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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2021
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____ to ________
Commission
File Number:000-09341
SECURITY
NATIONAL FINANCIAL CORPORATION
(Exact
name of registrant as specified in its charter)
UTAH |
|
87-0345941 |
(State
or other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
433
West Ascension Way, Salt Lake City, Utah |
|
84123 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(801)
264-1060
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol |
|
Name
of each exchange on which registered |
Class
A Common Stock |
|
SNFCA |
|
The
Nasdaq Global Select Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
|
Accelerated
filer ☐ |
Non-accelerated
filer ☐ (Do not check if a smaller reporting company) |
|
Smaller
reporting company ☒ |
|
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
As
of November 1, 2021, the registrant had 17,596,665 shares of Class A Common Stock, $2.00 par value, outstanding and 2,761,909 shares
of Class C Common Stock, $2.00 par value, outstanding.
SECURITY
NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
FORM
10-Q
QUARTER
ENDED SEPTEMBER 30, 2021
Table
of Contents
SECURITY
NATIONAL FINANCIAL CORPORATION
AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
Part
I - Financial Information
Item
1. Financial Statements
| |
| | |
| |
| |
September 30 | | |
| |
| |
2021
(Unaudited) | | |
December 31
2020 | |
Assets | |
| | | |
| | |
Investments: | |
| | | |
| | |
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $238,809,528 and $265,150,484 for 2021 and 2020) | |
$ | 264,844,942 | | |
$ | 294,656,679 | |
Equity securities at estimated fair value (cost of $8,198,282 and $9,698,490 for 2021 and 2020) | |
| 10,729,744 | | |
| 11,324,239 | |
Mortgage loans held for investment (net of allowances for loan losses of $1,753,853 and $2,005,127 for 2021 and 2020) | |
| 307,390,481 | | |
| 249,343,936 | |
Real estate held for investment (net of accumulated depreciation of $18,908,623 and $13,800,973 for 2021 and 2020) | |
| 189,610,360 | | |
| 131,684,453 | |
Real estate held for sale | |
| 6,081,155 | | |
| 7,878,807 | |
Other investments and policy loans (net of allowances for doubtful accounts of $1,795,037 and $1,645,475 for 2021 and 2020) | |
| 73,615,628 | | |
| 73,696,661 | |
Accrued investment income | |
| 5,386,756 | | |
| 5,360,523 | |
Total investments | |
| 857,659,066 | | |
| 773,945,298 | |
Cash and cash equivalents | |
| 111,498,676 | | |
| 106,219,429 | |
Loans held for sale at estimated fair value | |
| 312,655,843 | | |
| 422,772,418 | |
Receivables (net of allowances for doubtful accounts of $1,664,747 and $1,685,382 for 2021 and 2020) | |
| 17,158,481 | | |
| 10,899,207 | |
Restricted assets (including $4,596,169 and $3,989,415 for 2021 and 2020 at estimated fair value) | |
| 17,448,402 | | |
| 16,150,036 | |
Cemetery perpetual care trust investments (including $3,173,658 and $2,810,070 for 2021 and 2020 at estimated fair value) | |
| 6,762,211 | | |
| 6,413,167 | |
Receivable from reinsurers | |
| 15,938,343 | | |
| 15,569,156 | |
Cemetery land and improvements | |
| 8,432,437 | | |
| 8,761,436 | |
Deferred policy and pre-need contract acquisition costs | |
| 104,251,952 | | |
| 100,075,276 | |
Mortgage servicing rights, net | |
| 50,360,805 | | |
| 35,210,516 | |
Property and equipment, net | |
| 15,200,052 | | |
| 12,473,345 | |
Value of business acquired | |
| 9,034,414 | | |
| 8,955,249 | |
Goodwill | |
| 3,519,588 | | |
| 3,519,588 | |
Other | |
| 28,405,710 | | |
| 27,976,357 | |
| |
| | | |
| | |
Total Assets | |
$ | 1,558,325,980 | | |
$ | 1,548,940,478 | |
See
accompanying notes to condensed consolidated financial statements (unaudited).
SECURITY
NATIONAL FINANCIAL CORPORATION
AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS (Continued)
| |
September 30 | | |
| |
| |
2021 (Unaudited) | | |
December 31 2020 | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Liabilities | |
| | | |
| | |
Future policy benefits and unpaid claims | |
$ | 860,871,187 | | |
$ | 844,790,087 | |
Unearned premium reserve | |
| 3,126,372 | | |
| 3,328,623 | |
Bank and other loans payable | |
| 263,186,923 | | |
| 297,824,368 | |
Deferred pre-need cemetery and mortuary contract revenues | |
| 14,184,328 | | |
| 13,080,179 | |
Cemetery perpetual care obligation | |
| 4,248,379 | | |
| 4,087,704 | |
Accounts payable | |
| 13,921,187 | | |
| 8,932,683 | |
Other liabilities and accrued expenses | |
| 69,236,255 | | |
| 87,650,981 | |
Income taxes | |
| 32,835,181 | | |
| 25,258,800 | |
Total liabilities | |
| 1,261,609,812 | | |
| 1,284,953,425 | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding | |
| — | | |
| — | |
Class A: common stock - $2.00 par value; 20,000,000 shares authorized; issued 17,594,048 shares in 2021 and 16,595,783 shares in 2020 | |
| 35,188,096 | | |
| 33,191,566 | |
Class B: non-voting common stock - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding | |
| — | | |
| — | |
Class C: convertible common stock - $2.00 par value; 3,000,000 shares authorized; issued 2,761,909 shares in 2021 and 2,679,603 shares in 2020 | |
| 5,523,818 | | |
| 5,359,206 | |
Common Stock, Value | |
| | | |
| | |
Additional paid-in capital | |
| 57,462,981 | | |
| 50,287,253 | |
Accumulated other comprehensive income, net of taxes | |
| 20,473,292 | | |
| 23,243,133 | |
Retained earnings | |
| 179,195,423 | | |
| 153,739,167 | |
Treasury stock at cost – 44,145 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 | |
| (1,127,442 | ) | |
| (1,833,272 | ) |
| |
| | | |
| | |
Total stockholders’ equity | |
| 296,716,168 | | |
| 263,987,053 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 1,558,325,980 | | |
$ | 1,548,940,478 | |
See
accompanying notes to condensed consolidated financial statements (unaudited).
SECURITY
NATIONAL FINANCIAL CORPORATION
AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended September 30 | | |
Nine Months Ended September 30 | |
| |
2021 | | |
2020 | | |
2021 | | |
2020 | |
Revenues: | |
| | |
| | |
| | |
| |
Mortgage fee income | |
$ | 66,257,851 | | |
$ | 98,559,624 | | |
$ | 204,414,276 | | |
$ | 212,209,718 | |
Insurance premiums and other considerations | |
| 26,445,618 | | |
| 23,766,576 | | |
| 74,754,856 | | |
| 68,982,561 | |
Net investment income | |
| 15,092,962 | | |
| 14,709,142 | | |
| 43,564,167 | | |
| 41,072,386 | |
Net mortuary and cemetery sales | |
| 5,967,675 | | |
| 5,371,715 | | |
| 18,228,199 | | |
| 14,530,584 | |
Gains (losses) on investments and other assets | |
| 976,900 | | |
| 800,507 | | |
| 4,414,217 | | |
| (173,461 | ) |
Other | |
| 4,768,125 | | |
| 2,997,001 | | |
| 13,542,337 | | |
| 7,853,468 | |
Total revenues | |
| 119,509,131 | | |
| 146,204,565 | | |
| 358,918,052 | | |
| 344,475,256 | |
| |
| | | |
| | | |
| | | |
| | |
Benefits and expenses: | |
| | | |
| | | |
| | | |
| | |
Death benefits | |
| 15,474,512 | | |
| 16,026,897 | | |
| 48,630,585 | | |
| 43,021,247 | |
Surrenders and other policy benefits | |
| 977,190 | | |
| 1,056,318 | | |
| 2,725,791 | | |
| 2,964,984 | |
Increase in future policy benefits | |
| 7,485,565 | | |
| 4,892,972 | | |
| 19,140,939 | | |
| 18,534,848 | |
Amortization of deferred policy and pre- need acquisition costs and value of business acquired | |
| 4,709,979 | | |
| 4,239,935 | | |
| 11,940,905 | | |
| 10,781,658 | |
Selling, general and administrative expenses: | |
| | | |
| | | |
| | | |
| | |
Commissions | |
| 28,769,191 | | |
| 37,761,992 | | |
| 91,392,436 | | |
| 81,555,823 | |
Personnel | |
| 25,122,254 | | |
| 21,700,446 | | |
| 73,822,449 | | |
| 60,959,099 | |
Advertising | |
| 1,691,236 | | |
| 1,607,138 | | |
| 5,089,301 | | |
| 3,842,296 | |
Rent and rent related | |
| 1,853,960 | | |
| 1,797,161 | | |
| 5,594,206 | | |
| 5,074,755 | |
Depreciation on property and equipment | |
| 412,152 | | |
| 516,243 | | |
| 1,387,275 | | |
| 1,550,526 | |
Costs related to funding mortgage loans | |
| 2,379,085 | | |
| 3,057,276 | | |
| 8,055,810 | | |
| 7,392,373 | |
Other | |
| 13,775,139 | | |
| 11,701,986 | | |
| 37,754,717 | | |
| 33,080,916 | |
Interest expense | |
| 1,807,461 | | |
| 2,363,169 | | |
| 5,327,072 | | |
| 6,063,218 | |
Cost of goods and services sold-mortuaries and cemeteries | |
| 908,014 | | |
| 899,101 | | |
| 2,880,766 | | |
| 2,401,592 | |
Total benefits and expenses | |
| 105,365,738 | | |
| 107,620,634 | | |
| 313,742,252 | | |
| 277,223,335 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| (3,352,663 | ) | |
| (9,279,162 | ) | |
| (10,998,876 | ) | |
| (15,965,656 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net earnings | |
$ | 10,790,730 | | |
$ | 29,304,769 | | |
$ | 34,176,924 | | |
$ | 51,286,265 | |
| |
| | | |
| | | |
| | | |
| | |
Net earnings per Class A Equivalent common share (1) | |
$ | 0.54 | | |
$ | 1.48 | | |
$ | 1.70 | | |
$ | 2.60 | |
Net earnings per Class A Equivalent common share-assuming dilution (1) | |
$ | 0.51 | | |
$ | 1.44 | | |
$ | 1.63 | | |
$ | 2.55 | |
Weighted-average Class A equivalent common shares outstanding (1) | |
| 20,160,912 | | |
| 19,830,879 | | |
| 20,117,257 | | |
| 19,717,877 | |
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1) | |
| 20,980,881 | | |
| 20,418,599 | | |
| 20,927,695 | | |
| 20,142,083 | |
See
accompanying notes to condensed consolidated financial statements (unaudited).
SECURITY
NATIONAL FINANCIAL CORPORATION
AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended September 30 | | |
Nine Months Ended September 30 | |
| |
2021 | | |
2020 | | |
2021 | | |
2020 | |
Net earnings | |
$ | 10,790,730 | | |
$ | 29,304,769 | | |
$ | 34,176,924 | | |
$ | 51,286,265 | |
Other comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Unrealized gains (losses) on fixed maturity securities available for sale | |
$ | (1,406,615 | ) | |
| 3,810,906 | | |
| (3,477,826 | ) | |
| 7,810,537 | |
Unrealized gains (losses) on restricted assets | |
| (13,951 | ) | |
| 23,323 | | |
| (21,682 | ) | |
| 28,309 | |
Unrealized losses on cemetery perpetual care trust investments | |
| (4,669 | ) | |
| (16,883 | ) | |
| (10,927 | ) | |
| (11,114 | ) |
Foreign currency translation adjustments | |
| — | | |
| 84 | | |
| 2,835 | | |
| (196 | ) |
Other comprehensive income (loss), before income tax | |
| (1,425,235 | ) | |
| 3,817,430 | | |
| (3,507,600 | ) | |
| 7,827,536 | |
Income tax benefit (expense) | |
| 300,029 | | |
| (801,915 | ) | |
| 737,759 | | |
| (1,644,446 | ) |
Other comprehensive income (loss), net of income tax | |
| (1,125,206 | ) | |
| 3,015,515 | | |
| (2,769,841 | ) | |
| 6,183,090 | |
Comprehensive income | |
$ | 9,665,524 | | |
$ | 32,320,284 | | |
$ | 31,407,083 | | |
$ | 57,469,355 | |
See
accompanying notes to condensed consolidated financial statements (unaudited).
SECURITY
NATIONAL FINANCIAL CORPORATION
AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
| |
Class A Common Stock | | |
Class C Common Stock | | |
Additional Paid-in Capital | | |
Accumulated Other Comprehensive Income | | |
Retained Earnings | | |
Treasury Stock | | |
Total | |
| |
Nine Months Ended September 30, 2021 | |
| |
Class A Common Stock | | |
Class C Common Stock | | |
Additional Paid-in Capital | | |
Accumulated Other Comprehensive Income | | |
Retained Earnings | | |
Treasury Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
January 1, 2021 | |
$ | 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 loss | |
| — | | |
| — | | |
| — | | |
| (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 | ) |
Stock dividends | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion Class C to Class A | |
| 97,054 | | |
| (97,054 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
March 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, 2021 | |
$ | 35,123,042 | | |
$ | 5,525,260 | | |
$ | 57,394,514 | | |
$ | 21,598,498 | | |
$ | 168,415,007 | | |
$ | (2,207,608 | ) | |
$ | 285,848,713 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net earnings | |
| — | | |
| — | | |
| — | | |
| — | | |
| 10,790,730 | | |
| — | | |
| 10,790,730 | |
Other comprehensive loss | |
| — | | |
| — | | |
| — | | |
| (1,125,206 | ) | |
| — | | |
| — | | |
| (1,125,206 | ) |
Exercise of stock options | |
| 61,320 | | |
| — | | |
| 24,182 | | |
| — | | |
| — | | |
| — | | |
| 85,502 | |
Sale of treasury stock | |
| — | | |
| — | | |
| (6,274 | ) | |
| — | | |
| — | | |
| 1,338,621 | | |
| 1,332,347 | |
Purchase of treasury stock | |
| — | | |
| — | | |
| 42,537 | | |
| — | | |
| — | | |
| (258,455 | ) | |
| (215,918 | ) |
Conversion Class C to Class A | |
| 1,440 | | |
| (1,440 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Stock dividends | |
| 2,294 | | |
| (2 | ) | |
| 8,022 | | |
| — | | |
| (10,314 | ) | |
| — | | |
| — | |
September 30, 2021 | |
$ | 35,188,096 | | |
$ | 5,523,818 | | |
$ | 57,462,981 | | |
$ | 20,473,292 | | |
$ | 179,195,423 | | |
$ | (1,127,442 | ) | |
$ | 296,716,168 | |
SECURITY
NATIONAL FINANCIAL CORPORATION
AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(Continued)
| |
Nine Months Ended September 30, 2020 | |
| |
Class A Common Stock | | |
Class C Common Stock | | |
Additional Paid-in Capital | | |
Accumulated Other Comprehensive Income | | |
Retained Earnings | | |
Treasury Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
January 1, 2020 | |
$ | 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 loss | |
| — | | |
| — | | |
| — | | |
| (8,852,313 | ) | |
| — | | |
| — | | |
| (8,852,313 | ) |
Stock-based compensation expense | |
| — | | |
| — | | |
| 65,877 | | |
| — | | |
| — | | |
| — | | |
| 65,877 | |
Exercise of stock options | |
| 44,822 | | |
| — | | |
| (33,930 | ) | |
| — | | |
| — | | |
| — | | |
| 10,892 | |
Sale of treasury stock | |
| — | | |
| — | | |
| 218,280 | | |
| — | | |
| — | | |
| 264,081 | | |
| 482,361 | |
Purchase of treasury stock | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (129,608 | ) | |
| (129,608 | ) |
Stock dividends | |
| 2,322 | | |
| (1,020 | ) | |
| 2,292 | | |
| — | | |
| (3,594 | ) | |
| — | | |
| — | |
Conversion Class C to Class A | |
| 22,324 | | |
| (22,324 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
March 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 | |
$ | 33,115,108 | | |
$ | 5,102,890 | | |
$ | 48,917,891 | | |
$ | 16,894,089 | | |
$ | 120,126,524 | | |
$ | (1,542,276 | ) | |
$ | 222,614,226 | |
Beginning balance, value | |
$ | 33,115,108 | | |
$ | 5,102,890 | | |
$ | 48,917,891 | | |
$ | 16,894,089 | | |
$ | 120,126,524 | | |
$ | (1,542,276 | ) | |
$ | 222,614,226 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net earnings | |
| — | | |
| — | | |
| — | | |
| — | | |
| 29,304,769 | | |
| — | | |
| 29,304,769 | |
Other comprehensive income | |
| — | | |
| — | | |
| — | | |
| 3,015,515 | | |
| — | | |
| — | | |
| 3,015,515 | |
Stock-based compensation expense | |
| — | | |
| — | | |
| 104,562 | | |
| — | | |
| — | | |
| — | | |
| 104,562 | |
Sale of treasury stock | |
| — | | |
| — | | |
| 330,939 | | |
| — | | |
| — | | |
| 886,452 | | |
| 1,217,391 | |
Purchase of treasury stock | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (210,506 | ) | |
| (210,506 | ) |
Stock dividends | |
| 742 | | |
| — | | |
| 1,732 | | |
| — | | |
| (2,474 | ) | |
| — | | |
| — | |
Conversion Class C to Class A | |
| 4,124 | | |
| (4,124 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
September 30, 2020 | |
$ | 33,119,974 | | |
$ | 5,098,766 | | |
$ | 49,355,124 | | |
$ | 19,909,604 | | |
$ | 149,428,819 | | |
$ | (866,330 | ) | |
$ | 256,045,957 | |
Ending balance, value | |
$ | 33,119,974 | | |
$ | 5,098,766 | | |
$ | 49,355,124 | | |
$ | 19,909,604 | | |
$ | 149,428,819 | | |
$ | (866,330 | ) | |
$ | 256,045,957 | |
SECURITY
NATIONAL FINANCIAL CORPORATION
AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
| | |
| |
| |
Nine Months Ended September 30 | |
| |
2021 | | |
2020 | |
Cash flows from operating activities: | |
| | | |
| | |
Net cash provided by (used in) operating activities | |
$ | 128,890,897 | | |
$ | (164,589,158 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of fixed maturity securities | |
| (14,359,481 | ) | |
| (56,899,073 | ) |
Sales, calls and maturities of fixed maturity securities | |
| 40,856,383 | | |
| 75,523,084 | |
Purchases of equity securities | |
| (1,382,227 | ) | |
| (6,492,243 | ) |
Sales of equity securities | |
| 3,334,697 | | |
| 2,011,568 | |
Net changes in restricted assets | |
| 28,770 | | |
| (2,650,188 | ) |
Net changes in perpetual care trusts | |
| 1,065,459 | | |
| (870,485 | ) |
Mortgage loans held for investment, other investments and policy loans made | |
| (635,682,683 | ) | |
| (486,189,616 | ) |
Payments received for mortgage loans held for investment, other investments and policy loans | |
| 577,555,622 | | |
| 478,445,833 | |
Purchases of property and equipment | |
| (4,187,580 | ) | |
| (1,111,360 | ) |
Sales of property and equipment | |
| 45,168 | | |
| — | |
Purchases of real estate | |
| (70,404,325 | ) | |
| (27,528,643 | ) |
Sales of real estate | |
| 22,974,490 | | |
| 13,052,416 | |
Net cash used in investing activities | |
| (80,155,707 | ) | |
| (12,708,707 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Investment contract receipts | |
| 8,743,867 | | |
| 8,656,037 | |
Investment contract withdrawals | |
| (11,776,818 | ) | |
| (12,759,734 | ) |
Proceeds from stock options exercised | |
| 288,454 | | |
| 10,892 | |
Purchases of treasury stock | |
| (3,722,157 | ) | |
| (1,100,827 | ) |
Repayment of bank loans | |
| (54,454,529 | ) | |
| (251,041,466 | ) |
Proceeds from bank loans | |
| 97,119,014 | | |
| 329,672,821 | |
Net change in warehouse line borrowings for loans held for sale | |
| (77,374,340 | ) | |
| 128,600,308 | |
Net cash provided by (used in) financing activities | |
| (41,176,509 | ) | |
| 201,038,031 | |
| |
| | | |
| | |
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents | |
| 7,558,681 | | |
| 23,740,166 | |
| |
| | | |
| | |
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 | |
$ | 123,023,767 | | |
$ | 161,475,839 | |
| |
| | | |
| | |
Supplemental Disclosure of Cash Flow Information: | |
| | | |
| | |
Cash paid during the year for: | |
| | | |
| | |
Interest | |
$ | 5,464,423 | | |
$ | 5,917,344 | |
Income taxes (net of refunds) | |
| 2,684,737 | | |
| 4,995,073 | |
| |
| | | |
| | |
Non Cash Operating, Investing and Financing Activities: | |
| | | |
| | |
Accrued real estate construction costs and retainage | |
$ | 8,321,415 | | |
$ | 347,826 | |
Benefit plans funded with treasury stock | |
| 4,716,583 | | |
| 2,683,974 | |
Right-of-use assets obtained in exchange for operating lease liabilities | |
| 2,435,831 | | |
| 4,796,580 | |
Mortgage loans held for investment foreclosed into real estate held for investment | |
| 931,079 | | |
| 686,124 | |
Transfer of loans held for sale to mortgage loans held for investment | |
| 201,951 | | |
| 9,170,610 | |
Right-of-use assets obtained in exchange for finance lease liabilities | |
| — | | |
| 8,494 | |
SECURITY
NATIONAL FINANCIAL CORPORATION
AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Continued)
Reconciliation
of cash, cash equivalents, restricted cash and restricted cash equivalents as shown in the condensed consolidated statements of cash
flows is presented in the table below:
| |
Nine Months Ended September 30 | |
| |
2021 | | |
2020 | |
Cash and cash equivalents | |
$ | 111,498,676 | | |
$ | 151,686,960 | |
Restricted assets | |
| 10,004,204 | | |
| 8,468,191 | |
Cemetery perpetual care trust investments | |
| 1,520,887 | | |
| 1,320,688 | |
| |
| | | |
| | |
Total cash, cash equivalents, restricted cash and restricted cash equivalents | |
$ | 123,023,767 | | |
$ | 161,475,839 | |
See
accompanying notes to condensed consolidated financial statements (unaudited).
SECURITY
NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes
to Condensed Consolidated Financial Statements
September
30, 2021 (Unaudited)
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 nine months ended September 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 or sale; 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, and its variants, pose 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 ongoing 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 and its
variants, which include the implementation of travel bans, self-imposed quarantine periods, social distancing, and various mask and vaccine
mandates. 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, including
some remote work arrangements. Such measures and precautions have enabled the Company to continue to conduct business.
SECURITY
NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes
to Condensed Consolidated Financial Statements
September
30, 2021 (Unaudited)
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 has engaged an industry software expert and is in the process of implementing this software and other changes to
its systems. The Company anticipates that it will be ready by the effective date.
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.
SECURITY
NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes
to Condensed Consolidated Financial Statements
September
30, 2021 (Unaudited)
3)
Investments
The
Company’s investments as of September 30, 2021 are summarized as follows:
Schedule
of Investments
| |
Amortized Cost | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Estimated Fair Value | |
September 30, 2021: | |
| | | |
| | | |
| | | |
| | |
Fixed maturity securities, available for sale, at estimated fair value: | |
| | | |
| | | |
| | | |
| | |
U.S. Treasury securities and obligations of U.S. Government agencies | |
$ | 22,284,283 | | |
$ | 794,130 | | |
$ | — | | |
$ | 23,078,413 | |
| |
| | | |
| | | |
| | | |
| | |
Obligations of states and political subdivisions | |
| 5,077,822 | | |
| 229,814 | | |
| (5,226 | ) | |
| 5,302,410 | |
| |
| | | |
| | | |
| | | |
| | |
Corporate securities including public utilities | |
| 174,862,169 | | |
| 24,331,635 | | |
| (291,388 | ) | |
| 198,902,416 | |
| |
| | | |
| | | |
| | | |
| | |
Mortgage-backed securities | |
| | |
| | |
| ) | |
| |
| |
| | | |
| | | |
| | | |
| | |
Redeemable preferred stock | |
| 268,941 | | |
| 13,525 | | |
| — | | |
| 282,466 | |
| |
| | | |
| | | |
| | | |
| | |
Total fixed maturity securities available for sale | |
$ | 238,809,528 | | |
$ | 26,517,780 | | |
$ | (482,366 | ) | |
$ | 264,844,942 | |
| |
| | | |
| | | |
| | | |
| | |
Equity securities at estimated fair value: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Common stock: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Industrial, miscellaneous and all other | |
$ | 8,198,282 | | |
$ | 2,885,061 | | |
$ | (353,599 | ) | |
$ | 10,729,744 | |
| |
| | | |
| | | |
| | | |
| | |
Total equity securities at estimated fair value | |
$ | 8,198,282 | | |
$ | 2,885,061 | | |
$ | (353,599 | ) | |
$ | 10,729,744 | |
| |
| | | |
| | | |
| | | |
| | |
Mortgage loans held for investment at amortized cost: | |
| | | |
| | | |
| | | |
| | |
Residential | |
$ | 89,544,581 | | |
| | | |
| | | |
| | |
Residential construction | |
| 169,030,287 | | |
| | | |
| | | |
| | |
Commercial | |
| 52,087,010 | | |
| | | |
| | | |
| | |
Less: Unamortized deferred loan fees, net | |
| (1,013,925 | ) | |
| | | |
| | | |
| | |
Less: Allowance for loan losses | |
| (1,753,853 | ) | |
| | | |
| | | |
| | |
Less: Net discounts | |
| (503,619 | ) | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Total mortgage loans held for investment | |
$ | 307,390,481 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Real estate held for investment - net of accumulated depreciation: | |
| | | |
| | | |
| | | |
| | |
Residential | |
$ | 46,606,702 | | |
| | | |
| | | |
| | |
Commercial | |
| 143,003,658 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Total real estate held for investment | |
$ | 189,610,360 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Real estate held for sale: | |
| | | |
| | | |
| | | |
| | |
Residential | |
$ | 1,190,602 | | |
| | | |
| | | |
| | |
Commercial | |
| 4,890,553 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Total real estate held for sale | |
$ | 6,081,155 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Other investments and policy loans at amortized cost: | |
| | | |
| | | |
| | | |
| | |
Policy loans | |
$ | 13,699,414 | | |
| | | |
| | | |
| | |
Insurance assignments | |
| 53,417,350 | | |
| | | |
| | | |
| | |
Federal Home Loan Bank stock (1) | |
| 3,105,100 | | |
| | | |
| | | |
| | |
Other investments | |
| 5,188,801 | | |
| | | |
| | | |
| | |
Less: Allowance for doubtful accounts | |
| (1,795,037 | ) | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Total policy loans and other investments | |
$ | 73,615,628 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Accrued investment income | |
$ | 5,386,756 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Total investments | |
$ | 857,659,066 | | |
| | | |
| | | |
| | |
SECURITY
NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes
to Condensed Consolidated Financial Statements
September
30, 2021 (Unaudited)
3) Investments (Continued)
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 | |
| | |
| | |
| ) | |
| |
| |
| | | |
| | | |
| | | |
| | |
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 | | |
| | | |
| | | |
| | |
SECURITY
NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes
to Condensed Consolidated Financial Statements
September
30, 2021 (Unaudited)
3) Investments (Continued)
Fixed
Maturity Securities
The
following tables summarize unrealized losses on fixed maturity securities available for sale, which were carried at estimated fair value,
at September 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:
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 September 30, 2021 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Obligations of States and Political Subdivisions | |
$ | 5,226 | | |
$ | 756,793 | | |
$ | — | | |
$ | — | | |
$ | 5,226 | | |
$ | 756,793 | |
Corporate Securities | |
| 62,966 | | |
| 3,633,271 | | |
| 228,422 | | |
| 4,226,222 | | |
| 291,388 | | |
| 7,859,493 | |
Mortgage and other asset-backed securities | |
| | |
| | |
| | |
| | |
| | |
| |
Total unrealized losses | |
$ | 135,746 | | |
$ | 12,248,710 | | |
$ | 346,620 | | |
$ | 5,985,527 | | |
$ | 482,366 | | |
$ | 18,234,237 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2020 | |
| | | |
| | | |
| | | |
| | | |
|