrecognized Holding Loss

Available for sale securities, Estimated fair value

282,826

272,605

Available for sale securities, Unrecognized Holding Loss

Industrial, miscellaneous and all other

Marketable Securities [Line Items]

Available-for-sale Securities, Amortized Cost Basis

7,810,399

9,698,490

Available-for-sale Securities, Gross Unrealized Gain

2,797,881

2,376,156

Available For Sale Securities - Gross Unrealized Losses

(285,824)

(750,407)

Available for Sale Securities - Estimated Fair Value

10,322,456

11,324,239

Equity Securities

Marketable Securities [Line Items]

Available-for-sale Securities, Amortized Cost Basis

7,810,399

9,698,490

Available-for-sale Securities, Gross Unrealized Gain

2,797,881

2,376,156

Available For Sale Securities - Gross Unrealized Losses

(285,824)

(750,407)

Available for Sale Securities - Estimated Fair Value

10,322,456

11,324,239

Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

83,195,347

95,822,448

Real estate held for investment, net of depreciation

50,268,513

24,843,743

Real estate held for sale

1,330,611

3,478,254

Residential construction

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

135,728,280

111,111,777

Commercial

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

47,440,235

46,836,866

Real estate held for investment, net of depreciation

128,169,133

106,840,710

Real estate held for sale

$ 4,890,553

$ 4,400,553

[1]	Includes $905,700 of Membership stock and $1,639,000 of Activity stock due to short-term borrowings.
[2]	Includes $866,900 of Membership stock and $1,639,700 of Activity stock due to short-term borrowings.

Investments: Other than temporary credit impairments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Balance of credit-related OTTI at ending	$ 370,975	$ 0	$ 370,975	$ 0
Securities not previously impaired	0	0
Securities previously impaired	0	0
Securities that matured or were sold during the period (realized)	0	0
Securities due to an increase in expected cash flows	$ 0	$ 0

Investments: Investments Classified by Contractual Maturity Date (Details)	Jun. 30, 2021 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 233,569,650
Estimated fair value	260,957,676
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Marketable Securities [Line Items]
Amortized Cost	28,259,360
Estimated fair value	29,362,842
Redeemable Preferred Stock [Member]
Marketable Securities [Line Items]
Amortized Cost	269,214
Estimated fair value	282,826
Cemeteries And Mortuaries
Marketable Securities [Line Items]
Amortized Cost	470,918
Estimated fair value	479,754
Due In 25 Years [Member]
Marketable Securities [Line Items]
Amortized Cost	65,576,854
Estimated fair value	69,598,648
Commercial Real Estate
Marketable Securities [Line Items]
Amortized Cost	71,005,630
Estimated fair value	79,264,125
Utah
Marketable Securities [Line Items]
Amortized Cost	67,987,674
Estimated fair value	$ 81,969,481

Investments: Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Investment Income [Line Items]
Fixed maturity securities held to maturity:	$ 1,477,204	$ 2,238,279	$ 3,437,317	$ (973,968)
Fixed Maturity Securities [Member]
Net Investment Income [Line Items]
Gross Realized Gains	188,266	55,138	273,659	150,959
Gross Realized Losses	(2,119)	(12,089)	(14,886)	(12,089)
Gross Realized Losses	2,119	12,089	14,886	12,089
Equity Securities
Net Investment Income [Line Items]
Gains (losses) on securities sold	146,011	50,029	252,580	107,471
Gains (losses) on securities sold	(146,011)	(50,029)	(252,580)	(107,471)
Unrealized Gains and Losses on securities held at end of period	490,394	1,738,059	1,442,424	(1,023,797)
Other Assets
Net Investment Income [Line Items]
Gross Realized Gains	737,443	48,736	1,846,801	505,764
Gross Realized Losses	(82,791)	(458,464)	(363,261)	(487,334)
Gross Realized Losses	$ 82,791	$ 458,464	$ 363,261	$ 487,334

Net carrying amount of held to maturity securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Investment Income [Line Items]
Gross investment income	$ 17,185,950	$ 16,287,935	$ 34,896,919	$ 32,968,164
Investment Income, Investment Expense	(3,008,632)	(3,325,190)	(6,425,714)	(6,604,920)
Net investment income	14,177,318	12,962,745	28,471,205	26,363,244
Fixed Maturities
Net Investment Income [Line Items]
Gross investment income	2,698,011	3,143,072	5,522,122	6,067,786
Equity Securities
Net Investment Income [Line Items]
Gross investment income	106,041	111,122	234,270	203,164
Mortgage Loans Real Estate
Net Investment Income [Line Items]
Gross investment income	6,902,466	5,582,152	12,986,883	11,236,042
Real Estate
Net Investment Income [Line Items]
Gross investment income	3,002,650	2,787,881	6,045,479	5,941,267
Policy Student and Other Loans
Net Investment Income [Line Items]
Gross investment income	232,135	257,527	464,488	491,492
Insurance Assignments
Net Investment Income [Line Items]
Gross investment income	4,171,318	4,383,398	9,517,047	8,682,602
Other Investments
Net Investment Income [Line Items]
Gross investment income	39,299	398	53,006	25,421
Cash and Cash Equivalents
Net Investment Income [Line Items]
Gross investment income	34,030	22,385	73,624	320,390
Fixed Maturity Securities [Member]
Net Investment Income [Line Items]
Proceeds received from sale of fixed maturity available for sale securities	1,163,366	2,107,581	1,982,931	2,753,331
Gross realized gains	149,338	53,928	209,132	133,339
Gross realized losses	$ 0	$ 137	$ 0	$ 137

Investments: Commercial Real Estate Held for Investment (Details)

Jun. 30, 2021

USD ($)

ft²

Dec. 31, 2020

USD ($)

ft²

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 178,437,646

$ 131,684,453

Real estate held for sale

6,221,164

7,878,807

Commercial Real Estate 1 [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 128,169,133

$ 106,840,710

Total Square Footage | ft²

435,237

485,428

Real estate held for sale

$ 4,890,553

$ 4,400,553

Square Footage | ft²

275,742

234,979

Utah [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[1]

$ 49,770,193

$ 23,777,478

Utah [Member] | Commercial Real Estate 1 [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 122,439,551

$ 100,927,528

Total Square Footage | ft²

379,066

Louisiana | Commercial Real Estate 1 [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 2,449,494

$ 2,998,684

Total Square Footage | ft²

31,778

84,841

Real estate held for sale

$ 490,000

$ 0

Square Footage | ft²

53,063

Mississippi | Commercial Real Estate 1 [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 2,890,943

$ 2,914,498

Total Square Footage | ft²

21,521

Real estate held for sale

$ 151,553

Square Footage | ft²

12,300

California | Commercial Real Estate 1 [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 389,145

$ 0

Total Square Footage | ft²

2,872

Kansas | Commercial Real Estate 1 [Member]

Net Investment Income [Line Items]

Real estate held for sale

$ 4,000,000

Square Footage | ft²

222,679

Texas | Commercial Real Estate 1 [Member]

Net Investment Income [Line Items]

Real estate held for sale

^[2]

$ 249,000

Square Footage | ft²

^[2]

[1]	The estimated remaining cost to complete the undeveloped lots is $42,965,000 and $17,354,000 as of June 30, 2021 and December 31, 2020, respectively.
[2]	Improved commercial pad

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

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 178,437,646

$ 131,684,453

Lots to be developed

42,965,000

17,354,000

Real estate held for sale

6,221,164

7,878,807

Residential Real Estate

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

50,268,513

24,843,743

Real estate held for sale

1,330,611

3,478,254

Utah [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[1]

49,770,193

23,777,478

Lots available for sale

Lots to be developed

469

350

Utah [Member] | Residential Real Estate

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[2]

49,982,332

24,557,562

Real estate held for sale

1,744,292

Washington | Residential Real Estate

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[3]

286,181

Nevada | Residential Real Estate

Net Investment Income [Line Items]

Real estate held for sale

979,640

Florida | Residential Real Estate

Net Investment Income [Line Items]

Real estate held for sale

340,971

744,322

Ohio | Residential Real Estate

Net Investment Income [Line Items]

Real estate held for sale

$ 10,000

[1]	The estimated remaining cost to complete the undeveloped lots is $42,965,000 and $17,354,000 as of June 30, 2021 and December 31, 2020, respectively.
[2]	Includes subdivision land developments
[3]	Improved residential lots

Investments: Real Estate Owned and Occupied by the Company (Details)	Jun. 30, 2021 ft²
Corporate Offices, Life Insurance and Cemetery/Mortuary Operations
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Approximate Square Footage	78,979
Square Footage Occupied by the Company	18.00%
Mortgage
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Approximate Square Footage	39,157
Square Footage Occupied by the Company	73.00%
Life Insurance Operations
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Approximate Square Footage	19,694
Square Footage Occupied by the Company	28.00%
Per Share Shares Granted
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Approximate Square Footage	12,274
Square Footage Occupied by the Company	100.00%
Life Insurance Sales [Member]
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Approximate Square Footage	8,059
Square Footage Occupied by the Company	100.00%
Life Insurance Sales 1 [Member]
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Approximate Square Footage	1,560
Square Footage Occupied by the Company	100.00%
Life Insurance Sales 2 [Member]
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Approximate Square Footage	1,737
Square Footage Occupied by the Company	100.00%

Investments: Schedule of Allowance for loan losses as a contra-asset account (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 2,005,127	$ 1,453,037
Allowance for credit losses, Charge-offs
Allowance for Credit Losses, Provision	(104,192)	552,090
Financing Receivable, Allowance for Credit Loss, Ending Balance	1,900,935	2,005,127
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	192,266	219,905
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,708,669	1,785,222
Mortgage loans	266,363,862	253,771,091
Financing Receivable, Individually Evaluated for Impairment	4,725,709	10,282,470
Financing Receivable, Collectively Evaluated for Impairment	261,638,153	243,488,621
Commercial Loan [Member]
Marketable Securities [Line Items]
Financing Receivable, Allowance for Credit Loss	187,129	187,129
Allowance for credit losses, Charge-offs
Allowance for Credit Losses, Provision
Financing Receivable, Allowance for Credit Loss, Ending Balance	187,129	187,129
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	187,129	187,129
Mortgage loans	47,440,235	46,836,866
Financing Receivable, Individually Evaluated for Impairment	848,464	2,148,827
Financing Receivable, Collectively Evaluated for Impairment	46,591,771	44,688,039
Residential Mortgage [Member]
Marketable Securities [Line Items]
Financing Receivable, Allowance for Credit Loss	1,774,796	1,222,706
Allowance for credit losses, Charge-offs
Allowance for Credit Losses, Provision	(104,192)	552,090
Financing Receivable, Allowance for Credit Loss, Ending Balance	1,670,604	1,774,796
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	192,266	219,905
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,478,338	1,554,891
Mortgage loans	83,195,347	95,822,448
Financing Receivable, Individually Evaluated for Impairment	3,676,282	7,932,680
Financing Receivable, Collectively Evaluated for Impairment	79,519,065	103,179,097
Residential construction
Marketable Securities [Line Items]
Financing Receivable, Allowance for Credit Loss	43,202	43,202
Allowance for credit losses, Charge-offs
Allowance for Credit Losses, Provision
Financing Receivable, Allowance for Credit Loss, Ending Balance	43,202	43,202
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	43,202	43,202
Mortgage loans	135,728,280	111,111,777
Financing Receivable, Individually Evaluated for Impairment	200,963	200,963
Financing Receivable, Collectively Evaluated for Impairment	$ 135,527,317	$ 95,621,485

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

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Marketable Securities [Line Items]

Mortgage Loans during period

$ 266,363,862

$ 253,771,091

Mortgage Loans, Allowance for Loan Losses

(1,900,935)

(2,005,127)

Mortgage Loans, Unamortized deferred loan fees, net

(1,725,718)

(1,161,132)

Mortgage Loans, Unamortized discounts, net

(577,202)

(1,260,896)

Mortgage Loans, Unamortized discounts, net

577,202

1,260,896

Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

47,440,235

46,836,866

Mortgage Loans, Allowance for Loan Losses

(187,129)

Mortgage Loans, Unamortized deferred loan fees, net

(83,409)

(32,557)

Mortgage Loans, Unamortized discounts, net

(295,255)

(880,721)

Mortgage Loans, Unamortized discounts, net

295,255

880,721

Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

83,195,347

95,822,448

Mortgage Loans, Allowance for Loan Losses

(1,670,604)

(1,774,796)

Mortgage Loans, Unamortized deferred loan fees, net

(1,160,086)

(909,864)

Mortgage Loans, Unamortized discounts, net

(281,947)

(380,175)

Mortgage Loans, Unamortized discounts, net

281,947

380,175

Residential construction

Marketable Securities [Line Items]

Mortgage Loans during period

135,728,280

111,111,777

Mortgage Loans, Allowance for Loan Losses

(43,202)

Mortgage Loans, Unamortized deferred loan fees, net

(482,223)

(218,711)

Mortgage Loans, Unamortized discounts, net

Past Due 30 to 59 Days

Marketable Securities [Line Items]

Mortgage Loans during period

10,823,242

6,226,896

Past Due 30 to 59 Days | Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

6,000,000

233,200

Past Due 30 to 59 Days | Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

4,328,577

5,866,505

Past Due 30 to 59 Days | Residential construction

Marketable Securities [Line Items]

Mortgage Loans during period

494,665

127,191

Past Due 60 to 89 Days

Marketable Securities [Line Items]

Mortgage Loans during period

4,858,494

2,860,928

Past Due 60 to 89 Days | Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

554,638

812,780

Past Due 60 to 89 Days | Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

3,338,670

2,048,148

Past Due 60 to 89 Days | Residential construction

Marketable Securities [Line Items]

Mortgage Loans during period

965,186

Past Due 90 or More Days

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

3,032,717

7,818,410

Past Due 90 or More Days | Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

599,291

2,148,827

Past Due 90 or More Days | Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

2,433,426

5,669,583

Past Due 90 or More Days | Residential construction

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

In Foreclosure

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

1,692,992

2,464,060

In Foreclosure | Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

249,173

In Foreclosure | Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

1,242,856

2,263,097

In Foreclosure | Residential construction

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

200,963

Total Past Due

Marketable Securities [Line Items]

Mortgage Loans during period

20,407,445

19,370,294

Total Past Due | Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

7,403,102

3,194,807

Total Past Due | Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

11,343,529

15,847,333

Total Past Due | Residential construction

Marketable Securities [Line Items]

Mortgage Loans during period

1,660,814

328,154

Current

Marketable Securities [Line Items]

Mortgage Loans during period

245,956,417

234,400,797

Current | Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

40,037,133

43,642,059

Current | Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

71,851,818

79,975,115

Current | Residential construction

Marketable Securities [Line Items]

Mortgage Loans during period

134,067,466

110,783,623

Net Mortgage Loans

Marketable Securities [Line Items]

Mortgage Loans during period

262,160,007

249,343,936

Net Mortgage Loans | Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

46,874,442

45,736,459

Net Mortgage Loans | Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

80,082,710

92,757,613

Net Mortgage Loans | Residential construction

Marketable Securities [Line Items]

Mortgage Loans during period

$ 135,202,855

$ 110,849,864

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

Investments: Schedule of Impaired Mortgage Loans (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Commercial Loan [Member]
Marketable Securities [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	$ 848,464	$ 2,148,827
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	848,464	2,148,827
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	958,414	1,866,819
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 [Member] \| Total
Marketable Securities [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	848,464	2,148,827
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	848,464	2,148,827
Impaired Financing Receivable, Related Allowance	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	958,414	1,866,819
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential Mortgage [Member]
Marketable Securities [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	2,392,109	6,415,419
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	2,392,109	6,415,419
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	3,118,925	5,010,078
Impaired Financing Receivable, with No Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	1,284,173	1,517,261
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	1,284,173	1,517,261
Impaired Financing Receivable, Related Allowance	192,266	219,905
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	937,257	1,182,368
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential Mortgage [Member] \| Total
Marketable Securities [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	3,676,282	7,932,680
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	3,676,282	7,932,680
Impaired Financing Receivable, Related Allowance	192,266	219,905
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	4,056,182	6,192,446
Impaired Financing Receivable, with Interest Income Recognized	0	0
Residential construction
Marketable Securities [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	200,963	200,963
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	200,963	200,963
Impaired Financing Receivable, with No Related Allowance	0	0
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	200,963	555,278
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
Marketable Securities [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	200,963	200,963
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	200,963	200,963
Impaired Financing Receivable, Related Allowance	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	200,963	555,278
Impaired Financing Receivable, with Interest Income Recognized	$ 0	$ 0

Investments: Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Mortgage loans	$ 266,363,862	$ 253,771,091
Commercial Loan [Member]
Marketable Securities [Line Items]
Mortgage loans	47,440,235	46,836,866
Residential Mortgage [Member]
Marketable Securities [Line Items]
Mortgage loans	83,195,347	95,822,448
Residential construction
Marketable Securities [Line Items]
Mortgage loans	135,728,280	111,111,777
Performing Financing Receivable
Marketable Securities [Line Items]
Mortgage loans	261,638,153	243,488,621
Performing Financing Receivable \| Commercial Loan [Member]
Marketable Securities [Line Items]
Mortgage loans	46,591,771	44,688,039
Performing Financing Receivable \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Mortgage loans	79,519,065	87,889,768
Performing Financing Receivable \| Residential construction
Marketable Securities [Line Items]
Mortgage loans	135,527,317	110,910,814
Nonperforming Financing Receivable
Marketable Securities [Line Items]
Mortgage loans	4,725,709	10,282,470
Nonperforming Financing Receivable \| Commercial Loan [Member]
Marketable Securities [Line Items]
Mortgage loans	848,464	2,148,827
Nonperforming Financing Receivable \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Mortgage loans	3,676,282	7,932,680
Nonperforming Financing Receivable \| Residential construction
Marketable Securities [Line Items]
Mortgage loans	$ 200,963	$ 200,963

Investments: Schedule of Mortgage loans on a nonaccrual status (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 4,725,709	$ 10,282,470
Commercial
Marketable Securities [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	848,464	2,148,827
Residential Mortgage [Member]
Marketable Securities [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	3,676,282	7,932,680
Residential construction
Marketable Securities [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 200,963	$ 200,963

Investments (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Investments (Details Narrative) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Net Investment Income [Line Items]
Average market value over amortized cost	97.20%		97.20%		94.70%
Net Investment Income	$ 14,177,318	$ 12,962,745	$ 28,471,205	$ 26,363,244
Securities on deposit for regulatory authorities	10,263,529		10,263,529		$ 9,684,409
Loans Payable to Bank	231,972,771		231,972,771		297,824,368
Nonperforming Financing Receivable	28,378	15,551	28,378	46,980
Impairment losses on residential real estate held for investment				0
Interest not accrued on non-performing loans	316,000		316,000		491,000
Commercial Real Estate 1 [Member]
Net Investment Income [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	110,763,510		110,763,510		71,517,902
Loans Payable to Bank	66,163,722		66,163,722		46,153,283
Residential Real Estate
Net Investment Income [Line Items]
Foreclosed Residential Real Estate included in Residential Real Estate Held for Investment	1,828,936		1,828,936		$ 4,327,079
Cemeteries And Mortuaries [Member]
Net Investment Income [Line Items]
Net Investment Income	$ 190,668	$ 140,093	$ 351,879	$ 250,732

Loans Held For Sale: Aggregate fair value - Loans Held for Sale (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Loans Held For Sale
Aggregate fair value	$ 296,728,086	$ 422,772,418
Unpaid principal balance	287,867,995	406,407,323
Unrealized gain	$ 8,860,091	$ 16,365,095

Loans Held For Sale: Schedule of Mortgage Fee Income for Loans Held for Sale (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage fee income	$ 65,157,813	$ 73,368,333	$ 138,156,425	$ 113,650,094
Loans Held For Sale 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan fees	9,154,621	15,226,535	18,694,577	22,940,750
Interest income	2,188,380	2,601,605	4,500,181	4,282,063
Secondary gains	56,020,876	49,422,815	124,459,809	77,269,683
Change in fair value of loan commitments	(482,863)	5,278,100	(168,397)	8,553,132
Change in fair value of loans held for sale	(1,114,632)	2,363,713	(8,060,513)	2,742,010
Provision for loan loss reserve	(608,569)	(1,524,435)	(1,269,232)	(2,137,544)
Mortgage fee income	$ 65,157,813	$ 73,368,333	$ 138,156,425	$ 113,650,094

Loans Held For Sale: Schedule of loan loss reserve which is included in other liabilities and accrued expenses (Details) - USD ($)

Jun. 30, 2021

Dec. 31, 2020

Loans Held For Sale

Balance, beginning of period

$ 20,583,618

$ 4,046,288

Provision on current loan originations (1)

^[1]

1,269,232

4,938,214

Additional provision for loan loss reserve

16,506,030

Charge-offs, net of recaptured amounts

19,440,198

4,906,914

Balance, end of period

$ 2,412,652

$ 20,583,618

[1]	Included in mortgage fee income

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

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Common Class A [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares, Outstanding

1,072,863

1,086,053

Shares outstanding

$ 4.22

$ 4.41

Adjustment for effect of stock dividends

47,594

29,099

Shares Granted

77,000

Shares Exercised

(97,313)

(78,803)

Shares Cancelled

Shares, Outstanding, Ending Balance

1,023,144

1,113,349

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance

$ 4.29

$ 4.27

Options Exercisable

1,023,144

1,013,955

Options exercisable

$ 4.29

$ 4.27

Available options for future grant

$ 358,462

$ 325,372

Weighted average contractual term of options outstanding

5 years 2 months 4 days

5 years 11 months 19 days

Weighted average contractual term of options exercisable

5 years 2 months 4 days

5 years 7 months 9 days

Aggregated intrinsic value of options outstanding

$ 4,135,399

^[1]

$ 2,568,502

^[2]

Aggregated intrinsic value of options exercisable

$ 4,135,399

^[1]

$ 2,338,090

^[2]

Common Class C [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares, Outstanding

662,666

594,132

Shares outstanding

$ 4.61

$ 5.36

Adjustment for effect of stock dividends

33,136

22,544

Shares Granted

180,000

Shares Exercised

Shares Cancelled

Shares, Outstanding, Ending Balance

695,802

796,676

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance

$ 4.61

$ 4.87

Options Exercisable

695,802

561,440

Options exercisable

$ 4.61

$ 5.11

Available options for future grant

$ 279,825

$ 266,500

Weighted average contractual term of options outstanding

6 years 3 months 25 days

6 years 2 months 4 days

Weighted average contractual term of options exercisable

6 years 3 months 25 days

5 years 3 months 25 days

Aggregated intrinsic value of options outstanding

$ 2,585,420

^[1]

$ 1,360,855

^[2]

Aggregated intrinsic value of options exercisable

$ 2,585,420

^[1]

$ 823,712

^[2]

[1]	The Company used a stock price of $8.33 as of June 30, 2021 to derive intrinsic value.
[2]	The Company used a stock price of $6.58 as of June 30, 2020 to derive intrinsic value.

Stock Compensation Plans (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Stock Compensation Plans (Details Narrative) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Amount Capitalized	$ 0	$ 101,520	$ 39,153	$ 167,397
Unrecognized compensation expense related to the options issued in December 2014	$ 0		$ 0

Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net earnings	$ 11,257,479	$ 12,128,715	$ 20,557,047	$ 1,424,449	$ 23,386,194	$ 21,981,496
Basic weighted-average shares outstanding	20,106,954		19,719,792		20,093,834	19,658,351
Employee stock options	$ 784,817		$ 439,593		$ 826,048	$ 349,502
Diluted weighted-average shares outstanding	20,891,771		20,159,385		20,919,882	20,007,853
Basic net earnings per share	$ 0.56		$ 1.04		$ 1.16	$ 1.12
Diluted net earnings per share	$ 0.54		$ 1.02		$ 1.12	$ 1.10

- Definition

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

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- 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.

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+ Details

- Definition

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

+ References

+ Details

Earnings Per Share: Share-based Payment Arrangement, Option, Activity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Common Class A [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Shares, Outstanding	17,561,521	16,557,554	16,595,783	16,107,779
Exercise of stock options	80,948	33,774
Dividends	$ 836,263	$ 404,839
Conversion of Class C to Class A	48,527	11,162
Common Class C [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Shares, Outstanding	2,762,630	2,551,445	2,679,603	2,500,887
Exercise of stock options	0	0
Dividends	$ 131,554	$ 61,720
Conversion of Class C to Class A	(48,527)	(11,162)

Earnings Per Share (Details Narrative) - shares	6 Months Ended
Earnings Per Share (Details Narrative) - shares	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

Business Segments Information : Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue from customers	$ 116,750,315	$ 118,661,742	$ 239,408,921	$ 198,270,691
Segment Reporting Information, Intersegment Revenue		0	0
Segment Reporting Information, Income Loss Before Income Taxes	14,677,352	27,193,756	31,032,407	28,667,990
Identifiable Assets	1,498,536,599	1,517,542,154	1,498,536,599	1,517,542,154
Goodwill	3,519,588	3,519,588	3,519,588	3,519,588	$ 3,519,588
Total Assets	1,502,056,187	1,521,061,742	1,502,056,187	1,521,061,742	$ 1,548,940,478
Life Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Revenue from customers	40,657,393	37,788,593	79,601,227	70,994,355
Segment Reporting Information, Intersegment Revenue	1,750,929	1,816,185	3,652,981	2,724,353
Segment Reporting Information, Income Loss Before Income Taxes	4,694,177	3,670,369	7,389,205	601,202
Identifiable Assets	1,193,893,855	1,206,815,231	1,193,893,855	1,206,815,231
Goodwill	2,765,570	2,765,570	2,765,570	2,765,570
Total Assets	1,196,659,425	1,209,580,801	1,196,659,425	1,209,580,801
Cemetery and Mortuary
Segment Reporting Information [Line Items]
Revenue from customers	6,807,922	5,306,305	13,807,187	9,320,001
Segment Reporting Information, Intersegment Revenue	78,302	89,799	155,809	193,313
Segment Reporting Information, Income Loss Before Income Taxes	2,269,325	1,548,452	4,970,270	1,653,253
Identifiable Assets	59,621,349	75,048,428	59,621,349	75,048,428
Goodwill	754,018	754,018	754,018	754,018
Total Assets	60,375,367	75,802,446	60,375,367	75,802,446
Mortgage
Segment Reporting Information [Line Items]
Revenue from customers	69,285,000	75,566,844	146,000,507	117,956,335
Segment Reporting Information, Intersegment Revenue	156,016	190,701	317,032	391,033
Segment Reporting Information, Income Loss Before Income Taxes	7,713,850	21,974,935	18,672,932	26,413,535
Identifiable Assets	317,945,282	346,286,603	317,945,282	346,286,603
Goodwill
Total Assets	317,945,282	346,286,603	317,945,282	346,286,603
Change in fair value of loan commitments
Segment Reporting Information [Line Items]
Revenue from customers	0	0
Segment Reporting Information, Intersegment Revenue	(1,985,247)	(2,096,685)	(4,125,822)	(3,308,699)
Segment Reporting Information, Income Loss Before Income Taxes	0	0
Identifiable Assets	(72,923,887)	(110,608,108)	(72,923,887)	(110,608,108)
Total Assets	$ (72,923,887)	$ (110,608,108)	$ (72,923,887)	$ (110,608,108)

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

Jun. 30, 2021

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Trading Securities, Equity

$ 260,957,676

$ 294,656,679

Available-for-sale Securities

10,322,456

11,324,239

Loans Held-for-sale, Fair Value Disclosure

296,728,086

422,772,418

Restricted assets of cemeteries and mortuaries

1,448,292

^[1]

1,473,637

^[2]

Restricted assets of cemeteries and mortuaries

2,914,880

^[3]

2,515,778

^[4]

Cemetery perpetual care trust investments

710,533

^[1]

747,767

^[2]

Cemetery perpetual care trust investments

2,367,059

^[3]

2,062,303

^[4]

Derivatives - loan commitments

10,704,411

^[5]

12,592,672

^[6]

Assets, Fair Value Disclosure, Recurring

586,153,393

748,145,493

Derivatives - bank loan interest rate swaps, Call Options

(12,795)

^[7]

(43,097)

^[8]

Derivatives - bank loan interest rate swaps, loan commitments

(744,198)

^[7]

(2,464,062)

^[8]

Obligations, Fair Value Disclosure

(756,993)

(2,507,159)

Obligations, Fair Value Disclosure

756,993

2,507,159

Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Trading Securities, Equity

Available-for-sale Securities

10,322,456

11,324,239

Loans Held-for-sale, Fair Value Disclosure

Restricted assets of cemeteries and mortuaries

^[1]

^[2]

Restricted assets of cemeteries and mortuaries

2,914,880

^[3]

2,515,778

^[4]

Cemetery perpetual care trust investments

^[1]

^[2]

Cemetery perpetual care trust investments

2,367,059

^[3]

2,062,303

^[4]

Derivatives - loan commitments

^[5]

^[6]

Assets, Fair Value Disclosure, Recurring

15,604,395

15,902,320

Derivatives - bank loan interest rate swaps, Call Options

(12,795)

^[7]

(43,097)

^[8]

Derivatives - bank loan interest rate swaps, loan commitments

^[7]

^[8]

Obligations, Fair Value Disclosure

(12,795)

(43,097)

Obligations, Fair Value Disclosure

12,795

43,097

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Trading Securities, Equity

258,776,848

292,455,504

Available-for-sale Securities

Loans Held-for-sale, Fair Value Disclosure

Restricted assets of cemeteries and mortuaries

1,448,292

^[1]

1,473,637

^[2]

Restricted assets of cemeteries and mortuaries

^[3]

^[4]

Cemetery perpetual care trust investments

710,533

^[1]

747,767

^[2]

Cemetery perpetual care trust investments

^[3]

^[4]

Derivatives - loan commitments

^[5]

^[6]

Assets, Fair Value Disclosure, Recurring

260,935,673

294,676,908

Derivatives - bank loan interest rate swaps, Call Options

^[7]

^[8]

Derivatives - bank loan interest rate swaps, loan commitments

^[7]

^[8]

Obligations, Fair Value Disclosure

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Trading Securities, Equity

2,180,828

2,201,175

Available-for-sale Securities

Loans Held-for-sale, Fair Value Disclosure

296,728,086

422,772,418

Restricted assets of cemeteries and mortuaries

^[1]

^[2]

Restricted assets of cemeteries and mortuaries

^[3]

^[4]

Cemetery perpetual care trust investments

^[1]

^[2]

Cemetery perpetual care trust investments

^[3]

^[4]

Derivatives - loan commitments

10,704,411

^[5]

12,592,672

^[6]

Assets, Fair Value Disclosure, Recurring

309,613,325

437,566,265

Derivatives - bank loan interest rate swaps, Call Options

^[7]

^[8]

Derivatives - bank loan interest rate swaps, loan commitments

(744,198)

^[7]

(2,464,062)

^[8]

Obligations, Fair Value Disclosure

(744,198)

(2,464,062)

Obligations, Fair Value Disclosure

$ 744,198

$ 2,464,062

[1]	Fixed maturity securities available for sale
[2]	Fixed maturity securities available for sale
[3]	Equity securities
[4]	Equity securities
[5]	Included in other assets on the consolidated balance sheets
[6]	Included in other assets on the consolidated balance sheets
[7]	Included in other liabilities and accrued expenses on the consolidated balance sheets
[8]	Included in other liabilities and accrued expenses on the consolidated balance sheets

Fair Value of Financial Instruments: Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Loans Held For Sale 1 [Member]
Subsidiary, Sale of Stock [Line Items]
Fair Value Balance	$ 296,728,086	$ 422,772,418	$ 304,030,372	$ 356,949,958	$ 281,052,576	$ 213,457,632
Florida	95.00%	99.00%
Mississippi	112.00%	110.00%
Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Weighted Average	103.00%	104.00%
Net Derivatives Loan Commitments
Subsidiary, Sale of Stock [Line Items]
Fair Value Balance	$ 9,960,213	$ 10,128,610	10,443,076	11,044,365	5,766,265	2,491,233
Florida	56.00%	52.00%
Mississippi	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 1 [Member]
Subsidiary, Sale of Stock [Line Items]
Fair Value Balance	$ 2,180,828	$ 2,201,175	$ 2,191,093	$ 2,221,392	$ 3,275,326	$ 3,216,382

Fair Value of Financial Instruments: Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Net Derivatives Loan Commitments

Subsidiary, Sale of Stock [Line Items]

Fair Value Balance

$ 10,443,076

$ 5,766,265

$ 10,128,610

$ 2,491,233

Originations

Sales

Transfer to mortgage loans held for investment

Fair Value, Gains (Losses) included in earnings

(482,863)

^[1]

5,278,100

^[2]

(168,397)

^[3]

8,553,132

^[4]

Total gains (losses) included in other comprehensive income

Fair Value Balance

9,960,213

11,044,365

9,960,213

11,044,365

Loans Held For Sale 1 [Member]

Subsidiary, Sale of Stock [Line Items]

Fair Value Balance

304,030,372

281,052,576

422,772,418

213,457,632

Originations

1,360,389,498

1,312,854,438

2,810,230,507

2,105,048,030

Sales

(1,410,147,019)

(1,278,846,335)

(3,025,027,077)

(2,017,976,791)

Transfer to mortgage loans held for investment

(201,951)

(8,933,676)

Fair Value, Gains (Losses) included in earnings

42,455,235

^[1]

41,889,279

^[2]

88,954,189

^[3]

65,354,763

^[4]

Total gains (losses) included in other comprehensive income

Fair Value Balance

296,728,086

356,949,958

296,728,086

356,949,958

Fixed Maturity Securities Available For Sale 1 [Member]

Subsidiary, Sale of Stock [Line Items]

Fair Value Balance

2,191,093

3,275,326

2,201,175

3,216,382

Originations

Sales

(11,300)

(1,010,500)

(22,400)

(1,020,800)

Transfer to mortgage loans held for investment

Fair Value, Gains (Losses) included in earnings

908

^[5]

844

^[6]

1,801

^[7]

1,672

^[8]

Total gains (losses) included in other comprehensive income

127

(44,278)

252

24,138

Fair Value Balance

$ 2,180,828

$ 2,221,392

$ 2,180,828

$ 2,221,392

[1]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[2]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[3]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[4]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[5]	As a component of Net investment income on the condensed consolidated statements of earnings
[6]	As a component of Net investment income on the condensed consolidated statements of earnings
[7]	As a component of Net investment income on the condensed consolidated statements of earnings
[8]	As a component of Net investment income on the condensed consolidated statements of earnings

Fair Value of Financial Instruments: Fair Value Assets Measured on a Nonrecurring Basis (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired mortgage loans held for investment	$ 1,091,908	$ 1,297,356
Impaired real estate held for investment	390,000	4,249,000
Assets, Fair Value Disclosure, Nonrecurring	1,481,908	5,546,356
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired mortgage loans held for investment	0	0
Impaired real estate held for investment	0	0
Assets, Fair Value Disclosure, Nonrecurring	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired mortgage loans held for investment	0	0
Impaired real estate held for investment	0	0
Assets, Fair Value Disclosure, Nonrecurring	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired mortgage loans held for investment	1,091,908	1,297,356
Impaired real estate held for investment	390,000	4,249,000
Assets, Fair Value Disclosure, Nonrecurring	$ 1,481,908	$ 5,546,356

Derivative Instruments: Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Loan Commitments
Subsidiary, Sale of Stock [Line Items]
Derivative, Notional Amount	$ 923,793,977	$ 659,245,038
Derivative Asset, Notional Amount	10,704,411	1,873,200
Derivative Liability, Notional Amount	744,198	661,118,238
Call Options
Subsidiary, Sale of Stock [Line Items]
Derivative, Notional Amount	714,000	12,592,672
Derivative Asset, Notional Amount
Derivative Liability, Notional Amount	12,795	12,592,672
Net Derivatives Loan Commitments
Subsidiary, Sale of Stock [Line Items]
Derivative, Notional Amount	924,507,977	2,464,062
Derivative Asset, Notional Amount	10,704,411	43,097
Derivative Liability, Notional Amount	$ 756,993	$ 2,507,159

Derivative Instruments: Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (Loss) on Derivatives, Loan Commitments	$ (482,863)	$ 5,278,100	$ (168,397)	$ 8,553,132
Gain (Loss) on Derivatives, Call and put options	$ 88,522	$ 828,205	$ 115,285	$ 90,346

Reinsurance, Commitments and Contingencies (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Funds reserved and accrued to settle investor related claims	$ 2,412,652	$ 20,583,618
Gain (Loss) on Sale of Mortgage Loans	$ 100,000,000
Derivative, Maturity Date	Jun. 04, 2022
Commitments to fund new residential construction loans	$ 249,815,000
Commitments to fund new residential construction loans funded	$ 139,207,610

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

Jun. 30, 2021

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Balance before valuation allowance at beginning of year

$ 35,210,516

$ 17,155,529

MSR additions resulting from loan sales

18,286,569

29,896,465

Amortization (1)

^[1]

(6,772,539)

(11,841,478)

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

Balance before valuation allowance at end of period

46,724,546

35,210,516

Balance at beginning of year

Additions

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

Balance at end of period

Mortgage servicing rights, net

46,724,546

35,210,516

Estimated fair value of MSRs at end of period

$ 58,838,077

$ 38,702,358

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

Mortgage Servicing Rights: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights (Details)	Jun. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 5,996,013
Finite-Lived Intangible Assets, Amortization Expense, Year One	4,891,593
Finite-Lived Intangible Assets, Amortization Expense, Year Two	4,248,886
Finite-Lived Intangible Assets, Amortization Expense, Year Three	3,685,273
Finite-Lived Intangible Assets, Amortization Expense, Year Four	3,217,703
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	24,685,078
Finite-Lived Intangible Assets, Accumulated Amortization	$ 46,724,546

Mortgage Servicing Rights: Schedule of Other Revenues (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Other Income	$ 3,829,731	$ 2,001,269	$ 7,298,252	$ 3,884,021
Contractual Servicing Fees
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Other Income	3,755,294	1,929,565	7,142,765	3,714,509
Late Fees
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Other Income	$ 74,437	$ 71,704	$ 155,487	$ 169,512

Mortgage Servicing Rights: Summary of Unpaid Principal Balances of the Servicing Portfolio (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Servicing Unpaid Principal Balance	$ 6,280,506,543	$ 5,070,287,864

Mortgage Servicing Rights: Assumptions used in determining MSR value (Details) - Decimal	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Receivables	12.20	15.60
Held-to-maturity Securities	6 years 6 months 18 days	5 years 3 months 18 days
Discount Rate	9.50	9.50

Income Taxes (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details Narrative) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	23.30%	24.40%	24.60%	23.30%
Income Tax Expense (Benefit)	$ 3,419,873	$ 6,636,709	$ 7,646,213	$ 6,686,494

- Definition

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

+ References + Details

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

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Credit Derivatives [Line Items]

Receivables

$ 10,899,207

Deferred pre-need cemetery and mortuary contract revenues

13,080,179

Receivables

16,397,549

$ 10,899,207

Deferred pre-need cemetery and mortuary contract revenues

13,707,231

13,080,179

Receivables

Credit Derivatives [Line Items]

Receivables

^[1]

4,119,988

2,778,879

Receivables

^[1]

4,500,996

4,119,988

Increase (Decrease) in Accounts Receivable

^[1]

381,008

1,341,109

Contract Asset

Credit Derivatives [Line Items]

Deferred pre-need cemetery and mortuary contract revenues

Increase (Decrease) in Deferred Revenue

Contract Liability

Credit Derivatives [Line Items]

Deferred pre-need cemetery and mortuary contract revenues

13,080,179

12,607,978

Deferred pre-need cemetery and mortuary contract revenues

13,707,231

13,080,179

Increase (Decrease) in Deferred Revenue

$ 627,052

$ 472,201

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

Revenues From Contracts With Customers (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net mortuary and cemetery sales	$ 6,318,398	$ 4,700,778	$ 12,260,524	$ 9,158,869
Major Goods Or Services Lines, at Need
Net mortuary and cemetery sales	4,001,408	3,257,705	8,043,428	6,642,896
Major Goods Or Services Lines, Pre Need
Net mortuary and cemetery sales	2,316,990	1,443,073	4,217,096	2,515,973
Timing Of Revenue Recognition, Goods Transferred At A Point In Time
Net mortuary and cemetery sales	4,552,154	3,088,616	8,750,827	6,082,320
Timing Of Revenue Recognition, Services Transferred At A Point In Time
Net mortuary and cemetery sales	$ 1,766,244	$ 1,612,162	$ 3,509,697	$ 3,076,549

Revenues From Contracts With Customers: Reconciliation of Revenues from Cemetery and mortuary contracts to Business Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Net mortuary and cemetery sales	$ 6,318,398	$ 4,700,778	$ 12,260,524	$ 9,158,869
Gains (losses) on investments and other assets	1,477,204	2,238,279	3,437,317	(973,968)
Net investment income	14,177,318	12,962,745	28,471,205	26,363,244
Other revenues	4,660,554	2,466,898	8,774,212	4,856,467
Cemetery and Mortuary
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Net mortuary and cemetery sales	6,318,398	4,700,778	12,260,524	9,158,869
Gains (losses) on investments and other assets	227,546	482,383	1,025,886	(177,740)
Net investment income	240,587	71,647	470,891	276,493
Other revenues	21,391	51,497	49,886	62,379
Revenues from external customers	$ 6,807,922	$ 5,306,305	$ 13,807,187	$ 9,320,001

Revenues from Contracts with Customers (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized included in the opening contract liability	$ 1,309,936	$ 880,663	$ 2,444,937	$ 1,831,406