0001493152-23-028166 | 10-Q | XBRL Viewer | Security National Financial Corp

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Earnings Per Share (Details Narrative) - shares	6 Months Ended
Earnings Per Share (Details Narrative) - shares	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	55,125	52,500

Schedule of Revenues of the Cemetery and Mortuary Contracts (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net mortuary and cemetery sales	$ 7,168,714	$ 7,250,503	$ 13,640,143	$ 14,456,224
Major Goods Or Services Lines At Need [Member]
Net mortuary and cemetery sales	4,999,450	5,598,109	10,153,486	11,464,987
Major Goods Or Services Lines Pre Need [Member]
Net mortuary and cemetery sales	2,169,264	1,652,394	3,486,657	2,991,237
Timing Of Revenue Recognition Goods Transferred At A Point In Time [Member]
Net mortuary and cemetery sales	4,528,969	4,594,656	8,558,635	8,775,201
Timing Of Revenue Recognition Services Transferred At A Point In Time [Member]
Net mortuary and cemetery sales	$ 2,639,745	$ 2,655,847	$ 5,081,508	$ 5,681,023

Schedule of Activity Restricted Stock Units (Details) (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price	$ 8.45	$ 8.46
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price	$ 8.45

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net cash provided by operating activities	$ 2,181,039	$ 97,638,887
Cash flows from investing activities:
Purchases of fixed maturity securities	(28,549,767)	(49,382,284)
Sales, calls and maturities of fixed maturity securities	19,851,603	9,286,436
Purchases of equity securities	(5,949,902)	(3,166,256)
Sales of equity securities	5,430,156	1,918,057
Net changes in restricted assets		(635,844)
Purchases of restricted assets	(1,148,199)
Sales, calls and maturities of restricted assets	64,746
Net changes in cemetery perpetual care trust investments		330,999
Purchases of cemetery perpetual care trust investments	(355,152)
Sales, calls and maturities of perpetual care trust investments	91,504
Mortgage loans held for investment, other investments and policy loans made	(326,286,179)	(382,449,025)
Payments received for mortgage loans held for investment, other investments and policy loans	369,206,657	386,898,902
Purchases of property and equipment	(527,285)	(706,058)
Sales of property and equipment	10,973	64,579
Purchases of real estate	(3,971,593)	(11,853,775)
Sales of real estate	20,684,319	13,549,696
Net cash provided by (used in) investing activities	48,551,881	(36,144,573)
Cash flows from financing activities:
Investment contract receipts	6,103,142	5,770,353
Investment contract withdrawals	(7,663,735)	(8,160,796)
Proceeds from stock options exercised	38,879	127,265
Purchases of treasury stock	(2,591,416)	(7,277,291)
Repayment of bank loans	(68,658,021)	(45,217,295)
Proceeds from bank loans	66,000,000	59,618,052
Net change in warehouse line borrowings for loans held for sale	(55,805,126)	(65,362,776)
Net cash used in financing activities	(62,576,277)	(60,502,488)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	(11,843,357)	991,826
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	133,483,817	141,414,282
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	121,640,460	142,406,108
Cash paid during the year for:
Interest	3,056,099	3,568,862
Income taxes (net of refunds)	17,458,807	407,958
Non Cash Operating, Investing and Financing Activities:
Transfer from mortgage loans held for investment to restricted assets	1,625,961
Transfer from mortgage loans held for investment to cemetery perpetual care trust investments	1,611,550
Transfer from loans held for sale to mortgage loans held for investment	1,150,074
Benefit plans funded with treasury stock	1,145,864	3,073,973
Right-of-use assets obtained in exchange for operating lease liabilities	139,095	732,005
Right-of-use assets obtained in exchange for finance lease liabilities	12,332
Accrued real estate construction costs and retainage		1,782,556
Cash and cash equivalents	110,285,941	131,296,538
Restricted assets	10,276,918	9,654,673
Cemetery perpetual care trust investments	$ 1,077,601	$ 1,454,897

Schedule of Aging of Insurance Assignments (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Insurance assignments, allowance for loan losses

$ (1,690,693)

$ (1,609,951)

$ (1,686,218)

Past Due 30 to 59 Days [Member]

Past Due 60 to 89 Days [Member]

7,756,991

10,621,443

Over 90 Days Past Due [Member]

3,093,411

3,997,484

^[1]

4,844,022

5,813,013

Total Past Due [Member]

15,694,424

20,431,941

Current [Member]

Insurance Assignments [Member]

25,462,877

26,510,594

Net Insurance Assignments [Member]

41,157,301

46,942,536

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

$ 39,466,608

$ 45,332,585

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

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Impairment Effects on Earnings Per Share [Line Items]
Beginning balance
Additions for credit losses not previously recorded	179,500
Change in allowance on securities with previous allowance	44,505
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Ending Balance	224,005
US Treasury Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Beginning balance
Additions for credit losses not previously recorded
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Ending Balance
US States and Political Subdivisions Debt Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Beginning balance
Additions for credit losses not previously recorded
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Ending Balance
Corporate Debt Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Beginning balance
Additions for credit losses not previously recorded	179,500
Change in allowance on securities with previous allowance	44,505
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Ending Balance	224,005
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member]
Impairment Effects on Earnings Per Share [Line Items]
Beginning balance
Additions for credit losses not previously recorded
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Ending Balance

Schedule of Activity Restricted Stock Units (Details) - USD ($)

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Common Class A [Member]

Number of shares, available RSUs for future grant

171,386

239,795

Restricted Stock Units (RSUs) [Member]

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

Weighted average grant date fair value, beginning

$ 6.48

Weighted average grant date fair value, ending

$ 6.48

Restricted Stock Units (RSUs) [Member] | Common Class A [Member]

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

Non-vested Number of shares, beginning

1,620

Non-vested Number of shares, Granted

Non-vested Number of shares, Vested

(405)

Non-vested Number of shares, ending

1,215

Number of shares, available RSUs for future grant

18,380

Aggregated intrinsic value of RSUs outstanding

^[1]

$ 2,394

[1]	The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Gain (loss) on derivatives	$ (151,382)	$ (2,247,244)	$ 526,570	$ 428,127
Call And Put Options [Member]
Subsidiary, Sale of Stock [Line Items]
Gain (loss) on derivatives		$ 65,033	$ 49,963	$ 126,229

Investments (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Investments (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Credit loss recognized	$ 44,505		$ 224,005
Maximum borrowing capacity	84,531,263		84,531,263
Other borrowings
Remaining borrowing capacity	$ 76,274,326		$ 76,274,326
Fixed maturity securities rated investment grade, percent	98.00%		98.00%		97.70%
Loans Payable to Bank	$ 103,301,721		$ 103,301,721		$ 161,712,804
Interest not accrued on non-performing loans	145,000		145,000		$ 226,000
Realized investment gains	197,580		251,510
Realized investment loss		720,135		995,876
Net investment income	20,171,974	15,971,288	37,946,857	31,165,594
Cemeteries and Mortuaries [Member]
Debt Securities, Available-for-Sale [Line Items]
Net investment income	$ 1,250,861	730,534	$ 1,852,352	1,207,243
UTAH
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	54.00%		54.00%		64.00%
FLORIDA
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	10.00%		10.00%		10.00%
CALIFORNIA
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	8.00%		8.00%		5.00%
AZERBAIJAN
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	6.00%		6.00%
TEXAS
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	5.00%		5.00%		5.00%
Minimum [Member]
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	2.00%		2.00%
Loan term			9 months
Maximum [Member]
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	10.50%		10.50%
Loan term			30 years
Restricted Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Securities and cash on deposit with regulatory	$ 10,953,870		$ 10,953,870		$ 11,032,165
748 Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Average market value over amortized cost	93.70%		93.70%
713 Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Average market value over amortized cost					93.60%
Commercial Real Estate 1 [Member]
Debt Securities, Available-for-Sale [Line Items]
Collateral for bank loans	$ 126,954,484		$ 126,954,484		$ 129,330,119
Loans Payable to Bank	96,199,103		96,199,103		97,112,131
Depreciation expense	1,576,901	1,665,343	3,142,828	2,989,274
Residential Real Estate [Member]
Debt Securities, Available-for-Sale [Line Items]
Depreciation expense	2,648	$ 2,648	5,296	$ 5,296
Residential Real Estate [Member]
Debt Securities, Available-for-Sale [Line Items]
Foreclosed real estate expense					$ 11,010,029

Schedule of Receivables (Details) - USD ($)

Dec. 31, 2023

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Receivables from sales agents

Contracts with customers

$ 5,392,779

$ 5,814,731

^[1]

$ 5,392,779

^[1]

$ 5,298,636

^[1]

2,209,185

2,139,563

Other

23,200,919

5,214,235

Total receivables

30,802,883

13,168,529

Allowance for doubtful accounts

(2,229,791)

(1,492,934)

(2,229,791)

$ (1,800,725)

Net receivables

$ 28,573,092

$ 11,675,595

$ 28,573,092

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

Mortgage Servicing Rights (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023			As of December 31, 2022
Amortized cost:
Balance before valuation allowance at beginning of year	$	3,039,765		$	53,060,455
MSR additions resulting from loan sales (1)		694,897			10,243,922
Amortization (2)		(292,310	)		(9,078,706	)
Sale of MSRs		-			(51,185,906	)
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance before valuation allowance at end of period	$	3,442,352		$	3,039,765

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	$	3,442,352		$	3,039,765

Estimated fair value of MSRs at end of period	$	4,790,912		$	3,927,877

(1)	Included in mortgage fee income on the condensed consolidated statements of earnings

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

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

The table below 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, 2023 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
2023		363,261
2024		328,177
2025		299,068
2026		266,962
2027		238,917
Thereafter		1,945,967
Total	$	3,442,352

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

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Contractual servicing fees	$	233,218	$	4,694,969	$	643,618	$	9,201,229
Late fees		14,008		81,597		63,321		181,635
Total	$	247,226	$	4,776,566	$	706,939	$	9,382,864

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, 2023				As of December 31, 2022
Servicing UPB		$	403,651,388			$	360,023,384

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, 2023		8.70		8.24		11.57
December 31, 2022		8.12		8.49		11.95

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Earnings Per Share [Abstract]

Basic weighted-average shares outstanding

$ 6,352,706

$ 1,240,172

$ 3,574,449

$ 3,228,718

$ 7,592,878

$ 6,803,167

^[1]

22,005,332

22,233,852

22,066,991

22,331,911

Employee stock options

563,301

874,799

550,897

893,689

Diluted weighted-average shares outstanding

^[1]

22,568,633

23,108,651

22,617,888

23,225,600

Basic net earnings per share

^[1]

$ 0.29

$ 0.16

$ 0.34

$ 0.30

Diluted net earnings per share

^[1]

$ 0.28

$ 0.15

$ 0.34

$ 0.29

[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.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of Increased (Decrease) in Allowances for Credit Losses Upon ASU (Details) - USD ($)

3 Months Ended

6 Months Ended

Jan. 01, 2023

Mar. 31, 2023

Jun. 30, 2023

$ (671,506)

$ 665,030

^[1]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[1]

(192,607)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member]

^[1]

$ 301,830

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Mortgage Loans Held for Investment [Member]

$ 671,506

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Mortgage Loans Held for Investment [Member] | Residential Mortgage [Member]

665,030

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Mortgage Loans Held for Investment [Member] | Residential Construction [Member]

(192,607)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Mortgage Loans Held for Investment [Member] | Commercial [Member]

301,830

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Restricted Assets Mortgage Loans Held For Investment [Member] | Residential Construction [Member]

555,807

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Cemetery Perpetual Care Trus tInvestments Mortgage Loans Held For Investment [Member] | Residential Construction [Member]

3,463

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 3,013

[1]	See Note 2 of the notes to the condensed consolidated financial statements

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 832
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483482/832-10-65-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 832
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483482/832-10-65-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479845/805-20-65-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479845/805-20-65-3

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479845/805-20-65-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 66: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 67: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 70: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 71: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 72: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 73: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 74: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-6

Reference 75: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 76: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 77: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 78: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 79: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 80: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 81: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 82: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 83: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 84: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 85: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 86: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 87: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 88: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 89: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Activities in Shares of Capital Stock (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Common Class A [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares, outstanding, beginning	18,758,031	17,642,722
Exercise of stock options	127,688	69,096
Vesting of restricted stock units	405
Stock dividends	949,675	889,554
Conversion of Class C to Class A	57,901	77,316
Common stock, shares, outstanding, ending	19,893,700	18,678,688
Common Class C [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares, outstanding, beginning	2,889,859	2,866,565
Exercise of stock options
Vesting of restricted stock units
Stock dividends	141,594	139,462
Conversion of Class C to Class A	(57,901)	(77,316)
Common stock, shares, outstanding, ending	2,973,552	2,928,711

Derivative Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments

9) Derivative Instruments

Mortgage Banking Derivatives

Loan Commitments

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

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

The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices, estimates of the fair value of mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the commitment 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

9) Derivative Instruments (Continued)

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 discontinued its use of selling “out of the money” call options on its equity securities and the use of selling put options as a source of revenue in the first quarter of 2023. 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, 2023						December 31, 2022
	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	$	344,410,019	$	5,949,181	$	2,715,734	$	453,371,808	$	4,089,859	$	1,382,979
Call options	Other liabilities		-		-		-		868,600		-		29,715
Put options	Other liabilities		-		-		-		654,500		-		13,888
Total		$	344,410,019	$	5,949,181	$	2,715,734	$	454,894,908	$	4,089,859	$	1,426,582

		Net Amount Gain (Loss)						Net Amount Gain (Loss)
		Three Months Ended June 30,						Six Months Ended June 30,
Derivative	Classification	2023			2022			2023		2022
Loan commitments	Mortgage fee income	$	(151,382	)	$	(2,247,244	)	$	526,570	$	428,127

Call and put options	Gains on investments and other assets	$	-		$	65,033		$	49,963	$	126,229

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

Schedule of Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Line Items]
Gross realized gains			$ 11,257	$ 2,354
Gross realized losses		(7,825)	(54,104)	(7,845)
Net credit loss (provision) release	(44,505)		(224,005)
Total	816,584	(914,395)	927,738	(742,420)
Fixed Maturity Securities [Member]
Schedule of Investments [Line Items]
Gross realized gains	1,563	129,512	17,054	175,635
Gross realized losses	(36,908)	(9,828)	(91,799)	(10,758)
Net credit loss (provision) release	(44,505)		(224,005)
Equity Securities One [Member]
Schedule of Investments [Line Items]
Gains (losses) on securities sold	5,363	81,596	(46,952)	71,317
Unrealized gains and (losses) on securities held at the end of the period	566,633	(2,106,375)	898,064	(2,713,422)
Real Estate Held For Investment And Sale [Member]
Schedule of Investments [Line Items]
Gross realized gains	161,028	364,150	161,028	1,239,331
Gross realized losses		(94,400)		(98,222)
Other Assets Including Call And Put Option Derivatives [Member]
Schedule of Investments [Line Items]
Gross realized gains	163,410	720,950	214,348	593,699
Gross realized losses

Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets

6 Months Ended

Jun. 30, 2023

Cemetery Perpetual Care Trust Investments And Obligation And Restricted Assets

Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets

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

Cemetery Perpetual Care Trust Investments and Obligation

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

The components of the cemetery perpetual care investments and obligation as of June 30, 2023, are as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Value
June 30, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	258,053		$	658	$	(2,402	)	$	-	$	256,309
Obligations of states and political subdivisions		95,348			-		(1,182	)		-		94,166
Corporate securities including public utilities		76,509			-		(6,359	)		-		70,150
Total fixed maturity securities available for sale	$	429,910		$	658	$	(9,943	)	$	-	$	420,625

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	3,379,217		$	705,343	$	(189,253	)			$	3,895,307
Total equity securities at estimated fair value	$	3,379,217		$	705,343	$	(189,253	)			$	3,895,307

Mortgage loans held for investment at amortized cost:
Residential construction	$	2,272,969
Less: Allowance for credit losses	$	(1,453	)
Total mortgage loans held for investment	$	2,271,516

Real estate held for investment: Residential	$	1,172

Cash and cash equivalents	$	1,077,601

Total cemetery perpetual care trust investments	$	7,666,221

Cemetery perpetual care obligation	$	(5,207,198	)

Trust investments in excess of trust obligations	$	2,459,023

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

15) Cemetery Perpetual Care Trust Investments and Obligations and Restricted Assets (Continued)

The components of the cemetery perpetual care investments and obligation as of December 31, 2022, are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	89,004		$	42	$	(38	)	$	89,008
Obligations of states and political subdivisions		174,201			-		(8,478	)		165,723
Total fixed maturity securities available for sale	$	263,205		$	42	$	(8,516	)	$	254,731

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	3,195,942		$	584,383	$	(175,163	)	$	3,605,162
Total equity securities at estimated fair value	$	3,195,942		$	584,383	$	(175,163	)	$	3,605,162

Mortgage loans held for investment at amortized cost:
Residential construction	$	1,506,517

Real estate held for investment: Residential	$	(16,178	)

Cash and cash equivalents	$	1,925,978

Total cemetery perpetual care trust investments	$	7,276,210

Cemetery perpetual care obligation	$	(5,099,542	)

Trust investments in excess of trust obligations	$	2,176,668

Fixed Maturity Securities

The table below summarizes unrealized losses on fixed maturities securities that were carried at estimated fair value at June 30, 2023 and at December 31, 2022. The unrealized losses were primarily related to interest rate fluctuations and inflation. The tables set forth unrealized losses by duration with the fair value of the related fixed maturity securities:

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
At June 30, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,402	$	176,593	$	-	$	-	$	2,402	$	176,593
Obligations of states and political subdivisions		-		-		1,182		94,166		1,182		94,166
Corporate securities including public utilities		-		-		6,359		70,150		6,359		70,150
Total unrealized losses	$	2,402	$	176,593	$	7,541	$	164,316	$	9,943	$	340,909

At December 31, 2022
U.S. Treasury securities and obligations of U.S. Government agencies	$	38	$	59,392	$	-	$	-	$	38	$	59,392
Obligations of states and political subdivisions		1,845		94,612		6,633		71,112		8,478		165,724
Total unrealized losses	$	1,883	$	154,004	$	6,633	$	71,112	$	8,516	$	225,116

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

15) Cemetery Perpetual Care Trust Investments and Obligations and Restricted Assets (Continued)

Relevant holdings were comprised of 5 securities with fair value of 97.2% of amortized cost at June 30, 2023. Relevant holdings were comprised of 5 securities with fair value of 96.4% of amortized cost at December 31, 2022. No credit losses have been recognized for the three and six month periods ended June 30, 2023 and 2022, since the increase in unrealized losses is primarily a result of the recent increases in interest and inflation rates.

The table below presents the amortized cost and estimated fair value of fixed maturity securities available for sale at June 30, 2023, 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		Estimated Fair
	Cost		Value
Due in 1 year	$	79,058	$	79,716
Due in 2-5 years		255,504		246,743
Due in 5-10 years		41,086		40,513
Due in more than 10 years		54,262		53,653
Total	$	429,910	$	420,625

Restricted Assets

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

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

15) Cemetery Perpetual Care Trust Investments and Obligations and Restricted Assets (Continued)

Restricted assets as of June 30, 2023, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Value
June 30, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	389,640		$	-	$	(4,212	)	$	-	$	385,428
Obligations of states and political subdivisions		654,307			291		(9,570	)		-		645,028
Corporate securities including public utilities		526,586			38		(6,112	)		-		520,512
Total fixed maturity securities available for sale	$	1,570,533		$	329	$	(19,894	)	$	-	$	1,550,968

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	5,688,802		$	858,975	$	(318,583	)			$	6,229,194
Total equity securities at estimated fair value	$	5,688,802		$	858,975	$	(318,583	)			$	6,229,194

Mortgage loans held for investment at amortized cost:
Residential construction	$	1,379,943
Less: Allowance for credit losses	$	(2,760	)
Total mortgage loans held for investment	$	1,377,183

Cash and cash equivalents (1)	$	10,276,918

Total restricted assets	$	19,434,263

(1)

Including cash and cash equivalents of $8,006,323 or the life insurance and mortgage segments.

Restricted assets as of December 31, 2022, are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
Obligations of states and political subdivisions	$	1,033,047	$	866	$	(15,360	)	$	1,018,553
Corporate securities including public utilities		201,771		-		(3,016	)		198,755
Total fixed maturity securities available for sale	$	1,234,818	$	866	$	(18,376	)	$	1,217,308

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	4,955,360	$	703,049	$	(310,165	)	$	5,348,244
Total equity securities at estimated fair value	$	4,955,360	$	703,049	$	(310,165	)	$	5,348,244

Mortgage loans held for investment at amortized cost:
Residential construction	$	1,731,469

Cash and cash equivalents (1)	$	10,638,034

Total restricted assets	$	18,935,055

(1)

Including cash and cash equivalents of $8,527,620 for the life insurance and mortgage segments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

15) Cemetery Perpetual Care Trust Investments and Obligations and Restricted Assets (Continued)

Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
At June 30, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	4,212	$	385,429	$	-	$	-	$	4,212	$	385,429
Obligations of states and political subdivisions		1,266		150,501		8,304		392,384		9,570		542,885
Corporate securities including public utilities		1,787		216,540		4,325		228,121		6,112		444,661
Total unrealized losses	$	7,265	$	752,470	$	12,629	$	620,505	$	19,894	$	1,372,975

At December 31, 2022
Obligations of states and political subdivisions	$	11,891	$	760,255	$	3,469	$	58,072	$	15,360	$	818,327
Corporate securities including public utilities		3,016		198,755		-		-		3,016		198,755
Total unrealized losses	$	14,907	$	959,010	$	3,469	$	58,072	$	18,376	$	1,017,082

Relevant holdings were comprised of 18 securities with fair value of 98.6% of amortized cost at June 30, 2023. Relevant holdings were comprised of 17 securities with fair value of 98.2% of amortized cost at December 31, 2022. No credit losses have been recognized for the three and six month periods ended June 30, 2023 and 2022, since the increase in unrealized losses is primarily a result of the recent increase in interest and inflation rates.

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	-	$	-
Due in 2-5 years		705,807		694,536
Due in 5-10 years		111,301		110,683
Due in more than 10 years		753,425		745,749
Total	$	1,570,533	$	1,550,968

See Notes 3 and 8 for additional information regarding restricted assets and cemetery perpetual care trust investments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

Loans Held for Sale

6 Months Ended

Jun. 30, 2023

Mortgage Operations [Member]

Loans Held for Sale

4) Loans Held for Sale

The Company 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, 2023			As of December 31, 2022
	As of June 30, 2023			As of December 31, 2022

Aggregate fair value	$	161,310,060		$	141,179,620
Unpaid principal balance		162,075,374			141,337,811
Unrealized loss		(765,314	)		(158,191	)

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:

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Loan fees	$	5,986,802		$	7,950,227		$	10,375,215		$	15,037,410
Interest income		2,620,489			2,923,446			4,627,546			4,955,315
Secondary gains		19,298,213			37,161,287			37,259,571			76,763,900
Change in fair value of loan commitments		(151,382	)		(2,247,244	)		526,570			428,127
Change in fair value of loans held for sale		(1,401,738	)		(3,463,922	)		(607,123	)		(6,210,487	)
Provision for loan loss reserve		(273,631	)		(292,896	)		(114,020	)		(598,922	)
Mortgage fee income	$	26,078,753		$	42,030,898		$	52,067,759		$	90,375,343

Loan Loss Reserve

Repurchase demands from third party investors that correspond to mortgage loans previously held for sale and sold are reviewed and relevant data is captured so that an estimated future loss can be calculated. The key factors that are used in the estimated future 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, 2023 (Unaudited)

4) Loans Held for Sale (Continued)

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

	As of June 30, 2023			As of December 31, 2022
Balance, beginning of period	$	1,725,667		$	2,447,139
Provision on current loan originations (1)		513,431			1,078,812
Charge-offs, net of recaptured amounts		(983,185	)		(1,800,284	)
Balance, end of period	$	1,255,913		$	1,725,667

(1)	Included in mortgage fee income

The Company maintains reserves for estimated losses on current production volumes. For the six month period ended June 30, 2023, $513,431 in reserves were added at a rate of 4.5 basis points per loan, the equivalent of $450 per $1,000,000 in loans originated. This is an increase over the six month period ended June 30, 2022, when reserves of $598,922 were added at a rate of 2.9 basis points per loan originated, the equivalent of $290 per $1,000,000 in loans originated. 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, 2023, represents its best estimate for adequate loss reserves on loans sold.

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

Jun. 30, 2023

ft²

221,000

^[1]

Life Insurance Operations [Member]

50.00%

^[1]

19,694

^[1]

Life Insurance Operations 1 [Member]

28.00%

^[1]

12,274

^[2]

Life Insurance Sales [Member]

100.00%

^[2]

8,059

^[2]

Life Insurance Sales 1 [Member]

100.00%

^[2]

1,560

^[2]

Life Insurance Sales 2 [Member]

100.00%

^[2]

1,737

^[2]

100.00%

^[2]

[1]	Included in real estate held for investment on the condensed consolidated balance sheets
[2]	Included in property and equipment on the condensed consolidated balance sheets

Loans Held for Sale (Details Narrative) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

^[1]

Provision on current loan originations

$ 513,431

^[1]

$ 598,922

$ 1,078,812

Loan increase per point

$ 450

$ 290

Amount of loan increased, per point

$ 1,000,000

[1]	Included in mortgage fee income

Summary of Unpaid Principal Balances of the Servicing Portfolio (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Servicing unpaid principal balance	$ 403,651,388	$ 360,023,384

Schedule of Major Categories of Net Investment Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Marketable Securities [Line Items]
Proceeds from sales		$ 233,000	$ 955,610	$ 688,651
Gross realized gains			11,257	2,354
Gross realized losses		(7,825)	(54,104)	(7,845)
Gross investment income	24,312,059	20,695,920	46,203,113	40,304,599
Investment expenses	(4,140,085)	(4,724,632)	(8,256,256)	(9,139,005)
Net investment income	20,171,974	15,971,288	37,946,857	31,165,594
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	4,143,768	2,811,650	8,156,500	5,447,866
Equity Securities 1 [Member]
Marketable Securities [Line Items]
Gross investment income	140,709	119,798	281,216	242,834
Mortgage Loans Real Estate [Member]
Marketable Securities [Line Items]
Gross investment income	9,467,407	9,244,464	17,955,063	17,204,642
Real Estate 1 [Member]
Marketable Securities [Line Items]
Gross investment income	4,897,672	4,012,192	8,262,596	7,052,226
Policy Student And Other Loans [Member]
Marketable Securities [Line Items]
Gross investment income	207,441	207,301	407,655	513,583
Insurance Assignments [Member]
Marketable Securities [Line Items]
Gross investment income	4,461,813	4,093,723	9,230,016	9,490,710
Other Investments 1 [Member]
Marketable Securities [Line Items]
Gross investment income	213,103	98,361	342,160	169,006
Cash And Cash Equivalents 1 [Member]
Marketable Securities [Line Items]
Gross investment income	$ 780,146	$ 108,431	$ 1,567,907	$ 183,732

Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

3) Investments

The Company’s investments as of June 30, 2023 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
June 30, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	99,323,377		$	50,602	$	(2,554,426	)	$	-		$	96,819,553

Obligations of states and political subdivisions		6,757,087			403		(378,987	)		-			6,378,503

Corporate securities including public utilities		232,127,146			2,177,346		(11,487,153	)		(224,005	)		222,593,334

Mortgage-backed securities		33,273,655			169,558		(4,704,791	)		-			28,738,422

Redeemable preferred stock		250,000			10,000		-			-			260,000

Total fixed maturity securities available for sale	$	371,731,265		$	2,407,909	$	(19,125,357	)	$	(224,005	)	$	354,789,812

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	10,416,580		$	2,976,949	$	(591,604	)				$	12,801,925

Total equity securities at estimated fair value	$	10,416,580		$	2,976,949	$	(591,604	)				$	12,801,925

Mortgage loans held for investment at amortized cost:
Residential	$	95,208,040
Residential construction		121,322,532
Commercial		59,205,487
Less: Unamortized deferred loan fees, net		(1,689,405	)
Less: Allowance for credit losses		(2,663,560	)
Less: Net discounts		(333,509	)

Total mortgage loans held for investment	$	271,049,585

Real estate held for investment - net of accumulated depreciation:
Residential	$	30,680,836
Commercial		150,282,066

Total real estate held for investment	$	180,962,902

Real estate held for sale:
Residential	$	1,675,921
Commercial		151,553

Total real estate held for sale	$	1,827,474

Other investments and policy loans at amortized cost:
Policy loans	$	13,020,654
Insurance assignments		41,157,301
Federal Home Loan Bank stock (2)		2,677,100
Other investments		9,389,786
Less: Allowance for credit losses for insurance assignments		(1,690,693	)

Total other investments and policy loans	$	64,554,148

Accrued investment income	$	10,188,551

Total investments	$	896,174,397

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $84,800 of Membership stock and $2,592,300 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2022 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	93,182,210		$	180,643	$	(2,685,277	)	$	90,677,576

Obligations of states and political subdivisions		6,675,071			13,869		(458,137	)		6,230,803

Corporate securities including public utilities		229,141,544			1,909,630		(11,930,773	)		219,120,401

Mortgage-backed securities		33,501,686			168,700		(4,100,674	)		29,569,712

Redeemable preferred stock		250,000			10,000		-			260,000

Total fixed maturity securities available for sale	$	362,750,511		$	2,282,842	$	(19,174,861	)	$	345,858,492

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	9,942,265		$	2,688,375	$	(948,114	)	$	11,682,526

Total equity securities at estimated fair value	$	9,942,265		$	2,688,375	$	(948,114	)	$	11,682,526

Mortgage loans held for investment at amortized cost:
Residential	$	93,355,623
Residential construction		172,516,125
Commercial		46,311,955
Less: Unamortized deferred loan fees, net		(1,746,605	)
Less: Allowance for credit losses		(1,970,311	)
Less: Net discounts		(342,860	)

Total mortgage loans held for investment	$	308,123,927

Real estate held for investment - net of accumulated depreciation:
Residential	$	38,437,960
Commercial		152,890,656

Total real estate held for investment	$	191,328,616

Real estate held for sale:
Residential	$	11,010,029
Commercial		151,553

Total real estate held for sale	$	11,161,582

Other investments and policy loans at amortized cost:
Policy loans	$	13,095,473
Insurance assignments		46,942,536
Federal Home Loan Bank stock (1)		2,600,300
Other investments		9,479,798
Less: Allowance for credit losses for insurance assignments		(1,609,951	)

Total other investments and policy loans	$	70,508,156

Accrued investment income	$	10,299,826

Total investments	$	948,963,125

(1)	Includes $938,500 of Membership stock and $1,661,800 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

Fixed Maturity Securities

The table below summarizes unrealized losses on fixed maturity securities available for sale that were carried at estimated fair value at June 30, 2023 and at December 31, 2022. The unrealized losses were primarily related to interest rate fluctuations and inflation. The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements, are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments. The table below sets forth unrealized losses by duration with the fair value of the related fixed maturity securities.

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
At June 30, 2023
U.S. Treasury Securities And Obligations of U.S. Government Agencies	$	872,936	$	56,265,029	$	1,681,490	$	28,818,980	$	2,554,426	$	85,084,009
Obligations of States and Political Subdivisions		159,415		3,758,985		219,572		2,149,115		378,987		5,908,100
Corporate Securities		3,664,905		96,981,686		7,822,248		71,988,258		11,487,153		168,969,944
Mortgage and other asset-backed securities		497,345		5,241,798		4,207,446		20,951,604		4,704,791		26,193,402
Totals	$	5,194,601	$	162,247,498	$	13,930,756	$	123,907,957	$	19,125,357	$	286,155,455

At December 31, 2022
U.S. Treasury Securities And Obligations of U.S. Government Agencies	$	2,685,277	$	79,400,753	$	-	$	-	$	2,685,277	$	79,400,753
Obligations of States and Political Subdivisions		378,067		5,467,910		80,070		429,020		458,137		5,896,930
Corporate Securities		10,935,114		162,995,969		995,659		5,781,822		11,930,773		168,777,791
Mortgage and other asset-backed securities		2,884,731		19,909,907		1,215,943		6,978,745		4,100,674		26,888,652
Totals	$	16,883,189	$	267,774,539	$	2,291,672	$	13,189,587	$	19,174,861	$	280,964,126

Relevant holdings were comprised of 748 securities with fair value of 93.7% of amortized cost at June 30, 2023. Relevant holdings were comprised of 713 securities with fair value of 93.6% of amortized cost at December 31, 2022. Credit losses of $44,505 and nil have been recognized for the three month periods ended June 30, 2023 and 2022, respectively. Credit losses of $224,005 and nil have been recognized for the six month periods ended June 30, 2023 and 2022, respectively. Credit losses are included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings. Other unrealized losses for which no credit loss was recognized are primarily the result of the recent increases in interest and inflation rates.

Evaluation of Allowance for Credit Losses

See Note 2 regarding the adoption of ASU 2016-13.

On a quarterly basis, the Company evaluates its fixed maturity securities classified as available for sale to identify any potential credit losses. 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 credit loss, unless current market or recent company news could lead to a credit downgrade. Securities with ratings of 3 to 5 are evaluated for credit loss. Securities with a rating of 6 are automatically determined to be impaired and a credit loss is recognized in earnings. The evaluation involves assessing all facts and circumstances surrounding each security including, but not limited 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

Where the decline in fair value of fixed maturity securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and the Company anticipates recovery of all contractual or expected cash flows, the Company does not consider these securities to have credit loss because the Company does not intend to sell these securities and it is not more likely than not the Company will be required to sell these securities before a recovery of amortized cost, which may be at maturity.

If the Company intends to sell a fixed maturity security or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, a credit loss has occurred and the difference between the amortized cost and the fair value that relates to the expected credit loss is recognized as a loss in earnings, included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings.

If the Company does not intend to sell and it is not more likely than not that the Company will be required to sell the debt security but also do not expect to recover the entire amortized cost basis of the security, a credit loss is recognized in earnings for the amount of the expected credit loss with a corresponding allowance for credit losses as a contra-asset account. The credit loss is included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings. The recognized credit loss is limited to the total unrealized loss on the security due to a change in credit.

Amounts on available for sale fixed maturities that are deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if the Company intends to sell a security or when it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost.

The Company does not measure a credit loss allowance on accrued interest receivable, included in accrued investment income on the condensed consolidated balance sheets, as the Company writes off any accrued interest receivable balance to net investment income in a timely manner (after 90 days) when the Company has concerns regarding collectability.

The following table presents a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale:


	Six Months Ended June 30, 2023
	U.S. Treasury Securities And Obligations of U.S. Government Agencies		Obligations of states and political subdivisions		Corporate securities		Mortgage-backed securities		Total

Beginning balance	$	-	$	-	$	-	$	-	$	-

Additions for credit losses not previously recorded		-		-		179,500		-		179,500
Change in allowance on securities with previous allowance		-		-		44,505		-		44,505
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-

Ending Balance	$	-	$	-	$	224,005	$	-	$	224,005

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

The following table presents a roll forward of the Company’s cumulative other than temporary credit impairments (“OTTI”) recognized in earnings on fixed maturity securities available for sale which was required to be presented prior to the adoption of ASU 2016-13:

	2022
Balance of credit-related OTTI at January 1	$	264,977

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

The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale at June 30, 2023, by contractual maturity. Actual or 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	$	19,976,902	$	19,882,628
Due in 2-5 years		149,667,318		144,707,290
Due in 5-10 years		82,678,874		79,333,563
Due in more than 10 years		85,884,516		81,867,909
Mortgage-backed securities		33,273,655		28,738,422
Redeemable preferred stock		250,000		260,000
Total	$	371,731,265	$	354,789,812

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). The Company had pledged a total of $84,531,263, at estimated fair value, of fixed maturity securities with the FHLB at June 30, 2023. These pledged securities are used as collateral for any FHLB cash advances. As of June 30, 2023, the Company owed nil to the FHLB and its estimated maximum borrowing capacity was $76,274,326.

Credit Quality Indicators

The NAIC assigns designations to fixed maturity securities. These designations range from Class 1 (highest quality) to Class 6 (lowest quality). The NAIC designations are utilized by insurers in preparing their annual statutory statements. NAIC Class 1 and 2 are considered “investment grade” while the NAIC Class 3 through 6 designations are considered “non-investment grade.” Based on the NAIC designations, the Company had 98.0% and 97.7% of its fixed maturity securities rated investment grade as of June 30, 2023 and December 31, 2022, respectively.

The following table summarizes the credit quality, by NAIC designation, of the Company’s fixed maturity securities available for sale, excluding redeemable preferred stock.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

	June 30, 2023				December 31, 2022
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	203,707,382	$	195,622,815	$	197,753,818	$	189,691,540
2		160,122,716		151,974,611		156,261,804		148,073,873
3		5,667,117		5,264,194		7,080,305		6,635,786
4		1,720,314		1,563,190		1,377,541		1,157,454
5		262,465		104,832		25,736		39,155
6		1,271		170		1,307		684
Total	$	371,481,265	$	354,529,812	$	362,500,511	$	345,598,492

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

	2023		2022			2023			2022
	Three Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023			2022
Proceeds from sales	$	-	$	233,000		$	955,610		$	688,651
Gross realized gains		-		-			11,257			2,354
Gross realized losses		-		(7,825	)		(54,104	)		(7,845	)

Securities and cash on deposit with regulatory authorities as required by law amounted to $10,953,870 at June 30, 2023 and $11,032,165 at December 31, 2022. 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, 2023, 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 assets 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 resources. The geographic locations and asset classes of investments are 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 where the geographic location does not warrant full-time staff or through strategic lease-up periods. The Company generally looks to acquire assets that are located in regions expected to have high growth in employment and population and that provide operational efficiencies.

The Company currently owns and operates nine commercial properties in three states. These properties include office buildings, flex office space, and the redevelopment and expansion of its corporate campus (“Center53”) in Salt Lake City, Utah. The Company uses bank debt in strategic cases, primarily where it is anticipated to improve yields, or facilitate the acquisition of higher quality assets or asset class diversification.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

The aggregated net book value of commercial real estate serving as collateral for bank loans was $126,954,484 and $129,330,119 as of June 30, 2023, and December 31, 2022, respectively. The associated bank loan carrying values totaled $96,199,103 and $97,112,131 as of June 30, 2023, and December 31, 2022, respectively.

During the three and six month periods ended June 30, 2023, and 2022, 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.

During the three month periods ended June 30, 2023, and 2022, the Company recorded depreciation expense on commercial real estate held for investment of $1,576,901 and $1,665,343, respectively, and of $3,142,828 and $2,989,274 during the six month periods ended June 30, 2023, and 2022, respectively. Commercial real estate held for investment is stated at cost and is depreciated over the estimated useful life, primarily using the straight-line method. Depreciation is included in net investment income on the consolidated statements of earnings.

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Utah (1)	$	144,998,640	$	147,627,946		625,920		625,920
Louisiana		2,357,964		2,380,847		31,778		31,778
Mississippi		2,925,462		2,881,863		19,694		19,694

	$	150,282,066	$	152,890,656		677,392		677,392

(1)	Includes Center53

The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	June 30, 2023		December 31, 2022
Mississippi (1)	$	151,553	$	151,553

	$	151,553	$	151,553

(1)	Consists of approximately 93 acres of undeveloped land

This property is being marketed with the assistance of commercial real estate brokers in Mississippi.

Residential Real Estate Held for Investment and Held for Sale

The Company occasionally acquires a small portfolio of residential homes primarily as a result of loan foreclosures. The Company has the option to sell these properties or to continue to hold them for expected cash flow and price appreciation. The Company also invests in residential subdivision development.

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

During the three and six month periods ended June 30, 2023, and 2022 the Company did not record any impairment losses on residential real estate held for sale or held for investment. Impairment losses, if any, are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

During the three month periods ended June 30, 2023, and 2022, the Company recorded depreciation expense on residential real estate held for investment of $2,648 and $2,648, respectively, and of $5,296 and $5,296 during the six month periods ended June 30, 2023, and 2022, respectively. Residential real estate held for investment is stated at cost and is depreciated over the estimated useful life, primarily using the straight-line method. Depreciation is included in net investment income on the consolidated statements of earnings.

The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value
	June 30, 2023		December 31, 2022
Utah (1)	$	30,680,836	$	38,437,960
	$	30,680,836	$	38,437,960

(1)	Includes residential subdivision development

The following table presents additional information regarding the Company’s residential subdivision development in Utah:

	June 30, 2023		December 31, 2022
Lots developed		42		80
Lots to be developed		931		1,131
Book Value	$	30,489,876	$	38,241,705

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	June 30, 2023			December 31, 2022
Utah	$	1,675,921	(1)	$	11,010,029
	$	1,675,921		$	11,010,029

(1)	Unimproved land

The net book value of foreclosed residential real estate included in residential real estate held for sale was nil and $11,010,029 as of June 30, 2023, and December 31, 2022, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (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, 2023, 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 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)	Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales		221,000		50	%
1044 River Oaks Dr., Flowood, MS (1)	Life Insurance Operations		19,694		28	%
1818 Marshall Street, Shreveport, LA (2)	Life Insurance Operations		12,274		100	%
909 Foisy Street, Alexandria, LA (2)	Life Insurance Sales		8,059		100	%
812 Sheppard Street, Minden, LA (2)	Life Insurance Sales		1,560		100	%
1550 N 3rd Street, Jena, LA (2)	Life Insurance Sales		1,737		100	%

(1)	Included in real estate held for investment on the condensed consolidated balance sheets

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

Mortgage Loans Held for Investment

Mortgage loans held for investment consist of first and second mortgages. The mortgage loans bear interest at rates ranging from 2.0% to 10.5%, maturity dates range from nine months to 30 years and the loans 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 the relevant debtors’ ability to honor obligations is dependent upon the economic stability of the geographic region in which the debtors do business or are employed. As of June 30, 2023, the Company had 54%, 10%, 8%, 6% and 5%, of its mortgage loans from borrowers located in the states of Utah, Florida, California, Arizona, and Texas, respectively. As of December 31, 2022, the Company had 64%, 10%, 5% and 5% of its mortgage loans from borrowers located in the states of Utah, Florida, California, and Texas, 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 credit 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 terms 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 requires that loans not exceed 80% of the fair market value of the respective loan collateral. For loans in excess of 80% of the fair market value of the respective loan collateral, additional collateral or mortgage insurance by an approved third-party insurer is required.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

Evaluation of Allowance for Credit Losses

See Note 2 regarding the adoption of ASU 2016-13.

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the Company’s mortgage loans held for investment to present the net amount expected to be collected. The Company reports in net earnings, as a credit loss expense, the amount necessary to adjust the allowance for credit losses for the Company’s current estimate of expected credit losses on mortgage loans held for investment. This credit loss expense is included in other expenses on the condensed consolidated statements of earnings.

Once a mortgage loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and reverse any interest income that had been accrued. Given this policy, the Company does not measure a credit loss allowance on accrued interest receivable. Accrued interest receivable is included in accrued investment income on the condensed consolidated balance sheets. Payments received for mortgage loans on a non-accrual status are recognized when received. The interest income recognized from payments received for mortgage loans on a non-accrual status was immaterial. Accrual of interest resumes if a mortgage loan is brought current. Interest not accrued on these loans totaled approximately $145,000 and $226,000 as of June 30, 2023, and December 31, 2022, respectively.

The Company measures expected credit losses based on the fair value of the collateral when the Company determines that foreclosure is probable. When a mortgage loan becomes delinquent, the Company proceeds to foreclose and all expenses for foreclosure are expensed as incurred. Once foreclosed, the property is classified as real estate held for investment or held for sale.

For purposes of determining the allowance for credit 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.

Commercial loans are evaluated for credit loss by analyzing loan attributes that are predictors for future credit losses. The Company uses a combination of the debt service coverage ratio (“DSCR”) and loan to value (“LTV”) to group similar loans. The Company applies a future loss factor to the outstanding balance of each group to arrive at the allowance for credit loss.

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

The Company uses a third-party to provide a monthly analysis of its residential portfolio for credit losses. The third-party uses the Company’s current loan data and runs it through various models to project cash flows and provide a projected life of loan loss. The models consider loan features such as loan type, loan to value, payment status, age, and current property values. The Company also considers historical delinquency rates and current unemployment trends.

Residential construction (including land acquisition and development) – These loans are 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, and factor in estimates of the value of construction projects upon completion. 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

Additionally, land acquisition and development loans are underwritten in accordance with the Company’s underwriting policies, which include independent appraisal valuations as well as the estimated value associated with the land upon completion of development into finished lots. 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.

To determine the allowance for credit losses on residential construction mortgage loans, the Company considers historical activity and housing market trends. Given the continued volatility in the housing market, the Company has adjusted its credit loss analysis.

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance for Loan Losses

	Commercial		Residential			Residential Construction			Total
June 30, 2023
Allowance for credit losses:
Beginning balance - January 1, 2023	$	187,129	$	1,739,980		$	43,202		$	1,970,311
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)		555,807		(192,607	)		301,830			665,030	(1)
Change in provision for credit losses		88,119		42,487			(102,387	)		28,219	(2)
Charge-offs		-		-			-			-
Ending balance - June 30, 2023	$	831,055	$	1,589,860		$	242,645		$	2,663,560

December 31, 2022
Allowance for credit losses:
Beginning balance - January 1, 2022	$	187,129	$	1,469,571		$	43,202		$	1,699,902
Change in provision for credit losses		-		270,409			-			270,409	(2)
Charge-offs		-		-			-			-
Ending balance - December 31, 2022	$	187,129	$	1,739,980		$	43,202		$	1,970,311

(1)	See Note 2 of the notes to the condensed consolidated financial statements

(2)	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, 2023 (Unaudited)

3) Investments (Continued)

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated:

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
June 30, 2023
30-59 days past due	$	5,960,468		$	7,202,883		$	2,383,665		$	15,547,016
60-89 days past due		-			276,674			-			276,674
Over 90 days past due (1)		596,508			1,721,703			-			2,318,211
In process of foreclosure (1)		-			289,922			-			289,922
Total past due		6,556,976			9,491,182			2,383,665			18,431,823
Current		52,648,511			85,716,858			118,938,867			257,304,236
Total mortgage loans		59,205,487			95,208,040			121,322,532			275,736,059
Allowance for credit losses		(831,055	)		(1,589,860	)		(242,645	)		(2,663,560	)
Unamortized deferred loan fees, net		(258,265	)		(1,134,554	)		(296,586	)		(1,689,405	)
Unamortized discounts, net		(223,847	)		(109,662	)		-			(333,509	)
Net mortgage loans	$	57,892,320		$	92,373,964		$	120,783,301		$	271,049,585

December 31, 2022
30-59 days past due	$	1,000,000		$	3,553,390		$	-		$	4,553,390
60-89 days past due		-			814,184			-			814,184
Over 90 days past due (1)		-			1,286,211			-			1,286,211
In process of foreclosure (1)		405,000			876,174			-			1,281,174
Total past due		1,405,000			6,529,959			-			7,934,959
Current		44,906,955			86,825,664			172,516,125			304,248,744
Total mortgage loans		46,311,955			93,355,623			172,516,125			312,183,703
Allowance for credit losses		(187,129	)		(1,739,980	)		(43,202	)		(1,970,311	)
Unamortized deferred loan fees, net		(199,765	)		(1,212,994	)		(333,846	)		(1,746,605	)
Unamortized discounts, net		(230,987	)		(111,873	)		-			(342,860	)
Net mortgage loans	$	45,694,074		$	90,290,776		$	172,139,077		$	308,123,927

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

Credit Quality Indicators

The Company evaluates and monitors the credit quality of its commercial loans by analyzing loan to value (“LTV”) and debt service coverage ratios (“DSCR”). Monitoring a commercial mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2023:

Credit Quality Indicator	2023		2022			2021		2020		2019		Prior		Total		% of Total
Credit Quality Indicator	2023		2022			2021		2020		2019		Prior		Total		% of Total
LTV:
Less than 65%	$	17,525,000	$	14,375,274		$	3,821,772	$	-	$	3,006,722	$	6,898,150	$	45,626,918		77.07	%
65% to 80%		-		5,630,731			2,100,000		4,913,313		-		-		12,644,044		21.36	%
Greater than 80%		-		529,525			405,000		-		-		-		934,525		1.58	%

Total	$	17,525,000	$	20,535,530		$	6,326,772	$	4,913,313	$	3,006,722	$	6,898,150	$	59,205,487		100.00	%

DSCR
>1.20x	$	5,725,000	$	1,000,000		$	2,800,000	$	4,913,313	$	3,006,722	$	2,777,481	$	20,222,516		34.16	%
1.00x - 1.20x		5,300,000		10,750,376			3,526,772		-		-		4,120,669		23,697,817		40.03	%
<1.00x		6,500,000		8,785,154⁽¹⁾	(1)		-		-		-		-		15,285,154		25.82	%

Total	$	17,525,000	$	20,535,530		$	6,326,772	$	4,913,313	$	3,006,722	$	6,898,150	$	59,205,487		100.00	%

(1)	Commercial construction loan

The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing loan performance. The Company defines non-performing mortgage loans as loans more than 90 days past due and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Total		% of Total
Performance Indicators:
Performing	$	4,842,385	$	57,085,363	$	7,750,923	$	7,737,211	$	3,103,802	$	12,676,732	$	93,196,416		97.89	%
Non-performing (1)		-		298,572		365,460		-		317,501		1,030,091		2,011,624		2.11	%

Total	$	4,842,385	$	57,383,935	$	8,116,383	$	7,737,211	$	3,421,303	$	13,706,823	$	95,208,040		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $289,922 at June 30, 2023

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

The company evaluates and monitors the credit quality of its residential construction loans (including land acquisition and development loans) by analyzing LTV and loan performance. Monitoring a residential construction mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2023:

Credit Quality Indicator	2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	32,159,616	$	49,757,061	$	39,405,855	$	121,322,532		100.00	%
Non-performing		-		-		-		-		0.00	%

Total	$	32,159,616	$	49,757,061	$	39,405,855	$	121,322,532		100.00	%

LTV:
Less than 65%	$	22,977,981	$	26,504,890	$	4,005,001	$	53,487,872		44.09	%
65% to 80%		9,181,635		23,252,171		35,400,854		67,834,660		55.91	%
Greater than 80%		-		-		-		-		0.00	%

Total	$	32,159,616	$	49,757,061	$	39,405,855	$	121,322,532		100.00	%

Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets:

	As of June 30, 2023			As of December 31, 2022
30-59 days past due	$	7,756,991		$	10,621,443
60-89 days past due		3,093,411			3,997,484
Over 90 days past due		4,844,022			5,813,013
Total past due		15,694,424			20,431,941
Current		25,462,877			26,510,594
Total insurance assignments		41,157,301			46,942,536
Allowance for credit losses		(1,690,693	)		(1,609,951	)
Net insurance assignments	$	39,466,608		$	45,332,585

The Company records an allowance for credit losses when the insurance assignment is funded. Once an insurance assignment moves to 90 days or legal proceedings, it is monitored for write-off and collectability, and any adjustments to the allowance are done at that time. See Note 2 regarding the adoption of ASU 2016-13.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

The following table presents a roll forward of the allowance for credit losses as a contra-asset account for insurance assignments:

Schedule of Allowance for Credit Losses

	Allowance
Beginning balance - January 1, 2023	$	1,609,951
Change in provision for credit losses		452,326	(1)
Charge-offs		(371,584	)
Ending balance - June 30, 2023	$	1,690,693

Beginning balance - January 1, 2022	$	1,686,218
Change in provision for credit losses		889,480	(1)
Charge-offs		(965,747	)
Ending balance - December 31, 2022	$	1,609,951

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

Investment Related Earnings

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets:

Schedule of Gain (Loss) on Investments

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Fixed maturity securities:
Gross realized gains	$	1,563		$	129,512		$	17,054		$	175,635
Gross realized losses		(36,908	)		(9,828	)		(91,799	)		(10,758	)
Net credit loss (provision) release		(44,505	)		-			(224,005	)		-

Equity securities:
Gains (losses) on securities sold		5,363			81,596			(46,952	)		71,317
Unrealized gains and (losses) on securities held at the end of the period		566,633			(2,106,375	)		898,064			(2,713,422	)

Real estate held for investment and sale:
Gross realized gains		161,028			364,150			161,028			1,239,331
Gross realized losses		-			(94,400	)		-			(98,222	)

Other assets, including call and put option derivatives:
Gross realized gains		163,410			720,950			214,348			593,699
Gross realized losses		-			-			-			-
Total	$	816,584		$	(914,395	)	$	927,738		$	(742,420	)

The 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.

Net realized gains and losses includes gains and losses by the restricted assets and cemetery perpetual care trust investments of the cemeteries and mortuaries of $197,580 in net gains and $720,135 in net losses for the three month periods ended June 30, 2023, and 2022, respectively, and of $251,510 in net gains and $995,876 in net losses for the six month periods ended June 30, 2023, and 2022, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

Major categories of net investment income were as follows:

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Fixed maturity securities available for sale	$	4,143,768		$	2,811,650		$	8,156,500		$	5,447,866
Equity securities		140,709			119,798			281,216			242,834
Mortgage loans held for investment		9,467,407			9,244,464			17,955,063			17,204,642
Real estate held for investment and sale		4,897,672			4,012,192			8,262,596			7,052,226
Policy loans		207,441			207,301			407,655			513,583
Insurance assignments		4,461,813			4,093,723			9,230,016			9,490,710
Other investments		213,103			98,361			342,160			169,006
Cash and cash equivalents		780,146			108,431			1,567,907			183,732
Gross investment income		24,312,059			20,695,920			46,203,113			40,304,599
Investment expenses		(4,140,085	)		(4,724,632	)		(8,256,256	)		(9,139,005	)
Net investment income	$	20,171,974		$	15,971,288		$	37,946,857		$	31,165,594

Net investment income includes income earned by the restricted assets of the cemeteries and mortuaries of $1,250,861 and $730,534 for the three month periods ended June 30, 2023 and 2022, respectively, and of $1,852,352 and $1,207,243 for the six month periods ended June 30, 2023 and 2022, 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.

Accrued Investment Income

Accrued investment income consists of the following:

Schedule of Accrued Investment Income

	As of June 30, 2023		As of December 31, 2022
Fixed maturity securities available for sale	$	3,566,511	$	3,563,767
Equity securities		12,858		14,496
Mortgage loans held for investment		3,042,343		3,220,709
Real estate held for investment		3,517,092		3,455,305
Policy Loans		42,151		37,951
Cash and cash equivalents		7,596		7,598
Total accrued investment income	$	10,188,551	$	10,299,826

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

Schedule of Commercial Mortgage Loans By Credit Quality Indicator (Details)

Jun. 30, 2023

USD ($)

Commercial Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 17,525,000

20,535,530

6,326,772

4,913,313

3,006,722

6,898,150

$ 59,205,487

100.00%

Residential Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 4,842,385

57,383,935

8,116,383

7,737,211

3,421,303

13,706,823

$ 95,208,040

100.00%

Residential Portfolio Segment [Member] | Performing Financial Instruments [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 4,842,385

57,085,363

7,750,923

7,737,211

3,103,802

12,676,732

$ 93,196,416

97.89%

Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

2023

^[1]

2022

298,572

^[1]

2021

365,460

^[1]

2020

^[1]

2019

317,501

^[1]

Prior

1,030,091

^[1]

Total

$ 2,011,624

^[1]

% of Total

2.11%

^[1]

Less than 65% [Member] | Commercial Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 17,525,000

14,375,274

3,821,772

3,006,722

6,898,150

$ 45,626,918

77.07%

65% to 80% [Member] | Commercial Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

5,630,731

2,100,000

4,913,313

$ 12,644,044

21.36%

Greater than 80% [Member] | Commercial Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

529,525

405,000

$ 934,525

1.58%

Greater than 1.20x [Member] | Commercial Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 5,725,000

1,000,000

2,800,000

4,913,313

3,006,722

2,777,481

$ 20,222,516

34.16%

1.00x - 1.20x [Member] | Commercial Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 5,300,000

10,750,376

3,526,772

4,120,669

$ 23,697,817

40.03%

Less than 1.00x [Member] | Commercial Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

2023

$ 6,500,000

2022

8,785,154

^[2]

$ 15,285,154

25.82%

[1]	Includes residential mortgage loans in the process of foreclosure of $289,922 at June 30, 2023
[2]	Commercial construction loan

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023
Revenues from external customers	$	48,071,089	$	8,812,508	$	26,962,562		$	-		$	83,846,159
Intersegment revenues		2,517,490		84,767		135,807			(2,738,064	)		-
Segment profit (loss) before income taxes		9,158,186		2,828,159		(3,837,012	)		-			8,149,333

For the Six Months Ended June 30, 2023
Revenues from external customers	$	93,486,386	$	16,010,904	$	53,849,603		$	-		$	163,346,893
Intersegment revenues		4,027,518		168,603		259,506			(4,455,627	)		-
Segment profit (loss) before income taxes		12,841,921		4,612,751		(7,720,451	)		-			9,734,221

Identifiable Assets	$	1,284,084,674	$	89,589,716	$	114,402,197		$	(89,723,622	)	$	1,398,352,965
Goodwill		2,765,570		2,488,213		-			-			5,253,783
Total Assets	$	1,286,850,244	$	92,077,929	$	114,402,197		$	(89,723,622	)	$	1,403,606,748

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

Schedule of Aggregate Fair Value Loans Held for Sale (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Loans Held For Sale
Aggregate fair value	$ 161,310,060	$ 141,179,620
Unpaid principal balance	162,075,374	141,337,811
Unrealized loss	$ (765,314)	$ (158,191)

Schedule of Allowance Credit Losses (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Change in provision for credit losses

Beginning balance

$ 2,229,791

$ 1,800,725

^[1]

(651,308)

799,888

Charge-offs

(85,549)

(370,822)

Ending balance

$ 1,492,934

$ 2,229,791

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

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, unrecognized holding gain

$ 371,731,265

$ 362,750,511

2,407,909

2,282,842

Available for sale securities, unrecognized holding loss

(19,125,357)

^[1]

(19,174,861)

Available for sale securities, estimated fair value

354,789,812

345,858,492

Available-for-sale securities, amortized cost basis

10,416,580

9,942,265

Available-for-sale securities, gross unrealized gain

12,801,925

11,682,526

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

271,049,585

308,123,927

Cemetery Perpectual Care Oblication [Member]

121,640,460

133,483,817

$ 142,406,108

$ 141,414,282

Total restricted assets

19,434,263

18,935,055

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, unrecognized holding gain

429,910

263,205

658

Available for sale securities, unrecognized holding loss

(9,943)

(8,516)

Available for sale securities, estimated fair value

420,625

254,731

Cemetery Perpectual Care Oblication [Member] | Restricted Assets [Member]

1,077,601

1,925,978

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, unrecognized holding gain

389,640

Available for sale securities, unrecognized holding loss

(4,212)

Cemetery Perpectual Care Oblication [Member] | US Treasury Securities [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, unrecognized holding gain

258,053

89,004

658

Available for sale securities, unrecognized holding loss

(2,402)

(38)

Available for sale securities, estimated fair value

256,309

89,008

Cemetery Perpectual Care Oblication [Member] | US States and Political Subdivisions Debt Securities [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, unrecognized holding gain

95,348

174,201

Available for sale securities, unrecognized holding loss

(1,182)

(8,478)

Available for sale securities, estimated fair value

94,166

165,723

Cemetery Perpectual Care Oblication [Member] | Industrial Miscellaneous And All Other [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available-for-sale securities, amortized cost basis

3,379,217

3,195,942

Available for sale securities, unrecognized holding gain

705,343

584,383

Available for sale securities, unrecognized holding loss

(189,253)

(175,163)

Available-for-sale securities, gross unrealized gain

3,895,307

3,605,162

Cemetery Perpectual Care Oblication [Member] | Equity Securities One [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available-for-sale securities, amortized cost basis

3,379,217

3,195,942

Available for sale securities, unrecognized holding loss

(189,253)

(175,163)

Available-for-sale securities, gross unrealized gain

3,895,307

3,605,162

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

2,271,516

Cemetery Perpectual Care Oblication [Member] | Residential Construction [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

2,272,969

1,506,517

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, unrecognized holding gain

1,570,533

1,234,818

329

866

Available for sale securities, unrecognized holding loss

(19,894)

(18,376)

Available for sale securities, estimated fair value

1,550,968

1,217,308

Available-for-sale securities, amortized cost basis

5,688,802

Restricted Assets [Member] | US Treasury Securities [Member]

10,276,918

^[2]

10,638,034

^[3]

Total restricted assets

19,434,263

18,935,055

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, estimated fair value

385,428

Restricted Assets [Member] | US States and Political Subdivisions Debt Securities [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, unrecognized holding gain

654,307

1,033,047

291

866

Available for sale securities, unrecognized holding loss

(9,570)

(15,360)

Available for sale securities, estimated fair value

645,028

1,018,553

Restricted Assets [Member] | Corporate Debt Securities [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, unrecognized holding gain

526,586

201,771

Available for sale securities, unrecognized holding loss

(6,112)

(3,016)

Available for sale securities, estimated fair value

520,512

198,755

Restricted Assets [Member] | Industrial Miscellaneous And All Other [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available-for-sale securities, amortized cost basis

4,955,360

Available for sale securities, unrecognized holding gain

858,975

703,049

Available for sale securities, unrecognized holding loss

(318,583)

(310,165)

Available-for-sale securities, gross unrealized gain

6,229,194

5,348,244

Restricted Assets [Member] | Equity Securities One [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available-for-sale securities, amortized cost basis

5,688,802

4,955,360

Available for sale securities, unrecognized holding gain

858,975

703,049

Available for sale securities, unrecognized holding loss

(318,583)

(310,165)

Available-for-sale securities, gross unrealized gain

6,229,194

5,348,244

Restricted Assets [Member] | Residential Construction [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Fair value allowance for credit losse

1,379,943

$ 1,731,469

(2,760)

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

$ 1,377,183

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Including cash and cash equivalents of $8,006,323 or the life insurance and mortgage segments.
[3]	Including cash and cash equivalents of $8,527,620 for the life insurance and mortgage segments.

Income Taxes (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	22.00%	24.40%	22.00%	25.80%
Provision for income taxes	$ 1,796,627	$ 1,155,397	$ 2,141,343	$ 2,370,195
Federal statutory income tax rate, percent			21.00%

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

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

6 Months Ended

Jun. 30, 2023

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, 2022, 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 month periods ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

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

Material estimates that are particularly susceptible to significant changes in the near term are those used in determining the value of derivative assets and liabilities; those used in determining deferred acquisition costs and the value of business acquired; those used in determining the value of mortgage loans foreclosed to real estate held for investment or sale; those used in determining the liability for future policy benefits 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 credit losses; 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.

Banking Environment.

On March 10, 2023 and March 12, 2023, Silicon Valley Bank and Signature Bank were placed in receivership with the Federal Deposit Insurance Corporation (“FDIC”). Normal banking activities resumed shortly thereafter. On May 1, 2023, First Republic bank was placed in receivership with the FDIC and was immediately purchased by a national bank.

The Company does not maintain any deposit or other accounts or credit facilities with Silicon Valley Bank, Signature Bank or First Republic Bank. The Company may periodically transfer funds to these banks to pay for services rendered by third party vendors that continue to maintain banking relationships with these banks. The Company continues to monitor the banking industry and its relationships with regional and community banks.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

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, Common [Member]

Total

Beginning balance, value 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

3,228,718

(12,190,330)

271,747

100,446

(8,487)

91,959

24,055

1,880,125

1,904,180

106,176

(878,417)

(772,241)

Ending balance, value at Mar. 31, 2022

414

(414)

35,386,304

5,732,716

58,379,438

5,880,118

187,766,207

(843,916)

292,300,867

Beginning balance, value 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

Ending balance, value at Jun. 30, 2022

6,803,167

37,357,376

5,857,422

64,657,027

(4,430,367)

183,273,171

(6,229,574)

280,485,055

Beginning balance, value at Mar. 31, 2022

35,386,304

5,732,716

58,379,438

5,880,118

187,766,207

(843,916)

292,300,867

3,574,449

(10,310,485)

220,175

37,746

(2,440)

35,306

50,401

1,119,392

1,169,793

(6,505,050)

Ending balance, value at Jun. 30, 2022

154,218

(154,218)

Stock dividends

1,779,108

278,924

6,009,453

(8,067,485)

37,357,376

5,857,422

64,657,027

(4,430,367)

183,273,171

(6,229,574)

280,485,055

Beginning balance, value at Dec. 31, 2022

37,516,062

5,779,718

64,767,769

(13,070,277)

202,160,306

(4,366,651)

292,786,927

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)

(671,506)

1,240,172

4,127,558

143,671

96,092

(62,073)

34,019

(43,493)

620,651

577,158

(1,204,357)

Ending balance, value at Mar. 31, 2023

1,872

(1,872)

37,614,026

5,777,846

64,805,874

(8,942,719)

202,728,972

(4,950,357)

297,033,642

Beginning balance, value at Dec. 31, 2022

37,516,062

5,779,718

64,767,769

(13,070,277)

202,160,306

(4,366,651)

292,786,927

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)

^[1]

665,030

Ending balance, value at Jun. 30, 2023

7,592,878

39,787,400

5,947,104

71,685,665

(12,894,771)

200,078,709

(5,841,350)

298,762,757

Beginning balance, value at Mar. 31, 2023

37,614,026

5,777,846

64,805,874

(8,942,719)

202,728,972

(4,950,357)

297,033,642

6,352,706

(3,952,052)

141,954

159,284

(154,424)

4,860

(54,350)

623,056

568,706

126,990

(1,514,049)

(1,387,059)

Vesting of restricted stock units

113,930

(113,930)

810

(810)

Stock dividends

1,899,350

283,188

6,820,431

(9,002,969)

Ending balance, value at Jun. 30, 2023

$ 39,787,400

$ 5,947,104

$ 71,685,665

$ (12,894,771)

$ 200,078,709

$ (5,841,350)

$ 298,762,757

[1]	See Note 2 of the notes to the condensed consolidated financial statements

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

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 275,736,059

$ 312,183,703

Mortgage loans, unamortized deferred loan fees, net

(2,663,560)

(1,970,311)

$ (1,699,902)

(1,689,405)

(1,746,605)

Past Due 30 to 59 Days [Member]

(333,509)

(342,860)

Past Due 60 to 89 Days [Member]

15,547,016

4,553,390

Past Due 90 or More Days [Member]

276,674

814,184

^[1]

2,318,211

1,286,211

In Foreclosure [Member]

^[1]

289,922

1,281,174

Total Past Due [Member]

18,431,823

7,934,959

Current [Member]

Net Mortgage Loans [Member]

257,304,236

304,248,744

271,049,585

308,123,927

Commercial Loan [Member]

59,205,487

46,311,955

Mortgage loans, unamortized deferred loan fees, net

(831,055)

(187,129)

(258,265)

(199,765)

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

(223,847)

(230,987)

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

5,960,468

1,000,000

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

Commercial Loan [Member] | In Foreclosure [Member]

^[1]

596,508

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

^[1]

405,000

Commercial Loan [Member] | Current [Member]

6,556,976

1,405,000

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

52,648,511

44,906,955

57,892,320

45,694,074

95,208,040

93,355,623

Mortgage loans, unamortized deferred loan fees, net

(1,589,860)

(1,739,980)

(1,469,571)

(1,134,554)

(1,212,994)

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

(109,662)

(111,873)

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

7,202,883

3,553,390

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

276,674

814,184

Residential Mortgage [Member] | In Foreclosure [Member]

^[1]

1,721,703

1,286,211

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

^[1]

289,922

876,174

Residential Mortgage [Member] | Current [Member]

9,491,182

6,529,959

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

85,716,858

86,825,664

92,373,964

90,290,776

121,322,532

172,516,125

Mortgage loans, unamortized deferred loan fees, net

(242,645)

(43,202)

$ (43,202)

(296,586)

(333,846)

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

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

2,383,665

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

Residential Construction [Member] | In Foreclosure [Member]

^[1]

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

^[1]

Residential Construction [Member] | Current [Member]

2,383,665

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

118,938,867

172,516,125

Goodwill and Intangible Assets Disclosure [Abstract]

$ 120,783,301

$ 172,139,077

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

Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2023

Mortgage Servicing Rights

11) 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, 2023			As of December 31, 2022
Amortized cost:
Balance before valuation allowance at beginning of year	$	3,039,765		$	53,060,455
MSR additions resulting from loan sales (1)		694,897			10,243,922
Amortization (2)		(292,310	)		(9,078,706	)
Sale of MSRs		-			(51,185,906	)
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance before valuation allowance at end of period	$	3,442,352		$	3,039,765

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	$	3,442,352		$	3,039,765

Estimated fair value of MSRs at end of period	$	4,790,912		$	3,927,877

(1)	Included in mortgage fee income on the condensed consolidated statements of earnings

(2)	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, 2023 (Unaudited)

11) Mortgage Servicing Rights (Continued)

	Estimated MSR Amortization
2023		363,261
2024		328,177
2025		299,068
2026		266,962
2027		238,917
Thereafter		1,945,967
Total	$	3,442,352

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

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Contractual servicing fees	$	233,218	$	4,694,969	$	643,618	$	9,201,229
Late fees		14,008		81,597		63,321		181,635
Total	$	247,226	$	4,776,566	$	706,939	$	9,382,864

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

		As of June 30, 2023				As of December 31, 2022
Servicing UPB		$	403,651,388			$	360,023,384

The following key assumptions were used in determining MSR value:

	Prepayment Speeds		Average Life (Years)		Discount Rate
June 30, 2023		8.70		8.24		11.57
December 31, 2022		8.12		8.49		11.95

On October 31, 2022, the Company sold certain of its MSRs. The MSRs related to mortgage loans previously originated by the Company in aggregate unpaid principal amount of approximately $7.02 billion. As a result of the sale, the book value of the Company’s MSRs decreased $51,185,906 and generated a gain of $34,051,938 included in mortgage fee income on the consolidated statements of earnings. Substantially all of the consideration was received by the Company with the remainder subject to certain holdbacks during transfer of the MSRs. The Company completed the physical transfer of files prior to its deadline. The holdbacks have been received in 2023.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

Schedule of Other Revenues (Details) - USD ($)	3 Months Ended		6 Months Ended
Schedule of Other Revenues (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Contractual servicing fees	$ 233,218	$ 4,694,969	$ 643,618	$ 9,201,229
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other revenues	Other revenues	Other revenues	Other revenues
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other revenues	Other revenues	Other revenues	Other revenues
Late fees	$ 14,008	$ 81,597	$ 63,321	$ 181,635
Total	$ 247,226	$ 4,776,566	$ 706,939	$ 9,382,864

Fair Value of Financial Instruments (Details Narrative)	6 Months Ended
Fair Value of Financial Instruments (Details Narrative)	Jun. 30, 2023
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Sensitive insurance product percentage	1.50%
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Sensitive insurance product percentage	6.50%

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights (Details)	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 363,261
2024	328,177
2025	299,068
2026	266,962
2027	238,917
Thereafter	1,945,967
Total	$ 3,442,352

Schedule of Residential Construction Mortgage Loans (Details) - Residential Construction Mortgage Loans [Member]	Jun. 30, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 32,159,616
2022	49,757,061
2021	39,405,855
Total	$ 121,322,532
% of Total	100.00%
Less than 65% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 22,977,981
2022	26,504,890
2021	4,005,001
Total	$ 53,487,872
% of Total	44.09%
65% to 80% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 9,181,635
2022	23,252,171
2021	35,400,854
Total	$ 67,834,660
% of Total	55.91%
Greater than 80% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
Total
% of Total	0.00%
Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 32,159,616
2022	49,757,061
2021	39,405,855
Total	$ 121,322,532
% of Total	100.00%
Nonperforming Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
Total
% of Total	0.00%

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

Jun. 30, 2023

Dec. 31, 2022

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

Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $371,731,265 and $362,750,511 for 2023 and 2022, respectively; allowance for credit losses of $224,005 and nil for 2023 and 2022, respectively)

$ 354,789,812

$ 345,858,492

12,801,925

11,682,526

161,310,060

141,179,620

1,550,968

^[1]

1,217,308

^[2]

6,229,193

^[3]

5,348,244

^[4]

420,625

^[1]

254,731

^[2]

3,895,307

^[3]

3,605,162

^[4]

Total assets accounted for at fair value on a recurring basis

5,949,181

^[5]

4,089,856

^[6]

546,947,071

513,235,939

Total liabilities accounted for at fair value on a recurring basis

(2,715,734)

^[7]

(1,382,979)

^[8]

(2,715,734)

(1,426,582)

^[8]

(29,715)

Fair Value, Inputs, Level 1 [Member]

^[8]

(13,888)

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

12,801,925

11,682,526

^[1]

^[2]

6,229,193

^[3]

5,348,244

^[4]

^[1]

^[2]

3,895,307

^[3]

3,605,162

^[4]

Total assets accounted for at fair value on a recurring basis

^[5]

^[6]

22,926,425

20,635,932

Total liabilities accounted for at fair value on a recurring basis

^[7]

^[8]

(43,603)

^[8]

(29,715)

Fair Value, Inputs, Level 2 [Member]

^[8]

(13,888)

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

353,357,938

344,422,973

1,550,968

^[1]

1,217,308

^[2]

^[3]

^[4]

420,625

^[1]

254,731

^[2]

^[3]

^[4]

Total assets accounted for at fair value on a recurring basis

^[5]

^[6]

355,329,531

345,895,012

Total liabilities accounted for at fair value on a recurring basis

^[7]

^[8]

^[8]

Fair Value, Inputs, Level 3 [Member]

^[8]

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

1,431,874

1,435,519

161,310,060

141,179,620

^[1]

^[2]

^[3]

^[4]

^[1]

^[2]

^[3]

^[4]

Total assets accounted for at fair value on a recurring basis

5,949,181

^[5]

4,089,856

^[6]

168,691,115

146,704,995

Total liabilities accounted for at fair value on a recurring basis

(2,715,734)

^[7]

(1,382,979)

^[8]

$ (2,715,734)

(1,382,979)

^[8]

Activity Stock Due [Member]

^[8]

[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

Schedule of Accrued Investment Income (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total accrued investment income	$ 10,188,551	$ 10,299,826
Fixed Maturity Securities Available For Sale [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	3,566,511	3,563,767
Equity Securities [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	12,858	14,496
Mortgage Loans Held for Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	3,042,343	3,220,709
Real Estate Held For Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	3,517,092	3,455,305
Policy Loans [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	42,151	37,951
Cash and Cash Equivalents [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	$ 7,596	$ 7,598

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

Jun. 30, 2023

Dec. 31, 2022

Short term investment

$ 2,677,100

^[1]

$ 2,600,300

^[2]

Membership [Member]

Short term investment

84,800

938,500

Short term investment

$ 2,592,300

$ 1,661,800

[1]	Includes $84,800 of Membership stock and $2,592,300 of Activity stock attributable to short-term borrowings and letters of credit.
[2]	Includes $938,500 of Membership stock and $1,661,800 of Activity stock attributable to short-term borrowings and letters of credit.

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds (Details) (Parenthetical) - USD ($)

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year

$ 121,640,460

$ 133,483,817

$ 142,406,108

$ 141,414,282

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year

10,276,918

^[1]

10,638,034

^[2]

Restricted Assets [Member] | Security National Life Insurance [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year

$ 8,006,323

$ 8,527,620

[1]	Including cash and cash equivalents of $8,006,323 or the life insurance and mortgage segments.
[2]	Including cash and cash equivalents of $8,527,620 for the life insurance and mortgage segments.

Reinsurance, Commitments and Contingencies (Details Narrative)	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 84,531,263
Repayment of outstanding advances	7,100,000
Other commitments	170,804,000
Payment for other liabilities	124,975,445
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	Dec. 31, 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 SOFR rate plus 2%
Line of credit, maturity date	Nov. 09, 2023
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	Dec. 31, 2023
Adjustment of debt \| $ / shares	$ 1.00
U S Bank [Member]
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 25,000,000
Line of credit, interest rate, description	The agreement charges interest at 2.10% plus the greater of (i) 0%
Line of credit, maturity date	Dec. 01, 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	8.50%

Accumulated Other Comprehensive Income (loss)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (loss)

16) Accumulated Other Comprehensive Income (loss)

The following summarizes the changes in accumulated other comprehensive income (loss):

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022

Unrealized gains (losses) on fixed maturity securities available for sale	$	(4,913,327	)	$	(13,114,816	)	$	523,602		$	(28,486,911	)
Amounts reclassified into net earnings		(79,850	)		119,684			(298,750	)		164,877
Net unrealized gains (losses) before taxes		(4,993,177	)		(12,995,132	)		224,852			(28,322,034	)
Tax (expense) benefit		1,048,567			2,728,977			(47,219	)		5,947,627
Net		(3,944,610	)		(10,266,155	)		177,633			(22,374,407	)
Unrealized losses on restricted assets (1)		(6,189	)		(43,169	)		(2,056	)		(115,118	)
Tax benefit		1,542			10,754			512			28,676
Net		(4,647	)		(32,415	)		(1,544	)		(86,442	)
Unrealized losses on cemetery perpetual care trust investments (1)		(3,738	)		(15,868	)		(812	)		(53,225	)
Tax benefit		943			3,953			229			13,259
Net		(2,795	)		(11,915	)		(583	)		(39,966	)
Other comprehensive income (loss) changes	$	(3,952,052	)	$	(10,310,485	)	$	175,506		$	(22,500,815	)

(1)	Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income (loss) as of June 30, 2023:

	Beginning Balance December 31, 2022			Change for the period			Ending Balance June 30, 2023
Unrealized gains (losses) on fixed maturity securities available for sale	$	(13,050,767	)	$	177,633		$	(12,873,134	)
Unrealized losses on restricted assets (1)		(13,148	)		(1,544	)		(14,692	)
Unrealized losses on cemetery perpetual care trust investments (1)		(6,362	)		(583	)		(6,945	)
Other comprehensive income (loss)	$	(13,070,277	)	$	175,506		$	(12,894,771	)

(1)	Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income (loss) as of December 31, 2022:

	Beginning Balance December 31, 2021		Change for the period			Ending Balance December 31, 2022
Unrealized gains (losses) on fixed maturity securities available for sale	$	18,021,265	$	(31,072,032	)	$	(13,050,767	)
Unrealized gains (losses) on restricted assets (1)		40,192		(53,340	)		(13,148	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		8,991		(15,353	)		(6,362	)
Other comprehensive income (loss)	$	18,070,448	$	(31,140,725	)	$	(13,070,277	)

(1)	Fixed maturity securities available for sale

Schedule of Assumptions Used in Determining MSR Value (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Prepayment speed	8.70	8.12
Average life	8 years 2 months 26 days	8 years 5 months 26 days
Discount rate	11.57	11.95

Stock Compensation Plans

6 Months Ended

Jun. 30, 2023

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 Equity Incentive Plan”).

Stock Options

Stock based compensation expense for stock options issued of $142,696 and $220,175 has been recognized for these plans for the three month periods ended June 30, 2023, and 2022, respectively, and $284,883 and $491,922 has been recognized for these plans for the six month periods ended June 30, 2023 and 2022, respectively, and is included in personnel expenses on the condensed consolidated statements of earnings. As of June 30, 2023, the total unrecognized compensation expense related to the options issued was $248,748, which is expected to be recognized over the vesting period.

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.

Activity of the stock option plans during the six month period ended June 30, 2023, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at January 1, 2023		976,605		$	4.56		1,157,203	$	5.31
Adjustment for the effect of stock dividends		38,266					57,859
Granted		16,000					-
Exercised		(214,989	)				-
Cancelled		-					-
Outstanding at June 30, 2023		815,882		$	4.75		1,215,062	$	5.31

As of June 30, 2023:
Options exercisable		764,632		$	4.64		1,067,562	$	5.18

As of June 30, 2023:
Available options for future grant		171,386					834,750

Weighted average contractual term of options outstanding at June 30, 2023		4.87 years					6.41 years

Weighted average contractual term of options exercisable at June 30, 2023		4.56 years					6.14 years

Aggregated intrinsic value of options outstanding at June 30, 2023 (1)	$	3,018,675				$	3,815,225

Aggregated intrinsic value of options exercisable at June 30, 2023 (1)	$	2,910,455				$	3,487,200

(1)	The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.

(2)	Adjusted for the effect of annual stock dividends.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

5) Stock Compensation Plans (Continued)

Activity of the stock option plans during the six month period ended June 30, 2022, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at January 1, 2022		1,024,351		$	4.38		821,146	$	5.26
Adjustment for the 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, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.

(2)	Adjusted for the effect of annual stock dividends.

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 month periods ended June 30, 2023 and 2022 was $387,561 and $521,527, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

5) Stock Compensation Plans (Continued)

Restricted Stock Units (“RSUs”)

Stock based compensation expense for RSUs issued of nil has been recognized under these plans for the three month periods ended June 30, 2023 and 2022, respectively, and of $742 and nil has been recognized under these plans for the six month periods ended June 30, 2023 and 2022, respectively, and is isncluded in personnel expenses on the condensed consolidated statements of earnings. As of June 30, 2023, the total unrecognized compensation expense related to the RSUs issued was nil. The fair value of each RSU granted is determined based on the Company’s stock price on the date of grant. Prior to December 2022, the Company did not grant any RSUs.

Activity of the RSUs during the six month period ended June 30, 2023 is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		1,620		$	6.48
Granted		-
Vested		(405	)
Non-vested at June 30, 2023		1,215		$	6.48

Available RSUs for future grant	$	18,380

Aggregated intrinsic value of RSUs outstanding at June 30, 2023 (1)	$	2,394

(1)	The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Revenues:

Mortgage fee income

$ 26,078,753

$ 42,030,898

$ 52,067,759

$ 90,375,343

Insurance premiums and other considerations

28,813,299

25,911,995

56,780,591

52,253,947

Net investment income

20,171,974

15,971,288

37,946,857

31,165,594

Net mortuary and cemetery sales

7,168,714

7,250,503

13,640,143

14,456,224

Gains (losses) on investments and other assets

816,584

(914,395)

927,738

(742,420)

Other

796,835

5,316,365

1,983,805

10,483,873

Total revenues

83,846,159

95,566,654

163,346,893

197,992,561

Benefits and expenses:

Death benefits

15,455,305

14,839,044

32,133,671

31,723,750

Surrenders and other policy benefits

950,657

1,153,767

2,083,350

2,476,935

Increase in future policy benefits

8,499,804

6,600,443

16,554,743

13,371,544

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

4,251,321

4,053,109

9,134,902

8,449,522

Selling, general and administrative expenses:

Commissions

10,736,126

18,397,337

20,409,436

38,299,539

Personnel

20,508,415

25,504,950

42,470,927

52,379,714

Advertising

965,753

1,595,738

1,869,164

3,307,533

Rent and rent related

1,831,011

1,702,262

3,607,791

3,361,532

Depreciation on property and equipment

587,213

628,305

1,175,629

1,243,849

Costs related to funding mortgage loans

1,841,367

2,044,637

3,683,709

4,884,100

Other

7,403,409

11,174,128

15,183,944

23,265,764

Interest expense

1,414,802

1,900,249

2,868,135

3,627,564

Cost of goods and services sold-mortuaries and cemeteries

1,251,643

1,242,839

2,437,271

2,427,853

Total benefits and expenses

75,696,826

90,836,808

153,612,672

188,819,199

Earnings before income taxes

8,149,333

4,729,846

9,734,221

9,173,362

Income tax expense

(1,796,627)

(1,155,397)

(2,141,343)

(2,370,195)

Net earnings per Class A Equivalent common share ()

$ 6,352,706

$ 3,574,449

$ 7,592,878

$ 6,803,167

^[1]

$ 0.29

$ 0.16

$ 0.34

$ 0.30

Net earnings per Class A Equivalent common share-assuming dilution ()

^[1]

$ 0.28

$ 0.15

$ 0.34

$ 0.29

Weighted-average Class A equivalent common shares outstanding ()

^[1]

22,005,332

22,233,852

22,066,991

22,331,911

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

^[1]

22,568,633

23,108,651

22,617,888

23,225,600

[1]

Schedule of Fair Value of Fixed Maturity Securities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	$ 5,194,601	$ 16,883,189
Available for sale securities, fair value	162,247,498	267,774,539
Available for sale securities, unrecognized holding loss	13,930,756	2,291,672
Available for sale securities, fair value	123,907,957	13,189,587
Available for sale securities, unrecognized holding loss	19,125,357	19,174,861
Available for sale securities, fair value	286,155,455	280,964,126
Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	7,265	14,907
Available for sale securities, fair value	752,470	959,010
Available for sale securities, unrecognized holding loss	12,629	3,469
Available for sale securities, fair value	620,505	58,072
Available for sale securities, unrecognized holding loss	19,894	18,376
Available for sale securities, fair value		1,017,082
US States and Political Subdivisions Debt Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, fair value	150,501	760,255
Available for sale securities, unrecognized holding loss	8,304	3,469
Available for sale securities, fair value	392,384	58,072
Available for sale securities, unrecognized holding loss	9,570	15,360
Available for sale securities, fair value	542,885	818,327
US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	872,936	2,685,277
Available for sale securities, fair value	56,265,029	79,400,753
Available for sale securities, unrecognized holding loss	1,681,490
Available for sale securities, fair value	28,818,980
Available for sale securities, unrecognized holding loss	2,554,426	2,685,277
Available for sale securities, fair value	85,084,009	79,400,753
US Treasury Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	4,212
Available for sale securities, fair value	385,429
Available for sale securities, unrecognized holding loss
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss	4,212
Available for sale securities, fair value	385,429
US Treasury Securities [Member] \| US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, fair value	94,166	71,112
US Treasury Securities [Member] \| US Government Corporations and Agencies Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, fair value	70,150
US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	159,415	378,067
Available for sale securities, fair value	3,758,985	5,467,910
Available for sale securities, unrecognized holding loss	219,572	80,070
Available for sale securities, fair value	2,149,115	429,020
Available for sale securities, unrecognized holding loss	378,987	458,137
Available for sale securities, fair value	5,908,100	5,896,930
US States and Political Subdivisions Debt Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	1,266	11,891
Corporate Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	3,664,905	10,935,114
Available for sale securities, fair value	96,981,686	162,995,969
Available for sale securities, unrecognized holding loss	7,822,248	995,659
Available for sale securities, fair value	71,988,258	5,781,822
Available for sale securities, unrecognized holding loss	11,487,153	11,930,773
Available for sale securities, fair value	168,969,944	168,777,791
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	497,345	2,884,731
Available for sale securities, fair value	5,241,798	19,909,907
Available for sale securities, unrecognized holding loss	4,207,446	1,215,943
Available for sale securities, fair value	20,951,604	6,978,745
Available for sale securities, unrecognized holding loss	4,704,791	4,100,674
Available for sale securities, fair value	26,193,402	26,888,652
Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	2,402	1,883
Available for sale securities, fair value	176,593	154,004
Available for sale securities, unrecognized holding loss	7,541	6,633
Available for sale securities, fair value	164,316	71,112
Available for sale securities, unrecognized holding loss	9,943	8,516
Available for sale securities, fair value	340,909	225,116
Cemetery Perpectual Care Oblication [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, fair value	1,372,975
Cemetery Perpectual Care Oblication [Member] \| US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	2,402	38
Available for sale securities, fair value	176,593	59,392
Available for sale securities, unrecognized holding loss
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss	2,402	38
Available for sale securities, fair value	176,593	59,392
Cemetery Perpectual Care Oblication [Member] \| US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss		1,845
Available for sale securities, fair value		94,612
Available for sale securities, unrecognized holding loss	1,182	6,633
Available for sale securities, unrecognized holding loss	1,182	8,478
Available for sale securities, fair value	94,166	165,724
Cemetery Perpectual Care Oblication [Member] \| US Government Corporations and Agencies Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss	6,359
Available for sale securities, unrecognized holding loss	6,359
Available for sale securities, fair value	70,150
Corporate Debt Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	1,787	3,016
Available for sale securities, fair value	216,540	198,755
Available for sale securities, unrecognized holding loss	4,325
Available for sale securities, fair value	228,121
Available for sale securities, unrecognized holding loss	6,112	3,016
Available for sale securities, fair value	$ 444,661	$ 198,755

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

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

$ 271,049,585

$ 308,123,927

64,554,148

70,508,156

19,434,263

18,935,055

7,666,221

7,276,210

Mortgage servicing rights, estimated fair value

3,442,352

3,039,765

$ 53,060,455

4,790,912

3,927,877

(103,301,721)

(161,712,804)

(901,792,172)

(889,327,303)

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

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

92,373,964

90,290,776

Mortgage loans held for investment, estimated fair value

90,236,721

88,575,293

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

90,236,721

88,575,293

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

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

120,783,301

172,139,077

Mortgage loans held for investment, estimated fair value

120,783,301

172,139,077

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

120,783,301

172,139,077

Commercial Loan [Member]

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

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

57,892,320

45,694,074

Mortgage loans held for investment, estimated fair value

56,552,307

44,079,537

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

56,552,307

44,079,537

Mortgage Loans Net 1 [Member]

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

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

271,049,585

308,123,927

Mortgage loans held for investment, estimated fair value

267,572,329

304,793,907

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

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

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

Mortgage Loans Net 1 [Member] | Fair Value, Inputs, Level 2 [Member]

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

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

Mortgage Loans Net 1 [Member] | Fair Value, Inputs, Level 3 [Member]

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

Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

267,572,329

304,793,907

Policy Loan [Member]

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

Other investments and policy loans, estimated fair value

13,020,654

13,095,473

13,020,654

13,095,473

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

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

Policy 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 allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)

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

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

Insurance Assignments [Member]

13,020,654

13,095,473

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

Other investments and policy loans, estimated fair value

39,466,608

^[1]

45,332,585

^[2]

39,466,608

^[1]

45,332,585

^[2]

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

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

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

^[1]

^[2]

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

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

^[1]

^[2]

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

Restricted Assets 1 [Member]

39,466,608

^[1]

45,332,585

^[2]

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

Restricted assets, estimated fair value

1,377,183

^[3]

1,731,469

^[4]

1,377,183

^[3]

1,731,469

^[4]

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

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

Restricted Assets 1 [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

^[4]

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

Restricted Assets 1 [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

^[4]

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

Cemetery Perpetual Care Trust Investments 2 [Member]

1,377,183

^[3]

1,731,469

^[4]

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

Cemetery perpetual care trust investments, estimated fair value

2,271,516

^[3]

1,506,517

^[4]

2,271,516

^[3]

1,506,517

^[4]

Cemetery Perpetual Care Trust Investments 2 [Member] | Fair Value, Inputs, Level 1 [Member]

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

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

^[3]

^[4]

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

Cemetery Perpetual Care Trust Investments 2 [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

^[4]

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

Mortgage Servicing Rights [Member]

2,271,516

^[3]

1,506,517

^[4]

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

Mortgage servicing rights, estimated fair value

3,442,352

3,039,765

4,790,912

3,927,877

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

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

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

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

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

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

Bank And Other Loans Payable [Member]

4,790,912

3,927,877

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

Bank and other loans payable, fair value

(103,301,721)

(161,712,804)

(103,301,721)

(161,712,804)

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

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

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

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

Policyholder Account Balances [Member]

(103,301,721)

(161,712,804)

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

Future policy benefits and unpaid claims, estimated fair value

(40,389,204)

^[5]

(41,146,171)

^[6]

(40,878,607)

^[5]

(42,181,089)

^[6]

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

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

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

^[5]

^[6]

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

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

^[5]

^[6]

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

Future Policy Benefits Annuities [Member]

(40,878,607)

^[5]

(42,181,089)

^[6]

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

Future policy benefits and unpaid claims, estimated fair value

(106,259,062)

^[5]

(106,637,094)

^[6]

(124,475,238)

^[5]

(126,078,031)

^[6]

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

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

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

^[5]

^[6]

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

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

^[5]

^[6]

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

Accounting Changes and Error Corrections [Abstract]

$ (124,475,238)

^[5]

$ (126,078,031)

^[6]

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

Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Increased (Decrease) in Allowances for Credit Losses Upon ASU

	Amount
Mortgage loans held for investment:
Residential	$	(192,607	)
Residential construction		301,830
Commercial		555,807
Total		665,030

Restriced assets - mortgage loans held for investment:
Residential construction		3,463

Cemetery perpetual care trust investments - mortgage loans held for investment:
Residential construction		3,013

Grand Total		671,506

Schedule of Commercial Real Estate Investment (Details)

Jun. 30, 2023

USD ($)

ft²

Dec. 31, 2022

USD ($)

ft²

Real estate held for investment (net of accumulated depreciation)

$ 180,962,902

$ 191,328,616

Commercial Real Estate 1 [Member]

1,827,474

11,161,582

Real estate held for investment (net of accumulated depreciation)

$ 150,282,066

$ 152,890,656

677,392

UTAH | Commercial Real Estate 1 [Member]

$ 151,553

Real estate held for investment (net of accumulated depreciation)

^[1]

$ 144,998,640

$ 147,627,946

LOUISIANA | Commercial Real Estate 1 [Member]

^[1]

625,920

Real estate held for investment (net of accumulated depreciation)

$ 2,357,964

$ 2,380,847

MISSISSIPPI | Commercial Real Estate 1 [Member]

31,778

Real estate held for investment (net of accumulated depreciation)

$ 2,925,462

$ 2,881,863

19,694

^[2]

$ 151,553

[1]	Includes Center53
[2]	Consists of approximately 93 acres of undeveloped land

Recent Accounting Pronouncements (Details Narrative)	Jan. 01, 2023 USD ($)
Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in retained earnings	$ 671,506

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Investments (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Available for sale securities, unrecognized holding gain

$ 371,731,265

$ 362,750,511

2,407,909

2,282,842

Available for sale securities, unrecognized holding loss

(19,125,357)

^[1]

(19,174,861)

Available for sale securities, allowance for credit losses

(224,005)

Available for sale securities, estimated fair value

354,789,812

345,858,492

Available-for-sale securities, amortized cost basis

10,416,580

9,942,265

Available-for-sale securities, gross unrealized gain

12,801,925

11,682,526

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

(1,689,405)

(1,746,605)

Mortgage loans on real estate and construction, allowance for losses

(2,663,560)

(1,970,311)

$ (1,699,902)

Mortgage loans on real estate and construction, discount

(333,509)

(342,860)

271,049,585

308,123,927

180,962,902

191,328,616

Federal home loan bank stock

1,827,474

11,161,582

Policy loans

13,020,654

13,095,473

Insurance assignments

41,157,301

46,942,536

2,677,100

^[2]

2,600,300

^[3]

Other investments

9,389,786

9,479,798

Allowance for doubtful accounts

(1,690,693)

(1,609,951)

Total policy loans and other investments

64,554,148

70,508,156

Accrued investment income

10,188,551

10,299,826

Total investments

896,174,397

948,963,125

Total cemetery perpetual care trust investments

121,640,460

133,483,817

$ 142,406,108

141,414,282

7,666,221

7,276,210

Cemetery perpetual care obligation

5,207,198

5,099,542

US Treasury Securities [Member]

(180,962,902)

(191,328,616)

Available for sale securities, allowance for credit losses

US States and Political Subdivisions Debt Securities [Member]

Available for sale securities, allowance for credit losses

US Treasury Securities [Member]

Available for sale securities, unrecognized holding gain

99,323,377

93,182,210

50,602

180,643

Available for sale securities, unrecognized holding loss

(2,554,426)

^[1]

(2,685,277)

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

96,819,553

90,677,576

US States and Political Subdivisions Debt Securities [Member]

Available for sale securities, unrecognized holding gain

6,757,087

6,675,071

403

13,869

Available for sale securities, unrecognized holding loss

(378,987)

^[1]

(458,137)

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

6,378,503

6,230,803

Corporate Debt Securities [Member]

Available for sale securities, unrecognized holding gain

232,127,146

229,141,544

2,177,346

1,909,630

Available for sale securities, unrecognized holding loss

(11,487,153)

^[1]

(11,930,773)

Available for sale securities, allowance for credit losses

(224,005)

Available for sale securities, estimated fair value

222,593,334

219,120,401

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

Available for sale securities, unrecognized holding gain

33,273,655

33,501,686

169,558

168,700

Available for sale securities, unrecognized holding loss

(4,704,791)

^[1]

(4,100,674)

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

28,738,422

29,569,712

Redeemable Preferred Stock [Member]

Available for sale securities, unrecognized holding gain

250,000

10,000

Available for sale securities, unrecognized holding loss

^[1]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

260,000

Industrial Miscellaneous And All Other [Member]

Available-for-sale securities, amortized cost basis

10,416,580

9,942,265

Available for sale securities, unrecognized holding gain

2,976,949

2,688,375

Available for sale securities, unrecognized holding loss

(591,604)

^[1]

(948,114)

Available-for-sale securities, gross unrealized gain

12,801,925

11,682,526

Equity Securities One [Member]

Available-for-sale securities, amortized cost basis

10,416,580

9,942,265

Available for sale securities, unrecognized holding gain

2,976,949

2,688,375

Available for sale securities, unrecognized holding loss

(591,604)

^[1]

(948,114)

Available-for-sale securities, gross unrealized gain

12,801,925

11,682,526

Equity Securities One [Member] | Industrial Miscellaneous And All Other [Member]

Available for sale securities, unrecognized holding gain

705,343

584,383

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

95,208,040

93,355,623

(1,134,554)

(1,212,994)

Mortgage loans on real estate and construction, allowance for losses

(1,589,860)

(1,739,980)

(1,469,571)

Mortgage loans on real estate and construction, discount

(109,662)

(111,873)

92,373,964

90,290,776

30,680,836

38,437,960

1,675,921

11,010,029

(30,680,836)

(38,437,960)

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

121,322,532

172,516,125

(296,586)

(333,846)

Mortgage loans on real estate and construction, allowance for losses

(242,645)

(43,202)

$ (43,202)

Mortgage loans on real estate and construction, discount

120,783,301

172,139,077

Commercial [Member]

59,205,487

46,311,955

150,282,066

152,890,656

151,553

Cemetery Perpectual Care Oblication [Member]

(150,282,066)

(152,890,656)

Available for sale securities, unrecognized holding gain

429,910

263,205

658

Available for sale securities, unrecognized holding loss

(9,943)

(8,516)

Available for sale securities, estimated fair value

420,625

254,731

Total cemetery perpetual care trust investments

1,077,601

1,925,978

7,666,221

7,276,210

Cemetery perpetual care obligation

(5,207,198)

(5,099,542)

Trust investments in excess of trust obligations

2,459,023

2,176,668

Cemetery Perpectual Care Oblication [Member] | US Treasury Securities [Member]

Available for sale securities, unrecognized holding gain

258,053

89,004

658

Available for sale securities, unrecognized holding loss

(2,402)

(38)

Available for sale securities, estimated fair value

256,309

89,008

Cemetery Perpectual Care Oblication [Member] | US States and Political Subdivisions Debt Securities [Member]

Available for sale securities, unrecognized holding gain

95,348

174,201

Available for sale securities, unrecognized holding loss

(1,182)

(8,478)

Available for sale securities, estimated fair value

94,166

165,723

Cemetery Perpectual Care Oblication [Member] | US Government Corporations and Agencies Securities [Member]

Available for sale securities, unrecognized holding gain

76,509

Available for sale securities, unrecognized holding loss

(6,359)

Available for sale securities, estimated fair value

70,150

Cemetery Perpectual Care Oblication [Member] | Industrial Miscellaneous And All Other [Member]

Available-for-sale securities, amortized cost basis

3,379,217

3,195,942

Available for sale securities, unrecognized holding gain

705,343

584,383

Available for sale securities, unrecognized holding loss

(189,253)

(175,163)

Available-for-sale securities, gross unrealized gain

3,895,307

3,605,162

Cemetery Perpectual Care Oblication [Member] | Equity Securities One [Member]

Available-for-sale securities, amortized cost basis

3,379,217

3,195,942

Available for sale securities, unrecognized holding loss

(189,253)

(175,163)

Available-for-sale securities, gross unrealized gain

3,895,307

3,605,162

Cemetery Perpectual Care Oblication [Member] | Residential Construction [Member]

2,271,516

2,272,969

1,506,517

Cemetery Perpectual Care Oblication [Member] | Residential Mortgage [Member]

(1,453)

1,172

16,178

Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis

$ (1,172)

$ (16,178)

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Includes $84,800 of Membership stock and $2,592,300 of Activity stock attributable to short-term borrowings and letters of credit.
[3]	Includes $938,500 of Membership stock and $1,661,800 of Activity stock attributable to short-term borrowings and letters of credit.

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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, 2023:

	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	$	354,789,812		$	-	$	353,357,938	$	1,431,874
Equity securities		12,801,925			12,801,925		-		-
Loans held for sale		161,310,060			-		-		161,310,060
Restricted assets (1)		1,550,968			-		1,550,968		-
Restricted assets (2)		6,229,193			6,229,193		-		-
Cemetery perpetual care trust investments (1)		420,625			-		420,625		-
Cemetery perpetual care trust investments (2)		3,895,307			3,895,307		-		-
Derivatives - loan commitments (3)		5,949,181			-		-		5,949,181
Total assets accounted for at fair value on a recurring basis	$	546,947,071		$	22,926,425	$	355,329,531	$	168,691,115

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)		(2,715,734	)		-		-		(2,715,734	)
Total liabilities accounted for at fair value on a recurring basis	$	(2,715,734	)	$	-	$	-	$	(2,715,734	)

(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, 2023 (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	$	345,858,492		$	-		$	344,422,973	$	1,435,519
Equity securities		11,682,526			11,682,526			-		-
Loans held for sale		141,179,620			-			-		141,179,620
Restricted assets (1)		1,217,308			-			1,217,308		-
Restricted assets (2)		5,348,244			5,348,244			-		-
Cemetery perpetual care trust investments (1)		254,731			-			254,731		-
Cemetery perpetual care trust investments (2)		3,605,162			3,605,162			-		-
Derivatives - loan commitments (3)		4,089,856			-			-		4,089,856
Total assets accounted for at fair value on a recurring basis	$	513,235,939		$	20,635,932		$	345,895,012	$	146,704,995

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$	(29,715	)	$	(29,715	)	$	-	$	-
Derivatives - put options (4)		(13,888	)		(13,888	)		-		-
Derivatives - loan commitments (4)		(1,382,979	)		-			-		(1,382,979	)
Total liabilities accounted for at fair value on a recurring basis	$	(1,426,582	)	$	(43,603	)	$	-	$	(1,382,979	)

(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

Schedule of 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, 2023, 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
	June 30, 2023		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	161,310,060	Market approach	Investor contract pricing as a percentage of unpaid principal balance		70.0	%		106.0	%		100.0	%

Derivatives - loan commitments (net)		3,233,447	Market approach	Pull-through rate		65.0	%		95.0	%		87.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			154 bps			74 bps

Fixed maturity securities available for sale		1,431,874	Broker quotes	Pricing quotes	$	100.00		$	111.11		$	104.72

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value at			Significant	Range of Inputs
	December 31,		Valuation	Unobservable	Minimum			Maximum			Weighted
	2022		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	141,179,620	Market approach	Investor contract pricing as a percentage of unpaid principal balance		69.9	%		106.1	%		99.8	%

Derivatives - loan commitments (net)		2,706,877	Market approach	Pull-through rate		65.0	%		95.0	%		82.2	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			153 bps			73 bps

Fixed maturity securities available for sale		1,435,519	Broker quotes	Pricing quotes	$	100.00		$	111.11		$	104.97

Schedule of Changes in the Condensed 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 month periods ended June 30, 2023:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2022	$	2,706,877		$	141,179,620		$	1,435,519
Originations and purchases		-			1,139,735,241			-
Sales, maturities and paydowns		-			(1,140,477,623	)		-
Transfer to mortgage loans held for investment		-			(1,150,074	)		-
Total gains (losses):
Included in earnings		526,570	(1)		22,022,896	(1)		-	(2)
Included in other comprehensive income		-			-			(3,645	)

Balance - June 30, 2023	$	3,233,447		$	161,310,060		$	1,431,874

(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 month periods ended 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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (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 month periods ended June 30, 2023:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - March 31, 2023	$	3,384,829		$	173,015,404		$	1,435,519
Originations and purchases		-			607,867,445			-
Sales, maturities and paydowns		-			(628,567,681	)		-
Transfer to mortgage loans held for investment		-			(1,150,074	)		-
Total gains (losses):
Included in earnings		(151,382	)(1)		10,144,966	(1)		-	(2)
Included in other comprehensive income		-			-			(3,645	)

Balance - June 30, 2023	$	3,233,447		$	161,310,060		$	1,431,874

(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 month periods ended 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

Schedule of Fair Value Assets Measured on a Nonrecurring Basis

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 December 31, 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	$	794,224	$	-	$	-	$	794,224
Total assets accounted for at fair value on a nonrecurring basis	$	794,224	$	-	$	-	$	794,224

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, 2023:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	92,373,964		$	-	$	-	$	90,236,721		$	90,236,721
Residential construction		120,783,301			-		-		120,783,301			120,783,301
Commercial		57,892,320			-		-		56,552,307			56,552,307
Mortgage loans held for investment, net	$	271,049,585		$	-	$	-	$	267,572,329		$	267,572,329
Policy loans		13,020,654			-		-		13,020,654			13,020,654
Insurance assignments, net (1)		39,466,608			-		-		39,466,608			39,466,608
Restricted assets (2)		1,377,183			-		-		1,377,183			1,377,183
Cemetery perpetual care trust investments (2)		2,271,516			-		-		2,271,516			2,271,516
Mortgage servicing rights, net		3,442,352			-		-		4,790,912			4,790,912

Liabilities
Bank and other loans payable	$	(103,301,721	)	$	-	$	-	$	(103,301,721	)	$	(103,301,721	)
Policyholder account balances (3)		(40,389,204	)		-		-		(40,878,607	)		(40,878,607	)
Future policy benefits - annuities (3)		(106,259,062	)		-		-		(124,475,238	)		(124,475,238	)

(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, 2023 (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, 2022:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	90,290,776		$	-	$	-	$	88,575,293		$	88,575,293
Residential construction		172,139,077			-		-		172,139,077			172,139,077
Commercial		45,694,074			-		-		44,079,537			44,079,537
Mortgage loans held for investment, net	$	308,123,927		$	-	$	-	$	304,793,907		$	304,793,907
Policy loans		13,095,473			-		-		13,095,473			13,095,473
Insurance assignments, net (1)		45,332,585			-		-		45,332,585			45,332,585
Restricted assets (2)		1,731,469			-		-		1,731,469			1,731,469
Cemetery perpetual care trust investments (2)		1,506,517			-		-		1,506,517			1,506,517
Mortgage servicing rights, net		3,039,765			-		-		3,927,877			3,927,877

Liabilities
Bank and other loans payable	$	(161,712,804	)	$	-	$	-	$	(161,712,804	)	$	(161,712,804	)
Policyholder account balances (3)		(41,146,171	)		-		-		(42,181,089	)		(42,181,089	)
Future policy benefits - annuities (3)		(106,637,094	)		-		-		(126,078,031	)		(126,078,031	)

(1)	Included in other investments and policy loans on the consolidated balance sheets

(2)	Mortgage loans held for investment

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

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

6 Months Ended

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Balance, beginning of period

$ 1,725,667

$ 2,447,139

Provision on current loan originations

513,431

^[1]

$ 598,922

1,078,812

^[1]

Charge-offs, net of recaptured amounts

(983,185)

(1,800,284)

Balance, end of period

$ 1,255,913

$ 1,725,667

[1]	Included in mortgage fee income

Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Activity of Stock Option Plans

Activity of the stock option plans during the six month period ended June 30, 2023, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at January 1, 2023		976,605		$	4.56		1,157,203	$	5.31
Adjustment for the effect of stock dividends		38,266					57,859
Granted		16,000					-
Exercised		(214,989	)				-
Cancelled		-					-
Outstanding at June 30, 2023		815,882		$	4.75		1,215,062	$	5.31

As of June 30, 2023:
Options exercisable		764,632		$	4.64		1,067,562	$	5.18

As of June 30, 2023:
Available options for future grant		171,386					834,750

Weighted average contractual term of options outstanding at June 30, 2023		4.87 years					6.41 years

Weighted average contractual term of options exercisable at June 30, 2023		4.56 years					6.14 years

Aggregated intrinsic value of options outstanding at June 30, 2023 (1)	$	3,018,675				$	3,815,225

Aggregated intrinsic value of options exercisable at June 30, 2023 (1)	$	2,910,455				$	3,487,200

(1)	The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.

(2)	Adjusted for the effect of annual stock dividends.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

5) Stock Compensation Plans (Continued)

Activity of the stock option plans during the six month period ended June 30, 2022, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at January 1, 2022		1,024,351		$	4.38		821,146	$	5.26
Adjustment for the 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, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.

(2)	Adjusted for the effect of annual stock dividends.

Schedule of Activity Restricted Stock Units

Activity of the RSUs during the six month period ended June 30, 2023 is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		1,620		$	6.48
Granted		-
Vested		(405	)
Non-vested at June 30, 2023		1,215		$	6.48

Available RSUs for future grant	$	18,380

Aggregated intrinsic value of RSUs outstanding at June 30, 2023 (1)	$	2,394

(1)	The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.

Receivables (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Allowance Credit Losses

Schedule of Receivables

Receivables consist of the following:

Schedule of Receivables

	As of June 30, 2023			As of December 31, 2022
Contracts with customers	$	5,814,731		$	5,392,779
Receivables from sales agents		2,139,563			2,209,185
Other		5,214,235			23,200,919
Total receivables		13,168,529			30,802,883
Allowance for doubtful accounts		(1,492,934	)		(2,229,791	)
Net receivables	$	11,675,595		$	28,573,092

The following table presents a roll forward of the allowance for credit losses:

Schedule of Allowance Credit Losses

	Allowance
Beginning balance - January 1, 2023	$	2,229,791
Change in provision for credit losses		(651,308	)(1)
Charge-offs		(85,549	)
Ending balance - June 30, 2023	$	1,492,934

Beginning balance - January 1, 2022	$	1,800,725
Change in provision for credit losses		799,888	(1)
Charge-offs		(370,822	)
Ending balance - December 31, 2022	$	2,229,791

(1)

Included in other expenses on the condensed consolidated statements of earnings

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

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

$ 161,310,060

$ 141,179,620

Loans Held For Sale [Member]

5,949,181

^[1]

4,089,856

^[2]

354,789,812

345,858,492

Fair value measurement, range of inputs, minimum value

$ 161,310,060

$ 141,179,620

$ 173,015,404

$ 209,860,409

$ 234,012,872

$ 302,776,827

70.00%

69.90%

Fair value measurement, range of inputs, maximum value

106.00%

106.10%

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

100.00%

99.80%

Net Derivatives Loan Commitments [Member]

Fair value measurement, range of inputs, minimum value

65.00%

Fair value measurement, range of inputs, maximum value

95.00%

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

87.00%

82.20%

Fixed Maturity Securities Available For Sale 1 [Member]

$ 3,233,447

$ 2,706,877

3,384,829

7,443,642

9,690,886

7,015,515

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

$ 1,431,874

$ 1,435,519

$ 1,962,789

$ 2,011,772

$ 2,023,348

$ 100.00

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

$ 104.72

$ 104.97

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

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $371,731,265 and $362,750,511 for 2023 and 2022, respectively; allowance for credit losses of $224,005 and nil for 2023 and 2022, respectively)	$ 354,789,812	$ 345,858,492
Equity securities at estimated fair value (cost of $10,416,580 and $9,942,265 for 2023 and 2022, respectively)	12,801,925	11,682,526
Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)	271,049,585	308,123,927
Real estate held for investment (net of accumulated depreciation of $26,941,328 and $23,793,204 for 2023 and 2022, respectively)	180,962,902	191,328,616
Real estate held for sale	1,827,474	11,161,582
Other investments and policy loans (net of allowance for credit losses of $1,690,693 and $1,609,951 for 2023 and 2022, respectively)	64,554,148	70,508,156
Accrued investment income	10,188,551	10,299,826
Total investments	896,174,397	948,963,125
Cash and cash equivalents	110,285,941	120,919,805
Loans held for sale at estimated fair value	161,310,060	141,179,620
Receivables (net of allowance for credit losses of $1,492,934 and $2,229,791 for 2023 and 2022, respectively)	11,675,595	28,573,092
Restricted assets (including $7,780,162 and $6,565,552 for 2023 and 2022 respectively, at estimated fair value; allowance for credit losses of $2,760 and nil for 2023 and 2022, respectively)	19,434,263	18,935,055
Cemetery perpetual care trust investments (including $4,315,932 and $3,859,893 for 2023 and 2022 respectively, at estimated fair value; allowance for credit losses of $1,453 and nil for 2023 and 2022, respectively)	7,666,221	7,276,210
Receivable from reinsurers	14,839,279	15,033,938
Cemetery land and improvements	9,033,600	9,101,474
Deferred policy and pre-need contract acquisition costs	111,733,330	108,655,128
Mortgage servicing rights, net	3,442,352	3,039,765
Property and equipment, net	19,932,664	20,579,649
Value of business acquired	9,393,595	9,803,736
Goodwill	5,253,783	5,253,783
Other	23,431,668	23,798,512
Total Assets	1,403,606,748	1,461,112,892
Liabilities
Future policy benefits and unpaid claims	901,792,172	889,327,303
Unearned premium reserve	2,658,492	2,773,616
Bank and other loans payable	103,301,721	161,712,804
Deferred pre-need cemetery and mortuary contract revenues	17,155,722	16,226,836
Cemetery perpetual care obligation	5,207,198	5,099,542
Accounts payable	3,215,659	5,361,449
Other liabilities and accrued expenses	56,073,488	57,113,888
Income taxes	15,439,539	30,710,527
Total liabilities	1,104,843,991	1,168,325,965
Stockholders’ Equity
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding
Additional paid-in capital	71,685,665	64,767,769
Accumulated other comprehensive loss, net of taxes	(12,894,771)	(13,070,277)
Retained earnings	200,078,709	202,160,306
Treasury stock at cost - 849,005 Class A shares and 35,717 Class C shares as of June 30, 2023; and 525,870 Class A shares and 34,016 Class C shares as of December 31, 2022	(5,841,350)	(4,366,651)
Total stockholders’ equity	298,762,757	292,786,927
Total Liabilities and Stockholders’ Equity	1,403,606,748	1,461,112,892
Common Class A [Member]
Stockholders’ Equity
Common Stock , Value	39,787,400	37,516,062
Common Class B [Member]
Stockholders’ Equity
Common Stock , Value
Common Class C [Member]
Stockholders’ Equity
Common Stock , Value	$ 5,947,104	$ 5,779,718

Earnings Per Share

6 Months Ended

Jun. 30, 2023

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:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net earnings	$	6,352,706	$	3,574,449	$	7,592,878	$	6,803,167
Denominator:
Basic weighted-average shares outstanding		22,005,332		22,233,852		22,066,991		22,331,911
Effect of dilutive securities:
Employee stock options		563,301		874,799		550,897		893,689

Diluted weighted-average shares outstanding		22,568,633		23,108,651		22,617,888		23,225,600

Basic net earnings per share	$	0.29	$	0.16	$	0.34	$	0.30

Diluted net earnings per share	$	0.28	$	0.15	$	0.34	$	0.29

For the six month periods ended June 30, 2023, and 2022, there were 55,125 and 52,500 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, 2021		17,642,722		2,866,565

Exercise of stock options		69,096		-
Vesting of restricted stock units		-		-
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

Outstanding shares at December 31, 2022		18,758,031		2,889,859
Common stock, shares, outstanding, beginning		18,758,031		2,889,859

Exercise of stock options		127,688		-
Vesting of restricted stock units		405		-
Stock dividends		949,675		141,594
Conversion of Class C to Class A		57,901		(57,901	)

Outstanding shares at June 30, 2023		19,893,700		2,973,552
Common stock, shares, outstanding, ending		19,893,700		2,973,552

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

Schedule of Allowance for Loan Losses (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2023

Dec. 31, 2022

Financing receivable, allowance for credit loss, beginning balance

$ 1,970,311

$ 1,699,902

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)

(671,506)

665,030

^[1]

^[2]

28,219

270,409

Financing receivable, allowance for credit loss, ending balance

2,663,560

1,970,311

Commercial Loan [Member]

Financing receivable, allowance for credit loss, beginning balance

187,129

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)

^[1]

555,807

^[2]

88,119

Financing receivable, allowance for credit loss, ending balance

831,055

187,129

Financing receivable, allowance for credit loss, beginning balance

1,739,980

1,469,571

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)

^[1]

(192,607)

^[2]

42,487

270,409

Financing receivable, allowance for credit loss, ending balance

1,589,860

1,739,980

Financing receivable, allowance for credit loss, beginning balance

$ 43,202

43,202

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)

^[1]

301,830

^[2]

(102,387)

Financing receivable, allowance for credit loss, ending balance

$ 242,645

$ 43,202

[1]	See Note 2 of the notes to the condensed consolidated financial statements
[2]	Included in other expenses on the condensed consolidated statements of earnings

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Unrealized gains on fix maturity securities available-for-sale

Schedule of Allowance for Credit Losses (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Financing Receivable, Allowance for Credit Loss, Beginning	$ 1,609,951	$ 1,686,218
Financing Receivable, Allowance for Credit Loss, Ending	1,690,693	1,609,951
Commercial Loan [Member]
Marketable Securities [Line Items]
Allowance for credit losses, change in provision	452,326	889,480
Allowance for credit losses, Charge-offs	$ (371,584)	$ (965,747)

Schedule of Activity of Stock Option Plans (Details) (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock price	$ 8.45	$ 8.46

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

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Equity [Abstract]

$ (13,050,767)

$ 18,021,265

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

177,633

(31,072,032)

Unrealized gains on fix maturity securities available-for-sale

(12,873,134)

(13,050,767)

Unrealized gains (losses) on restricted assets

(13,148)

^[1]

40,192

^[2]

Increase Dececrease in Unrealized gains (losses) on restricted assets

(1,544)

^[1]

(53,340)

^[2]

Unrealized gains (losses) on restricted assets

^[1]

(14,692)

(13,148)

Unrealized gains (losses) on cemetery perpetual care trust investments

(6,362)

^[1]

8,991

^[2]

Increase Dececrease in Unrealized gains (losses) on cemetery perpetual care trust investments

(583)

^[1]

(15,353)

^[2]

Unrealized gains (losses) on cemetery perpetual care trust investments

^[1]

(6,945)

(6,362)

Other comprehensive income (loss), Balance

(13,070,277)

18,070,448

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

175,506

(31,140,725)

Other comprehensive income (loss), Balance

$ (12,894,771)

$ (13,070,277)

[1]	Fixed maturity securities available for sale
[2]	Fixed maturity securities available for sale

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

6 Months Ended

Jun. 30, 2023

Revenues from Contracts with Customers

13) 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, 2023 (Unaudited)

13) 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 (January 1, 2023)	$	5,392,779	$	-	$	16,226,836
Closing (June 30, 2023)		5,814,731		-		17,155,722
Increase/(decrease)		421,952		-		928,886

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (January 1, 2022)	$	5,298,636	$	-	$	14,508,022
Closing (December 31, 2022)		5,392,779		-		16,226,836
Increase/(decrease)		94,143		-		1,718,814

(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 month periods ended June 30, 2023 and 2022 was $1,116,566 and $1,526,324, respectively, and for the six month periods ended June 30, 2023 and 2022 was $2,236,898 and $2,590,428, 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:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Major goods/service lines
At-need	$	4,999,450	$	5,598,109	$	10,153,486	$	11,464,987
Pre-need		2,169,264		1,652,394		3,486,657		2,991,237
Net mortuary and cemetery sales	$	7,168,714	$	7,250,503	$	13,640,143	$	14,456,224

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,528,969	$	4,594,656	$	8,558,635	$	8,775,201
Services transferred at a point in time		2,639,745		2,655,847		5,081,508		5,681,023
Net mortuary and cemetery sales	$	7,168,714	$	7,250,503	$	13,640,143	$	14,456,224

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

13) 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:

	2023		2022			2023		2022
	Three Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023		2022
Net mortuary and cemetery sales	$	7,168,714	$	7,250,503		$	13,640,143	$	14,456,224
Gains (losses) on investments and other assets		197,579		(720,135	)		251,510		(974,660	)
Net investment income		1,343,274		739,272			1,944,765		1,235,731
Other revenues		102,941		21,378			174,486		36,917
Revenues from external customers		8,812,508		7,291,018			16,010,904		14,754,212

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Schedule of Earnings Per Share, Basic and Diluted

Schedule of Mortgage Fee Income for Loans Held for Sale (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loans Held For Sale
Loan fees	$ 5,986,802	$ 7,950,227	$ 10,375,215	$ 15,037,410
Interest income	2,620,489	2,923,446	4,627,546	4,955,315
Secondary gains	19,298,213	37,161,287	37,259,571	76,763,900
Change in fair value of loan commitments	(151,382)	(2,247,244)	526,570	428,127
Change in fair value of loans held for sale	(1,401,738)	(3,463,922)	(607,123)	(6,210,487)
Provision for loan loss reserve	(273,631)	(292,896)	(114,020)	(598,922)
Mortgage fee income	$ 26,078,753	$ 42,030,898	$ 52,067,759	$ 90,375,343

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Amortized cost	$ 371,731,265	$ 362,750,511
Estimated fair value	354,789,812	345,858,492
National Association of Insurance Commissioners [Member]
Guarantor Obligations [Line Items]
Amortized cost	371,481,265	362,500,511
Estimated fair value	354,529,812	345,598,492
NAIC, Class 1 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	203,707,382	197,753,818
Estimated fair value	195,622,815	189,691,540
NAIC, Class 2 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	160,122,716	156,261,804
Estimated fair value	151,974,611	148,073,873
NAIC, Class 3 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	5,667,117	7,080,305
Estimated fair value	5,264,194	6,635,786
NAIC, Class 4 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	1,720,314	1,377,541
Estimated fair value	1,563,190	1,157,454
NAIC, Class 5 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	262,465	25,736
Estimated fair value	104,832	39,155
NAIC, Class 6 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	1,271	1,307
Estimated fair value	$ 170	$ 684

Schedule of Fair Value Assets Measured on a Nonrecurring Basis (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired mortgage loans held for investment	$ 271,049,585	$ 308,123,927
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired mortgage loans held for investment		794,224
Assets fair value disclosure nonrecurring		794,224
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
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
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		794,224
Assets fair value disclosure nonrecurring		$ 794,224

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net earnings	$	6,352,706	$	3,574,449	$	7,592,878	$	6,803,167
Denominator:
Basic weighted-average shares outstanding		22,005,332		22,233,852		22,066,991		22,331,911
Effect of dilutive securities:
Employee stock options		563,301		874,799		550,897		893,689

Diluted weighted-average shares outstanding		22,568,633		23,108,651		22,617,888		23,225,600

Basic net earnings per share	$	0.29	$	0.16	$	0.34	$	0.30

Diluted net earnings per share	$	0.28	$	0.15	$	0.34	$	0.29

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, 2021		17,642,722		2,866,565

Exercise of stock options		69,096		-
Vesting of restricted stock units		-		-
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

Outstanding shares at December 31, 2022		18,758,031		2,889,859
Common stock, shares, outstanding, beginning		18,758,031		2,889,859

Exercise of stock options		127,688		-
Vesting of restricted stock units		405		-
Stock dividends		949,675		141,594
Conversion of Class C to Class A		57,901		(57,901	)

Outstanding shares at June 30, 2023		19,893,700		2,973,552
Common stock, shares, outstanding, ending		19,893,700		2,973,552

Schedule of Earnings on Fixed Maturity Securities (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Balance of credit-related OTTI at January 1	$ 264,977
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

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

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, 2023 (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 with 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 comparable sales in the area, property condition, and 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, 2023 (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	$	354,789,812		$	-	$	353,357,938	$	1,431,874
Equity securities		12,801,925			12,801,925		-		-
Loans held for sale		161,310,060			-		-		161,310,060
Restricted assets (1)		1,550,968			-		1,550,968		-
Restricted assets (2)		6,229,193			6,229,193		-		-
Cemetery perpetual care trust investments (1)		420,625			-		420,625		-
Cemetery perpetual care trust investments (2)		3,895,307			3,895,307		-		-
Derivatives - loan commitments (3)		5,949,181			-		-		5,949,181
Total assets accounted for at fair value on a recurring basis	$	546,947,071		$	22,926,425	$	355,329,531	$	168,691,115

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)		(2,715,734	)		-		-		(2,715,734	)
Total liabilities accounted for at fair value on a recurring basis	$	(2,715,734	)	$	-	$	-	$	(2,715,734	)

(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, 2023 (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	$	345,858,492		$	-		$	344,422,973	$	1,435,519
Equity securities		11,682,526			11,682,526			-		-
Loans held for sale		141,179,620			-			-		141,179,620
Restricted assets (1)		1,217,308			-			1,217,308		-
Restricted assets (2)		5,348,244			5,348,244			-		-
Cemetery perpetual care trust investments (1)		254,731			-			254,731		-
Cemetery perpetual care trust investments (2)		3,605,162			3,605,162			-		-
Derivatives - loan commitments (3)		4,089,856			-			-		4,089,856
Total assets accounted for at fair value on a recurring basis	$	513,235,939		$	20,635,932		$	345,895,012	$	146,704,995

Liabilities accounted for at fair value on a recurring basis
Derivatives - call options (4)	$	(29,715	)	$	(29,715	)	$	-	$	-
Derivatives - put options (4)		(13,888	)		(13,888	)		-		-
Derivatives - loan commitments (4)		(1,382,979	)		-			-		(1,382,979	)
Total liabilities accounted for at fair value on a recurring basis	$	(1,426,582	)	$	(43,603	)	$	-	$	(1,382,979	)

(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, 2023 (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, 2023, 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
	June 30, 2023		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	161,310,060	Market approach	Investor contract pricing as a percentage of unpaid principal balance		70.0	%		106.0	%		100.0	%

Derivatives - loan commitments (net)		3,233,447	Market approach	Pull-through rate		65.0	%		95.0	%		87.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			154 bps			74 bps

Fixed maturity securities available for sale		1,431,874	Broker quotes	Pricing quotes	$	100.00		$	111.11		$	104.72

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value at			Significant	Range of Inputs
	December 31,		Valuation	Unobservable	Minimum			Maximum			Weighted
	2022		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	141,179,620	Market approach	Investor contract pricing as a percentage of unpaid principal balance		69.9	%		106.1	%		99.8	%

Derivatives - loan commitments (net)		2,706,877	Market approach	Pull-through rate		65.0	%		95.0	%		82.2	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			153 bps			73 bps

Fixed maturity securities available for sale		1,435,519	Broker quotes	Pricing quotes	$	100.00		$	111.11		$	104.97

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (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 month periods ended June 30, 2023:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2022	$	2,706,877		$	141,179,620		$	1,435,519
Originations and purchases		-			1,139,735,241			-
Sales, maturities and paydowns		-			(1,140,477,623	)		-
Transfer to mortgage loans held for investment		-			(1,150,074	)		-
Total gains (losses):
Included in earnings		526,570	(1)		22,022,896	(1)		-	(2)
Included in other comprehensive income		-			-			(3,645	)

Balance - June 30, 2023	$	3,233,447		$	161,310,060		$	1,431,874

(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 month periods ended 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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (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 month periods ended June 30, 2023:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - March 31, 2023	$	3,384,829		$	173,015,404		$	1,435,519
Originations and purchases		-			607,867,445			-
Sales, maturities and paydowns		-			(628,567,681	)		-
Transfer to mortgage loans held for investment		-			(1,150,074	)		-
Total gains (losses):
Included in earnings		(151,382	)(1)		10,144,966	(1)		-	(2)
Included in other comprehensive income		-			-			(3,645	)

Balance - June 30, 2023	$	3,233,447		$	161,310,060		$	1,431,874

(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 month periods ended 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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The Company did not have any financial assets and financial liabilities measured at fair value on a nonrecurring basis at June 30, 2023.

	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	$	794,224	$	-	$	-	$	794,224
Total assets accounted for at fair value on a nonrecurring basis	$	794,224	$	-	$	-	$	794,224

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, 2023 and December 31, 2022.

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, 2023:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	92,373,964		$	-	$	-	$	90,236,721		$	90,236,721
Residential construction		120,783,301			-		-		120,783,301			120,783,301
Commercial		57,892,320			-		-		56,552,307			56,552,307
Mortgage loans held for investment, net	$	271,049,585		$	-	$	-	$	267,572,329		$	267,572,329
Policy loans		13,020,654			-		-		13,020,654			13,020,654
Insurance assignments, net (1)		39,466,608			-		-		39,466,608			39,466,608
Restricted assets (2)		1,377,183			-		-		1,377,183			1,377,183
Cemetery perpetual care trust investments (2)		2,271,516			-		-		2,271,516			2,271,516
Mortgage servicing rights, net		3,442,352			-		-		4,790,912			4,790,912

Liabilities
Bank and other loans payable	$	(103,301,721	)	$	-	$	-	$	(103,301,721	)	$	(103,301,721	)
Policyholder account balances (3)		(40,389,204	)		-		-		(40,878,607	)		(40,878,607	)
Future policy benefits - annuities (3)		(106,259,062	)		-		-		(124,475,238	)		(124,475,238	)

(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, 2023 (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, 2022:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	90,290,776		$	-	$	-	$	88,575,293		$	88,575,293
Residential construction		172,139,077			-		-		172,139,077			172,139,077
Commercial		45,694,074			-		-		44,079,537			44,079,537
Mortgage loans held for investment, net	$	308,123,927		$	-	$	-	$	304,793,907		$	304,793,907
Policy loans		13,095,473			-		-		13,095,473			13,095,473
Insurance assignments, net (1)		45,332,585			-		-		45,332,585			45,332,585
Restricted assets (2)		1,731,469			-		-		1,731,469			1,731,469
Cemetery perpetual care trust investments (2)		1,506,517			-		-		1,506,517			1,506,517
Mortgage servicing rights, net		3,039,765			-		-		3,927,877			3,927,877

Liabilities
Bank and other loans payable	$	(161,712,804	)	$	-	$	-	$	(161,712,804	)	$	(161,712,804	)
Policyholder account balances (3)		(41,146,171	)		-		-		(42,181,089	)		(42,181,089	)
Future policy benefits - annuities (3)		(106,637,094	)		-		-		(126,078,031	)		(126,078,031	)

(1)	Included in other investments and policy loans on the consolidated balance sheets

(2)	Mortgage loans held for investment

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

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of 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, 2023 (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.

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.

Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized cost	$ 371,731,265	$ 362,750,511
Estimated fair value	354,789,812	345,858,492
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member]
Marketable Securities [Line Items]
Amortized cost	33,273,655	33,501,686
Estimated fair value	28,738,422	29,569,712
Redeemable Preferred Stock [Member]
Marketable Securities [Line Items]
Amortized cost	250,000	250,000
Estimated fair value	260,000	260,000
Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost	429,910	263,205
Estimated fair value	420,625	254,731
Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	1,570,533	1,234,818
Estimated fair value	1,550,968	$ 1,217,308
Due in 1 year [Member]
Marketable Securities [Line Items]
Amortized cost	19,976,902
Estimated fair value	19,882,628
Due in 1 year [Member] \| Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost	79,058
Estimated fair value	79,716
Due in 1 year [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value
Due in 2-5 years [Member]
Marketable Securities [Line Items]
Amortized cost	149,667,318
Estimated fair value	144,707,290
Due in 2-5 years [Member] \| Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost	255,504
Estimated fair value	246,743
Due in 2-5 years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	705,807
Estimated fair value	694,536
Due in 5-10 years [Member]
Marketable Securities [Line Items]
Amortized cost	82,678,874
Estimated fair value	79,333,563
Due in 5-10 years [Member] \| Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost	41,086
Estimated fair value	40,513
Due in 5-10 years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	111,301
Estimated fair value	110,683
Due in more than 10 years [Member]
Marketable Securities [Line Items]
Amortized cost	85,884,516
Estimated fair value	81,867,909
Due in more than 10 years [Member] \| Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost	54,262
Estimated fair value	53,653
Due in more than 10 years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	753,425
Estimated fair value	$ 745,749

Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cemetery Perpectual Care Oblication [Member]
Schedule of Investments [Line Items]
Credit loss recognized	$ 0	$ 0	$ 0	$ 0
5 Securities [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost	97.20%	97.20%		96.40%
Eighteen Securities [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost	98.60%	98.60%
Seventeen Securities [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost				98.20%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column B)(Footnote 10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 13))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

Schedule of Changes in Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (loss) (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

The following summarizes the changes in accumulated other comprehensive income (loss):

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022

Unrealized gains (losses) on fixed maturity securities available for sale	$	(4,913,327	)	$	(13,114,816	)	$	523,602		$	(28,486,911	)
Amounts reclassified into net earnings		(79,850	)		119,684			(298,750	)		164,877
Net unrealized gains (losses) before taxes		(4,993,177	)		(12,995,132	)		224,852			(28,322,034	)
Tax (expense) benefit		1,048,567			2,728,977			(47,219	)		5,947,627
Net		(3,944,610	)		(10,266,155	)		177,633			(22,374,407	)
Unrealized losses on restricted assets (1)		(6,189	)		(43,169	)		(2,056	)		(115,118	)
Tax benefit		1,542			10,754			512			28,676
Net		(4,647	)		(32,415	)		(1,544	)		(86,442	)
Unrealized losses on cemetery perpetual care trust investments (1)		(3,738	)		(15,868	)		(812	)		(53,225	)
Tax benefit		943			3,953			229			13,259
Net		(2,795	)		(11,915	)		(583	)		(39,966	)
Other comprehensive income (loss) changes	$	(3,952,052	)	$	(10,310,485	)	$	175,506		$	(22,500,815	)

(1)	Fixed maturity securities available for sale

Schedule of Accumulated Balances of Other Comprehensive Income

The following is the accumulated balances of other comprehensive income (loss) as of June 30, 2023:

	Beginning Balance December 31, 2022			Change for the period			Ending Balance June 30, 2023
Unrealized gains (losses) on fixed maturity securities available for sale	$	(13,050,767	)	$	177,633		$	(12,873,134	)
Unrealized losses on restricted assets (1)		(13,148	)		(1,544	)		(14,692	)
Unrealized losses on cemetery perpetual care trust investments (1)		(6,362	)		(583	)		(6,945	)
Other comprehensive income (loss)	$	(13,070,277	)	$	175,506		$	(12,894,771	)

(1)	Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income (loss) as of December 31, 2022:

	Beginning Balance December 31, 2021		Change for the period			Ending Balance December 31, 2022
Unrealized gains (losses) on fixed maturity securities available for sale	$	18,021,265	$	(31,072,032	)	$	(13,050,767	)
Unrealized gains (losses) on restricted assets (1)		40,192		(53,340	)		(13,148	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		8,991		(15,353	)		(6,362	)
Other comprehensive income (loss)	$	18,070,448	$	(31,140,725	)	$	(13,070,277	)

(1)	Fixed maturity securities available for sale

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

2) Recent Accounting Pronouncements

Accounting Standards Adopted in 2023

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 held for investment 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 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 Topic 326 requires that credit losses be presented as an allowance rather than as a write-down. The Company adopted this standard on January 1, 2023, and after a review of the affected assets, decreased the opening balance of retained earnings in stockholders’ equity by $671,506 on January 1, 2023. The allowances for credit losses increased (decreased) by the following amounts.

	Amount
Mortgage loans held for investment:
Residential	$	(192,607	)
Residential construction		301,830
Commercial		555,807
Total		665,030

Restriced assets - mortgage loans held for investment:
Residential construction		3,463

Cemetery perpetual care trust investments - mortgage loans held for investment:
Residential construction		3,013

Grand Total		671,506

Accounting Standards Issued But Not Yet Adopted

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 standard is aimed at improving 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 requires the standard to be adopted by the Company commencing 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, 2023 (Unaudited)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Receivables

6 Months Ended

Jun. 30, 2023

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Receivables

14) Receivables

Receivables consist of the following:

Schedule of Receivables

	As of June 30, 2023			As of December 31, 2022
Contracts with customers	$	5,814,731		$	5,392,779
Receivables from sales agents		2,139,563			2,209,185
Other		5,214,235			23,200,919
Total receivables		13,168,529			30,802,883
Allowance for doubtful accounts		(1,492,934	)		(2,229,791	)
Net receivables	$	11,675,595		$	28,573,092

The Company records an allowance for credit losses for its receivables in accordance with GAAP. See Note 2 regarding the adoption of ASU 2016-13.

The following table presents a roll forward of the allowance for credit losses:

Schedule of Allowance Credit Losses

	Allowance
Beginning balance - January 1, 2023	$	2,229,791
Change in provision for credit losses		(651,308	)(1)
Charge-offs		(85,549	)
Ending balance - June 30, 2023	$	1,492,934

Beginning balance - January 1, 2022	$	1,800,725
Change in provision for credit losses		799,888	(1)
Charge-offs		(370,822	)
Ending balance - December 31, 2022	$	2,229,791

(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, 2023 (Unaudited)

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

6 Months Ended

Jun. 30, 2023

Schedule of Investments

The Company’s investments as of June 30, 2023 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
June 30, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	99,323,377		$	50,602	$	(2,554,426	)	$	-		$	96,819,553

Obligations of states and political subdivisions		6,757,087			403		(378,987	)		-			6,378,503

Corporate securities including public utilities		232,127,146			2,177,346		(11,487,153	)		(224,005	)		222,593,334

Mortgage-backed securities		33,273,655			169,558		(4,704,791	)		-			28,738,422

Redeemable preferred stock		250,000			10,000		-			-			260,000

Total fixed maturity securities available for sale	$	371,731,265		$	2,407,909	$	(19,125,357	)	$	(224,005	)	$	354,789,812

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	10,416,580		$	2,976,949	$	(591,604	)				$	12,801,925

Total equity securities at estimated fair value	$	10,416,580		$	2,976,949	$	(591,604	)				$	12,801,925

Mortgage loans held for investment at amortized cost:
Residential	$	95,208,040
Residential construction		121,322,532
Commercial		59,205,487
Less: Unamortized deferred loan fees, net		(1,689,405	)
Less: Allowance for credit losses		(2,663,560	)
Less: Net discounts		(333,509	)

Total mortgage loans held for investment	$	271,049,585

Real estate held for investment - net of accumulated depreciation:
Residential	$	30,680,836
Commercial		150,282,066

Total real estate held for investment	$	180,962,902

Real estate held for sale:
Residential	$	1,675,921
Commercial		151,553

Total real estate held for sale	$	1,827,474

Other investments and policy loans at amortized cost:
Policy loans	$	13,020,654
Insurance assignments		41,157,301
Federal Home Loan Bank stock (2)		2,677,100
Other investments		9,389,786
Less: Allowance for credit losses for insurance assignments		(1,690,693	)

Total other investments and policy loans	$	64,554,148

Accrued investment income	$	10,188,551

Total investments	$	896,174,397

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $84,800 of Membership stock and $2,592,300 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2022 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	93,182,210		$	180,643	$	(2,685,277	)	$	90,677,576

Obligations of states and political subdivisions		6,675,071			13,869		(458,137	)		6,230,803

Corporate securities including public utilities		229,141,544			1,909,630		(11,930,773	)		219,120,401

Mortgage-backed securities		33,501,686			168,700		(4,100,674	)		29,569,712

Redeemable preferred stock		250,000			10,000		-			260,000

Total fixed maturity securities available for sale	$	362,750,511		$	2,282,842	$	(19,174,861	)	$	345,858,492

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	9,942,265		$	2,688,375	$	(948,114	)	$	11,682,526

Total equity securities at estimated fair value	$	9,942,265		$	2,688,375	$	(948,114	)	$	11,682,526

Mortgage loans held for investment at amortized cost:
Residential	$	93,355,623
Residential construction		172,516,125
Commercial		46,311,955
Less: Unamortized deferred loan fees, net		(1,746,605	)
Less: Allowance for credit losses		(1,970,311	)
Less: Net discounts		(342,860	)

Total mortgage loans held for investment	$	308,123,927

Real estate held for investment - net of accumulated depreciation:
Residential	$	38,437,960
Commercial		152,890,656

Total real estate held for investment	$	191,328,616

Real estate held for sale:
Residential	$	11,010,029
Commercial		151,553

Total real estate held for sale	$	11,161,582

Other investments and policy loans at amortized cost:
Policy loans	$	13,095,473
Insurance assignments		46,942,536
Federal Home Loan Bank stock (1)		2,600,300
Other investments		9,479,798
Less: Allowance for credit losses for insurance assignments		(1,609,951	)

Total other investments and policy loans	$	70,508,156

Accrued investment income	$	10,299,826

Total investments	$	948,963,125

(1)	Includes $938,500 of Membership stock and $1,661,800 of Activity stock attributable to short-term borrowings 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		Total Unrealized Loss		Combined Fair Value
At June 30, 2023
U.S. Treasury Securities And Obligations of U.S. Government Agencies	$	872,936	$	56,265,029	$	1,681,490	$	28,818,980	$	2,554,426	$	85,084,009
Obligations of States and Political Subdivisions		159,415		3,758,985		219,572		2,149,115		378,987		5,908,100
Corporate Securities		3,664,905		96,981,686		7,822,248		71,988,258		11,487,153		168,969,944
Mortgage and other asset-backed securities		497,345		5,241,798		4,207,446		20,951,604		4,704,791		26,193,402
Totals	$	5,194,601	$	162,247,498	$	13,930,756	$	123,907,957	$	19,125,357	$	286,155,455

At December 31, 2022
U.S. Treasury Securities And Obligations of U.S. Government Agencies	$	2,685,277	$	79,400,753	$	-	$	-	$	2,685,277	$	79,400,753
Obligations of States and Political Subdivisions		378,067		5,467,910		80,070		429,020		458,137		5,896,930
Corporate Securities		10,935,114		162,995,969		995,659		5,781,822		11,930,773		168,777,791
Mortgage and other asset-backed securities		2,884,731		19,909,907		1,215,943		6,978,745		4,100,674		26,888,652
Totals	$	16,883,189	$	267,774,539	$	2,291,672	$	13,189,587	$	19,174,861	$	280,964,126

Schedule of Investments Classified by Contractual Maturity Date

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	19,976,902	$	19,882,628
Due in 2-5 years		149,667,318		144,707,290
Due in 5-10 years		82,678,874		79,333,563
Due in more than 10 years		85,884,516		81,867,909
Mortgage-backed securities		33,273,655		28,738,422
Redeemable preferred stock		250,000		260,000
Total	$	371,731,265	$	354,789,812

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

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		Total Unrealized Loss		Fair Value
At June 30, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	4,212	$	385,429	$	-	$	-	$	4,212	$	385,429
Obligations of states and political subdivisions		1,266		150,501		8,304		392,384		9,570		542,885
Corporate securities including public utilities		1,787		216,540		4,325		228,121		6,112		444,661
Total unrealized losses	$	7,265	$	752,470	$	12,629	$	620,505	$	19,894	$	1,372,975

At December 31, 2022
Obligations of states and political subdivisions	$	11,891	$	760,255	$	3,469	$	58,072	$	15,360	$	818,327
Corporate securities including public utilities		3,016		198,755		-		-		3,016		198,755
Total unrealized losses	$	14,907	$	959,010	$	3,469	$	58,072	$	18,376	$	1,017,082

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

Restricted assets as of June 30, 2023, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Value
June 30, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	389,640		$	-	$	(4,212	)	$	-	$	385,428
Obligations of states and political subdivisions		654,307			291		(9,570	)		-		645,028
Corporate securities including public utilities		526,586			38		(6,112	)		-		520,512
Total fixed maturity securities available for sale	$	1,570,533		$	329	$	(19,894	)	$	-	$	1,550,968

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	5,688,802		$	858,975	$	(318,583	)			$	6,229,194
Total equity securities at estimated fair value	$	5,688,802		$	858,975	$	(318,583	)			$	6,229,194

Mortgage loans held for investment at amortized cost:
Residential construction	$	1,379,943
Less: Allowance for credit losses	$	(2,760	)
Total mortgage loans held for investment	$	1,377,183

Cash and cash equivalents (1)	$	10,276,918

Total restricted assets	$	19,434,263

(1)

Including cash and cash equivalents of $8,006,323 or the life insurance and mortgage segments.

Restricted assets as of December 31, 2022, are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
Obligations of states and political subdivisions	$	1,033,047	$	866	$	(15,360	)	$	1,018,553
Corporate securities including public utilities		201,771		-		(3,016	)		198,755
Total fixed maturity securities available for sale	$	1,234,818	$	866	$	(18,376	)	$	1,217,308

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	4,955,360	$	703,049	$	(310,165	)	$	5,348,244
Total equity securities at estimated fair value	$	4,955,360	$	703,049	$	(310,165	)	$	5,348,244

Mortgage loans held for investment at amortized cost:
Residential construction	$	1,731,469

Cash and cash equivalents (1)	$	10,638,034

Total restricted assets	$	18,935,055

(1)

Including cash and cash equivalents of $8,527,620 for the life insurance and mortgage segments.

Cemetery Perpectual Care Oblication [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Investments

The components of the cemetery perpetual care investments and obligation as of June 30, 2023, are as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Value
June 30, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	258,053		$	658	$	(2,402	)	$	-	$	256,309
Obligations of states and political subdivisions		95,348			-		(1,182	)		-		94,166
Corporate securities including public utilities		76,509			-		(6,359	)		-		70,150
Total fixed maturity securities available for sale	$	429,910		$	658	$	(9,943	)	$	-	$	420,625

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	3,379,217		$	705,343	$	(189,253	)			$	3,895,307
Total equity securities at estimated fair value	$	3,379,217		$	705,343	$	(189,253	)			$	3,895,307

Mortgage loans held for investment at amortized cost:
Residential construction	$	2,272,969
Less: Allowance for credit losses	$	(1,453	)
Total mortgage loans held for investment	$	2,271,516

Real estate held for investment: Residential	$	1,172

Cash and cash equivalents	$	1,077,601

Total cemetery perpetual care trust investments	$	7,666,221

Cemetery perpetual care obligation	$	(5,207,198	)

Trust investments in excess of trust obligations	$	2,459,023

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

15) Cemetery Perpetual Care Trust Investments and Obligations and Restricted Assets (Continued)

The components of the cemetery perpetual care investments and obligation as of December 31, 2022, are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	89,004		$	42	$	(38	)	$	89,008
Obligations of states and political subdivisions		174,201			-		(8,478	)		165,723
Total fixed maturity securities available for sale	$	263,205		$	42	$	(8,516	)	$	254,731

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	3,195,942		$	584,383	$	(175,163	)	$	3,605,162
Total equity securities at estimated fair value	$	3,195,942		$	584,383	$	(175,163	)	$	3,605,162

Mortgage loans held for investment at amortized cost:
Residential construction	$	1,506,517

Real estate held for investment: Residential	$	(16,178	)

Cash and cash equivalents	$	1,925,978

Total cemetery perpetual care trust investments	$	7,276,210

Cemetery perpetual care obligation	$	(5,099,542	)

Trust investments in excess of trust obligations	$	2,176,668

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		Total Unrealized Loss		Fair Value
At June 30, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,402	$	176,593	$	-	$	-	$	2,402	$	176,593
Obligations of states and political subdivisions		-		-		1,182		94,166		1,182		94,166
Corporate securities including public utilities		-		-		6,359		70,150		6,359		70,150
Total unrealized losses	$	2,402	$	176,593	$	7,541	$	164,316	$	9,943	$	340,909

At December 31, 2022
U.S. Treasury securities and obligations of U.S. Government agencies	$	38	$	59,392	$	-	$	-	$	38	$	59,392
Obligations of states and political subdivisions		1,845		94,612		6,633		71,112		8,478		165,724
Total unrealized losses	$	1,883	$	154,004	$	6,633	$	71,112	$	8,516	$	225,116

Schedule of Investments Classified by Contractual Maturity Date

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	79,058	$	79,716
Due in 2-5 years		255,504		246,743
Due in 5-10 years		41,086		40,513
Due in more than 10 years		54,262		53,653
Total	$	429,910	$	420,625

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Investments Classified by Contractual Maturity Date

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	-	$	-
Due in 2-5 years		705,807		694,536
Due in 5-10 years		111,301		110,683
Due in more than 10 years		753,425		745,749
Total	$	1,570,533	$	1,550,968

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Common Class A [Member]

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

Number of shares, outstanding, beginning

976,605

1,024,351

Weighted average exercise price, outstanding, beginning

$ 4.56

^[1]

$ 4.38

^[2]

Number of Shares, adjustment for effect of stock dividends

38,266

47,780

Number of shares, granted

16,000

4,000

Number of shares, exercised

(214,989)

(71,330)

Number of shares, cancelled

(1,591)

Number of shares, outstanding, ending

815,882

1,003,210

Weighted average exercise price, outstanding, ending

$ 4.75

^[1]

$ 4.58

^[2]

Number of shares, options exercisable

764,632

955,460

Weighted average exercise price, options exercisable

$ 4.64

^[1]

$ 4.40

^[2]

Number of shares, available options for future grant

171,386

239,795

Weighted average contractual term of options outstanding

4 years 10 months 13 days

4 years 3 months 25 days

Weighted average contractual term of options exercisable

4 years 6 months 21 days

4 years 21 days

Aggregated intrinsic value of options outstanding

$ 3,018,675

^[3]

$ 3,891,873

^[4]

Aggregated intrinsic value of options exercisable

$ 2,910,455

^[3]

$ 3,878,980

^[4]

Common Class C [Member]

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

Number of shares, outstanding, beginning

1,157,203

821,146

Weighted average exercise price, outstanding, beginning

$ 5.31

^[1]

$ 5.26

^[2]

Number of Shares, adjustment for effect of stock dividends

57,859

41,057

Number of shares, granted

Number of shares, exercised

Number of shares, cancelled

Number of shares, outstanding, ending

1,215,062

862,203

Weighted average exercise price, outstanding, ending

$ 5.31

^[1]

$ 5.26

^[2]

Number of shares, options exercisable

1,067,562

747,203

Weighted average exercise price, options exercisable

$ 5.18

^[1]

$ 4.78

^[2]

Number of shares, available options for future grant

834,750

17,523

Weighted average contractual term of options outstanding

6 years 4 months 28 days

6 years 9 months

Weighted average contractual term of options exercisable

6 years 1 month 20 days

6 years 6 months

Aggregated intrinsic value of options outstanding

$ 3,815,225

^[3]

$ 2,758,643

^[4]

Aggregated intrinsic value of options exercisable

$ 3,487,200

^[3]

$ 2,748,093

^[4]

[1]	Adjusted for the effect of annual stock dividends.
[2]	Adjusted for the effect of annual stock dividends.
[3]	The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.
[4]	The Company used a stock price of $8.46 as of June 30, 2022, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.

Revenues from Contracts with Customers (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized included in the opening contract liability	$ 1,116,566	$ 1,526,324	$ 2,236,898	$ 2,590,428

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12) Income Taxes

The Company’s overall effective tax rate for the three month periods ended June 30, 2023 and 2022 was 22.0% and 24.4%, respectively, which resulted in a provision for income taxes of $1,796,627 and $1,155,397, respectively, and for the six month periods ended June 30, 2023 and 2022 was 22.0% and 25.8%, respectively, which resulted in a provision for income taxes of $2,141,343 and $2,370,195, respectively The Company’s effective tax rate differs from the U.S. federal statutory rate of 21% due to its benefit for state income taxes, along with certain permanent tax adjustments such as meals and entertainment and stock-based compensation. The decrease in the effective tax rate when compared to the prior year is primarily due to the Company’s state income tax provision.

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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2023

Schedule 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, 2023			As of December 31, 2022
	As of June 30, 2023			As of December 31, 2022

Aggregate fair value	$	161,310,060		$	141,179,620
Unpaid principal balance		162,075,374			141,337,811
Unrealized loss		(765,314	)		(158,191	)

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:

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Loan fees	$	5,986,802		$	7,950,227		$	10,375,215		$	15,037,410
Interest income		2,620,489			2,923,446			4,627,546			4,955,315
Secondary gains		19,298,213			37,161,287			37,259,571			76,763,900
Change in fair value of loan commitments		(151,382	)		(2,247,244	)		526,570			428,127
Change in fair value of loans held for sale		(1,401,738	)		(3,463,922	)		(607,123	)		(6,210,487	)
Provision for loan loss reserve		(273,631	)		(292,896	)		(114,020	)		(598,922	)
Mortgage fee income	$	26,078,753		$	42,030,898		$	52,067,759		$	90,375,343

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

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

	As of June 30, 2023			As of December 31, 2022
Balance, beginning of period	$	1,725,667		$	2,447,139
Provision on current loan originations (1)		513,431			1,078,812
Charge-offs, net of recaptured amounts		(983,185	)		(1,800,284	)
Balance, end of period	$	1,255,913		$	1,725,667

(1)	Included in mortgage fee income

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Income Statement [Abstract]

Unrealized gains (losses) on fixed maturity securities available for sale

$ 6,352,706

$ 3,574,449

$ 7,592,878

$ 6,803,167

Other comprehensive income:

(4,993,177)

(12,995,132)

224,852

(28,322,034)

Unrealized losses on restricted assets ()

^[1]

(6,189)

(43,169)

(2,056)

(115,118)

Unrealized losses on cemetery perpetual care trust investments ()

^[1]

(3,738)

(15,868)

(812)

(53,225)

Other comprehensive income (loss), before income tax

(5,003,104)

(13,054,169)

221,984

(28,490,377)

Income tax (expense) benefit

1,051,052

2,743,684

(46,478)

5,989,562

Other comprehensive income (loss), net of income tax

(3,952,052)

(10,310,485)

175,506

(22,500,815)

Comprehensive income (loss)

$ 2,400,654

$ (6,736,036)

$ 7,768,384

$ (15,697,648)

[1]	Fixed maturity securities available for sale

Mortgage Servicing Rights (Details Narrative) - USD ($)		6 Months Ended	12 Months Ended
Mortgage Servicing Rights (Details Narrative) - USD ($)	Oct. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Mortgage loans unpaid principal amount	$ 7,020,000,000.00
Sale of mortgage servicing rights	51,185,906		$ 51,185,906
Gain on sale of Mortgage servicing rights	$ 34,051,938

Stock Compensation Plans (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
Stock Compensation Plans (Details Narrative) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 141,954	$ 143,671	$ 220,175	$ 271,747
Unrecognized compensation expense	248,748				$ 248,748
Intrinsic value stock options exercised					387,561	$ 521,527
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense					742
Unrecognized compensation expense
Stock Option Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 142,696		$ 220,175		$ 284,883	$ 491,922

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Unrealized gains (losses) on fixed maturity securities available for sale

$ (4,913,327)

$ (13,114,816)

$ 523,602

$ (28,486,911)

Amounts reclassified into net earnings

(79,850)

119,684

(298,750)

164,877

Unrealized losses on cemetery perpetual care trust investments

(4,993,177)

(12,995,132)

224,852

(28,322,034)

Tax benefit

1,048,567

2,728,977

(47,219)

5,947,627

Net

(3,944,610)

(10,266,155)

177,633

(22,374,407)

Tax benefit

943

3,953

229

13,259

Net

(2,795)

(11,915)

(583)

(39,966)

Other comprehensive income (loss) changes

(3,952,052)

(10,310,485)

175,506

(22,500,815)

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Unrealized losses on cemetery perpetual care trust investments

^[1]

(6,189)

(43,169)

(2,056)

(115,118)

Tax benefit

1,542

10,754

512

28,676

Net

(4,647)

(32,415)

(1,544)

(86,442)

Cemetery Perpetual Care Trust Investments [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Unrealized losses on cemetery perpetual care trust investments

^[1]

$ (3,738)

$ (15,868)

$ (812)

$ (53,225)

[1]	Fixed maturity securities available for sale

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments as of June 30, 2023 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
June 30, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	99,323,377		$	50,602	$	(2,554,426	)	$	-		$	96,819,553

Obligations of states and political subdivisions		6,757,087			403		(378,987	)		-			6,378,503

Corporate securities including public utilities		232,127,146			2,177,346		(11,487,153	)		(224,005	)		222,593,334

Mortgage-backed securities		33,273,655			169,558		(4,704,791	)		-			28,738,422

Redeemable preferred stock		250,000			10,000		-			-			260,000

Total fixed maturity securities available for sale	$	371,731,265		$	2,407,909	$	(19,125,357	)	$	(224,005	)	$	354,789,812

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	10,416,580		$	2,976,949	$	(591,604	)				$	12,801,925

Total equity securities at estimated fair value	$	10,416,580		$	2,976,949	$	(591,604	)				$	12,801,925

Mortgage loans held for investment at amortized cost:
Residential	$	95,208,040
Residential construction		121,322,532
Commercial		59,205,487
Less: Unamortized deferred loan fees, net		(1,689,405	)
Less: Allowance for credit losses		(2,663,560	)
Less: Net discounts		(333,509	)

Total mortgage loans held for investment	$	271,049,585

Real estate held for investment - net of accumulated depreciation:
Residential	$	30,680,836
Commercial		150,282,066

Total real estate held for investment	$	180,962,902

Real estate held for sale:
Residential	$	1,675,921
Commercial		151,553

Total real estate held for sale	$	1,827,474

Other investments and policy loans at amortized cost:
Policy loans	$	13,020,654
Insurance assignments		41,157,301
Federal Home Loan Bank stock (2)		2,677,100
Other investments		9,389,786
Less: Allowance for credit losses for insurance assignments		(1,690,693	)

Total other investments and policy loans	$	64,554,148

Accrued investment income	$	10,188,551

Total investments	$	896,174,397

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $84,800 of Membership stock and $2,592,300 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2022 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	93,182,210		$	180,643	$	(2,685,277	)	$	90,677,576

Obligations of states and political subdivisions		6,675,071			13,869		(458,137	)		6,230,803

Corporate securities including public utilities		229,141,544			1,909,630		(11,930,773	)		219,120,401

Mortgage-backed securities		33,501,686			168,700		(4,100,674	)		29,569,712

Redeemable preferred stock		250,000			10,000		-			260,000

Total fixed maturity securities available for sale	$	362,750,511		$	2,282,842	$	(19,174,861	)	$	345,858,492

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	9,942,265		$	2,688,375	$	(948,114	)	$	11,682,526

Total equity securities at estimated fair value	$	9,942,265		$	2,688,375	$	(948,114	)	$	11,682,526

Mortgage loans held for investment at amortized cost:
Residential	$	93,355,623
Residential construction		172,516,125
Commercial		46,311,955
Less: Unamortized deferred loan fees, net		(1,746,605	)
Less: Allowance for credit losses		(1,970,311	)
Less: Net discounts		(342,860	)

Total mortgage loans held for investment	$	308,123,927

Real estate held for investment - net of accumulated depreciation:
Residential	$	38,437,960
Commercial		152,890,656

Total real estate held for investment	$	191,328,616

Real estate held for sale:
Residential	$	11,010,029
Commercial		151,553

Total real estate held for sale	$	11,161,582

Other investments and policy loans at amortized cost:
Policy loans	$	13,095,473
Insurance assignments		46,942,536
Federal Home Loan Bank stock (1)		2,600,300
Other investments		9,479,798
Less: Allowance for credit losses for insurance assignments		(1,609,951	)

Total other investments and policy loans	$	70,508,156

Accrued investment income	$	10,299,826

Total investments	$	948,963,125

(1)	Includes $938,500 of Membership stock and $1,661,800 of Activity stock attributable to short-term borrowings 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		Total Unrealized Loss		Combined Fair Value
At June 30, 2023
U.S. Treasury Securities And Obligations of U.S. Government Agencies	$	872,936	$	56,265,029	$	1,681,490	$	28,818,980	$	2,554,426	$	85,084,009
Obligations of States and Political Subdivisions		159,415		3,758,985		219,572		2,149,115		378,987		5,908,100
Corporate Securities		3,664,905		96,981,686		7,822,248		71,988,258		11,487,153		168,969,944
Mortgage and other asset-backed securities		497,345		5,241,798		4,207,446		20,951,604		4,704,791		26,193,402
Totals	$	5,194,601	$	162,247,498	$	13,930,756	$	123,907,957	$	19,125,357	$	286,155,455

At December 31, 2022
U.S. Treasury Securities And Obligations of U.S. Government Agencies	$	2,685,277	$	79,400,753	$	-	$	-	$	2,685,277	$	79,400,753
Obligations of States and Political Subdivisions		378,067		5,467,910		80,070		429,020		458,137		5,896,930
Corporate Securities		10,935,114		162,995,969		995,659		5,781,822		11,930,773		168,777,791
Mortgage and other asset-backed securities		2,884,731		19,909,907		1,215,943		6,978,745		4,100,674		26,888,652
Totals	$	16,883,189	$	267,774,539	$	2,291,672	$	13,189,587	$	19,174,861	$	280,964,126

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale

The following table presents a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale:


	Six Months Ended June 30, 2023
	U.S. Treasury Securities And Obligations of U.S. Government Agencies		Obligations of states and political subdivisions		Corporate securities		Mortgage-backed securities		Total

Beginning balance	$	-	$	-	$	-	$	-	$	-

Additions for credit losses not previously recorded		-		-		179,500		-		179,500
Change in allowance on securities with previous allowance		-		-		44,505		-		44,505
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-

Ending Balance	$	-	$	-	$	224,005	$	-	$	224,005

Schedule of Earnings on Fixed Maturity Securities

	2022
Balance of credit-related OTTI at January 1	$	264,977

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

Schedule of Investments Classified by Contractual Maturity Date

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	19,976,902	$	19,882,628
Due in 2-5 years		149,667,318		144,707,290
Due in 5-10 years		82,678,874		79,333,563
Due in more than 10 years		85,884,516		81,867,909
Mortgage-backed securities		33,273,655		28,738,422
Redeemable preferred stock		250,000		260,000
Total	$	371,731,265	$	354,789,812

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

The following table summarizes the credit quality, by NAIC designation, of the Company’s fixed maturity securities available for sale, excluding redeemable preferred stock.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

3) Investments (Continued)

	June 30, 2023				December 31, 2022
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	203,707,382	$	195,622,815	$	197,753,818	$	189,691,540
2		160,122,716		151,974,611		156,261,804		148,073,873
3		5,667,117		5,264,194		7,080,305		6,635,786
4		1,720,314		1,563,190		1,377,541		1,157,454
5		262,465		104,832		25,736		39,155
6		1,271		170		1,307		684
Total	$	371,481,265	$	354,529,812	$	362,500,511	$	345,598,492

Schedule of Major Categories of Net Investment Income

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

	2023		2022			2023			2022
	Three Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023			2022
Proceeds from sales	$	-	$	233,000		$	955,610		$	688,651
Gross realized gains		-		-			11,257			2,354
Gross realized losses		-		(7,825	)		(54,104	)		(7,845	)

Major categories of net investment income were as follows:

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Fixed maturity securities available for sale	$	4,143,768		$	2,811,650		$	8,156,500		$	5,447,866
Equity securities		140,709			119,798			281,216			242,834
Mortgage loans held for investment		9,467,407			9,244,464			17,955,063			17,204,642
Real estate held for investment and sale		4,897,672			4,012,192			8,262,596			7,052,226
Policy loans		207,441			207,301			407,655			513,583
Insurance assignments		4,461,813			4,093,723			9,230,016			9,490,710
Other investments		213,103			98,361			342,160			169,006
Cash and cash equivalents		780,146			108,431			1,567,907			183,732
Gross investment income		24,312,059			20,695,920			46,203,113			40,304,599
Investment expenses		(4,140,085	)		(4,724,632	)		(8,256,256	)		(9,139,005	)
Net investment income	$	20,171,974		$	15,971,288		$	37,946,857		$	31,165,594

Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Utah (1)	$	144,998,640	$	147,627,946		625,920		625,920
Louisiana		2,357,964		2,380,847		31,778		31,778
Mississippi		2,925,462		2,881,863		19,694		19,694

	$	150,282,066	$	152,890,656		677,392		677,392

(1)	Includes Center53

The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	June 30, 2023		December 31, 2022
Mississippi (1)	$	151,553	$	151,553

	$	151,553	$	151,553

(1)	Consists of 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 as of the respective dates indicated:

	Net Book Value
	June 30, 2023		December 31, 2022
Utah (1)	$	30,680,836	$	38,437,960
	$	30,680,836	$	38,437,960

(1)	Includes residential subdivision development

The following table presents additional information regarding the Company’s residential subdivision development in Utah:

	June 30, 2023		December 31, 2022
Lots developed		42		80
Lots to be developed		931		1,131
Book Value	$	30,489,876	$	38,241,705

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	June 30, 2023			December 31, 2022
Utah	$	1,675,921	(1)	$	11,010,029
	$	1,675,921		$	11,010,029

(1)	Unimproved land

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, 2023, 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 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)	Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales		221,000		50	%
1044 River Oaks Dr., Flowood, MS (1)	Life Insurance Operations		19,694		28	%
1818 Marshall Street, Shreveport, LA (2)	Life Insurance Operations		12,274		100	%
909 Foisy Street, Alexandria, LA (2)	Life Insurance Sales		8,059		100	%
812 Sheppard Street, Minden, LA (2)	Life Insurance Sales		1,560		100	%
1550 N 3rd Street, Jena, LA (2)	Life Insurance Sales		1,737		100	%

(1)	Included in real estate held for investment on the condensed consolidated balance sheets

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

Schedule of Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance for Loan Losses

	Commercial		Residential			Residential Construction			Total
June 30, 2023
Allowance for credit losses:
Beginning balance - January 1, 2023	$	187,129	$	1,739,980		$	43,202		$	1,970,311
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)		555,807		(192,607	)		301,830			665,030	(1)
Change in provision for credit losses		88,119		42,487			(102,387	)		28,219	(2)
Charge-offs		-		-			-			-
Ending balance - June 30, 2023	$	831,055	$	1,589,860		$	242,645		$	2,663,560

December 31, 2022
Allowance for credit losses:
Beginning balance - January 1, 2022	$	187,129	$	1,469,571		$	43,202		$	1,699,902
Change in provision for credit losses		-		270,409			-			270,409	(2)
Charge-offs		-		-			-			-
Ending balance - December 31, 2022	$	187,129	$	1,739,980		$	43,202		$	1,970,311

(1)	See Note 2 of the notes to the condensed consolidated financial statements

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

Schedule of Aging of Mortgage Loans

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated:

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
June 30, 2023
30-59 days past due	$	5,960,468		$	7,202,883		$	2,383,665		$	15,547,016
60-89 days past due		-			276,674			-			276,674
Over 90 days past due (1)		596,508			1,721,703			-			2,318,211
In process of foreclosure (1)		-			289,922			-			289,922
Total past due		6,556,976			9,491,182			2,383,665			18,431,823
Current		52,648,511			85,716,858			118,938,867			257,304,236
Total mortgage loans		59,205,487			95,208,040			121,322,532			275,736,059
Allowance for credit losses		(831,055	)		(1,589,860	)		(242,645	)		(2,663,560	)
Unamortized deferred loan fees, net		(258,265	)		(1,134,554	)		(296,586	)		(1,689,405	)
Unamortized discounts, net		(223,847	)		(109,662	)		-			(333,509	)
Net mortgage loans	$	57,892,320		$	92,373,964		$	120,783,301		$	271,049,585

December 31, 2022
30-59 days past due	$	1,000,000		$	3,553,390		$	-		$	4,553,390
60-89 days past due		-			814,184			-			814,184
Over 90 days past due (1)		-			1,286,211			-			1,286,211
In process of foreclosure (1)		405,000			876,174			-			1,281,174
Total past due		1,405,000			6,529,959			-			7,934,959
Current		44,906,955			86,825,664			172,516,125			304,248,744
Total mortgage loans		46,311,955			93,355,623			172,516,125			312,183,703
Allowance for credit losses		(187,129	)		(1,739,980	)		(43,202	)		(1,970,311	)
Unamortized deferred loan fees, net		(199,765	)		(1,212,994	)		(333,846	)		(1,746,605	)
Unamortized discounts, net		(230,987	)		(111,873	)		-			(342,860	)
Net mortgage loans	$	45,694,074		$	90,290,776		$	172,139,077		$	308,123,927

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

Schedule of Commercial Mortgage Loans By Credit Quality Indicator

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2023:

Credit Quality Indicator	2023		2022			2021		2020		2019		Prior		Total		% of Total
Credit Quality Indicator	2023		2022			2021		2020		2019		Prior		Total		% of Total
LTV:
Less than 65%	$	17,525,000	$	14,375,274		$	3,821,772	$	-	$	3,006,722	$	6,898,150	$	45,626,918		77.07	%
65% to 80%		-		5,630,731			2,100,000		4,913,313		-		-		12,644,044		21.36	%
Greater than 80%		-		529,525			405,000		-		-		-		934,525		1.58	%

Total	$	17,525,000	$	20,535,530		$	6,326,772	$	4,913,313	$	3,006,722	$	6,898,150	$	59,205,487		100.00	%

DSCR
>1.20x	$	5,725,000	$	1,000,000		$	2,800,000	$	4,913,313	$	3,006,722	$	2,777,481	$	20,222,516		34.16	%
1.00x - 1.20x		5,300,000		10,750,376			3,526,772		-		-		4,120,669		23,697,817		40.03	%
<1.00x		6,500,000		8,785,154⁽¹⁾	(1)		-		-		-		-		15,285,154		25.82	%

Total	$	17,525,000	$	20,535,530		$	6,326,772	$	4,913,313	$	3,006,722	$	6,898,150	$	59,205,487		100.00	%

(1)	Commercial construction loan

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Total		% of Total
Performance Indicators:
Performing	$	4,842,385	$	57,085,363	$	7,750,923	$	7,737,211	$	3,103,802	$	12,676,732	$	93,196,416		97.89	%
Non-performing (1)		-		298,572		365,460		-		317,501		1,030,091		2,011,624		2.11	%

Total	$	4,842,385	$	57,383,935	$	8,116,383	$	7,737,211	$	3,421,303	$	13,706,823	$	95,208,040		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $289,922 at June 30, 2023

Schedule of Residential Construction Mortgage Loans

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2023:

Credit Quality Indicator	2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	32,159,616	$	49,757,061	$	39,405,855	$	121,322,532		100.00	%
Non-performing		-		-		-		-		0.00	%

Total	$	32,159,616	$	49,757,061	$	39,405,855	$	121,322,532		100.00	%

LTV:
Less than 65%	$	22,977,981	$	26,504,890	$	4,005,001	$	53,487,872		44.09	%
65% to 80%		9,181,635		23,252,171		35,400,854		67,834,660		55.91	%
Greater than 80%		-		-		-		-		0.00	%

Total	$	32,159,616	$	49,757,061	$	39,405,855	$	121,322,532		100.00	%

Schedule of Aging of Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets:

	As of June 30, 2023			As of December 31, 2022
30-59 days past due	$	7,756,991		$	10,621,443
60-89 days past due		3,093,411			3,997,484
Over 90 days past due		4,844,022			5,813,013
Total past due		15,694,424			20,431,941
Current		25,462,877			26,510,594
Total insurance assignments		41,157,301			46,942,536
Allowance for credit losses		(1,690,693	)		(1,609,951	)
Net insurance assignments	$	39,466,608		$	45,332,585

Schedule of Allowance for Credit Losses

The following table presents a roll forward of the allowance for credit losses as a contra-asset account for insurance assignments:

Schedule of Allowance for Credit Losses

	Allowance
Beginning balance - January 1, 2023	$	1,609,951
Change in provision for credit losses		452,326	(1)
Charge-offs		(371,584	)
Ending balance - June 30, 2023	$	1,690,693

Beginning balance - January 1, 2022	$	1,686,218
Change in provision for credit losses		889,480	(1)
Charge-offs		(965,747	)
Ending balance - December 31, 2022	$	1,609,951

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

Schedule of Gain (Loss) on Investments

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets:

Schedule of Gain (Loss) on Investments

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Fixed maturity securities:
Gross realized gains	$	1,563		$	129,512		$	17,054		$	175,635
Gross realized losses		(36,908	)		(9,828	)		(91,799	)		(10,758	)
Net credit loss (provision) release		(44,505	)		-			(224,005	)		-

Equity securities:
Gains (losses) on securities sold		5,363			81,596			(46,952	)		71,317
Unrealized gains and (losses) on securities held at the end of the period		566,633			(2,106,375	)		898,064			(2,713,422	)

Real estate held for investment and sale:
Gross realized gains		161,028			364,150			161,028			1,239,331
Gross realized losses		-			(94,400	)		-			(98,222	)

Other assets, including call and put option derivatives:
Gross realized gains		163,410			720,950			214,348			593,699
Gross realized losses		-			-			-			-
Total	$	816,584		$	(914,395	)	$	927,738		$	(742,420	)

Schedule of Accrued Investment Income

Accrued investment income consists of the following:

Schedule of Accrued Investment Income

	As of June 30, 2023		As of December 31, 2022
Fixed maturity securities available for sale	$	3,566,511	$	3,563,767
Equity securities		12,858		14,496
Mortgage loans held for investment		3,042,343		3,220,709
Real estate held for investment		3,517,092		3,455,305
Policy Loans		42,151		37,951
Cash and cash equivalents		7,596		7,598
Total accrued investment income	$	10,188,551	$	10,299,826

Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues from external customers	$ 83,846,159	$ 95,566,654	$ 163,346,893	$ 197,992,561
Intersegment revenues
Segment profit before income taxes	8,149,333	4,729,846	9,734,221	9,173,362
Identifiable Assets	1,398,352,965	1,466,914,032	1,398,352,965	1,466,914,032
Goodwill	5,253,783	5,253,783	5,253,783	5,253,783	$ 5,253,783
Total Assets	1,403,606,748	1,472,167,815	1,403,606,748	1,472,167,815
Life Insurance [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	48,071,089	41,166,269	93,486,386	82,668,078
Intersegment revenues	2,517,490	2,075,987	4,027,518	3,771,766
Segment profit before income taxes	9,158,186	3,931,784	12,841,921	4,748,269
Identifiable Assets	1,284,084,674	1,229,780,002	1,284,084,674	1,229,780,002
Goodwill	2,765,570	2,765,570	2,765,570	2,765,570
Total Assets	1,286,850,244	1,232,545,572	1,286,850,244	1,232,545,572
Cemetery/Mortuary [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	8,812,508	7,291,018	16,010,904	14,754,212
Intersegment revenues	84,767	85,151	168,603	267,740
Segment profit before income taxes	2,828,159	1,485,938	4,612,751	3,506,255
Identifiable Assets	89,589,716	78,739,030	89,589,716	78,739,030
Goodwill	2,488,213	2,488,213	2,488,213	2,488,213
Total Assets	92,077,929	81,227,243	92,077,929	81,227,243
Mortgage [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	26,962,562	47,109,367	53,849,603	100,570,271
Intersegment revenues	135,807	77,826	259,506	152,535
Segment profit before income taxes	(3,837,012)	(687,876)	(7,720,451)	918,838
Identifiable Assets	114,402,197	250,312,796	114,402,197	250,312,796
Goodwill
Total Assets	114,402,197	250,312,796	114,402,197	250,312,796
Intercompany Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues from external customers
Intersegment revenues	(2,738,064)	(2,238,964)	(4,455,627)	(4,192,041)
Segment profit before income taxes
Identifiable Assets	(89,723,622)	(91,917,796)	(89,723,622)	(91,917,796)
Goodwill
Total Assets	$ (89,723,622)	$ (91,917,796)	$ (89,723,622)	$ (91,917,796)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 09, 2023
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
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		19,947,531
Common Class C [Member]
Entity Common Stock, Shares Outstanding		2,971,854

Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	$ 344,410,019	$ 453,371,808
Derivative asset, notional amount	5,949,181	4,089,859
Derivative liability, notional amount	2,715,734	1,382,979
Call Option [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount		868,600
Derivative asset, notional amount
Derivative liability, notional amount		29,715
Put Option [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount		654,500
Derivative asset, notional amount
Derivative liability, notional amount		13,888
Net Derivatives Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	344,410,019	454,894,908
Derivative asset, notional amount	5,949,181	4,089,859
Derivative liability, notional amount	$ 2,715,734	$ 1,426,582

Nominal or face amount used to calculate payments on the derivative asset.

Nominal or face amount used to calculate payments on the derivative liability.

Revenue from Contract with Customer [Abstract]

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Amortized cost	$ 371,731,265	$ 362,750,511
Allowance for credit loss	224,005
Equity securities cost	10,416,580	9,942,265
Allowance for loan and lease losses, real estate	2,663,560	1,970,311
Real estate investment property, accumulated depreciation	26,941,328	23,793,204
Allowance for doubtful accounts, premiums and other receivables	1,690,693	1,609,951
Accounts receivable, allowance for credit loss	1,492,934	2,229,791
Aggregate fair value, restricted assets	7,780,162	6,565,552
Allowance for credit losses, restricted assets	2,760
Aggregate fair value, cemetery perpetual care trust investments	4,315,932	3,859,893
Aggregate allowance for credit losses, cemetery perpetual care trust investments	$ 1,453
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	19,893,700	18,758,031
Common stock, shares outstanding	19,893,700	18,758,031
Treasury stock, shares	849,005	525,870
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	2,973,552	2,889,859
Common stock, shares outstanding	2,973,552	2,889,859
Treasury stock, shares	35,717	34,016

Schedule of Reconciliation of Revenues from Cemetery and Mortuary Contracts to Business Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net mortuary and cemetery sales	$ 7,168,714	$ 7,250,503	$ 13,640,143	$ 14,456,224
Gains (losses) on investments and other assets	816,584	(914,395)	927,738	(742,420)
Net investment income	20,171,974	15,971,288	37,946,857	31,165,594
Other revenues	796,835	5,316,365	1,983,805	10,483,873
Revenues from external customers	83,846,159	95,566,654	163,346,893	197,992,561
Cemetery/Mortuary [Member]
Net mortuary and cemetery sales	7,168,714	7,250,503	13,640,143	14,456,224
Gains (losses) on investments and other assets	197,579	(720,135)	251,510	(974,660)
Net investment income	1,343,274	739,272	1,944,765	1,235,731
Other revenues	102,941	21,378	174,486	36,917
Revenues from external customers	$ 8,812,508	$ 7,291,018	$ 16,010,904	$ 14,754,212

Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

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 (January 1, 2023)	$	5,392,779	$	-	$	16,226,836
Closing (June 30, 2023)		5,814,731		-		17,155,722
Increase/(decrease)		421,952		-		928,886

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (January 1, 2022)	$	5,298,636	$	-	$	14,508,022
Closing (December 31, 2022)		5,392,779		-		16,226,836
Increase/(decrease)		94,143		-		1,718,814

(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:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Major goods/service lines
At-need	$	4,999,450	$	5,598,109	$	10,153,486	$	11,464,987
Pre-need		2,169,264		1,652,394		3,486,657		2,991,237
Net mortuary and cemetery sales	$	7,168,714	$	7,250,503	$	13,640,143	$	14,456,224

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,528,969	$	4,594,656	$	8,558,635	$	8,775,201
Services transferred at a point in time		2,639,745		2,655,847		5,081,508		5,681,023
Net mortuary and cemetery sales	$	7,168,714	$	7,250,503	$	13,640,143	$	14,456,224

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:

	2023		2022			2023		2022
	Three Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023		2022
Net mortuary and cemetery sales	$	7,168,714	$	7,250,503		$	13,640,143	$	14,456,224
Gains (losses) on investments and other assets		197,579		(720,135	)		251,510		(974,660	)
Net investment income		1,343,274		739,272			1,944,765		1,235,731
Other revenues		102,941		21,378			174,486		36,917
Revenues from external customers		8,812,508		7,291,018			16,010,904		14,754,212

Schedule of Changes in the Condensed Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Net loan commitments, beginning

^[1]

$ 4,089,856

Loans Held for Sale, Beginning

141,179,620

Fixed Maturity Securities Available for Sale, Beginning

345,858,492

28,549,767

$ 49,382,284

Total gains (losses) included in other comprehensive income

(19,851,603)

(9,286,436)

$ (4,913,327)

$ (13,114,816)

523,602

(28,486,911)

Net loan commitments, ending

^[2]

5,949,181

Loans Held for Sale, Ending

161,310,060

Fixed Maturity Securities Available for Sale, Ending

354,789,812

Net Derivatives Loan Commitments [Member]

Net loan commitments, beginning

3,384,829

9,690,886

2,706,877

7,015,515

Transfer to mortgage loans held for investment

Total gains (losses) included in earnings

(151,382)

^[3]

(2,247,244)

^[4]

526,570

^[5]

428,127

^[6]

Total gains (losses) included in other comprehensive income

Net loan commitments, ending

3,233,447

7,443,642

3,233,447

7,443,642

Loans Held For Sale [Member]

Loans Held for Sale, Beginning

173,015,404

234,012,872

141,179,620

302,776,827

607,867,445

1,010,742,878

1,139,735,241

2,049,959,460

Transfer to mortgage loans held for investment

(628,567,681)

(1,055,390,037)

(1,140,477,623)

(2,187,475,867)

(1,150,074)

Total gains (losses) included in earnings

10,144,966

^[3]

20,494,696

^[4]

22,022,896

^[5]

44,599,989

^[6]

Total gains (losses) included in other comprehensive income

Loans Held for Sale, Ending

161,310,060

209,860,409

161,310,060

209,860,409

Fixed Maturity Securities Available For Sale 1 [Member]

Fixed Maturity Securities Available for Sale, Beginning

1,435,519

2,011,772

1,435,519

2,023,348

Transfer to mortgage loans held for investment

(12,400)

(24,350)

Total gains (losses) included in earnings

^[7]

996

^[8]

^[9]

1,957

^[10]

Total gains (losses) included in other comprehensive income

(3,645)

(37,579)

(3,645)

(38,166)

Fixed Maturity Securities Available for Sale, Ending

$ 1,431,874

$ 1,962,789

$ 1,431,874

$ 1,962,789

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

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Receivables, beginning balance

^[1]

$ 5,392,779

$ 5,298,636

Contract asset, beginning balance

Contract liability, beginning balance

16,226,836

14,508,022

Receivables, ending balance

^[1]

5,814,731

5,392,779

Contract asset, ending balance

Contract liability, ending balance

17,155,722

16,226,836

Increase (decrease) in accounts receivable

^[1]

421,952

94,143

Increase (decrease) in contract asset

Increase (decrease) in contract liability

$ 928,886

$ 1,718,814

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

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

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Real estate held for investment (net of accumulated depreciation)

$ 180,962,902

$ 191,328,616

Residential Real Estate [Member]

1,827,474

11,161,582

Real estate held for investment (net of accumulated depreciation)

30,680,836

38,437,960

UTAH | Land Developments [Member]

1,675,921

11,010,029

Real estate held for investment (net of accumulated depreciation)

30,489,876

38,241,705

Lots developed

Lots to be developed

931

1,131

UTAH | Residential Real Estate [Member]

Real estate held for investment (net of accumulated depreciation)

^[1]

30,680,836

38,437,960