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

3 Months Ended

Mar. 31, 2019

As of March 31, 2019

Held-to-maturity Securities

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
March 31, 2019
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$       52,162,274	$          376,785	$       (456,728)	$       52,082,331
Obligations of states and political subdivisions	6,131,310	42,653	(55,394)	6,118,569
Corporate securities including public utilities	157,343,929	9,982,667	(1,445,027)	165,881,569
Mortgage-backed securities	15,637,703	358,905	(127,773)	15,868,835
Redeemable preferred stock	103,197	3,872		107,069
Total fixed maturity securities held to maturity	$     231,378,413	$     10,764,882	$    (2,084,922)	$     240,058,373

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$         6,974,259	$          739,022	$       (785,929)	$         6,927,352
Total equity securities at estimated fair value	$         6,974,259	$          739,022	$       (785,929)	$         6,927,352

Mortgage loans held for investment at amortized cost:
Residential	$       89,241,344
Residential construction	75,484,460
Commercial	34,258,354
Less: Unamortized deferred loan fees, net	(1,261,587)
Less: Allowance for loan losses	(1,378,215)
Total mortgage loans held for investment	$     196,344,356
Real estate held for investment net of accumulated depreciation:
Residential	$       27,856,849
Commercial	93,425,898
Total real estate held for investment	$     121,282,747
Other investments and policy loans at amortized cost:
Policy loans	$         6,354,430
Insurance assignments	38,823,751
Federal Home Loan Bank stock (1)	2,686,500
Other investments	4,048,750
Less: Allowance for doubtful accounts	(1,263,475)
Total other investments and policy loans	$       50,649,956
Accrued investment income	$         3,712,606
Total investments	$     610,295,430
(1) Includes $806,500 of Membership stock and $1,880,000 of Activity stock due to short-term borrowings.

As of December 2018

Held-to-maturity Securities

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2018:
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$       52,017,683	$          264,891	$       (727,798)	$       51,554,776
Obligations of states and political subdivisions	6,959,237	32,274	(111,271)	6,880,240
Corporate securities including public utilities	157,639,860	7,002,864	(3,704,137)	160,938,587
Mortgage-backed securities	15,358,746	227,398	(308,864)	15,277,280
Redeemable preferred stock	103,197	1,903	(5,125)	99,975
Total fixed maturity securities held to maturity	$     232,078,723	$       7,529,330	$    (4,857,195)	$     234,750,858

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$         6,312,158	$          422,528	$    (1,176,075)	$         5,558,611
Total equity securities at estimated fair value	$         6,312,158	$          422,528	$    (1,176,075)	$         5,558,611

Mortgage loans held for investment at amortized cost:
Residential	$       89,935,600
Residential construction	71,366,544
Commercial	27,785,927
Less: Unamortized deferred loan fees, net	(1,275,030)
Less: Allowance for loan losses	(1,347,972)
Total mortgage loans held for investment	$     186,465,069
Real estate held for investment  net of accumulated depreciation:
Residential	$       29,507,431
Commercial	92,050,791
Total real estate held for investment	$     121,558,222
Other investments and policy loans at amortized cost:
Policy loans	$         6,424,325
Insurance assignments	35,239,396
Federal Home Loan Bank stock (1)	2,548,700
Other investments	3,497,762
Less: Allowance for doubtful accounts	(1,092,528)
Total other investments and policy loans	$       46,617,655
Accrued investment income	$         3,566,146
Total investments	$     595,844,426
(1) Includes $708,700 of Membership stock and $1,840,000 of Activity stock due to short-term borrowings.