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

9 Months Ended

Sep. 30, 2019

As of June 30, 2019

Held-to-maturity Securities

	Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
September 30, 2019
Fixed maturity securities held to maturity carried at amortized cost:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies	$       62,267,359	$          703,132	$         (35,072)	$       62,935,419
Obligations of states and political subdivisions	5,877,586	144,335	-	6,021,921
Corporate securities including public utilities	154,480,928	16,868,422	(696,122)	170,653,228
Mortgage-backed securities	17,020,727	732,042	(42,738)	17,710,031
Redeemable preferred stock	103,197	14,039	-	117,236
Total fixed maturity securities held to maturity	$     239,749,797	$     18,461,970	$       (773,932)	$     257,437,835

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$         8,126,632	$          962,133	$       (978,987)	$         8,109,778
Total equity securities at estimated fair value	$         8,126,632	$          962,133	$       (978,987)	$         8,109,778

Mortgage loans held for investment at amortized cost:
Residential	$       79,853,121
Residential construction	92,602,632
Commercial	26,720,812
Less: Unamortized deferred loan fees, net	(1,366,186)
Less: Allowance for loan losses	(1,301,476)
Total mortgage loans held for investment	$     196,508,903
Real estate held for investment net of accumulated depreciation:
Residential	$       23,420,598
Commercial	93,634,800
Total real estate held for investment	$     117,055,398
Other investments and policy loans at amortized cost:
Policy loans	$         6,344,074
Insurance assignments	34,404,766
Federal Home Loan Bank stock (1)	3,006,500
Other investments	4,188,048
Less: Allowance for doubtful accounts	(1,495,268)
Total other investments and policy loans	$       46,448,120
Accrued investment income	$         4,046,143
Total investments	$     611,918,139
(1) Includes $806,500 of Membership stock and $2,200,000 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.