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

12 Months Ended

Dec. 31, 2019

As of December 31, 2019

Held-to-maturity Securities

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2019:
Fixed maturity securities available for sale at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$    142,740,641	$          632,185	$           (25,215)	$      143,347,611
Obligations of states and political subdivisions	7,450,366	87,812	(9,026)	7,529,152
Corporate securities including public utilities	156,599,184	16,768,449	(463,413)	172,904,220
Mortgage-backed securities	31,475,280	597,395	(240,177)	31,832,498
Redeemable preferred stock	364,339	-	-	364,339
Total fixed maturity securities available for sale	$    338,629,810	$     18,085,841	$         (737,831)	$      355,977,820

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$        6,900,537	$       1,139,799	$         (769,171)	$          7,271,165
Total equity securities at estimated fair value	$        6,900,537	$       1,139,799	$         (769,171)	$          7,271,165

Mortgage loans held for investment at amortized cost:
Residential	$    113,043,965
Residential construction	89,430,237
Commercial	38,718,220
Less: Unamortized deferred loan fees, net	(2,391,567)
Less: Allowance for loan losses	(1,453,037)
Less: Net discounts	(653,272)
Total mortgage loans held for investment	$    236,694,546
Real estate held for investment - net of accumulated depreciation:
Residential	$      12,530,306
Commercial	90,226,640
Total real estate held for investment	$    102,756,946
Real estate held for sale:
Residential	$        8,021,306
Commercial	6,076,321
Total real estate held for sale	$      14,097,627
Other investments and policy loans at amortized cost:
Policy loans	$      14,762,805
Insurance assignments	41,062,965
Federal Home Loan Bank stock (1)	894,300
Other investments	4,973,225
Less: Allowance for doubtful accounts	(1,448,026)
Total policy loans and other investments	$      60,245,269
Accrued investment income	$        4,833,232
Total investments	$    781,876,605
(1) Includes $894,300 of Membership stock and $-0- of Activity stock due to short-term borrowings.

As of December 2018

Held-to-maturity Securities

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
December 31, 2018:
Fixed maturity securities held to maturity at amortized cost:
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 policy loans and other investments	$       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.