Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments as of March 31, 2024 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
March 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	108,273,666		$	21,718	$	(1,168,930	)	$	-		$	107,126,454
Obligations of states and political subdivisions		6,314,947			327		(312,669	)		-			6,002,605
Corporate securities including public utilities		231,778,966			2,770,637		(7,446,098	)		(398,500	)		226,705,005
Mortgage-backed securities		39,788,398			342,124		(4,379,130	)		(12,049	)		35,739,343
Redeemable preferred stock		250,000			10,000		-			-			260,000
Total fixed maturity securities available for sale	$	386,405,977		$	3,144,806	$	(13,306,827	)	$	(410,549	)	$	375,833,407
Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	11,160,744		$	4,284,537	$	(283,282	)				$	15,161,999
Total equity securities at estimated fair value	$	11,160,744		$	4,284,537	$	(283,282	)				$	15,161,999
Mortgage loans held for investment at amortized cost:
Residential	$	106,764,632
Residential construction		99,748,408
Commercial		67,076,085
Less: Unamortized deferred loan fees, net		(1,711,491	)
Less: Allowance for credit losses		(2,921,614	)
Less: Net discounts		(319,236	)
Total mortgage loans held for investment	$	268,636,784
Real estate held for investment - net of accumulated depreciation:
Residential	$	54,638,976
Commercial		128,923,346
Total real estate held for investment	$	183,562,322
Real estate held for sale:
Residential	$	859,599
Commercial		12,263,325
Total real estate held for sale	$	13,122,924
Other investments and policy loans at amortized cost:
Policy loans	$	13,248,999
Insurance assignments		46,710,578
Federal Home Loan Bank stock (2)		2,325,900
Other investments		9,813,032
Less: Allowance for credit losses for insurance assignments		(1,587,525	)
Total other investments and policy loans	$	70,510,984
Accrued investment income	$	8,961,065
Total investments	$	935,789,485

(1) Gross unrealized losses are net of allowance for credit losses

(2) Includes $552,600 of Membership stock and $1,773,300 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2024 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2023 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	111,450,753		$	344,425	$	(1,416,448	)	$	-		$	110,378,730
Obligations of states and political subdivisions		6,524,083			500		(319,260	)		-			6,205,323
Corporate securities including public utilities		232,299,727			3,688,642		(7,145,507	)		(308,500	)		228,534,362
Mortgage-backed securities		40,359,878			506,647		(4,702,905	)		(6,049	)		36,157,571
Redeemable preferred stock		250,000			10,000		-			-			260,000
Total fixed maturity securities available for sale	$	390,884,441		$	4,550,214	$	(13,584,120	)	$	(314,549	)	$	381,535,986
Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071
Total equity securities at estimated fair value	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071
Mortgage loans held for investment at amortized cost:
Residential	$	103,153,587
Residential construction		104,052,748
Commercial		74,176,538
Less: Unamortized deferred loan fees, net		(1,623,226	)
Less: Allowance for credit losses		(3,818,653	)
Less: Net discounts		(324,157	)
Total mortgage loans held for investment	$	275,616,837
Real estate held for investment - net of accumulated depreciation:
Residential	$	40,924,865
Commercial		142,494,427
Total real estate held for investment	$	183,419,292
Real estate held for sale:
Residential	$	-
Commercial		3,028,973
Total real estate held for sale	$	3,028,973
Other investments and policy loans at amortized cost:
Policy loans	$	13,264,183
Insurance assignments		45,605,322
Federal Home Loan Bank stock (2)		2,279,800
Other investments		9,809,148
Less: Allowance for credit losses for insurance assignments		(1,553,836	)
Total policy loans and other investments	$	69,404,617
Accrued investment income	$	10,170,790
Total investments	$	936,812,566

(1) Gross unrealized losses are net of allowance for credit losses

(2) Includes $530,900 of Membership stock and $1,748,900 of Activity stock due to short-term advances and letters of credit.

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
March 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	167,532	$	53,312,759	$	1,001,398	$	29,735,785	$	1,168,930	$	83,048,544
Obligations of states and political subdivisions		12,735		469,060		299,934		5,083,218		312,669		5,552,278
Corporate securities		613,453		35,567,960		6,832,645		110,572,963		7,446,098		146,140,923
Mortgage-backed securities		18,656		4,044,375		4,360,474		23,420,838		4,379,130		27,465,213
Totals	$	812,376	$	93,394,154	$	12,494,451	$	168,812,804	$	13,306,827	$	262,206,958
December 31, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	29,394	$	9,436,090	$	1,387,054	$	70,885,403	$	1,416,448	$	80,321,493
Obligations of states and political subdivisions		11,105		470,325		308,155		5,284,498		319,260		5,754,823
Corporate securities		529,660		32,507,773		6,615,847		107,556,216		7,145,507		140,063,989
Mortgage-backed securities		29,799		2,260,445		4,673,106		22,184,174		4,702,905		24,444,619
Totals	$	599,958	$	44,674,633	$	12,984,162	$	205,910,291	$	13,584,120	$	250,584,924

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

	March 31, 2024				December 31, 2023
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	216,075,719	$	210,349,942	$	221,933,425	$	216,975,288
2		162,441,509		158,181,139		161,062,016		157,346,803
3		6,318,939		5,939,193		6,418,829		5,953,542
4		1,078,897		1,053,757		982,290		948,478
5		239,704		49,375		236,648		51,875
6		1,209		1		1,233		-
Total	$	386,155,977	$	375,573,407	$	390,634,441	$	381,275,986

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale:

	Three Months Ended March 31, 2024
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total
Beginning balance - January 1, 2024	$	-	$	-	$	308,500	$	6,049	$	314,549
Additions for credit losses not previously recorded		-		-		30,000		-		30,000
Change in allowance on securities with previous allowance		-		-		60,000		6,000		66,000
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-
Ending Balance - March 31, 2024	$	-	$	-	$	398,500	$	12,049	$	410,549

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2024 (Unaudited)

3) Investments (Continued)

	Three Months Ended March 31, 2023
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total
Beginning balance - January 1, 2023	$	-	$	-	$	-	$	-	$	-
Additions for credit losses not previously recorded		-		-		179,500		-		179,500
Change in allowance on securities with previous allowance		-		-		-		-		-
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-
Ending Balance - March 31, 2023	$	-	$	-	$	179,500	$	-	$	179,500

Schedule of Investments Classified by Contractual Maturity Date

The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale as of March 31, 2024, by contractual maturity. Actual or 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
Due in 1 year	$	72,470,984	$	72,077,712
Due in 2-5 years		123,253,754		120,601,532
Due in 5-10 years		85,540,964		84,576,263
Due in more than 10 years		65,101,877		62,578,557
Mortgage-backed securities		39,788,398		35,739,343
Redeemable preferred stock		250,000		260,000
Total	$	386,405,977	$	375,833,407

Schedule of Major Categories of Net Investment Income

Information regarding sales of fixed maturity securities available for sale is presented as follows.

	Three Months Ended March 31,
	2024			2023
Proceeds from sales	$	179,989		$	1,209,844
Gross realized gains		303			15,490
Gross realized losses		(854	)		(54,104	)

 

	Three Months Ended March 31,
	2024			2023
Fixed maturity securities available for sale	$	4,403,558		$	4,012,732
Equity securities		168,148			140,507
Mortgage loans held for investment		8,814,036			8,487,656
Real estate held for investment and sale		3,515,061			3,364,924
Policy loans		301,267			200,213
Insurance assignments		5,076,549			4,768,203
Other investments		198,959			129,056
Cash and cash equivalents		1,690,957			787,762
Gross investment income		24,168,535			21,891,053
Investment expenses		(4,221,967	)		(4,116,170	)
Net investment income	$	19,946,568		$	17,774,883

 

Schedule of Assets on Deposit With Life Insurance

Assets on deposit with life insurance regulatory authorities as required by law were as follows:

	As of March 31, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	6,068,973	$	6,206,650
Other investments		400,000		400,000
Cash and cash equivalents		1,982,298		1,909,215
Total assets on deposit	$	8,451,271	$	8,515,865

Assets held in trust related to third-party reinsurance agreements were as follows:

	As of March 31, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	27,718,677	$	27,903,952
Cash and cash equivalents		2,469,301		2,101,052
Total assets on deposit	$	30,187,978	$	30,005,004

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). Assets pledged as collateral with the FHLB are presented below. These pledged securities are used as collateral for any FHLB cash advances.

	As of March 31, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	94,098,666	$	93,903,089
Total assets pledged as collateral	$	94,098,666	$	93,903,089

Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Utah (1)	$	128,904,262	$	142,475,177		546,941		625,920
Louisiana		19,084		19,250		1,622		1,622
	$	128,923,346	$	142,494,427		548,563		627,542

(1) Includes Center53

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2024 (Unaudited)

3) Investments (Continued)

The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Mississippi (1)	$	151,553	$	3,028,973		-		19,694
Utah (2)		12,111,772		-		78,979		-
	$	12,263,325	$	3,028,973		78,979		19,694

(1) Consists of approximately 93 acres of undeveloped land for $151,553 for 2024 and 2023. The remaining property for $2,877,420 was sold in February 2024 for a gain of approximately $250,000.

(2) Sold in April 2024 for a gain of approximately $3,000

Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value
	March 31, 2024		December 31, 2023
Utah (1)	$	54,638,976	$	40,924,865
	$	54,638,976	$	40,924,865

(1) Includes multiple residential subdivision development projects

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2024 (Unaudited)

3) Investments (Continued)

The following table presents additional information regarding the Company’s residential subdivision development in Utah:

	March 31, 2024		December 31, 2023
Lots developed		64		42
Lots to be developed		1,269		1,145
Book Value	$	54,449,234	$	40,739,201

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	March 31, 2024		December 31, 2023
Utah	$	859,599	$	-
	$	859,599	$	-

Schedule of 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. As of March 31, 2024, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage		Square Footage Occupied by the Company
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)	Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales		221,000		50	%
1818 Marshall Street, Shreveport, LA (2)	Life Insurance Operations		12,274		100	%
909 Foisy Street, Alexandria, LA (2) (3)	Life Insurance Sales		8,059		100	%
812 Sheppard Street, Minden, LA (2) (4)	Life Insurance Sales		1,560		100	%

(1) Included in real estate held for investment on the condensed consolidated balance sheets

(2) Included in property and equipment on the condensed consolidated balance sheets

(3) Sold in April 2024 for a loss of approximately $39,000

(4) Listed for sale

Schedule of Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

	Three Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - January 1, 2024	$	1,219,653		$	2,390,894		$	208,106		$	3,818,653
Change in provision for credit losses		(360,031	)		(528,399	)		(8,609	)		(897,039	)
Charge-offs		-			-			-			-
Ending balance - March 31, 2024	$	859,622		$	1,862,495		$	199,497		$	2,921,614
Beginning balance - January 1, 2023	$	187,129		$	1,739,980		$	43,202		$	1,970,311
Adoption of ASU 2016-13 (1)		555,807			(192,607	)		301,830			665,030
Change in provision for credit losses (2)		15,195			137,727			(52,844	)		100,078
Charge-offs		-			-			-			-
Ending balance - March 31, 2023	$	758,131		$	1,685,100		$	292,188		$	2,735,419

(1) See Note 2 of the notes to the condensed consolidated financial statements

(2) Included in other expenses on the condensed consolidated statements of earnings

Schedule of Aging of Mortgage Loans

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated:

	Commercial			Residential			Residential  Construction			Total
March 31, 2024
30-59 days past due	$	5,056,753		$	3,868,858		$	-		$	8,925,611
60-89 days past due		-			2,018,961			-			2,018,961
Over 90 days past due (1)		405,000			3,001,826			-			3,406,826
In process of foreclosure (1)		191,508			1,694,997			-			1,886,505
Total past due		5,653,261			10,584,642			-			16,237,903
Current		61,422,824			96,179,990			99,748,408			257,351,222
Total mortgage loans		67,076,085			106,764,632			99,748,408			273,589,125
Allowance for credit losses		(859,622	)		(1,862,495	)		(199,497	)		(2,921,614	)
Unamortized deferred loan fees, net		(144,981	)		(1,168,387	)		(398,123	)		(1,711,491	)
Unamortized discounts, net		(159,979	)		(159,257	)		-			(319,236	)
Net mortgage loans held for investment	$	65,911,503		$	103,574,493		$	99,150,788		$	268,636,784

December 31, 2023
30-59 days past due	$	-		$	3,387,673		$	-		$	3,387,673
60-89 days past due		-			3,472,760			-			3,472,760
Over 90 days past due (1)		405,000			3,480,931			-			3,885,931
In process of foreclosure (1)		1,241,508			1,021,790			-			2,263,298
Total past due		1,646,508			11,363,154			-			13,009,662
Current		72,530,030			91,790,433			104,052,748			268,373,211
Total mortgage loans		74,176,538			103,153,587			104,052,748			281,382,873
Allowance for credit losses		(1,219,653	)		(2,390,894	)		(208,106	)		(3,818,653	)
Unamortized deferred loan fees, net		(172,989	)		(1,135,491	)		(314,746	)		(1,623,226	)
Unamortized discounts, net		(216,705	)		(107,452	)		-			(324,157	)
Net mortgage loans held for investment	$	72,567,191		$	99,519,750		$	103,529,896		$	275,616,837

(1) Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.

Schedule of Commercial Mortgage Loans By Credit Quality Indicator

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2024:

Credit Quality Indicator LTV:	2024		2023		2022		2021		2020		Prior		Total		% of Total
Less than 65%	$	4,221,500	$	34,304,450	$	3,335,678	$	3,755,796	$	-	$	9,410,047	$	55,027,471		82.04	%
65% to 80%		432,978		1,523,926		4,773,397		-		-		-		6,730,301		10.03	%
Greater than 80%		-		-		-		405,000		4,913,313		-		5,318,313		7.93	%
Total	$	4,654,478	$	35,828,376	$	8,109,075	$	4,160,796	$	4,913,313	$	9,410,047	$	67,076,085		100.00	%
DSCR
>1.20x	$	4,221,500	$	20,990,000	$	1,000,000	$	700,000	$	4,913,313	$	5,538,915	$	37,363,728		55.70	%
1.00x - 1.20x		432,978		8,338,376		7,109,075		3,460,796		-		3,856,194		23,197,419		34.58	%
<1.00x		-		6,500,000		-		-		-		14,938		6,514,938		9.71	%
Total	$	4,654,478	$	35,828,376	$	8,109,075	$	4,160,796	$	4,913,313	$	9,410,047	$	67,076,085		100.00	%

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator LTV:	2023		2022			2021		2020		2019		Prior		Total		% of Total
Less than 65%	$	34,304,954	$	13,555,737		$	3,778,248	$	-	$	2,964,740	$	6,565,389	$	61,169,068		82.46	%
65% to 80%		1,523,926		5,115,231			1,050,000		4,913,313		-		-		12,602,470		16.99	%
Greater than 80%		-		-			405,000		-		-		-		405,000		0.55	%
Total	$	35,828,880	$	18,670,968		$	5,233,248	$	4,913,313	$	2,964,740	$	6,565,389	$	74,176,538		100.00	%
DSCR
>1.20x	$	20,990,000	$	1,000,000		$	700,000	$	4,913,313	$	2,964,740	$	2,612,625	$	33,180,678		44.73	%
1.00x - 1.20x		8,338,880		8,496,127			3,483,248		-		-		3,952,764		24,271,019		32.72	%
<1.00x		6,500,000		9,174,841	(1)		1,050,000		-		-		-		16,724,841		22.55	%
Total	$	35,828,880	$	18,670,968		$	5,233,248	$	4,913,313	$	2,964,740	$	6,565,389	$	74,176,538		100.00	%

(1) Commercial construction loan

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2024 (Unaudited)

3) Investments (Continued)

The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing LTV and loan performance. The Company defines non-performing mortgage loans as loans more than 90 days past due and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
Performance Indicators:
Performing	$	3,547,990	$	16,709,844	$	52,632,220	$	7,046,188	$	7,709,605	$	14,421,963	$	102,067,810		95.60	%
Non-performing (1)		-		398,402		2,198,441		365,061		406,356		1,328,562		4,696,822		4.40	%
Total	$	3,547,990	$	17,108,246	$	54,830,661	$	7,411,249	$	8,115,961	$	15,750,525	$	106,764,632		100.00	%

(1) Includes residential mortgage loans in the process of foreclosure of $1,694,997

LTV:
Less than 65%	$	750,581	$	3,288,230	$	7,025,668	$	2,629,210	$	1,577,667	$	5,951,632	$	21,222,988	19.88	%
65% to 80%		2,797,409		11,187,143		43,201,988		3,309,638		4,000,015		7,368,980		71,865,173	67.31	%
Greater than 80%		-		2,632,873		4,603,005		1,472,401		2,538,279		2,429,913		13,676,471	12.81	%
Total	$	3,547,990	$	17,108,246	$	54,830,661	$	7,411,249	$	8,115,961	$	15,750,525	$	106,764,632	100.00	%

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Total		% of Total
Performance Indicators:
Performing	$	15,337,828	$	53,875,389	$	7,156,934	$	7,453,796	$	2,786,562	$	12,040,357	$	98,650,866		95.63	%
Non-performing (1)		-		2,202,114		365,061		613,101		-		1,322,445		4,502,721		4.37	%
Total	$	15,337,828	$	56,077,503	$	7,521,995	$	8,066,897	$	2,786,562	$	13,362,802	$	103,153,587		100.00	%

(1) Includes residential mortgage loans in the process of foreclosure of $1,021,790

LTV:
Less than 65%	$	3,280,144	$	7,049,522	$	1,843,286	$	1,746,970	$	446,675	$	5,206,095	$	19,572,692	18.97	%
65% to 80%		10,962,770		44,371,320		4,269,894		4,222,170		2,339,887		5,711,440		71,877,481	69.68	%
Greater than 80%		1,094,914		4,656,661		1,408,815		2,097,757		-		2,445,267		11,703,414	11.35	%
Total	$	15,337,828	$	56,077,503	$	7,521,995	$	8,066,897	$	2,786,562	$	13,362,802	$	103,153,587	100.00	%

Schedule of Residential Construction Mortgage Loans

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	17,493,176	$	49,632,301	$	6,844,517	$	25,778,414	$	99,748,408		100.00	%
Non-performing		-		-		-		-		-		0.00	%
Total	$	17,493,176	$	49,632,301	$	6,844,517	$	25,778,414	$	99,748,408		100.00	%
LTV:
Less than 65%	$	17,493,176	$	28,656,715	$	4,459,888	$	25,778,414	$	76,388,193		76.58	%
65% to 80%		-		20,975,586		2,384,629		-		23,360,215		23.42	%
Greater than 80%		-		-		-		-		-		0.00	%
Total	$	17,493,176	$	49,632,301	$	6,844,517	$	25,778,414	$	99,748,408		100.00	%

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator	2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%
Non-performing		-		-		-		-		0.00	%
Total	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%
LTV:
Less than 65%	$	40,215,360	$	8,732,500	$	20,442,302	$	69,390,162		66.69	%
65% to 80%		20,096,319		7,891,682		6,674,585		34,662,586		33.31	%
Greater than 80%		-		-		-		-		0.00	%
Total	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%

Schedule of Aging of Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets:

	As of March 31, 2024			As of December 31, 2023
30-59 days past due	$	10,589,598		$	10,829,629
60-89 days past due		4,534,618			3,709,754
Over 90 days past due		5,260,677			4,329,468
Total past due		20,384,893			18,868,851
Current		26,325,685			26,736,471
Total insurance assignments		46,710,578			45,605,322
Allowance for credit losses		(1,587,525	)		(1,553,836	)
Net insurance assignments	$	45,123,053		$	44,051,486

Schedule of Allowance for Credit Losses

The following table presents a roll forward of the allowance for credit losses for insurance assignments as of the dates indicated:

	Three Months Ended
Beginning balance - January 1, 2024	$	1,553,836
Change in provision for credit losses (1)		250,567
Charge-offs		(216,878	)
Ending balance - March 31, 2024	$	1,587,525
Beginning balance - January 1, 2023	$	1,609,951
Change in provision for credit losses (1)		233,113
Charge-offs		(157,163	)
Ending balance - March 31, 2023	$	1,685,901

(1) Included in other expenses on the condensed consolidated statements of earnings

Schedule of Gain (Loss) on Investments

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets:

	Three Months Ended March 31,
	2024			2023
Fixed maturity securities:
Gross realized gains	$	303		$	15,491
Gross realized losses		(854	)		(54,891	)
Net credit loss provision		(96,000	)		(179,500	)
Equity securities:
Losses on securities sold		(61,103	)		(52,315	)
Unrealized gains on securities held at the end of the period		1,542,863			331,430
Real estate held for investment and sale:
Gross realized gains		249,960			-
Gross realized losses		-			-
Other assets:
Gross realized gains		35,486			50,939
Gross realized losses		(1,229	)		-
Total	$	1,669,426		$	111,154

Schedule of Accrued Investment Income

Accrued investment income consists of the following:

	As of March 31, 2024		As of December 31, 2023
Fixed maturity securities available for sale	$	4,343,991	$	3,984,695
Equity securities		25,081		20,451
Mortgage loans held for investment		1,163,282		2,661,092
Real estate held for investment		3,411,928		3,486,115
Cash and cash equivalents		16,783		18,437
Total accrued investment income	$	8,961,065	$	10,170,790