Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income

18) Accumulated Other Comprehensive Income

The following summarizes the changes in accumulated other comprehensive income:

	December 31
	2022			2021
Unrealized gains on fixed maturity securities available for sale	$	(39,493,861	)	$	(7,323,241	)
Amounts reclassified into net earnings		162,173			805,510
Net unrealized gains before taxes		(39,331,688	)		(6,517,731	)
Tax expense		8,259,656			1,368,721
Net		(31,072,032	)		(5,149,010	)
Unrealized gains on restricted assets (1)		(71,035	)		(23,250	)
Tax expense		17,695			5,792
Net		(53,340	)		(17,458	)
Unrealized gains on cemetery perpetual care trust investments (1)		(20,446	)		(11,114	)
Tax expense		5,093			2,769
Net		(15,353	)		(8,345	)
Unrealized gains for foreign currency translations adjustments		-			2,835
Tax expense		-			(707	)
Net		-			2,128
Other comprehensive income changes	$	(31,140,725	)	$	(5,172,685	)

(1) Fixed maturity securities available for sale

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2022 and 2021

The following is the accumulated balances of other comprehensive income as of December 31, 2022:

	Beginning Balance December 31, 2021		Change for the period			Ending Balance December 31, 2022
Unrealized gains (losses) on fixed maturity securities available for sale	$	18,021,265	$	(31,072,032	)	$	(13,050,767	)
Unrealized gains (losses) on restricted assets (1)		40,192		(53,340	)		(13,148	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		8,991		(15,353	)		(6,362	)
Other comprehensive income	$	18,070,448	$	(31,140,725	)	$	(13,070,277	)

(1) Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income as of December 31, 2021:

	Beginning Balance December 31, 2020			Change for the period			Ending Balance December 31, 2021
Unrealized gains (losses) on fixed maturity securities available for sale	$	23,170,275		$	(5,149,010	)	$	18,021,265
Unrealized gains (losses) on restricted assets (1)		57,650			(17,458	)		40,192
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		17,336			(8,345	)		8,991
Foreign currency translation adjustments		(2,128	)		2,128			-
Other comprehensive income	$	23,243,133		$	(5,172,685	)	$	18,070,448

(1) Fixed maturity securities available for sale

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2022 and 2021