0001493152-22-022668 | 10-Q | XBRL Viewer | Security National Financial Corp

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Aug. 09, 2022
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
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	433 Ascension Way
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84123
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]
Entity Common Stock, Shares Outstanding		18,717,540
Common Class C [Member]
Entity Common Stock, Shares Outstanding		2,889,859

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $276,404,869 and $236,303,310 for 2022 and 2021)	$ 270,676,282	$ 259,287,603
Equity securities at estimated fair value (cost of $9,730,028 and $8,275,772 for 2022 and 2021)	11,198,403	11,596,414
Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)	274,691,626	277,306,046
Real estate held for investment (net of accumulated depreciation of $20,686,607 and $17,692,038 for 2022 and 2021)	196,555,705	197,365,797
Real estate held for sale	2,741,660	3,731,300
Other investments and policy loans (net of allowances for doubtful accounts of $1,800,076 and $1,686,218 for 2022 and 2021)	66,410,188	67,955,155
Accrued investment income	8,240,805	6,313,012
Total investments	830,514,669	823,555,327
Cash and cash equivalents	131,296,538	131,354,470
Loans held for sale at estimated fair value	209,860,409	302,776,827
Receivables (net of allowances for doubtful accounts of $1,742,118 and $1,800,725 for 2022 and 2021)	19,966,704	18,316,116
Restricted assets (including $5,592,898 and $5,205,510 for 2022 and 2021 at estimated fair value)	17,531,716	16,938,122
Cemetery perpetual care trust investments (including $3,095,338 and $4,087,245 for 2022 and 2021 at estimated fair value)	7,533,312	7,835,721
Receivable from reinsurers	14,767,274	14,850,608
Cemetery land and improvements	9,036,805	8,977,877
Deferred policy and pre-need contract acquisition costs	107,247,714	105,049,983
Mortgage servicing rights, net	56,289,255	53,060,455
Property and equipment, net	20,943,549	21,517,598
Value of business acquired	10,418,912	8,421,432
Goodwill	5,253,783	5,253,783
Other	31,507,175	29,684,987
Total Assets	1,472,167,815	1,547,593,306
Liabilities
Future policy benefits and unpaid claims	875,727,865	863,274,693
Unearned premium reserve	2,944,116	3,060,738
Bank and other loans payable	200,344,907	251,286,927
Deferred pre-need cemetery and mortuary contract revenues	15,519,297	14,508,022
Cemetery perpetual care obligation	5,016,085	4,915,285
Accounts payable	5,915,042	10,166,573
Other liabilities and accrued expenses	59,206,675	69,578,138
Income taxes	27,008,773	31,036,096
Total liabilities	1,191,682,760	1,247,826,472
Stockholders’ Equity
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding
Additional paid-in capital	64,657,027	57,985,947
Accumulated other comprehensive income (loss), net of taxes	(4,430,367)	18,070,448
Retained earnings	183,273,171	184,537,489
Treasury stock at cost - 746,778 Class A shares and 34,016 Class C shares in 2022; and 108,079 Class A shares and 109,193 Class C shares in 2021	(6,229,574)	(1,845,624)
Total stockholders’ equity	280,485,055	299,766,834
Total Liabilities and Stockholders’ Equity	1,472,167,815	1,547,593,306
Common Class A [Member]
Stockholders’ Equity
Common Stock, Value	37,357,376	35,285,444
Common Class B [Member]
Stockholders’ Equity
Common Stock, Value
Common Class C [Member]
Stockholders’ Equity
Common Stock, Value	$ 5,857,422	$ 5,733,130

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Amortized cost	$ 276,404,869	$ 236,303,310
Equity securities cost	9,730,028	8,275,772
Allowance for loan and lease losses, real estate	1,476,895	1,699,902
Real estate investment property, accumulated depreciation	20,686,607	17,692,038
Allowance for doubtful accounts, premiums and other receivables	1,800,076	1,686,218
Accounts receivable, allowance for credit loss	1,742,118	1,800,725
Aggregate fair value, restricted assets	5,592,898	5,205,510
Aggregate fair value, Cemetery perpetual care trust investments	$ 3,095,338	$ 4,087,245
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Common stock, par value	$ 2.00	$ 2.00
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	18,678,688	17,642,722
Common stock, shares outstanding	18,678,688	17,642,722
Treasury stock, shares	746,778	108,079
Common Class B [Member]
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common Class C [Member]
Common stock, par value	$ 2.00	$ 2.00
Common stock, shares authorized	6,000,000	6,000,000
Common stock, shares issued	2,928,711	2,866,565
Common stock, shares outstanding	2,928,711	2,866,565
Treasury stock, shares	34,016	109,193

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Revenues:

Mortgage fee income

$ 42,030,898

$ 65,157,813

$ 90,375,343

$ 138,156,425

Insurance premiums and other considerations

25,911,995

24,959,028

52,253,947

48,309,238

Net investment income

15,971,288

14,177,318

31,165,594

28,471,205

Net mortuary and cemetery sales

7,250,503

6,318,398

14,456,224

12,260,524

Gains (losses) on investments and other assets

(914,395)

1,477,204

(742,420)

3,437,317

Other

5,316,365

4,660,554

10,483,873

8,774,212

Total revenues

95,566,654

116,750,315

197,992,561

239,408,921

Benefits and expenses:

Death benefits

14,839,044

14,844,067

31,723,750

33,156,073

Surrenders and other policy benefits

1,153,767

670,957

2,476,935

1,748,601

Increase in future policy benefits

6,600,443

7,400,716

13,371,544

11,655,374

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

4,053,109

3,654,061

8,449,522

7,230,926

Selling, general and administrative expenses:

Commissions

18,397,337

29,893,565

38,299,539

62,623,245

Personnel

25,504,950

24,328,690

52,379,714

48,700,195

Advertising

1,595,738

1,597,067

3,307,533

3,398,065

Rent and rent related

1,702,262

1,874,348

3,361,532

3,740,246

Depreciation on property and equipment

628,305

473,478

1,243,849

975,123

Costs related to funding mortgage loans

2,044,637

2,739,500

4,884,100

5,676,725

Other

11,174,128

12,029,714

23,265,764

23,979,578

Interest expense

1,900,249

1,694,012

3,627,564

3,519,611

Cost of goods and services sold-mortuaries and cemeteries

1,242,839

872,788

2,427,853

1,972,752

Total benefits and expenses

90,836,808

102,072,963

188,819,199

208,376,514

Earnings before income taxes

4,729,846

14,677,352

9,173,362

31,032,407

Income tax expense

(1,155,397)

(3,419,873)

(2,370,195)

(7,646,213)

Net earnings

$ 3,574,449

$ 11,257,479

$ 6,803,167

$ 23,386,194

Net earnings per Class A Equivalent common share

^[1]

$ 0.17

$ 0.53

$ 0.32

$ 1.11

Net earnings per Class A Equivalent common share- assuming dilution

^[1]

$ 0.16

$ 0.51

$ 0.31

$ 1.07

Weighted-average Class A equivalent common shares outstanding

^[1]

21,184,688

21,098,789

21,282,747

21,085,669

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

^[1]

22,017,830

21,922,847

22,133,879

21,953,019

[1]

Net earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends. The weighted-average shares outstanding includes the weighted-average Class A common shares and the weighted-average Class C common shares determined on an equivalent Class A common stock basis. Net earnings per common share represent net earnings per equivalent Class A common share.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net earnings	$ 3,574,449	$ 11,257,479	$ 6,803,167	$ 23,386,194
Other comprehensive income:
Unrealized gains (losses) on fixed maturity securities available for sale	(12,995,132)	4,734,692	(28,322,034)	(2,071,211)
Unrealized gains (losses) on restricted assets	(43,169)	2,698	(115,118)	(7,731)
Unrealized gains (losses) on cemetery perpetual care trust investments	(15,868)	1,939	(53,225)	(6,258)
Foreign currency translation adjustments				2,835
Other comprehensive gain (loss), before income tax	(13,054,169)	4,739,329	(28,490,377)	(2,082,365)
Income tax benefit (expense)	2,743,684	(995,442)	5,989,562	437,730
Other comprehensive gain (loss), net of income tax	(10,310,485)	3,743,887	(22,500,815)	(1,644,635)
Comprehensive income (loss)	$ (6,736,036)	$ 15,001,366	$ (15,697,648)	$ 21,741,559

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class C [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Beginning, Balance at Dec. 31, 2020	$ 33,191,566	$ 5,359,206	$ 50,287,253	$ 23,243,133	$ 153,739,167	$ (1,833,272)	$ 263,987,053
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)
Ending, Balance 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
Beginning, Balance at Dec. 31, 2020	33,191,566	5,359,206	50,287,253	23,243,133	153,739,167	(1,833,272)	263,987,053
Net earnings							23,386,194
Ending, Balance 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
Beginning, Balance 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)
Ending, Balance 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
Beginning, Balance at Dec. 31, 2021	35,285,444	5,733,130	57,985,947	18,070,448	184,537,489	(1,845,624)	299,766,834
Net earnings					3,228,718		3,228,718
Other comprehensive income				(12,190,330)			(12,190,330)
Stock-based compensation expense			271,747				271,747
Exercise of stock options	100,446		(8,487)				91,959
Sale of treasury stock			24,055			1,880,125	1,904,180
Purchase of treasury stock			106,176			(878,417)	(772,241)
Conversion Class C to Class A	414	(414)
Ending, Balance at Mar. 31, 2022	35,386,304	5,732,716	58,379,438	5,880,118	187,766,207	(843,916)	292,300,867
Beginning, Balance at Dec. 31, 2021	35,285,444	5,733,130	57,985,947	18,070,448	184,537,489	(1,845,624)	299,766,834
Net earnings							6,803,167
Ending, Balance at Jun. 30, 2022	37,357,376	5,857,422	64,657,027	(4,430,367)	183,273,171	(6,229,574)	280,485,055
Beginning, Balance at Mar. 31, 2022	35,386,304	5,732,716	58,379,438	5,880,118	187,766,207	(843,916)	292,300,867
Net earnings					3,574,449		3,574,449
Other comprehensive income				(10,310,485)			(10,310,485)
Stock-based compensation expense			220,175				220,175
Exercise of stock options	37,746		(2,440)				35,306
Sale of treasury stock			50,401			1,119,392	1,169,793
Purchase of treasury stock						(6,505,050)	(6,505,050)
Conversion Class C to Class A	154,218	(154,218)
Stock dividends	1,779,108	278,924	6,009,453		(8,067,485)
Ending, Balance at Jun. 30, 2022	$ 37,357,376	$ 5,857,422	$ 64,657,027	$ (4,430,367)	$ 183,273,171	$ (6,229,574)	$ 280,485,055

- Definition

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

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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, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net cash provided by operating activities	$ 97,638,887	$ 124,476,144
Cash flows from investing activities:
Purchases of fixed maturity securities	(49,382,284)	(2,758,463)
Sales, calls and maturities of fixed maturity securities	9,286,436	34,388,575
Purchases of equity securities	(3,166,256)	(635,843)
Sales of equity securities	1,918,057	2,885,620
Net changes in restricted assets	(635,844)	514,085
Net changes in perpetual care trusts	330,999	140,092
Mortgage loans held for investment, other investments and policy loans made	(382,449,025)	(399,597,382)
Payments received for mortgage loans held for investment, other investments and policy loans	386,898,902	398,670,420
Purchases of property and equipment	(706,058)	(3,342,889)
Sale of property and equipment	64,579
Purchases of real estate	(11,853,775)	(49,123,963)
Sales of real estate	13,549,696	10,022,114
Net cash used in investing activities	(36,144,573)	(8,837,634)
Cash flows from financing activities:
Investment contract receipts	5,770,353	5,865,484
Investment contract withdrawals	(8,160,796)	(7,699,546)
Proceeds from stock options exercised	127,265	202,952
Purchases of treasury stock	(7,277,291)	(3,506,239)
Repayment of bank loans	(45,217,295)	(53,878,750)
Proceeds from bank loans	59,618,052	72,702,425
Net change in warehouse line borrowings for loans held for sale	(65,362,776)	(84,737,685)
Net cash used in financing activities	(60,502,488)	(71,051,359)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	991,826	44,587,151
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	141,414,282	115,465,086
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	142,406,108	160,052,237
Cash paid during the year for:
Interest	3,568,862	3,759,561
Income taxes	407,958	2,573,137
Non Cash Operating, Investing and Financing Activities:
Benefit plans funded with treasury stock	3,073,973	3,384,236
Accrued real estate construction costs and retainage	1,782,556	5,776,672
Right-of-use assets obtained in exchange for operating lease liabilities	732,005	1,974,832
Mortgage loans held for investment foreclosed into real estate held for investment		730,116
Transfer of loans held for sale to mortgage loans held for investment		201,951
Cash and cash equivalents	131,296,538	149,209,290
Restricted assets	9,654,673	10,194,202
Cemetery perpetual care trust investments	$ 1,454,897	$ 648,745

Basis of Presentation

6 Months Ended

Jun. 30, 2022

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, 2021, 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

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 and unearned revenue; those used in determining the estimated future costs for pre-need sales; 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 continues to closely monitor developments relating to the ongoing COVID-19 pandemic and assess its impact on the Company’s business. The continued uncertainty surrounding the COVID-19 pandemic has had and continues to have a significant 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 economic conditions. Most monetary and fiscal interventions have been significantly curtailed.

Like most businesses, COVID-19 has impacted the Company, including the temporary adoption of work from home arrangements and a restructuring of selling techniques for its products and services. The Company also experienced increased expenses for cleaning services of its offices. Throughout 2021 and 2022, the Company continued to adapt to the impact of COVID-19 and its related economic effects. 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, results of operations and cash flows, it may also have the effect of heightening many other risks to the Company. 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

June 30, 2022 (Unaudited)

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

2) Recent Accounting Pronouncements

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.

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 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 made progress in the implementation of the new standard, including the involvement of actuaries, accountants, and systems specialists. However, the Company has not yet estimated the impact the new guidance will have on the consolidated financial statements.

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

June 30, 2022 (Unaudited)

- 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, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

3) Investments

The Company’s investments as of June 30, 2022 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	51,273,582		$	61,437	$	(1,160,899	)	$	50,174,120

Obligations of states and political subdivisions		6,051,648			69,721		(163,527	)		5,957,842

Corporate securities including public utilities		187,219,967			3,656,829		(6,622,423	)		184,254,373

Mortgage-backed securities		31,598,530			191,301		(1,772,065	)		30,017,766

Redeemable preferred stock		261,142			11,039		-			272,181

Total fixed maturity securities available for sale	$	276,404,869		$	3,990,327	$	(9,718,914	)	$	270,676,282

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	9,730,028		$	2,309,512	$	(841,137	)	$	11,198,403

Total equity securities at estimated fair value	$	9,730,028		$	2,309,512	$	(841,137	)	$	11,198,403

Mortgage loans held for investment at amortized cost:
Residential	$	40,355,630
Residential construction		203,130,224
Commercial		34,050,215
Less: Unamortized deferred loan fees, net		(1,015,336	)
Less: Allowance for loan losses		(1,476,895	)
Less: Net discounts		(352,212	)

Total mortgage loans held for investment	$	274,691,626

Real estate held for investment - net of accumulated depreciation:
Residential	$	38,486,971
Commercial		158,068,734

Total real estate held for investment	$	196,555,705

Real estate held for sale:
Residential	$	200,962
Commercial		2,540,698

Total real estate held for sale	$	2,741,660

Other investments and policy loans at amortized cost:
Policy loans	$	13,130,188
Insurance assignments		43,314,500
Federal Home Loan Bank stock (1)		2,588,400
Other investments		9,177,176
Less: Allowance for doubtful accounts		(1,800,076	)

Total policy loans and other investments	$	66,410,188

Accrued investment income	$	8,240,805

Total investments	$	830,514,669

(1)	Includes $937,600 of Membership stock and $1,650,800 of Activity stock due to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2021 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2021:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	22,307,736		$	578,567	$	-		$	22,886,303

Obligations of states and political subdivisions		4,649,917			212,803		(1,989	)		4,860,731

Corporate securities including public utilities		174,711,061			21,791,370		(353,668	)		196,148,763

Mortgage-backed securities		34,365,382			905,159		(161,332	)		35,109,209

Redeemable preferred stock		269,214			13,383		-			282,597

Total fixed maturity securities available for sale	$	236,303,310		$	23,501,282	$	(516,989	)	$	259,287,603

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	8,275,772		$	3,626,444	$	(305,802	)	$	11,596,414

Total equity securities at estimated fair value	$	8,275,772		$	3,626,444	$	(305,802	)	$	11,596,414

Mortgage loans held for investment at amortized cost:
Residential	$	53,533,712
Residential construction		175,117,783
Commercial		51,683,022
Less: Unamortized deferred loan fees, net		(918,586	)
Less: Allowance for loan losses		(1,699,902	)
Less: Net discounts		(409,983	)

Total mortgage loans held for investment	$	277,306,046

Real estate held for investment - net of accumulated depreciation:
Residential	$	41,972,462
Commercial		155,393,335

Total real estate held for investment	$	197,365,797

Real estate held for sale:
Residential	$	1,190,602
Commercial		2,540,698

Total real estate held for sale	$	3,731,300

Other investments and policy loans at amortized cost:
Policy loans	$	13,478,214
Insurance assignments		48,632,808
Federal Home Loan Bank stock (1)		2,547,100
Other investments		4,983,251
Less: Allowance for doubtful accounts		(1,686,218	)

Total policy loans and other investments	$	67,955,155

Accrued investment income	$	6,313,012

Total investments	$	823,555,327

(1)	Includes $905,700 of Membership stock and $1,641,400 of Activity stock due to short-term advances and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

Fixed Maturity Securities

The following table summarizes unrealized losses on fixed maturity securities available for sale that were carried at estimated fair value at June 30, 2022 and at December 31, 2021. 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		Combined Unrealized Loss		Combined Fair Value
At June 30, 2022
U.S. Treasury Securities And Obligations of U.S. Government Agencies	$	1,160,899	$	48,902,750	$	-	$	-	$	1,160,899	$	48,902,750
Obligations of States and Political Subdivisions		163,527		3,492,894		-		-		163,527		3,492,894
Corporate Securities		5,750,763		109,748,965		871,660		3,502,210		6,622,423		113,251,175
Mortgage and other asset-backed securities		1,533,826		23,709,933		238,239		1,576,104		1,772,065		25,286,037
Totals	$	8,609,015	$	185,854,542	$	1,109,899	$	5,078,314	$	9,718,914	$	190,932,856

At December 31, 2021
Obligations of States and Political Subdivisions	$	1,989	$	548,715	$	-	$	-	$	1,989	$	548,715
Corporate Securities		73,507		4,638,750		280,161		3,771,813		353,668		8,410,563
Mortgage and other asset-backed securities		72,952		7,934,760		88,380		1,582,804		161,332		9,517,564
Totals	$	148,448	$	13,122,225	$	368,541	$	5,354,617	$	516,989	$	18,476,842

There were 508 securities with fair value of 95.2% of aggregate amortized cost at June 30, 2022. There were 55 securities with fair value of 97.3% of aggregate amortized cost at December 31, 2021. No additional credit losses have been recognized for the three and six months ended June 30, 2022 and 2021, since the increase in unrealized losses is primarily a result of the recent rise in interest rates.

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

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

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.

	2022			2021
Balance of credit-related OTTI at January 1	$	264,977		$	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)		(39,502	)		-
Securities due to an increase in expected cash flows		-			-

Balance of credit-related OTTI at June 30	$	225,475		$	370,975

The following table presents the amortized cost and estimated fair value of fixed maturity securities available for sale at June 30, 2022, by contractual maturity. 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	$	12,212,759	$	12,193,769
Due in 2-5 years		96,106,175		94,530,894
Due in 5-10 years		59,527,119		58,074,435
Due in more than 10 years		76,699,144		75,587,237
Mortgage-backed securities		31,598,530		30,017,766
Redeemable preferred stock		261,142		272,181
Total	$	276,404,869	$	270,676,282

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). The Company had pledged a total of $56,103,252, at estimated fair value, of fixed maturity securities with the FHLB at June 30, 2022. These securities are used as collateral on any cash borrowings from the FHLB. As of June 30, 2022, the Company owed nil to the FHLB and its estimated maximum borrowing capacity was $51,524,955.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

Investment Related Earnings

The following table presents the net realized gains and losses from sales, calls, and maturities, unrealized gains and losses on equity securities, and other than temporary impairments from investments and other assets.

Schedule of Gain (Loss) on Investments

	2022			2021			2022			2021
	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Fixed maturity securities:
Gross realized gains	$	129,512		$	188,266		$	175,635		$	273,659
Gross realized losses		(9,828	)		(2,119	)		(10,758	)		(14,886	)

Equity securities:
Gains on securities sold		81,596			146,011			71,317			252,580
Unrealized gains and (losses) on securities held at the end of the period		(2,106,375	)		490,394			(2,713,422	)		1,442,424

Other assets:
Gross realized gains		994,522			737,443			1,833,030			1,846,801
Gross realized losses		(3,822	)		(82,791	)		(98,222	)		(363,261	)
Total	$	(914,395	)	$	1,477,204		$	(742,420	)	$	3,437,317

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 presented as follows.

	2022			2021		2022			2021
	Three Months Ended June 30					Six Months Ended June 30
	2022			2021		2022			2021
Proceeds from sales	$	233,000		$	1,163,366	$	688,651		$	1,982,931
Gross realized gains		-			149,338		2,354			209,132
Gross realized losses		(7,825	)		-		(7,845	)		-

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

Major categories of net investment income were as follows:

	2022			2021			2022			2021
	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Fixed maturity securities available for sale	$	2,811,650		$	2,698,011		$	5,447,866		$	5,522,122
Equity securities		119,798			106,041			242,834			234,270
Mortgage loans held for investment		9,244,464			6,902,466			17,204,642			12,986,883
Real estate held for investment and sale		4,012,192			3,002,650			7,052,226			6,045,479
Policy loans		207,301			232,135			513,583			464,488
Insurance assignments		4,093,723			4,171,318			9,490,710			9,517,047
Other investments		98,361			39,299			169,006			53,006
Cash and cash equivalents		108,431			34,030			183,732			73,624
Gross investment income		20,695,920			17,185,950			40,304,599			34,896,919
Investment expenses		(4,724,632	)		(3,008,632	)		(9,139,005	)		(6,425,714	)
Net investment income	$	15,971,288		$	14,177,318		$	31,165,594		$	28,471,205

Net investment income includes income earned by the restricted assets of the cemeteries and mortuaries of $730,534 and $190,668 for the three months ended June 30, 2022 and 2021, respectively, and of $1,207,243 and $351,879 for the six months ended June 30, 2022 and 2021, 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 $10,114,458 at June 30, 2022 and $10,168,853 at December 31, 2021 (the December 31, 2021 amount has been corrected from that previously reported due to a typographical error). 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, 2022, 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

The Company currently owns and operates 11 commercial properties in 5 states. These properties include office buildings, flex office space, and includes the redevelopment and expansion of its corporate campus (“Center53”) in Salt Lake City, Utah. 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 $134,069,866 and $134,251,205 as of June 30, 2022 and December 31, 2021, respectively. The associated bank loan carrying values totaled $100,503,091 and $85,663,148 as of June 30, 2022 and December 31, 2021, respectively.

During the three and six months ended June 30, 2022 and 2021, the Company did not record any impairment losses on commercial 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 Company’s commercial real estate held for investment is summarized as follows:

	Net Ending Balance				Total Square Footage
	June 30 2022		December 31 2021		June 30 2022		December 31 2021
Utah (1)		152,758,740		150,105,948		625,920		625,920
Louisiana		2,403,729		2,426,612		31,778		31,778
Mississippi		2,906,265		2,860,775		19,694		19,694

	$	158,068,734	$	155,393,335		677,392		677,392

(1) Includes Center53 phase 1 and phase 2

The Company’s commercial real estate held for sale is summarized as follows:

	Net Ending Balance				Total Square Footage
	June 30 2022		December 31 2021		June 30 2022		December 31 2021
Kansas		2,000,000		2,000,000		222,679		222,679
California		389,145		389,145		2,872		2,872
Mississippi (1)		151,553		151,553		-		-

	$	2,540,698	$	2,540,698		225,551		225,551

(1) Approximately 93 acres of undeveloped land

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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

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 sale was $200,962 and $1,190,602 as of June 30, 2022 and December 31, 2021, respectively.

During the three months ended June 30, 2022 and 2021 the Company did not record any impairment losses on residential real estate held for sale or held for investment. During the six months ended June 30, 2022 and 2021 the Company recorded impairment losses on residential real estate held for sale of $94,400 and nil, respectively. Impairment losses are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

The Company’s residential real estate held for investment is summarized as follows:

	Net Ending Balance
	June 30 2022		December 31 2021
Utah (1)		38,486,971	$	41,686,281
Washington (2)		-		286,181
	$	38,486,971	$	41,972,462

(1) Includes subdivision land developments

(2) Improved residential lots

The following table presents additional information regarding the Company’s subdivision land developments in Utah.

	June 30 2022		December 31 2021
Lots developed		48		67
Lots to be developed		1,348		548
Ending Balance	$	38,285,419	$	41,479,434

The Company’s residential real estate held for sale is summarized as follows:

	June 30 2022		December 31 2021
	Net Ending Balance
	June 30 2022		December 31 2021
Texas	$	200,962	$	200,962
Nevada		-		979,640
Ohio		-		10,000
Real estate held for sale	$	200,962	$	1,190,602

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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

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, 2022, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage		Square Footage Occupied by the Company
433 West Ascension Way, Salt Lake City, UT - Center53 Building 2	Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales		221,000		50	%
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 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, 2022, the Company had 79%, 5%, 4%, 4%, 2% and 2% of its mortgage loans from borrowers located in the states of Utah, Florida, Texas, California, Nevada, and Arizona, respectively. At December 31, 2021, the Company had 70%, 7%, 5%, 4%, 4% and 2% of its mortgage loans from borrowers located in the states of Utah, Florida, California, Texas, 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 fair market value of the loan’s collateral. 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. As a practical expedient, 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

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 secondarily on the borrower’s (or guarantors) ability to repay.

Residential — Secured by family dwelling units. These loans are secured by first and second mortgages on the unit. The borrower’s ability to repay is sensitive to the life events and general economic condition of the region. Where loan to value exceeds 80%, the loan is generally guaranteed by private mortgage insurance, FHA or VA.

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

The Company establishes a valuation allowance for credit losses in its mortgage loans held for investment portfolio. The following table presents the valuation allowance for loan losses as a contra-asset account.

	Commercial		Residential			Residential Construction		Total
June 30, 2022
Allowance for credit losses:
Beginning balance - January 1, 2022	$	187,129	$	1,469,571		$	43,202	$	1,699,902
Charge-offs		-		-			-		-
Provision		-		(223,007	)		-		(223,007	)
Ending balance - June 30, 2022	$	187,129	$	1,246,564		$	43,202	$	1,476,895

Ending balance: individually evaluated for impairment	$	-	$	63,310		$	-	$	63,310

Ending balance: collectively evaluated for impairment	$	187,129	$	1,183,254		$	43,202	$	1,413,585

Mortgage loans:
Ending balance - June 30, 2022	$	34,050,215	$	40,355,630		$	203,130,224	$	277,536,069

Ending balance: individually evaluated for impairment	$	501,949	$	1,294,512		$	415,904	$	2,212,365

Ending balance: collectively evaluated for impairment	$	33,548,266	$	39,061,118		$	202,714,320	$	275,323,704

December 31, 2021
Allowance for credit losses:
Beginning balance - January 1, 2021	$	187,129	$	1,774,796		$	43,202	$	2,005,127
Charge-offs		-		-			-		-
Provision		-		(305,225	)		-		(305,225	)
Ending balance - December 31, 2021	$	187,129	$	1,469,571		$	43,202	$	1,699,902

Ending balance: individually evaluated for impairment	$	-	$	105,384		$	-	$	105,384

Ending balance: collectively evaluated for impairment	$	187,129	$	1,364,187		$	43,202	$	1,594,518

Mortgage loans:
Ending balance - December 31, 2021	$	51,683,022	$	53,533,712		$	175,117,783	$	280,334,517

Ending balance: individually evaluated for impairment	$	1,723,372	$	2,548,656		$	-	$	4,272,028

Ending balance: collectively evaluated for impairment	$	49,959,650	$	50,985,056		$	175,117,783	$	276,062,489	(1)

(1) Amount corrected from that previously reported due to a typographical error.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

The following table presents the aging of mortgage loans held for investment.

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
June 30, 2022
30-59 Days Past Due	$	2,824,716		$	2,433,116		$	683,087		$	5,940,919
60-89 Days Past Due		-			341,870			-			341,870
Greater Than 90 Days (1)		-			917,135			415,904			1,333,039
In Process of Foreclosure (1)		501,949			377,377			-			879,326
Total Past Due		3,326,665			4,069,498			1,098,991			8,495,154
Current		30,723,550			36,286,132			202,031,233			269,040,915
Total Mortgage Loans		34,050,215			40,355,630			203,130,224			277,536,069
Allowance for Loan Losses		(187,129	)		(1,246,564	)		(43,202	)		(1,476,895	)
Unamortized deferred loan fees, net		(71,921	)		(385,559	)		(557,856	)		(1,015,336	)
Unamortized discounts, net		(238,128	)		(114,084	)		-			(352,212	)
Net Mortgage Loans	$	33,553,037		$	38,609,423		$	202,529,166		$	274,691,626

December 31, 2021
30-59 Days Past Due	$	-		$	3,117,826		$	1,363,127		$	4,480,953
60-89 Days Past Due		100,204			580,815			-			681,019
Greater Than 90 Days (1)		1,723,372			2,052,062			-			3,775,434
In Process of Foreclosure (1)		-			496,594			-			496,594
Total Past Due		1,823,576			6,247,297			1,363,127			9,434,000
Current		49,859,446			47,286,415			173,754,656			270,900,517
Total Mortgage Loans		51,683,022			53,533,712			175,117,783			280,334,517
Allowance for Loan Losses		(187,129	)		(1,469,571	)		(43,202	)		(1,699,902	)
Unamortized deferred loan fees, net		(36,813	)		(498,600	)		(383,173	)		(918,586	)
Unamortized discounts, net		(240,614	)		(169,369	)		-			(409,983	)
Net Mortgage Loans	$	51,218,466		$	51,396,172		$	174,691,408		$	277,306,046

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

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 are summarized as follows:

Schedule of Impairment Mortgage Loans

	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
June 30, 2022
With no related allowance recorded:
Commercial	$	501,949	$	501,949	$	-	$	1,119,350	$	-
Residential		650,488		650,488		-		848,525		-
Residential construction		415,904		415,904		-		207,952		-

With an allowance recorded:
Commercial	$	-	$	-	$	-	$	-	$	-
Residential		644,024		644,024		63,310		730,672		-
Residential construction		-		-		-		-		-

Total:
Commercial	$	501,949	$	501,949	$	-	$	1,119,350	$	-
Residential		1,294,512		1,294,512		63,310		1,579,197		-
Residential construction		415,904		415,904		-		207,952		-

December 31, 2021
With no related allowance recorded:
Commercial	$	1,723,372	$	1,723,372	$	-	$	1,053,865	$	-
Residential		1,591,368		1,591,368		-		2,731,421		-
Residential construction		-		-		-		100,481		-

With an allowance recorded:
Commercial	$	-	$	-	$	-	$	-	$	-
Residential		957,288		957,288		105,384		726,449		-
Residential construction		-		-		-		-		-

Total:
Commercial	$	1,723,372	$	1,723,372	$	-	$	1,053,865	$	-
Residential		2,548,656		2,548,656		105,384		3,457,870		-
Residential construction		-		-		-		100,481		-

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

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 are summarized as follows:

	Commercial				Residential				Residential Construction				Total
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021

Performing	$	33,548,266	$	49,959,650	$	39,061,118	$	50,985,056	$	202,714,320	$	175,117,783	$	275,323,704	$	276,062,489
Non-performing		501,949		1,723,372		1,294,512		2,548,656		415,904		-		2,212,365		4,272,028

Total	$	34,050,215	$	51,683,022	$	40,355,630	$	53,533,712	$	203,130,224	$	175,117,783	$	277,536,069	$	280,334,517

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 totaled approximately $135,000 and $236,000 as of June 30, 2022 and December 31, 2021, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

Loans Held for Sale

6 Months Ended

Jun. 30, 2022

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 table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale.

	As of June 30 2022		As of December 31 2021

Aggregate fair value	$	209,860,409	$	302,776,827
Unpaid principal balance		207,409,731		294,481,503
Unrealized gain		2,450,678		8,295,324

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 summarized as follows:

	2022			2021			2022			2021
	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Loan fees	$	7,950,227		$	9,154,621		$	15,037,410		$	18,694,577
Interest income		2,923,446			2,188,380			4,955,315			4,500,181
Secondary gains		37,161,287			56,020,876			76,763,900			124,459,809
Change in fair value of loan commitments		(2,247,244	)		(482,863	)		428,127			(168,397	)
Change in fair value of loans held for sale		(3,463,922	)		(1,114,632	)		(6,210,487	)		(8,060,513	)
Provision for loan loss reserve		(292,896	)		(608,569	)		(598,922	)		(1,269,232	)
Mortgage fee income	$	42,030,898		$	65,157,813		$	90,375,343		$	138,156,425

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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

The loan loss reserve, which is included in other liabilities and accrued expenses, is summarized as follows:

4) Loans Held for Sale (Continued)

	As of June 30 2022			As of December 31 2021
Balance, beginning of period	$	2,447,139		$	20,583,618
Provision on current loan originations (1)		598,922			2,211,230
Charge-offs, net of recaptured amounts		(1,105,275	)		(20,347,709	)
Balance, end of period	$	1,940,786		$	2,447,139

(1) Included in mortgage fee income

The Company maintains reserves for estimated losses on current production volumes. For the six months ended June 30, 2022, $598,922 in reserves were added at a rate of 2.9 basis points per loan, the equivalent of $290 per $1,000,000 in loans originated. This is a decrease over the three months ended June 30, 2021, when reserves of $1,269,232 were added at a rate of 4.5 basis points per loan originated, the equivalent of $450 per $1,000,000 in loans originated. On February 1, 2021, SecurityNational Mortgage executed a settlement agreement with Lehman Holdings in relation to two adversary proceedings wherein all mortgage loan related claims were resolved, thereby ending all liabilities asserted by Lehman Holdings and conclusively ending all proceedings between SecurityNational Mortgage and Lehman Holdings. The full amount of SecurityNational 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.The unique nature of COVID-19 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, 2022, represents its best estimate for adequate loss reserves on loans sold.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

Stock Compensation Plans

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans

5) Stock Compensation Plans

The Company has three fixed option plans (the “2013 Plan”, the “2014 Director Plan” and the “2022 Plan”). Compensation expense for options issued of $220,175 and nil has been recognized for these plans for the three months ended June 30, 2022 and 2021, respectively, and $491,922 and $39,153 has been recognized for these plans for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the total unrecognized compensation expense related to the options issued was $390,714.

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, 2022, and the changes during the six months ended June 30, 2022, 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, 2022		1,024,351		$	4.38		821,146	$	5.26
Adjustment for effect of stock dividends		47,780					41,057
Granted		4,000					-
Exercised		(71,330	)				-
Cancelled		(1,591	)				-
Outstanding at June 30, 2022		1,003,210		$	4.58		862,203	$	5.26

As of June 30, 2022:
Options exercisable		955,460		$	4.40		747,203	$	4.78

As of June 30, 2022:
Available options for future grant		239,795					17,523

Weighted average contractual term of options outstanding at June 30, 2022		4.32 years					6.75 years

Weighted average contractual term of options exercisable at June 30, 2022		4.06 years					6.50 years

Aggregated intrinsic value of options outstanding at June 30, 2022 (1)	$	3,891,873				$	2,758,643

Aggregated intrinsic value of options exercisable at June 30, 2022 (1)	$	3,878,980				$	2,748,093

(1) The Company used a stock price of $8.46 as of June 30, 2022 to derive intrinsic value.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

5) Stock Compensation Plans (Continued)

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, which was the closing price of the Company’s Class A shares on Nasdaq for that day, 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, 2022 and 2021 was $521,527 and $434,318, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

6) Earnings Per Share

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

	2022		2021		2022		2021
	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Numerator:
Net earnings	$	3,574,449	$	11,257,479	$	6,803,167	$	23,386,194
Denominator:
Basic weighted-average shares outstanding		21,184,688		21,098,789		21,282,747		21,085,669
Effect of dilutive securities:
Employee stock options		833,142		824,058		851,132		867,350

Diluted weighted-average shares outstanding		22,017,830		21,922,847		22,133,879		21,953,019

Basic net earnings per share	$	0.17	$	0.53	$	0.32	$	1.11

Diluted net earnings per share	$	0.16	$	0.51	$	0.31	$	1.07

For the six months June 30, 2022 and 2021, there were 52,500 and nil 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.

	Class A		Class C
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

Outstanding shares at December 31, 2021		17,642,722		2,866,565

Exercise of stock options		69,096		-
Stock dividends		889,554		139,462
Conversion of Class C to Class A		77,316		(77,316	)

Outstanding shares at June 30, 2022		18,678,688		2,928,711

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

Business Segment Information

6 Months Ended

Jun. 30, 2022

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, 2021. 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

7) Business Segment Information (Continued)

	Life Insurance		Cemetery/ Mortuary		Mortgage			Intercompany Eliminations			Consolidated
For the Three Months Ended
June 30, 2022
Revenues from external customers	$	41,166,269	$	7,291,018	$	47,109,367		$	-		$	95,566,654
Intersegment revenues		2,075,987		85,151		77,826			(2,238,964	)		-
Segment profit (loss) before income taxes		3,931,784		1,485,938		(687,876	)		-			4,729,846

For the Six Months Ended
June 30, 2022
Revenues from external customers	$	82,668,078	$	14,754,212	$	100,570,271		$	-		$	197,992,561
Intersegment revenues		3,771,766		267,740		152,535			(4,192,041	)		-
Segment profit before income taxes		4,748,269		3,506,255		918,838			-			9,173,362

Identifiable Assets		1,229,780,002		78,739,030		250,312,796			(91,917,796	)		1,466,914,032
Goodwill		2,765,570		2,488,213		-			-			5,253,783
Total Assets		1,232,545,572		81,227,243		250,312,796			(91,917,796	)		1,472,167,815

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 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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2022

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 financial assets), 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.

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

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. Fair value is often difficult to determine and may contain significant unobservable inputs.

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 comparable properties 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

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, 2022.

		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		$	270,676,282		$	-		$	268,713,493	$	1,962,789
Equity securities			11,198,403			11,198,403			-		-
Loans held for sale			209,860,409			-			-		209,860,409
Restricted assets (1)			1,851,887			-			1,851,887		-
Restricted assets (2)			3,741,011			3,741,011			-		-
Cemetery perpetual care trust investments (1)	(1)		653,462			-			653,462		-
Cemetery perpetual care trust investments (2)	(2)		2,441,876			2,441,876			-		-
Derivatives - loan commitments (3)			9,864,213			-			-		9,864,213
Total assets accounted for at fair value on a recurring basis		$	510,287,543		$	17,381,290		$	271,218,842	$	221,687,411

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)		$	(13,683	)	$	(13,683	)	$	-	$	-
Derivatives - put options (4)			(19,545	)		(19,545	)		-		-
Derivatives - loan commitments (4)			(2,420,571	)		-			-		(2,420,571	)
Total liabilities accounted for at fair value on a recurring basis		$	(2,453,799	)	$	(33,228	)	$	-	$	(2,420,571	)

(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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

		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		$	259,287,603		$	-		$	257,264,255	$	2,023,348
Equity securities			11,596,414			11,596,414			-		-
Loans held for sale			302,776,827			-			-		302,776,827
Restricted assets (1)			1,601,688			-			1,601,688		-
Restricted assets (2)			3,603,822			3,603,822			-		-
Cemetery perpetual care trust investments (1)	(1)		784,765			-			784,765		-
Cemetery perpetual care trust investments (2)	(2)		3,302,480			3,302,480			-		-
Derivatives - loan commitments (3)			8,563,410			-			-		8,563,410
Total assets accounted for at fair value on a recurring basis		$	591,517,009		$	18,502,716		$	259,650,708	$	313,363,585

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)		$	(50,936	)	$	(50,936	)	$	-	$	-
Derivatives - put options (4)			(4,493	)		(4,493	)		-		-
Derivatives - loan commitments (4)			(1,547,895	)		-			-		(1,547,895	)
Total liabilities accounted for at fair value on a recurring basis		$	(1,603,324	)	$	(55,429	)	$	-	$	(1,547,895	)

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

For Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2022, 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
	6/30/2022		Technique		Input(s)		Value			Value			Average
Loans held for sale	$	209,860,409		Market approach		Investor contract pricing as a percentage of unpaid principal balance		86.9	%		106.1	%		100.8	%

Derivatives - loan commitments (net)		7,443,642		Market approach		Pull-through rate		60.0	%		95.0	%		79.0	%
						Initial-Value		N/A			N/A			N/A
						Servicing		0 bps			167 bps			60 bps

Fixed maturity securities available for sale		1,962,789		Broker quotes		Pricing quotes	$	96.87		$	111.11		$	104.86

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 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
	12/31/2021		Technique		Input(s)		Value			Value			Average
Loans held for sale	$	302,776,827		Market approach		Investor contract pricing as a percentage of unpaid principal balance		95.0	%		109.0	%		103.0	%

Derivatives - loan commitments (net)		7,015,515		Market approach		Pull-through rate		66.0	%		95.0	%		81.0	%
						Initial-Value		N/A			N/A			N/A
						Servicing		0 bps			148 bps			61 bps

Fixed maturity securities available for sale		2,023,348		Broker quotes		Pricing quotes	$	96.87		$	111.11		$	106.73

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the six months ending June 30, 2022:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2021	$	7,015,515		$	302,776,827		$	2,023,348
Originations and purchases		-			2,049,959,460			-
Sales, maturities and paydowns		-			(2,187,475,867	)		(24,350	)
Total gains (losses):
Included in earnings		428,127	(1)		44,599,989	(1)		1,957	(2)
Included in other comprehensive income		-			-			(38,166	)

Balance - June 30, 2022	$	7,443,642		$	209,860,409		$	1,962,789

(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 table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the six months ending June 30, 2021:

	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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three months ending June 30, 2022:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - March 31, 2022	$	9,690,886		$	234,012,872		$	2,011,772
Originations and purchases		-			1,010,742,878			-
Sales, maturities and paydowns		-			(1,055,390,037	)		(12,400	)
Total gains (losses):
Included in earnings		(2,247,244	)(1)		20,494,696	(1)		996	(2)
Included in other comprehensive income		-			-			(37,579	)

Balance - June 30, 2022	$	7,443,642		$	209,860,409		$	1,962,789

(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 table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three months ending June 30, 2021:

	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	)
Total gains (losses):
Included in earnings		(482,863	)(1)		42,455,235	(1)		908	(2)
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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The following table summarizes 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, 2022.

	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		580,714		-		-		580,714
Total assets accounted for at fair value on a nonrecurring basis	$	580,714	$	-	$	-	$	580,714

	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	$	851,903	$	-	$	-	$	851,903
Impaired real estate held for sale		2,000,000		-		-		2,000,000
Total assets accounted for at fair value on a nonrecurring basis	$	2,851,903	$	-	$	-	$	2,851,903

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

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, 2022 and December 31, 2021.

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, 2022:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	38,609,423		$	-	$	-	$	37,669,281		$	37,669,281
Residential construction		202,529,166			-		-		202,529,166			202,529,166
Commercial		33,553,037			-		-		33,070,818			33,070,818
Mortgage loans held for investment, net	$	274,691,626		$	-	$	-	$	273,269,265		$	273,269,265
Policy loans		13,130,188			-		-		13,130,188			13,130,188
Insurance assignments, net (1)		41,514,424			-		-		41,514,424			41,514,424
Restricted assets (2)		2,284,145			-		-		2,284,145			2,284,145
Cemetery perpetual care trust investments (2)		2,275,145			-		-		2,275,145			2,275,145
Mortgage servicing rights, net		56,289,255			-		-		95,644,506			95,644,506

Liabilities
Bank and other loans payable	$	(200,344,907	)	$	-	$	-	$	(200,344,907	)	$	(200,344,907	)
Policyholder account balances (3)		(42,060,137	)		-		-		(35,231,639	)		(35,231,639	)
Future policy benefits - annuities (3)		(106,972,838	)		-		-		(115,674,814	)		(115,674,814	)

(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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

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, 2021:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	51,396,172		$	-	$	-	$	55,159,167		$	55,159,167
Residential construction		174,691,408			-		-		174,691,408			174,691,408
Commercial		51,218,466			-		-		51,008,709			51,008,709
Mortgage loans held for investment, net	$	277,306,046		$	-	$	-	$	280,859,284		$	280,859,284
Policy loans		13,478,214			-		-		13,478,214			13,478,214
Insurance assignments, net (1)		46,946,590			-		-		46,946,590			46,946,590
Restricted assets (2)		2,732,320			-		-		2,732,320			2,732,320
Cemetery perpetual care trust investments (2)		1,823,533			-		-		1,823,533			1,823,533
Mortgage servicing rights, net		53,060,455			-		-		68,811,809			68,811,809

Liabilities
Bank and other loans payable	$	(251,286,927	)	$	-	$	-	$	(251,286,927	)	$	(251,286,927	)
Policyholder account balances (3)		(42,939,055	)		-		-		(35,855,934	)		(35,855,934	)
Future policy benefits - annuities (3)		(107,992,830	)		-		-		(116,215,717	)		(116,215,717	)

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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

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, 2022

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, 2022

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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

10) Derivative Instruments (Continued)

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 net of estimated commission expense. 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 related 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. 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.

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 Derivatives

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

The following table shows the fair value and notional amounts of derivative instruments.

			June 30, 2022						December 31, 2021
	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	$	692,681,295	$	9,864,213	$	2,420,571	$	862,568,967	$	8,563,410	$	1,547,895
Call options		Other liabilities		696,900		-		13,683		982,500		-		50,936
Put options		Other liabilities		482,500		-		19,545		362,900		-		4,493
Total			$	693,860,695	$	9,864,213	$	2,453,799	$	863,914,367	$	8,563,410	$	1,603,324

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

10) Derivative Instruments (Continued)

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

			Net Amount Gain (Loss)						Net Amount Gain (Loss)
			Three Months Ended June 30						Six Months Ended June 30
Derivative	Classification		2022			2021			2022		2021
Loan commitments		Mortgage fee income	$	(2,247,244	)	$	(482,863	)	$	428,127	$	(168,397	)

Call and put options		Gains on investments and other assets	$	65,033		$	88,522		$	126,229	$	115,285

Reinsurance, Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

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. See Note 4 to the condensed consolidated financial statements for additional information about the Company’s loan loss reserve.

Debt Covenants for Mortgage Warehouse Lines of Credit

The Company, through its subsidiary SecurityNational Mortgage, has a $100,000,000 line of credit with Wells Fargo Bank N.A. The agreement charges interest at the 1-Month SOFR rate plus 2.1% and matures on June 2, 2023. SecurityNational Mortgage is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, the ratio of indebtedness to adjusted tangible net worth, and the liquidity overhead coverage ratio, and a quarterly gross profit of at least $1.00.

The Company, through its subsidiary SecurityNational Mortgage, has a line of credit with Texas Capital Bank N.A. This agreement with the bank allows SecurityNational Mortgage to borrow up to $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 9, 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 four-quarter basis.

The Company through its subsidiary SecurityNational Mortgage, has a line of credit with Comerica Bank. This agreement with the bank allows SecurityNational Mortgage to borrow up to $75,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at the 1-Month SOFR rate plus 2.50% and matures on May 26, 2023. 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

11) Reinsurance, Commitments and Contingencies (Continued)

The Company through its subsidiary SecurityNational Mortgage, has a line of credit with U.S Bank. This agreement with the bank allows SecurityNational Mortgage to borrow up to $100,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at 2.10% plus the greater of (i) 0%, and (ii) the one-month forward-looking term rate based on SOFR and matures on June 2, 2023.

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 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, 2022, the Company 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, 2022, the Company’s commitments were approximately $328,580,000 for these loans, of which $207,689,514 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2022

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 table presents the MSR activity.

Schedule of Mortgage Servicing Rights

	As of June 30 2022			As of December 31 2021
Amortized cost:
Balance before valuation allowance at beginning of year	$	53,060,455		$	35,210,516
MSR additions resulting from loan sales		9,066,637			32,701,819
Amortization (1)		(5,837,837	)		(14,851,880	)
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance before valuation allowance at end of period	$	56,289,255		$	53,060,455

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	$	56,289,255		$	53,060,455

Estimated fair value of MSRs at end of period	$	95,644,506		$	68,811,809

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

12) Mortgage Servicing Rights (Continued)

The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its June 30, 2022 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management.

	Estimated MSR Amortization
2021		6,184,893
2022		5,460,823
2023		4,983,934
2024		4,490,584
2025		4,050,463
Thereafter		31,118,558
Total	$	56,289,255

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

	2022		2021		2022		2021
	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Contractual servicing fees	$	4,694,969	$	3,755,294	$	9,201,229	$	7,142,765
Late fees		81,597		74,437		181,635		155,487
Total	$	4,776,566	$	3,829,731	$	9,382,864	$	7,298,252

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio.

		As of June 30 2022				As of December 31 2021
Servicing UPB		$	7,502,116,963			$	7,060,536,350

The following key assumptions were used in determining MSR value:

	Prepayment Speeds		Average Life (Years)		Discount Rate
June 30, 2022		7.50		8.3		9.50
December 31, 2021		11.60		6.64		9.50

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13) Income Taxes

The Company’s overall effective tax rate for the three months ended June 30, 2022 and 2021 was 24.4% and 23.3%, respectively, which resulted in a provision for income taxes of $1,155,397 and $3,419,873, respectively. The Company’s overall effective tax rate for the six months ended June 30, 2022 and 2021 was 25.8% and 24.6%, respectively, which resulted in a provision for income taxes of $2,370,195 and $7,646,213, 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 increase in the effective tax rate when compared to the prior year is partially due to a larger increase to the valuation allowance in the current period when compared to the prior period year.

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, 2022

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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

14) Revenues from Contracts with Customers (Continued)

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 (1/1/2022)	$	5,298,636	$	-	$	14,508,022
Closing (6/30/2022)		5,667,019		-		15,519,297
Increase/(decrease)		368,383		-		1,011,275

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (1/1/2021)	$	4,119,988	$	-	$	13,080,179
Closing (12/31/2021)		5,298,636		-		14,508,022
Increase/(decrease)		1,178,648		-		1,427,843

(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, 2022 and 2021 was $1,526,324 and $1,309,936, respectively, and for the six months ended June 30, 2022 and 2021 was $2,590,428 and $2,444,937, 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.

	2022		2021		2022		2021
	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Major goods/service lines
At-need	$	5,598,109	$	4,001,408	$	11,464,987	$	8,043,428
Pre-need		1,652,394		2,316,990		2,991,237		4,217,096
Net mortuary and cemetery sales	$	7,250,503	$	6,318,398	$	14,456,224	$	12,260,524

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,594,656	$	4,552,154	$	8,775,201	$	8,750,827
Services transferred at a point in time		2,655,847		1,766,244		5,681,023		3,509,697
Net mortuary and cemetery sales	$	7,250,503	$	6,318,398	$	14,456,224	$	12,260,524

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

14) Revenues from Contracts with Customers (Continued)

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:

	2022			2021		2022			2021
	Three Months Ended June 30					Six Months Ended June 30
	2022			2021		2022			2021
Net mortuary and cemetery sales	$	7,250,503		$	6,318,398	$	14,456,224		$	12,260,524
Gains (losses) on investments and other assets		(720,135	)		227,546		(974,660	)		1,025,886
Net investment income		739,272			240,587		1,235,731			470,891
Other revenues		21,378			21,391		36,917			49,886
Revenues from external customers		7,291,018			6,807,922		14,754,212			13,807,187

- Definition

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

+ References

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-Publisher FASB
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+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments as of June 30, 2022 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	51,273,582		$	61,437	$	(1,160,899	)	$	50,174,120

Obligations of states and political subdivisions		6,051,648			69,721		(163,527	)		5,957,842

Corporate securities including public utilities		187,219,967			3,656,829		(6,622,423	)		184,254,373

Mortgage-backed securities		31,598,530			191,301		(1,772,065	)		30,017,766

Redeemable preferred stock		261,142			11,039		-			272,181

Total fixed maturity securities available for sale	$	276,404,869		$	3,990,327	$	(9,718,914	)	$	270,676,282

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	9,730,028		$	2,309,512	$	(841,137	)	$	11,198,403

Total equity securities at estimated fair value	$	9,730,028		$	2,309,512	$	(841,137	)	$	11,198,403

Mortgage loans held for investment at amortized cost:
Residential	$	40,355,630
Residential construction		203,130,224
Commercial		34,050,215
Less: Unamortized deferred loan fees, net		(1,015,336	)
Less: Allowance for loan losses		(1,476,895	)
Less: Net discounts		(352,212	)

Total mortgage loans held for investment	$	274,691,626

Real estate held for investment - net of accumulated depreciation:
Residential	$	38,486,971
Commercial		158,068,734

Total real estate held for investment	$	196,555,705

Real estate held for sale:
Residential	$	200,962
Commercial		2,540,698

Total real estate held for sale	$	2,741,660

Other investments and policy loans at amortized cost:
Policy loans	$	13,130,188
Insurance assignments		43,314,500
Federal Home Loan Bank stock (1)		2,588,400
Other investments		9,177,176
Less: Allowance for doubtful accounts		(1,800,076	)

Total policy loans and other investments	$	66,410,188

Accrued investment income	$	8,240,805

Total investments	$	830,514,669

(1)	Includes $937,600 of Membership stock and $1,650,800 of Activity stock due to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2021 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2021:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	22,307,736		$	578,567	$	-		$	22,886,303

Obligations of states and political subdivisions		4,649,917			212,803		(1,989	)		4,860,731

Corporate securities including public utilities		174,711,061			21,791,370		(353,668	)		196,148,763

Mortgage-backed securities		34,365,382			905,159		(161,332	)		35,109,209

Redeemable preferred stock		269,214			13,383		-			282,597

Total fixed maturity securities available for sale	$	236,303,310		$	23,501,282	$	(516,989	)	$	259,287,603

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	8,275,772		$	3,626,444	$	(305,802	)	$	11,596,414

Total equity securities at estimated fair value	$	8,275,772		$	3,626,444	$	(305,802	)	$	11,596,414

Mortgage loans held for investment at amortized cost:
Residential	$	53,533,712
Residential construction		175,117,783
Commercial		51,683,022
Less: Unamortized deferred loan fees, net		(918,586	)
Less: Allowance for loan losses		(1,699,902	)
Less: Net discounts		(409,983	)

Total mortgage loans held for investment	$	277,306,046

Real estate held for investment - net of accumulated depreciation:
Residential	$	41,972,462
Commercial		155,393,335

Total real estate held for investment	$	197,365,797

Real estate held for sale:
Residential	$	1,190,602
Commercial		2,540,698

Total real estate held for sale	$	3,731,300

Other investments and policy loans at amortized cost:
Policy loans	$	13,478,214
Insurance assignments		48,632,808
Federal Home Loan Bank stock (1)		2,547,100
Other investments		4,983,251
Less: Allowance for doubtful accounts		(1,686,218	)

Total policy loans and other investments	$	67,955,155

Accrued investment income	$	6,313,012

Total investments	$	823,555,327

(1)	Includes $905,700 of Membership stock and $1,641,400 of Activity stock due to short-term advances and letters of credit.

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Combined Unrealized Loss		Combined Fair Value
At June 30, 2022
U.S. Treasury Securities And Obligations of U.S. Government Agencies	$	1,160,899	$	48,902,750	$	-	$	-	$	1,160,899	$	48,902,750
Obligations of States and Political Subdivisions		163,527		3,492,894		-		-		163,527		3,492,894
Corporate Securities		5,750,763		109,748,965		871,660		3,502,210		6,622,423		113,251,175
Mortgage and other asset-backed securities		1,533,826		23,709,933		238,239		1,576,104		1,772,065		25,286,037
Totals	$	8,609,015	$	185,854,542	$	1,109,899	$	5,078,314	$	9,718,914	$	190,932,856

At December 31, 2021
Obligations of States and Political Subdivisions	$	1,989	$	548,715	$	-	$	-	$	1,989	$	548,715
Corporate Securities		73,507		4,638,750		280,161		3,771,813		353,668		8,410,563
Mortgage and other asset-backed securities		72,952		7,934,760		88,380		1,582,804		161,332		9,517,564
Totals	$	148,448	$	13,122,225	$	368,541	$	5,354,617	$	516,989	$	18,476,842

Schedule of Earnings on Fixed Maturity Securities

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.

	2022			2021
Balance of credit-related OTTI at January 1	$	264,977		$	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)		(39,502	)		-
Securities due to an increase in expected cash flows		-			-

Balance of credit-related OTTI at June 30	$	225,475		$	370,975

Schedule of Investments Classified by Contractual Maturity Date

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	12,212,759	$	12,193,769
Due in 2-5 years		96,106,175		94,530,894
Due in 5-10 years		59,527,119		58,074,435
Due in more than 10 years		76,699,144		75,587,237
Mortgage-backed securities		31,598,530		30,017,766
Redeemable preferred stock		261,142		272,181
Total	$	276,404,869	$	270,676,282

Schedule of Gain (Loss) on Investments

	2022			2021			2022			2021
	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Fixed maturity securities:
Gross realized gains	$	129,512		$	188,266		$	175,635		$	273,659
Gross realized losses		(9,828	)		(2,119	)		(10,758	)		(14,886	)

Equity securities:
Gains on securities sold		81,596			146,011			71,317			252,580
Unrealized gains and (losses) on securities held at the end of the period		(2,106,375	)		490,394			(2,713,422	)		1,442,424

Other assets:
Gross realized gains		994,522			737,443			1,833,030			1,846,801
Gross realized losses		(3,822	)		(82,791	)		(98,222	)		(363,261	)
Total	$	(914,395	)	$	1,477,204		$	(742,420	)	$	3,437,317

Schedule of Major Categories of Net Investment Income

Information regarding sales of fixed maturity securities available for sale is presented as follows.

	2022			2021		2022			2021
	Three Months Ended June 30					Six Months Ended June 30
	2022			2021		2022			2021
Proceeds from sales	$	233,000		$	1,163,366	$	688,651		$	1,982,931
Gross realized gains		-			149,338		2,354			209,132
Gross realized losses		(7,825	)		-		(7,845	)		-

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

3) Investments (Continued)

Major categories of net investment income were as follows:

	2022			2021			2022			2021
	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Fixed maturity securities available for sale	$	2,811,650		$	2,698,011		$	5,447,866		$	5,522,122
Equity securities		119,798			106,041			242,834			234,270
Mortgage loans held for investment		9,244,464			6,902,466			17,204,642			12,986,883
Real estate held for investment and sale		4,012,192			3,002,650			7,052,226			6,045,479
Policy loans		207,301			232,135			513,583			464,488
Insurance assignments		4,093,723			4,171,318			9,490,710			9,517,047
Other investments		98,361			39,299			169,006			53,006
Cash and cash equivalents		108,431			34,030			183,732			73,624
Gross investment income		20,695,920			17,185,950			40,304,599			34,896,919
Investment expenses		(4,724,632	)		(3,008,632	)		(9,139,005	)		(6,425,714	)
Net investment income	$	15,971,288		$	14,177,318		$	31,165,594		$	28,471,205

Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows:

	Net Ending Balance				Total Square Footage
	June 30 2022		December 31 2021		June 30 2022		December 31 2021
Utah (1)		152,758,740		150,105,948		625,920		625,920
Louisiana		2,403,729		2,426,612		31,778		31,778
Mississippi		2,906,265		2,860,775		19,694		19,694

	$	158,068,734	$	155,393,335		677,392		677,392

(1) Includes Center53 phase 1 and phase 2

The Company’s commercial real estate held for sale is summarized as follows:

	Net Ending Balance				Total Square Footage
	June 30 2022		December 31 2021		June 30 2022		December 31 2021
Kansas		2,000,000		2,000,000		222,679		222,679
California		389,145		389,145		2,872		2,872
Mississippi (1)		151,553		151,553		-		-

	$	2,540,698	$	2,540,698		225,551		225,551

(1) Approximately 93 acres of undeveloped land

Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows:

	Net Ending Balance
	June 30 2022		December 31 2021
Utah (1)		38,486,971	$	41,686,281
Washington (2)		-		286,181
	$	38,486,971	$	41,972,462

(1) Includes subdivision land developments

(2) Improved residential lots

The following table presents additional information regarding the Company’s subdivision land developments in Utah.

	June 30 2022		December 31 2021
Lots developed		48		67
Lots to be developed		1,348		548
Ending Balance	$	38,285,419	$	41,479,434

The Company’s residential real estate held for sale is summarized as follows:

	June 30 2022		December 31 2021
	Net Ending Balance
	June 30 2022		December 31 2021
Texas	$	200,962	$	200,962
Nevada		-		979,640
Ohio		-		10,000
Real estate held for sale	$	200,962	$	1,190,602

Schedule of 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, 2022, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage		Square Footage Occupied by the Company
433 West Ascension Way, Salt Lake City, UT - Center53 Building 2	Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales		221,000		50	%
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 consolidated balance sheets

Schedule of Allowance for Loan Losses as Contra -Asset Account

	Commercial		Residential			Residential Construction		Total
June 30, 2022
Allowance for credit losses:
Beginning balance - January 1, 2022	$	187,129	$	1,469,571		$	43,202	$	1,699,902
Charge-offs		-		-			-		-
Provision		-		(223,007	)		-		(223,007	)
Ending balance - June 30, 2022	$	187,129	$	1,246,564		$	43,202	$	1,476,895

Ending balance: individually evaluated for impairment	$	-	$	63,310		$	-	$	63,310

Ending balance: collectively evaluated for impairment	$	187,129	$	1,183,254		$	43,202	$	1,413,585

Mortgage loans:
Ending balance - June 30, 2022	$	34,050,215	$	40,355,630		$	203,130,224	$	277,536,069

Ending balance: individually evaluated for impairment	$	501,949	$	1,294,512		$	415,904	$	2,212,365

Ending balance: collectively evaluated for impairment	$	33,548,266	$	39,061,118		$	202,714,320	$	275,323,704

December 31, 2021
Allowance for credit losses:
Beginning balance - January 1, 2021	$	187,129	$	1,774,796		$	43,202	$	2,005,127
Charge-offs		-		-			-		-
Provision		-		(305,225	)		-		(305,225	)
Ending balance - December 31, 2021	$	187,129	$	1,469,571		$	43,202	$	1,699,902

Ending balance: individually evaluated for impairment	$	-	$	105,384		$	-	$	105,384

Ending balance: collectively evaluated for impairment	$	187,129	$	1,364,187		$	43,202	$	1,594,518

Mortgage loans:
Ending balance - December 31, 2021	$	51,683,022	$	53,533,712		$	175,117,783	$	280,334,517

Ending balance: individually evaluated for impairment	$	1,723,372	$	2,548,656		$	-	$	4,272,028

Ending balance: collectively evaluated for impairment	$	49,959,650	$	50,985,056		$	175,117,783	$	276,062,489	(1)

(1) Amount corrected from that previously reported due to a typographical error.

Schedule of Aging of Mortgage Loans

The following table presents the aging of mortgage loans held for investment.

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
June 30, 2022
30-59 Days Past Due	$	2,824,716		$	2,433,116		$	683,087		$	5,940,919
60-89 Days Past Due		-			341,870			-			341,870
Greater Than 90 Days (1)		-			917,135			415,904			1,333,039
In Process of Foreclosure (1)		501,949			377,377			-			879,326
Total Past Due		3,326,665			4,069,498			1,098,991			8,495,154
Current		30,723,550			36,286,132			202,031,233			269,040,915
Total Mortgage Loans		34,050,215			40,355,630			203,130,224			277,536,069
Allowance for Loan Losses		(187,129	)		(1,246,564	)		(43,202	)		(1,476,895	)
Unamortized deferred loan fees, net		(71,921	)		(385,559	)		(557,856	)		(1,015,336	)
Unamortized discounts, net		(238,128	)		(114,084	)		-			(352,212	)
Net Mortgage Loans	$	33,553,037		$	38,609,423		$	202,529,166		$	274,691,626

December 31, 2021
30-59 Days Past Due	$	-		$	3,117,826		$	1,363,127		$	4,480,953
60-89 Days Past Due		100,204			580,815			-			681,019
Greater Than 90 Days (1)		1,723,372			2,052,062			-			3,775,434
In Process of Foreclosure (1)		-			496,594			-			496,594
Total Past Due		1,823,576			6,247,297			1,363,127			9,434,000
Current		49,859,446			47,286,415			173,754,656			270,900,517
Total Mortgage Loans		51,683,022			53,533,712			175,117,783			280,334,517
Allowance for Loan Losses		(187,129	)		(1,469,571	)		(43,202	)		(1,699,902	)
Unamortized deferred loan fees, net		(36,813	)		(498,600	)		(383,173	)		(918,586	)
Unamortized discounts, net		(240,614	)		(169,369	)		-			(409,983	)
Net Mortgage Loans	$	51,218,466		$	51,396,172		$	174,691,408		$	277,306,046

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

Schedule of Impairment Mortgage Loans

	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
June 30, 2022
With no related allowance recorded:
Commercial	$	501,949	$	501,949	$	-	$	1,119,350	$	-
Residential		650,488		650,488		-		848,525		-
Residential construction		415,904		415,904		-		207,952		-

With an allowance recorded:
Commercial	$	-	$	-	$	-	$	-	$	-
Residential		644,024		644,024		63,310		730,672		-
Residential construction		-		-		-		-		-

Total:
Commercial	$	501,949	$	501,949	$	-	$	1,119,350	$	-
Residential		1,294,512		1,294,512		63,310		1,579,197		-
Residential construction		415,904		415,904		-		207,952		-

December 31, 2021
With no related allowance recorded:
Commercial	$	1,723,372	$	1,723,372	$	-	$	1,053,865	$	-
Residential		1,591,368		1,591,368		-		2,731,421		-
Residential construction		-		-		-		100,481		-

With an allowance recorded:
Commercial	$	-	$	-	$	-	$	-	$	-
Residential		957,288		957,288		105,384		726,449		-
Residential construction		-		-		-		-		-

Total:
Commercial	$	1,723,372	$	1,723,372	$	-	$	1,053,865	$	-
Residential		2,548,656		2,548,656		105,384		3,457,870		-
Residential construction		-		-		-		100,481		-

Schedule of Credit Risk of Mortgage Loans Based on Performance Status

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

	Commercial				Residential				Residential Construction				Total
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021

Performing	$	33,548,266	$	49,959,650	$	39,061,118	$	50,985,056	$	202,714,320	$	175,117,783	$	275,323,704	$	276,062,489
Non-performing		501,949		1,723,372		1,294,512		2,548,656		415,904		-		2,212,365		4,272,028

Total	$	34,050,215	$	51,683,022	$	40,355,630	$	53,533,712	$	203,130,224	$	175,117,783	$	277,536,069	$	280,334,517

Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2022

Loans Held For Sale

Summary of Aggregate Fair Value - Loans Held for Sale

The following table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale.

	As of June 30 2022		As of December 31 2021

Aggregate fair value	$	209,860,409	$	302,776,827
Unpaid principal balance		207,409,731		294,481,503
Unrealized gain		2,450,678		8,295,324

Schedule of Mortgage Fee Income for Loans Held for Sale

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

	2022			2021			2022			2021
	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Loan fees	$	7,950,227		$	9,154,621		$	15,037,410		$	18,694,577
Interest income		2,923,446			2,188,380			4,955,315			4,500,181
Secondary gains		37,161,287			56,020,876			76,763,900			124,459,809
Change in fair value of loan commitments		(2,247,244	)		(482,863	)		428,127			(168,397	)
Change in fair value of loans held for sale		(3,463,922	)		(1,114,632	)		(6,210,487	)		(8,060,513	)
Provision for loan loss reserve		(292,896	)		(608,569	)		(598,922	)		(1,269,232	)
Mortgage fee income	$	42,030,898		$	65,157,813		$	90,375,343		$	138,156,425

Summary of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses

	As of June 30 2022			As of December 31 2021
Balance, beginning of period	$	2,447,139		$	20,583,618
Provision on current loan originations (1)		598,922			2,211,230
Charge-offs, net of recaptured amounts		(1,105,275	)		(20,347,709	)
Balance, end of period	$	1,940,786		$	2,447,139

(1) Included in mortgage fee income

Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Activity of Stock Option Plans

A summary of the status of the Company’s stock compensation plans as of June 30, 2022, and the changes during the six months ended June 30, 2022, 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, 2022		1,024,351		$	4.38		821,146	$	5.26
Adjustment for effect of stock dividends		47,780					41,057
Granted		4,000					-
Exercised		(71,330	)				-
Cancelled		(1,591	)				-
Outstanding at June 30, 2022		1,003,210		$	4.58		862,203	$	5.26

As of June 30, 2022:
Options exercisable		955,460		$	4.40		747,203	$	4.78

As of June 30, 2022:
Available options for future grant		239,795					17,523

Weighted average contractual term of options outstanding at June 30, 2022		4.32 years					6.75 years

Weighted average contractual term of options exercisable at June 30, 2022		4.06 years					6.50 years

Aggregated intrinsic value of options outstanding at June 30, 2022 (1)	$	3,891,873				$	2,758,643

Aggregated intrinsic value of options exercisable at June 30, 2022 (1)	$	3,878,980				$	2,748,093

(1) The Company used a stock price of $8.46 as of June 30, 2022 to derive intrinsic value.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

5) Stock Compensation Plans (Continued)

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, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earning Per Share, Basic and Diluted

	2022		2021		2022		2021
	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Numerator:
Net earnings	$	3,574,449	$	11,257,479	$	6,803,167	$	23,386,194
Denominator:
Basic weighted-average shares outstanding		21,184,688		21,098,789		21,282,747		21,085,669
Effect of dilutive securities:
Employee stock options		833,142		824,058		851,132		867,350

Diluted weighted-average shares outstanding		22,017,830		21,922,847		22,133,879		21,953,019

Basic net earnings per share	$	0.17	$	0.53	$	0.32	$	1.11

Diluted net earnings per share	$	0.16	$	0.51	$	0.31	$	1.07

Summary of Activities in Shares of Capital Stock

The following table summarizes the activity in shares of capital stock.

	Class A		Class C
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

Outstanding shares at December 31, 2021		17,642,722		2,866,565

Exercise of stock options		69,096		-
Stock dividends		889,554		139,462
Conversion of Class C to Class A		77,316		(77,316	)

Outstanding shares at June 30, 2022		18,678,688		2,928,711

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022
Revenues from external customers	$	41,166,269	$	7,291,018	$	47,109,367		$	-		$	95,566,654
Intersegment revenues		2,075,987		85,151		77,826			(2,238,964	)		-
Segment profit (loss) before income taxes		3,931,784		1,485,938		(687,876	)		-			4,729,846

For the Six Months Ended
June 30, 2022
Revenues from external customers	$	82,668,078	$	14,754,212	$	100,570,271		$	-		$	197,992,561
Intersegment revenues		3,771,766		267,740		152,535			(4,192,041	)		-
Segment profit before income taxes		4,748,269		3,506,255		918,838			-			9,173,362

Identifiable Assets		1,229,780,002		78,739,030		250,312,796			(91,917,796	)		1,466,914,032
Goodwill		2,765,570		2,488,213		-			-			5,253,783
Total Assets		1,232,545,572		81,227,243		250,312,796			(91,917,796	)		1,472,167,815

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 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

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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		$	270,676,282		$	-		$	268,713,493	$	1,962,789
Equity securities			11,198,403			11,198,403			-		-
Loans held for sale			209,860,409			-			-		209,860,409
Restricted assets (1)			1,851,887			-			1,851,887		-
Restricted assets (2)			3,741,011			3,741,011			-		-
Cemetery perpetual care trust investments (1)	(1)		653,462			-			653,462		-
Cemetery perpetual care trust investments (2)	(2)		2,441,876			2,441,876			-		-
Derivatives - loan commitments (3)			9,864,213			-			-		9,864,213
Total assets accounted for at fair value on a recurring basis		$	510,287,543		$	17,381,290		$	271,218,842	$	221,687,411

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)		$	(13,683	)	$	(13,683	)	$	-	$	-
Derivatives - put options (4)			(19,545	)		(19,545	)		-		-
Derivatives - loan commitments (4)			(2,420,571	)		-			-		(2,420,571	)
Total liabilities accounted for at fair value on a recurring basis		$	(2,453,799	)	$	(33,228	)	$	-	$	(2,420,571	)

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

		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		$	259,287,603		$	-		$	257,264,255	$	2,023,348
Equity securities			11,596,414			11,596,414			-		-
Loans held for sale			302,776,827			-			-		302,776,827
Restricted assets (1)			1,601,688			-			1,601,688		-
Restricted assets (2)			3,603,822			3,603,822			-		-
Cemetery perpetual care trust investments (1)	(1)		784,765			-			784,765		-
Cemetery perpetual care trust investments (2)	(2)		3,302,480			3,302,480			-		-
Derivatives - loan commitments (3)			8,563,410			-			-		8,563,410
Total assets accounted for at fair value on a recurring basis		$	591,517,009		$	18,502,716		$	259,650,708	$	313,363,585

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)		$	(50,936	)	$	(50,936	)	$	-	$	-
Derivatives - put options (4)			(4,493	)		(4,493	)		-		-
Derivatives - loan commitments (4)			(1,547,895	)		-			-		(1,547,895	)
Total liabilities accounted for at fair value on a recurring basis		$	(1,603,324	)	$	(55,429	)	$	-	$	(1,547,895	)

Assets and Liabilities Measured at Fair Value on A Recurring Basis

For Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2022, 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
	6/30/2022		Technique		Input(s)		Value			Value			Average
Loans held for sale	$	209,860,409		Market approach		Investor contract pricing as a percentage of unpaid principal balance		86.9	%		106.1	%		100.8	%

Derivatives - loan commitments (net)		7,443,642		Market approach		Pull-through rate		60.0	%		95.0	%		79.0	%
						Initial-Value		N/A			N/A			N/A
						Servicing		0 bps			167 bps			60 bps

Fixed maturity securities available for sale		1,962,789		Broker quotes		Pricing quotes	$	96.87		$	111.11		$	104.86

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 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
	12/31/2021		Technique		Input(s)		Value			Value			Average
Loans held for sale	$	302,776,827		Market approach		Investor contract pricing as a percentage of unpaid principal balance		95.0	%		109.0	%		103.0	%

Derivatives - loan commitments (net)		7,015,515		Market approach		Pull-through rate		66.0	%		95.0	%		81.0	%
						Initial-Value		N/A			N/A			N/A
						Servicing		0 bps			148 bps			61 bps

Fixed maturity securities available for sale		2,023,348		Broker quotes		Pricing quotes	$	96.87		$	111.11		$	106.73

Schedule of Changes in the Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the six months ending June 30, 2022:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2021	$	7,015,515		$	302,776,827		$	2,023,348
Originations and purchases		-			2,049,959,460			-
Sales, maturities and paydowns		-			(2,187,475,867	)		(24,350	)
Total gains (losses):
Included in earnings		428,127	(1)		44,599,989	(1)		1,957	(2)
Included in other comprehensive income		-			-			(38,166	)

Balance - June 30, 2022	$	7,443,642		$	209,860,409		$	1,962,789

(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 table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the six months ending June 30, 2021:

	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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three months ending June 30, 2022:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - March 31, 2022	$	9,690,886		$	234,012,872		$	2,011,772
Originations and purchases		-			1,010,742,878			-
Sales, maturities and paydowns		-			(1,055,390,037	)		(12,400	)
Total gains (losses):
Included in earnings		(2,247,244	)(1)		20,494,696	(1)		996	(2)
Included in other comprehensive income		-			-			(37,579	)

Balance - June 30, 2022	$	7,443,642		$	209,860,409		$	1,962,789

(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 table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three months ending June 30, 2021:

	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	)
Total gains (losses):
Included in earnings		(482,863	)(1)		42,455,235	(1)		908	(2)
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

Schedule of 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		580,714		-		-		580,714
Total assets accounted for at fair value on a nonrecurring basis	$	580,714	$	-	$	-	$	580,714

	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	$	851,903	$	-	$	-	$	851,903
Impaired real estate held for sale		2,000,000		-		-		2,000,000
Total assets accounted for at fair value on a nonrecurring basis	$	2,851,903	$	-	$	-	$	2,851,903

Schedule of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of June 30, 2022:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	38,609,423		$	-	$	-	$	37,669,281		$	37,669,281
Residential construction		202,529,166			-		-		202,529,166			202,529,166
Commercial		33,553,037			-		-		33,070,818			33,070,818
Mortgage loans held for investment, net	$	274,691,626		$	-	$	-	$	273,269,265		$	273,269,265
Policy loans		13,130,188			-		-		13,130,188			13,130,188
Insurance assignments, net (1)		41,514,424			-		-		41,514,424			41,514,424
Restricted assets (2)		2,284,145			-		-		2,284,145			2,284,145
Cemetery perpetual care trust investments (2)		2,275,145			-		-		2,275,145			2,275,145
Mortgage servicing rights, net		56,289,255			-		-		95,644,506			95,644,506

Liabilities
Bank and other loans payable	$	(200,344,907	)	$	-	$	-	$	(200,344,907	)	$	(200,344,907	)
Policyholder account balances (3)		(42,060,137	)		-		-		(35,231,639	)		(35,231,639	)
Future policy benefits - annuities (3)		(106,972,838	)		-		-		(115,674,814	)		(115,674,814	)

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

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, 2021:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	51,396,172		$	-	$	-	$	55,159,167		$	55,159,167
Residential construction		174,691,408			-		-		174,691,408			174,691,408
Commercial		51,218,466			-		-		51,008,709			51,008,709
Mortgage loans held for investment, net	$	277,306,046		$	-	$	-	$	280,859,284		$	280,859,284
Policy loans		13,478,214			-		-		13,478,214			13,478,214
Insurance assignments, net (1)		46,946,590			-		-		46,946,590			46,946,590
Restricted assets (2)		2,732,320			-		-		2,732,320			2,732,320
Cemetery perpetual care trust investments (2)		1,823,533			-		-		1,823,533			1,823,533
Mortgage servicing rights, net		53,060,455			-		-		68,811,809			68,811,809

Liabilities
Bank and other loans payable	$	(251,286,927	)	$	-	$	-	$	(251,286,927	)	$	(251,286,927	)
Policyholder account balances (3)		(42,939,055	)		-		-		(35,855,934	)		(35,855,934	)
Future policy benefits - annuities (3)		(107,992,830	)		-		-		(116,215,717	)		(116,215,717	)

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

The following table shows the fair value and notional amounts of derivative instruments.

			June 30, 2022						December 31, 2021
	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	$	692,681,295	$	9,864,213	$	2,420,571	$	862,568,967	$	8,563,410	$	1,547,895
Call options		Other liabilities		696,900		-		13,683		982,500		-		50,936
Put options		Other liabilities		482,500		-		19,545		362,900		-		4,493
Total			$	693,860,695	$	9,864,213	$	2,453,799	$	863,914,367	$	8,563,410	$	1,603,324

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		2022			2021			2022		2021
Loan commitments		Mortgage fee income	$	(2,247,244	)	$	(482,863	)	$	428,127	$	(168,397	)

Call and put options		Gains on investments and other assets	$	65,033		$	88,522		$	126,229	$	115,285

Mortgage Servicing Rights (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Mortgage Servicing Rights

The following table presents the MSR activity.

Schedule of Mortgage Servicing Rights

	As of June 30 2022			As of December 31 2021
Amortized cost:
Balance before valuation allowance at beginning of year	$	53,060,455		$	35,210,516
MSR additions resulting from loan sales		9,066,637			32,701,819
Amortization (1)		(5,837,837	)		(14,851,880	)
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance before valuation allowance at end of period	$	56,289,255		$	53,060,455

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	$	56,289,255		$	53,060,455

Estimated fair value of MSRs at end of period	$	95,644,506		$	68,811,809

(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		6,184,893
2022		5,460,823
2023		4,983,934
2024		4,490,584
2025		4,050,463
Thereafter		31,118,558
Total	$	56,289,255

Schedule of Other Revenues

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

	2022		2021		2022		2021
	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Contractual servicing fees	$	4,694,969	$	3,755,294	$	9,201,229	$	7,142,765
Late fees		81,597		74,437		181,635		155,487
Total	$	4,776,566	$	3,829,731	$	9,382,864	$	7,298,252

Summary of Unpaid Principal Balances of the Servicing Portfolio

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio.

		As of June 30 2022				As of December 31 2021
Servicing UPB		$	7,502,116,963			$	7,060,536,350

Schedule of Assumptions Used in Determining MSR Value

The following key assumptions were used in determining MSR value:

	Prepayment Speeds		Average Life (Years)		Discount Rate
June 30, 2022		7.50		8.3		9.50
December 31, 2021		11.60		6.64		9.50

Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

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

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

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (1/1/2022)	$	5,298,636	$	-	$	14,508,022
Closing (6/30/2022)		5,667,019		-		15,519,297
Increase/(decrease)		368,383		-		1,011,275

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (1/1/2021)	$	4,119,988	$	-	$	13,080,179
Closing (12/31/2021)		5,298,636		-		14,508,022
Increase/(decrease)		1,178,648		-		1,427,843

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

Schedule of Revenues of the Cemetery and Mortuary Contracts

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

	2022		2021		2022		2021
	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Major goods/service lines
At-need	$	5,598,109	$	4,001,408	$	11,464,987	$	8,043,428
Pre-need		1,652,394		2,316,990		2,991,237		4,217,096
Net mortuary and cemetery sales	$	7,250,503	$	6,318,398	$	14,456,224	$	12,260,524

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,594,656	$	4,552,154	$	8,775,201	$	8,750,827
Services transferred at a point in time		2,655,847		1,766,244		5,681,023		3,509,697
Net mortuary and cemetery sales	$	7,250,503	$	6,318,398	$	14,456,224	$	12,260,524

Schedule of Reconciliation of Revenues from Cemetery and Mortuary Contracts to Business Segment Information

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

	2022			2021		2022			2021
	Three Months Ended June 30					Six Months Ended June 30
	2022			2021		2022			2021
Net mortuary and cemetery sales	$	7,250,503		$	6,318,398	$	14,456,224		$	12,260,524
Gains (losses) on investments and other assets		(720,135	)		227,546		(974,660	)		1,025,886
Net investment income		739,272			240,587		1,235,731			470,891
Other revenues		21,378			21,391		36,917			49,886
Revenues from external customers		7,291,018			6,807,922		14,754,212			13,807,187

Schedule of Investments (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Dec. 31, 2020

Marketable Securities [Line Items]

Available for sale securities, amortized cost

$ 276,404,869

$ 236,303,310

Available for sale securities, unrecognized holding gain

3,990,327

23,501,282

Available for sale securities, unrecognized holding loss

(9,718,914)

(516,989)

Available for sale securities, estimated fair value

270,676,282

259,287,603

Available-for-sale securities, amortized cost basis

9,730,028

8,275,772

Available-for-sale securities, gross unrealized gain

11,198,403

11,596,414

Mortgage loans on real estate and construction

277,536,069

280,334,517

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

(1,015,336)

(918,586)

Mortgage loans on real estate and construction, allowance for losses

(1,476,895)

(1,699,902)

$ (2,005,127)

Mortgage loans on real estate and construction, discount

(352,212)

(409,983)

Mortgage loans on real estate and construction

274,691,626

277,306,046

Real estate held for investment, net of depreciation

196,555,705

197,365,797

Real estate held for sale

2,741,660

3,731,300

Policy loans

13,130,188

13,478,214

Insurance assignments

43,314,500

48,632,808

Federal home loan bank stock

2,588,400

^[1]

2,547,100

^[2]

Other investments

9,177,176

4,983,251

Allowance for doubtful accounts

(1,800,076)

(1,686,218)

Total policy loans and other investments

66,410,188

67,955,155

Accrued investment income

8,240,805

6,313,012

Total investments

830,514,669

823,555,327

US Treasury Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, amortized cost

51,273,582

22,307,736

Available for sale securities, unrecognized holding gain

61,437

578,567

Available for sale securities, unrecognized holding loss

(1,160,899)

Available for sale securities, estimated fair value

50,174,120

22,886,303

US States and Political Subdivisions Debt Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, amortized cost

6,051,648

4,649,917

Available for sale securities, unrecognized holding gain

69,721

212,803

Available for sale securities, unrecognized holding loss

(163,527)

(1,989)

Available for sale securities, estimated fair value

5,957,842

4,860,731

Corporate Debt Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, amortized cost

187,219,967

174,711,061

Available for sale securities, unrecognized holding gain

3,656,829

21,791,370

Available for sale securities, unrecognized holding loss

(6,622,423)

(353,668)

Available for sale securities, estimated fair value

184,254,373

196,148,763

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

Marketable Securities [Line Items]

Available for sale securities, amortized cost

31,598,530

34,365,382

Available for sale securities, unrecognized holding gain

191,301

905,159

Available for sale securities, unrecognized holding loss

(1,772,065)

(161,332)

Available for sale securities, estimated fair value

30,017,766

35,109,209

Redeemable Preferred Stock [Member]

Marketable Securities [Line Items]

Available for sale securities, amortized cost

261,142

269,214

Available for sale securities, unrecognized holding gain

11,039

13,383

Available for sale securities, unrecognized holding loss

Available for sale securities, estimated fair value

272,181

282,597

Industrial Miscellaneous And All Other [Member]

Marketable Securities [Line Items]

Available-for-sale securities, amortized cost basis

9,730,028

8,275,772

Available for sale securities, unrecognized holding gain

2,309,512

3,626,444

Available for sale securities, unrecognized holding loss

(841,137)

(305,802)

Available-for-sale securities, gross unrealized gain

11,198,403

11,596,414

Equity Securities One [Member]

Marketable Securities [Line Items]

Available-for-sale securities, amortized cost basis

9,730,028

8,275,772

Available for sale securities, unrecognized holding gain

2,309,512

3,626,444

Available for sale securities, unrecognized holding loss

(841,137)

(305,802)

Available-for-sale securities, gross unrealized gain

11,198,403

11,596,414

Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

40,355,630

53,533,712

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

(385,559)

(498,600)

Mortgage loans on real estate and construction, allowance for losses

(1,246,564)

(1,469,571)

(1,774,796)

Mortgage loans on real estate and construction, discount

(114,084)

(169,369)

Mortgage loans on real estate and construction

38,609,423

51,396,172

Real estate held for investment, net of depreciation

38,486,971

41,972,462

Real estate held for sale

200,962

1,190,602

Residential Construction [Member]

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

203,130,224

175,117,783

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

(557,856)

(383,173)

Mortgage loans on real estate and construction, allowance for losses

(43,202)

$ (43,202)

Mortgage loans on real estate and construction, discount

Mortgage loans on real estate and construction

202,529,166

174,691,408

Commercial [Member]

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

34,050,215

51,683,022

Real estate held for investment, net of depreciation

158,068,734

155,393,335

Real estate held for sale

$ 2,540,698

[1]	Includes $937,600 of Membership stock and $1,650,800 of Activity stock due to short-term borrowings and letters of credit.
[2]	Includes $905,700 of Membership stock and $1,641,400 of Activity stock due to short-term advances and letters of credit.

Schedule of Investments (Details) (Parenthethical) - USD ($)

Jun. 30, 2022

Dec. 31, 2021

Short term investment

$ 2,588,400

^[1]

$ 2,547,100

^[2]

Membership [Member]

Short term investment

937,600

905,700

Activity Stock Due [Member]

Short term investment

$ 1,650,800

$ 1,641,400

[1]	Includes $937,600 of Membership stock and $1,650,800 of Activity stock due to short-term borrowings and letters of credit.
[2]	Includes $905,700 of Membership stock and $1,641,400 of Activity stock due to short-term advances and letters of credit.

Schedule of Fair Value of Fixed Maturity Securities (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Available for Sale Securities, Unrealized Losses for Less than Twelve Months	$ 8,609,015	$ 148,448
Available for Sale Securities, Unrealized Losses for Less than Twelve Months, Fair Value	185,854,542	13,122,225
Available for Sale Securities, Unrealized Losses for More than Twelve Months	1,109,899	368,541
Available for Sale Securities, Unrealized Losses for More than Twelve Months, Fair Value	5,078,314	5,354,617
Available for Sale Securities, Unrealized Losses	9,718,914	516,989
Available for Sale Securities, Fair Value	190,932,856	18,476,842
US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for Sale Securities, Unrealized Losses for Less than Twelve Months	1,160,899
Available for Sale Securities, Unrealized Losses for Less than Twelve Months, Fair Value	48,902,750
Available for Sale Securities, Unrealized Losses for More than Twelve Months
Available for Sale Securities, Unrealized Losses for More than Twelve Months, Fair Value
Available for Sale Securities, Unrealized Losses	1,160,899
Available for Sale Securities, Fair Value	48,902,750
US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for Sale Securities, Unrealized Losses for Less than Twelve Months	163,527	1,989
Available for Sale Securities, Unrealized Losses for Less than Twelve Months, Fair Value	3,492,894	548,715
Available for Sale Securities, Unrealized Losses for More than Twelve Months
Available for Sale Securities, Unrealized Losses for More than Twelve Months, Fair Value
Available for Sale Securities, Unrealized Losses	163,527	1,989
Available for Sale Securities, Fair Value	3,492,894	548,715
Corporate Securities [Member]
Marketable Securities [Line Items]
Available for Sale Securities, Unrealized Losses for Less than Twelve Months	5,750,763	73,507
Available for Sale Securities, Unrealized Losses for Less than Twelve Months, Fair Value	109,748,965	4,638,750
Available for Sale Securities, Unrealized Losses for More than Twelve Months	871,660	280,161
Available for Sale Securities, Unrealized Losses for More than Twelve Months, Fair Value	3,502,210	3,771,813
Available for Sale Securities, Unrealized Losses	6,622,423	353,668
Available for Sale Securities, Fair Value	113,251,175	8,410,563
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member]
Marketable Securities [Line Items]
Available for Sale Securities, Unrealized Losses for Less than Twelve Months	1,533,826	72,952
Available for Sale Securities, Unrealized Losses for Less than Twelve Months, Fair Value	23,709,933	7,934,760
Available for Sale Securities, Unrealized Losses for More than Twelve Months	238,239	88,380
Available for Sale Securities, Unrealized Losses for More than Twelve Months, Fair Value	1,576,104	1,582,804
Available for Sale Securities, Unrealized Losses	1,772,065	161,332
Available for Sale Securities, Fair Value	$ 25,286,037	$ 9,517,564

Schedule of Earnings on Fixed Maturity Securities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Balance of credit-related OTTI at January 1	$ 264,977	$ 370,975
Securities not previously impaired
Securities previously impaired
Securities that matured or were sold during the period (realized)	(39,502)
Securities due to an increase in expected cash flows
Balance of credit-related OTTI at June 30	$ 225,475	$ 370,975

Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized cost	$ 276,404,869	$ 236,303,310
Estimated fair value	270,676,282	259,287,603
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member]
Marketable Securities [Line Items]
Amortized cost	31,598,530	34,365,382
Estimated fair value	30,017,766	35,109,209
Redeemable Preferred Stock [Member]
Marketable Securities [Line Items]
Amortized cost	261,142	269,214
Estimated fair value	272,181	$ 282,597
Due in 1 year [Member]
Marketable Securities [Line Items]
Amortized cost	12,212,759
Estimated fair value	12,193,769
Due in 2-5 years [Member]
Marketable Securities [Line Items]
Amortized cost	96,106,175
Estimated fair value	94,530,894
Due in 5-10 years [Member]
Marketable Securities [Line Items]
Amortized cost	59,527,119
Estimated fair value	58,074,435
Due in more than 10 years [Member]
Marketable Securities [Line Items]
Amortized cost	76,699,144
Estimated fair value	$ 75,587,237

Schedule of Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Investment Income [Line Items]
Gross realized gains		$ 149,338	$ 2,354	$ 209,132
Gross realized losses	(7,825)		(7,845)
Total	(914,395)	1,477,204	(742,420)	3,437,317
Fixed Maturity Securities [Member]
Net Investment Income [Line Items]
Gross realized gains	129,512	188,266	175,635	273,659
Gross realized losses	(9,828)	(2,119)	(10,758)	(14,886)
Equity Securities One [Member]
Net Investment Income [Line Items]
Gains on securities sold	81,596	146,011	71,317	252,580
Unrealized gains and (losses) on securities held at the end of the period	(2,106,375)	490,394	(2,713,422)	1,442,424
Other Assets One [Member]
Net Investment Income [Line Items]
Gross realized gains	994,522	737,443	1,833,030	1,846,801
Gross realized losses	$ (3,822)	$ (82,791)	$ (98,222)	$ (363,261)

Schedule of Major Categories of Net Investment Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Marketable Securities [Line Items]
Proceeds from sales	$ 233,000	$ 1,163,366	$ 688,651	$ 1,982,931
Gross realized gains		149,338	2,354	209,132
Gross realized losses	(7,825)		(7,845)
Gross investment income	20,695,920	17,185,950	40,304,599	34,896,919
Investment expenses	(4,724,632)	(3,008,632)	(9,139,005)	(6,425,714)
Net investment income	15,971,288	14,177,318	31,165,594	28,471,205
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	2,811,650	2,698,011	5,447,866	5,522,122
Equity Securities 1 [Member]
Marketable Securities [Line Items]
Gross investment income	119,798	106,041	242,834	234,270
Mortgage Loans Real Estate [Member]
Marketable Securities [Line Items]
Gross investment income	9,244,464	6,902,466	17,204,642	12,986,883
Real Estate 1 [Member]
Marketable Securities [Line Items]
Gross investment income	4,012,192	3,002,650	7,052,226	6,045,479
Policy Student And Other Loans [Member]
Marketable Securities [Line Items]
Gross investment income	207,301	232,135	513,583	464,488
Insurance Assignments [Member]
Marketable Securities [Line Items]
Gross investment income	4,093,723	4,171,318	9,490,710	9,517,047
Other Investments 1 [Member]
Marketable Securities [Line Items]
Gross investment income	98,361	39,299	169,006	53,006
Cash And Cash Equivalents 1 [Member]
Marketable Securities [Line Items]
Gross investment income	$ 108,431	$ 34,030	$ 183,732	$ 73,624

Schedule of Commercial Real Estate Investment (Details)

Jun. 30, 2022

USD ($)

ft²

Dec. 31, 2021

USD ($)

ft²

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 196,555,705

$ 197,365,797

Real estate held for sale

2,741,660

3,731,300

Commercial Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 158,068,734

$ 155,393,335

Total square footage | ft²

677,392

Real estate held for sale

$ 2,540,698

Total square footage | ft²

225,551

UTAH | Commercial Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[1]

$ 152,758,740

$ 150,105,948

Total square footage | ft²

^[1]

625,920

LOUISIANA | Commercial Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 2,403,729

$ 2,426,612

Total square footage | ft²

31,778

MISSISSIPPI | Commercial Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 2,906,265

$ 2,860,775

Total square footage | ft²

19,694

Real estate held for sale

^[2]

$ 151,553

Total square footage | ft²

^[2]

KANSAS | Commercial Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for sale

$ 2,000,000

Total square footage | ft²

222,679

CALIFORNIA | Commercial Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for sale

$ 389,145

Total square footage | ft²

2,872

[1]	Includes Center53 phase 1 and phase 2
[2]	Approximately 93 acres of undeveloped land

Schedule of Residential Real Estate Investment (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 196,555,705

$ 197,365,797

Real estate held for sale

2,741,660

3,731,300

Residential Real Estate [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

38,486,971

41,972,462

Residential Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for sale

200,962

1,190,602

UTAH | Land Developments [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

38,285,419

41,479,434

Lots developed

Lots to be developed

1,348

548

UTAH | Residential Real Estate [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[1]

38,486,971

41,686,281

WASHINGTON | Residential Real Estate [Member]

Net Investment Income [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[2]

286,181

TEXAS | Residential Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for sale

200,962

NEVADA | Residential Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for sale

979,640

OHIO | Residential Real Estate One [Member]

Net Investment Income [Line Items]

Real estate held for sale

$ 10,000

[1]	Includes subdivision land developments
[2]	Improved residential lots

Schedule of Real Estate Owned and Occupied by the Company (Details)

Jun. 30, 2022

ft²

Mortgage Operations [Member]

Approximate square footage

221,000

Square footage occupied by the company

50.00%

Life Insurance Operations [Member]

Approximate square footage

19,694

Square footage occupied by the company

28.00%

Life Insurance Operations 1 [Member]

Approximate square footage

12,274

^[1]

Square footage occupied by the company

100.00%

^[1]

Life Insurance Sales [Member]

Approximate square footage

8,059

^[1]

Square footage occupied by the company

100.00%

^[1]

Life Insurance Sales 1 [Member]

Approximate square footage

1,560

^[1]

Square footage occupied by the company

100.00%

^[1]

Life Insurance Sales 2 [Member]

Approximate square footage

1,737

^[1]

Square footage occupied by the company

100.00%

^[1]

[1]	Included in property and equipment on the consolidated balance sheets

Schedule of Allowance for Loan Losses as Contra -Asset Account (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Marketable Securities [Line Items]

Financing receivable, allowance for credit loss, beginning

$ 1,699,902

$ 2,005,127

Allowance for credit losses, charge-offs

Allowance for credit losses, provision

(223,007)

(305,225)

Financing receivable, allowance for credit loss, ending balance

1,476,895

1,699,902

Financing receivable, allowance for credit losses, individually evaluated for impairment

63,310

105,384

Financing receivable, allowance for credit losses, collectively evaluated for impairment

1,413,585

1,594,518

Mortgage loans

277,536,069

280,334,517

Financing receivable, individually evaluated for impairment

2,212,365

4,272,028

Financing receivable, collectively evaluated for impairment

275,323,704

276,062,489

^[1]

Commercial Loan [Member]

Marketable Securities [Line Items]

Financing receivable, allowance for credit loss, beginning

187,129

Allowance for credit losses, charge-offs

Allowance for credit losses, provision

Financing receivable, allowance for credit loss, ending balance

187,129

Financing receivable, allowance for credit losses, individually evaluated for impairment

Financing receivable, allowance for credit losses, collectively evaluated for impairment

187,129

Mortgage loans

34,050,215

51,683,022

Financing receivable, individually evaluated for impairment

501,949

1,723,372

Financing receivable, collectively evaluated for impairment

33,548,266

49,959,650

Residential Mortgage [Member]

Marketable Securities [Line Items]

Financing receivable, allowance for credit loss, beginning

1,469,571

1,774,796

Allowance for credit losses, charge-offs

Allowance for credit losses, provision

(223,007)

(305,225)

Financing receivable, allowance for credit loss, ending balance

1,246,564

1,469,571

Financing receivable, allowance for credit losses, individually evaluated for impairment

63,310

105,384

Financing receivable, allowance for credit losses, collectively evaluated for impairment

1,183,254

1,364,187

Mortgage loans

40,355,630

53,533,712

Financing receivable, individually evaluated for impairment

1,294,512

2,548,656

Financing receivable, collectively evaluated for impairment

39,061,118

50,985,056

Residential Construction [Member]

Marketable Securities [Line Items]

Financing receivable, allowance for credit loss, beginning

43,202

Allowance for credit losses, charge-offs

Allowance for credit losses, provision

Financing receivable, allowance for credit loss, ending balance

43,202

Financing receivable, allowance for credit losses, individually evaluated for impairment

Financing receivable, allowance for credit losses, collectively evaluated for impairment

43,202

Mortgage loans

203,130,224

175,117,783

Financing receivable, individually evaluated for impairment

415,904

Financing receivable, collectively evaluated for impairment

$ 202,714,320

$ 175,117,783

[1]	Amount corrected from that previously reported due to a typographical error.

Schedule of Aging of Mortgage Loans (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Dec. 31, 2020

Marketable Securities [Line Items]

Mortgage Loans during period

$ 277,536,069

$ 280,334,517

Mortgage Loans, Allowance for Loan Losses

(1,476,895)

(1,699,902)

$ (2,005,127)

Mortgage Loans, Unamortized deferred loan fees, net

(1,015,336)

(918,586)

Mortgage Loans, Unamortized discounts, net

(352,212)

(409,983)

Past Due 30 to 59 Days [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

5,940,919

4,480,953

Past Due 60 to 89 Days [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

341,870

681,019

Past Due 90 or More Days [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

1,333,039

3,775,434

In Foreclosure [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

879,326

496,594

Total Past Due [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

8,495,154

9,434,000

Current [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

269,040,915

270,900,517

Net Mortgage Loans [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

274,691,626

277,306,046

Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

34,050,215

51,683,022

Mortgage Loans, Allowance for Loan Losses

(187,129)

Mortgage Loans, Unamortized deferred loan fees, net

(71,921)

(36,813)

Mortgage Loans, Unamortized discounts, net

(238,128)

(240,614)

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

Marketable Securities [Line Items]

Mortgage Loans during period

2,824,716

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

Marketable Securities [Line Items]

Mortgage Loans during period

100,204

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

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

1,723,372

Commercial Loan [Member] | In Foreclosure [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

501,949

Commercial Loan [Member] | Total Past Due [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

3,326,665

1,823,576

Commercial Loan [Member] | Current [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

30,723,550

49,859,446

Commercial Loan [Member] | Net Mortgage Loans [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

33,553,037

51,218,466

Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

40,355,630

53,533,712

Mortgage Loans, Allowance for Loan Losses

(1,246,564)

(1,469,571)

(1,774,796)

Mortgage Loans, Unamortized deferred loan fees, net

(385,559)

(498,600)

Mortgage Loans, Unamortized discounts, net

(114,084)

(169,369)

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

Marketable Securities [Line Items]

Mortgage Loans during period

2,433,116

3,117,826

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

Marketable Securities [Line Items]

Mortgage Loans during period

341,870

580,815

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

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

917,135

2,052,062

Residential Mortgage [Member] | In Foreclosure [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

377,377

496,594

Residential Mortgage [Member] | Total Past Due [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

4,069,498

6,247,297

Residential Mortgage [Member] | Current [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

36,286,132

47,286,415

Residential Mortgage [Member] | Net Mortgage Loans [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

38,609,423

51,396,172

Residential Construction [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

203,130,224

175,117,783

Mortgage Loans, Allowance for Loan Losses

(43,202)

$ (43,202)

Mortgage Loans, Unamortized deferred loan fees, net

(557,856)

(383,173)

Mortgage Loans, Unamortized discounts, net

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

Marketable Securities [Line Items]

Mortgage Loans during period

683,087

1,363,127

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

Marketable Securities [Line Items]

Mortgage Loans during period

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

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

415,904

Residential Construction [Member] | In Foreclosure [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

Residential Construction [Member] | Total Past Due [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

1,098,991

1,363,127

Residential Construction [Member] | Current [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

202,031,233

173,754,656

Residential Construction [Member] | Net Mortgage Loans [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

$ 202,529,166

$ 174,691,408

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

Schedule of Impairment Mortgage Loans (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Commercial Loan [Member]
Marketable Securities [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	$ 501,949	$ 1,723,372
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	501,949	1,723,372
Impaired Financing Receivable, with No Related Allowance
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	1,119,350	1,053,865
Impaired Financing Receivable, with No Interest Income Recognized
Impaired Financing Receivable, with Related Allowance, Recorded Investment
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance
Impaired Financing Receivable, Related Allowance
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment
Impaired Financing Receivable, with Interest Income Recognized
Commercial Loan [Member] \| Total [Member]
Marketable Securities [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	501,949	1,723,372
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	501,949	1,723,372
Impaired Financing Receivable, Related Allowance
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	1,119,350	1,053,865
Impaired Financing Receivable, with Interest Income Recognized
Residential Mortgage [Member]
Marketable Securities [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	650,488	1,591,368
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	650,488	1,591,368
Impaired Financing Receivable, with No Related Allowance
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	848,525	2,731,421
Impaired Financing Receivable, with No Interest Income Recognized
Impaired Financing Receivable, with Related Allowance, Recorded Investment	644,024	957,288
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	644,024	957,288
Impaired Financing Receivable, Related Allowance	63,310
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	730,672	726,449
Impaired Financing Receivable, with Interest Income Recognized
Residential Mortgage [Member] \| Total [Member]
Marketable Securities [Line Items]
Impaired Financing Receivable, with No Interest Income Recognized
Impaired Financing Receivable, with Related Allowance, Recorded Investment	1,294,512	2,548,656
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	1,294,512	2,548,656
Impaired Financing Receivable, Related Allowance	63,310	105,384
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	1,579,197	3,457,870
Impaired Financing Receivable, with Interest Income Recognized
Residential Construction [Member]
Marketable Securities [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	415,904
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	415,904
Impaired Financing Receivable, with No Related Allowance
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	207,952	100,481
Impaired Financing Receivable, with No Interest Income Recognized
Impaired Financing Receivable, with Related Allowance, Recorded Investment
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance
Impaired Financing Receivable, Related Allowance
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment
Impaired Financing Receivable, with Interest Income Recognized
Residential Construction [Member] \| Total [Member]
Marketable Securities [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	415,904
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	415,904
Impaired Financing Receivable, Related Allowance
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	207,952	100,481
Impaired Financing Receivable, with Interest Income Recognized

Schedule of Credit Risk of Mortgage Loans Based on Performance Status (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Mortgage loans	$ 277,536,069	$ 280,334,517
Commercial Loan [Member]
Marketable Securities [Line Items]
Mortgage loans	34,050,215	51,683,022
Residential Mortgage [Member]
Marketable Securities [Line Items]
Mortgage loans	40,355,630	53,533,712
Residential Construction [Member]
Marketable Securities [Line Items]
Mortgage loans	203,130,224	175,117,783
Performing Financing Receivable [Member]
Marketable Securities [Line Items]
Mortgage loans	275,323,704	276,062,489
Performing Financing Receivable [Member] \| Commercial Loan [Member]
Marketable Securities [Line Items]
Mortgage loans	33,548,266	49,959,650
Performing Financing Receivable [Member] \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Mortgage loans	39,061,118	50,985,056
Performing Financing Receivable [Member] \| Residential Construction [Member]
Marketable Securities [Line Items]
Mortgage loans	202,714,320	175,117,783
Nonperforming Financing Receivable [Member]
Marketable Securities [Line Items]
Mortgage loans	2,212,365	4,272,028
Nonperforming Financing Receivable [Member] \| Commercial Loan [Member]
Marketable Securities [Line Items]
Mortgage loans	501,949	1,723,372
Nonperforming Financing Receivable [Member] \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Mortgage loans	1,294,512	2,548,656
Nonperforming Financing Receivable [Member] \| Residential Construction [Member]
Marketable Securities [Line Items]
Mortgage loans	415,904
Performing and Non-Performing [Member]
Marketable Securities [Line Items]
Mortgage loans	277,536,069	280,334,517
Performing and Non-Performing [Member] \| Commercial Loan [Member]
Marketable Securities [Line Items]
Mortgage loans	34,050,215	51,683,022
Performing and Non-Performing [Member] \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Mortgage loans	40,355,630	53,533,712
Performing and Non-Performing [Member] \| Residential Construction [Member]
Marketable Securities [Line Items]
Mortgage loans	$ 203,130,224	$ 175,117,783

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

Investments (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Investments (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Net Investment Income [Line Items]
Average market value over amortized cost	95.20%		95.20%		97.30%
Credit loss recognized	$ 0	$ 0	$ 0	$ 0
Maximum borrowing capacity	56,103,252		56,103,252
Remaining borrowing capacity	51,524,955		51,524,955
Net investment income	15,971,288	14,177,318	31,165,594	28,471,205
Collateral for bank loans	196,555,705		196,555,705		$ 197,365,797
Real estate held for investment (net of accumulated depreciation of $20,686,607 and $17,692,038 for 2022 and 2021)	196,555,705		196,555,705		197,365,797
Loans payable to bank	200,344,907		200,344,907		251,286,927
Foreclosed residential real estate included in residential real estate held for investment			200,962		1,190,602
Interest not accrued on non-performing loans	$ 135,000		$ 135,000		$ 236,000
UTAH
Net Investment Income [Line Items]
Loan interest rate	79.00%		79.00%		70.00%
FLORIDA
Net Investment Income [Line Items]
Loan interest rate	5.00%		5.00%		7.00%
TEXAS
Net Investment Income [Line Items]
Loan interest rate	4.00%		4.00%		4.00%
CALIFORNIA
Net Investment Income [Line Items]
Loan interest rate	4.00%		4.00%		5.00%
NEVADA
Net Investment Income [Line Items]
Loan interest rate	2.00%		2.00%		4.00%
ARIZONA
Net Investment Income [Line Items]
Loan interest rate	2.00%		2.00%		2.00%
Minimum [Member]
Net Investment Income [Line Items]
Loan interest rate	2.00%		2.00%
Loan term			9 months
Maximum [Member]
Net Investment Income [Line Items]
Loan interest rate	10.50%		10.50%
Loan term			30 years
Commercial Real Estate 1 [Member]
Net Investment Income [Line Items]
Collateral for bank loans	$ 134,069,866		$ 134,069,866		$ 134,251,205
Real estate held for investment (net of accumulated depreciation of $20,686,607 and $17,692,038 for 2022 and 2021)	134,069,866		134,069,866		134,251,205
Loans payable to bank	100,503,091		100,503,091		85,663,148
Residential Real Estate [Member]
Net Investment Income [Line Items]
Foreclosed residential real estate included in residential real estate held for investment	94,400		94,400
Restricted Investments [Member]
Net Investment Income [Line Items]
Securities deposit	10,114,458		10,114,458		$ 10,168,853
Cemeteries and Mortuaries [Member]
Net Investment Income [Line Items]
Net investment income	$ 730,534	$ 190,668	$ 1,207,243	$ 351,879

Summary of Aggregate Fair Value - Loans Held for Sale (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loans Held For Sale
Aggregate fair value	$ 209,860,409	$ 302,776,827
Unpaid principal balance	207,409,731	294,481,503
Unrealized gain	$ 2,450,678	$ 8,295,324

Schedule of Mortgage Fee Income for Loans Held for Sale (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

^[1]

Loans Held For Sale

Loan fees

$ 7,950,227

$ 9,154,621

$ 15,037,410

$ 18,694,577

Interest income

2,923,446

2,188,380

4,955,315

4,500,181

Secondary gains

37,161,287

56,020,876

76,763,900

124,459,809

Change in fair value of loan commitments

(2,247,244)

(482,863)

428,127

(168,397)

Change in fair value of loans held for sale

(3,463,922)

(1,114,632)

(6,210,487)

(8,060,513)

Provision for loan loss reserve

(292,896)

(608,569)

(598,922)

^[1]

(1,269,232)

$ (2,211,230)

Mortgage fee income

$ 42,030,898

$ 65,157,813

$ 90,375,343

$ 138,156,425

[1]	Included in mortgage fee income

Summary of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Loans Held For Sale

Balance, beginning of period

$ 2,447,139

$ 20,583,618

Provision on current loan originations (1)

$ 292,896

$ 608,569

598,922

^[1]

$ 1,269,232

2,211,230

^[1]

Charge-offs, net of recaptured amounts

(1,105,275)

(20,347,709)

Balance, end of period

$ 1,940,786

$ 2,447,139

[1]	Included in mortgage fee income

Loans Held for Sale (Details Narrative) - USD ($)	6 Months Ended
Loans Held for Sale (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Loans Held For Sale
Provision on current loan originations	$ 598,922	$ 1,269,232
Loan increase per point	$ 290	$ 450
Amount of loan increased, per point	$ 1,000,000	$ 1,000,000

Schedule of Activity of Stock Option Plans (Details) - USD ($)

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Common Class A [Member]

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

Number of shares, outstanding, beginning

1,024,351

1,072,863

Weighted average exercise price, outstanding, beginning

$ 4.38

$ 4.22

Number of Shares, adjustment for effect of stock dividends

47,780

47,594

Number of shares, granted

4,000

Number of shares, exercised

(71,330)

(97,313)

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross

(4,000)

Number of shares, cancelled

(1,591)

Number of shares, outstanding, ending

1,003,210

1,023,144

Weighted average exercise price, outstanding, ending

$ 4.58

$ 4.29

Number of shares, options exercisable

955,460

1,023,144

Weighted average exercise price, options exercisable

$ 4.40

$ 4.29

Number of shares, available options for future grant

239,795

358,462

Weighted average contractual term of options outstanding

4 years 3 months 25 days

5 years 2 months 4 days

Weighted average contractual term of options exercisable

4 years 21 days

5 years 2 months 4 days

Aggregated intrinsic value of options outstanding

$ 3,891,873

^[1]

$ 4,135,399

^[2]

Aggregated intrinsic value of options exercisable

$ 3,878,980

^[1]

$ 4,135,399

^[2]

Number of shares, options exercisable

955,460

1,023,144

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant

239,795

358,462

Common Class C [Member]

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

Number of shares, outstanding, beginning

821,146

662,666

Weighted average exercise price, outstanding, beginning

$ 5.26

$ 4.61

Number of Shares, adjustment for effect of stock dividends

41,057

33,136

Number of shares, granted

Number of shares, exercised

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross

Number of shares, cancelled

Number of shares, outstanding, ending

862,203

695,802

Weighted average exercise price, outstanding, ending

$ 5.26

$ 4.61

Number of shares, options exercisable

747,203

695,802

Weighted average exercise price, options exercisable

$ 4.78

$ 4.61

Number of shares, available options for future grant

17,523

279,825

Weighted average contractual term of options outstanding

6 years 9 months

6 years 3 months 25 days

Weighted average contractual term of options exercisable

6 years 6 months

6 years 3 months 25 days

Aggregated intrinsic value of options outstanding

$ 2,758,643

^[1]

$ 2,585,420

^[2]

Aggregated intrinsic value of options exercisable

$ 2,748,093

^[1]

$ 2,585,420

^[2]

Number of shares, options exercisable

747,203

695,802

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant

17,523

279,825

[1]	The Company used a stock price of $8.46 as of June 30, 2022 to derive intrinsic value.
[2]	The Company used a stock price of $8.33 as of June 30, 2021, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.

Schedule of Activity of Stock Option Plans (Details) (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Stock price	$ 8.46	$ 8.33

Stock Compensation Plans (Details Narrative) - USD ($)	3 Months Ended			6 Months Ended
Stock Compensation Plans (Details Narrative) - USD ($)	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares based compensation expenses	$ 220,175	$ 271,747	$ 39,153
Total unrecognized compensation expense	390,714			$ 390,714
Intrinsic value stock options exercised				521,527	$ 434,318
Option Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares based compensation expenses	$ 220,175			$ 491,922	$ 39,153

Schedule of Earning Per Share, Basic and Diluted (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Earnings Per Share [Abstract]

Net earnings

$ 3,574,449

$ 3,228,718

$ 11,257,479

$ 12,128,715

$ 6,803,167

$ 23,386,194

Basic weighted-average shares outstanding

^[1]

21,184,688

21,098,789

21,282,747

21,085,669

Employee stock options

833,142

824,058

851,132

867,350

Diluted weighted-average shares outstanding

^[1]

22,017,830

21,922,847

22,133,879

21,953,019

Basic net earnings per share

^[1]

$ 0.17

$ 0.53

$ 0.32

$ 1.11

Diluted net earnings per share

^[1]

$ 0.16

$ 0.51

$ 0.31

$ 1.07

[1]

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
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+ Details

- Definition

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

+ References

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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

Summary of Activities in Shares of Capital Stock (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Common Class A [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares, outstanding, beginning	17,642,722	16,595,783
Exercise of stock options	69,096	80,948
Stock dividends, shares	889,554	836,263
Conversion of class C to class A	77,316	48,527
Common stock, shares, outstanding, ending	18,678,688	17,561,521
Common Class C [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares, outstanding, beginning	2,866,565	2,679,603
Exercise of stock options
Stock dividends, shares	139,462	131,554
Conversion of class C to class A	(77,316)	(48,527)
Common stock, shares, outstanding, ending	2,928,711	2,762,630

Earnings Per Share (Details Narrative) - shares	6 Months Ended
Earnings Per Share (Details Narrative) - shares	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	52,500	52,500

Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues from external customers	$ 95,566,654	$ 116,750,315	$ 197,992,561	$ 239,408,921
Intersegment revenues
Segment profit before income taxes	4,729,846	14,677,352	9,173,362	31,032,407
Identifiable Assets	1,466,914,032	1,498,536,599	1,466,914,032	1,498,536,599
Goodwill	5,253,783	3,519,588	5,253,783	3,519,588	$ 5,253,783
Total Assets	1,472,167,815	1,502,056,187	1,472,167,815	1,502,056,187
Life Insurance [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	41,166,269	40,657,393	82,668,078	79,601,227
Intersegment revenues	2,075,987	1,750,929	3,771,766	3,652,981
Segment profit before income taxes	3,931,784	4,694,177	4,748,269	7,389,205
Identifiable Assets	1,229,780,002	1,193,893,855	1,229,780,002	1,193,893,855
Goodwill	2,765,570	2,765,570	2,765,570	2,765,570
Total Assets	1,232,545,572	1,196,659,425	1,232,545,572	1,196,659,425
Cemetery And Mortuary [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	7,291,018	6,807,922	14,754,212	13,807,187
Intersegment revenues	85,151	78,302	267,740	155,809
Segment profit before income taxes	1,485,938	2,269,325	3,506,255	4,970,270
Identifiable Assets	78,739,030	59,621,349	78,739,030	59,621,349
Goodwill	2,488,213	754,018	2,488,213	754,018
Total Assets	81,227,243	60,375,367	81,227,243	60,375,367
Mortgage [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	47,109,367	69,285,000	100,570,271	146,000,507
Intersegment revenues	77,826	156,016	152,535	317,032
Segment profit before income taxes	(687,876)	7,713,850	918,838	18,672,932
Identifiable Assets	250,312,796	317,945,282	250,312,796	317,945,282
Goodwill
Total Assets	250,312,796	317,945,282	250,312,796	317,945,282
Intercompany Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues from external customers
Intersegment revenues	(2,238,964)	(1,985,247)	(4,192,041)	(4,125,822)
Segment profit before income taxes
Identifiable Assets	(91,917,796)	(72,923,887)	(91,917,796)	(72,923,887)
Goodwill
Total Assets	$ (91,917,796)	$ (72,923,887)	$ (91,917,796)	$ (72,923,887)

Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)

Jun. 30, 2022

Dec. 31, 2021

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

Fixed maturity securities available for sale

$ 270,676,282

$ 259,287,603

Equity securities

11,198,403

11,596,414

Loans held for sale

209,860,409

302,776,827

Restricted assets (1)

1,851,887

^[1]

1,601,688

^[2]

Restricted assets (2)

3,741,011

^[3]

3,603,822

^[4]

Cemetery perpetual care trust investments (1)

653,462

^[1]

784,765

^[2]

Cemetery perpetual care trust investments (2)

2,441,876

^[3]

3,302,480

^[4]

Derivatives - loan commitments (3)

9,864,213

^[5]

8,563,410

^[6]

Total assets accounted for at fair value on a recurring basis

510,287,543

591,517,009

Derivatives - call options (4)

(13,683)

^[7]

(50,936)

^[8]

Derivatives - put options (4)

(19,545)

^[7]

(4,493)

^[8]

Derivatives - loan commitments (4)

(2,420,571)

^[7]

(1,547,895)

^[8]

Total liabilities accounted for at fair value on a recurring basis

(2,453,799)

(1,603,324)

Fair Value, Inputs, Level 1 [Member]

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

Fixed maturity securities available for sale

Equity securities

11,198,403

11,596,414

Loans held for sale

Restricted assets (1)

^[1]

^[2]

Restricted assets (2)

3,741,011

^[3]

3,603,822

^[4]

Cemetery perpetual care trust investments (1)

^[1]

^[2]

Cemetery perpetual care trust investments (2)

2,441,876

^[3]

3,302,480

^[4]

Derivatives - loan commitments (3)

^[5]

^[6]

Total assets accounted for at fair value on a recurring basis

17,381,290

18,502,716

Derivatives - call options (4)

(13,683)

^[7]

(50,936)

^[8]

Derivatives - put options (4)

(19,545)

^[7]

(4,493)

^[8]

Derivatives - loan commitments (4)

^[7]

^[8]

Total liabilities accounted for at fair value on a recurring basis

(33,228)

(55,429)

Fair Value, Inputs, Level 2 [Member]

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

Fixed maturity securities available for sale

268,713,493

257,264,255

Equity securities

Loans held for sale

Restricted assets (1)

1,851,887

^[1]

1,601,688

^[2]

Restricted assets (2)

^[3]

^[4]

Cemetery perpetual care trust investments (1)

653,462

^[1]

784,765

^[2]

Cemetery perpetual care trust investments (2)

^[3]

^[4]

Derivatives - loan commitments (3)

^[5]

^[6]

Total assets accounted for at fair value on a recurring basis

271,218,842

259,650,708

Derivatives - call options (4)

^[7]

^[8]

Derivatives - put options (4)

^[7]

^[8]

Derivatives - loan commitments (4)

^[7]

^[8]

Total liabilities accounted for at fair value on a recurring basis

Fair Value, Inputs, Level 3 [Member]

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

Fixed maturity securities available for sale

1,962,789

2,023,348

Equity securities

Loans held for sale

209,860,409

302,776,827

Restricted assets (1)

^[1]

^[2]

Restricted assets (2)

^[3]

^[4]

Cemetery perpetual care trust investments (1)

^[1]

^[2]

Cemetery perpetual care trust investments (2)

^[3]

^[4]

Derivatives - loan commitments (3)

9,864,213

^[5]

8,563,410

^[6]

Total assets accounted for at fair value on a recurring basis

221,687,411

313,363,585

Derivatives - call options (4)

^[7]

^[8]

Derivatives - put options (4)

^[7]

^[8]

Derivatives - loan commitments (4)

(2,420,571)

^[7]

(1,547,895)

^[8]

Total liabilities accounted for at fair value on a recurring basis

$ (2,420,571)

$ (1,547,895)

[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

Assets and Liabilities Measured at Fair Value on A Recurring Basis (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Mar. 31, 2022

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Subsidiary, Sale of Stock [Line Items]

Fair Value Balance

$ 209,860,409

$ 302,776,827

Fair Value Balance

9,864,213

^[1]

8,563,410

^[2]

Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $276,404,869 and $236,303,310 for 2022 and 2021)

270,676,282

259,287,603

Loans Held For Sale [Member]

Subsidiary, Sale of Stock [Line Items]

Fair Value Balance

$ 209,860,409

$ 302,776,827

$ 234,012,872

$ 296,728,086

$ 304,030,372

$ 422,772,418

Fair Value Measurement, Range of Inputs, Minimum Value

86.90%

95.00%

Fair Value Measurement, Range of Inputs, Maximum Value

106.10%

109.00%

Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Weighted Average

100.80%

103.00%

Net Derivatives Loan Commitments [Member]

Subsidiary, Sale of Stock [Line Items]

Fair Value Measurement, Range of Inputs, Minimum Value

60.00%

66.00%

Fair Value Measurement, Range of Inputs, Maximum Value

95.00%

Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Weighted Average

79.00%

81.00%

Fair Value Balance

$ 7,443,642

$ 7,015,515

9,690,886

9,960,213

10,443,076

10,128,610

Fixed Maturity Securities Available For Sale 1 [Member]

Subsidiary, Sale of Stock [Line Items]

Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $276,404,869 and $236,303,310 for 2022 and 2021)

$ 1,962,789

$ 2,023,348

$ 2,011,772

$ 2,180,828

$ 2,191,093

$ 2,201,175

Fair Value Measurement, Range of Inputs, Minimum Value, price per share

$ 96.87

Fair Value Measurement, Range of Inputs, Maximum Value, price per share

111.11

Fair Value Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset And Liability, Weighted Average, price per share

$ 104.86

$ 106.73

[1]	Included in other assets on the consolidated balance sheets
[2]	Included in other assets on the consolidated balance sheets

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, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Subsidiary, Sale of Stock [Line Items]

Net Loan Commitments, Beginning

^[1]

$ 8,563,410

Loans Held for Sale, Beginning

302,776,827

Fixed Maturity Securities Available for Sale, Beginning

259,287,603

Net Loan Commitments, Ending

^[2]

$ 9,864,213

9,864,213

Loans Held for Sale, Ending

209,860,409

Fixed Maturity Securities Available for Sale, Ending

270,676,282

Net Derivatives Loan Commitments [Member]

Subsidiary, Sale of Stock [Line Items]

Net Loan Commitments, Beginning

9,690,886

$ 10,443,076

7,015,515

$ 10,128,610

Originations and purchases

Sales, maturities and paydowns

Total gains (losses) included in earnings

(2,247,244)

^[3]

(482,863)

^[4]

428,127

^[5]

(168,397)

^[6]

Total gains (losses) included in other comprehensive income

Net Loan Commitments, Ending

7,443,642

9,960,213

7,443,642

9,960,213

Transfer to mortgage loans held for investment

Loans Held For Sale [Member]

Subsidiary, Sale of Stock [Line Items]

Loans Held for Sale, Beginning

234,012,872

304,030,372

302,776,827

422,772,418

Originations and purchases

1,010,742,878

1,360,389,498

2,049,959,460

2,810,230,507

Sales, maturities and paydowns

(1,055,390,037)

(1,410,147,019)

(2,187,475,867)

(3,025,027,077)

Total gains (losses) included in earnings

20,494,696

^[3]

42,455,235

^[4]

44,599,989

^[5]

88,954,189

^[6]

Total gains (losses) included in other comprehensive income

Loans Held for Sale, Ending

209,860,409

296,728,086

209,860,409

296,728,086

Transfer to mortgage loans held for investment

(201,951)

Fixed Maturity Securities Available For Sale 1 [Member]

Subsidiary, Sale of Stock [Line Items]

Fixed Maturity Securities Available for Sale, Beginning

2,011,772

2,191,093

2,023,348

2,201,175

Originations and purchases

Sales, maturities and paydowns

(12,400)

(11,300)

(24,350)

(22,400)

Total gains (losses) included in earnings

996

^[7]

908

^[8]

1,957

^[9]

1,801

^[10]

Total gains (losses) included in other comprehensive income

(37,579)

127

(38,166)

252

Fixed Maturity Securities Available for Sale, Ending

$ 1,962,789

$ 2,180,828

$ 1,962,789

2,180,828

Transfer to mortgage loans held for investment

[1]	Included in other assets on the consolidated balance sheets
[2]	Included in other assets on the consolidated balance sheets
[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 Mortgage fee income on the condensed consolidated statements of earnings
[6]	As a component of Mortgage fee 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
[9]	As a component of Net investment income on the condensed consolidated statements of earnings
[10]	As a component of Net investment income on the condensed consolidated statements of earnings

Schedule of Fair Value Assets Measured on a Nonrecurring Basis (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired mortgage loans held for investment	$ 274,691,626	$ 277,306,046
Impaired real estate held for sale	2,741,660	3,731,300
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired mortgage loans held for investment	580,714	851,903
Assets fair value disclosure nonrecurring	580,714	2,851,903
Impaired real estate held for sale		2,000,000
Fair Value, Nonrecurring [Member] \| 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
Assets fair value disclosure nonrecurring
Impaired real estate held for sale
Fair Value, Nonrecurring [Member] \| 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
Assets fair value disclosure nonrecurring
Impaired real estate held for sale
Fair Value, Nonrecurring [Member] \| 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	580,714	851,903
Assets fair value disclosure nonrecurring	$ 580,714	2,851,903
Impaired real estate held for sale		$ 2,000,000

Schedule of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($)

Jun. 30, 2022

Dec. 31, 2021

Dec. 31, 2020

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

$ 274,691,626

$ 277,306,046

Other investments and policy loans

66,410,188

67,955,155

Restricted assets

17,531,716

16,938,122

Cemetery perpetual care trust investments

7,533,312

7,835,721

Mortgage servicing rights

56,289,255

53,060,455

$ 35,210,516

Mortgage servicing rights, estimated fair value

95,644,506

68,811,809

Bank and other loans payable

(200,344,907)

(251,286,927)

Bank and other loans payable

200,344,907

251,286,927

Future policy benefits and unpaid claims

(875,727,865)

(863,274,693)

Future policy benefits and unpaid claims

875,727,865

863,274,693

Residential Mortgage [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

38,609,423

51,396,172

Mortgage loans held for investment, estimated fair value

37,669,281

55,159,167

Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

37,669,281

55,159,167

Residential Construction [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

202,529,166

174,691,408

Mortgage loans held for investment, estimated fair value

202,529,166

174,691,408

Residential Construction [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

Residential Construction [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

Residential Construction [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

202,529,166

174,691,408

Commercial Loan [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

33,553,037

51,218,466

Mortgage loans held for investment, estimated fair value

33,070,818

51,008,709

Commercial Loan [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

Commercial Loan [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

Commercial Loan [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

33,070,818

51,008,709

Mortgage Loans Net [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

274,691,626

277,306,046

Mortgage loans held for investment, estimated fair value

273,269,265

280,859,284

Mortgage Loans Net [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

Mortgage Loans Net [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

Mortgage Loans Net [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment (net of allowances for loan losses of $1,476,895 and $1,699,902 for 2022 and 2021)

273,269,265

280,859,284

Policy Loan [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans

13,130,188

13,478,214

Other investments and policy loans, estimated fair value

13,478,214

Policy Loan [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans

Policy Loan [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans

Policy Loan [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans

13,130,188

13,478,214

Insurance Assignments [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans

41,514,424

^[1]

46,946,590

^[2]

Other investments and policy loans, estimated fair value

^[2]

46,946,590

Insurance Assignments [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans

^[1]

^[2]

Insurance Assignments [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans

^[1]

^[2]

Insurance Assignments [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans

41,514,424

^[1]

46,946,590

^[2]

Restricted Assets [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted assets

2,284,145

^[3]

2,732,320

Restricted assets, estimated fair value

2,732,320

Restricted Assets [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted assets

^[3]

Restricted Assets [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted assets

^[3]

Restricted Assets [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted assets

2,284,145

^[3]

2,732,320

Cemetery Perpetual Care Trust Investments [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery perpetual care trust investments

2,275,145

^[3]

1,823,533

Cemetery perpetual care trust investments, estimated fair value

1,823,533

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery perpetual care trust investments

^[3]

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery perpetual care trust investments

^[3]

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery perpetual care trust investments

2,275,145

^[3]

1,823,533

Mortgage Servicing Rights [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage servicing rights

56,289,255

53,060,455

Mortgage servicing rights, estimated fair value

95,644,506

68,811,809

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage servicing rights

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage servicing rights

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage servicing rights

95,644,506

68,811,809

Bank and Other Loans Payable [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and other loans payable

(200,344,907)

(251,286,927)

Bank and other loans payable

200,344,907

251,286,927

Bank and other loans payable, fair value

(251,286,927)

Bank and Other Loans Payable [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and other loans payable

Bank and Other Loans Payable [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and other loans payable

Bank and Other Loans Payable [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and other loans payable

(200,344,907)

(251,286,927)

Bank and other loans payable

200,344,907

251,286,927

Policyholder Account Balances [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

(42,060,137)

^[4]

(42,939,055)

^[5]

Future policy benefits and unpaid claims

42,060,137

^[4]

42,939,055

^[5]

Future policy benefits and unpaid claims, estimated fair value

(35,231,639)

^[4]

(35,855,934)

^[5]

Policyholder Account Balances [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

^[4]

^[5]

Future policy benefits and unpaid claims

^[4]

^[5]

Policyholder Account Balances [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

^[4]

^[5]

Future policy benefits and unpaid claims

^[4]

^[5]

Policyholder Account Balances [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

(35,231,639)

^[4]

(35,855,934)

^[5]

Future policy benefits and unpaid claims

35,231,639

^[4]

35,855,934

^[5]

Future Policy Benefits Annuities [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

(106,972,838)

^[4]

(107,992,830)

^[5]

Future policy benefits and unpaid claims

106,972,838

^[4]

107,992,830

^[5]

Future policy benefits and unpaid claims, estimated fair value

(115,674,814)

^[4]

(116,215,717)

^[5]

Future Policy Benefits Annuities [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

^[4]

^[5]

Future policy benefits and unpaid claims

^[4]

^[5]

Future Policy Benefits Annuities [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

^[4]

^[5]

Future policy benefits and unpaid claims

^[4]

^[5]

Future Policy Benefits Annuities [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

(115,674,814)

^[4]

(116,215,717)

^[5]

Future policy benefits and unpaid claims

$ 115,674,814

^[4]

$ 116,215,717

^[5]

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

Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	$ 692,681,295	$ 862,568,967
Derivative asset, notional amount	9,864,213	8,563,410
Derivative liability, notional amount	2,420,571	1,547,895
Call Options [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	696,900	982,500
Derivative asset, notional amount
Derivative liability, notional amount	13,683	50,936
Put Options [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	482,500	362,900
Derivative asset, notional amount
Derivative liability, notional amount	19,545	4,493
Net Derivatives Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	693,860,695	863,914,367
Derivative asset, notional amount	9,864,213	8,563,410
Derivative liability, notional amount	$ 2,453,799	$ 1,603,324

Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Gain (loss) on derivatives	$ (2,247,244)	$ (482,863)	$ 428,127	$ (168,397)
Call and Put Options [Member]
Subsidiary, Sale of Stock [Line Items]
Gain (loss) on derivatives	$ 65,033	$ 88,522	$ 126,229	$ 115,285

Reinsurance, Commitments and Contingencies (Details Narrative)	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 56,103,252
Other commitments	328,580,000
Payment for other liabilities	207,689,514
Wells Fargo Bank N.A. [Member]
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 100,000,000
Line of credit, interest rate, description	The agreement charges interest at the 1-Month SOFR rate plus 2.1%
Line of credit, maturity date	Jun. 02, 2023
Adjustment of debt \| $ / shares	$ 1.00
Texas Capital Bank N.A. [Member]
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 100,000,000
Line of credit, interest rate, description	The agreement charges interest at the 1-Month LIBOR rate plus 2%
Line of credit, maturity date	Nov. 09, 2022
Adjustment of debt \| $ / shares	$ 1.00
Comerica Bank [Member]
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 75,000,000
Line of credit, interest rate, description	The agreement charges interest at the 1-Month SOFR rate plus 2.50%
Line of credit, maturity date	May 26, 2023
Adjustment of debt \| $ / shares	$ 1.00
U.S. Bank [Member]
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 100,000,000
Line of credit, interest rate, description	The agreement charges interest at 2.10% plus the greater of (i) 0%
Line of credit, maturity date	Jun. 02, 2023
Adjustment of debt \| $ / shares	$ 1.00
Minimum [Member]
Loss Contingencies [Line Items]
Reinsurance payable	$ 25,000
Interest rate	2.00%
Minimum [Member] \| Loans [Member]
Loss Contingencies [Line Items]
Loan commitment ranges	50.00%
Interest rate	5.25%
Maximum [Member]
Loss Contingencies [Line Items]
Reinsurance payable	$ 100,000
Interest rate	10.50%
Maximum [Member] \| Loans [Member]
Loss Contingencies [Line Items]
Loan commitment ranges	80.00%
Interest rate	8.00%

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

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Balance before valuation allowance at beginning of year

$ 53,060,455

$ 35,210,516

MSR additions resulting from loan sales

9,066,637

32,701,819

Amortization (1)

^[1]

(5,837,837)

(14,851,880)

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

Balance before valuation allowance at end of period

56,289,255

53,060,455

Balance at beginning of year

Additions

Balance at end of period

Mortgage servicing rights, net

56,289,255

53,060,455

Estimated fair value of MSRs at end of period

$ 95,644,506

$ 68,811,809

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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights (Details)	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 6,184,893
2022	5,460,823
2023	4,983,934
2024	4,490,584
2025	4,050,463
Thereafter	31,118,558
Total	$ 56,289,255

Schedule of Other Revenues (Details) - USD ($)	3 Months Ended		6 Months Ended
Schedule of Other Revenues (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Late fees	$ 5,316,365	$ 4,660,554	$ 10,483,873	$ 8,774,212
Total	4,776,566	3,829,731	9,382,864	7,298,252
Contractual Servicing Fees [Member]
Late fees	4,694,969	3,755,294	9,201,229	7,142,765
Late Fees [Member]
Late fees	$ 81,597	$ 74,437	$ 181,635	$ 155,487

Summary of Unpaid Principal Balances of the Servicing Portfolio (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Servicing unpaid principal balance	$ 7,502,116,963	$ 7,060,536,350

Schedule of Assumptions Used in Determining MSR Value (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Prepayment speed	7.50	11.60
Average life	8 years 3 months 18 days	6 years 7 months 20 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	24.40%	23.30%	25.80%	24.60%
Provision for income taxes	$ 1,155,397	$ 3,419,873	$ 2,370,195	$ 7,646,213
Federal statutory income tax rate, percent			21.00%

- Definition

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

+ References + Details

Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Impairment Effects on Earnings Per Share [Line Items]

Contract asset, beginning balance

Contract liability, beginning balance

14,508,022

13,080,179

Contract asset, ending balance

Contract liability, ending balance

15,519,297

14,508,022

Increase (decrease) in accounts receivable

^[1]

368,383

1,178,648

Increase (decrease) in contract asset

Increase (decrease) in contract liability

1,011,275

1,427,843

Accounts Receivable [Member]

Impairment Effects on Earnings Per Share [Line Items]

Receivables, beginning balance

^[1]

5,298,636

4,119,988

Receivables, ending balance

^[1]

$ 5,667,019

$ 5,298,636

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

Schedule of Revenues of the Cemetery and Mortuary Contracts (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net mortuary and cemetery sales	$ 7,250,503	$ 6,318,398	$ 14,456,224	$ 12,260,524
Major Goods Or Services Lines At Need [Member]
Net mortuary and cemetery sales	5,598,109	4,001,408	11,464,987	8,043,428
Major Goods Or Services Lines Pre Need [Member]
Net mortuary and cemetery sales	1,652,394	2,316,990	2,991,237	4,217,096
Timing Of Revenue Recognition Goods Transferred At A Point In Time [Member]
Net mortuary and cemetery sales	4,594,656	4,552,154	8,775,201	8,750,827
Timing Of Revenue Recognition Services Transferred At A Point In Time [Member]
Net mortuary and cemetery sales	$ 2,655,847	$ 1,766,244	$ 5,681,023	$ 3,509,697

Schedule of Reconciliation of Revenues from Cemetery and Mortuary Contracts to Business Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net mortuary and cemetery sales	$ 7,250,503	$ 6,318,398	$ 14,456,224	$ 12,260,524
Gains (losses) on investments and other assets	(914,395)	1,477,204	(742,420)	3,437,317
Net investment income	15,971,288	14,177,318	31,165,594	28,471,205
Other revenues	5,316,365	4,660,554	10,483,873	8,774,212
Revenues from external customers	95,566,654	116,750,315	197,992,561	239,408,921
Cemetery And Mortuary [Member]
Net mortuary and cemetery sales	7,250,503	6,318,398	14,456,224	12,260,524
Gains (losses) on investments and other assets	(720,135)	227,546	(974,660)	1,025,886
Net investment income	739,272	240,587	1,235,731	470,891
Other revenues	21,378	21,391	36,917	49,886
Revenues from external customers	$ 7,291,018	$ 6,807,922	$ 14,754,212	$ 13,807,187

Revenues from Contracts with Customers (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized included in the opening contract liability	$ 1,526,324	$ 1,309,936	$ 2,590,428	$ 2,444,937