UTAH
|
87-0345941
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
5300 South 360 West, Suite 250, Salt Lake City, Utah
|
84123
|
(Address of principal executive offices)
|
(Zip Code)
|
(801) 264-1060
(Registrant's telephone number, including area code)
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
|
Non-accelerated filer [ ]
(Do not check if a smaller reporting company)
|
Smaller reporting company [X]
|
Class A Common Stock, $2.00 par value
|
13,820,079
|
Title of Class
|
Number of Shares Outstanding as of
|
August 25, 2017
|
|
Class C Common Stock, $2.00 par value
|
2,005,026
|
Title of Class
|
Number of Shares Outstanding as of
|
August 25, 2017
|
|
Page No.
|
||
Part I - Financial Information
|
||
Item 1.
|
Financial Statements
|
|
Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 (unaudited)
|
3-4
|
|
Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2017 and 2016 (unaudited)
|
5
|
|
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2017 and 2016 (unaudited)
|
6
|
|
Condensed Consolidated Statements of Stockholders' Equity as of June 30, 2017 and June 30, 2016 (unaudited)
|
7
|
|
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2017 and 2016 (unaudited)
|
8
|
|
Notes to Condensed Consolidated Financial Statements (unaudited)
|
9
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
43
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
49
|
Item 4.
|
Controls and Procedures
|
49
|
Part II - Other Information
|
||
Item 1.
|
Legal Proceedings
|
50
|
Item 1A.
|
Risk Factors
|
51
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
51
|
Item 3.
|
Defaults Upon Senior Securities
|
52
|
Item 4.
|
Mine Safety Disclosures
|
52
|
Item 5.
|
Other Information
|
52
|
Item 6.
|
Exhibits
|
53
|
Signature Page
|
56
|
Assets
|
June 30
2017 (Unaudited) |
December 31
2016 (As Restated) |
||||||
Investments:
|
||||||||
Fixed maturity securities, held to maturity, at amortized cost
|
$
|
193,208,660
|
$
|
184,979,644
|
||||
Equity securities, available for sale, at estimated fair value
|
6,499,100
|
10,573,356
|
||||||
Mortgage loans on real estate and construction loans, held for investment (net of allowances for loan losses of $1,921,028 and $1,748,783 for 2017 and 2016)
|
134,999,264
|
149,181,578
|
||||||
Real estate held for investment (net of accumulated depreciation of $17,064,559 and $16,138,439 for 2017 and 2016)
|
151,355,029
|
145,165,921
|
||||||
Policy loans and other investments (net of allowances for doubtful accounts of $1,072,529 and $1,119,630 for 2017 and 2016)
|
40,987,994
|
40,937,146
|
||||||
Short-term investments
|
23,448,480
|
27,560,040
|
||||||
Accrued investment income
|
3,300,540
|
3,163,775
|
||||||
Total investments
|
553,799,067
|
561,561,460
|
||||||
Cash and cash equivalents
|
82,258,418
|
38,987,430
|
||||||
Loans held for sale
|
172,772,535
|
189,139,832
|
||||||
Receivables (net of allowances for doubtful accounts of $2,609,643
and $2,355,482 for 2017 and 2016) |
5,919,706
|
7,050,283
|
||||||
Restricted assets
|
10,152,550
|
10,391,394
|
||||||
Cemetery perpetual care trust investments
|
4,322,060
|
4,131,885
|
||||||
Receivable from reinsurers
|
13,280,043
|
13,079,668
|
||||||
Cemetery land and improvements
|
10,561,992
|
10,672,836
|
||||||
Deferred policy and pre-need contract acquisition costs
|
75,286,393
|
69,118,745
|
||||||
Mortgage servicing rights, net
|
20,096,965
|
18,872,362
|
||||||
Property and equipment, net
|
7,965,086
|
8,791,522
|
||||||
Value of business acquired
|
7,079,387
|
7,570,300
|
||||||
Goodwill
|
2,765,570
|
2,765,570
|
||||||
Other
|
10,254,418
|
9,545,296
|
||||||
Total Assets
|
$
|
976,514,190
|
$
|
951,678,583
|
June 30
2017 (Unaudited) |
December 31
2016 (As Restated) |
|||||||
Liabilities and Stockholders' Equity
|
||||||||
Liabilities
|
||||||||
Future policy benefits and unpaid claims
|
$
|
592,762,559
|
$
|
584,067,692
|
||||
Unearned premium reserve
|
4,340,622
|
4,469,771
|
||||||
Bank and other loans payable
|
163,582,661
|
152,140,679
|
||||||
Deferred pre-need cemetery and mortuary contract revenues
|
12,477,400
|
12,360,249
|
||||||
Cemetery perpetual care obligation
|
3,662,070
|
3,598,580
|
||||||
Accounts payable
|
3,338,457
|
4,213,109
|
||||||
Other liabilities and accrued expenses
|
31,068,330
|
33,950,503
|
||||||
Income taxes
|
27,657,321
|
24,318,869
|
||||||
Total liabilities
|
838,889,420
|
819,119,452
|
||||||
Stockholders' Equity
|
||||||||
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding
|
-
|
-
|
||||||
Class A: common stock - $2.00 par value; 20,000,000 shares authorized; issued 13,820,079 shares in 2017 and 13,819,006 shares in 2016
|
27,640,158
|
27,638,012
|
||||||
Class B: non-voting common stock - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding
|
-
|
-
|
||||||
Class C: convertible common stock - $2.00 par value; 3,000,000 shares authorized; issued 2,005,026 shares in 2017 and 1,902,229 shares in 2016
|
4,010,052
|
3,804,458
|
||||||
Additional paid-in capital
|
35,185,487
|
34,813,246
|
||||||
Accumulated other comprehensive income, net of taxes
|
242,213
|
264,822
|
||||||
Retained earnings
|
71,751,784
|
67,409,204
|
||||||
Treasury stock at cost - 625,871 Class A shares in 2017 and 704,122 Class A shares in 2016
|
(1,204,924
|
)
|
(1,370,611
|
)
|
||||
Total stockholders' equity
|
137,624,770
|
132,559,131
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
976,514,190
|
$
|
951,678,583
|
Three Months Ended June 30
|
Six Months Ended June 30
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenues:
|
||||||||||||||||
Insurance premiums and other considerations
|
$
|
17,498,500
|
$
|
15,899,526
|
$
|
34,855,624
|
$
|
30,351,101
|
||||||||
Net investment income
|
9,747,475
|
9,135,820
|
19,310,757
|
18,128,011
|
||||||||||||
Net mortuary and cemetery sales
|
3,280,375
|
3,520,071
|
6,639,348
|
6,765,927
|
||||||||||||
Realized gains on investments and other assets
|
887,402
|
120,543
|
1,032,732
|
218,465
|
||||||||||||
Other than temporary impairments on investments
|
(266,227
|
)
|
(30,000
|
)
|
(318,366
|
)
|
(103,630
|
)
|
||||||||
Mortgage fee income
|
39,948,197
|
49,825,887
|
78,376,051
|
91,037,895
|
||||||||||||
Other
|
2,075,836
|
1,615,380
|
4,104,709
|
3,145,806
|
||||||||||||
Total revenues
|
73,171,558
|
80,087,227
|
144,000,855
|
149,543,575
|
||||||||||||
Benefits and expenses:
|
||||||||||||||||
Death benefits
|
8,547,019
|
7,336,129
|
17,341,617
|
15,160,130
|
||||||||||||
Surrenders and other policy benefits
|
680,117
|
560,859
|
1,537,648
|
1,079,180
|
||||||||||||
Increase in future policy benefits
|
5,366,096
|
5,272,358
|
10,934,138
|
9,394,059
|
||||||||||||
Amortization of deferred policy and pre-need acquisition costs and value of business acquired
|
1,768,769
|
1,707,552
|
4,032,808
|
3,920,388
|
||||||||||||
Selling, general and administrative expenses:
|
||||||||||||||||
Commissions
|
18,522,758
|
24,608,753
|
34,877,806
|
43,819,721
|
||||||||||||
Personnel
|
17,964,918
|
17,582,835
|
36,554,605
|
34,780,207
|
||||||||||||
Advertising
|
1,485,604
|
1,969,945
|
2,796,278
|
3,047,955
|
||||||||||||
Rent and rent related
|
2,296,495
|
2,048,397
|
4,436,033
|
4,112,722
|
||||||||||||
Depreciation on property and equipment
|
581,026
|
536,489
|
1,206,838
|
1,057,944
|
||||||||||||
Costs related to funding mortgage loans
|
2,286,107
|
1,958,625
|
4,505,756
|
4,591,379
|
||||||||||||
Other
|
7,760,849
|
6,832,076
|
15,191,800
|
13,312,787
|
||||||||||||
Interest expense
|
1,385,354
|
1,235,151
|
2,639,393
|
2,299,346
|
||||||||||||
Cost of goods and services sold-mortuaries and cemeteries
|
532,147
|
452,172
|
1,054,066
|
910,791
|
||||||||||||
Total benefits and expenses
|
69,177,259
|
72,101,341
|
137,108,786
|
137,486,609
|
||||||||||||
Earnings before income taxes
|
3,994,299
|
7,985,886
|
6,892,069
|
12,056,966
|
||||||||||||
Income tax expense
|
(1,508,435
|
)
|
(2,968,880
|
)
|
(2,546,205
|
)
|
(4,502,019
|
)
|
||||||||
Net earnings
|
$
|
2,485,864
|
$
|
5,017,006
|
$
|
4,345,864
|
$
|
7,554,947
|
||||||||
Net earnings per Class A Equivalent common share (1)
|
$
|
0.16
|
$
|
0.34
|
$
|
0.29
|
$
|
0.51
|
||||||||
Net earnings per Class A Equivalent common share-assuming dilution (1)
|
$
|
0.16
|
$
|
0.33
|
$
|
0.28
|
$
|
0.50
|
||||||||
Weighted-average Class A equivalent common share outstanding (1)
|
15,161,689
|
14,747,976
|
15,110,119
|
14,702,187
|
||||||||||||
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)
|
15,492,277
|
15,111,324
|
15,454,507
|
15,114,535
|
Three Months Ended June 30
|
Six Months Ended June 30
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net earnings
|
$
|
2,485,864
|
$
|
5,017,006
|
$
|
4,345,864
|
$
|
7,554,947
|
||||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized gains on derivative instruments
|
1,021
|
2,804
|
2,616
|
5,541
|
||||||||||||
Unrealized gains (losses) on available for sale securities
|
(67,708
|
)
|
38,582
|
(37,838
|
)
|
471,589
|
||||||||||
Other comprehensive income (loss) before income tax
|
(66,687
|
)
|
41,386
|
(35,222
|
)
|
477,130
|
||||||||||
Income tax (expense) benefit
|
22,786
|
(28,779
|
)
|
12,613
|
(164,956
|
)
|
||||||||||
Other comprehensive income (loss) net of income tax
|
(43,901
|
)
|
12,607
|
(22,609
|
)
|
312,174
|
||||||||||
Comprehensive income
|
$
|
2,441,963
|
$
|
5,029,613
|
$
|
4,323,255
|
$
|
7,867,121
|
Class A
Common Stock
|
Class C
Common Stock
|
Additional
Paid-in
Capital
|
Accumulated
Other Comprehensive Income
|
Retained
Earnings
|
Treasury
Stock
|
Total
|
||||||||||||||||||||||
Balance at December 31, 2015
|
$
|
26,218,200
|
$
|
3,419,280
|
$
|
30,232,582
|
$
|
(499,358
|
)
|
$
|
60,525,404
|
$
|
(2,179,429
|
)
|
$
|
117,716,679
|
||||||||||||
Net earnings
|
-
|
-
|
-
|
-
|
7,554,947
|
-
|
7,554,947
|
|||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
312,174
|
-
|
-
|
312,174
|
|||||||||||||||||||||
Grant of stock options
|
-
|
-
|
168,478
|
-
|
-
|
-
|
168,478
|
|||||||||||||||||||||
Exercise of stock options
|
56,920
|
-
|
4,367
|
-
|
-
|
-
|
61,287
|
|||||||||||||||||||||
Sale of treasury stock
|
-
|
-
|
274,184
|
-
|
-
|
374,472
|
648,656
|
|||||||||||||||||||||
Stock dividends
|
274
|
12,768
|
30,779
|
-
|
(43,821
|
)
|
-
|
-
|
||||||||||||||||||||
Conversion Class C to Class A
|
8
|
(8
|
)
|
|||||||||||||||||||||||||
Balance at June 30, 2016
|
$
|
26,275,402
|
$
|
3,432,040
|
$
|
30,710,390
|
$
|
(187,184
|
)
|
$
|
68,036,530
|
$
|
(1,804,957
|
)
|
$
|
126,462,221
|
||||||||||||
Balance at December 31, 2016
|
$
|
27,638,012
|
$
|
3,804,458
|
$
|
34,813,246
|
$
|
264,822
|
$
|
67,409,204
|
$
|
(1,370,611
|
)
|
$
|
132,559,131
|
|||||||||||||
Net earnings
|
-
|
-
|
-
|
-
|
4,345,864
|
-
|
4,345,864
|
|||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
(22,609
|
)
|
-
|
-
|
(22,609
|
)
|
|||||||||||||||||||
Grant of stock options
|
-
|
-
|
203,312
|
-
|
-
|
-
|
203,312
|
|||||||||||||||||||||
Exercise of stock options
|
2
|
206,804
|
(206,806
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Sale of treasury stock
|
-
|
-
|
373,385
|
-
|
-
|
351,157
|
724,542
|
|||||||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
-
|
-
|
(185,470
|
)
|
(185,470
|
)
|
|||||||||||||||||||
Stock dividends
|
930
|
4
|
2,350
|
-
|
(3,284
|
)
|
-
|
-
|
||||||||||||||||||||
Conversion Class C to Class A
|
1,214
|
(1,214
|
)
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Balance at June 30, 2017
|
$
|
27,640,158
|
$
|
4,010,052
|
$
|
35,185,487
|
$
|
242,213
|
$
|
71,751,784
|
$
|
(1,204,924
|
)
|
$
|
137,624,770
|
Six Months Ended June 30
|
||||||||
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net cash provided by (used in) operating activities
|
$
|
20,042,049
|
$
|
(11,694,122
|
)
|
|||
Cash flows from investing activities:
|
||||||||
Securities held to maturity:
|
||||||||
Purchase-fixed maturity securities
|
(14,739,655
|
)
|
(6,011,449
|
)
|
||||
Calls and maturities - fixed maturity securities
|
5,780,429
|
7,461,029
|
||||||
Securities available for sale:
|
||||||||
Purchase - equity securities
|
(4,662,660
|
)
|
(3,092,638
|
)
|
||||
Sales - equity securities
|
8,728,231
|
2,858,859
|
||||||
Purchases of short-term investments
|
(10,545,721
|
)
|
(7,982,751
|
)
|
||||
Sales of short-term investments
|
14,657,281
|
4,122,893
|
||||||
Net changes in restricted assets
|
234,989
|
(379,488
|
)
|
|||||
Net changes in perpetual care trusts
|
(138,214
|
)
|
636,032
|
|||||
Mortgage loans, policy loans, and other investments made
|
(225,709,097
|
)
|
(223,703,013
|
)
|
||||
Payments received for mortgage loans, policy loans and other investments
|
243,249,202
|
213,224,702
|
||||||
Purchase of property and equipment
|
(396,225
|
)
|
(796,922
|
)
|
||||
Sale of property and equipment
|
9,973
|
33,994
|
||||||
Purchase of real estate
|
(9,792,553
|
)
|
(11,122,083
|
)
|
||||
Sale of real estate
|
6,955,785
|
3,559,261
|
||||||
Net cash provided by (used in) investing activities
|
13,631,765
|
(21,191,574
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Investment contract receipts
|
6,619,919
|
5,089,479
|
||||||
Investment contract withdrawals
|
(8,281,872
|
)
|
(6,138,482
|
)
|
||||
Proceeds from stock options exercised
|
-
|
61,287
|
||||||
Purchase of treasury stock
|
(185,470
|
)
|
-
|
|||||
Repayment of bank loans
|
(1,450,283
|
)
|
(777,883
|
)
|
||||
Proceeds from borrowing on bank loans
|
13,785,915
|
2,472,468
|
||||||
Net change in warehouse line borrowings
|
(891,035
|
)
|
28,925,507
|
|||||
Net cash provided by financing activities
|
9,597,174
|
29,632,376
|
||||||
Net change in cash and cash equivalents
|
43,270,988
|
(3,253,320
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
38,987,430
|
40,053,242
|
||||||
Cash and cash equivalents at end of period
|
$
|
82,258,418
|
$
|
36,799,922
|
||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest (net of amount capitalized)
|
$
|
2,617,241
|
$
|
2,315,042
|
||||
Income taxes (net of refunds)
|
(804,859
|
)
|
981,981
|
|||||
Non Cash Operating, Investing and Financing Activities:
|
||||||||
Transfer of loans held for sale to mortgage loans held for investment
|
$
|
5,032,147
|
$
|
7,386,432
|
||||
Accrued real estate construction costs and retainage
|
3,013,225
|
-
|
||||||
Mortgage loans foreclosed into real estate
|
1,345,213
|
573,658
|
||||||
Benefit plans funded with treasury stock
|
724,542
|
648,656
|
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Estimated
Fair Value |
|||||||||||||
June 30, 2017
|
||||||||||||||||
Fixed maturity securities held to maturity carried at amortized cost:
|
||||||||||||||||
Bonds:
|
||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies
|
$
|
14,420,200
|
$
|
248,373
|
$
|
(59,763
|
)
|
$
|
14,608,810
|
|||||||
Obligations of states and political subdivisions
|
5,973,209
|
130,535
|
(89,335
|
)
|
6,014,409
|
|||||||||||
Corporate securities including public utilities
|
161,579,151
|
13,657,535
|
(2,170,322
|
)
|
173,066,364
|
|||||||||||
Mortgage-backed securities
|
10,612,465
|
238,013
|
(159,091
|
)
|
10,691,387
|
|||||||||||
Redeemable preferred stock
|
623,635
|
39,838
|
-
|
663,473
|
||||||||||||
Total fixed maturity securities held to maturity
|
$
|
193,208,660
|
$
|
14,314,294
|
$
|
(2,478,511
|
)
|
$
|
205,044,443
|
|||||||
Equity securities available for sale at estimated fair value:
|
||||||||||||||||
Common stock:
|
||||||||||||||||
Industrial, miscellaneous and all other
|
$
|
6,969,968
|
$
|
388,504
|
$
|
(859,372
|
)
|
$
|
6,499,100
|
|||||||
Total equity securities available for sale at estimated fair value
|
$
|
6,969,968
|
$
|
388,504
|
$
|
(859,372
|
)
|
$
|
6,499,100
|
|||||||
Mortgage loans on real estate and construction loans held for investment at amortized cost:
|
||||||||||||||||
Residential
|
$
|
63,031,000
|
||||||||||||||
Residential construction
|
34,512,524
|
|||||||||||||||
Commercial
|
39,763,788
|
|||||||||||||||
Less: Unamortized deferred loan fees, net
|
(387,020
|
)
|
||||||||||||||
Less: Allowance for loan losses
|
(1,921,028
|
)
|
||||||||||||||
Total mortgage loans on real estate and construction loans held for investment
|
$
|
134,999,264
|
||||||||||||||
Real estate held for investment - net of depreciation
|
$
|
151,355,029
|
||||||||||||||
Policy loans and other investments are shown at amortized cost:
|
||||||||||||||||
Policy loans
|
$
|
6,685,452
|
||||||||||||||
Insurance assignments
|
32,450,071
|
|||||||||||||||
Other investments
|
2,925,000
|
|||||||||||||||
Less: Allowance for doubtful accounts
|
(1,072,529
|
)
|
||||||||||||||
Total policy loans and other investments
|
$
|
40,987,994
|
||||||||||||||
Short-term investments at amortized cost
|
$
|
23,448,480
|
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||||||||||||
December 31, 2016:
|
||||||||||||||||
Fixed maturity securities held to maturity carried at amortized cost:
|
||||||||||||||||
Bonds:
|
||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies
|
$
|
4,475,065
|
$
|
249,028
|
$
|
(66,111
|
)
|
$
|
4,657,982
|
|||||||
Obligations of states and political subdivisions
|
6,017,225
|
153,514
|
(133,249
|
)
|
6,037,490
|
|||||||||||
Corporate securities including public utilities
|
164,375,636
|
10,440,989
|
(3,727,013
|
)
|
171,089,612
|
|||||||||||
Mortgage-backed securities
|
9,488,083
|
221,400
|
(280,871
|
)
|
9,428,612
|
|||||||||||
Redeemable preferred stock
|
623,635
|
13,418
|
-
|
637,053
|
||||||||||||
Total fixed maturity securities held to maturity
|
$
|
184,979,644
|
$
|
11,078,349
|
$
|
(4,207,244
|
)
|
$
|
191,850,749
|
|||||||
Equity securities available for sale at estimated fair value:
|
||||||||||||||||
Common stock:
|
||||||||||||||||
Industrial, miscellaneous and all other
|
$
|
10,985,338
|
$
|
447,110
|
$
|
(859,092
|
)
|
$
|
10,573,356
|
|||||||
Total securities available for sale carried at estimated fair value
|
$
|
10,985,338
|
$
|
447,110
|
$
|
(859,092
|
)
|
$
|
10,573,356
|
|||||||
Mortgage loans on real estate and construction loans held for investment at amortized cost:
|
||||||||||||||||
Residential
|
$
|
58,593,622
|
||||||||||||||
Residential construction
|
40,800,117
|
|||||||||||||||
Commercial
|
51,536,622
|
|||||||||||||||
Less: Allowance for loan losses
|
(1,748,783
|
)
|
||||||||||||||
Total mortgage loans on real estate and construction loans held for investment
|
$
|
149,181,578
|
||||||||||||||
Real estate held for investment - net of depreciation
|
$
|
145,165,921
|
||||||||||||||
Policy loans and other investments are shown at amortized cost:
|
||||||||||||||||
Policy loans
|
$
|
6,694,148
|
||||||||||||||
Insurance assignments
|
33,548,079
|
|||||||||||||||
Promissory notes
|
48,797
|
|||||||||||||||
Other investments
|
1,765,752
|
|||||||||||||||
Less: Allowance for doubtful accounts
|
(1,119,630
|
)
|
||||||||||||||
Total policy loans and other investments
|
$
|
40,937,146
|
||||||||||||||
Short-term investments at amortized cost
|
$
|
27,560,040
|
Unrealized
Losses for
Less than
Twelve
Months
|
Fair Value
|
Unrealized
Losses for
More than
Twelve
Months
|
Fair Value
|
Total
Unrealized
Loss
|
Fair Value
|
|||||||||||||||||||
At June 30, 2017
|
||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. Government Agencies
|
$
|
59,763
|
$
|
12,614,366
|
$
|
-
|
$
|
-
|
$
|
59,763
|
$
|
12,614,366
|
||||||||||||
Obligations of states and political subdivisions
|
89,335
|
2,964,864
|
-
|
-
|
89,335
|
2,964,864
|
||||||||||||||||||
Corporate securities
|
696,803
|
19,580,014
|
1,473,519
|
11,365,599
|
2,170,322
|
30,945,613
|
||||||||||||||||||
Mortgage-backed securities
|
99,586
|
2,845,871
|
59,505
|
1,097,380
|
159,091
|
3,943,251
|
||||||||||||||||||
Total unrealized losses
|
$
|
945,487
|
$
|
38,005,115
|
$
|
1,533,024
|
$
|
12,462,979
|
$
|
2,478,511
|
$
|
50,468,094
|
||||||||||||
At December 31, 2016
|
||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. Government Agencies
|
$
|
66,111
|
$
|
1,342,088
|
$
|
-
|
$
|
-
|
$
|
66,111
|
$
|
1,342,088
|
||||||||||||
Obligations of states and political subdivisions
|
133,249
|
3,686,856
|
-
|
-
|
133,249
|
3,686,856
|
||||||||||||||||||
Corporate securities
|
1,728,312
|
41,796,016
|
1,998,701
|
12,969,135
|
3,727,013
|
54,765,151
|
||||||||||||||||||
Mortgage-backed securities
|
176,715
|
4,176,089
|
104,156
|
940,278
|
280,871
|
5,116,367
|
||||||||||||||||||
Total unrealized losses
|
$
|
2,104,387
|
$
|
51,001,049
|
$
|
2,102,857
|
$
|
13,909,413
|
$
|
4,207,244
|
$
|
64,910,462
|
Amortized
Cost |
Estimated Fair
Value |
|||||||
Held to Maturity:
|
||||||||
Due in 2017
|
$
|
2,711,324
|
$
|
2,725,318
|
||||
Due in 2018 through 2021
|
50,865,992
|
52,437,835
|
||||||
Due in 2022 through 2026
|
43,504,148
|
45,811,635
|
||||||
Due after 2026
|
84,891,096
|
92,714,795
|
||||||
Mortgage-backed securities
|
10,612,465
|
10,691,387
|
||||||
Redeemable preferred stock
|
623,635
|
663,473
|
||||||
Total held to maturity
|
$
|
193,208,660
|
$
|
205,044,443
|
Unrealized
Losses for
Less than
Twelve
Months
|
No. of Investment Positions
|
Unrealized
Losses for
More than
Twelve Months
|
No. of
Investment
Positions
|
Total
Unrealized
Losses
|
||||||||||||||||
At June 30, 2017
|
||||||||||||||||||||
Industrial, miscellaneous and all other
|
$
|
175,601
|
137
|
$
|
683,771
|
84
|
$
|
859,372
|
||||||||||||
Total unrealized losses
|
$
|
175,601
|
137
|
$
|
683,771
|
84
|
$
|
859,372
|
||||||||||||
Fair Value
|
$
|
1,275,336
|
$
|
1,298,109
|
$
|
2,573,445
|
||||||||||||||
At December 31, 2016
|
||||||||||||||||||||
Industrial, miscellaneous and all other
|
$
|
215,563
|
124
|
$
|
643,529
|
104
|
$
|
859,092
|
||||||||||||
Total unrealized losses
|
$
|
215,563
|
124
|
$
|
643,529
|
104
|
$
|
859,092
|
||||||||||||
Fair Value
|
$
|
2,063,144
|
$
|
1,685,874
|
$
|
3,749,018
|
Three Months Ended June 30
|
Six Months Ended June 30
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Fixed maturity securities held to maturity:
|
||||||||||||||||
Gross realized gains
|
$
|
50,987
|
$
|
194,456
|
$
|
53,422
|
$
|
194,456
|
||||||||
Gross realized losses
|
(35,066
|
)
|
-
|
(35,066
|
)
|
(2,878
|
)
|
|||||||||
Other than temporary impairments
|
(266,227
|
)
|
(30,000
|
)
|
(318,366
|
)
|
(60,000
|
)
|
||||||||
Equity securities available for sale:
|
||||||||||||||||
Gross realized gains
|
45,474
|
76,085
|
106,452
|
139,580
|
||||||||||||
Gross realized losses
|
(53,881
|
)
|
(8,724
|
)
|
(58,437
|
)
|
(32,602
|
)
|
||||||||
Other than temporary impairments
|
-
|
-
|
(43,630
|
)
|
||||||||||||
Other assets:
|
||||||||||||||||
Gross realized gains
|
1,325,424
|
583,688
|
1,781,698
|
866,283
|
||||||||||||
Gross realized losses
|
(445,536
|
)
|
(724,962
|
)
|
(815,337
|
)
|
(946,374
|
)
|
||||||||
Total
|
$
|
621,175
|
$
|
90,543
|
$
|
714,366
|
$
|
114,835
|
Three Months Ended
June 30
|
Six Months Ended
June 30
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Fixed maturity securities
|
$
|
2,433,404
|
$
|
2,011,637
|
$
|
4,792,364
|
$
|
4,062,206
|
||||||||
Equity securities
|
68,868
|
59,252
|
133,403
|
130,293
|
||||||||||||
Mortgage loans on real estate
|
2,128,345
|
2,295,531
|
4,340,521
|
4,306,506
|
||||||||||||
Real estate
|
2,834,022
|
2,587,789
|
5,722,084
|
5,426,272
|
||||||||||||
Policy loans
|
233,021
|
171,035
|
426,755
|
353,241
|
||||||||||||
Insurance assignments
|
3,100,721
|
2,946,375
|
6,382,333
|
5,963,484
|
||||||||||||
Other investments
|
12,448
|
13,962
|
19,990
|
13,962
|
||||||||||||
Short-term investments, principally interest on sale of mortgage loans and other
|
1,988,945
|
2,001,301
|
3,804,548
|
3,879,983
|
||||||||||||
Gross investment income
|
12,799,774
|
12,086,882
|
25,621,998
|
24,135,947
|
||||||||||||
Investment expenses
|
(3,052,299
|
)
|
(2,951,062
|
)
|
(6,311,241
|
)
|
(6,007,936
|
)
|
||||||||
Net investment income
|
$
|
9,747,475
|
$
|
9,135,820
|
$
|
19,310,757
|
$
|
18,128,011
|
Net Ending Balance
|
||||||||
June 30
|
December 31
|
|||||||
2017
|
2016
|
|||||||
Arizona
|
$
|
534,381
|
$
|
742,259
|
||||
California
|
5,621,924
|
5,848,389
|
||||||
Colorado
|
-
|
364,489
|
||||||
Florida
|
7,462,137
|
8,327,355
|
||||||
Hawaii
|
712,286
|
-
|
||||||
Ohio
|
46,658
|
46,658
|
||||||
Oklahoma
|
17,500
|
-
|
||||||
Texas
|
513,962
|
1,091,188
|
||||||
Utah
|
56,075,486
|
59,485,466
|
||||||
Washington
|
286,181
|
286,181
|
||||||
$
|
71,270,515
|
$
|
76,191,985
|
Location
|
Business Segment
|
Approximate
Square
Footage
|
Square Footage Occupied by the Company
|
||||||
5300 South 360 West, Salt Lake City, UT (1)
|
Corporate Offices, Life Insurance and
Cemetery/Mortuary Operations |
36,000
|
100
|
%
|
|||||
5201 Green Street, Salt Lake City, UT
|
Mortgage Operations
|
36,899
|
34
|
%
|
|||||
1044 River Oaks Dr., Flowood, MS
|
Life Insurance Operations
|
5,522
|
27
|
%
|
|||||
(1) This asset is included in property and equipment on the Condensed Consolidated Balance Sheet
|
Allowance for Credit Losses and Recorded Investment in Mortgage Loans
|
||||||||||||||||
Commercial
|
Residential
|
Residential Construction
|
Total
|
|||||||||||||
June 30, 2017
|
||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||
Beginning balance - January 1, 2017
|
$
|
187,129
|
$
|
1,461,540
|
$
|
100,114
|
$
|
1,748,783
|
||||||||
Charge-offs
|
-
|
(49,775
|
)
|
(64,894
|
)
|
(114,669
|
)
|
|||||||||
Provision
|
-
|
286,914
|
-
|
286,914
|
||||||||||||
Ending balance - June 30, 2017
|
$
|
187,129
|
$
|
1,698,679
|
$
|
35,220
|
$
|
1,921,028
|
||||||||
Ending balance: individually evaluated for impairment
|
$
|
-
|
$
|
397,938
|
$
|
-
|
$
|
397,938
|
||||||||
Ending balance: collectively evaluated for impairment
|
$
|
187,129
|
$
|
1,300,741
|
$
|
35,220
|
$
|
1,523,090
|
||||||||
Mortgage loans:
|
||||||||||||||||
Ending balance
|
$
|
39,763,788
|
$
|
63,031,000
|
$
|
34,512,524
|
$
|
137,307,312
|
||||||||
Ending balance: individually evaluated for impairment
|
$
|
1,216,035
|
$
|
5,092,895
|
$
|
375,233
|
$
|
6,684,163
|
||||||||
Ending balance: collectively evaluated for impairment
|
$
|
38,547,753
|
$
|
57,938,105
|
$
|
34,137,291
|
$
|
130,623,149
|
||||||||
December 31, 2016
|
||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||
Beginning balance - January 1, 2016
|
$
|
187,129
|
$
|
1,560,877
|
$
|
100,114
|
$
|
1,848,120
|
||||||||
Charge-offs
|
-
|
(420,135
|
)
|
-
|
(420,135
|
)
|
||||||||||
Provision
|
-
|
320,798
|
-
|
320,798
|
||||||||||||
Ending balance - December 31, 2016
|
$
|
187,129
|
$
|
1,461,540
|
$
|
100,114
|
$
|
1,748,783
|
||||||||
Ending balance: individually evaluated for impairment
|
$
|
-
|
$
|
374,501
|
$
|
-
|
$
|
374,501
|
||||||||
Ending balance: collectively evaluated for impairment
|
$
|
187,129
|
$
|
1,087,039
|
$
|
100,114
|
$
|
1,374,282
|
||||||||
Mortgage loans:
|
||||||||||||||||
Ending balance
|
$
|
51,536,622
|
$
|
58,593,622
|
$
|
40,800,117
|
$
|
150,930,361
|
||||||||
Ending balance: individually evaluated for impairment
|
$
|
202,992
|
$
|
2,916,538
|
$
|
64,895
|
$
|
3,184,425
|
||||||||
Ending balance: collectively evaluated for impairment
|
$
|
51,333,630
|
$
|
55,677,084
|
$
|
40,735,222
|
$
|
147,745,936
|
Age Analysis of Past Due Mortgage Loans
|
||||||||||||||||||||||||||||||||||||||||
30-59 Days
Past Due |
60-89 Days
Past Due |
Greater Than
90 Days (1) |
In Process of Foreclosure (1)
|
Total
Past Due |
Current
|
Total
Mortgage Loans |
Allowance for
Loan Losses |
Unamortized deferred loan fees, net
|
Net Mortgage
Loans |
|||||||||||||||||||||||||||||||
June 30, 2017
|
||||||||||||||||||||||||||||||||||||||||
Commercial
|
$
|
522,607
|
$
|
-
|
$
|
1,012,500
|
$
|
203,535
|
$
|
1,738,642
|
$
|
38,025,146
|
$
|
39,763,788
|
$
|
(187,129
|
)
|
$
|
(184,983
|
)
|
$
|
39,391,676
|
||||||||||||||||||
Residential
|
23,047
|
2,648,068
|
2,599,697
|
2,493,198
|
7,764,010
|
55,266,990
|
63,031,000
|
(1,698,679
|
)
|
(25,640
|
)
|
61,306,681
|
||||||||||||||||||||||||||||
Residential
Construction |
-
|
-
|
375,233
|
-
|
375,233
|
34,137,291
|
34,512,524
|
(35,220
|
)
|
(176,397
|
)
|
34,300,907
|
||||||||||||||||||||||||||||
Total
|
$
|
545,654
|
$
|
2,648,068
|
$
|
3,987,430
|
$
|
2,696,733
|
$
|
9,877,885
|
$
|
127,429,427
|
$
|
137,307,312
|
$
|
(1,921,028
|
)
|
$
|
(387,020
|
)
|
$
|
134,999,264
|
||||||||||||||||||
December 31, 2016
|
||||||||||||||||||||||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
202,992
|
$
|
202,992
|
$
|
51,333,630
|
$
|
51,536,622
|
$
|
(187,129
|
)
|
$
|
-
|
$
|
51,349,493
|
|||||||||||||||||||
Residential
|
964,960
|
996,779
|
1,290,355
|
1,626,183
|
4,878,277
|
53,715,345
|
58,593,622
|
(1,461,540
|
)
|
-
|
57,132,082
|
|||||||||||||||||||||||||||||
Residential
Construction |
-
|
-
|
64,895
|
-
|
64,895
|
40,735,222
|
40,800,117
|
(100,114
|
)
|
-
|
40,700,003
|
|||||||||||||||||||||||||||||
Total
|
$
|
964,960
|
$
|
996,779
|
$
|
1,355,250
|
$
|
1,829,175
|
$
|
5,146,164
|
$
|
145,784,197
|
$
|
150,930,361
|
$
|
(1,748,783
|
)
|
$
|
-
|
$
|
149,181,578
|
|||||||||||||||||||
(1) Interest income is not recognized on loans past due greater than 90 days or in foreclosure.
|
Impaired Loans
|
||||||||||||||||||||
Recorded
Investment
|
Unpaid Principal Balance
|
Related
Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||
June 30, 2017
|
||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial
|
$
|
1,216,035
|
$
|
1,216,035
|
$
|
-
|
$
|
709,514
|
$
|
-
|
||||||||||
Residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential construction
|
375,233
|
375,233
|
-
|
220,064
|
-
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Residential
|
5,092,895
|
5,092,895
|
397,938
|
4,004,717
|
-
|
|||||||||||||||
Residential construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total:
|
||||||||||||||||||||
Commercial
|
$
|
1,216,035
|
$
|
1,216,035
|
$
|
-
|
$
|
709,514
|
$
|
-
|
||||||||||
Residential
|
5,092,895
|
5,092,895
|
397,938
|
4,004,717
|
-
|
|||||||||||||||
Residential construction
|
375,233
|
375,233
|
-
|
220,064
|
-
|
|||||||||||||||
December 31, 2016
|
||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial
|
$
|
202,992
|
$
|
202,992
|
$
|
-
|
$
|
202,992
|
$
|
-
|
||||||||||
Residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential construction
|
64,895
|
64,895
|
-
|
79,082
|
-
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Residential
|
2,916,538
|
2,916,538
|
374,501
|
3,001,850
|
-
|
|||||||||||||||
Residential construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total:
|
||||||||||||||||||||
Commercial
|
$
|
202,992
|
$
|
202,992
|
$
|
-
|
$
|
202,992
|
$
|
-
|
||||||||||
Residential
|
2,916,538
|
2,916,538
|
374,501
|
3,001,850
|
-
|
|||||||||||||||
Residential construction
|
64,895
|
64,895
|
-
|
79,082
|
-
|
Mortgage Loan Credit Exposure
|
||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity
|
||||||||||||||||||||||||||||||||
Commercial
|
Residential
|
Residential Construction
|
Total
|
|||||||||||||||||||||||||||||
June
30, 2017 |
December
31, 2016 |
June
30, 2017 |
December
31, 2016 |
June
30, 2017 |
December
31, 2016 |
June
30, 2017 |
December
31, 2016 |
|||||||||||||||||||||||||
Performing
|
$
|
38,547,753
|
$
|
51,333,630
|
$
|
57,938,105
|
$
|
55,677,084
|
$
|
34,137,291
|
$
|
40,735,222
|
$
|
130,623,149
|
$
|
147,745,936
|
||||||||||||||||
Nonperforming
|
1,216,035
|
202,992
|
5,092,895
|
2,916,538
|
375,233
|
64,895
|
6,684,163
|
3,184,425
|
||||||||||||||||||||||||
Total
|
$
|
39,763,788
|
$
|
51,536,622
|
$
|
63,031,000
|
$
|
58,593,622
|
$
|
34,512,524
|
$
|
40,800,117
|
$
|
137,307,312
|
$
|
150,930,361
|
Mortgage Loans on Nonaccrual Status
|
||||||||
As of June 30
2017 |
As of December 31
2016 |
|||||||
Commercial
|
$
|
1,216,035
|
$
|
202,992
|
||||
Residential
|
5,092,895
|
2,916,538
|
||||||
Residential construction
|
375,233
|
64,895
|
||||||
Total
|
$
|
6,684,163
|
$
|
3,184,425
|
Number of
Class A Shares |
Weighted Average Exercise Price
|
Number of
Class C Shares |
Weighted Average Exercise Price
|
|||||||||||||
Outstanding at December 31, 2015
|
618,261
|
$
|
3.89
|
577,436
|
$
|
3.54
|
||||||||||
Granted
|
-
|
-
|
||||||||||||||
Exercised
|
(28,460
|
)
|
2.15
|
-
|
||||||||||||
Cancelled
|
-
|
-
|
||||||||||||||
Outstanding at June 30, 2016
|
589,801
|
$
|
3.97
|
577,436
|
$
|
3.54
|
||||||||||
As of June 30, 2016:
|
||||||||||||||||
Options exercisable
|
519,711
|
$
|
3.65
|
524,936
|
$
|
3.19
|
||||||||||
As of June 30, 2016:
|
||||||||||||||||
Available options for future grant
|
397,342
|
57,750
|
||||||||||||||
Weighted average contractual term of options outstanding at June 30, 2016
|
7.25 years
|
2.25 years
|
||||||||||||||
Weighted average contractual term of options exercisable at June 30, 2016
|
6.96 years
|
2.03 years
|
||||||||||||||
Aggregated intrinsic value of options outstanding at June 30, 2016 (1)
|
$
|
755,390
|
$
|
1,001,904
|
||||||||||||
Aggregated intrinsic value of options exercisable at June 30, 2016 (1)
|
$
|
755,390
|
$
|
1,001,904
|
||||||||||||
(1) The Company used a stock price of $4.89 as of June 30, 2016 to derive intrinsic value.
|
Three Months Ended
June 30 |
Six Months Ended
June 30 |
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net earnings
|
$
|
2,485,864
|
$
|
5,017,006
|
$
|
4,345,864
|
$
|
7,554,947
|
||||||||
Denominator:
|
||||||||||||||||
Basic weighted-average shares outstanding
|
15,161,689
|
14,747,976
|
15,110,119
|
14,702,187
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Employee stock options
|
330,588
|
363,348
|
344,388
|
412,348
|
||||||||||||
Diluted weighted-average shares outstanding
|
15,492,277
|
15,111,324
|
15,454,507
|
15,114,535
|
||||||||||||
Basic net earnings per share
|
$
|
0.16
|
$
|
0.34
|
$
|
0.29
|
$
|
0.51
|
||||||||
Diluted net earnings per share
|
$
|
0.16
|
$
|
0.33
|
$
|
0.28
|
$
|
0.50
|
Life Insurance
|
Cemetery/
Mortuary |
Mortgage
|
Intercompany
Eliminations
|
Consolidated
|
||||||||||||||||
For the Three Months Ended
|
||||||||||||||||||||
June 30, 2017
|
||||||||||||||||||||
Revenues from external customers
|
$
|
25,723,657
|
$
|
3,314,003
|
$
|
44,133,898
|
$
|
-
|
$
|
73,171,558
|
||||||||||
Intersegment revenues
|
2,977,427
|
113,104
|
86,414
|
(3,176,945
|
)
|
-
|
||||||||||||||
Segment profit before income taxes
|
2,818,600
|
335,877
|
839,822
|
-
|
3,994,299
|
|||||||||||||||
For the Three Months Ended
|
||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||
Revenues from external customers
|
$
|
23,569,437
|
$
|
3,813,701
|
$
|
52,704,089
|
$
|
-
|
$
|
80,087,227
|
||||||||||
Intersegment revenues
|
3,358,988
|
221,862
|
80,860
|
(3,661,710
|
)
|
-
|
||||||||||||||
Segment profit before income taxes
|
2,542,035
|
759,607
|
4,684,244
|
-
|
7,985,886
|
|||||||||||||||
For the Six Months Ended
|
||||||||||||||||||||
June 30, 2017
|
||||||||||||||||||||
Revenues from external customers
|
$
|
51,882,358
|
$
|
6,918,900
|
$
|
85,199,597
|
$
|
-
|
$
|
144,000,855
|
||||||||||
Intersegment revenues
|
5,966,078
|
222,455
|
182,184
|
(6,370,717
|
)
|
-
|
||||||||||||||
Segment profit before income taxes
|
4,302,080
|
1,094,788
|
1,495,201
|
-
|
6,892,069
|
|||||||||||||||
Identifiable Assets
|
839,619,710
|
95,058,739
|
170,463,229
|
(131,393,058
|
)
|
973,748,620
|
||||||||||||||
Goodwill
|
2,765,570
|
-
|
-
|
-
|
2,765,570
|
|||||||||||||||
Total Assets
|
842,385,280
|
95,058,739
|
170,463,229
|
(131,393,058
|
)
|
976,514,190
|
||||||||||||||
For the Six Months Ended
|
||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||
Revenues from external customers
|
$
|
45,644,571
|
$
|
7,144,467
|
$
|
96,754,537
|
$
|
-
|
$
|
149,543,575
|
||||||||||
Intersegment revenues
|
6,462,434
|
508,787
|
160,339
|
(7,131,560
|
)
|
-
|
||||||||||||||
Segment profit before income taxes
|
3,645,762
|
1,228,662
|
7,182,542
|
-
|
12,056,966
|
|||||||||||||||
Identifiable Assets
|
727,655,688
|
95,831,664
|
194,523,880
|
(131,845,488
|
)
|
886,165,744
|
||||||||||||||
Goodwill
|
2,765,570
|
-
|
-
|
-
|
2,765,570
|
|||||||||||||||
Total Assets
|
730,421,258
|
95,831,664
|
194,523,880
|
(131,845,488
|
)
|
888,931,314
|
a)
|
Quoted prices for similar assets or liabilities in active markets;
|
b)
|
Quoted prices for identical or similar assets or liabilities in non-active markets; or
|
c)
|
Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.
|
Total
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant
Observable
Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
|||||||||||||
Assets accounted for at fair value on a recurring basis
|
||||||||||||||||
Common stock
|
$
|
6,499,100
|
$
|
6,499,100
|
$
|
-
|
$
|
-
|
||||||||
Total securities available for sale
|
$
|
6,499,100
|
$
|
6,499,100
|
$
|
-
|
$
|
-
|
||||||||
Restricted assets of cemeteries and mortuaries
|
$
|
761,409
|
$
|
761,409
|
$
|
-
|
$
|
-
|
||||||||
Cemetery perpetual care trust investments
|
670,407
|
670,407
|
-
|
-
|
||||||||||||
Derivatives - loan commitments
|
7,986,876
|
-
|
-
|
7,986,876
|
||||||||||||
Total assets accounted for at fair value on a recurring basis
|
$
|
15,917,792
|
$
|
7,930,916
|
$
|
-
|
$
|
7,986,876
|
||||||||
Liabilities accounted for at fair value on a recurring basis
|
||||||||||||||||
Derivatives - bank loan interest rate swaps
|
$
|
(692
|
)
|
$
|
-
|
$
|
-
|
$
|
(692
|
)
|
||||||
- call options
|
(24,670
|
)
|
(24,670
|
)
|
-
|
-
|
||||||||||
- put options
|
(44,573
|
)
|
(44,573
|
)
|
-
|
-
|
||||||||||
- loan commitments
|
(21,830
|
)
|
-
|
-
|
(21,830
|
)
|
||||||||||
Total liabilities accounted for at fair value on a recurring basis
|
$
|
(91,765
|
)
|
$
|
(69,243
|
)
|
$
|
-
|
$
|
(22,522
|
)
|
Net Loan Commitments
|
Bank Loan
Interest
Rate
Swaps
|
|||||||
Balance - December 31, 2016
|
$
|
6,809,332
|
$
|
(3,308
|
)
|
|||
Total gains (losses):
|
||||||||
Included in earnings
|
1,155,714
|
-
|
||||||
Included in other comprehensive income
|
-
|
2,616
|
||||||
Balance - June 30, 2017
|
$
|
7,965,046
|
$
|
(692
|
)
|
Quoted Prices
in Active
Identical
Assets
|
Significant
Observable
|
Significant
Unobservable
|
||||||||||||||
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets accounted for at fair value on a nonrecurring basis
|
||||||||||||||||
Impaired mortgage loans on real estate
|
$
|
6,684,163
|
$
|
-
|
$
|
-
|
$
|
6,684,163
|
||||||||
Mortgage servicing rights additions
|
2,867,263
|
-
|
-
|
2,867,263
|
||||||||||||
Impaired fixed maturity securities, held to maturity
|
204,880
|
-
|
204,880
|
-
|
||||||||||||
Total assets accounted for at fair value on a nonrecurring basis
|
$
|
9,756,306
|
$
|
-
|
$
|
204,880
|
$
|
9,551,426
|
Total
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
Significant
Observable
Inputs
(Level 2) |
Significant Unobservable
Inputs
(Level 3) |
|||||||||||||
Assets accounted for at fair value on a recurring basis
|
||||||||||||||||
Common stock
|
$
|
10,573,356
|
$
|
10,573,356
|
$
|
-
|
$
|
-
|
||||||||
Total securities available for sale
|
$
|
10,573,356
|
$
|
10,573,356
|
$
|
-
|
$
|
-
|
||||||||
Restricted assets of cemeteries and mortuaries
|
$
|
736,603
|
$
|
736,603
|
$
|
-
|
$
|
-
|
||||||||
Cemetery perpetual care trust investments
|
698,202
|
698,202
|
-
|
-
|
||||||||||||
Derivatives - loan commitments
|
6,911,544
|
-
|
-
|
6,911,544
|
||||||||||||
Total assets accounted for at fair value on a recurring basis
|
$
|
18,919,705
|
$
|
12,008,161
|
$
|
-
|
$
|
6,911,544
|
||||||||
Liabilities accounted for at fair value on a recurring basis
|
||||||||||||||||
Derivatives - bank loan interest rate swaps
|
$
|
(3,308
|
)
|
-
|
-
|
$
|
(3,308
|
)
|
||||||||
- call options
|
(109,474
|
)
|
(109,474
|
)
|
-
|
-
|
||||||||||
- put options
|
(26,494
|
)
|
(26,494
|
)
|
-
|
-
|
||||||||||
- loan commitments
|
(102,212
|
)
|
-
|
-
|
(102,212
|
)
|
||||||||||
Total liabilities accounted for at fair value on a recurring basis
|
$
|
(241,488
|
)
|
$
|
(135,968
|
)
|
$
|
-
|
$
|
(105,520
|
)
|
Net Loan Commitments
|
Bank Loan Interest Rate Swaps
|
|||||||
Balance - December 31, 2015
|
$
|
7,671,495
|
$
|
(13,947
|
)
|
|||
Purchases
|
-
|
-
|
||||||
Total gains (losses):
|
||||||||
Included in earnings
|
(862,163
|
)
|
-
|
|||||
Included in other
|
||||||||
comprehensive income
|
-
|
10,639
|
||||||
Balance - December 31, 2016
|
$
|
6,809,332
|
$
|
(3,308
|
)
|
|||
Total
|
Quoted Prices
in Active
Identical
Assets
(Level 1)
|
Significant
Observable
|
Significant
Unobservable
|
|||||||||||||
Assets accounted for at fair value on a nonrecurring basis
|
||||||||||||||||
Impaired mortgage loans on real estate
|
$
|
2,809,925
|
$
|
-
|
$
|
-
|
$
|
2,809,925
|
||||||||
Mortgage servicing rights additions
|
8,603,154
|
-
|
-
|
8,603,154
|
||||||||||||
Real estate held for investment
|
2,347,820
|
-
|
-
|
2,347,820
|
||||||||||||
Total assets accounted for at fair value on a nonrecurring basis
|
$
|
13,760,899
|
$
|
-
|
$
|
-
|
$
|
13,760,899
|
Carrying Value
|
Level 1
|
Level 2
|
Level 3
|
Total
Estimated Fair
Value
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Fixed maturity securities, held to maturity
|
$
|
193,208,660
|
$
|
-
|
$
|
205,044,443
|
$
|
-
|
$
|
205,044,443
|
||||||||||
Mortgage loans:
|
||||||||||||||||||||
Residential
|
61,306,680
|
-
|
-
|
65,473,057
|
65,473,057
|
|||||||||||||||
Residential construction
|
34,300,908
|
-
|
-
|
34,300,908
|
34,300,908
|
|||||||||||||||
Commercial
|
39,391,676
|
-
|
-
|
40,945,013
|
40,945,013
|
|||||||||||||||
Mortgage loans, net
|
$
|
134,999,264
|
$
|
-
|
$
|
-
|
$
|
140,718,978
|
$
|
140,718,978
|
||||||||||
Loans held for sale
|
173,367,938
|
-
|
-
|
177,060,605
|
177,060,605
|
|||||||||||||||
Policy loans
|
6,685,452
|
-
|
-
|
6,685,452
|
6,685,452
|
|||||||||||||||
Insurance assignments, net
|
31,377,542
|
-
|
-
|
31,377,542
|
31,377,542
|
|||||||||||||||
Short-term investments
|
23,448,480
|
-
|
23,448,480
|
-
|
23,448,480
|
|||||||||||||||
Mortgage servicing rights
|
20,096,965
|
-
|
-
|
26,448,288
|
26,448,288
|
|||||||||||||||
Liabilities
|
||||||||||||||||||||
Bank and other loans payable
|
$
|
(163,581,969
|
)
|
$
|
-
|
$
|
-
|
$
|
(163,581,969
|
)
|
$
|
(163,581,969
|
)
|
|||||||
Policyholder account balances
|
(48,540,633
|
)
|
-
|
-
|
(37,834,097
|
)
|
(37,834,097
|
)
|
||||||||||||
Future policy benefits - annuities
|
(99,076,489
|
)
|
-
|
-
|
(99,975,768
|
)
|
(99,975,768
|
)
|
Carrying Value
|
Level 1
|
Level 2
|
Level 3
|
Total
Estimated
Fair Value
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Fixed maturity securities, held to maturity
|
$
|
184,979,644
|
$
|
-
|
$
|
191,850,749
|
$
|
-
|
$
|
191,850,749
|
||||||||||
Mortgage loans:
|
||||||||||||||||||||
Residential
|
57,132,082
|
-
|
-
|
61,357,393
|
61,357,393
|
|||||||||||||||
Residential construction
|
40,700,003
|
-
|
-
|
40,700,003
|
40,700,003
|
|||||||||||||||
Commercial
|
51,349,493
|
-
|
-
|
53,299,800
|
53,299,800
|
|||||||||||||||
Mortgage loans, net
|
$
|
149,181,578
|
$
|
-
|
$
|
-
|
$
|
155,357,196
|
$
|
155,357,196
|
||||||||||
Loans held for sale
|
189,578,243
|
-
|
-
|
192,289,854
|
192,289,854
|
|||||||||||||||
Policy loans
|
6,694,148
|
-
|
-
|
6,694,148
|
6,694,148
|
|||||||||||||||
Insurance assignments, net
|
32,477,246
|
-
|
-
|
32,477,246
|
32,477,246
|
|||||||||||||||
Short-term investments
|
27,560,040
|
-
|
27,560,040
|
-
|
27,560,040
|
|||||||||||||||
Mortgage servicing rights
|
18,872,362
|
-
|
-
|
25,496,832
|
25,496,832
|
|||||||||||||||
Liabilities
|
||||||||||||||||||||
Bank and other loans payable
|
$
|
(152,137,371
|
)
|
$
|
-
|
$
|
-
|
$
|
(152,137,371
|
)
|
$
|
(152,137,371
|
)
|
|||||||
Policyholder account balances
|
(49,421,125
|
)
|
-
|
-
|
(38,530,031
|
)
|
(38,530,031
|
)
|
||||||||||||
Future policy benefits - annuities
|
(99,388,662
|
)
|
-
|
-
|
(100,253,261
|
)
|
(100,253,261
|
)
|
Fair Values and Notional Values of Derivative Instruments
|
|||||||||||||||||||||||||
June 30, 2017
|
December 31, 2016
|
||||||||||||||||||||||||
Balance Sheet Location
|
Notional Amount
|
Asset Fair Value
|
Liability Fair Value
|
Notional Amount
|
Asset Fair Value
|
Liability Fair Value
|
|||||||||||||||||||
Derivatives not designated as hedging instruments:
|
|||||||||||||||||||||||||
Loan commitments
|
Other assets and other liabilities
|
$
|
216,706,500
|
$
|
7,986,876
|
$
|
21,830
|
$
|
191,757,193
|
$
|
6,911,544
|
$
|
102,212
|
||||||||||||
Call options
|
Other liabilities
|
1,076,550
|
--
|
24,670
|
2,169,850
|
--
|
109,474
|
||||||||||||||||||
Put options
|
Other liabilities
|
2,392,950
|
--
|
44,573
|
1,336,750
|
--
|
26,494
|
||||||||||||||||||
Derivatives designated as hedging instruments:
|
|||||||||||||||||||||||||
Interest rate swaps
|
Bank and other loans payable
|
87,881
|
--
|
692
|
175,762
|
--
|
3,308
|
||||||||||||||||||
Total
|
$
|
220,263,881
|
$
|
7,986,876
|
$
|
91,765
|
$
|
195,439,555
|
$
|
6,911,544
|
$
|
241,488
|
As of June 30
2017 |
As of December 31
2016 |
|||||||
Amortized cost:
|
||||||||
Balance before valuation allowance at beginning of year
|
$
|
18,872,362
|
$
|
12,679,755
|
||||
MSRs proceeds from loan sales
|
2,867,263
|
8,603,154
|
||||||
Amortization
|
(1,642,660
|
)
|
(2,410,547
|
)
|
||||
Application of valuation allowance to write down MSRs with other than temporary impairment
|
-
|
-
|
||||||
Balance before valuation allowance at end of period
|
$
|
20,096,965
|
$
|
18,872,362
|
||||
Valuation allowance for impairment of MSRs:
|
||||||||
Balance at beginning of year
|
$
|
-
|
$
|
-
|
||||
Additions
|
-
|
-
|
||||||
Application of valuation allowance to write down MSRs with other than temporary impairment
|
-
|
-
|
||||||
Balance at end of period
|
$
|
-
|
$
|
-
|
||||
Mortgage servicing rights, net
|
$
|
20,096,965
|
$
|
18,872,362
|
||||
Estimated fair value of MSRs at end of period
|
$
|
26,448,288
|
$
|
25,496,832
|
Estimated MSR Amortization
|
||||
2017
|
$
|
1,053,392
|
||
2018
|
3,173,929
|
|||
2019
|
3,173,929
|
|||
2020
|
3,173,929
|
|||
2021
|
3,173,929
|
|||
Thereafter
|
6,347,857
|
|||
Total
|
$
|
20,096,965
|
Three Months Ended
June 30 |
Six Months Ended
June 30 |
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Contractual servicing fees
|
$
|
1,785,361
|
$
|
1,326,781
|
$
|
3,510,594
|
$
|
2,528,355
|
||||||||
Late fees
|
67,585
|
44,339
|
137,527
|
88,947
|
||||||||||||
Total
|
$
|
1,852,946
|
$
|
1,371,120
|
$
|
3,648,121
|
$
|
2,617,302
|
As of
June 30
2017
|
As of
December 31
2016
|
|||||||
Servicing UPB
|
$
|
2,744,354,316
|
$
|
2,720,441,340
|
Prepayment
Speeds |
Average
Life(Years) |
Discount
Rate |
||||||||||
June 30, 2017
|
3.79
|
%
|
6.28
|
10.01
|
||||||||
December 31, 2016
|
3.77
|
%
|
6.52
|
10.01
|
Fixed maturity securities, held to maturity
|
$
|
43,878,084
|
||
Equity securities, available for sale
|
646,335
|
|||
Mortgage loans on real estate
|
4,528,582
|
|||
Real estate held for investment
|
528,947
|
|||
Policy loans
|
145,953
|
|||
Accrued investment income
|
585,985
|
|||
Cash and cash equivalents
|
7,782,883
|
|||
Receivables
|
73,347
|
|||
Property and equipment
|
21,083
|
|||
Deferred tax asset
|
1,190,862
|
|||
Receivable from reinsurers
|
34,948
|
|||
Other
|
57,768
|
|||
Total assets acquired
|
59,474,777
|
|||
Future life, annuity, and other benefits
|
(52,648,838
|
)
|
||
Accounts payable
|
(6,953
|
)
|
||
Other liabilities and accrued expenses
|
(65,986
|
)
|
||
Total liabilities assumed
|
(52,721,777
|
)
|
||
Fair value of net assets acquired/consideration paid
|
$
|
6,753,000
|
For the
Three Months
Ended
June 30,
2016
|
For the
Six Months
Ended
June 30,
2016
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total revenues
|
$
|
81,065,790
|
$
|
151,680,444
|
||||
Net earnings
|
$
|
4,987,815
|
$
|
7,289,973
|
||||
Net earnings per Class A equivalent common share
|
$
|
0.34
|
$
|
0.50
|
||||
Net earnings per Class A equivalent common share assuming dilution
|
$
|
0.33
|
$
|
0.48
|
Three months ended June 30
(in thousands of dollars) |
Six months ended June 30
(in thousands of dollars) |
|||||||||||||||||||||||
2017
|
2016
|
% Increase
(Decrease)
|
2017
|
2016
|
% Increase
(Decrease)
|
|||||||||||||||||||
Revenues from external customers
|
||||||||||||||||||||||||
Insurance premiums
|
$
|
17,498
|
$
|
15,899
|
10
|
%
|
$
|
34,855
|
$
|
30,351
|
15
|
%
|
||||||||||||
Net investment income
|
7,665
|
6,892
|
11
|
%
|
15,251
|
13,855
|
10
|
%
|
||||||||||||||||
Income from loan originations
|
282
|
613
|
(54
|
%)
|
1,470
|
1,085
|
35
|
%
|
||||||||||||||||
Other
|
278
|
166
|
67
|
%
|
306
|
354
|
(14
|
%)
|
||||||||||||||||
Total
|
$
|
25,723
|
$
|
23,570
|
9
|
%
|
$
|
51,882
|
$
|
45,645
|
14
|
%
|
||||||||||||
Intersegment revenue
|
$
|
2,977
|
$
|
3,359
|
(11
|
%)
|
$
|
5,966
|
$
|
6,462
|
(8
|
%)
|
||||||||||||
Earnings before income taxes
|
$
|
2,819
|
$
|
2,542
|
11
|
%
|
$
|
4,302
|
$
|
3,646
|
18
|
%
|
Three months ended June 30
(in thousands of dollars) |
Six months ended June 30
(in thousands of dollars) |
|||||||||||||||||||||||
2017
|
2016
|
% Increase
(Decrease)
|
2017
|
2016
|
% Increase
(Decrease)
|
|||||||||||||||||||
Revenues from external customers
|
||||||||||||||||||||||||
Mortuary revenues
|
$
|
1,182
|
$
|
1,286
|
(8
|
%)
|
$
|
2,588
|
$
|
2,654
|
(2
|
%)
|
||||||||||||
Cemetery revenues
|
2,213
|
2,349
|
(6
|
%)
|
4,344
|
4,320
|
1
|
%
|
||||||||||||||||
Other
|
(81
|
)
|
178
|
(146
|
%)
|
(13
|
)
|
170
|
(108
|
%)
|
||||||||||||||
Total
|
$
|
3,314
|
$
|
3,813
|
(13
|
%)
|
$
|
6,919
|
$
|
7,144
|
(3
|
%)
|
||||||||||||
Earnings before income taxes
|
$
|
336
|
$
|
760
|
(56
|
%)
|
$
|
1,095
|
$
|
1,229
|
(11
|
%)
|
Three months ended June 30
(in thousands of dollars) |
Six months ended June 30
(in thousands of dollars) |
|||||||||||||||||||||||
2017
|
2016
|
% Increase
(Decrease)
|
2017
|
2016
|
% Increase
(Decrease)
|
|||||||||||||||||||
Revenues from external customers
|
||||||||||||||||||||||||
Income from loan originations
|
$
|
37,453
|
$
|
43,997
|
(15
|
%)
|
$
|
73,275
|
$
|
80,792
|
(9
|
%)
|
||||||||||||
Secondary gains from investors
|
6,681
|
8,707
|
(23
|
%)
|
11,925
|
15,962
|
(25
|
%)
|
||||||||||||||||
Total
|
$
|
44,134
|
$
|
52,704
|
(16
|
%)
|
$
|
85,200
|
$
|
96,754
|
(12
|
%)
|
||||||||||||
Earnings before income taxes
|
$
|
840
|
$
|
4,684
|
(82
|
%)
|
$
|
1,495
|
$
|
7,182
|
(79
|
%)
|
3.1
|
|
3.2
|
Amended Bylaws
|
4.1
|
Specimen Class A Stock Certificate (1)
|
4.2
|
Specimen Class C Stock Certificate (1)
|
4.3
|
Specimen Preferred Stock Certificate and Certificate of Designation of Preferred Stock (1)
|
7.1
|
|
10.1
|
Amended Employee Stock Ownership Plan (ESOP) and Trust Agreement (1)
|
10.2
|
|
10.3
|
10.4
|
|
10.5
|
|
10.6
|
|
10.7
|
|
10.8
|
|
10.9
|
|
21
|
Subsidiaries of the Registrant
|
23.1
|
|
23.2
|
|
31.1
|
Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
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Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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32.2
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Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101.xml
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Instance Document
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101.xsd
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Taxonomy Extension Schema Document
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101.cal
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Taxonomy Extension Calculation Linkbase Document
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101.def
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Taxonomy Extension Definition Linkbase Document
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101.lab
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Taxonomy Extension Label Linkbase Document
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101.pre
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Taxonomy Extension Presentation Linkbase Document
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__________ | |
(1)
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Incorporated by reference from Registration Statement on Form S‑1, as filed on September 29, 1987
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(2)
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Incorporated by reference from Schedule 14A Definitive Proxy Statement, as filed on June 5, 2003, relating to the Company's Annual Meeting of Stockholders
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(3)
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Incorporated by reference from Schedule 14A Definitive Proxy Statement, as filed on June 1, 2007, relating to the Company's Annual Meeting of Stockholders
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(4)
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Incorporated by reference from Report on Form 10-K, as filed on March 31, 2009
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(5)
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Incorporated by reference from Schedule 14A Definitive Proxy Statement, as filed on June 2, 2014, related to Company's Annual Meeting of Stockholders
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(6)
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Incorporated by reference from Report on Form 8-K, as filed on June 13, 2014
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(7)
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Incorporated by reference from Report on Form 10-Q, as filed on August 14, 2015
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(8)
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Incorporated by reference from Registration Statement on Form S-8, as filed on October 20, 2015
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(9)
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Incorporated by reference from Report on Form 10-Q, as filed on August 15, 2016
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(10)
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Incorporated by reference from Report on Form 10-K, as filed on March 31, 2017
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(11)
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Incorporated by reference from Report on Form 8-K, as filed on August 4, 2017
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Dated: August 25, 2017
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/s/ Scott M. Quist
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Scott M. Quist
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|
Chairman, President and Chief Executive Officer
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|
(Principal Executive Officer)
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Dated: August 25, 2017
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/s/ Garrett S. Sill
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Garrett S. Sill
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|
Chief Financial Officer and Treasurer
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|
(Principal Financial Officer and Principal Accounting Officer)
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SecurityNational Mortgage Company
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Security National Life Insurance Company
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Southern Security Life Insurance Company, Inc.
|
Trans-Western Life Insurance Company
|
Memorial Insurance Company of America
|
Reppond Holding Company
|
First Guaranty Insurance Company
|
C & J Financial, LLC
|
SNFC Subsidiary, LLC
|
American Funeral Financial, LLC
|
FFC Acquisition Co., LLC dba Funeral Funding Center
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Mortician's Choice, LLC
|
Canadian Funeral Financial, LLC
|
Insuradyne Corporation
|
EverLEND Mortgage Company
|
Marketing Source Center, Inc. dba Security National Travel Services
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California Memorial Estates, Inc.
|
Cottonwood Mortuary, Inc.
|
Deseret Memorial, Inc.
|
Greer-Wilson Funeral Home, Inc.
|
Holladay Cottonwood Memorial Foundation
|
Holladay Memorial Park, Inc.
|
Memorial Estates, Inc.
|
SN Midway, LLC
|
SN Mapleton, LLC
|
SN Shadow Cliffs, LLC
|
Memorial Mortuary, Inc.
|
Paradise Chapel Funeral Home
|
Dry Creek Property Development, Inc.
|
New York Land Holdings, Inc.
|
Security National Funding Company
|
Select Appraisal Management, Inc.
|
Security National Real Estate Services, Inc.
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5300 Development LLC
|
Dated: August 25, 2017
|
/s/ Scott M. Quist
|
Scott M. Quist
|
|
Chairman, President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
Dated: August 25, 2017
|
/s/ Garrett S. Sill
|
Garrett S. Sill
|
|
Chief Financial Officer and Treasurer
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
(1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated: August 25, 2017
|
/s/ Scott M. Quist
|
Scott M. Quist
|
|
Chairman, President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
(1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated: August 25, 2017
|
/s/ Garrett S. Sill
|
Garrett S. Sill
|
|
Chief Financial Officer and Treasurer
|
|
(Principal Financial Officer and Principal Accounting Officer)
|