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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 14, 2015
Entity Registrant Name	SECURITY NATIONAL FINANCIAL CORP
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Entity Central Index Key	0000318673
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	snfca
Class A Common Stock
Entity Common Stock, Shares Outstanding		12,480,944
Class C Common Stock
Entity Common Stock, Shares Outstanding		1,507,561

Balance Sheet - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Investments:
Fixed maturity securities, held to maturity, at amortized cost	$ 132,401,008	$ 135,018,347
Equity securities, available for sale, at estimated fair value	7,025,410	6,752,750
Mortgage loans on real estate and construction loans, held for investment net of allowances for loan losses of $1,875,775 and $2,003,055 for 2015 and 2014	110,747,896	120,050,072
Real estate held for investment, net of accumulated depreciation of $11,947,936 and $10,875,419 for 2015 and 2014	114,724,603	111,411,351
Policy and other loans, net of allowances for doubtful accounts of $876,318 and $693,413 for 2015 and 2014	35,487,729	34,125,428
Short-term investments	21,326,531	27,059,495
Accrued investment income	2,360,410	2,483,253
Total investments	424,073,587	436,900,696
Cash and cash equivalents	48,275,362	30,855,320
Mortgage loans sold to investors	105,222,965	67,534,400
Receivables, net	20,725,389	14,544,093
Restricted assets	10,034,301	9,347,797
Cemetery perpetual care trust investments	2,758,752	2,645,423
Receivable from reinsurers	13,300,910	12,036,263
Cemetery land and improvements	10,812,068	10,848,085
Deferred policy and pre-need contract acquisition costs	54,415,118	50,307,503
Mortgage servicing rights, net	9,988,658	7,834,747
Property and equipment, net	11,931,281	11,307,714
Value of business acquired	9,401,709	8,547,627
Goodwill	2,765,570	2,765,570
Other assets	8,866,421	5,594,324
Total Assets	732,572,091	671,069,562
Liabilities
Future life, annuity, and other benefits	511,010,835	476,727,465
Unearned premium reserve	4,835,208	4,961,937
Bank and other loans payable	33,385,571	29,020,378
Deferred pre-need cemetery and mortuary contract revenues	13,036,380	13,242,143
Cemetery perpetual care obligation	3,452,647	3,406,718
Accounts payable	4,440,303	1,789,387
Other liabilities and accrued expenses	32,711,302	24,408,666
Income taxes	24,240,043	20,421,767
Total liabilities	627,112,289	573,978,461
Stockholders' Equity
Additional paid-in capital	26,440,822	25,931,119
Accumulated other comprehensive income, net of taxes	3,331,103	1,438,566
Retained earnings	49,816,024	44,101,252
Treasury stock at cost - 934,530 Class A shares in 2015 and 986,264 Class A shares in 2014	(2,090,441)	(2,086,454)
Total stockholders' equity	105,459,802	97,091,101
Total Liabilities and Stockholders' Equity	732,572,091	671,069,562
Class A Common Stock
Stockholders' Equity
Common stock	24,947,172	24,918,480
Class B Common Stock
Stockholders' Equity
Common stock
Class C Common Stock
Stockholders' Equity
Common stock	$ 3,015,122	$ 2,788,138

Balance Sheet Parenthetical - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Allowance for losses on mortgage loans on real estate and construction loans, held for investment	$ 1,875,775	$ 2,003,055
Accumulated depreciation on real estate held for investment	11,947,936	10,875,419
Allowance for doubtful accounts on policy and other loans	$ 876,318	$ 693,413
Class A Common Stock
Common Stock Par Value	$ 2.00	$ 2.00
Common Stock Authorized	20,000,000	20,000,000
Common Stock Issued	12,473,586	12,459,240
Treasury Stock	934,530	986,264
Class B Common Stock
Common Stock Par Value	$ 1.00	$ 1.00
Common Stock Authorized	5,000,000	5,000,000
Common Stock Issued
Common Stock Outstanding
Class C Common Stock
Common Stock Par Value	$ 2.00	$ 2.00
Common Stock Authorized	2,000,000	2,000,000
Common Stock Issued	1,507,561	1,394,069

Income Statement - USD ($)	3 Months Ended		6 Months Ended
Income Statement - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Insurance premiums and other considerations	$ 13,914,894	$ 13,334,986	$ 27,768,409	$ 26,464,433
Net investment income	8,590,673	6,707,287	16,413,517	12,349,787
Net mortuary and cemetery sales	3,017,853	3,446,882	5,890,088	6,277,944
Realized gains on investments and other assets	500,776	339,852	920,840	538,845
Other than temporary impairments on investments	(55,311)	(30,000)	(111,207)	(60,000)
Mortgage fee income	48,730,028	34,773,299	86,551,828	57,310,837
Other income	1,341,702	839,424	2,656,772	1,583,160
Total revenues	76,040,615	59,411,730	140,090,247	104,465,006
Benefits and expenses:
Death benefits	8,116,411	7,082,626	16,044,283	13,758,119
Surrenders and other policy benefits	519,663	627,151	1,173,397	1,142,763
Increase in future policy benefits	4,040,366	4,847,082	8,220,178	9,214,525
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	1,177,854	1,493,293	2,345,353	2,896,935
Selling, general and administrative expenses:
Commissions	23,207,511	16,185,164	41,773,558	26,746,045
Personnel	15,251,633	11,859,398	29,564,949	23,356,566
Advertising	1,508,426	1,502,045	2,924,716	2,274,058
Rent and rent related	1,929,790	1,456,038	3,814,866	2,799,481
Depreciation on property and equipment	547,387	534,346	1,110,124	1,031,548
Provision for loan losses and loss reserve	2,252,471	571,332	2,919,210	943,425
Costs related to funding mortgage loans	2,412,354	1,911,634	4,595,365	3,209,319
Other expenses	6,982,105	5,857,231	13,067,608	10,453,682
Interest expense	1,374,269	786,248	2,359,615	1,284,112
Cost of goods and services sold-mortuaries and cemeteries	488,423	511,045	946,689	1,001,344
Total benefits and expenses	69,808,663	55,224,633	130,859,911	100,111,922
Earnings before income taxes	6,231,952	4,187,097	9,230,336	4,353,084
Income tax expense	(2,379,673)	(1,563,034)	(3,514,354)	(1,590,173)
Net earnings	$ 3,852,279	$ 2,624,063	$ 5,715,982	$ 2,762,911
Net earnings per Class A Equivalent common share (1)	$ 0.30	$ 0.21	$ 0.44	$ 0.22
Net earnings per Class A Equivalent common share-assuming dilution (1)	$ 0.28	$ 0.20	$ 0.42	$ 0.21
Weighted-average Class A equivalent common share outstanding (1)	13,037,095	12,449,786	12,986,238	12,459,537
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)	13,595,918	12,897,204	13,532,641	12,914,781

Comprehensive Income Statement - USD ($)	3 Months Ended		6 Months Ended
Comprehensive Income Statement - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Comprehensive Income Statement
Net earnings	$ 3,852,279	$ 2,624,063	$ 5,715,982	$ 2,762,911
Other comprehensive income:
Net unrealized gains on derivative instruments	766,630	484,704	2,286,653	762,934
Net unrealized gains (losses) on available for sale securities	(165,860)	122,161	(394,116)	160,066
Other comprehensive income	600,770	606,865	1,892,537	923,000
Comprehensive income	$ 4,453,049	$ 3,230,928	$ 7,608,519	$ 3,685,911

- Definition

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

+ References + Details

Statements of Stockholders' Equity - USD ($)	Class A Common Stock	Class C Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2013	$ 23,614,574	$ 2,660,382	$ 23,215,875	$ 1,218,396	$ 39,666,587	$ (2,624,625)	$ 87,751,189
Net earnings					2,762,911		2,762,911
Other comprehensive income				923,000			923,000
Grant of stock options			128,526				128,526
Exercise of stock options	69,910		(19,611)				50,299
Sale of treasury stock			147,542			243,590	391,132
Stock Dividends	3,446	(1)	4,910		(8,355)
Conversion Class C to Class A	1,778	(1,776)	(2)
Balance at Jun. 30, 2014	23,689,708	2,658,605	23,477,240	2,141,396	42,421,143	(2,381,035)	92,007,057
Balance at Dec. 31, 2014	24,918,480	2,788,138	25,931,119	1,438,566	44,101,252	(2,086,454)	97,091,101
Net earnings					5,715,982		5,715,982
Other comprehensive income				1,892,537			1,892,537
Grant of stock options			211,476				211,476
Exercise of stock options	27,148	228,046	6,366			(244,009)	17,551
Sale of treasury stock			291,133			240,022	531,155
Stock Dividends	480	2	728		(1,210)
Conversion Class C to Class A	1,064	(1,064)
Balance at Jun. 30, 2015	$ 24,947,172	$ 3,015,122	$ 26,440,822	$ 3,331,103	$ 49,816,024	$ (2,090,441)	$ 105,459,802

- Definition

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

+ References + Details

Statement of Cash Flows - USD ($)	6 Months Ended
Statement of Cash Flows - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ (18,837,963)	$ 40,505,997
Securities held to maturity:
Purchase-fixed maturity securities	(5,890,324)	(362,817)
Calls and maturities - fixed maturity securities	8,590,035	4,769,126
Securities available for sale:
Purchase - equity securities	(2,285,429)	(4,339,038)
Sales - equity securities	1,570,539	1,714,695
Purchase of short-term investments	(26,379,029)	(10,206,586)
Sales of short-term investments	32,111,993	2,074,245
Purchases of restricted assets	(688,872)	(200,415)
Changes in assets for perpetual care trusts	(168,603)	(120,398)
Amount received for perpetual care trusts	45,929	66,077
Mortgage, policy, and other loans made	(180,978,933)	(118,680,888)
Payments received for mortgage, policy and other loans	186,813,832	91,321,359
Purchase of property and equipment	(1,733,693)	(733,243)
Sale of property and equipment	2,000
Purchase of real estate	(7,053,011)	(3,871,169)
Sale of real estate	4,973,199	2,332,579
Cash received from reinsurance	24,020,215	7,304,993
Cash paid for purchase of subsidiaries, net of cash acquired		(15,011,193)
Net cash provided by (used in) investing activities	32,949,848	(43,942,673)
Cash flows from financing activities:
Annuity contract receipts	5,244,513	5,037,585
Annuity contract withdrawals	(6,327,811)	(7,503,928)
Proceeds from stock options exercised	17,551	50,299
Repayment of bank loans on notes and contracts	(1,208,965)	(1,174,015)
Proceeds from borrowing on bank loans	5,582,869	30,159
Net cash provided by (used in) financing activities	3,308,157	(3,559,900)
Net change in cash and cash equivalents	17,420,042	(6,996,576)
Cash and cash equivalents at beginning of period	30,855,320	38,203,164
Cash and cash equivalents at end of period	48,275,362	31,206,588
Non Cash Investing and Financing Activities
Mortgage loans foreclosed into real estate	$ 2,389,330	$ 886,576

1) Basis of Presentation

6 Months Ended

Jun. 30, 2015

Notes

1) Basis of Presentation

The accompanying unaudited 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, 2014, 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 six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

The estimates susceptible to significant change are those used in determining the liability for future policy benefits and claims, those used in determining valuation allowances for mortgage loans on real estate and construction loans held for investment, those used in determining loan loss reserve, and those used in determining the estimated future costs for pre-need sales. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

2) Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2015

Notes

2) Recent Accounting Pronouncements

Accounting Standards Update (“ASU”) No. 2014-11: "Transfers and Servicing - Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures (Topic 860)" – Issued in June 2014, ASU 2014-11 aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. The new authoritative guidance is effective for the first interim or annual period beginning after December 15, 2014. In addition the disclosure of certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is prohibited. This new guidance has not and will not have a significant impact on the Company’s results of operations or financial position.

ASU No. 2014-09: “Revenue from Contracts with Customers (Topic 606)” - Issued in May 2014, ASU 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition”, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Insurance contracts are excluded from the scope of this new guidance. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2017. The Company is in the process of evaluating the potential impact of this standard, which is not expected to be material to the Company’s results of operations or financial position.

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.

3) Investments

6 Months Ended

Jun. 30, 2015

Notes

3) Investments

The Company’s investments in fixed maturity securities held to maturity and equity securities available for sale as of June 30, 2015 are summarized as follows:

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
June 30, 2015
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 1,862,291	$ 305,024	$ (3,620)	$ 2,163,695
Obligations of states and political subdivisions	1,858,861	201,771	(3,726)	2,056,906
Corporate securities including public utilities	124,811,868	12,115,612	(1,207,359)	135,720,121
Mortgage-backed securities	3,255,965	232,136	(1,147)	3,486,954
Redeemable preferred stock	612,023	23,838	-	635,861
Total fixed maturity securities held to maturity	$ 132,401,008	$ 12,878,381	$ (1,215,852)	$ 144,063,537

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
June 30, 2015

Equity securities available for sale at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 7,972,306	$ 150,184	$ (1,097,080)	$ 7,025,410

Total equity securities available for sale at estimated fair value	$ 7,972,306	$ 150,184	$ (1,097,080)	$ 7,025,410

Mortgage loans on real estate and construction loans held for investment at amortized cost:
Residential	$ 49,704,426
Residential construction	28,342,809
Commercial	34,576,436
Less: Allowance for loan losses	(1,875,775)
Total mortgage loans on real estate and construction loans held for investment	$ 110,747,896

Real estate held for investment - net of depreciation	$ 114,724,603

Policy and other loans at amortized cost:
Policy loans	$ 7,095,642
Other loans	29,268,405
Less: Allowance for doubtful accounts	(876,318)

Total policy and other loans at amortized cost	$ 35,487,729

Short-term investments at amortized cost	$ 21,326,531

The Company’s investments in fixed maturity securities held to maturity and equity securities available for sale as of December 31, 2014 are summarized as follows:

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2014:
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 1,873,146	$ 345,715	$ -	$ 2,218,861
Obligations of states and political subdivisions	1,736,489	221,893	(5,278)	1,953,104
Corporate securities including public utilities	126,533,483	15,841,536	(980,357)	141,394,662
Mortgage-backed securities	4,263,206	305,381	(11,894)	4,556,693
Redeemable preferred stock	612,023	22,032	-	634,055
Total fixed maturity securities held to maturity	$ 135,018,347	$ 16,736,557	$ (997,529)	$ 150,757,375

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2014:

Equity securities available for sale at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 7,179,010	$ 393,873	$ (820,133)	$ 6,752,750

Total securities available for sale carried at estimated fair value	$ 7,179,010	$ 393,873	$ (820,133)	$ 6,752,750

Mortgage loans on real estate and construction loans held for investment at amortized cost:
Residential	$ 53,592,433
Residential construction	33,071,938
Commercial	35,388,756
Less: Allowance for loan losses	(2,003,055)

Total mortgage loans on real estate and construction loans held for investment	$ 120,050,072

Real estate held for investment - net of depreciation	$ 111,411,351

Policy and other loans at amortized cost:
Policy loans	$ 7,011,012
Other loans	27,807,829
Less: Allowance for doubtful accounts	(693,413)

Total policy and other loans at amortized cost	$ 34,125,428

Short-term investments at amortized cost	$ 27,059,495

Fixed Maturity Securities

The following tables summarize unrealized losses on fixed maturity securities, which are carried at amortized cost, at June 30, 2015 and December 31, 2014. The unrealized losses were primarily related to interest rate fluctuations. The tables set forth unrealized losses by duration and number of investment positions, together with the fair value of the related fixed maturity securities:

	Unrealized Losses for Less than Twelve Months	No. of Investment Positions	Unrealized Losses for More than Twelve Months	No. of Investment Positions	Total Unrealized Loss
At June 30, 2015
U.S. treasury securities and obligations of U.S. government agencies	$ 3,620	1	$ -	0	$ 3,620
Obligations of states and political subdivisions	-		3,726	1	3,726
Corporate securities including public utilities	947,259	63	252,472	8	1,199,731
Mortgage-backed securities	1,147	1	7,628	2	8,775
Total unrealized losses	$ 952,026	65	$ 263,826	11	$ 1,215,852
Fair Value	$ 18,942,023		$ 2,519,794		$ 21,461,817

At December 31, 2014
Obligations of states and political subdivisions	$ -	0	$ 5,278	1	$ 5,278
Corporate securities including public utilities	548,310	21	432,047	11	980,357
Mortgage-backed securities	3,966	1	7,928	1	11,894
Total unrealized losses	$ 552,276	22	$ 445,253	13	$ 997,529
Fair Value	$ 7,081,352		$ 2,777,587		$ 9,858,939

As of June 30, 2015, the average market value of the related fixed maturities was 94.6% of amortized cost and the average market value was 90.8% of amortized cost as of December 31, 2014. During the three months ended June 30, 2015 and 2014 an other than temporary decline in fair value resulted in the recognition of credit losses on fixed maturity securities of $30,000 and $30,000, respectively, and for the six months ended June 30, 2015 and 2014 an other than temporary decline in fair value resulted in the recognition of credit losses on fixed maturity securities of $60,000 and $60,000, respectively.

On a quarterly basis, the Company reviews its fixed maturity investment securities related to corporate securities and other public utilities, consisting of bonds and preferred stocks that are in a loss position. The review involves an analysis of the securities in relation to historical values, and projected earnings and revenue growth rates. Based on the analysis, a determination is made whether a security will likely recover from the loss position within a reasonable period of time. If it is unlikely that the investment will recover from the loss position, the loss is considered to be other than temporary, the security is written down to the impaired value and an impairment loss is recognized.

Equity Securities

The following tables summarize unrealized losses on equity securities that were carried at estimated fair value based on quoted trading prices at June 30, 2015 and December 31, 2014. The unrealized losses were primarily the result of decreases in fair value due to overall equity market declines. The tables set forth unrealized losses by duration and number of investment positions, together with the fair value of the related equity securities available-for-sale in a loss position:

	Unrealized Losses for Less than Twelve Months	No. of Investment Positions	Unrealized Losses for More than Twelve Months	No. of Investment Positions	Total Unrealized Losses
At June 30, 2015
Industrial, miscellaneous and all other	$ 501,595	208	$ 595,485	36	$ 1,097,080
Total unrealized losses	$ 501,595	208	$ 595,485	36	$ 1,097,080
Fair Value	$ 3,789,136		$ 687,502		$ 4,476,638

At December 31, 2014
Industrial, miscellaneous and all other	$ 327,389	138	$ 492,744	27	$ 820,133
Total unrealized losses	$ 327,389	138	$ 492,744	27	$ 820,133
Fair Value	$ 2,162,425		$ 676,706		$ 2,839,131

As of June 30, 2015, the average market value of the equity securities available for sale was 80.3% of the original investment and the average market value was 77.6% of the original investment as of December 31, 2014. The intent of the Company is to retain equity securities for a period of time sufficient to allow for the recovery in fair value. However, the Company may sell equity securities during a period in which the fair value has declined below the amount of the original investment. In certain situations new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. During the three months ended June 30, 2015 and 2014, an other than temporary decline in the fair value resulted in the recognition of an impairment loss on equity securities of $25,311 and $-0-, respectively, and for the six months ended June 30, 2015 and 2014, an other than temporary decline in the fair value resulted in the recognition of an impairment loss on equity securities of $51,207 and $-0-, respectively.

On a quarterly basis, the Company reviews its investment in industrial, miscellaneous and all other equity securities that are in a loss position. The review involves an analysis of the securities in relation to historical values, price earnings ratios, projected earnings and revenue growth rates. Based on the analysis a determination is made whether a security will likely recover from the loss position within a reasonable period of time. If it is unlikely that the investment will recover from the loss position, the loss is considered to be other than temporary, the security is written down to the impaired value and an impairment loss is recognized.

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

The amortized cost and estimated fair value of fixed maturity securities at June 30, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost	Estimated Fair Value
Held to Maturity:
Due in 2015	$ 1,498,127	$ 1,519,903
Due in 2016 through 2019	31,328,324	34,364,866
Due in 2020 through 2024	28,140,265	30,502,468
Due after 2024	67,566,304	73,553,485
Mortgage-backed securities	3,255,965	3,486,954
Redeemable preferred stock	612,023	635,861
Total held to maturity	$ 132,401,008	$ 144,063,537

The amortized cost and estimated fair value of available for sale securities at June 30, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Equities are valued using the specific identification method.

	Cost	Estimated Fair Value
Available for Sale:
Common stock	$ 7,972,306	$ 7,025,410
Total available for sale	$ 7,972,306	$ 7,025,410

The Company’s realized gains and losses, other than temporary impairments from investments and other assets, are summarized as follows:

	Three Months Ended June 30		Six Months Ended June 30
	2015	2014	2015	2014
Fixed maturity securities held to maturity:
Gross realized gains	$ 273,061	$ 47,548	$ 359,057	$ 47,548
Gross realized losses	(49,594)	(2,284)	(59,370)	(2,284)
Other than temporary impairments	(30,000)	(30,000)	(60,000)	(60,000)

Securities available for sale:
Gross realized gains	42,289	72,397	130,009	125,650
Gross realized losses	-	-	(1,016)	-
Other than temporary impairments	(25,311)	-	(51,207)	-

Other assets:
Gross realized gains	267,097	222,191	524,237	367,931
Gross realized losses	(32,077)	-	(32,077)	-
Other than temporary impairments	-	-	-	-
Total	$ 445,465	$ 309,852	$ 809,633	$ 478,845

The net carrying amount of held to maturity securities sold was $2,543,312 and $872,882 for the six months ended June 30, 2015 and 2014, respectively. The net realized gain related to these sales was $330,373 and $42,118 for the six months ended June 30, 2015 and 2014, respectively.

There were no investments, aggregated by issuer, in excess of 10% of shareholders’ equity (before net unrealized gains and losses on available for sale securities) at June 30, 2015, other than investments issued or guaranteed by the United States Government.

Major categories of net investment income are as follows:

	Three Months Ended June 30		Six Months Ended June 30
	2015	2014	2015	2014
Fixed maturity securities	$ 2,144,989	$ 2,067,324	$ 4,125,684	$ 4,176,445
Equity securities	55,298	50,752	114,716	89,999
Mortgage loans on real estate	1,790,538	1,837,060	3,641,164	3,389,171
Real estate	2,233,781	2,126,566	4,354,352	4,291,565
Policy and other loans	188,639	181,687	377,185	379,255
Short-term investments, principally gains on sale of mortgage loans and other	4,738,607	2,781,988	8,964,392	4,681,101
Gross investment income	11,151,852	9,045,377	21,577,493	17,007,536
Investment expenses	(2,561,179)	(2,338,090)	(5,163,976)	(4,657,749)
Net investment income	$ 8,590,673	$ 6,707,287	$ 16,413,517	$ 12,349,787

Net investment income includes income earned by the restricted assets of the cemeteries and mortuaries of $93,564 and $77,254 for the three months ended June 30, 2015 and 2014, respectively, and $186,486 and $171,999 for the six months ended June 30, 2015 and 2014, respectively.

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

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

Securities on deposit for regulatory authorities as required by law amounted to $9,070,319 at June 30, 2015 and $8,886,001 at December 31, 2014. The restricted securities are included in various assets under investments on the accompanying condensed consolidated balance sheets.

Mortgage Loans

Mortgage loans consist of first and second mortgages. The mortgage loans bear interest at rates ranging from 2.0% to 10.5%, maturity dates range from six months to 30 years and are secured by real estate. Concentrations of credit risk arise when a number of mortgage loan debtors have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. Although the Company has a diversified mortgage loan portfolio consisting of residential mortgages, commercial loans and residential construction loans and requires collateral on all real estate exposures, a substantial portion of its debtors’ ability to honor obligations is reliant on the economic stability of the geographic region in which the debtors do business. At June 30, 2015, the Company had 40%, 15%, 15%, 9%, and 7% of its mortgage loans from borrowers located in the states of Utah, California, Texas, Florida, and Nevada, respectively. The mortgage loans on real estate balances on the consolidated balance sheet are reflected net of an allowance for loan losses of $1,875,775 and $2,003,055 at June 30, 2015 and December 31, 2014, respectively.

The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented:

Allowance for Credit Losses and Recorded Investment in Mortgage Loans

	Commercial	Residential	Residential Construction	Total
June 30, 2015
Allowance for credit losses:
Beginning balance - January 1, 2015	$ 187,129	$ 1,715,812	$ 100,114	$ 2,003,055
Charge-offs	-	-	-	-
Provision	-	(127,280)	-	(127,280)
Ending balance -June 30, 2015	$ 187,129	$ 1,588,532	$ 100,114	$ 1,875,775

Ending balance: individually evaluated for impairment	$ -	$ 217,192	$ -	$ 217,192

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,371,340	$ 100,114	$ 1,658,583

Ending balance: loans acquired with deteriorated credit quality	$ -	$ -	$ -	$ -

Mortgage loans:
Ending balance	$ 34,576,436	$ 49,704,426	$ 28,342,809	$ 112,623,671

Ending balance: individually evaluated for impairment	$ -	$ 2,320,452	$ -	$ 2,320,452

Ending balance: collectively evaluated for impairment	$ 34,576,436	$ 47,383,974	$ 28,342,809	$ 110,303,219

Ending balance: loans acquired with deteriorated credit quality	$ -	$ -	$ -	$ -

December 31, 2014
Allowance for credit losses:
Beginning balance - January 1, 2014	$ 187,129	$ 1,364,847	$ 100,114	$ 1,652,090
Charge-offs	-	(38,444)	-	(38,444)
Provision	-	389,409	-	389,409
Ending balance - December 31, 2014	$ 187,129	$ 1,715,812	$ 100,114	$ 2,003,055

Ending balance: individually evaluated for impairment	$ -	$ 153,446	$ -	$ 153,446

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,562,366	$ 100,114	$ 1,849,609

Ending balance: loans acquired with deteriorated credit quality	$ -	$ -	$ -	$ -

Mortgage loans:
Ending balance	$ 35,388,756	$ 53,592,433	$ 33,071,938	$ 122,053,127

Ending balance: individually evaluated for impairment	$ -	$ 1,556,182	$ 414,499	$ 1,970,681

Ending balance: collectively evaluated for impairment	$ 35,388,756	$ 52,036,251	$ 32,657,439	$ 120,082,446

Ending balance: loans acquired with deteriorated credit quality	$ -	$ -	$ -	$ -

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

Age Analysis of Past Due Mortgage Loans

	30-59 Days Past Due	60-89 Days Past Due	Greater Than 90 Days (1)	In Foreclosure (1)	Total Past Due	Current	Total Mortgage Loans	Allowance for Loan Losses	Net Mortgage Loans
June 30, 2015

Commercial	$ -	$ -	$ -	$ -	$ -	$ 34,576,436	$ 34,576,436	$ (187,129)	$ 34,389,307
Residential	756,115	624,651	4,278,185	2,320,452	7,979,403	41,725,023	49,704,426	(1,588,532)	48,115,894
Residential Construction	-	-	64,895	-	64,895	28,277,914	28,342,809	(100,114)	28,242,695

Total	$ 756,115	$ 624,651	$ 4,343,080	$ 2,320,452	$ 8,044,298	$ 104,579,373	$ 112,623,671	$ (1,875,775)	$110,747,896

December 31, 2014
Commercial	$ -	$ -	$ -	$ -	$ -	$ 35,388,756	$ 35,388,756	$ (187,129)	$ 35,201,627
Residential	1,631,142	1,174,516	5,464,901	1,556,182	9,826,741	43,765,692	53,592,433	(1,715,812)	51,876,621
Residential Construction	-	-	64,895	414,499	479,394	32,592,544	33,071,938	(100,114)	32,971,824

Total	$ 1,631,142	$ 1,174,516	$ 5,529,796	$ 1,970,681	$ 10,306,135	$ 111,746,992	$ 122,053,127	$ (2,003,055)	$120,050,072

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

Impaired Mortgage Loans

Impaired mortgage loans include loans with a related specific valuation allowance or loans whose carrying amount has been reduced to the expected collectible amount because the impairment has been considered other than temporary. The recorded investment in and unpaid principal balance of impaired loans along with the related loan specific allowance for losses, if any, for each reporting period and the average recorded investment and interest income recognized during the time the loans were impaired were as follows:

Impaired Loans

	Recorded Investment	Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized
June 30, 2015
With no related allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	-	-	-	-	-
Residential construction	-	-	-	-	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	2,320,452	2,320,452	217,192	2,320,452	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	2,320,452	2,320,452	217,192	2,320,452	-
Residential construction	-	-	-	-	-

December 31, 2014
With no related allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	-	-	-	-	-
Residential construction	414,499	414,499	-	414,499	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,556,182	1,556,182	153,446	1,556,182	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,556,182	1,556,182	153,446	1,556,182	-
Residential construction	414,499	414,499	-	414,499	-

Credit Risk Profile Based on Performance Status

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

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

Mortgage Loan Credit Exposure
Credit Risk Profile Based on Payment Activity

	Commercial		Residential		Residential Construction		Total
	June 30, 2015	December 31, 2014	June 30, 2015	December 31, 2014	June 30, 2015	December 31, 2014	June 30, 2015	December 31, 2014

Performing	$34,576,436	$ 35,388,756	$43,105,790	$ 46,571,350	$ 28,277,914	$ 32,592,544	$ 105,960,140	$114,552,650
Nonperforming	-	-	6,598,636	7,021,083	64,895	479,394	6,663,531	7,500,477

Total	$34,576,436	$ 35,388,756	$ 49,704,426	$ 53,592,433	$ 28,342,809	$ 33,071,938	$ 112,623,671	$122,053,127

Non-Accrual Mortgage Loans

Once a loan is past due 90 days, it is the Company’s policy to end the accrual of interest income on the loan and write off any income that had been accrued. Interest not accrued on these loans totals $595,000 and $535,000 as of June 30, 2015 and December 31, 2014, respectively.

The following is a summary of mortgage loans on a nonaccrual status for the periods presented.

	Mortgage Loans on Nonaccrual Status

	As of June 30 2015	As of December 31 2014
Residential	$ 6,598,636	$ 7,021,083
Residential construction	64,895	479,394
Total	$ 6,663,531	$ 7,500,477

Loan Loss Reserve

The mortgage loan loss reserve is an estimate of probable losses at the balance sheet date that the Company will realize in the future on mortgage loans sold to third party investors.

The loan loss reserve analysis involves mortgage loans that have been sold to third party investors where the Company has received a demand from the investor. There are generally three types of demands: make whole, repurchase, or indemnification. These types of demands are more particularly described as follows:

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

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

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

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

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

	As of June 30 2015	As of December 31 2014
Balance, beginning of period	$ 1,718,150	$ 5,506,532
Provisions for losses	2,919,210	3,053,403
Charge-offs	(384,540)	(6,841,785)
Balance, end of period	$ 4,252,820	$ 1,718,150

The Company believes the loan loss reserve represents probable loan losses incurred as of the balance sheet date. Actual loan loss experience could change, in the near-term, from the established reserve based upon claims that could be asserted by third party investors. SecurityNational Mortgage believes there is potential to resolve any alleged claims by third party investors on acceptable terms. If SecurityNational Mortgage is unable to resolve such claims on acceptable terms, legal action may ensue. In the event of legal action by any third party investor, SecurityNational Mortgage believes it has significant defenses to any such action and intends to vigorously defend itself against such action.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

4) Stock-based Compensation

6 Months Ended

Jun. 30, 2015

Notes

4) Stock-based Compensation

4) Stock-Based Compensation

The Company has four fixed option plans (the “2003 Plan”, the “2006 Director Plan”, the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $125,931 and $64,201 has been recognized for these plans for the three months ended June 30, 2015 and 2014, respectively, and $211,476 and $128,526 for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, the total unrecognized compensation expense related to the options issued in December 2014 and July 2014 were $148,839 and $1,316, respectively, which are expected to be recognized over the vesting periods of one year.

The Company generally estimates the expected life of the options based upon the contractual term of the options adjusted for actual experience. Future volatility is estimated based upon the a weighted historical volatility of the Company’s Class A common stock and three peer company stocks over a period equal to the estimated life of the options. Common stock issued upon exercise of stock options are generally new share issuances rather than from treasury shares.

A summary of the status of the Company’s stock incentive plans as of June 30, 2015, and the changes during the six months ended June 30, 2015, are presented below:

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

Outstanding at December 31, 2014	512,795	$ 3.20	691,591	$ 2.00
Granted	-		-
Exercised	(15,406)	1.89	(114,023)	2.14
Cancelled	(8,846)	2.31	-
Outstanding at June 30, 2015	488,543	$ 3.25	577,568	$ 2.62

As of June 30, 2015:
Options exercisable	409,961	$ 2.99	511,318	$ 2.34

As of June 30, 2015:
Available options for future grant	266,649		-

Weighted average contractual term of options
outstanding at June 30, 2015	7.37 years		2.69 years

Weighted average contractual term of options
exercisable at June 30, 2015	6.99 years		2.35 years

Aggregated intrinsic value of options
outstanding at June 30, 2015 (1)	$1,698,099		$2,375,472

Aggregated intrinsic value of options
exercisable at June 30, 2015 (1)	$1,534,777		$2,242,810

(1) The Company used a stock price of $6.73 as of June 30, 2015 to derive intrinsic value.

A summary of the status of the Company’s stock incentive plans as of June 30, 2014, and the changes during the six months ended June 30, 2014, are presented below:

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

Outstanding at December 31, 2013	405,133	$ 2.41	508,656	$ 2.00
Granted	-		-
Exercised	(34,955)	1.44	-
Cancelled	(1,838)	2.92	-
Outstanding at June 30, 2014	368,340	$ 2.50	508,656	$ 2.00

As of June 30, 2014:
Options exercisable	325,243	$ 2.23	482,406	$ 1.84

As of June 30, 2014:
Available options for future grant	314,480		105,000

Weighted average contractual term of options
outstanding at June 30, 2014	6.77 years		2.11 years

Weighted average contractual term of options
exercisable at June 30, 2014	6.42 years		1.99 years

Aggregated intrinsic value of options
outstanding at June 30, 2014 (1)	$690,130		$1,194,177

Aggregated intrinsic value of options
exercisable at June 30, 2014 (1)	$689,924		$1,194,177

(1) The Company used a stock price of $4.27 as of June 30, 2014 to derive intrinsic value.

The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the six months ended June 30, 2015 and 2014 was $492,740 and $115,977, respectively.

5) Earnings Per Share

6 Months Ended

Jun. 30, 2015

Notes

5) Earnings Per Share

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

		Three Months Ended June 30		Six Months Ended June 30
		2015	2014	2015	2014
Numerator:
	Net earnings	$ 3,852,279	$ 2,624,063	$ 5,715,982	$ 2,762,911
Denominator:
	Basic weighted-average shares outstanding	13,037,095	12,449,786	12,986,238	12,459,537
Effect of dilutive securities:
	Employee stock options	558,823	447,418	546,403	455,244

	Diluted weighted-average shares outstanding	13,595,918	12,897,204	13,532,641	12,914,781

Basic net earnings per share		$0.30	$0.21	$0.44	$0.22

Diluted net earnings per share		$0.28	$0.20	$0.42	$0.21

Net earnings per share amounts have been adjusted for the effect of annual stock dividends. For the three and six months ended June 30, 2015 and 2014, there were -0- and 142,972 of anti-dilutive employee stock option shares, respectively, that were not included in the computation of diluted net loss per common share as their effect would be anti-dilutive.

6) Business Segments

6 Months Ended

Jun. 30, 2015

Notes

6) Business Segments

Description of Products and Services by Segment

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

Measurement of Segment Profit or Loss and Segment Assets

The accounting policies of the reportable segments are the same as those described in the Significant Accounting Principles of the form 10K for the year ended December 31, 2014. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation.

Factors Management Used to Identify the Enterprise’s Reportable Segments

The Company’s reportable segments are business units that offer different products and are managed separately due to the different products and the need to report to the various regulatory jurisdictions.

	Life Insurance	Cemetery/ Mortuary	Mortgage	Eliminations	Consolidated
For the Three Months Ended
June 30, 2015
Revenues from external customers	$ 21,476,968	$ 3,215,090	$ 51,348,557	$ -	$ 76,040,615
Intersegment revenues	2,858,820	305,573	92,304	(3,256,697)	-
Segment profit before income taxes	2,115,187	151,975	3,964,790	-	6,231,952

For the Three Months Ended
June 30, 2014
Revenues from external customers	$ 19,810,498	$ 3,534,881	$ 36,066,351	$ -	$ 59,411,730
Intersegment revenues	2,356,195	334,314	231,249	(2,921,758)	-
Segment profit before income taxes	1,515,426	168,911	2,502,760	-	4,187,097

For the Six Months Ended
June 30, 2015
Revenues from external customers	$ 42,462,468	$ 6,313,328	$ 91,314,451	$ -	$ 140,090,247
Intersegment revenues	5,677,687	617,571	180,791	(6,476,049)	-
Segment profit before income taxes	3,519,038	561,150	5,150,148	-	9,230,336

Identifiable Assets	695,953,881	103,231,245	70,065,224	(136,678,259)	732,572,091
Goodwill	2,765,570	-	-	-	2,765,570

For the Six Months Ended
June 30, 2014
Revenues from external customers	$ 38,283,314	$ 6,575,449	$ 59,606,243	$ -	$ 104,465,006
Intersegment revenues	4,417,915	670,612	395,395	(5,483,922)	-
Segment profit before income taxes	2,846,895	351,689	1,154,500	-	4,353,084

Identifiable Assets	626,378,955	108,686,715	56,057,674	(148,165,860)	642,957,484
Goodwill	2,802,991	285,191	-	-	3,088,182

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 26
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

7): Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2015

Notes

7): Fair Value of Financial Instruments

7) Fair Value of Financial Instruments

Generally accepted accounting principles (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 we 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 our 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 other significant financial instruments:

The items shown under Level 1 and Level 2 are valued as follows:

Securities Available for Sale and Held to Maturity: The fair values of investments in fixed maturity and equity securities along with methods used to estimate such values are disclosed in Note 3 of the Notes to Condensed Consolidated Statements.

Restricted Assets: A portion of these assets include mutual funds and equity securities that have quoted market prices. Also included are cash and cash equivalents and participations in mortgage loans. The carrying amounts reported in the accompanying consolidated balance sheet for these financial instruments approximate their fair values.

Cemetery Perpetual Care Trust Investments: A portion of these assets include equity securities that have quoted market prices. Also included are cash and cash equivalents. The carrying amounts reported in the accompanying consolidated balance sheet for these financial instruments approximate their fair values.

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

The items shown under Level 3 are valued as follows:

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 4% to 6.5%. The fair values for the Company’s liabilities under investment-type insurance contracts (disclosed as policyholder account balances and future policy benefits – annuities) are estimated based on the contracts’ cash surrender values.

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.

Interest Rate Lock Commitments: The Company’s mortgage banking activities enters into interest rate lock commitments with potential borrowers and forward commitments to sell loans to third-party investors. The Company also implements a hedging strategy for these transactions. A mortgage 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 inception of the mortgage loan commitment. Mortgage loan commitments are defined to be derivatives under generally accepted accounting principles and are recognized at fair value on the consolidated balance sheet with changes in their fair values recorded as part of other comprehensive income from mortgage banking operations.

Bank Loan Interest Rate Swaps: Management considers the interest rate swap instruments to be an effective cash flow hedge against the variable interest rate on bank borrowings since the interest rate swap mirrors the term of the note payable and expires on the maturity date of the bank loan it hedges. The interest rate swaps are a derivative financial instruments carried at its fair value. The fair value of the interest rate swap was derived from a proprietary model of the bank from whom the interest rate swap was purchased and to whom the note is payable.

Mortgage Loans on Real Estate: The fair values are estimated using interest rates currently being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values.

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. Accordingly, the fair value determination will be weighted more heavily toward the rental analysis.

It should be noted that for replacement cost, when determining the fair value of mortgage properties, the Company uses Marshall and Swift, a provider of building cost information to the real estate construction industry. For the investment analysis, the Company used market data based upon its real estate operation experience and projected the present value of the net rental income over seven years. The Company used 60% of the projected cash flow analysis and 40% of the replacement cost to approximate fair value of the collateral.

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

Mortgage Servicing Rights: The Company initially recognizes MSRs at their estimated fair values derived from the net cash flows associated with the servicing contracts, where the Company assumes the obligation to service the loan in the sale transaction. The precise fair value of MSRs cannot be readily determined because MSRs are not actively traded in stand-alone markets. Considerable judgment is required to estimate the fair values of these assets and the exercise of such judgment can significantly affect the Company’s earnings.

The Company’s subsequent accounting for MSRs is based on the class of MSRs. The Company has identified two classes of MSRs: MSRs backed by mortgage loans with initial term of 30 years and MSRs backed by mortgage loans with initial term of 15 years. The Company distinguishes between these classes of MSRs due to their differing sensitivities to change in value as the result of changes in market. After being initially recorded at fair value, MSRs backed by mortgage loans are accounted for using the amortization method. MSR amortization is determined by amortizing the balance straight-line over an estimated nine year life.

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 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, 2015.

	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
Common stock	$ 7,025,410	$ 7,025,410	$ -	$ -
Total securities available for sale	$ 7,025,410	$ 7,025,410	$ -	$ -

Restricted assets of cemeteries and mortuaries	$ 712,834	$ 712,834	$ -	$ -
Cemetery perpetual care trust investments	639,962	639,962	-	-
Derivatives - interest rate lock commitments	5,681,354	-	-	5,681,354
Total assets accounted for at fair value on a recurring basis	$ 14,059,560	$ 8,378,206	$ -	$ 5,681,354

Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	$ (51,322,531)	$ -	$ -	$ (51,322,531)
Future policy benefits - annuities	(69,107,482)	-	-	(69,107,482)
Derivatives - bank loan interest rate swaps	(22,659)	-	-	(22,659)
- call options	(21,552)	(21,552)	-	-
- put options	(43,941)	(43,941)	-	-
- interest rate lock commitments	(11,603)	-	-	(11,603)
Total liabilities accounted for at fair value on a recurring basis	$ (120,529,768)	$ (65,493)	$ -	$ (120,464,275)

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

	Policyholder Account Balances	Future Policy Benefits - Annuities	Interest Rate Lock Commitments	Bank Loan Interest Rate Swaps

Balance - December 31, 2014	$ (45,310,699)	$ (65,540,985)	$ 1,929,851	$ (31,370)

Total gains (losses):

Included in earnings	(6,011,832)	(3,566,497)	-	-

Included in other comprehensive income (loss)	-	-	3,739,900	8,711

Balance - June 30, 2015	$ (51,322,531)	$ (69,107,482)	$ 5,669,751	$ (22,659)

The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a nonrecurring basis by their classification in the condensed consolidated balance sheet at June 30, 2015.

		Quoted Prices
		in Active	Significant	Significant
		Markets for	Observable	Unobservable
		Identical Assets	Inputs	Inputs
	Total	(Level 1)	(Level 2)	(Level 3)
Assets accounted for at fair value on a nonrecurring basis
Mortgage servicing rights	$ 2,716,641	-	-	$ 2,716,641
Mortgage loans on real estate	320,000	-	-	320,000
Total assets accounted for at fair value on a nonrecurring basis	$ 3,036,641	$ -	$ -	$ 3,036,641

	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
Common stock	$ 6,752,750	$ 6,752,750	$ -	$ -
Total securities available for sale	$ 6,752,750	$ 6,752,750	$ -	$ -

Restricted assets of cemeteries and mortuaries	$ 715,202	$ 715,202	$ -	$ -
Cemetery perpetual care trust investments	695,235	695,235	-	-
Derivatives - interest rate lock commitments	2,111,529	-	-	2,111,529
Total assets accounted for at fair value on a recurring basis	$ 10,274,716	$ 8,163,187	$ -	$ 2,111,529
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	$ (45,310,699)	$ -	$ -	$ (45,310,699)
Future policy benefits - annuities	(65,540,985)	-	-	(65,540,985)
Derivatives - bank loan interest rate swaps	(31,370)	-	-	(31,370)
- call options	(116,036)	(116,036)	-	-
- put options	(11,867)	(11,867)	-	-
- interest rate lock commitment	(181,678)	-	-	(181,678)
Total liabilities accounted for at fair value on a recurring basis	$ (111,192,635)	$ (127,903)	$ -	$ (111,064,732)

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

	Policyholder Account Balances	Future Policy Benefits - Annuities	Interest Rate Lock Commitments	Bank Loan Interest Rate Swaps
Balance - December 31, 2013	$ (48,000,668)	$ (65,052,928)	$ 1,487,908	$ (58,310)
Total gains (losses):
Included in earnings	2,689,969	(488,057)	-	-
Included in other
comprehensive income	-	-	441,943	26,940
Balance - December 31, 2014	$ (45,310,699)	$ (65,540,985)	$ 1,929,851	$ (31,370)

		Quoted Prices
		in Active	Significant	Significant
		Markets for	Observable	Unobservable
		Identical Assets	Inputs	Inputs
	Total	(Level 1)	(Level 2)	(Level 3)
Assets accounted for at fair value on a
nonrecurring basis
Mortgage servicing rights	$ 3,741,381	-	-	$ 3,741,381
Real estate held for investment	53,500	-	-	53,500
Total assets accounted for at fair value on a
nonrecurring basis	$ 3,794,881	$ -	$ -	$ 3,794,881

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, 2015 and December 31, 2014. The estimated fair value amounts for June 30, 2015 and December 31, 2014 have been measured as of period-end, and have not been reevaluated or updated for purposes of these Condensed Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at period-end.

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, 2015:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$ 48,115,894	$ -	$ -	$ 51,322,839	$ 51,322,839
Residential construction	28,242,695	-	-	28,242,695	28,242,695
Commercial	34,389,307	-	-	36,043,711	36,043,711
Mortgage loans, net	$ 110,747,896	$ -	$ -	$ 115,609,245	$ 115,609,245
Policy loans	7,095,642	-	-	7,095,642	7,095,642
Other loans	28,392,087	-	-	28,392,087	28,392,087
Short-term investments	21,326,531	-	-	21,326,531	21,326,531

Liabilities
Bank and other loans payable	$ (33,362,912)	$ -	$ -	$ (33,362,912)	$ (33,362,912)

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, 2014:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$ 51,876,621	$ -	$ -	$ 55,247,638	$ 55,247,638
Residential construction	32,971,824	-	-	32,971,824	32,971,824
Commercial	35,201,627	-	-	36,829,266	36,829,266
Mortgage loans, net	$ 120,050,072	$ -	$ -	$ 125,048,728	$ 125,048,728
Policy loans	7,011,012	-	-	7,011,012	7,011,012
Other loans	27,114,416	-	-	27,114,416	27,114,416
Short-term investments	27,059,495	-	-	27,059,495	27,059,495

Liabilities
Bank and other loans payable	$ (28,989,008)	$ -	$ -	$ (28,989,008)	$ (28,989,008)

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

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

Residential – The estimated fair value of mortgage loans originated prior to 2013 is determined by estimating expected future cash flows of interest payments and discounting them using current interest rates from single family mortgages. The estimated fair value of mortgage loans originated in 2013, 2014 and 2015 is determined from pricing of similar loans that were sold in 2013 and 2014.

Residential Construction – These loans are primarily short in maturity (4-6 months) accordingly, the estimated fair value is determined to be the net book value.

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

Policy and Other Loans: The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values.

Short-Term Investments: The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values.

Bank and Other Loans Payable: The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

8) Allowance For Doubtful Accounts and Loan Losses and Impaired Loans

6 Months Ended

Jun. 30, 2015

Notes

8) Allowance For Doubtful Accounts and Loan Losses and Impaired Loans

8) Allowance for Doubtful Accounts, Allowance for Loan Losses and Impaired Loans

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

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

The Company provides allowances for losses on its mortgage loans held for investment through an allowance for loan losses. The allowance is comprised of two components. The first component is an allowance for collectively evaluated impairment that is based upon the Company’s historical experience in collecting similar receivables. The second component is based upon individual evaluation of loans that are determined to be impaired. Upon determining impairment the Company establishes an individual impairment allowance based upon an assessment of the fair value of the underlying collateral. See the schedules in Note 3 for additional information. In addition, when a mortgage loan is past due more than 90 days, the Company does not accrue any interest income. When a loan becomes delinquent, the Company proceeds to foreclose on the real estate and all expenses for foreclosure are expensed as incurred. Once foreclosed, an adjustment for the lower of cost or fair value is made, if necessary, and the amount is classified as other real estate owned held for investment or sale. The Company will rent the properties until it is deemed desirable to sell them.

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

9) Derivative Commitments

6 Months Ended

Jun. 30, 2015

Notes

9) Derivative Commitments

The Company is exposed to price risk due to the potential impact of changes in interest rates on the values of mortgage loan commitments from the time a derivative 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 derivative loan commitments that will be exercised (i.e., the number of loan commitments that will be funded) fluctuates. The probability that a loan will not be funded within the terms of the commitment is driven by a number of factors, particularly the change, if any, in mortgage rates following the inception of the interest rate lock. However, many borrowers continue to exercise derivative loan commitments even when interest rates have fallen.

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 mortgage loan commitments and are updated periodically to reflect the most current data.

The Company estimates the fair value of a mortgage loan commitment based on the change in estimated fair value of the underlying mortgage loan and 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 mortgage loan commitment is issued. Therefore, at the time of issuance, the estimated fair value is zero. 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 derived from the Company’s recent historical empirical data are used to estimate the quantity of mortgage loans that will fund within the terms of the commitments. The Company utilizes forward loan sales commitments to economically hedge the price risk associated with its outstanding mortgage loan commitments. A forward loan sales commitment protects the Company from losses on sales of the loans arising from exercise of the loan commitments by securing the ultimate sales price and delivery date of the loans. Management expects these derivatives will experience changes in fair value opposite to changes in fair value of the derivative loan commitments, thereby reducing earnings volatility related to the recognition in earnings of changes in the values of the commitments.

The Company has adopted a strategy of selling “out of the money” call options on its available for sale equity securities as a source of revenue. The options give the purchaser the right to buy from the Company specified equity securities at a set price up to a pre-determined date in the future. The Company has adopted the selling of put options as a means of generating cash or purchasing equity securities at lower than current market prices. The Company receives an immediate payment of cash for the value of the option and establishes a liability for the fair value of the option. The liability for call and put options is adjusted to fair value at each reporting date. The fair value of outstanding call and put options as of June 30, 2015 and December 31, 2014 was $65,493 and $127,903, respectively. In the event an option is exercised, the Company recognizes a gain on the sale of the equity security and a gain from the sale of the option. If the option expires unexercised, the Company recognizes a gain from the sale of the option.

The following table shows the fair value of derivatives as of June 30, 2015 and December 31, 2014.

	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014
	Balance Sheet Location	Fair Value	Balance Sheet Location	Fair Value	Balance Sheet Location	Fair Value	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate lock and forward sales commitments	other assets	$5,681,354	other assets	$2,111,529	Other liabilities	$ 11,603	Other liabilities	$181,678
Call options	--	--	--	--	Other liabilities	21,552	Other liabilities	116,036
Put options	--	--	--	--	Other liabilities	43,941	Other liabilities	11,867
Interest rate swaps	--	--	--	--	Bank loans payable	22,659	Bank loans payable	31,370
Total		$5,681,354		$2,111,529		$ 99,755		$340,951

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

	Net Amount Gain (Loss) Recognized in OCI		Net Amount Gain (Loss) Recognized in OCI
	Three Months Ended June 30		Six Months Ended June 30
Derivative - Cash Flow Hedging Relationships:	2015	2014	2015	2014
Interest Rate Lock Commitments	$ 1,252,010	$ 789,149	$ 3,739,900	$ 1,238,412
Interest Rate Swaps	4,760	5,449	8,711	12,300
Sub Total	1,256,770	794,598	3,748,611	1,250,712
Tax Effect	490,140	309,894	1,461,958	487,778
Total	$ 766,630	$ 484,704	$ 2,286,653	$ 762,934

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

10) Reinsurance, Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Notes

10) Reinsurance, Commitments and Contingencies

Reinsurance

Reinsurance Agreement with North America Life Insurance Company

On May 8, 2015, the Company, through its wholly owned subsidiary, Security National Life, signed a paid-up business offer under the coinsurance agreement effective December 1, 2010 to reinsure certain life insurance policies from North America Life Insurance Company (“North America Life”). Pursuant to the paid-up business offer, North America Life ceded and transferred to Security National Life all contractual obligations and risks under the coinsured policies. Security National Life paid a ceding commission to North America Life in the amount of $281,908. As a result of the ceding commission, North America Life transferred $8,900,282 of cash and $9,182,190 in statutory reserves, or liabilities, to Security National Life.

Reinsurance Agreement with American Republic Insurance Company

On February 11, 2015, the Company, through its wholly owned subsidiary, Security National Life, signed a coinsurance agreement to reinsure certain life insurance policies from American Republic Insurance Company (“American Republic”). The policies were previously reinsured by North America Life under a coinsurance agreement between World Insurance Company (“World Insurance”) and North America Life entered into on July 22, 2009 which was commuted. World Insurance was subsequently purchased by and merged into American Republic. The current coinsurance agreement is between Security National Life and American Republic and became effective on January 1, 2015. As part of the coinsurance agreement, American Republic transferred all contractual obligations and risks to Security National Life and Security National Life took control of $15,004,771 of assets in a trust account held by Texas Capital Bank as the trustee.

Reinsurance Agreement with LJA Insurance Company

On December 19, 2014, the Company, through its wholly owned subsidiary, Security National Life, entered into a Coinsurance Funds Withheld Reinsurance Agreement with LJA Insurance Company (“LJA Insurance”), a Republic of the Marshall Islands domiciled insurance company. This agreement was effective November 1, 2014. Under the terms of the funds withheld agreement, Security National Life ceded to LJA Insurance 100% of three blocks of deferred annuities in the amount of $4,337,000 and retained the assets and recorded a funds held under coinsurance liability for the same amount. LJA Insurance agreed to pay Security National Life an initial ceding commission of $60,000 and an asset management fee of $16,000 per quarter to administer the policies. Security National Life will also receive a 90% experience refund for any profits from the business. Security National Life has the right to recapture the business by giving LJA Insurance 90 days written notice, or it may be terminated by mutual consent of both parties.

Mortgage Loan Loss Settlements

The mortgage industry has seen potential loan losses increase. Future loan losses are extremely difficult to estimate, especially in the current market. However, management believes that the Company’s reserve methodology and its current practice of property preservation allow it to estimate its losses on loans sold. The amounts accrued for loan losses for the three months ended June 30, 2015 and 2014 were $2,252,000 and $571,000, respectively, and for the six months ended June 30, 2015 and 2014 were $2,919,000 and $943,000, respectively. The estimated liability for indemnification losses is included in other liabilities and accrued expenses and, as of June 30, 2015 and December 31, 2014, the balances were $4,253,000 and $1,718,000, respectively.

Mortgage Loan Loss Demands

Third Party Investors

There have been assertions in third party investor correspondence that SecurityNational Mortgage sold mortgage loans that allegedly contained borrower misrepresentations or experienced early payment defaults, or that were otherwise allegedly defective or not in compliance with agreements between SecurityNational Mortgage and the third party investors consisting principally of financial institutions. As a result of these claims, third party investors have made demands that SecurityNational Mortgage repurchase certain alleged defective mortgage loans that were sold to such investors or indemnify them against any losses related to such loans.

The total amount of potential claims by third party investors is difficult to determine. The Company has reserved and accrued $4,253,000 as of June 30, 2015 to settle all such investor related claims. The Company believes that the reserve for mortgage loan loss, which includes provisions for probable losses and indemnification on mortgage loans sold to investors, is reasonable based on available information. Moreover, the Company has successfully negotiated acceptable settlement terms with other third party investors that asserted claims for mortgage loan losses against SecurityNational Mortgage.

SecurityNational Mortgage disagrees with the repurchase demands and notices of potential claims from third party investors. Furthermore, SecurityNational Mortgage believes there is potential to resolve the alleged claims by the third party investors on acceptable terms. If SecurityNational Mortgage is unable to resolve such claims on acceptable terms, legal action may ensue. In the event of legal action by any third party investor, SecurityNational Mortgage believes it has significant defenses to any such action and intends to vigorously defend itself against such action.

JP Morgan Chase Indemnification Demand

The Company and its wholly owned subsidiary, SecurityNational Mortgage, received a notice of claim for indemnification dated December 21, 2011, from JP Morgan Chase & Co. (“JP Morgan Chase”) on behalf of EMC Mortgage, LLC (“EMC Mortgage”), relating to 21 mortgage loans that EMC Mortgage allegedly purchased as a third party investor from SecurityNational Mortgage. The notice also referenced a guaranty agreement, dated February 23, 2006, by the Company for the benefit of EMC Mortgage. The indemnification notice additionally stated that EMC Mortgage had been named in a lawsuit by the Bear Stearns Mortgage Funding Trust 2007-AR2 (the “Trust”), which was filed on September 13, 2011 in the Delaware Court of Chancery.

The lawsuit the Trust brought against EMC Mortgage contends that more than 800 residential mortgage loans that EMC Mortgage sold to the Trust (including the 21 loans allegedly originated by SecurityNational Mortgage) contained breaches of representations and warranties with respect to the mortgage loans, as well as defaults and foreclosures in many of such loans. As a result of the alleged breaches of representations and warranties by EMC Mortgage, the complaint requests that EMC Mortgage be ordered to repurchase from the Trust any loans for which it breached its representations and warranties, in the amount of the mortgage loans’ outstanding principal balance and all accrued but unpaid interest.

The indemnification notice from JP Morgan Chase further alleged that the Company and SecurityNational Mortgage are required to indemnify EMC Mortgage for any of its losses arising from the lawsuit that the Trust brought against EMC based upon allegedly untrue statements of material fact related to information that was provided by SecurityNational Mortgage. To the extent the claims in the complaint relate to the 21 mortgage loans that SecurityNational Mortgage allegedly sold to EMC Mortgage, the Company believes it has significant defenses to such claims. The Company intends to vigorously defend itself and SecurityNational Mortgage in the event that JP Morgan Chase were to bring any legal action to require the Company or SecurityNational Mortgage to indemnify it for any loss, liability or expense in connection with the lawsuit that the Trust brought against EMC Mortgage.

Inquiry Regarding FHA Insured Loans

SecurityNational Mortgage has been cooperating with the U.S. Department of Justice and the Office of the Inspector General for the Department of Housing and Urban Development (HUD) in a civil investigation regarding compliance with requirements relating to certain loans insured by the Federal Housing Administration (FHA). No demand has been made and SecurityNational Mortgage has not established a liability for this matter absent a specific demand because it is not able to estimate a range of reasonably potential loss due to significant uncertainties regarding: the absence of any specific demand, the potential remedies, including possible defenses, and the lack of information concerning the performance of its FHA insured originations, the majority of which SecurityNational Mortgage does not service. The investigation has focused on loans originated by SecurityNational Mortgage on or after January 1, 2006. The FHA mortgage loans that SecurityNational Mortgage originated between January 1, 2006 and May 21, 2013 total approximately 45,900 loans with an original principal balance of approximately $7.9 billion.

Mortgage Loan Loss Litigation

For a description of the litigation involving SecurityNational Mortgage and Lehman Brothers and Aurora Loan Services, reference is to Part II, Item 1. Legal Proceedings.

Other Contingencies and Commitments

The Company has entered into commitments to fund new residential construction loans. As of June 30, 2015, the Company’s commitments were $44,248,000 for these loans of which $28,343,000 had been funded. The Company will advance funds once the work has been completed and an independent inspection is made. The maximum loan commitment ranges between 50% and 80% of appraised value. The Company receives fees from the borrowers and the interest rate is generally 2% to 6.75% over the bank prime rate (3.25% as of June 30, 2015). Maturities range between six and twelve months.

The Company is not a party to any other material legal proceedings outside the ordinary course of business or to any other legal proceedings, which, if adversely determined, would have a material adverse effect on its financial condition or results of operations.

11) Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2015

Notes

11) Mortgage Servicing Rights

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

	As of June 30, 2015	As of December 31, 2014
Amortized cost:
Balance before valuation allowance at beginning of year	$ 7,834,747	$ 4,844,101
MSRs proceeds from loan sales	2,716,641	3,741,381
Amortization	(562,730)	(750,735)
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance before valuation allowance at year end	$ 9,988,658	$ 7,834,747

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	$ 9,988,658	$ 7,834,747

Estimated fair value of MSRs at end of period	$ 11,599,670	$ 8,485,570

The Company reports these MSRs pursuant to the accounting policy discussed in Note 7.

12) Mergers, Acquisitions and Dispositions Disclosures

6 Months Ended

Jun. 30, 2015

Notes

12) Mergers, Acquisitions and Dispositions Disclosures

12) Acquisitions

Acquisition of American Funeral Financial

On June 4, 2014, the Company, through its wholly owned subsidiary, SNFC Subsidiary, LLC (“SNFC Subsidiary”), completed a purchase transaction with American Funeral Financial, LLC, a South Carolina limited liability company (“American Funeral Financial”) and Hypershop, LLC, a North Carolina limited liability company (“Hypershop”), the sole owner of all the limited liability company interests of American Funeral Financial, to purchase all of the outstanding limited liability company interests, or membership units, of American Funeral Financial. American Funeral Financial is engaged in the operation of a factoring business with the principal purpose of providing funding for funeral homes and mortuaries.

The following unaudited pro forma information has been prepared to present the results of operations of the Company assuming the acquisition of American Funeral Financial had occurred at the beginning of the six month periods ended June 30, 2015 and 2014. This pro forma information is supplemental and does not necessarily present the operations of the Company that would have occurred had the acquisition occurred on those dates and may not reflect the operations that will occur in the future:

	For the Three Months Ended June 30 (unaudited)		For the Six Months Ended June 30 (unaudited)
	2015	2014	2015	2014
Total revenues	$ 76,040,615	$ 60,275,049	$ 140,090,247	$ 106,796,985
Net earnings	$ 3,852,279	$ 2,661,985	$ 5,715,982	$ 3,004,668
Net earnings per Class A equivalent common share	$ 0.30	$ 0.21	$ 0.44	$ 0.24
Net earnings per Class A equivalent common share
assuming dilution	$ 0.28	$ 0.21	$ 0.42	$ 0.23

1) Basis of Presentation: Accounting Policy (Policies)	6 Months Ended
1) Basis of Presentation: Accounting Policy (Policies)	Jun. 30, 2015
Policies
Accounting Policy	The accompanying unaudited 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, 2014, 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 six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.

1) Basis of Presentation: Use of Estimates Policy (Policies)

6 Months Ended

Jun. 30, 2015

Policies

Use of Estimates Policy

3) Investments: Held-to-maturity Securities (Tables)

6 Months Ended

Jun. 30, 2015

Held-to-maturity Securities

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
June 30, 2015
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 1,862,291	$ 305,024	$ (3,620)	$ 2,163,695
Obligations of states and political subdivisions	1,858,861	201,771	(3,726)	2,056,906
Corporate securities including public utilities	124,811,868	12,115,612	(1,207,359)	135,720,121
Mortgage-backed securities	3,255,965	232,136	(1,147)	3,486,954
Redeemable preferred stock	612,023	23,838	-	635,861
Total fixed maturity securities held to maturity	$ 132,401,008	$ 12,878,381	$ (1,215,852)	$ 144,063,537

AsOfDecember312014Member

Held-to-maturity Securities

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2014:
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 1,873,146	$ 345,715	$ -	$ 2,218,861
Obligations of states and political subdivisions	1,736,489	221,893	(5,278)	1,953,104
Corporate securities including public utilities	126,533,483	15,841,536	(980,357)	141,394,662
Mortgage-backed securities	4,263,206	305,381	(11,894)	4,556,693
Redeemable preferred stock	612,023	22,032	-	634,055
Total fixed maturity securities held to maturity	$ 135,018,347	$ 16,736,557	$ (997,529)	$ 150,757,375

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details

3) Investments: Available-for-sale Securities (Tables)

6 Months Ended

Jun. 30, 2015

Available-for-sale Securities

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
June 30, 2015

Equity securities available for sale at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 7,972,306	$ 150,184	$ (1,097,080)	$ 7,025,410

Total equity securities available for sale at estimated fair value	$ 7,972,306	$ 150,184	$ (1,097,080)	$ 7,025,410

Mortgage loans on real estate and construction loans held for investment at amortized cost:
Residential	$ 49,704,426
Residential construction	28,342,809
Commercial	34,576,436
Less: Allowance for loan losses	(1,875,775)
Total mortgage loans on real estate and construction loans held for investment	$ 110,747,896

Real estate held for investment - net of depreciation	$ 114,724,603

Policy and other loans at amortized cost:
Policy loans	$ 7,095,642
Other loans	29,268,405
Less: Allowance for doubtful accounts	(876,318)

Total policy and other loans at amortized cost	$ 35,487,729

Short-term investments at amortized cost	$ 21,326,531

AsOfDecember312014Member

Available-for-sale Securities

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2014:

Equity securities available for sale at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 7,179,010	$ 393,873	$ (820,133)	$ 6,752,750

Total securities available for sale carried at estimated fair value	$ 7,179,010	$ 393,873	$ (820,133)	$ 6,752,750

Mortgage loans on real estate and construction loans held for investment at amortized cost:
Residential	$ 53,592,433
Residential construction	33,071,938
Commercial	35,388,756
Less: Allowance for loan losses	(2,003,055)

Total mortgage loans on real estate and construction loans held for investment	$ 120,050,072

Real estate held for investment - net of depreciation	$ 111,411,351

Policy and other loans at amortized cost:
Policy loans	$ 7,011,012
Other loans	27,807,829
Less: Allowance for doubtful accounts	(693,413)

Total policy and other loans at amortized cost	$ 34,125,428

Short-term investments at amortized cost	$ 27,059,495

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

3) Investments: Schedule of Unrealized Loss on Investments (Tables)

6 Months Ended

Jun. 30, 2015

Fixed Maturities

Schedule of Unrealized Loss on Investments

	Unrealized Losses for Less than Twelve Months	No. of Investment Positions	Unrealized Losses for More than Twelve Months	No. of Investment Positions	Total Unrealized Loss
At June 30, 2015
U.S. treasury securities and obligations of U.S. government agencies	$ 3,620	1	$ -	0	$ 3,620
Obligations of states and political subdivisions	-		3,726	1	3,726
Corporate securities including public utilities	947,259	63	252,472	8	1,199,731
Mortgage-backed securities	1,147	1	7,628	2	8,775
Total unrealized losses	$ 952,026	65	$ 263,826	11	$ 1,215,852
Fair Value	$ 18,942,023		$ 2,519,794		$ 21,461,817

At December 31, 2014
Obligations of states and political subdivisions	$ -	0	$ 5,278	1	$ 5,278
Corporate securities including public utilities	548,310	21	432,047	11	980,357
Mortgage-backed securities	3,966	1	7,928	1	11,894
Total unrealized losses	$ 552,276	22	$ 445,253	13	$ 997,529
Fair Value	$ 7,081,352		$ 2,777,587		$ 9,858,939

Equity Securities

Schedule of Unrealized Loss on Investments

	Unrealized Losses for Less than Twelve Months	No. of Investment Positions	Unrealized Losses for More than Twelve Months	No. of Investment Positions	Total Unrealized Losses
At June 30, 2015
Industrial, miscellaneous and all other	$ 501,595	208	$ 595,485	36	$ 1,097,080
Total unrealized losses	$ 501,595	208	$ 595,485	36	$ 1,097,080
Fair Value	$ 3,789,136		$ 687,502		$ 4,476,638

At December 31, 2014
Industrial, miscellaneous and all other	$ 327,389	138	$ 492,744	27	$ 820,133
Total unrealized losses	$ 327,389	138	$ 492,744	27	$ 820,133
Fair Value	$ 2,162,425		$ 676,706		$ 2,839,131

3) Investments: Investments Classified by Contractual Maturity Date (Tables)

6 Months Ended

Jun. 30, 2015

Held-to-maturity Securities

Investments Classified by Contractual Maturity Date

	Amortized Cost	Estimated Fair Value
Held to Maturity:
Due in 2015	$ 1,498,127	$ 1,519,903
Due in 2016 through 2019	31,328,324	34,364,866
Due in 2020 through 2024	28,140,265	30,502,468
Due after 2024	67,566,304	73,553,485
Mortgage-backed securities	3,255,965	3,486,954
Redeemable preferred stock	612,023	635,861
Total held to maturity	$ 132,401,008	$ 144,063,537

Available-for-sale Securities

Investments Classified by Contractual Maturity Date

	Cost	Estimated Fair Value
Available for Sale:
Common stock	$ 7,972,306	$ 7,025,410
Total available for sale	$ 7,972,306	$ 7,025,410

3) Investments: Gain (Loss) on Investments (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Gain (Loss) on Investments

	Three Months Ended June 30		Six Months Ended June 30
	2015	2014	2015	2014
Fixed maturity securities held to maturity:
Gross realized gains	$ 273,061	$ 47,548	$ 359,057	$ 47,548
Gross realized losses	(49,594)	(2,284)	(59,370)	(2,284)
Other than temporary impairments	(30,000)	(30,000)	(60,000)	(60,000)

Securities available for sale:
Gross realized gains	42,289	72,397	130,009	125,650
Gross realized losses	-	-	(1,016)	-
Other than temporary impairments	(25,311)	-	(51,207)	-

Other assets:
Gross realized gains	267,097	222,191	524,237	367,931
Gross realized losses	(32,077)	-	(32,077)	-
Other than temporary impairments	-	-	-	-
Total	$ 445,465	$ 309,852	$ 809,633	$ 478,845

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References + Details

3) Investments: Schedule of Major categories of net investment income (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Major categories of net investment income

	Three Months Ended June 30		Six Months Ended June 30
	2015	2014	2015	2014
Fixed maturity securities	$ 2,144,989	$ 2,067,324	$ 4,125,684	$ 4,176,445
Equity securities	55,298	50,752	114,716	89,999
Mortgage loans on real estate	1,790,538	1,837,060	3,641,164	3,389,171
Real estate	2,233,781	2,126,566	4,354,352	4,291,565
Policy and other loans	188,639	181,687	377,185	379,255
Short-term investments, principally gains on sale of mortgage loans and other	4,738,607	2,781,988	8,964,392	4,681,101
Gross investment income	11,151,852	9,045,377	21,577,493	17,007,536
Investment expenses	(2,561,179)	(2,338,090)	(5,163,976)	(4,657,749)
Net investment income	$ 8,590,673	$ 6,707,287	$ 16,413,517	$ 12,349,787

3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

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

Allowance for Credit Losses and Recorded Investment in Mortgage Loans

	Commercial	Residential	Residential Construction	Total
June 30, 2015
Allowance for credit losses:
Beginning balance - January 1, 2015	$ 187,129	$ 1,715,812	$ 100,114	$ 2,003,055
Charge-offs	-	-	-	-
Provision	-	(127,280)	-	(127,280)
Ending balance -June 30, 2015	$ 187,129	$ 1,588,532	$ 100,114	$ 1,875,775

Ending balance: individually evaluated for impairment	$ -	$ 217,192	$ -	$ 217,192

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,371,340	$ 100,114	$ 1,658,583

Ending balance: loans acquired with deteriorated credit quality	$ -	$ -	$ -	$ -

Mortgage loans:
Ending balance	$ 34,576,436	$ 49,704,426	$ 28,342,809	$ 112,623,671

Ending balance: individually evaluated for impairment	$ -	$ 2,320,452	$ -	$ 2,320,452

Ending balance: collectively evaluated for impairment	$ 34,576,436	$ 47,383,974	$ 28,342,809	$ 110,303,219

Ending balance: loans acquired with deteriorated credit quality	$ -	$ -	$ -	$ -

December 31, 2014
Allowance for credit losses:
Beginning balance - January 1, 2014	$ 187,129	$ 1,364,847	$ 100,114	$ 1,652,090
Charge-offs	-	(38,444)	-	(38,444)
Provision	-	389,409	-	389,409
Ending balance - December 31, 2014	$ 187,129	$ 1,715,812	$ 100,114	$ 2,003,055

Ending balance: individually evaluated for impairment	$ -	$ 153,446	$ -	$ 153,446

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,562,366	$ 100,114	$ 1,849,609

Ending balance: loans acquired with deteriorated credit quality	$ -	$ -	$ -	$ -

Mortgage loans:
Ending balance	$ 35,388,756	$ 53,592,433	$ 33,071,938	$ 122,053,127

Ending balance: individually evaluated for impairment	$ -	$ 1,556,182	$ 414,499	$ 1,970,681

Ending balance: collectively evaluated for impairment	$ 35,388,756	$ 52,036,251	$ 32,657,439	$ 120,082,446

Ending balance: loans acquired with deteriorated credit quality	$ -	$ -	$ -	$ -

3) Investments: Schedule of aging of mortgage loans (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of aging of mortgage loans

Age Analysis of Past Due Mortgage Loans

	30-59 Days Past Due	60-89 Days Past Due	Greater Than 90 Days (1)	In Foreclosure (1)	Total Past Due	Current	Total Mortgage Loans	Allowance for Loan Losses	Net Mortgage Loans
June 30, 2015

Commercial	$ -	$ -	$ -	$ -	$ -	$ 34,576,436	$ 34,576,436	$ (187,129)	$ 34,389,307
Residential	756,115	624,651	4,278,185	2,320,452	7,979,403	41,725,023	49,704,426	(1,588,532)	48,115,894
Residential Construction	-	-	64,895	-	64,895	28,277,914	28,342,809	(100,114)	28,242,695

Total	$ 756,115	$ 624,651	$ 4,343,080	$ 2,320,452	$ 8,044,298	$ 104,579,373	$ 112,623,671	$ (1,875,775)	$110,747,896

December 31, 2014
Commercial	$ -	$ -	$ -	$ -	$ -	$ 35,388,756	$ 35,388,756	$ (187,129)	$ 35,201,627
Residential	1,631,142	1,174,516	5,464,901	1,556,182	9,826,741	43,765,692	53,592,433	(1,715,812)	51,876,621
Residential Construction	-	-	64,895	414,499	479,394	32,592,544	33,071,938	(100,114)	32,971,824

Total	$ 1,631,142	$ 1,174,516	$ 5,529,796	$ 1,970,681	$ 10,306,135	$ 111,746,992	$ 122,053,127	$ (2,003,055)	$120,050,072

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

3) Investments: Schedule of Impaired Mortgage Loans (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Impaired Mortgage Loans

Impaired Loans

	Recorded Investment	Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized
June 30, 2015
With no related allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	-	-	-	-	-
Residential construction	-	-	-	-	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	2,320,452	2,320,452	217,192	2,320,452	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	2,320,452	2,320,452	217,192	2,320,452	-
Residential construction	-	-	-	-	-

December 31, 2014
With no related allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	-	-	-	-	-
Residential construction	414,499	414,499	-	414,499	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,556,182	1,556,182	153,446	1,556,182	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	1,556,182	1,556,182	153,446	1,556,182	-
Residential construction	414,499	414,499	-	414,499	-

3) Investments: Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

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

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

Mortgage Loan Credit Exposure
Credit Risk Profile Based on Payment Activity

	Commercial		Residential		Residential Construction		Total
	June 30, 2015	December 31, 2014	June 30, 2015	December 31, 2014	June 30, 2015	December 31, 2014	June 30, 2015	December 31, 2014

Performing	$34,576,436	$ 35,388,756	$43,105,790	$ 46,571,350	$ 28,277,914	$ 32,592,544	$ 105,960,140	$114,552,650
Nonperforming	-	-	6,598,636	7,021,083	64,895	479,394	6,663,531	7,500,477

Total	$34,576,436	$ 35,388,756	$ 49,704,426	$ 53,592,433	$ 28,342,809	$ 33,071,938	$ 112,623,671	$122,053,127

3) Investments: Schedule of Mortgage loans on a nonaccrual status (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Mortgage loans on a nonaccrual status

	Mortgage Loans on Nonaccrual Status

	As of June 30 2015	As of December 31 2014
Residential	$ 6,598,636	$ 7,021,083
Residential construction	64,895	479,394
Total	$ 6,663,531	$ 7,500,477

3) Investments: Schedule of loan loss reserve which is included in other liabilities and accrued expenses (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

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

	As of June 30 2015	As of December 31 2014
Balance, beginning of period	$ 1,718,150	$ 5,506,532
Provisions for losses	2,919,210	3,053,403
Charge-offs	(384,540)	(6,841,785)
Balance, end of period	$ 4,252,820	$ 1,718,150

4) Stock-based Compensation: Schedule of stock inventive plan changes (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of stock inventive plan changes

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

Outstanding at December 31, 2014	512,795	$ 3.20	691,591	$ 2.00
Granted	-		-
Exercised	(15,406)	1.89	(114,023)	2.14
Cancelled	(8,846)	2.31	-
Outstanding at June 30, 2015	488,543	$ 3.25	577,568	$ 2.62

As of June 30, 2015:
Options exercisable	409,961	$ 2.99	511,318	$ 2.34

As of June 30, 2015:
Available options for future grant	266,649		-

Weighted average contractual term of options
outstanding at June 30, 2015	7.37 years		2.69 years

Weighted average contractual term of options
exercisable at June 30, 2015	6.99 years		2.35 years

Aggregated intrinsic value of options
outstanding at June 30, 2015 (1)	$1,698,099		$2,375,472

Aggregated intrinsic value of options
exercisable at June 30, 2015 (1)	$1,534,777		$2,242,810

(1) The Company used a stock price of $6.73 as of June 30, 2015 to derive intrinsic value.

A summary of the status of the Company’s stock incentive plans as of June 30, 2014, and the changes during the six months ended June 30, 2014, are presented below:

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

Outstanding at December 31, 2013	405,133	$ 2.41	508,656	$ 2.00
Granted	-		-
Exercised	(34,955)	1.44	-
Cancelled	(1,838)	2.92	-
Outstanding at June 30, 2014	368,340	$ 2.50	508,656	$ 2.00

As of June 30, 2014:
Options exercisable	325,243	$ 2.23	482,406	$ 1.84

As of June 30, 2014:
Available options for future grant	314,480		105,000

Weighted average contractual term of options
outstanding at June 30, 2014	6.77 years		2.11 years

Weighted average contractual term of options
exercisable at June 30, 2014	6.42 years		1.99 years

Aggregated intrinsic value of options
outstanding at June 30, 2014 (1)	$690,130		$1,194,177

Aggregated intrinsic value of options
exercisable at June 30, 2014 (1)	$689,924		$1,194,177

(1) The Company used a stock price of $4.27 as of June 30, 2014 to derive intrinsic value.

5) Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Earnings Per Share, Basic and Diluted

		Three Months Ended June 30		Six Months Ended June 30
		2015	2014	2015	2014
Numerator:
	Net earnings	$ 3,852,279	$ 2,624,063	$ 5,715,982	$ 2,762,911
Denominator:
	Basic weighted-average shares outstanding	13,037,095	12,449,786	12,986,238	12,459,537
Effect of dilutive securities:
	Employee stock options	558,823	447,418	546,403	455,244

	Diluted weighted-average shares outstanding	13,595,918	12,897,204	13,532,641	12,914,781

Basic net earnings per share		$0.30	$0.21	$0.44	$0.22

Diluted net earnings per share		$0.28	$0.20	$0.42	$0.21

6) Business Segments: Schedule of Revenues and Expenses by Reportable Segment (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Revenues and Expenses by Reportable Segment

	Life Insurance	Cemetery/ Mortuary	Mortgage	Eliminations	Consolidated
For the Three Months Ended
June 30, 2015
Revenues from external customers	$ 21,476,968	$ 3,215,090	$ 51,348,557	$ -	$ 76,040,615
Intersegment revenues	2,858,820	305,573	92,304	(3,256,697)	-
Segment profit before income taxes	2,115,187	151,975	3,964,790	-	6,231,952

For the Three Months Ended
June 30, 2014
Revenues from external customers	$ 19,810,498	$ 3,534,881	$ 36,066,351	$ -	$ 59,411,730
Intersegment revenues	2,356,195	334,314	231,249	(2,921,758)	-
Segment profit before income taxes	1,515,426	168,911	2,502,760	-	4,187,097

For the Six Months Ended
June 30, 2015
Revenues from external customers	$ 42,462,468	$ 6,313,328	$ 91,314,451	$ -	$ 140,090,247
Intersegment revenues	5,677,687	617,571	180,791	(6,476,049)	-
Segment profit before income taxes	3,519,038	561,150	5,150,148	-	9,230,336

Identifiable Assets	695,953,881	103,231,245	70,065,224	(136,678,259)	732,572,091
Goodwill	2,765,570	-	-	-	2,765,570

For the Six Months Ended
June 30, 2014
Revenues from external customers	$ 38,283,314	$ 6,575,449	$ 59,606,243	$ -	$ 104,465,006
Intersegment revenues	4,417,915	670,612	395,395	(5,483,922)	-
Segment profit before income taxes	2,846,895	351,689	1,154,500	-	4,353,084

Identifiable Assets	626,378,955	108,686,715	56,057,674	(148,165,860)	642,957,484
Goodwill	2,802,991	285,191	-	-	3,088,182

7): Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables)

6 Months Ended

Jun. 30, 2015

As of September 30, 2014

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

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Common stock	$ 7,025,410	$ 7,025,410	$ -	$ -
Total securities available for sale	$ 7,025,410	$ 7,025,410	$ -	$ -

Restricted assets of cemeteries and mortuaries	$ 712,834	$ 712,834	$ -	$ -
Cemetery perpetual care trust investments	639,962	639,962	-	-
Derivatives - interest rate lock commitments	5,681,354	-	-	5,681,354
Total assets accounted for at fair value on a recurring basis	$ 14,059,560	$ 8,378,206	$ -	$ 5,681,354

Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	$ (51,322,531)	$ -	$ -	$ (51,322,531)
Future policy benefits - annuities	(69,107,482)	-	-	(69,107,482)
Derivatives - bank loan interest rate swaps	(22,659)	-	-	(22,659)
- call options	(21,552)	(21,552)	-	-
- put options	(43,941)	(43,941)	-	-
- interest rate lock commitments	(11,603)	-	-	(11,603)
Total liabilities accounted for at fair value on a recurring basis	$ (120,529,768)	$ (65,493)	$ -	$ (120,464,275)

AsOfDecember312014Member

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

	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Common stock	$ 6,752,750	$ 6,752,750	$ -	$ -
Total securities available for sale	$ 6,752,750	$ 6,752,750	$ -	$ -

Restricted assets of cemeteries and mortuaries	$ 715,202	$ 715,202	$ -	$ -
Cemetery perpetual care trust investments	695,235	695,235	-	-
Derivatives - interest rate lock commitments	2,111,529	-	-	2,111,529
Total assets accounted for at fair value on a recurring basis	$ 10,274,716	$ 8,163,187	$ -	$ 2,111,529
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	$ (45,310,699)	$ -	$ -	$ (45,310,699)
Future policy benefits - annuities	(65,540,985)	-	-	(65,540,985)
Derivatives - bank loan interest rate swaps	(31,370)	-	-	(31,370)
- call options	(116,036)	(116,036)	-	-
- put options	(11,867)	(11,867)	-	-
- interest rate lock commitment	(181,678)	-	-	(181,678)
Total liabilities accounted for at fair value on a recurring basis	$ (111,192,635)	$ (127,903)	$ -	$ (111,064,732)

7): Fair Value of Financial Instruments: Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs (Tables)

6 Months Ended

Jun. 30, 2015

As of September 30, 2014

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

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

	Policyholder Account Balances	Future Policy Benefits - Annuities	Interest Rate Lock Commitments	Bank Loan Interest Rate Swaps

Balance - December 31, 2014	$ (45,310,699)	$ (65,540,985)	$ 1,929,851	$ (31,370)

Total gains (losses):

Included in earnings	(6,011,832)	(3,566,497)	-	-

Included in other comprehensive income (loss)	-	-	3,739,900	8,711

Balance - June 30, 2015	$ (51,322,531)	$ (69,107,482)	$ 5,669,751	$ (22,659)

AsOfDecember312014Member

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

	Policyholder Account Balances	Future Policy Benefits - Annuities	Interest Rate Lock Commitments	Bank Loan Interest Rate Swaps
Balance - December 31, 2013	$ (48,000,668)	$ (65,052,928)	$ 1,487,908	$ (58,310)
Total gains (losses):
Included in earnings	2,689,969	(488,057)	-	-
Included in other
comprehensive income	-	-	441,943	26,940
Balance - December 31, 2014	$ (45,310,699)	$ (65,540,985)	$ 1,929,851	$ (31,370)

7): Fair Value of Financial Instruments: Schedule of Fair Value Measurements, Nonrecurring (Tables)

6 Months Ended

Jun. 30, 2015

AsOfJune302015Member

Schedule of Fair Value Measurements, Nonrecurring

		Quoted Prices
		in Active	Significant	Significant
		Markets for	Observable	Unobservable
		Identical Assets	Inputs	Inputs
	Total	(Level 1)	(Level 2)	(Level 3)
Assets accounted for at fair value on a nonrecurring basis
Mortgage servicing rights	$ 2,716,641	-	-	$ 2,716,641
Mortgage loans on real estate	320,000	-	-	320,000
Total assets accounted for at fair value on a nonrecurring basis	$ 3,036,641	$ -	$ -	$ 3,036,641

AsOfDecember312014Member

Schedule of Fair Value Measurements, Nonrecurring

		Quoted Prices
		in Active	Significant	Significant
		Markets for	Observable	Unobservable
		Identical Assets	Inputs	Inputs
	Total	(Level 1)	(Level 2)	(Level 3)
Assets accounted for at fair value on a
nonrecurring basis
Mortgage servicing rights	$ 3,741,381	-	-	$ 3,741,381
Real estate held for investment	53,500	-	-	53,500
Total assets accounted for at fair value on a
nonrecurring basis	$ 3,794,881	$ -	$ -	$ 3,794,881

7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Financial Instruments Carried at Other Than Fair Value

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$ 48,115,894	$ -	$ -	$ 51,322,839	$ 51,322,839
Residential construction	28,242,695	-	-	28,242,695	28,242,695
Commercial	34,389,307	-	-	36,043,711	36,043,711
Mortgage loans, net	$ 110,747,896	$ -	$ -	$ 115,609,245	$ 115,609,245
Policy loans	7,095,642	-	-	7,095,642	7,095,642
Other loans	28,392,087	-	-	28,392,087	28,392,087
Short-term investments	21,326,531	-	-	21,326,531	21,326,531

Liabilities
Bank and other loans payable	$ (33,362,912)	$ -	$ -	$ (33,362,912)	$ (33,362,912)

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, 2014:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$ 51,876,621	$ -	$ -	$ 55,247,638	$ 55,247,638
Residential construction	32,971,824	-	-	32,971,824	32,971,824
Commercial	35,201,627	-	-	36,829,266	36,829,266
Mortgage loans, net	$ 120,050,072	$ -	$ -	$ 125,048,728	$ 125,048,728
Policy loans	7,011,012	-	-	7,011,012	7,011,012
Other loans	27,114,416	-	-	27,114,416	27,114,416
Short-term investments	27,059,495	-	-	27,059,495	27,059,495

Liabilities
Bank and other loans payable	$ (28,989,008)	$ -	$ -	$ (28,989,008)	$ (28,989,008)

9) Derivative Commitments: Schedule of Derivative Assets at Fair Value (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Derivative Assets at Fair Value

	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014
	Balance Sheet Location	Fair Value	Balance Sheet Location	Fair Value	Balance Sheet Location	Fair Value	Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate lock and forward sales commitments	other assets	$5,681,354	other assets	$2,111,529	Other liabilities	$ 11,603	Other liabilities	$181,678
Call options	--	--	--	--	Other liabilities	21,552	Other liabilities	116,036
Put options	--	--	--	--	Other liabilities	43,941	Other liabilities	11,867
Interest rate swaps	--	--	--	--	Bank loans payable	22,659	Bank loans payable	31,370
Total		$5,681,354		$2,111,529		$ 99,755		$340,951

9) Derivative Commitments: Schedule of Gains and Losses on Derivatives (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Gains and Losses on Derivatives

	Net Amount Gain (Loss) Recognized in OCI		Net Amount Gain (Loss) Recognized in OCI
	Three Months Ended June 30		Six Months Ended June 30
Derivative - Cash Flow Hedging Relationships:	2015	2014	2015	2014
Interest Rate Lock Commitments	$ 1,252,010	$ 789,149	$ 3,739,900	$ 1,238,412
Interest Rate Swaps	4,760	5,449	8,711	12,300
Sub Total	1,256,770	794,598	3,748,611	1,250,712
Tax Effect	490,140	309,894	1,461,958	487,778
Total	$ 766,630	$ 484,704	$ 2,286,653	$ 762,934

11) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of Mortgage Servicing Rights

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

	As of June 30, 2015	As of December 31, 2014
Amortized cost:
Balance before valuation allowance at beginning of year	$ 7,834,747	$ 4,844,101
MSRs proceeds from loan sales	2,716,641	3,741,381
Amortization	(562,730)	(750,735)
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance before valuation allowance at year end	$ 9,988,658	$ 7,834,747

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	$ 9,988,658	$ 7,834,747

Estimated fair value of MSRs at end of period	$ 11,599,670	$ 8,485,570

12) Mergers, Acquisitions and Dispositions Disclosures: Schedule of pro forma financial information (Tables)

6 Months Ended

Jun. 30, 2015

Tables/Schedules

Schedule of pro forma financial information

	For the Three Months Ended June 30 (unaudited)		For the Six Months Ended June 30 (unaudited)
	2015	2014	2015	2014
Total revenues	$ 76,040,615	$ 60,275,049	$ 140,090,247	$ 106,796,985
Net earnings	$ 3,852,279	$ 2,661,985	$ 5,715,982	$ 3,004,668
Net earnings per Class A equivalent common share	$ 0.30	$ 0.21	$ 0.44	$ 0.24
Net earnings per Class A equivalent common share
assuming dilution	$ 0.28	$ 0.21	$ 0.42	$ 0.23

3) Investments: Held-to-maturity Securities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
AmortizedCost	$ 132,401,008	$ 135,018,347
Held-to-maturity Securities, Unrecognized Holding Gain	12,878,381	16,736,557
Held-to-maturity Securities, Unrecognized Holding Loss	(1,215,852)	(997,529)
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	144,063,537	150,757,375
US Treasury and Government
AmortizedCost	1,862,291	1,873,146
Held-to-maturity Securities, Unrecognized Holding Gain	305,024	345,715
Held-to-maturity Securities, Unrecognized Holding Loss	(3,620)
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	2,163,695	2,218,861
US States and Political Subdivisions Debt Securities
AmortizedCost	1,858,861	1,736,489
Held-to-maturity Securities, Unrecognized Holding Gain	201,771	221,893
Held-to-maturity Securities, Unrecognized Holding Loss	(3,726)	(5,278)
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	2,056,906	1,953,104
Corporate Debt Securities
AmortizedCost	124,811,868	126,533,483
Held-to-maturity Securities, Unrecognized Holding Gain	12,115,612	15,841,536
Held-to-maturity Securities, Unrecognized Holding Loss	(1,207,359)	(980,357)
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	135,720,121	141,394,662
Collateralized Mortgage Backed Securities
AmortizedCost	3,255,965	4,263,206
Held-to-maturity Securities, Unrecognized Holding Gain	232,136	305,381
Held-to-maturity Securities, Unrecognized Holding Loss	(1,147)	(11,894)
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	3,486,954	4,556,693
Redeemable Preferred Stock
AmortizedCost	612,023	612,023
Held-to-maturity Securities, Unrecognized Holding Gain	23,838	22,032
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	$ 635,861	$ 634,055

3) Investments: Available-for-sale Securities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Amortized Cost Basis	$ 7,972,306
Represents the monetary amount of AvailableForSaleSecuritiesEstimatedFairValue, as of the indicated date.	7,025,410
Mortgage loans on real estate and construction	110,747,896	$ 120,050,072
Mortgage loans on real estate and construction, allowance for losses	(1,875,775)	(2,003,055)
Real estate held for investment, net of depreciation	114,724,603	111,411,351
Loans held for sale policy loans	7,095,642	7,011,012
Other loans	29,268,405	27,807,829
Loans held for sale allowance for doubtful accounts	(876,318)	(693,413)
Total policy and other loans at amortized cost	35,487,729	34,125,428
Short-term investments at amortized cost	21,326,531	27,059,495
Residential Mortgage
Mortgage loans on real estate and construction	49,704,426	53,592,433
Residential Construction
Mortgage loans on real estate and construction	28,342,809	33,071,938
Commercial Loan
Mortgage loans on real estate and construction	34,576,436	35,388,756
Common Stock
Available-for-sale Securities, Amortized Cost Basis	7,972,306
Represents the monetary amount of AvailableForSaleSecuritiesEstimatedFairValue, as of the indicated date.	7,025,410
Industrial, miscellaneous and all other equity securities
Available-for-sale Securities, Amortized Cost Basis	7,972,306	7,179,010
Available-for-sale Securities, Gross Unrealized Gain	150,184	393,873
AvailableForSaleSecuritiesGrossUnrealizedLosses	(1,097,080)	(820,133)
Represents the monetary amount of AvailableForSaleSecuritiesEstimatedFairValue, as of the indicated date.	7,025,410	6,752,750
Equity Securities
Available-for-sale Securities, Amortized Cost Basis	7,972,306	7,179,010
Available-for-sale Securities, Gross Unrealized Gain	150,184	393,873
AvailableForSaleSecuritiesGrossUnrealizedLosses	(1,097,080)	(820,133)
Represents the monetary amount of AvailableForSaleSecuritiesEstimatedFairValue, as of the indicated date.	$ 7,025,410	$ 6,752,750

3) Investments: Schedule of Unrealized Loss on Investments (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Held-to-maturity Securities, Unrecognized Holding Loss	$ 1,215,852	$ 997,529
Fair Value	4,476,638	2,839,131
US Treasury and Government
Held-to-maturity Securities, Unrecognized Holding Loss	3,620
US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	3,726	5,278
Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	1,207,359	980,357
Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	1,147	11,894
Industrial, miscellaneous and all other equity securities
AvailableForSaleSecuritiesGrossUnrealizedLosses	1,097,080	820,133
Equity Securities
AvailableForSaleSecuritiesGrossUnrealizedLosses	1,097,080	820,133
Less than 12 months
Held-to-maturity Securities, Unrecognized Holding Loss	$ 952,026	$ 552,276
No. of Investment Positions	65	22
Held-to-maturity Securities, Fair Value	$ 18,942,023	$ 7,081,352
Fair Value	3,789,136	2,162,425
Less than 12 months \| US Treasury and Government
Held-to-maturity Securities, Unrecognized Holding Loss	$ 3,620
No. of Investment Positions	1
Less than 12 months \| Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 947,259	$ 548,310
No. of Investment Positions	63	21
Less than 12 months \| Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 1,147	$ 3,966
No. of Investment Positions	1	1
Less than 12 months \| U.S. Treasury Securities
No. of Investment Positions		0
Less than 12 months \| Industrial, miscellaneous and all other equity securities
No. of Investment Positions	208	138
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 501,595	$ 327,389
Less than 12 months \| Equity Securities
No. of Investment Positions	208	138
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 501,595	$ 327,389
More than 12 months
Held-to-maturity Securities, Unrecognized Holding Loss	$ 263,826	$ 445,253
No. of Investment Positions	11	13
Held-to-maturity Securities, Fair Value	$ 2,519,794	$ 2,777,587
Fair Value	$ 687,502	676,706
More than 12 months \| US Treasury and Government
No. of Investment Positions	0
More than 12 months \| US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 3,726
No. of Investment Positions	1
More than 12 months \| Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 252,472	$ 432,047
No. of Investment Positions	8	11
More than 12 months \| Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 7,628	$ 7,928
No. of Investment Positions	2	1
More than 12 months \| U.S. Treasury Securities
Held-to-maturity Securities, Unrecognized Holding Loss		$ 5,278
No. of Investment Positions		1
More than 12 months \| Industrial, miscellaneous and all other equity securities
No. of Investment Positions	36	27
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 595,485	$ 492,744
More than 12 months \| Equity Securities
No. of Investment Positions	36	27
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 595,485	$ 492,744
Total
Held-to-maturity Securities, Unrecognized Holding Loss	1,215,852	997,529
Held-to-maturity Securities, Fair Value	21,461,817	9,858,939
Total \| US Treasury and Government
Held-to-maturity Securities, Unrecognized Holding Loss	3,620
Total \| US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	3,726
Total \| Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	1,199,731	980,357
Total \| Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 8,775	11,894
Total \| U.S. Treasury Securities
Held-to-maturity Securities, Unrecognized Holding Loss		$ 5,278

3) Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
3) Investments (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Details
Average market value over amortized cost	94.60%		94.60%		90.80%
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease)	$ 30,000	$ 30,000	$ 60,000	$ 60,000

3) Investments: Equity Securities - Additional (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Average Market Value of Security over initial investment	80.30%	80.30%	77.60%
Equity Securities
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities	$ 25,311	$ 51,207

3) Investments: Investments Classified by Contractual Maturity Date (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
AmortizedCost	$ 132,401,008	$ 135,018,347
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	144,063,537	150,757,375
Available-for-sale Securities, Amortized Cost Basis	7,972,306
Represents the monetary amount of AvailableForSaleSecuritiesEstimatedFairValue, as of the indicated date.	7,025,410
Collateralized Mortgage Backed Securities
AmortizedCost	3,255,965	4,263,206
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	3,486,954	4,556,693
Redeemable Preferred Stock
AmortizedCost	612,023	612,023
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	635,861	$ 634,055
Common Stock
Available-for-sale Securities, Amortized Cost Basis	7,972,306
Represents the monetary amount of AvailableForSaleSecuritiesEstimatedFairValue, as of the indicated date.	7,025,410
Due in 2015
AmortizedCost	1,498,127
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	1,519,903
Due in 2016 through 2019
AmortizedCost	31,328,324
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	34,364,866
Due in 2020 through 2024
AmortizedCost	28,140,265
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	30,502,468
Due after 2024
AmortizedCost	67,566,304
Represents the monetary amount of HeldToMaturitySecuritiesEstimatedFairValue, as of the indicated date.	$ 73,553,485

3) Investments: Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fixed maturity securities held to maturity:	$ 445,465	$ 309,852
Held-to-maturity Securities
Gross Realized Gains	273,061	47,548	$ 359,057	$ 47,548
Gross Realized Losses	(49,594)	(2,284)	(59,370)	(2,284)
Other than Temporary Impairments	(30,000)	(30,000)	(60,000)	(60,000)
Available-for-sale Securities
Gross Realized Gains	42,289	72,397	130,009	125,650
Gross Realized Losses			(1,016)
Other than Temporary Impairments	(25,311)		(51,207)
Other Assets
Gross Realized Gains	267,097	$ 222,191	524,237	$ 367,931
Gross Realized Losses	$ (32,077)		$ (32,077)

3) Investments: Net carrying amount of held to maturity securities (Details) - Held-to-maturity Securities - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net carrying amount for sales of securities	$ 2,543,312	$ 872,882
Net realized gain related to sales of securities	$ 330,373	$ 42,118

3) Investments: Schedule of Major categories of net investment income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gross investment income	$ 11,151,852	$ 9,045,377	$ 21,577,493	$ 17,007,536
Investment Income, Investment Expense	(2,561,179)	(2,338,090)	(5,163,976)	(4,657,749)
Net Investment Income	8,590,673	6,707,287	16,413,517	12,349,787
Fixed Maturities
Gross investment income	2,144,989	2,067,324	4,125,684	4,176,445
Equity Securities
Gross investment income	55,298	50,752	114,716	89,999
Mortgage loans on real estate
Gross investment income	1,790,538	1,837,060	3,641,164	3,389,171
Real Estate
Gross investment income	2,233,781	2,126,566	4,354,352	4,291,565
Policy, Student and other loans
Gross investment income	188,639	181,687	377,185	379,255
Short-term investments, principally gains on sale of mortgage loans
Gross investment income	$ 4,738,607	$ 2,781,988	$ 8,964,392	$ 4,681,101

3) Investments: Net Investment Income - Additional (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Net Investment Income	$ 8,590,673	$ 6,707,287	$ 16,413,517	$ 12,349,787
Securities on deposit for regulatory authorities	9,070,319		9,070,319		$ 8,886,001
Cemeteries and mortuaries
Net Investment Income	$ 93,564	$ 77,254	$ 186,486	$ 171,999

3) Investments: Mortgage Loans - Additional (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Details
Mortgage loans on real estate balances, net of allowance for losses	$ 1,875,775	$ 2,003,055

3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses, Beginning Balance	$ 2,003,055	$ 1,652,090
Allowance for credit losses, Charge-offs		(38,444)
Allowance for credit losses, Provision	(127,280)	389,409
Financing Receivable, Allowance for Credit Losses, Ending Balance	1,875,775	2,003,055
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	217,192	153,446
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,658,583	1,849,609
Mortgage loans	112,623,671	122,053,127
Financing Receivable, Individually Evaluated for Impairment	2,320,452	1,970,681
Financing Receivable, Collectively Evaluated for Impairment	110,303,219	120,082,446
Commercial Loan
Financing Receivable, Allowance for Credit Losses, Beginning Balance	187,129	187,129
Financing Receivable, Allowance for Credit Losses, Ending Balance	187,129	187,129
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	187,129	187,129
Mortgage loans	34,576,436	35,388,756
Financing Receivable, Collectively Evaluated for Impairment	34,576,436	35,388,756
Residential Mortgage
Financing Receivable, Allowance for Credit Losses, Beginning Balance	1,715,812	1,364,847
Allowance for credit losses, Charge-offs		(38,444)
Allowance for credit losses, Provision	(127,280)	389,409
Financing Receivable, Allowance for Credit Losses, Ending Balance	1,588,532	1,715,812
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	217,192	153,446
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,371,340	1,562,366
Mortgage loans	49,704,426	53,592,433
Financing Receivable, Individually Evaluated for Impairment	2,320,452	1,556,182
Financing Receivable, Collectively Evaluated for Impairment	47,383,974	52,036,251
Residential Construction
Financing Receivable, Allowance for Credit Losses, Beginning Balance	100,114	100,114
Financing Receivable, Allowance for Credit Losses, Ending Balance	100,114	100,114
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	100,114	100,114
Mortgage loans	28,342,809	33,071,938
Financing Receivable, Individually Evaluated for Impairment		414,499
Financing Receivable, Collectively Evaluated for Impairment	$ 28,342,809	$ 32,657,439

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

6 Months Ended

12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Mortgage Loans during period

$ 112,623,671

$ 122,053,127

Mortgage Loans, Allowance for Loan Losses

(1,875,775)

(2,003,055)

Net Mortgage Loans

110,747,896

120,050,072

Commercial Loan

Mortgage Loans during period

34,576,436

35,388,756

Mortgage Loans, Allowance for Loan Losses

(187,129)

Net Mortgage Loans

34,389,307

35,201,627

Residential Mortgage

Mortgage Loans during period

49,704,426

53,592,433

Mortgage Loans, Allowance for Loan Losses

(1,588,532)

(1,715,812)

Net Mortgage Loans

48,115,894

51,876,621

Residential Construction

Mortgage Loans during period

28,342,809

33,071,938

Mortgage Loans, Allowance for Loan Losses

(100,114)

Net Mortgage Loans

28,242,695

32,971,824

Past due 60 to 89 days

Mortgage Loans during period

624,651

1,174,516

Past due 60 to 89 days | Residential Mortgage

Mortgage Loans during period

624,651

1,174,516

Past due 90 or more days

Mortgage Loans during period

^[1]

4,343,080

5,529,796

Past due 90 or more days | Residential Mortgage

Mortgage Loans during period

^[1]

4,278,185

5,464,901

Past due 90 or more days | Residential Construction

Mortgage Loans during period

^[1]

64,895

In Foreclosure

Mortgage Loans during period

^[1]

2,320,452

1,970,681

In Foreclosure | Residential Mortgage

Mortgage Loans during period

^[1]

2,320,452

1,556,182

In Foreclosure | Residential Construction

Mortgage Loans during period

^[1]

414,499

Total Past Due

Mortgage Loans during period

8,044,298

10,306,135

Total Past Due | Residential Mortgage

Mortgage Loans during period

7,979,403

9,826,741

Total Past Due | Residential Construction

Mortgage Loans during period

64,895

479,394

Current

Mortgage Loans during period

104,579,373

111,746,992

Current | Commercial Loan

Mortgage Loans during period

34,576,436

35,388,756

Current | Residential Mortgage

Mortgage Loans during period

41,725,023

43,765,692

Current | Residential Construction

Mortgage Loans during period

$ 28,277,914

$ 32,592,544

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

3) Investments: Schedule of Impaired Mortgage Loans (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Residential Mortgage
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 2,320,452	$ 1,556,182
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	2,320,452	1,556,182
Impaired Financing Receivable, Related Allowance	217,192	153,446
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	2,320,452	1,556,182
Total Residential Mortgage
Impaired Financing Receivable, with Related Allowance, Recorded Investment	2,320,452	1,556,182
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	2,320,452	1,556,182
Impaired Financing Receivable, Related Allowance	217,192	153,446
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	$ 2,320,452	1,556,182
Residential Construction
Impaired Financing Receivable, with Related Allowance, Recorded Investment		414,499
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance		414,499
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment		414,499
Impaired Financing Receivable, with No Related Allowance, Recorded Investment		414,499
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment		$ 414,499

3) Investments: Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Represents the monetary amount of MortgageLoans, as of the indicated date.	$ 112,623,671	$ 122,053,127
Performing Financing Receivable
Represents the monetary amount of MortgageLoans, as of the indicated date.	105,960,140	114,552,650
Nonperforming Financing Receivable
Represents the monetary amount of MortgageLoans, as of the indicated date.	6,663,531	7,500,477
Commercial Loan
Represents the monetary amount of MortgageLoans, as of the indicated date.	34,576,436	35,388,756
Commercial Loan \| Performing Financing Receivable
Represents the monetary amount of MortgageLoans, as of the indicated date.	34,576,436	35,388,756
Residential Mortgage
Represents the monetary amount of MortgageLoans, as of the indicated date.	49,704,426	53,592,433
Residential Mortgage \| Performing Financing Receivable
Represents the monetary amount of MortgageLoans, as of the indicated date.	43,105,790	46,571,350
Residential Mortgage \| Nonperforming Financing Receivable
Represents the monetary amount of MortgageLoans, as of the indicated date.	6,598,636	7,021,083
Residential Construction
Represents the monetary amount of MortgageLoans, as of the indicated date.	28,342,809	33,071,938
Residential Construction \| Performing Financing Receivable
Represents the monetary amount of MortgageLoans, as of the indicated date.	28,277,914	32,592,544
Residential Construction \| Nonperforming Financing Receivable
Represents the monetary amount of MortgageLoans, as of the indicated date.	$ 64,895	$ 479,394

3) Investments: Summary of Interest not accrued on non-performing mortgage loans (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Details
Interest not accrued on non-performing loans	$ 595,000	$ 535,000

3) Investments: Schedule of Mortgage loans on a nonaccrual status (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 6,663,531	$ 7,500,477
Residential Mortgage
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	6,598,636	7,021,083
Residential Construction
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 64,895	$ 479,394

3) Investments: Schedule of loan loss reserve which is included in other liabilities and accrued expenses (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Details
Beginning, Loan Loss Reserve	$ 1,718,150	$ 5,506,532
Loan loss reserve, Provisions for losses	2,919,210	3,053,403
Loan loss reserve, Charge-offs	(384,540)	(6,841,785)
Ending, Loan Loss Reserve	$ 4,252,820	$ 1,718,150

4) Stock-based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
4) Stock-based Compensation (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Details
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 125,931	$ 64,201	$ 211,476	$ 128,526
Unrecognized compensation expense related to the options issued in December 2014	148,839		148,839
Unrecognized compensation expense related to the options issued in July 2014	$ 1,316		1,316
Total intrinsic value			$ 492,740	$ 115,977

4) Stock-based Compensation: Schedule of stock inventive plan changes (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Class A Common Stock
Shares, Outstanding	488,543	368,340	512,795	405,133
Shares outstanding	$ 3.25	$ 2.50	$ 3.20	$ 2.41
Shares Exercised	(15,406)	(34,955)
Per Share Shares Exercised		$ 1.44
Shares Cancelled	(8,846)	(1,838)
Per Share Shares cancelled	$ 2.31	$ 2.92
Options Exercisable	409,961	325,243
Options exercisable	$ 2.99	$ 2.23
Available options for future grant	$ 266,649	$ 314,480
Weighted average contractual term of options outstanding	7.37 years	6.77 years
Weighted average contractual term of options exercisable	6.99 years	6.42 years
Aggregated intrinsic value of options outstanding	$ 1,698,099	$ 690,130
Aggregated intrinsic value of options exercisable	$ 1,534,777	$ 689,924
Class C Common Stock
Shares, Outstanding	577,568	508,656	691,591	508,656
Shares outstanding	$ 2.62	$ 2.00	$ 2.00	$ 2.00
Shares Exercised	(114,023)
Per Share Shares Exercised	$ 2.14
Options Exercisable	511,318	482,406
Options exercisable	$ 2.34	$ 1.84
Available options for future grant		$ 105,000
Weighted average contractual term of options outstanding	2.69 years	2.11 years
Weighted average contractual term of options exercisable	2.35 years	1.99 years
Aggregated intrinsic value of options outstanding	$ 2,375,472	$ 1,194,177
Aggregated intrinsic value of options exercisable	$ 2,242,810	$ 1,194,177

5) Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Details
Net earnings	$ 3,852,279	$ 2,624,063	$ 5,715,982	$ 2,762,911
Weighted-average Class A equivalent common share outstanding (1)	13,037,095	12,449,786	12,986,238	12,459,537
GrantOfEmployeeStockOptions	$ 558,823	$ 447,418	$ 546,403	$ 455,244
Diluted weighted-average shares outstanding	13,595,918	12,897,204	13,532,641	12,914,781
Net earnings per Class A Equivalent common share (1)	$ 0.30	$ 0.21	$ 0.44	$ 0.22
Net earnings per Class A Equivalent common share-assuming dilution (1)	$ 0.28	$ 0.20	$ 0.42	$ 0.21

- Definition

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

+ References + Details

- Definition

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

+ References + Details

5) Earnings Per Share (Details)	6 Months Ended
5) Earnings Per Share (Details)	Jun. 30, 2014 $ / shares
Details
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount	$ 142,972

6) Business Segments: Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Revenue from customers	$ 76,040,615	$ 59,411,730	$ 140,090,247	$ 104,465,006
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	6,231,952	4,187,097	9,230,336	4,353,084
Identifiable Assets	732,572,091	642,957,484	732,572,091	642,957,484
Goodwill	2,765,570	3,088,182	2,765,570	3,088,182	$ 2,765,570
Life Insurance Segment
Revenue from customers	21,476,968	19,810,498	42,462,468	38,283,314
SegmentReportingInformationIntersegmentRevenue	2,858,820	2,356,195	5,677,687	4,417,915
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	2,115,187	1,515,426	3,519,038	2,846,895
Identifiable Assets	695,953,881	626,378,955	695,953,881	626,378,955
Goodwill	2,765,570	2,802,991	2,765,570	2,802,991
Cemetery and Mortuary
Revenue from customers	3,215,090	3,534,881	6,313,328	6,575,449
SegmentReportingInformationIntersegmentRevenue	305,573	334,314	617,571	670,612
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	151,975	168,911	561,150	351,689
Identifiable Assets	103,231,245	108,686,715	103,231,245	108,686,715
Goodwill		285,191		285,191
Mortgage
Revenue from customers	51,348,557	36,066,351	91,314,451	59,606,243
SegmentReportingInformationIntersegmentRevenue	92,304	231,249	180,791	395,395
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	3,964,790	2,502,760	5,150,148	1,154,500
Identifiable Assets	70,065,224	56,057,674	70,065,224	56,057,674
Significant Reconciling Items
SegmentReportingInformationIntersegmentRevenue	(3,256,697)	(2,921,758)	(6,476,049)	(5,483,922)
Identifiable Assets	$ (136,678,259)	$ (148,165,860)	$ (136,678,259)	$ (148,165,860)

7): Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets accounted for at fair value on a recurring basis
Available-for-sale Securities	$ 7,025,410
Restricted assets of cemeteries and mortuaries	712,834	$ 715,202
Cemetery perpetual care trust investments	639,962	695,235
Derivatives - interest rate lock commitments	5,681,354	2,111,529
Assets, Fair Value Disclosure	14,059,560	10,274,716
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	(51,322,531)	(45,310,699)
Future policy benefits - annuities	(69,107,482)	(65,540,985)
Derivatives - bank loan interest rate swaps	(22,659)	(31,370)
Derivatives - bank loan interest rate swaps, Call Options	(21,552)	(116,036)
Derivatives - bank loan interest rate swaps, Put Options	(43,941)	(11,867)
Derivatives - bank loan interest rate swaps, Interest rate lock commitments	(11,603)	(181,678)
Liabilities accounted for at fair value	(120,529,768)	(111,192,635)
Non-redeemable preferred stock		6,752,750
Trading Securities, Equity		6,752,750
Fair Value, Inputs, Level 1
Assets accounted for at fair value on a recurring basis
Available-for-sale Securities	7,025,410
Restricted assets of cemeteries and mortuaries	712,834	715,202
Cemetery perpetual care trust investments	639,962	695,235
Assets, Fair Value Disclosure	8,378,206	8,163,187
Liabilities accounted for at fair value on a recurring basis
Derivatives - bank loan interest rate swaps, Call Options	(21,552)	(116,036)
Derivatives - bank loan interest rate swaps, Put Options	(43,941)	(11,867)
Liabilities accounted for at fair value	(65,493)	(127,903)
Non-redeemable preferred stock		6,752,750
Trading Securities, Equity		6,752,750
Fair Value, Inputs, Level 3
Assets accounted for at fair value on a recurring basis
Derivatives - interest rate lock commitments	5,681,354	2,111,529
Assets, Fair Value Disclosure	5,681,354	2,111,529
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	(51,322,531)	(45,310,699)
Future policy benefits - annuities	(69,107,482)	(65,540,985)
Derivatives - bank loan interest rate swaps	(22,659)	(31,370)
Derivatives - bank loan interest rate swaps, Interest rate lock commitments	(11,603)	(181,678)
Liabilities accounted for at fair value	$ (120,464,275)	$ (111,064,732)

7): Fair Value of Financial Instruments: Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Policyholder Account Balances
Fair Value Balance	$ (45,310,699)	$ (48,000,668)
Fair Value, Losses (Gains) included in earnings	(6,011,832)	2,689,969
Fair Value Balance	(51,322,531)	(45,310,699)
Future Policy Benefits - Annuities
Fair Value Balance	(65,540,985)	(65,052,928)
Fair Value, Losses (Gains) included in earnings	(3,566,497)	(488,057)
Fair Value Balance	(69,107,482)	(65,540,985)
Interest Rate Lock Commitments
Fair Value Balance	1,929,851	1,487,908
Fair Value, Losses (Gains) included in other comprehensive income	3,739,900	441,943
Fair Value Balance	5,669,751	1,929,851
Bank Loan Interest Rate Swaps
Fair Value Balance	(31,370)	(58,310)
Fair Value, Losses (Gains) included in other comprehensive income	8,711	26,940
Fair Value Balance	$ (22,659)	$ (31,370)

7): Fair Value of Financial Instruments: Schedule of Fair Value Measurements, Nonrecurring (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets accounted for at fair value on a nonrecurring basis - Mortgage servicing rights	$ 2,716,641
Mortgage loans on real estate	320,000
Assets accounted for at fair value on a nonrecurring basis	3,036,641
Assets accounted for at fair value on non-recurring basis
Mortgage servicing rights		$ 3,741,381
Real estate held for investment		53,500
Assets, Fair Value Disclosure, Nonrecurring		3,794,881
Fair Value, Inputs, Level 3
Assets accounted for at fair value on a nonrecurring basis - Mortgage servicing rights	2,716,641
Mortgage loans on real estate	320,000
Assets accounted for at fair value on a nonrecurring basis	$ 3,036,641
Assets accounted for at fair value on non-recurring basis
Mortgage servicing rights		3,741,381
Real estate held for investment		53,500
Assets, Fair Value Disclosure, Nonrecurring		$ 3,794,881

7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Carrying Value	$ (33,362,912)	$ (28,989,008)
Estimated Fair Value	(33,362,912)	(28,989,008)
Residential Mortgage
Carrying Value	48,115,894	51,876,621
Estimated Fair Value	51,322,839	55,247,638
Residential Construction
Carrying Value	28,242,695	32,971,824
Estimated Fair Value	28,242,695	32,971,824
Commercial Loan
Carrying Value	34,389,307	35,201,627
Estimated Fair Value	36,043,711	36,829,266
MortgageLoansNet1Member
Carrying Value	110,747,896	120,050,072
Estimated Fair Value	115,609,245	125,048,728
PolicyLoanMember
Carrying Value	7,095,642	7,011,012
Estimated Fair Value	7,095,642	7,011,012
OtherLoansMember
Carrying Value	28,392,087	27,114,416
Estimated Fair Value	28,392,087	27,114,416
ShortTermInvestments1Member
Carrying Value	21,326,531	27,059,495
Estimated Fair Value	21,326,531	27,059,495
Fair Value, Inputs, Level 3
Estimated Fair Value	(33,362,912)	(28,989,008)
Fair Value, Inputs, Level 3 \| Residential Mortgage
Estimated Fair Value	51,322,839	55,247,638
Fair Value, Inputs, Level 3 \| Residential Construction
Estimated Fair Value	28,242,695	32,971,824
Fair Value, Inputs, Level 3 \| Commercial Loan
Estimated Fair Value	36,043,711	36,829,266
Fair Value, Inputs, Level 3 \| MortgageLoansNet1Member
Estimated Fair Value	115,609,245	125,048,728
Fair Value, Inputs, Level 3 \| PolicyLoanMember
Estimated Fair Value	7,095,642	7,011,012
Fair Value, Inputs, Level 3 \| OtherLoansMember
Estimated Fair Value	28,392,087	27,114,416
Fair Value, Inputs, Level 3 \| ShortTermInvestments1Member
Estimated Fair Value	$ 21,326,531	$ 27,059,495

9) Derivative Commitments (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Details
Fair value of outstanding call options	$ 65,493	$ 127,903

9) Derivative Commitments: Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Details
Fair Value of Asset Derivatives, Interest rate lock and forward sales commitments	$ 5,681,354	$ 2,111,529
Fair Value of Liability Derivatives, Interest rate lock and forward sales commitments	11,603	181,678
Fair Value of Liability Derivatives, Call Options	21,552	116,036
Fair Value of Liability Derivatives, Put Options	43,941	11,867
Fair Value of Liability Derivatives, Interest Rate Swaps	22,659	31,370
Fair Value of Asset Derivatives, Total	5,681,354	2,111,529
Fair Value of Liability Derivatives, Total	$ 99,755	$ 340,951

9) Derivative Commitments: Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Details
Gain (Loss) on Derivatives, Interest Rate Lock Commitments	$ 1,252,010	$ 789,149	$ 3,739,900	$ 1,238,412
Gain (Loss) on Derivatives, Interest Rate Swaps	4,760	5,449	8,711	12,300
GainLossOnDerivativesSubTotal	1,256,770	794,598	3,748,611	1,250,712
TaxEffect-GainLossOnDerivatives	490,140	309,894	1,461,958	487,778
Gain (Loss) on Derivatives, Total	$ 766,630	$ 484,704	$ 2,286,653	$ 762,934

10) Reinsurance, Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Details
Amounts accrued for loan losses	$ 2,252,000	$ 571,000	$ 2,919,000	$ 943,000
Funds reserved and accrued to settle investor related claims	$ 4,253,000		$ 4,253,000		$ 1,718,000

10) Reinsurance, Commitments and Contingencies: Other Contingencies and Commitments (Details)	Jun. 30, 2015 USD ($)
Details
Commitments to fund new residential construction loans	$ 44,248,000
Commitments to fund new residential construction loans funded	$ 28,343,000

11) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Details
Balance before valuation allowance at beginning of year	$ 7,834,747	$ 4,844,101
MSRs proceeds from loan sales	2,716,641	3,741,381
Amortization	(562,730)	(750,735)
Balance before valuation allowance at year end	9,988,658	7,834,747
Mortgage servicing rights, net	9,988,658	7,834,747
Estimated fair value of MSRs at end of period	$ 11,599,670	$ 8,485,570

12) Mergers, Acquisitions and Dispositions Disclosures: Schedule of pro forma financial information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Details
Business Acquisition, Pro Forma Revenue	$ 76,040,615	$ 60,275,049	$ 140,090,247	$ 106,796,985
Business Acquisition, Pro Forma Net Income (Loss)	$ 3,852,279	$ 2,661,985	$ 5,715,982	$ 3,004,668
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 0.30	$ 0.21	$ 0.44	$ 0.24