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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 15, 2016
Entity Registrant Name	SECURITY NATIONAL FINANCIAL CORP
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Trading Symbol	snfca
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	2016
Document Fiscal Period Focus	Q2
Class A Common Stock
Entity Common Stock, Shares Outstanding		13,145,813
Class C Common Stock
Entity Common Stock, Shares Outstanding		1,707,909

Balance Sheet - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Investments:
Fixed maturity securities, held to maturity, at amortized cost	$ 144,060,136	$ 145,558,425
Equity securities, available for sale, at estimated fair value	9,103,276	8,431,090
Mortgage loans on real estate and construction loans, held for investment net of allowances for loan losses of $2,204,536 and $1,848,120 for 2016 and 2015	131,382,747	112,546,905
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	116,234,204	114,852,432
Policy loans and other investments, net of allowances for doubtful accounts of $1,088,476 and $906,616 for 2016 and 2015	37,487,895	39,582,421
Short-term investments	20,775,666	16,915,808
Accrued investment income	2,425,239	2,553,819
Total investments	461,469,163	440,440,900
Cash and cash equivalents	36,799,922	40,053,242
Mortgage loans sold to investors	101,822,140	115,286,455
Receivables, net	19,701,844	16,026,100
Restricted assets	9,741,202	9,359,802
Cemetery perpetual care trust investments	2,272,121	2,848,759
Receivable from reinsurers	13,211,785	13,400,527
Cemetery land and improvements	10,716,153	10,780,996
Deferred policy and pre-need contract acquisition costs	63,775,100	59,004,909
Mortgage servicing rights, net	15,416,565	12,679,755
Property and equipment, net	16,024,628	11,441,660
Value of business acquired	8,119,690	8,743,773
Goodwill	2,765,570	2,765,570
Other assets	7,838,588	7,100,869
Total Assets	769,674,471	749,933,317
Liabilities
Future life, annuity, and other benefits	523,194,973	517,177,388
Unearned premium reserve	4,603,248	4,737,305
Bank and other loans payable	42,597,959	40,908,915
Deferred pre-need cemetery and mortuary contract revenues	12,485,835	12,816,227
Cemetery perpetual care obligation	3,477,966	3,465,771
Accounts payable	2,942,416	3,502,046
Other liabilities and accrued expenses	31,955,010	31,027,381
Income taxes	28,272,139	25,052,059
Total liabilities	649,529,546	638,687,092
Stockholders' Equity
Additional paid-in capital	30,710,390	30,232,582
Accumulated other comprehensive income, net of taxes	2,403,288	1,533,828
Retained earnings	59,128,762	52,021,764
Treasury stock at cost - 812,491 Class A shares in 2016 and 930,546 Class A shares in 2015	(1,804,957)	(2,179,429)
Total stockholders' equity	120,144,925	111,246,225
Total Liabilities and Stockholders' Equity	769,674,471	749,933,317
Class A Common Stock
Stockholders' Equity
Common stock	26,275,402	26,218,200
Class B Common Stock
Stockholders' Equity
Common stock
Class C Common Stock
Stockholders' Equity
Common stock	$ 3,432,040	$ 3,419,280

Balance Sheet Parenthetical - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Allowance for losses on mortgage loans on real estate and construction loans, held for investment	$ 2,204,536	$ 1,848,120
Accumulated depreciation on real estate held for investment	14,210,346	12,210,346
Allowance for doubtful accounts on policy and other loans	$ 1,088,476	$ 906,616
Class A Common Stock
Common Stock Par Value	$ 2.00	$ 2.00
Common Stock Authorized	20,000,000	20,000,000
Common Stock Issued	13,137,701	13,109,100
Treasury Stock	812,491	930,546
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	1,716,020	1,709,640

Income Statement - USD ($)	3 Months Ended		6 Months Ended
Income Statement - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Insurance premiums and other considerations	$ 15,899,526	$ 13,914,894	$ 30,351,101	$ 27,768,409
Net investment income	9,135,820	8,590,673	18,128,011	16,413,517
Net mortuary and cemetery sales	3,520,071	3,017,853	6,765,927	5,890,088
Realized gains on investments and other assets	120,543	500,776	218,465	920,840
Other than temporary impairments on investments	(30,000)	(55,311)	(103,630)	(111,207)
Mortgage fee income	51,478,261	48,730,028	89,248,236	86,551,828
Other income	1,615,380	1,341,702	3,145,806	2,656,772
Total revenues	81,739,601	76,040,615	147,753,916	140,090,247
Benefits and expenses:
Death benefits	7,336,129	8,116,411	15,160,130	16,044,283
Surrenders and other policy benefits	560,859	519,663	1,079,180	1,173,397
Increase in future policy benefits	5,310,918	4,040,366	9,471,178	8,220,178
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	1,707,552	1,177,854	3,920,388	2,345,353
Selling, general and administrative expenses:
Commissions	25,006,013	23,207,511	41,848,283	41,773,558
Personnel	17,582,835	15,251,633	34,780,207	29,564,949
Advertising	1,969,945	1,508,426	3,047,955	2,924,716
Rent and rent related	1,868,205	1,929,790	3,932,530	3,814,866
Depreciation on property and equipment	536,489	547,387	1,057,944	1,110,124
Provision for loan loss reserve	828,673	2,252,471	1,415,451	2,919,210
Costs related to funding mortgage loans	2,351,530	2,412,354	4,505,927	4,595,365
Other expenses	7,012,268	6,982,105	13,492,979	13,067,608
Interest expense	1,235,151	1,374,269	2,299,346	2,359,615
Cost of goods and services sold-mortuaries and cemeteries	452,172	488,423	910,791	946,689
Total benefits and expenses	73,758,739	69,808,663	136,922,289	130,859,911
Earnings before income taxes	7,980,862	6,231,952	10,831,627	9,230,336
Income tax expense	(2,623,575)	(2,379,673)	(3,680,808)	(3,514,354)
Net earnings	$ 5,357,287	$ 3,852,279	$ 7,150,819	$ 5,715,982
Net earnings per Class A Equivalent common share (1)	$ 0.38	$ 0.28	$ 0.51	$ 0.42
Net earnings per Class A Equivalent common share-assuming dilution (1)	$ 0.37	$ 0.27	$ 0.50	$ 0.40
Weighted-average Class A equivalent common share outstanding (1)	14,030,903	13,694,539	13,985,114	13,643,682
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)	14,376,949	14,281,303	14,377,826	14,217,405

Comprehensive Income Statement - USD ($)	3 Months Ended		6 Months Ended
Comprehensive Income Statement - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Comprehensive Income Statement
Net earnings	$ 5,357,287	$ 3,852,279	$ 7,150,819	$ 5,715,982
Other comprehensive income:
Net unrealized gains (losses) on derivative instruments	(259,008)	766,630	560,666	2,286,653
Net unrealized gains (losses) on available for sale securities	10,897	(165,860)	308,794	(394,116)
Other comprehensive income (loss)	(248,111)	600,770	869,460	1,892,537
Comprehensive income	$ 5,109,176	$ 4,453,049	$ 8,020,279	$ 7,608,519

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, 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
Balance at Dec. 31, 2015	26,218,200	3,419,280	30,232,582	1,533,828	52,021,764	(2,179,429)	111,246,225
Net earnings					7,150,819		7,150,819
Other comprehensive income				869,460			869,460
Grant of stock options			168,478				168,478
Exercise of stock options	56,920		4,367				61,287
Sale of treasury stock			274,184			374,472	648,656
Stock Dividends	274	12,768	30,779		(43,821)
Conversion Class C to Class A	8	(8)
Balance at Jun. 30, 2016	$ 26,275,402	$ 3,432,040	$ 30,710,390	$ 2,403,288	$ 59,128,762	$ (1,804,957)	$ 120,144,925

Statement of Cash Flows - USD ($)	6 Months Ended
Statement of Cash Flows - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 17,231,385	$ (18,837,963)
Securities held to maturity:
Purchase-fixed maturity securities	(6,011,449)	(5,890,324)
Calls and maturities - fixed maturity securities	7,461,029	8,590,035
Securities available for sale:
Purchase - equity securities	(3,092,638)	(2,285,429)
Sales - equity securities	2,858,859	1,570,539
Purchase of short-term investments	(7,982,751)	(26,379,029)
Sales of short-term investments	4,122,893	32,111,993
Sales (purchases) of restricted assets	(379,488)	(688,872)
Changes in assets for perpetual care trusts	623,837	(168,603)
Amount received for perpetual care trusts	12,195	45,929
Mortgage loans, policy loans, and other investments made	(223,703,013)	(180,978,933)
Payments received for mortgage loans, policy loans and other investments	213,224,702	186,813,832
Purchase of property and equipment	(5,648,153)	(1,733,693)
Sale of property and equipment	33,994	2,000
Purchase of real estate	(6,270,852)	(7,053,011)
Sale of real estate	3,559,261	4,973,199
Cash received from reinsurance		24,020,215
Net cash provided by (used in) investing activities	(21,191,574)	32,949,848
Cash flows from financing activities:
Annuity contract receipts	5,089,479	5,244,513
Annuity contract withdrawals	(6,138,482)	(6,327,811)
Proceeds from stock options exercised	61,287	17,551
Repayment of bank loans on notes and contracts	(777,883)	(1,208,965)
Proceeds from borrowing on bank loans	2,472,468	5,582,869
Net cash provided by financing activities	706,869	3,308,157
Net change in cash and cash equivalents	(3,253,320)	17,420,042
Cash and cash equivalents at beginning of period	40,053,242	30,855,320
Cash and cash equivalents at end of period	36,799,922	48,275,362
Non Cash Investing and Financing Activities
Mortgage loans foreclosed into real estate	$ 573,658	$ 2,389,330

1) Basis of Presentation

6 Months Ended

Jun. 30, 2016

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, 2015, 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, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

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 value of interest rate locks and commitments, those used in determining deferred acquisition costs and the value of business acquired, those used in determining the value of mortgage loans foreclosed to real estate held for investment, those used in determining the liability for future policy benefits and unearned revenue, those used in determining the estimated future costs for pre-need sales, those used in determining the value of mortgage servicing rights, those used in determining valuation allowances for mortgage loans on real estate, those used in determining loan loss reserve, and those used in determining deferred tax assets and liabilities. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

2) Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2016

Notes

2) Recent Accounting Pronouncements

ASU No. 2016-13: “Financial Instruments – Credit Losses (Topic 326)” – Issued in June 2016, ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current generally accepted accounting principles (“GAAP”) and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2019. The Company is in the process of evaluating the potential impact of this standard.

ASU No. 2016-02: “Leases (Topic 842)” - Issued in February 2016, ASU 2016-02 supersedes the leases requirements in ASC Topic 840, “Leases”, and was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2018. The Company is in the process of evaluating the potential impact of this standard.

ASU No. 2016-01: “Financial Instruments – Overall (Topic 825-10)” – Issued in January 2016, ASU 2016-01 changes the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income. Under current guidance, changes in fair value for investments of this nature are recognized in accumulated other comprehensive income as a component of stockholders’ equity. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments without readily determinable fair values; requires entities to use the exit price when estimating the fair value of financial instruments; and modifies various presentation disclosure requirements for financial instruments. 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.

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.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
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-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

+ Details

3) Investments

6 Months Ended

Jun. 30, 2016

Notes

3) Investments

The Company’s investments in fixed maturity securities held to maturity and equity securities available for sale as of June 30, 2016 are summarized as follows:

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
June 30, 2016
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 3,555,727	$ 415,240	$ -	$ 3,970,967
Obligations of states and political subdivisions	1,801,138	198,790	-	1,999,928
Corporate securities including public utilities	130,240,984	14,123,337	(3,733,209)	140,631,112
Mortgage-backed securities	7,838,652	354,028	(134,865)	8,057,815
Redeemable preferred stock	623,635	52,552	-	676,187
Total fixed maturity securities held to maturity	$ 144,060,136	$ 15,143,947	$ (3,868,074)	$ 155,336,009



Equity securities available for sale at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 10,188,627	$ 264,176	$ (1,349,527)	$ 9,103,276

Total equity securities available for sale at estimated fair value	$ 10,188,627	$ 264,176	$ (1,349,527)	$ 9,103,276

Mortgage loans on real estate and construction loans held for investment at amortized cost:
Residential	$ 52,719,167
Residential construction	44,834,079
Commercial	36,034,037
Less: Allowance for loan losses	(2,204,536)
Total mortgage loans on real estate and construction loans held for investment	$ 131,382,747

Real estate held for investment - net of depreciation	$ 116,234,204

Policy loans and other investments are shown at amortized cost except for other investments that are shown at estimated fair value:
Policy loans	$ 6,753,769
Insurance assignments	30,251,617
Promissory notes	48,797
Other investments at estimated fair value	1,522,188
Less: Allowance for doubtful accounts	(1,088,476)

Total policy loans and other investments	$ 37,487,895

Short-term investments at amortized cost	$ 20,775,666

The Company’s investments in fixed maturity securities held to maturity and equity securities available for sale as of December 31, 2015 are summarized as follows:

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2015:

Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 3,560,579	$ 292,869	$ (4,743)	$ 3,848,705
Obligations of states and political subdivisions	1,805,828	182,073	(1,040)	1,986,861
Corporate securities including public utilities	134,488,108	9,836,355	(5,501,743)	138,822,720
Mortgage-backed securities	5,091,887	190,867	(75,580)	5,207,174
Redeemable preferred stock	612,023	29,675	-	641,698
Total fixed maturity securities held to maturity	$ 145,558,425	$ 10,531,839	$ (5,583,106)	$ 150,507,158



Equity securities available for sale at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 9,891,500	$ 213,683	$ (1,674,093)	$ 8,431,090

Total securities available for sale carried at estimated fair value	$ 9,891,500	$ 213,683	$ (1,674,093)	$ 8,431,090

Mortgage loans on real estate and construction loans held for investment at amortized cost:
Residential	$ 46,020,490
Residential construction	34,851,557
Commercial	33,522,978
Less: Allowance for loan losses	(1,848,120)

Total mortgage loans on real estate and construction loans held for investment	$ 112,546,905

Real estate held for investment - net of depreciation	$ 114,852,432

Policy loans and other investments are shown at amortized cost except for other investments that are shown at estimated fair value:
Policy loans	$ 6,896,457
Insurance assignments	32,369,014
Promissory notes	48,797
Other investments at estimated fair value	1,174,769
Less: Allowance for doubtful accounts	(906,616)

Total policy loans and other investments	$ 39,582,421

Short-term investments at amortized cost	$ 16,915,808

Fixed Maturity Securities

The following tables summarize unrealized losses on fixed maturity securities, which are carried at amortized cost, at June 30, 2016 and December 31, 2015. 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, 2016
U.S. Treasury Securities and Obligations of U.S. Government Agencies	$ -	0	$ -	0	$ -
Obligations of states and political subdivisions	-	0	-	0	-
Corporate securities including public utilities	962,234	27	2,770,974	34	3,733,208
Mortgage-backed securities	134,865	5	-	0	134,865
Total unrealized losses	$ 1,097,099	32	$ 2,770,974	34	$ 3,868,073
Fair Value	$ 11,502,761		$ 9,977,552		$ 21,480,313

At December 31, 2015
U.S. Treasury Securities and Obligations of U.S. Government Agencies	$ 4,743	2	$ -	0	$ 4,743
Obligations of states and political subdivisions	-	0	1,040	1	1,040
Corporate securities including public utilities	3,701,572	98	1,800,171	18	5,501,743
Mortgage-backed securities	75,580	4	-	0	75,580
Total unrealized losses	$ 3,781,895	104	$ 1,801,211	19	$ 5,583,106
Fair Value	$ 34,076,401		$ 3,809,957		$ 37,886,358

The average market value of the related fixed maturities was 84.7% and 87.2% of amortized cost as of June 30, 2016 and December 31, 2015, respectively. During the three months ended June 30, 2016 and 2015 an other than temporary decline in fair value resulted in the recognition of credit losses on fixed maturity securities of $30,000 for each reporting period, and for the six months ended June 30, 2016 and 2015 an other than temporary decline in fair value resulted in the recognition of credit losses on fixed maturity securities of $60,000 for each reporting period.

On a quarterly basis, the Company reviews its available for sale and held to maturity fixed 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, 2016 and December 31, 2015. 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, 2016
Industrial, miscellaneous and all other	$ 577,290	145	$ 772,237	103	$ 1,349,527
Total unrealized losses	$ 577,290	145	$ 772,237	103	$ 1,349,527
Fair Value	$ 2,514,410		$ 1,916,072		$ 4,430,482

At December 31, 2015
Industrial, miscellaneous and all other	$ 997,862	222	$ 676,232	74	$ 1,674,093
Total unrealized losses	$ 997,862	222	$ 676,232	74	$ 1,674,093
Fair Value	$ 4,177,709		$ 760,860		$ 4,938,569

The average market value of the equity securities available for sale was 76.7% and 74.7% of the original investment as of June 30, 2016 and December 31, 2015, respectively. 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, 2016 and 2015, an other than temporary decline in the fair value resulted in the recognition of an impairment loss on equity securities of $-0- and $25,311, respectively, and for the six months ended June 30, 2016 and 2015, an other than temporary decline in the fair value resulted in the recognition of an impairment loss on equity securities of $43,630 and $51,207, 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, 2016, 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 2016	$ 1,704,502	$ 1,725,710
Due in 2017 through 2020	33,046,936	35,300,069
Due in 2021 through 2025	34,845,314	37,550,347
Due after 2025	66,001,097	72,025,881
Mortgage-backed securities	7,838,652	8,057,815
Redeemable preferred stock	623,635	676,187
Total held to maturity	$ 144,060,136	$ 155,336,009

The cost and estimated fair value of available for sale securities at June 30, 2016, 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	$ 10,188,627	$ 9,103,276
Total available for sale	$ 10,188,627	$ 9,103,276

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

	Three Months Ended June 30		Six Months Ended June 30
	2016	2015	2016	2015
Fixed maturity securities held to maturity:
Gross realized gains	$ 194,456	$ 273,061	$ 194,456	$ 359,057
Gross realized losses	-	(49,594)	(2,878)	(59,370)
Other than temporary impairments	(30,000)	(30,000)	(60,000)	(60,000)

Securities available for sale:
Gross realized gains	76,085	42,289	139,580	130,009
Gross realized losses	(8,724)	-	(32,602)	(1,016)
Other than temporary impairments	-	(25,311)	(43,630)	(51,207)

Other assets:
Gross realized gains	583,688	267,097	866,283	524,237
Gross realized losses	(724,962)	(32,077)	(946,374)	(32,077)
Total	$ 90,543	$ 445,465	$ 114,835	$ 809,633

The net carrying amount of held to maturity securities sold was $1,789,159 and $2,543,312 for the six months ended June 30, 2016 and 2015, respectively. The net realized gain related to these sales was $156,171 and $330,373 for the six months ended June 30, 2016 and 2015, 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, 2016, 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
	2016	2015	2016	2015
Fixed maturity securities	$ 2,011,637	$ 2,144,989	$ 4,062,206	$ 4,125,684
Equity securities	59,252	55,298	130,293	114,716
Mortgage loans on real estate	2,295,531	1,790,538	4,306,506	3,641,164
Real estate	2,587,789	2,233,781	5,426,272	4,354,352
Policy loans	171,035	188,639	353,241	377,185
Insurance assignments	2,946,375	2,505,252	5,963,484	5,196,411
Other investments	13,962	-	13,962	-
Short-term investments, principally interest on sale of mortgage loans and other	2,001,301	2,233,355	3,879,983	3,767,981
Gross investment income	12,086,882	11,151,852	24,135,947	21,577,493
Investment expenses	(2,951,062)	(2,561,179)	(6,007,936)	(5,163,976)
Net investment income	$ 9,135,820	$ 8,590,673	$ 18,128,011	$ 16,413,517

Net investment income includes income earned by the restricted assets of the cemeteries and mortuaries of $74,365 and $93,564 for the three months ended June 30, 2016 and 2015, respectively, and $162,341 and $186,486 for the six months ended June 30, 2016 and 2015, 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 $9,062,795 at June 30, 2016 and $8,815,542 at December 31, 2015. The restricted securities are included in various assets under investments on the accompanying condensed consolidated balance sheets.

Real Estate

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

Commercial Real Estate Held for Investment

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

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

The Company currently owns and operates 10 commercial properties in 6 states. These properties include industrial warehouses, office building and retail centers. The assets are primarily held without debt; however, the Company does use debt in strategic cases to leverage established yields or to acquire higher quality, or class, of asset.

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

	Net Ending Balance				Total Square Footage
	June 30		December 31		June 30	December 31
	2016		2015		2016	2015
Arizona	$ 457,156	(1)	$ 463,774	(1)	16,270	16,270
Arkansas	102,474		-		3,200	-
Kansas	12,683,027		11,537,335		222,679	222,679
Mississippi	3,134,773		-		21,521	-
New Mexico	7,000	(1)	7,000	(1)	-	-
Texas	3,760,005		3,768,542		23,470	23,470
Utah	17,090,224		17,403,746		233,244	253,244

	$ 37,234,659		$ 33,180,397		520,384	515,663

(1) Includes undeveloped land

Residential Real Estate Held for Investment

The Company owns a portfolio of residential homes primarily as a result of loan foreclosures. The strategy has been to lease these homes to produce cash flow, and allow time for the economic fundamentals to return to the various markets. Once the market for these homes return, the Company engages in the disposition of these assets at prices above the book value or at a discount far less than what would have been realized at the time of foreclosure.

The Company established Security National Real Estate Services (“SNRE”) in 2013 to manage the residential portfolio. SNRE cultivates and maintains the preferred vendor relationships necessary to manage costs and quality of work performed on the portfolio of homes across the country.

As of June 30, 2016, SNRE manages 135 residential properties in 10 states across the United States which includes a newly constructed apartment complex, Dry Creek at East Village, in Sandy Utah with a net ending balance of $36,425,493.

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

	Net Ending Balance
	June 30	December 31
	2016	2015
Arizona	$ 749,067	$ 944,614
California	5,705,414	6,158,253
Colorado	454,996	553,230
Florida	8,565,629	9,203,624
Illinois	-	165,800
Oklahoma	98,667	99,862
Ohio	46,658	-
Oregon	-	120,000
South Carolina	672,049	823,872
Texas	1,272,794	1,198,860
Utah	61,148,091	62,117,738
Washington	286,181	286,182
	$ 78,999,546	$ 81,672,035

Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. Currently, the Company occupies nearly 70,000 square feet, or 13% of the overall commercial real estate holdings.

As of June 30, 2016, real estate owned and occupied by the company is summarized as follows:

Location	Business Segment	Approximate Square Footage	Square Footage Occupied by the Company
5300 South 360 West, Salt Lake City, UT (1)	Corporate Offices, Life Insurance and Cemetery/Mortuary Operations	36,000	100%
5201 Green Street, Salt Lake City, UT	Mortgage Operations	36,899	34%
3935 I-55 South Frontage Road, Jackson, MS (1)	Life Insurance Operations	12,300	100%

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 three 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, 2016, the Company had 52%, 14%, 9%, 7%, and 5% of its mortgage loans from borrowers located in the states of Utah, California, Texas, Florida, and Oregon, respectively. The mortgage loans on real estate balances on the consolidated balance sheet are reflected net of an allowance for loan losses of $2,204,536 and $1,848,120 at June 30, 2016 and December 31, 2015, respectively.

The Company establishes a valuation allowance for credit losses in its portfolio. 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, 2016
Allowance for credit losses:
Beginning balance - January 1, 2016	$ 187,129	$ 1,560,877	$ 100,114	$ 1,848,120
Charge-offs	-	(60,628)	-	(60,628)
Provision	-	417,044	-	417,044
Ending balance -June 30, 2016	$ 187,129	$ 1,917,293	$ 100,114	$ 2,204,536

Ending balance: individually evaluated for impairment	$ -	$ 456,262	$ -	$ 456,262

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,461,031	$ 100,114	$ 1,748,274

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

Mortgage loans:
Ending balance	$ 36,034,037	$ 52,719,167	$ 44,834,079	$ 133,587,283

Ending balance: individually evaluated for impairment	$ -	$ 4,321,276	$ -	$ 4,321,276

Ending balance: collectively evaluated for impairment	$ 36,034,037	$ 48,397,891	$ 44,834,079	$ 129,266,007

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

December 31, 2015
Allowance for credit losses:
Beginning balance - January 1, 2015	$ 187,129	$ 1,715,812	$ 100,114	$ 2,003,055
Charge-offs	-	(123,942)	-	(123,942)
Provision	-	(30,993)	-	(30,993)
Ending balance - December 31, 2015	$ 187,129	$ 1,560,877	$ 100,114	$ 1,848,120

Ending balance: individually evaluated for impairment	$ -	$ 305,962	$ -	$ 305,962

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,254,915	$ 100,114	$ 1,542,158

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

Mortgage loans:
Ending balance	$ 33,522,978	$ 46,020,490	$ 34,851,557	$ 114,395,025

Ending balance: individually evaluated for impairment	$ -	$ 3,087,161	$ 93,269	$ 3,180,430

Ending balance: collectively evaluated for impairment	$ 33,522,978	$ 42,933,329	$ 34,758,287	$ 111,214,594

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, 2016

Commercial	$ -	$ -	$ -	$ -	$ -	$ 36,034,037	$ 36,034,037	$ (187,129)	$ 35,846,908
Residential	2,232,999	535,471	1,250,122	4,321,276	8,339,869	44,379,298	52,719,167	(1,917,293)	50,801,874
Residential Construction	-	186,586	64,895	-	251,481	44,582,598	44,834,079	(100,114)	44,733,965

Total	$ 2,232,999	$ 722,057	$ 1,315,017	$ 4,321,276	$ 8,591,350	$ 124,995,933	$ 133,587,283	$ (2,204,536)	$ 131,382,747

December 31, 2015
Commercial	$ -	$ -	$ -	$ -	$ -	$ 33,522,978	$ 33,522,978	$ (187,129)	$ 33,335,849
Residential	1,162,102	884,143	2,212,993	3,087,161	7,346,399	38,674,091	46,020,490	(1,560,877)	44,459,613
Residential Construction	-	-	64,895	93,269	158,164	34,693,393	34,851,557	(100,114)	34,751,443

Total	$ 1,162,102	$ 884,143	$ 2,277,888	$ 3,180,430	$ 7,504,563	$ 106,890,462	$ 114,395,025	$ (1,848,120)	$ 112,546,905

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, 2016
With no related allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	-	-	-	-	-
Residential construction	-	-	-	-	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	4,321,276	4,321,276	456,262	4,321,276	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	4,321,276	4,321,276	456,262	4,321,276	-
Residential construction	-	-	-	-	-

December 31, 2015
With no related allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	-	-	-	-	-
Residential construction	93,269	93,269	-	93,269	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	3,087,161	3,087,161	305,962	3,087,161	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	3,087,161	3,087,161	305,962	3,087,161	-
Residential construction	93,269	93,269	-	93,269	-

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 or greater delinquent 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, 2016	December 31, 2015	June 30, 2016	December 31, 2015	June 30, 2016	December 31, 2015	June 30, 2016	December 31, 2015

Performing	$ 36,034,037	$ 33,522,978	$ 47,147,768	$ 40,720,336	$ 44,769,184	$ 34,693,393	$ 127,950,989	$ 108,936,707
Nonperforming	-	-	5,571,399	5,300,154	64,895	158,164	5,636,294	5,458,318

Total	$ 36,034,037	$ 33,522,978	$ 52,719,167	$ 46,020,490	$ 44,834,079	$ 34,851,557	$ 133,587,283	$ 114,395,025

Non-Accrual Mortgage Loans

Once a loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and write off any income that had been accrued. Interest not accrued on these loans totals $263,000 and $268,000 as of June 30, 2016 and December 31, 2015, 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 2016	As of December 31 2015
Residential	$ 5,571,399	$ 5,300,154
Residential construction	64,895	158,164
Total	$ 5,636,294	$ 5,458,318

Loan Loss Reserve

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 2016	As of December 31 2015
Balance, beginning of period	$ 2,805,900	$ 1,718,150
Provisions for losses	1,415,451	6,295,043
Charge-offs	(158,998)	(5,207,293)
Balance, end of period	$ 4,062,353	$ 2,805,900

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, 2016

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 $84,026 and $125,931 has been recognized for these plans for the three months ended June 30, 2016 and 2015, respectively, and $168,478 and $211,476 for the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016, the total unrecognized compensation expense related to the options issued in December 2015 was $144,110, which is expected to be recognized over the vesting period 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, 2016, and the changes during the six months ended June 30, 2016, 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, 2015	618,261	$ 3.89	577,436	$ 3.54
Granted	-		-
Exercised	(28,460)	2.15	-
Cancelled	-		-
Outstanding at June 30, 2016	589,801	$ 3.97	577,436	$ 3.54

As of June 30, 2016:
Options exercisable	519,711	$ 3.65	524,936	$ 3.19

As of June 30, 2016:
Available options for future grant	397,342		57,750

Weighted average contractual term of options
outstanding at June 30, 2016	7.25 years		2.25 years

Weighted average contractual term of options
exercisable at June 30, 2016	6.96 years		2.03 years

Aggregated intrinsic value of options
outstanding at June 30, 2016 (1)	$755,390		$1,001,904

Aggregated intrinsic value of options
exercisable at June 30, 2016 (1)	$755,390		$1,001,904

(1) The Company used a stock price of $4.89 as of June 30, 2016 to derive intrinsic value.

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.

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, 2016 and 2015 was $91,989 and $492,740, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

5) Earnings Per Share

6 Months Ended

Jun. 30, 2016

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
		2016	2015	2016	2015
Numerator:
	Net earnings	$ 5,357,287	$ 3,852,279	$ 7,150,819	$ 5,715,982
Denominator:
	Basic weighted-average shares outstanding	14,030,903	13,694,539	13,985,114	13,643,682
Effect of dilutive securities:
	Employee stock options	346,046	586,764	392,712	573,723

	Diluted weighted-average shares outstanding	14,376,949	14,281,303	14,377,826	14,217,405

Basic net earnings per share		$0.38	$0.28	$0.51	$0.42

Diluted net earnings per share		$0.37	$0.27	$0.50	$0.40

Net earnings per share amounts have been adjusted for the effect of annual stock dividends. For the three and six months ended June 30, 2016 and 2015, there were 250,039 and -0- 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, 2016

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 fee income and expenses from the originations of residential 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 10-K for the year ended December 31, 2015. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation.

Factors Management Used to Identify the Enterprise’s Reportable Segments

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

	Life Insurance	Cemetery/ Mortuary	Mortgage	Eliminations	Consolidated
For the Three Months Ended
June 30, 2016
Revenues from external customers	$ 23,569,437	$ 3,813,701	$ 54,356,463	$ -	$ 81,739,601
Intersegment revenues	3,358,988	221,862	80,860	(3,661,710)	-
Segment profit before income taxes	2,503,475	759,607	4,717,780	-	7,980,862

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 Six Months Ended
June 30, 2016
Revenues from external customers	$ 45,644,571	$ 7,144,467	$ 94,964,878	$ -	$ 147,753,916
Intersegment revenues	6,462,434	508,787	160,339	(7,131,560)	-
Segment profit before income taxes	3,568,643	1,228,662	6,034,322	-	10,831,627

Identifiable Assets	730,421,258	95,831,664	75,267,037	(131,845,488)	769,674,471
Goodwill	2,765,570	-	-	-	2,765,570

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

- 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
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+ Details

7): Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2016

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.

Other Investments: The fair values are estimated using one or more valuation techniques for which sufficient and reliable data is available. Factors considered when estimating the fair value include the original transaction price, recent transactions in the same or similar properties, historical lease rates, comparable lease rates of similar properties, discount rates, market capitalization rates, expected vacancy rates, and changes in financial ratios or cash flow.

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 Mortgage Servicing Rights (“MSRs”) at their estimated fair values derived from the net cash flows associated with the servicing contracts, where the Company assumes the obligation to service the loan in the sale transaction. 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 seven and 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, 2016.

	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	$ 9,103,276	$ 9,103,276	$ -	$ -
Total securities available for sale	$ 9,103,276	$ 9,103,276	$ -	$ -

Restricted assets of cemeteries and mortuaries	$ 687,214	$ 687,214	$ -	$ -
Cemetery perpetual care trust investments	669,366	669,366	-	-
Derivatives - interest rate lock commitments	5,367,361	-	-	5,367,361
Other investments	1,522,188	-	-	1,522,188
Total assets accounted for at fair value on a recurring basis	$ 17,349,405	$ 10,459,856	$ -	$ 6,889,549

Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	$ (49,986,987)	$ -	$ -	$ (49,986,987)
Future policy benefits - annuities	(69,164,566)	-	-	(69,164,566)
Derivatives - bank loan interest rate swaps	(8,406)	-	-	(8,406)
- call options	(26,232)	(26,232)	-	-
- put options	(29,876)	(29,876)	-	-
- interest rate lock commitments	(1,120,687)	-	-	(1,120,687)
Total liabilities accounted for at fair value on a recurring basis	$ (120,336,754)	$ (56,108)	$ -	$ (120,280,646)

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	Other Investments

Balance - December 31, 2015	$ (50,694,953)	$ (69,398,617)	$ 3,333,091	$ (13,947)	$ 1,174,769

Purchases	-	-	-	-	300,000
Total gains (losses):

Included in earnings	707,966	234,051	-	-	-

Included in other comprehensive income	-	-	913,583	5,541	47,419

Balance - June 30, 2016	$ (49,986,987)	$ (69,164,566)	$ 4,246,674	$ (8,406)	$ 1,522,188

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, 2016.

		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	$ 3,779,530	$ -	$ -	$ 3,779,530
Real estate held for investment	3,046,386	-	-	3,046,386
Total assets accounted for at fair value on a nonrecurring basis	$ 6,825,916	$ -	$ -	$ 6,825,916

	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	$ 8,431,090	$ 8,431,090	$ -	$ -
Total securities available for sale	$ 8,431,090	$ 8,431,090	$ -	$ -

Restricted assets of cemeteries and mortuaries	$ 686,444	$ 686,444	$ -	$ -
Cemetery perpetual care trust investments	630,854	630,854	-	-
Derivatives - interest rate lock commitments	3,440,758	-	-	3,440,758
Other investments	1,174,769	-	-	1,174,769
Total assets accounted for at fair value on a recurring basis	$ 14,363,915	$ 9,748,388	$ -	$ 4,615,527
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	$ (50,694,953)	$ -	$ -	$ (50,694,953)
Future policy benefits - annuities	(69,398,617)	-	-	(69,398,617)
Derivatives - bank loan interest rate swaps	(13,947)	-	-	(13,947)
- call options	(16,342)	(16,342)	-	-
- put options	(28,829)	(28,829)	-	-
- interest rate lock commitment	(107,667)	-	-	(107,667)
Total liabilities accounted for at fair value on a recurring basis	$ (120,260,355)	$ (45,171)	$ -	$ (120,215,184)

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	Other Investments
Balance - December 31, 2014	$ (45,310,699)	$ (65,540,985)	$ 1,929,851	$ (31,370)	$ -
Purchases	-	-	-	-	1,200,000
Total gains (losses):
Included in earnings	(5,384,254)	(3,857,632)	-	-	-
Included in other
comprehensive income	-	-	1,403,240	17,423	(25,231)
Balance - December 31, 2015	$ (50,694,953)	$ (69,398,617)	$ 3,333,091	$ (13,947)	$ 1,174,769

		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	$ 6,217,551	$ -	$ -	$ 6,217,551
Real estate held for investment	95,000	-	-	95,000
Total assets accounted for at fair value on a
nonrecurring basis	$ 6,312,551	$ -	$ -	$ 6,312,551

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, 2016 and December 31, 2015. The estimated fair value amounts for June 30, 2016 and December 31, 2015 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, 2016:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$ 50,801,874	$ -	$ -	$ 54,087,275	$ 54,087,275
Residential construction	44,733,965	-	-	44,733,965	44,733,965
Commercial	35,846,908	-	-	36,919,077	36,919,077
Mortgage loans, net	$ 131,382,747	$ -	$ -	$ 135,740,317	$ 135,740,317
Policy loans	6,753,769	-	-	6,753,769	6,753,769
Insurance assignments, net	29,211,938	-	-	29,211,938	29,211,938
Short-term investments	20,775,666	-	-	20,775,666	20,775,666

Liabilities
Bank and other loans payable	$ (42,589,453)	$ -	$ -	$ (42,589,453)	$ (42,589,453)

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, 2015:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$ 44,459,613	$ -	$ -	$ 47,193,950	$ 47,193,950
Residential construction	34,751,443	-	-	34,751,443	34,751,443
Commercial	33,335,849	-	-	34,778,136	34,778,136
Mortgage loans, net	$ 112,546,905	$ -	$ -	$ 116,723,529	$ 116,723,529
Policy loans	6,896,457	-	-	6,896,457	6,896,457
Insurance assignments, net	31,511,195	-	-	31,511,195	31,511,195
Short-term investments	16,915,808	-	-	16,915,808	16,915,808

Liabilities
Bank and other loans payable	$ (40,894,968)	$ -	$ -	$ (40,894,968)	$ (40,894,968)

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 thru 2016 is determined from pricing of similar loans that were sold in 2014 and 2015

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 Loans and Other Investments: 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, 2016

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 held for investment. 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, 2016

Notes

9) Derivative Commitments

Interest Rate Locks and 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.

Call and Put Options

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. 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, 2016 and December 31, 2015.

	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	June 30, 2016		December 31, 2015		June 30, 2016		December 31, 2015
	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	$5,367,361	other assets	$3,440,758	Other liabilities	$1,120,687	Other liabilities	$ 107,667
Call options	--	--	--	--	Other liabilities	26,232	Other liabilities	16,342
Put options	--	--	--	--	Other liabilities	29,876	Other liabilities	28,829
Interest rate swaps	--	--	--	--	Bank loans payable	8,406	Bank loans payable	13,947
Total		$5,367,361		$3,440,758		$1,185,201		$ 166,785

The following table shows the gain 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:	2016	2015	2016	2015
Interest Rate Lock Commitments	$ (427,409)	$ 1,252,010	$ 913,583	$ 3,739,900
Interest Rate Swaps	2,804	4,760	5,541	8,711
Sub Total	(424,605)	1,256,770	919,124	3,748,611
Tax Effect	(165,597)	490,140	358,458	1,461,958
Total	$ (259,008)	$ 766,630	$ 560,666	$ 2,286,653

- 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

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+ Details

10) Reinsurance, Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

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.

Mortgage Loan Loss Settlements

Future loan losses can be extremely difficult to estimate. However, management believes that the Company’s reserve methodology and its current practice of property preservation allow it to estimate its potential losses on loans sold. The amounts expensed for loan losses for the three months ended June 30, 2016 and 2015 were $829,000 and $2,252,000 respectively, and for the six months ended June 30, 2016 and 2015 were $1,415,000 and $2,919,000, respectively. The estimated liability for indemnification losses is included in other liabilities and accrued expenses and, as of June 30, 2016 and December 31, 2015, the balances were $4,062,000 and $2,806,000, respectively.

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 mortgage loans insured by the Federal Housing Administration (FHA). No demand has been made from FHA 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 resulting from: the absence of any specific demand from FHA, the potential remedies that SecurityNational Mortgage may have, 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, 2016, the Company’s commitments were $65,925,000 for these loans of which $44,834,000 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 (3.50% as of June 30, 2016). Maturities range between six and twelve months.

The Company belongs to a captive insurance group for certain casualty insurance, worker compensation and liability programs. Insurance reserves are maintained relative to these programs. The level of exposure from catastrophic events is limited by the purchase of stop-loss and aggregate liability reinsurance coverage. When estimating the insurance liabilities and related reserves, the captive insurance management considers a number of factors, which include historical claims experience, demographic factors, severity factors and valuations provided by independent third-party actuaries. If actual claims or adverse development of loss reserves occurs and exceed these estimates, additional reserves may be required. The estimation process contains uncertainty since captive insurance management must use judgment to estimate the ultimate cost that will be incurred to settle reported claims and unreported claims for incidents incurred but not reported as of the balance sheet date. At June 30, 2016, $619,076 of reserves was established related to such insurance programs versus $834,855 at December 31, 2015.

The Company is a defendant in various other legal actions arising from the normal conduct of business. Management believes that none of the actions will have a material effect on the Company’s financial position or results of operations. Based on management’s assessment and legal counsel’s representations concerning the likelihood of unfavorable outcomes, no amounts have been accrued for the above claims in the consolidated financial statements.

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

11) Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2016

Notes

11) Mortgage Servicing Rights

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

	As of June 30 2016	As of December 31 2015
Amortized cost:
Balance before valuation allowance at beginning of year	$ 12,679,755	$ 7,834,747
MSRs proceeds from loan sales	3,779,530	6,217,551
Amortization	(1,042,720)	(1,372,543)
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance before valuation allowance at year end	$ 15,416,565	$ 12,679,755

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	$ 15,416,565	$ 12,679,755

Estimated fair value of MSRs at end of period	$ 15,952,247	$ 13,897,160

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

12) Subsequent Events

6 Months Ended

Jun. 30, 2016

Notes

12) Subsequent Events

Completion of the Stock Purchase Agreement to Acquire First Guaranty Insurance Company

On July 11, 2016, the Company, through its wholly owned subsidiary, Security National Life completed the stock purchase transaction with the shareholders of Reppond Holding Corporation, an Arkansas corporation ("Reppond Holding") and sole shareholder of First Guaranty Insurance Company, a Louisiana domestic stock legal reserve life insurance company ("First Guaranty"), to purchase all the outstanding shares of common stock of Reppond Holding. Under the terms of the stock purchase agreement, dated February 17, 2016, between Security Life and Reppond Holding, which was later amended on March 4 and 17, 2016, Security Life paid a total of $6,753,000 at the closing in consideration for the purchase of all the outstanding shares of stock of Reppond Holding from its shareholders. Reppond Holding holds all of the outstanding shares of common stock of First Guaranty.

Submission of Matters to a Vote of Security Holders

At the Annual Meeting, held on July 6, 2016, the Company's stockholders approved the amendment to the Company's Articles of Incorporation to increase the authorized capital stock of the Company from 32,000,000 shares to 33,000,000 shares by increasing the number of authorized shares of Class C common stock from 2,000,000 shares to 3,000,000 shares.

1) Basis of Presentation: Accounting Policy (Policies)	6 Months Ended
1) Basis of Presentation: Accounting Policy (Policies)	Jun. 30, 2016
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, 2015, 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, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

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

6 Months Ended

Jun. 30, 2016

Policies

Use of Estimates Policy

2) Recent Accounting Pronouncements: New Accounting Pronouncements, Policy (Policies)

6 Months Ended

Jun. 30, 2016

Policies

New Accounting Pronouncements, Policy

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: Held-to-maturity Securities (Tables)

6 Months Ended

Jun. 30, 2016

Held-to-maturity Securities

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
June 30, 2016
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 3,555,727	$ 415,240	$ -	$ 3,970,967
Obligations of states and political subdivisions	1,801,138	198,790	-	1,999,928
Corporate securities including public utilities	130,240,984	14,123,337	(3,733,209)	140,631,112
Mortgage-backed securities	7,838,652	354,028	(134,865)	8,057,815
Redeemable preferred stock	623,635	52,552	-	676,187
Total fixed maturity securities held to maturity	$ 144,060,136	$ 15,143,947	$ (3,868,074)	$ 155,336,009

AsOfDecember312015Member

Held-to-maturity Securities

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2015:

Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$ 3,560,579	$ 292,869	$ (4,743)	$ 3,848,705
Obligations of states and political subdivisions	1,805,828	182,073	(1,040)	1,986,861
Corporate securities including public utilities	134,488,108	9,836,355	(5,501,743)	138,822,720
Mortgage-backed securities	5,091,887	190,867	(75,580)	5,207,174
Redeemable preferred stock	612,023	29,675	-	641,698
Total fixed maturity securities held to maturity	$ 145,558,425	$ 10,531,839	$ (5,583,106)	$ 150,507,158

- 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, 2016

Available-for-sale Securities



Equity securities available for sale at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 10,188,627	$ 264,176	$ (1,349,527)	$ 9,103,276

Total equity securities available for sale at estimated fair value	$ 10,188,627	$ 264,176	$ (1,349,527)	$ 9,103,276

Mortgage loans on real estate and construction loans held for investment at amortized cost:
Residential	$ 52,719,167
Residential construction	44,834,079
Commercial	36,034,037
Less: Allowance for loan losses	(2,204,536)
Total mortgage loans on real estate and construction loans held for investment	$ 131,382,747

Real estate held for investment - net of depreciation	$ 116,234,204

Policy loans and other investments are shown at amortized cost except for other investments that are shown at estimated fair value:
Policy loans	$ 6,753,769
Insurance assignments	30,251,617
Promissory notes	48,797
Other investments at estimated fair value	1,522,188
Less: Allowance for doubtful accounts	(1,088,476)

Total policy loans and other investments	$ 37,487,895

Short-term investments at amortized cost	$ 20,775,666

AsOfDecember312015Member

Available-for-sale Securities



Equity securities available for sale at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$ 9,891,500	$ 213,683	$ (1,674,093)	$ 8,431,090

Total securities available for sale carried at estimated fair value	$ 9,891,500	$ 213,683	$ (1,674,093)	$ 8,431,090

Mortgage loans on real estate and construction loans held for investment at amortized cost:
Residential	$ 46,020,490
Residential construction	34,851,557
Commercial	33,522,978
Less: Allowance for loan losses	(1,848,120)

Total mortgage loans on real estate and construction loans held for investment	$ 112,546,905

Real estate held for investment - net of depreciation	$ 114,852,432

Policy loans and other investments are shown at amortized cost except for other investments that are shown at estimated fair value:
Policy loans	$ 6,896,457
Insurance assignments	32,369,014
Promissory notes	48,797
Other investments at estimated fair value	1,174,769
Less: Allowance for doubtful accounts	(906,616)

Total policy loans and other investments	$ 39,582,421

Short-term investments at amortized cost	$ 16,915,808

- 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, 2016

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, 2016
U.S. Treasury Securities and Obligations of U.S. Government Agencies	$ -	0	$ -	0	$ -
Obligations of states and political subdivisions	-	0	-	0	-
Corporate securities including public utilities	962,234	27	2,770,974	34	3,733,208
Mortgage-backed securities	134,865	5	-	0	134,865
Total unrealized losses	$ 1,097,099	32	$ 2,770,974	34	$ 3,868,073
Fair Value	$ 11,502,761		$ 9,977,552		$ 21,480,313

At December 31, 2015
U.S. Treasury Securities and Obligations of U.S. Government Agencies	$ 4,743	2	$ -	0	$ 4,743
Obligations of states and political subdivisions	-	0	1,040	1	1,040
Corporate securities including public utilities	3,701,572	98	1,800,171	18	5,501,743
Mortgage-backed securities	75,580	4	-	0	75,580
Total unrealized losses	$ 3,781,895	104	$ 1,801,211	19	$ 5,583,106
Fair Value	$ 34,076,401		$ 3,809,957		$ 37,886,358

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, 2016
Industrial, miscellaneous and all other	$ 577,290	145	$ 772,237	103	$ 1,349,527
Total unrealized losses	$ 577,290	145	$ 772,237	103	$ 1,349,527
Fair Value	$ 2,514,410		$ 1,916,072		$ 4,430,482

At December 31, 2015
Industrial, miscellaneous and all other	$ 997,862	222	$ 676,232	74	$ 1,674,093
Total unrealized losses	$ 997,862	222	$ 676,232	74	$ 1,674,093
Fair Value	$ 4,177,709		$ 760,860		$ 4,938,569

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

6 Months Ended

Jun. 30, 2016

Held-to-maturity Securities

Investments Classified by Contractual Maturity Date

	Amortized Cost	Estimated Fair Value
Held to Maturity:
Due in 2016	$ 1,704,502	$ 1,725,710
Due in 2017 through 2020	33,046,936	35,300,069
Due in 2021 through 2025	34,845,314	37,550,347
Due after 2025	66,001,097	72,025,881
Mortgage-backed securities	7,838,652	8,057,815
Redeemable preferred stock	623,635	676,187
Total held to maturity	$ 144,060,136	$ 155,336,009

Available-for-sale Securities

Investments Classified by Contractual Maturity Date

	Cost	Estimated Fair Value
Available for Sale:
Common stock	$ 10,188,627	$ 9,103,276
Total available for sale	$ 10,188,627	$ 9,103,276

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Gain (Loss) on Investments

	Three Months Ended June 30		Six Months Ended June 30
	2016	2015	2016	2015
Fixed maturity securities held to maturity:
Gross realized gains	$ 194,456	$ 273,061	$ 194,456	$ 359,057
Gross realized losses	-	(49,594)	(2,878)	(59,370)
Other than temporary impairments	(30,000)	(30,000)	(60,000)	(60,000)

Securities available for sale:
Gross realized gains	76,085	42,289	139,580	130,009
Gross realized losses	(8,724)	-	(32,602)	(1,016)
Other than temporary impairments	-	(25,311)	(43,630)	(51,207)

Other assets:
Gross realized gains	583,688	267,097	866,283	524,237
Gross realized losses	(724,962)	(32,077)	(946,374)	(32,077)
Total	$ 90,543	$ 445,465	$ 114,835	$ 809,633

- 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, 2016

Tables/Schedules

Schedule of Major categories of net investment income

	Three Months Ended June 30		Six Months Ended June 30
	2016	2015	2016	2015
Fixed maturity securities	$ 2,011,637	$ 2,144,989	$ 4,062,206	$ 4,125,684
Equity securities	59,252	55,298	130,293	114,716
Mortgage loans on real estate	2,295,531	1,790,538	4,306,506	3,641,164
Real estate	2,587,789	2,233,781	5,426,272	4,354,352
Policy loans	171,035	188,639	353,241	377,185
Insurance assignments	2,946,375	2,505,252	5,963,484	5,196,411
Other investments	13,962	-	13,962	-
Short-term investments, principally interest on sale of mortgage loans and other	2,001,301	2,233,355	3,879,983	3,767,981
Gross investment income	12,086,882	11,151,852	24,135,947	21,577,493
Investment expenses	(2,951,062)	(2,561,179)	(6,007,936)	(5,163,976)
Net investment income	$ 9,135,820	$ 8,590,673	$ 18,128,011	$ 16,413,517

3) Investments: Commercial Real Estate Investment (Tables)

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Commercial Real Estate Investment

	Net Ending Balance				Total Square Footage
	June 30		December 31		June 30	December 31
	2016		2015		2016	2015
Arizona	$ 457,156	(1)	$ 463,774	(1)	16,270	16,270
Arkansas	102,474		-		3,200	-
Kansas	12,683,027		11,537,335		222,679	222,679
Mississippi	3,134,773		-		21,521	-
New Mexico	7,000	(1)	7,000	(1)	-	-
Texas	3,760,005		3,768,542		23,470	23,470
Utah	17,090,224		17,403,746		233,244	253,244

	$ 37,234,659		$ 33,180,397		520,384	515,663

(1) Includes undeveloped land

3) Investments: Residential Real Estate Investment (Tables)

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Residential Real Estate Investment

	Net Ending Balance
	June 30	December 31
	2016	2015
Arizona	$ 749,067	$ 944,614
California	5,705,414	6,158,253
Colorado	454,996	553,230
Florida	8,565,629	9,203,624
Illinois	-	165,800
Oklahoma	98,667	99,862
Ohio	46,658	-
Oregon	-	120,000
South Carolina	672,049	823,872
Texas	1,272,794	1,198,860
Utah	61,148,091	62,117,738
Washington	286,181	286,182
	$ 78,999,546	$ 81,672,035

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

6 Months Ended

Jun. 30, 2016

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, 2016
Allowance for credit losses:
Beginning balance - January 1, 2016	$ 187,129	$ 1,560,877	$ 100,114	$ 1,848,120
Charge-offs	-	(60,628)	-	(60,628)
Provision	-	417,044	-	417,044
Ending balance -June 30, 2016	$ 187,129	$ 1,917,293	$ 100,114	$ 2,204,536

Ending balance: individually evaluated for impairment	$ -	$ 456,262	$ -	$ 456,262

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,461,031	$ 100,114	$ 1,748,274

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

Mortgage loans:
Ending balance	$ 36,034,037	$ 52,719,167	$ 44,834,079	$ 133,587,283

Ending balance: individually evaluated for impairment	$ -	$ 4,321,276	$ -	$ 4,321,276

Ending balance: collectively evaluated for impairment	$ 36,034,037	$ 48,397,891	$ 44,834,079	$ 129,266,007

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

December 31, 2015
Allowance for credit losses:
Beginning balance - January 1, 2015	$ 187,129	$ 1,715,812	$ 100,114	$ 2,003,055
Charge-offs	-	(123,942)	-	(123,942)
Provision	-	(30,993)	-	(30,993)
Ending balance - December 31, 2015	$ 187,129	$ 1,560,877	$ 100,114	$ 1,848,120

Ending balance: individually evaluated for impairment	$ -	$ 305,962	$ -	$ 305,962

Ending balance: collectively evaluated for impairment	$ 187,129	$ 1,254,915	$ 100,114	$ 1,542,158

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

Mortgage loans:
Ending balance	$ 33,522,978	$ 46,020,490	$ 34,851,557	$ 114,395,025

Ending balance: individually evaluated for impairment	$ -	$ 3,087,161	$ 93,269	$ 3,180,430

Ending balance: collectively evaluated for impairment	$ 33,522,978	$ 42,933,329	$ 34,758,287	$ 111,214,594

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

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

6 Months Ended

Jun. 30, 2016

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, 2016

Commercial	$ -	$ -	$ -	$ -	$ -	$ 36,034,037	$ 36,034,037	$ (187,129)	$ 35,846,908
Residential	2,232,999	535,471	1,250,122	4,321,276	8,339,869	44,379,298	52,719,167	(1,917,293)	50,801,874
Residential Construction	-	186,586	64,895	-	251,481	44,582,598	44,834,079	(100,114)	44,733,965

Total	$ 2,232,999	$ 722,057	$ 1,315,017	$ 4,321,276	$ 8,591,350	$ 124,995,933	$ 133,587,283	$ (2,204,536)	$ 131,382,747

December 31, 2015
Commercial	$ -	$ -	$ -	$ -	$ -	$ 33,522,978	$ 33,522,978	$ (187,129)	$ 33,335,849
Residential	1,162,102	884,143	2,212,993	3,087,161	7,346,399	38,674,091	46,020,490	(1,560,877)	44,459,613
Residential Construction	-	-	64,895	93,269	158,164	34,693,393	34,851,557	(100,114)	34,751,443

Total	$ 1,162,102	$ 884,143	$ 2,277,888	$ 3,180,430	$ 7,504,563	$ 106,890,462	$ 114,395,025	$ (1,848,120)	$ 112,546,905

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Schedule of Impaired Mortgage Loans

Impaired Loans

	Recorded Investment	Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized
June 30, 2016
With no related allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	-	-	-	-	-
Residential construction	-	-	-	-	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	4,321,276	4,321,276	456,262	4,321,276	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	4,321,276	4,321,276	456,262	4,321,276	-
Residential construction	-	-	-	-	-

December 31, 2015
With no related allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	-	-	-	-	-
Residential construction	93,269	93,269	-	93,269	-

With an allowance recorded:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	3,087,161	3,087,161	305,962	3,087,161	-
Residential construction	-	-	-	-	-

Total:
Commercial	$ -	$ -	$ -	$ -	$ -
Residential	3,087,161	3,087,161	305,962	3,087,161	-
Residential construction	93,269	93,269	-	93,269	-

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

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

Mortgage Loan Credit Exposure
Credit Risk Profile Based on Payment Activity

	Commercial		Residential		Residential Construction		Total
	June 30, 2016	December 31, 2015	June 30, 2016	December 31, 2015	June 30, 2016	December 31, 2015	June 30, 2016	December 31, 2015

Performing	$ 36,034,037	$ 33,522,978	$ 47,147,768	$ 40,720,336	$ 44,769,184	$ 34,693,393	$ 127,950,989	$ 108,936,707
Nonperforming	-	-	5,571,399	5,300,154	64,895	158,164	5,636,294	5,458,318

Total	$ 36,034,037	$ 33,522,978	$ 52,719,167	$ 46,020,490	$ 44,834,079	$ 34,851,557	$ 133,587,283	$ 114,395,025

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Schedule of Mortgage loans on a nonaccrual status

	Mortgage Loans on Nonaccrual Status

	As of June 30 2016	As of December 31 2015
Residential	$ 5,571,399	$ 5,300,154
Residential construction	64,895	158,164
Total	$ 5,636,294	$ 5,458,318

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

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

	As of June 30 2016	As of December 31 2015
Balance, beginning of period	$ 2,805,900	$ 1,718,150
Provisions for losses	1,415,451	6,295,043
Charge-offs	(158,998)	(5,207,293)
Balance, end of period	$ 4,062,353	$ 2,805,900

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

6 Months Ended

Jun. 30, 2016

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, 2015	618,261	$ 3.89	577,436	$ 3.54
Granted	-		-
Exercised	(28,460)	2.15	-
Cancelled	-		-
Outstanding at June 30, 2016	589,801	$ 3.97	577,436	$ 3.54

As of June 30, 2016:
Options exercisable	519,711	$ 3.65	524,936	$ 3.19

As of June 30, 2016:
Available options for future grant	397,342		57,750

Weighted average contractual term of options
outstanding at June 30, 2016	7.25 years		2.25 years

Weighted average contractual term of options
exercisable at June 30, 2016	6.96 years		2.03 years

Aggregated intrinsic value of options
outstanding at June 30, 2016 (1)	$755,390		$1,001,904

Aggregated intrinsic value of options
exercisable at June 30, 2016 (1)	$755,390		$1,001,904

(1) The Company used a stock price of $4.89 as of June 30, 2016 to derive intrinsic value.

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.

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Schedule of Earnings Per Share, Basic and Diluted

		Three Months Ended June 30		Six Months Ended June 30
		2016	2015	2016	2015
Numerator:
	Net earnings	$ 5,357,287	$ 3,852,279	$ 7,150,819	$ 5,715,982
Denominator:
	Basic weighted-average shares outstanding	14,030,903	13,694,539	13,985,114	13,643,682
Effect of dilutive securities:
	Employee stock options	346,046	586,764	392,712	573,723

	Diluted weighted-average shares outstanding	14,376,949	14,281,303	14,377,826	14,217,405

Basic net earnings per share		$0.38	$0.28	$0.51	$0.42

Diluted net earnings per share		$0.37	$0.27	$0.50	$0.40

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Schedule of Revenues and Expenses by Reportable Segment

	Life Insurance	Cemetery/ Mortuary	Mortgage	Eliminations	Consolidated
For the Three Months Ended
June 30, 2016
Revenues from external customers	$ 23,569,437	$ 3,813,701	$ 54,356,463	$ -	$ 81,739,601
Intersegment revenues	3,358,988	221,862	80,860	(3,661,710)	-
Segment profit before income taxes	2,503,475	759,607	4,717,780	-	7,980,862

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 Six Months Ended
June 30, 2016
Revenues from external customers	$ 45,644,571	$ 7,144,467	$ 94,964,878	$ -	$ 147,753,916
Intersegment revenues	6,462,434	508,787	160,339	(7,131,560)	-
Segment profit before income taxes	3,568,643	1,228,662	6,034,322	-	10,831,627

Identifiable Assets	730,421,258	95,831,664	75,267,037	(131,845,488)	769,674,471
Goodwill	2,765,570	-	-	-	2,765,570

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

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

6 Months Ended

Jun. 30, 2016

AsOfJune302016Member

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	$ 9,103,276	$ 9,103,276	$ -	$ -
Total securities available for sale	$ 9,103,276	$ 9,103,276	$ -	$ -

Restricted assets of cemeteries and mortuaries	$ 687,214	$ 687,214	$ -	$ -
Cemetery perpetual care trust investments	669,366	669,366	-	-
Derivatives - interest rate lock commitments	5,367,361	-	-	5,367,361
Other investments	1,522,188	-	-	1,522,188
Total assets accounted for at fair value on a recurring basis	$ 17,349,405	$ 10,459,856	$ -	$ 6,889,549

Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	$ (49,986,987)	$ -	$ -	$ (49,986,987)
Future policy benefits - annuities	(69,164,566)	-	-	(69,164,566)
Derivatives - bank loan interest rate swaps	(8,406)	-	-	(8,406)
- call options	(26,232)	(26,232)	-	-
- put options	(29,876)	(29,876)	-	-
- interest rate lock commitments	(1,120,687)	-	-	(1,120,687)
Total liabilities accounted for at fair value on a recurring basis	$ (120,336,754)	$ (56,108)	$ -	$ (120,280,646)

AsOfDecember312015Member

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	$ 8,431,090	$ 8,431,090	$ -	$ -
Total securities available for sale	$ 8,431,090	$ 8,431,090	$ -	$ -

Restricted assets of cemeteries and mortuaries	$ 686,444	$ 686,444	$ -	$ -
Cemetery perpetual care trust investments	630,854	630,854	-	-
Derivatives - interest rate lock commitments	3,440,758	-	-	3,440,758
Other investments	1,174,769	-	-	1,174,769
Total assets accounted for at fair value on a recurring basis	$ 14,363,915	$ 9,748,388	$ -	$ 4,615,527
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	$ (50,694,953)	$ -	$ -	$ (50,694,953)
Future policy benefits - annuities	(69,398,617)	-	-	(69,398,617)
Derivatives - bank loan interest rate swaps	(13,947)	-	-	(13,947)
- call options	(16,342)	(16,342)	-	-
- put options	(28,829)	(28,829)	-	-
- interest rate lock commitment	(107,667)	-	-	(107,667)
Total liabilities accounted for at fair value on a recurring basis	$ (120,260,355)	$ (45,171)	$ -	$ (120,215,184)

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, 2016

AsOfJune301202016Member

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	Other Investments

Balance - December 31, 2015	$ (50,694,953)	$ (69,398,617)	$ 3,333,091	$ (13,947)	$ 1,174,769

Purchases	-	-	-	-	300,000
Total gains (losses):

Included in earnings	707,966	234,051	-	-	-

Included in other comprehensive income	-	-	913,583	5,541	47,419

Balance - June 30, 2016	$ (49,986,987)	$ (69,164,566)	$ 4,246,674	$ (8,406)	$ 1,522,188

AsOfDecember312015Member

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	Other Investments
Balance - December 31, 2014	$ (45,310,699)	$ (65,540,985)	$ 1,929,851	$ (31,370)	$ -
Purchases	-	-	-	-	1,200,000
Total gains (losses):
Included in earnings	(5,384,254)	(3,857,632)	-	-	-
Included in other
comprehensive income	-	-	1,403,240	17,423	(25,231)
Balance - December 31, 2015	$ (50,694,953)	$ (69,398,617)	$ 3,333,091	$ (13,947)	$ 1,174,769

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

6 Months Ended

Jun. 30, 2016

AsOfJune302016Member

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	$ 3,779,530	$ -	$ -	$ 3,779,530
Real estate held for investment	3,046,386	-	-	3,046,386
Total assets accounted for at fair value on a nonrecurring basis	$ 6,825,916	$ -	$ -	$ 6,825,916

AsOfDecember312015Member

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	$ 6,217,551	$ -	$ -	$ 6,217,551
Real estate held for investment	95,000	-	-	95,000
Total assets accounted for at fair value on a
nonrecurring basis	$ 6,312,551	$ -	$ -	$ 6,312,551

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

6 Months Ended

Jun. 30, 2016

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	$ 50,801,874	$ -	$ -	$ 54,087,275	$ 54,087,275
Residential construction	44,733,965	-	-	44,733,965	44,733,965
Commercial	35,846,908	-	-	36,919,077	36,919,077
Mortgage loans, net	$ 131,382,747	$ -	$ -	$ 135,740,317	$ 135,740,317
Policy loans	6,753,769	-	-	6,753,769	6,753,769
Insurance assignments, net	29,211,938	-	-	29,211,938	29,211,938
Short-term investments	20,775,666	-	-	20,775,666	20,775,666

Liabilities
Bank and other loans payable	$ (42,589,453)	$ -	$ -	$ (42,589,453)	$ (42,589,453)

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, 2015:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Mortgage loans:
Residential	$ 44,459,613	$ -	$ -	$ 47,193,950	$ 47,193,950
Residential construction	34,751,443	-	-	34,751,443	34,751,443
Commercial	33,335,849	-	-	34,778,136	34,778,136
Mortgage loans, net	$ 112,546,905	$ -	$ -	$ 116,723,529	$ 116,723,529
Policy loans	6,896,457	-	-	6,896,457	6,896,457
Insurance assignments, net	31,511,195	-	-	31,511,195	31,511,195
Short-term investments	16,915,808	-	-	16,915,808	16,915,808

Liabilities
Bank and other loans payable	$ (40,894,968)	$ -	$ -	$ (40,894,968)	$ (40,894,968)

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Schedule of Derivative Assets at Fair Value

	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	June 30, 2016		December 31, 2015		June 30, 2016		December 31, 2015
	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	$5,367,361	other assets	$3,440,758	Other liabilities	$1,120,687	Other liabilities	$ 107,667
Call options	--	--	--	--	Other liabilities	26,232	Other liabilities	16,342
Put options	--	--	--	--	Other liabilities	29,876	Other liabilities	28,829
Interest rate swaps	--	--	--	--	Bank loans payable	8,406	Bank loans payable	13,947
Total		$5,367,361		$3,440,758		$1,185,201		$ 166,785

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

6 Months Ended

Jun. 30, 2016

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:	2016	2015	2016	2015
Interest Rate Lock Commitments	$ (427,409)	$ 1,252,010	$ 913,583	$ 3,739,900
Interest Rate Swaps	2,804	4,760	5,541	8,711
Sub Total	(424,605)	1,256,770	919,124	3,748,611
Tax Effect	(165,597)	490,140	358,458	1,461,958
Total	$ (259,008)	$ 766,630	$ 560,666	$ 2,286,653

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

6 Months Ended

Jun. 30, 2016

Tables/Schedules

Schedule of Mortgage Servicing Rights

	As of June 30 2016	As of December 31 2015
Amortized cost:
Balance before valuation allowance at beginning of year	$ 12,679,755	$ 7,834,747
MSRs proceeds from loan sales	3,779,530	6,217,551
Amortization	(1,042,720)	(1,372,543)
Application of valuation allowance to write down MSRs with other than temporary impairment	-	-
Balance before valuation allowance at year end	$ 15,416,565	$ 12,679,755

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	$ 15,416,565	$ 12,679,755

Estimated fair value of MSRs at end of period	$ 15,952,247	$ 13,897,160

3) Investments: Held-to-maturity Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
AmortizedCost	$ 144,060,136	$ 145,558,425
Held-to-maturity Securities, Unrecognized Holding Gain	15,143,947	10,531,839
Held-to-maturity Securities, Unrecognized Holding Loss	(3,868,074)	(5,583,106)
HeldToMaturitySecuritiesEstimatedFairValue	155,336,009	150,507,158
US Treasury and Government
AmortizedCost	3,555,727	3,560,579
Held-to-maturity Securities, Unrecognized Holding Gain	415,240	292,869
Held-to-maturity Securities, Unrecognized Holding Loss		(4,743)
HeldToMaturitySecuritiesEstimatedFairValue	3,970,967	3,848,705
US States and Political Subdivisions Debt Securities
AmortizedCost	1,801,138	1,805,828
Held-to-maturity Securities, Unrecognized Holding Gain	198,790	182,073
Held-to-maturity Securities, Unrecognized Holding Loss		(1,040)
HeldToMaturitySecuritiesEstimatedFairValue	1,999,928	1,986,861
Corporate Debt Securities
AmortizedCost	130,240,984	134,488,108
Held-to-maturity Securities, Unrecognized Holding Gain	14,123,337	9,836,355
Held-to-maturity Securities, Unrecognized Holding Loss	(3,733,209)	(5,501,743)
HeldToMaturitySecuritiesEstimatedFairValue	140,631,112	138,822,720
Collateralized Mortgage Backed Securities
AmortizedCost	7,838,652	5,091,887
Held-to-maturity Securities, Unrecognized Holding Gain	354,028	190,867
Held-to-maturity Securities, Unrecognized Holding Loss	(134,865)	(75,580)
HeldToMaturitySecuritiesEstimatedFairValue	8,057,815	5,207,174
Redeemable Preferred Stock
AmortizedCost	623,635	612,023
Held-to-maturity Securities, Unrecognized Holding Gain	52,552	29,675
HeldToMaturitySecuritiesEstimatedFairValue	$ 676,187	$ 641,698

3) Investments: Available-for-sale Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Available-for-sale Securities, Amortized Cost Basis	$ 10,188,627
AvailableForSaleSecuritiesEstimatedFairValue	9,103,276
Mortgage loans on real estate and construction	131,382,747	$ 112,546,905
Mortgage loans on real estate and construction, allowance for losses	(2,204,536)	(1,848,120)
Real estate held for investment, net of depreciation	116,234,204	114,852,432
Loans held for sale policy loans	6,753,769	6,896,457
Loans held for sale insurance assignments	30,251,617	32,369,014
Loans held for sale promissory notes	48,797	48,797
Other investments at estimated fair value	1,522,188	1,174,769
Loans held for sale allowance for doubtful accounts	(1,088,476)	(906,616)
Total policy loans and other investments	37,487,895	39,582,421
Short-term investments at amortized cost	20,775,666	16,915,808
Residential Mortgage
Mortgage loans on real estate and construction	52,719,167	46,020,490
Residential Construction
Mortgage loans on real estate and construction	44,834,079	34,851,557
Commercial Loan
Mortgage loans on real estate and construction	36,034,037	33,522,978
Common Stock
Available-for-sale Securities, Amortized Cost Basis	10,188,627
AvailableForSaleSecuritiesEstimatedFairValue	9,103,276
Industrial, miscellaneous and all other equity securities
Available-for-sale Securities, Amortized Cost Basis	10,188,627	9,891,500
Available-for-sale Securities, Gross Unrealized Gain	264,176	213,683
AvailableForSaleSecuritiesGrossUnrealizedLosses	(1,349,527)	(1,674,093)
AvailableForSaleSecuritiesEstimatedFairValue	9,103,276	8,431,090
Equity Securities
Available-for-sale Securities, Amortized Cost Basis	10,188,627	9,891,500
Available-for-sale Securities, Gross Unrealized Gain	264,176	213,683
AvailableForSaleSecuritiesGrossUnrealizedLosses	(1,349,527)	(1,674,093)
AvailableForSaleSecuritiesEstimatedFairValue	$ 9,103,276	$ 8,431,090

3) Investments: Schedule of Unrealized Loss on Investments (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Held-to-maturity Securities, Unrecognized Holding Loss	$ 3,868,074	$ 5,583,106
Fair Value	4,430,482	4,938,569
US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss		1,040
Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	3,733,209	5,501,743
Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	134,865	75,580
Industrial, miscellaneous and all other equity securities
AvailableForSaleSecuritiesGrossUnrealizedLosses	1,349,527	1,674,093
Equity Securities
AvailableForSaleSecuritiesGrossUnrealizedLosses	1,349,527	1,674,093
Less than 12 months
Held-to-maturity Securities, Unrecognized Holding Loss	$ 1,097,099	$ 3,781,895
No. of Investment Positions	32	104
Held-to-maturity Securities, Fair Value	$ 11,502,761	$ 34,076,401
Fair Value	$ 2,514,410	4,177,709
Less than 12 months \| U.S. Treasury Securities
Held-to-maturity Securities, Unrecognized Holding Loss		$ 4,743
No. of Investment Positions	0	2
Less than 12 months \| US States and Political Subdivisions Debt Securities
No. of Investment Positions	0	0
Less than 12 months \| Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 962,234	$ 3,701,572
No. of Investment Positions	27	98
Less than 12 months \| Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 134,865	$ 75,580
No. of Investment Positions	5	4
Less than 12 months \| Industrial, miscellaneous and all other equity securities
No. of Investment Positions	145	222
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 577,290	$ 997,862
Less than 12 months \| Equity Securities
No. of Investment Positions	145	222
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 577,290	$ 997,862
More than 12 months
Held-to-maturity Securities, Unrecognized Holding Loss	$ 2,770,974	$ 1,801,211
No. of Investment Positions	34	19
Held-to-maturity Securities, Fair Value	$ 9,977,552	$ 3,809,957
Fair Value	$ 1,916,072	$ 760,860
More than 12 months \| U.S. Treasury Securities
No. of Investment Positions	0	0
More than 12 months \| US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss		$ 1,040
No. of Investment Positions	0	1
More than 12 months \| Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 2,770,974	$ 1,800,171
No. of Investment Positions	34	18
More than 12 months \| Collateralized Mortgage Backed Securities
No. of Investment Positions	0	0
More than 12 months \| Industrial, miscellaneous and all other equity securities
No. of Investment Positions	103	74
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 772,237	$ 676,232
More than 12 months \| Equity Securities
No. of Investment Positions	103	74
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 772,237	$ 676,232
Total
Held-to-maturity Securities, Unrecognized Holding Loss	3,868,073	5,583,106
Held-to-maturity Securities, Fair Value	21,480,313	37,886,358
Total \| U.S. Treasury Securities
Held-to-maturity Securities, Unrecognized Holding Loss		4,743
Total \| US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss		1,040
Total \| Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	3,733,208	5,501,743
Total \| Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 134,865	$ 75,580

3) Investments (Details) - USD ($)	3 Months Ended
3) Investments (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Details
Average market value over amortized cost	84.70%		87.20%
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease)	$ 30,000	$ 30,000

3) Investments: Equity Securities - Additional (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Average Market Value of Security over initial investment		76.70%		74.70%
Equity Securities
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities	$ 25,311	$ 43,630	$ 51,207

3) Investments: Investments Classified by Contractual Maturity Date (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
AmortizedCost	$ 144,060,136	$ 145,558,425
HeldToMaturitySecuritiesEstimatedFairValue	155,336,009	150,507,158
Available-for-sale Securities, Amortized Cost Basis	10,188,627
AvailableForSaleSecuritiesEstimatedFairValue	9,103,276
Collateralized Mortgage Backed Securities
AmortizedCost	7,838,652	5,091,887
HeldToMaturitySecuritiesEstimatedFairValue	8,057,815	5,207,174
Redeemable Preferred Stock
AmortizedCost	623,635	612,023
HeldToMaturitySecuritiesEstimatedFairValue	676,187	$ 641,698
Common Stock
Available-for-sale Securities, Amortized Cost Basis	10,188,627
AvailableForSaleSecuritiesEstimatedFairValue	9,103,276
DueIn2016Member
AmortizedCost	1,704,502
HeldToMaturitySecuritiesEstimatedFairValue	1,725,710
DueIn2017Through2020Member
AmortizedCost	33,046,936
HeldToMaturitySecuritiesEstimatedFairValue	35,300,069
DueIn2021Through2025Member
AmortizedCost	34,845,314
HeldToMaturitySecuritiesEstimatedFairValue	37,550,347
DueAfter2025Member
AmortizedCost	66,001,097
HeldToMaturitySecuritiesEstimatedFairValue	$ 72,025,881

3) Investments: Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fixed maturity securities held to maturity:	$ 90,543	$ 445,465	$ 114,835	$ 809,633
Held-to-maturity Securities
Gross Realized Gains	194,456	273,061	194,456	359,057
Gross Realized Losses		(49,594)	(2,878)	(59,370)
Other than Temporary Impairments	(30,000)	(30,000)	(60,000)	(60,000)
Available-for-sale Securities
Gross Realized Gains	76,085	42,289	139,580	130,009
Gross Realized Losses	(8,724)		(32,602)	(1,016)
Other than Temporary Impairments		(25,311)	(43,630)	(51,207)
Other Assets
Gross Realized Gains	583,688	267,097	866,283	524,237
Gross Realized Losses	$ (724,962)	$ (32,077)	$ (946,374)	$ (32,077)

3) Investments: Net carrying amount of held to maturity securities (Details) - Held-to-maturity Securities - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net carrying amount for sales of securities	$ 1,789,159	$ 2,543,312
Net realized gain related to sales of securities	$ 156,171	$ 330,373

3) Investments: Schedule of Major categories of net investment income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gross investment income	$ 12,086,882	$ 11,151,852	$ 24,135,947	$ 21,577,493
Investment Income, Investment Expense	(2,951,062)	(2,561,179)	(6,007,936)	(5,163,976)
Net Investment Income	9,135,820	8,590,673	18,128,011	16,413,517
Fixed Maturities
Gross investment income	2,011,637	2,144,989	4,062,206	4,125,684
Equity Securities
Gross investment income	59,252	55,298	130,293	114,716
Mortgage loans on real estate
Gross investment income	2,295,531	1,790,538	4,306,506	3,641,164
Real Estate
Gross investment income	2,587,789	2,233,781	5,426,272	4,354,352
Policy, Student and other loans
Gross investment income	171,035	188,639	353,241	377,185
Insurance Assignments
Gross investment income	2,946,375	2,505,252	5,963,484	5,196,411
Other investments
Gross investment income	13,962		13,962
Short-term investments, principally gains on sale of mortgage loans
Gross investment income	$ 2,001,301	$ 2,233,355	$ 3,879,983	$ 3,767,981

3) Investments: Net Investment Income - Additional (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Net Investment Income	$ 9,135,820	$ 8,590,673	$ 18,128,011	$ 16,413,517
Securities on deposit for regulatory authorities	9,062,795		$ 9,062,795		$ 8,815,542
Cemeteries and mortuaries
Net Investment Income	$ 74,365	$ 93,564

3) Investments: Commercial Real Estate Investment (Details)	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 116,234,204	$ 114,852,432
Commercial Real Estate 1
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 37,234,659	$ 33,180,397
Square Footage	520,384	515,663
Commercial Real Estate 1 \| ArizonaMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 457,156	$ 463,774
Square Footage	16,270	16,270
Commercial Real Estate 1 \| ArkansasMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 102,474
Square Footage	3,200
Commercial Real Estate 1 \| KansasMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 12,683,027	$ 11,537,335
Square Footage	222,679	222,679
Commercial Real Estate 1 \| MississippiMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 3,134,773
Square Footage	21,521
Commercial Real Estate 1 \| NewMexicoMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 7,000	$ 7,000
Commercial Real Estate 1 \| TexasMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 3,760,005	$ 3,768,542
Square Footage	23,470	23,470
Commercial Real Estate 1 \| UtahMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 17,090,224	$ 17,403,746
Square Footage	233,244	253,244

3) Investments: Residential Real Estate Investment (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 116,234,204	$ 114,852,432
Residential Real Estate 1
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	78,999,546	81,672,035
Residential Real Estate 1 \| ArizonaMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	749,067	944,614
Residential Real Estate 1 \| CaliforniaMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	5,705,414	6,158,253
Residential Real Estate 1 \| ColoradoMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	454,996	553,230
Residential Real Estate 1 \| FloridaMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	8,565,629	9,203,624
Residential Real Estate 1 \| IllinoisMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015		165,800
Residential Real Estate 1 \| OklahomaMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	98,667	99,862
Residential Real Estate 1 \| OhioMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	46,658
Residential Real Estate 1 \| OregonMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015		120,000
Residential Real Estate 1 \| SouthCarolinaMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	672,049	823,872
Residential Real Estate 1 \| TexasMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	1,272,794	1,198,860
Residential Real Estate 1 \| UtahMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	61,148,091	62,117,738
Residential Real Estate 1 \| WashingtonMember
Real estate held for investment, net of accumulated depreciation of $14,210,346 and $12,210,346 for 2016 and 2015	$ 286,181	$ 286,182

3) Investments: Mortgage Loans - Additional (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Details
Mortgage loans on real estate balances, net of allowance for losses	$ 2,204,536	$ 1,848,120

3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses, Beginning Balance	$ 1,848,120	$ 2,003,055
Allowance for credit losses, Charge-offs	(60,628)	(123,942)
Allowance for credit losses, Provision	417,044	(30,993)
Financing Receivable, Allowance for Credit Losses, Ending Balance	2,204,536	1,848,120
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	456,262	305,962
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,748,274	1,542,158
Mortgage loans	133,587,283	114,395,025
Financing Receivable, Individually Evaluated for Impairment	4,321,276	3,180,430
Financing Receivable, Collectively Evaluated for Impairment	129,266,007	111,214,594
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	36,034,037	33,522,978
Financing Receivable, Collectively Evaluated for Impairment	36,034,037	33,522,978
Residential Mortgage
Financing Receivable, Allowance for Credit Losses, Beginning Balance	1,560,877	1,715,812
Allowance for credit losses, Charge-offs	(60,628)	(123,942)
Allowance for credit losses, Provision	417,044	(30,993)
Financing Receivable, Allowance for Credit Losses, Ending Balance	1,917,293	1,560,877
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	456,262	305,962
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,461,031	1,254,915
Mortgage loans	52,719,167	46,020,490
Financing Receivable, Individually Evaluated for Impairment	4,321,276	3,087,161
Financing Receivable, Collectively Evaluated for Impairment	48,397,891	42,933,329
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	44,834,079	34,851,557
Financing Receivable, Individually Evaluated for Impairment		93,269
Financing Receivable, Collectively Evaluated for Impairment	$ 44,834,079	$ 34,758,287

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

3 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Mortgage Loans during period

$ 133,587,283

$ 114,395,025

Mortgage Loans, Allowance for Loan Losses

(2,204,536)

(1,848,120)

Commercial Loan

Mortgage Loans during period

36,034,037

33,522,978

Mortgage Loans, Allowance for Loan Losses

(187,129)

Residential Mortgage

Mortgage Loans during period

52,719,167

46,020,490

Mortgage Loans, Allowance for Loan Losses

(1,917,293)

(1,560,877)

Residential Construction

Mortgage Loans during period

44,834,079

34,851,557

Mortgage Loans, Allowance for Loan Losses

(100,114)

Past due 30 to 59 days

Mortgage Loans during period

2,232,999

1,162,102

Past due 30 to 59 days | Residential Mortgage

Mortgage Loans during period

2,232,999

1,162,102

Past due 60 to 89 days

Mortgage Loans during period

722,057

884,143

Past due 60 to 89 days | Residential Mortgage

Mortgage Loans during period

535,471

884,143

Past due 60 to 89 days | Residential Construction

Mortgage Loans during period

186,586

Past due 90 or more days

Mortgage Loans during period

^[1]

1,315,017

2,277,888

Past due 90 or more days | Residential Mortgage

Mortgage Loans during period

^[1]

1,250,122

2,212,993

Past due 90 or more days | Residential Construction

Mortgage Loans during period

^[1]

64,895

In Foreclosure

Mortgage Loans during period

^[1]

4,321,276

3,180,430

In Foreclosure | Residential Mortgage

Mortgage Loans during period

^[1]

4,321,276

3,087,161

In Foreclosure | Residential Construction

Mortgage Loans during period

^[1]

93,269

Total Past Due

Mortgage Loans during period

8,591,350

7,504,563

Total Past Due | Residential Mortgage

Mortgage Loans during period

8,339,869

7,346,399

Total Past Due | Residential Construction

Mortgage Loans during period

251,481

158,164

Current

Mortgage Loans during period

124,995,933

106,890,462

Current | Commercial Loan

Mortgage Loans during period

36,034,037

33,522,978

Current | Residential Mortgage

Mortgage Loans during period

44,379,298

38,674,091

Current | Residential Construction

Mortgage Loans during period

$ 44,582,598

$ 34,693,393

[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 ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Residential Mortgage
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 4,321,276	$ 3,087,161
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	4,321,276	3,087,161
Impaired Financing Receivable, Related Allowance	456,262	305,962
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	4,321,276	3,087,161
Total Residential Mortgage
Impaired Financing Receivable, with Related Allowance, Recorded Investment	4,321,276	3,087,161
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	4,321,276	3,087,161
Impaired Financing Receivable, Related Allowance	456,262	305,962
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	$ 4,321,276	3,087,161
Residential Construction
Impaired Financing Receivable, with Related Allowance, Recorded Investment		93,269
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance		93,269
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment		93,269
Impaired Financing Receivable, with No Related Allowance, Recorded Investment		93,269
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment		$ 93,269

3) Investments: Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Mortgage loans	$ 133,587,283	$ 114,395,025
Performing Financing Receivable
Mortgage loans	127,950,989	108,936,707
Nonperforming Financing Receivable
Mortgage loans	5,636,294	5,458,318
Commercial Loan
Mortgage loans	36,034,037	33,522,978
Commercial Loan \| Performing Financing Receivable
Mortgage loans	36,034,037	33,522,978
Residential Mortgage
Mortgage loans	52,719,167	46,020,490
Residential Mortgage \| Performing Financing Receivable
Mortgage loans	47,147,768	40,720,336
Residential Mortgage \| Nonperforming Financing Receivable
Mortgage loans	5,571,399	5,300,154
Residential Construction
Mortgage loans	44,834,079	34,851,557
Residential Construction \| Performing Financing Receivable
Mortgage loans	44,769,184	34,693,393
Residential Construction \| Nonperforming Financing Receivable
Mortgage loans	$ 64,895	$ 158,164

3) Investments: Summary of Interest not accrued on non-performing mortgage loans (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Details
Interest not accrued on non-performing loans	$ 263,000	$ 268,000

3) Investments: Schedule of Mortgage loans on a nonaccrual status (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 5,636,294	$ 5,458,318
Residential Mortgage
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	5,571,399	5,300,154
Residential Construction
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 64,895	$ 158,164

3) Investments: Schedule of loan loss reserve which is included in other liabilities and accrued expenses (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Details
Beginning, Loan Loss Reserve	$ 2,805,900	$ 1,718,150
Loan loss reserve, Provisions for losses	1,415,451	6,295,043
Loan loss reserve, Charge-offs	(158,998)	(5,207,293)
Ending, Loan Loss Reserve	$ 4,062,353	$ 2,805,900

4) Stock-based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
4) Stock-based Compensation (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Details
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 84,026	$ 125,931	$ 168,478	$ 211,476
Unrecognized compensation expense related to the options issued in December 2014	144,110		$ 144,110
Total intrinsic value	$ 91,989	$ 492,740

4) Stock-based Compensation: Schedule of stock inventive plan changes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Class A Common Stock
Shares, Outstanding	589,801	488,543	488,543	618,261	512,795
Shares outstanding	$ 3.97	$ 3.25	$ 3.25	$ 3.89	$ 3.20
Shares Exercised	(28,460)		(15,406)
Per Share Shares Exercised	$ 2.15		$ 1.89
Shares Cancelled			(8,846)
Per Share Shares cancelled			$ 2.31
Options Exercisable	519,711	409,961	409,961
Options exercisable	$ 3.65	$ 2.99	$ 2.99
Available options for future grant	$ 397,342	$ 266,649
Weighted average contractual term of options outstanding	7.25 years	7.37 years
Weighted average contractual term of options exercisable	6.96 years	6.99 years
Aggregated intrinsic value of options outstanding	$ 755,390	$ 1,698,099	$ 1,698,099
Aggregated intrinsic value of options exercisable	$ 755,390	$ 1,534,777	$ 1,534,777
Class C Common Stock
Shares, Outstanding	577,436	577,568	577,568	577,436	691,591
Shares outstanding	$ 3.54	$ 2.62	$ 2.62	$ 3.54	$ 2.00
Shares Exercised			(114,023)
Per Share Shares Exercised			$ 2.14
Options Exercisable	524,936	511,318	511,318
Options exercisable	$ 3.19	$ 2.34	$ 2.34
Available options for future grant	$ 57,750
Weighted average contractual term of options outstanding	2.25 years	2.69 years
Weighted average contractual term of options exercisable	2.03 years	2.35 years
Aggregated intrinsic value of options outstanding	$ 1,001,904	$ 2,375,472	$ 2,375,472
Aggregated intrinsic value of options exercisable	$ 1,001,904	$ 2,242,810	$ 2,242,810

5) Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Details
Net earnings	$ 5,357,287	$ 3,852,279	$ 7,150,819	$ 5,715,982
Weighted-average Class A equivalent common share outstanding (1)	14,030,903	13,694,539	13,985,114	13,643,682
GrantOfEmployeeStockOptions	$ 346,046	$ 586,764	$ 392,712	$ 573,723
Diluted weighted-average shares outstanding	14,376,949	14,281,303	14,377,826	14,217,405
Net earnings per Class A Equivalent common share (1)	$ 0.38	$ 0.28	$ 0.51	$ 0.42
Net earnings per Class A Equivalent common share-assuming dilution (1)	$ 0.37	$ 0.27	$ 0.50	$ 0.40

5) Earnings Per Share (Details)	3 Months Ended
5) Earnings Per Share (Details)	Jun. 30, 2016 $ / shares
Details
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount	$ 250,039

6) Business Segments: Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Revenue from customers	$ 81,739,601	$ 76,040,615	$ 147,753,916	$ 140,090,247
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	7,980,862	6,231,952	10,831,627	9,230,336
Identifiable Assets	769,674,471	732,572,091	769,674,471	732,572,091
Goodwill	2,765,570	2,765,570	2,765,570	2,765,570	$ 2,765,570
Life Insurance Segment
Revenue from customers	23,569,437	21,476,968	45,644,571	42,462,468
SegmentReportingInformationIntersegmentRevenue	3,358,988	2,858,820	6,462,434	5,677,687
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	2,503,475	2,115,187	3,568,643	3,519,038
Identifiable Assets	730,421,258	695,953,881	730,421,258	695,953,881
Goodwill	2,765,570	2,765,570	2,765,570	2,765,570
Cemetery and Mortuary
Revenue from customers	3,813,701	3,215,090	7,144,467	6,313,328
SegmentReportingInformationIntersegmentRevenue	221,862	305,573	508,787	617,571
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	759,607	151,975	1,228,662	561,150
Identifiable Assets	95,831,664	103,231,245	95,831,664	103,231,245
Mortgage
Revenue from customers	54,356,463	51,348,557	94,964,878	91,314,451
SegmentReportingInformationIntersegmentRevenue	80,860	92,304	160,339	180,791
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	4,717,780	3,964,790	6,034,322	5,150,148
Identifiable Assets	75,267,037	70,065,224	75,267,037	70,065,224
Significant Reconciling Items
SegmentReportingInformationIntersegmentRevenue	(3,661,710)	(3,256,697)	(7,131,560)	(6,476,049)
Identifiable Assets	$ (131,845,488)	$ (136,678,259)	$ (131,845,488)	$ (136,678,259)

7): Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Assets accounted for at fair value on a recurring basis
Available-for-sale Securities	$ 9,103,276
Restricted assets of cemeteries and mortuaries	687,214	$ 686,444
Cemetery perpetual care trust investments	669,366	630,854
Derivatives - interest rate lock commitments	5,367,361	3,440,758
Other investments	1,522,188	1,174,769
Assets, Fair Value Disclosure	17,349,405	14,363,915
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	(49,986,987)	(50,694,953)
Future policy benefits - annuities	(69,164,566)	(69,398,617)
Derivatives - bank loan interest rate swaps	(8,406)	(13,947)
Derivatives - Call Options	(26,232)	(16,342)
Derivatives - Put Options	(29,876)	(28,829)
Derivatives - Interest rate lock commitments	(1,120,687)	(107,667)
Liabilities accounted for at fair value	(120,336,754)	(120,260,355)
Non-redeemable preferred stock		8,431,090
Trading Securities, Equity		8,431,090
Fair Value, Inputs, Level 1
Assets accounted for at fair value on a recurring basis
Available-for-sale Securities	9,103,276
Restricted assets of cemeteries and mortuaries	687,214	686,444
Cemetery perpetual care trust investments	669,366	630,854
Assets, Fair Value Disclosure	10,459,856	9,748,388
Liabilities accounted for at fair value on a recurring basis
Derivatives - Call Options	(26,232)	(16,342)
Derivatives - Put Options	(29,876)	(28,829)
Liabilities accounted for at fair value	(56,108)	(45,171)
Non-redeemable preferred stock		8,431,090
Trading Securities, Equity		8,431,090
Fair Value, Inputs, Level 3
Assets accounted for at fair value on a recurring basis
Derivatives - interest rate lock commitments	5,367,361	3,440,758
Other investments	1,522,188	1,174,769
Assets, Fair Value Disclosure	6,889,549	4,615,527
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	(49,986,987)	(50,694,953)
Future policy benefits - annuities	(69,164,566)	(69,398,617)
Derivatives - bank loan interest rate swaps	(8,406)	(13,947)
Derivatives - Interest rate lock commitments	(1,120,687)	(107,667)
Liabilities accounted for at fair value	$ (120,280,646)	$ (120,215,184)

7): Fair Value of Financial Instruments: Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Policyholder Account Balances
Fair Value Balance	$ (50,694,953)	$ (45,310,699)
Fair Value, Losses (Gains) included in earnings	707,966	(5,384,254)
Fair Value Balance	(49,986,987)	(50,694,953)
Future Policy Benefits - Annuities
Fair Value Balance	(69,398,617)	(65,540,985)
Fair Value, Losses (Gains) included in earnings	234,051	(3,857,632)
Fair Value Balance	(69,164,566)	(69,398,617)
Interest Rate Lock Commitments
Fair Value Balance	3,333,091	1,929,851
Fair Value, Losses (Gains) included in other comprehensive income	913,583	1,403,240
Fair Value Balance	4,246,674	3,333,091
Bank Loan Interest Rate Swaps
Fair Value Balance	(13,947)	(31,370)
Fair Value, Losses (Gains) included in other comprehensive income	5,541	17,423
Fair Value Balance	(8,406)	(13,947)
Other Investments
Fair Value Balance	1,174,769
Fair Value, Purchases	300,000	1,200,000
Fair Value, Losses (Gains) included in other comprehensive income	47,419	(25,231)
Fair Value Balance	$ 1,522,188	$ 1,174,769

7): Fair Value of Financial Instruments: Schedule of Fair Value Measurements, Nonrecurring (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Assets accounted for at fair value on a nonrecurring basis - Mortgage servicing rights	$ 3,779,530
Real estate held for investment	3,046,386	$ 95,000
Assets accounted for at fair value on a nonrecurring basis	6,825,916
Assets accounted for at fair value on non-recurring basis
Mortgage servicing rights		6,217,551
Assets, Fair Value Disclosure, Nonrecurring		6,312,551
Fair Value, Inputs, Level 3
Assets accounted for at fair value on a nonrecurring basis - Mortgage servicing rights	3,779,530
Real estate held for investment	3,046,386	95,000
Assets accounted for at fair value on a nonrecurring basis	$ 6,825,916
Assets accounted for at fair value on non-recurring basis
Mortgage servicing rights		6,217,551
Assets, Fair Value Disclosure, Nonrecurring		$ 6,312,551

7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Carrying Value	$ (42,589,453)	$ (40,894,968)
Estimated Fair Value	(42,589,453)	(40,894,968)
Residential Mortgage
Carrying Value	50,801,874	44,459,613
Estimated Fair Value	54,087,275	47,193,950
Residential Construction
Carrying Value	44,733,965	34,751,443
Estimated Fair Value	44,733,965	34,751,443
Commercial Loan
Carrying Value	35,846,908	33,335,849
Estimated Fair Value	36,919,077	34,778,136
MortgageLoansNet1Member
Carrying Value	131,382,747	112,546,905
Estimated Fair Value	135,740,317	116,723,529
PolicyLoanMember
Carrying Value	6,753,769	6,896,457
Estimated Fair Value	6,753,769	6,896,457
Insurance Assignments
Carrying Value	29,211,938	31,511,195
Estimated Fair Value	29,211,938	31,511,195
ShortTermInvestments1Member
Carrying Value	20,775,666	16,915,808
Estimated Fair Value	20,775,666	16,915,808
Fair Value, Inputs, Level 3
Estimated Fair Value	(42,589,453)	(40,894,968)
Fair Value, Inputs, Level 3 \| Residential Mortgage
Estimated Fair Value	54,087,275	47,193,950
Fair Value, Inputs, Level 3 \| Residential Construction
Estimated Fair Value	44,733,965	34,751,443
Fair Value, Inputs, Level 3 \| Commercial Loan
Estimated Fair Value	36,919,077	34,778,136
Fair Value, Inputs, Level 3 \| MortgageLoansNet1Member
Estimated Fair Value	135,740,317	116,723,529
Fair Value, Inputs, Level 3 \| PolicyLoanMember
Estimated Fair Value	6,753,769	6,896,457
Fair Value, Inputs, Level 3 \| Insurance Assignments
Estimated Fair Value	29,211,938	31,511,195
Fair Value, Inputs, Level 3 \| ShortTermInvestments1Member
Estimated Fair Value	$ 20,775,666	$ 16,915,808

9) Derivative Commitments: Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Details
Fair Value of Asset Derivatives, Interest rate lock and forward sales commitments	$ 5,367,361	$ 3,440,758
Fair Value of Liability Derivatives, Interest rate lock and forward sales commitments	1,120,687	107,667
Fair Value of Liability Derivatives, Call Options	26,232	16,342
Fair Value of Liability Derivatives, Put Options	29,876	28,829
Fair Value of Liability Derivatives, Interest Rate Swaps	8,406	13,947
Fair Value of Asset Derivatives, Total	5,367,361	3,440,758
Fair Value of Liability Derivatives, Total	$ 1,185,201	$ 166,785

9) Derivative Commitments: Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Details
Gain (Loss) on Derivatives, Interest Rate Lock Commitments	$ (427,409)	$ 1,252,010	$ 913,583	$ 3,739,900
Gain (Loss) on Derivatives, Interest Rate Swaps	2,804	4,760	5,541	8,711
GainLossOnDerivativesSubTotal	(424,605)	1,256,770	919,124	3,748,611
TaxEffect-GainLossOnDerivatives	(165,597)	490,140	358,458	1,461,958
Gain (Loss) on Derivatives, Total	$ (259,008)	$ 766,630	$ 560,666	$ 2,286,653

10) Reinsurance, Commitments and Contingencies: Mortgage Loan Loss Settlements (Details) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Details
Amounts accrued for loan losses	$ 829,000	$ 2,252,000
Funds reserved and accrued to settle investor related claims	$ 4,062,000		$ 2,806,000

10) Reinsurance, Commitments and Contingencies: Other Contingencies and Commitments (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Details
Commitments to fund new residential construction loans	$ 65,925,000
Commitments to fund new residential construction loans funded	44,834,000
Reserves related to insurance programs	$ 619,076	$ 834,855

11) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Details
Balance before valuation allowance at beginning of year	$ 12,679,755	$ 7,834,747
MSRs proceeds from loan sales	3,779,530	6,217,551
Amortization	(1,042,720)	(1,372,543)
Balance before valuation allowance at year end	15,416,565	12,679,755
Mortgage servicing rights, net	15,416,565	12,679,755
Estimated fair value of MSRs at end of period	$ 15,952,247	$ 13,897,160