Security National Financial (SNFCA) 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 16, 2016
Entity Registrant Name	SECURITY NATIONAL FINANCIAL CORP
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Trading Symbol	snfca
Amendment Flag	false
Entity Central Index Key	318,673
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Class A Common Stock
Entity Common Stock, Shares Outstanding		13,137,702
Class C Common Stock
Entity Common Stock, Shares Outstanding		1,716,020

Balance Sheet

Balance Sheet - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Investments:
Fixed maturity securities, held to maturity, at amortized cost	$ 147,445,997	$ 145,558,425
Equity securities, available for sale, at estimated fair value	8,941,232	8,431,090
Mortgage loans on real estate and construction loans, held for investment net of allowances for loan losses of $2,078,948 and $1,848,120 for 2016 and 2015	133,393,868	112,546,905
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	116,700,727	114,852,432
Policy loans and other investments, net of allowances for doubtful accounts of $1,032,736 and $906,616 for 2016 and 2015	39,279,484	39,582,421
Short-term investments	17,809,307	16,915,808
Accrued investment income	2,559,069	2,553,819
Total investments	466,129,684	440,440,900
Cash and cash equivalents	46,703,959	40,053,242
Mortgage loans sold to investors	85,906,980	115,286,455
Receivables, net	16,728,173	16,026,100
Restricted assets	8,114,572	9,359,802
Cemetery perpetual care trust investments	2,938,732	2,848,759
Receivable from reinsurers	13,387,534	13,400,527
Cemetery land and improvements	10,748,630	10,780,996
Deferred policy and pre-need contract acquisition costs	61,116,736	59,004,909
Mortgage servicing rights, net	13,688,362	12,679,755
Property and equipment, net	12,020,600	11,441,660
Value of business acquired	8,410,685	8,743,773
Goodwill	2,765,570	2,765,570
Other assets	8,689,264	7,100,869
Total Assets	757,349,481	749,933,317
Liabilities
Future life, annuity, and other benefits	519,840,644	517,177,388
Unearned premium reserve	4,672,289	4,737,305
Bank and other loans payable	41,253,242	40,908,915
Deferred pre-need cemetery and mortuary contract revenues	12,664,028	12,816,227
Cemetery perpetual care obligation	3,477,506	3,465,771
Accounts payable	2,830,831	3,502,046
Other liabilities and accrued expenses	31,265,273	31,027,381
Income taxes	26,756,136	25,052,059
Total liabilities	642,759,949	638,687,092
Stockholders' Equity
Additional paid-in capital	30,489,006	30,232,582
Accumulated other comprehensive income, net of taxes	2,651,399	1,533,828
Retained earnings	53,771,475	52,021,764
Treasury stock at cost - 884,785 Class A shares in 2016 and 930,546 Class A shares in 2015	(2,029,790)	(2,179,429)
Total stockholders' equity	114,589,532	111,246,225
Total Liabilities and Stockholders' Equity	757,349,481	749,933,317
Class A Common Stock
Stockholders' Equity
Common stock	$ 26,275,394	$ 26,218,200
Class B Common Stock
Stockholders' Equity
Common stock
Class C Common Stock
Stockholders' Equity
Common stock	$ 3,432,048	$ 3,419,280

Balance Sheet Parenthetical

Balance Sheet Parenthetical - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Allowance for losses on mortgage loans on real estate and construction loans, held for investment	$ 2,078,948	$ 1,848,120
Accumulated depreciation on real estate held for investment	12,940,497	12,210,346
Allowance for doubtful accounts on policy and other loans	$ 1,032,736	$ 906,616
Class A Common Stock
Common Stock Par Value	$ 2	$ 2
Common Stock Authorized	20,000,000	20,000,000
Common Stock Issued	13,137,697	13,109,100
Treasury Stock	884,785	930,546
Class B Common Stock
Common Stock Par Value	$ 1	$ 1
Common Stock Authorized	5,000,000	5,000,000
Common Stock Issued
Common Stock Outstanding
Class C Common Stock
Common Stock Par Value	$ 2	$ 2
Common Stock Authorized	2,000,000	2,000,000
Common Stock Issued	1,716,024	1,709,640

Income Statement

Income Statement - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Insurance premiums and other considerations	$ 14,451,575	$ 13,853,515
Net investment income	8,992,191	7,822,844
Net mortuary and cemetery sales	3,245,856	2,872,335
Realized gains on investments and other assets	97,922	420,064
Other than temporary impairments on investments	(73,630)	(55,896)
Mortgage fee income	37,769,975	37,821,800
Other income	1,530,426	1,315,070
Total revenues	66,014,315	64,049,732
Benefits and expenses:
Death benefits	7,824,001	7,927,872
Surrenders and other policy benefits	518,321	653,734
Increase in future policy benefits	4,160,260	4,179,812
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	2,212,836	1,167,499
Selling, general and administrative expenses:
Commissions	16,842,270	18,566,047
Personnel	17,197,372	14,313,316
Advertising	1,078,010	1,416,290
Rent and rent related	2,064,325	1,885,076
Depreciation on property and equipment	521,455	562,737
Provision for loan losses and loss reserve	586,778	666,739
Costs related to funding mortgage loans	2,154,397	2,183,011
Other expenses	6,480,711	6,085,503
Interest expense	1,064,195	985,346
Cost of goods and services sold-mortuaries and cemeteries	458,619	458,266
Total benefits and expenses	63,163,550	61,051,248
Earnings before income taxes	2,850,765	2,998,484
Income tax expense	(1,057,233)	(1,134,681)
Net earnings	$ 1,793,532	$ 1,863,703
Net earnings per Class A Equivalent common share (1)	$ 0.13	$ 0.14
Net earnings per Class A Equivalent common share-assuming dilution (1)	$ 0.12	$ 0.13
Weighted-average Class A equivalent common share outstanding (1)	13,939,377	13,592,260
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)	14,373,499	14,154,098

Comprehensive Income Statement

Comprehensive Income Statement - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Comprehensive Income Statement
Net earnings	$ 1,793,532	$ 1,863,703
Other comprehensive income:
Net unrealized gains on derivative instruments	819,674	1,520,023
Net unrealized gains (losses) on available for sale securities	297,897	(228,256)
Other comprehensive income	1,117,571	1,291,767
Comprehensive income	$ 2,911,103	$ 3,155,470

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Class A Common Stock	Class C Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2014	$ 24,918,480	$ 2,788,138	$ 25,931,119	$ 1,438,566	$ 44,101,252	$ (2,086,454)	$ 97,091,101
Net earnings					1,863,703		1,863,703
Other comprehensive income				1,291,767			1,291,767
Grant of stock options			85,545				85,545
Exercise of stock options		228,046	15,963			(244,009)
Sale of treasury stock			134,619			105,715	240,334
Stock Dividends	480	2	728		(1,210)
Conversion Class C to Class A	1,064	(1,064)
Balance at Mar. 31, 2015	24,920,024	3,015,122	26,167,974	2,730,333	45,963,745	(2,224,748)	100,572,450
Balance at Dec. 31, 2015	26,218,200	3,419,280	30,232,582	1,533,828	52,021,764	(2,179,429)	111,246,225
Net earnings					1,793,532		1,793,532
Other comprehensive income				1,117,571			1,117,571
Grant of stock options			84,452				84,452
Exercise of stock options	56,920		4,367				61,287
Sale of treasury stock			136,826			149,639	286,465
Stock Dividends	274	12,768	30,779		(43,821)
Balance at Mar. 31, 2016	$ 26,275,394	$ 3,432,048	$ 30,489,006	$ 2,651,399	$ 53,771,475	$ (2,029,790)	$ 114,589,532

Statement of Cash Flows

Statement of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 25,863,034	$ 711,854
Securities held to maturity:
Purchase-fixed maturity securities	(4,481,397)	(720,168)
Calls and maturities - fixed maturity securities	2,470,005	2,423,142
Securities available for sale:
Purchase - equity securities	(1,651,302)	(970,123)
Sales - equity securities	1,487,110	1,115,336
Purchase of short-term investments	(3,258,070)	(19,289,330)
Sales of short-term investments	2,364,571	25,728,589
Sales (purchases) of restricted assets	1,242,342	(477,434)
Changes in assets for perpetual care trusts	(51,461)	(77,547)
Amount received for perpetual care trusts	11,735	14,734
Mortgage loans, policy loans, and other investments made	(112,920,364)	(98,936,237)
Payments received for mortgage loans, policy loans and other investments	99,348,725	85,963,685
Purchase of property and equipment	(1,084,975)	(371,843)
Purchase of real estate	(3,432,051)	(1,695,631)
Sale of real estate	843,701	1,924,500
Cash received from reinsurance		15,113,391
Net cash provided by (used in) investing activities	(19,111,431)	9,745,064
Cash flows from financing activities:
Annuity contract receipts	2,516,596	2,507,650
Annuity contract withdrawals	(3,025,833)	(3,496,843)
Proceeds from stock options exercised	61,287
Repayment of bank loans on notes and contracts	(390,168)	(607,286)
Proceeds from borrowing on bank loans	737,232	1,028,848
Net cash used in financing activities	(100,886)	(567,631)
Net change in cash and cash equivalents	6,650,717	9,889,287
Cash and cash equivalents at beginning of period	40,053,242	30,855,320
Cash and cash equivalents at end of period	46,703,959	40,744,607
Non Cash Investing and Financing Activities
Mortgage loans foreclosed into real estate	$ 87,000	$ 2,389,330

1) Basis of Presentation

1) Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Notes
1) Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 Q and Articles 8 and 10 of Regulation S X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto for the year ended December 31, 2015, included in the Company’s Annual Report on Form 10-K (file number 000-09341). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The estimates susceptible to significant change are those used in determining the value of interest rate locks and commitments, those used in determining deferred acquisition costs and the value of business acquired, those used in determining the value of mortgage loans foreclosed to REO, those used in determining the liability for future policy benefits and unearned revenue, those used in determining the estimated future costs for pre-need sales, those used in determining the value of mortgage servicing rights, those used in determining valuation allowances for mortgage loans on real estate, those used in determining loan loss reserve, and those used in determining deferred tax assets and liabilities. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

2) Recent Accounting Pronouncem

2) Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Notes
2) Recent Accounting Pronouncements	2) Recent Accounting Pronouncements ASU No. 2014-09: “Revenue from Contracts with Customers (Topic 606)” - Issued in May 2014, ASU 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition”, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Insurance contracts are excluded from the scope of this new guidance. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2017. The Company is in the process of evaluating the potential impact of this standard, which is not expected to be material to the Company’s results of operations or financial position. ASU No. 2016-01: “Financial Instruments – Overall (Topic 825-10)” – Issued in January 2016, ASU 2016-01 changes the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income. Under current guidance, changes in fair value for investments of this nature are recognized in accumulated other comprehensive income as a component of stockholders’ equity. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments without readily determinable fair values; requires entities to use the exit price when estimating the fair value of financial instruments; and modifies various presentation disclosure requirements for financial instruments. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2017. The Company is in the process of evaluating the potential impact of this standard. ASU No. 2016-02: “Leases (Topic 842)” - Issued in February 2016, ASU 2016-02 supersedes the leases requirements in ASC Topic 840, “Leases”, and was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2018. The Company is in the process of evaluating the potential impact of this standard. The Company has reviewed other recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.

3) Investments

3) Investments	3 Months Ended
	Mar. 31, 2016
Notes
3) Investments	3) Investments The Company’s investments in fixed maturity securities held to maturity and equity securities available for sale as of March 31, 2016 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 31, 2016 Fixed maturity securities held to maturity carried at amortized cost: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies $ 3,558,169 $ 378,157 $ - $ 3,936,326 Obligations of states and political subdivisions 1,803,498 200,444 (455) 2,003,487 Corporate securities including public utilities 133,970,698 11,576,671 (4,997,905) 140,549,464 Mortgage-backed securities 7,501,609 303,697 (173,323) 7,631,983 Redeemable preferred stock 612,023 47,811 - 659,834 Total fixed maturity securities held to maturity $ 147,445,997 $ 12,506,780 $ (5,171,683) $ 154,781,094 Equity securities available for sale at estimated fair value: Common stock: Industrial, miscellaneous and all other $ 10,051,680 $ 295,489 $ (1,405,937) $ 8,941,232 Total equity securities available for sale at estimated fair value $ 10,051,680 $ 295,489 $ (1,405,937) $ 8,941,232 Mortgage loans on real estate and construction loans held for investment at amortized cost: Residential $ 53,488,217 Residential construction 42,926,820 Commercial 39,057,779 Less: Allowance for loan losses (2,078,948) Total mortgage loans on real estate and construction loans held for investment $ 133,393,868 Real estate held for investment - net of depreciation $ 116,700,727 Policy loans and other investments are shown at amortized cost except for other investments that are shown at estimated fair value: Policy loans $ 6,892,022 Insurance assignments 32,149,213 Promissory notes 48,797 Other investments at estimated fair value 1,222,188 Less: Allowance for doubtful accounts (1,032,736) Total policy loans and other investments $ 39,279,484 Short-term investments at amortized cost $ 17,809,307 The Company’s investments in fixed maturity securities held to maturity and equity securities available for sale as of December 31, 2015 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2015 Fixed maturity securities held to maturity carried at amortized cost: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies $ 3,560,579 $ 292,869 $ (4,743) $ 3,848,705 Obligations of states and political subdivisions 1,805,828 182,073 (1,040) 1,986,861 Corporate securities including public utilities 134,488,108 9,836,355 (5,501,743) 138,822,720 Mortgage-backed securities 5,091,887 190,867 (75,580) 5,207,174 Redeemable preferred stock 612,023 29,675 - 641,698 Total fixed maturity securities held to maturity $ 145,558,425 $ 10,531,839 $ (5,583,106) $ 150,507,158 Equity securities available for sale at estimated fair value: Common stock: Industrial, miscellaneous and all other $ 9,891,500 $ 213,683 $ (1,674,093) $ 8,431,090 Total securities available for sale carried at estimated fair value $ 9,891,500 $ 213,683 $ (1,674,093) $ 8,431,090 Mortgage loans on real estate and construction loans held for investment at amortized cost: Residential $ 46,020,490 Residential construction 34,851,557 Commercial 33,522,978 Less: Allowance for loan losses (1,848,120) Total mortgage loans on real estate and construction loans held for investment $ 112,546,905 Real estate held for investment - net of depreciation $ 114,852,432 Policy loans and other investments are shown at amortized cost except for other investments that are shown at estimated fair value: Policy loans $ 6,896,457 Insurance assignments 32,369,014 Promissory notes 48,797 Other investments at estimated fair value 1,174,769 Less: Allowance for doubtful accounts (906,616) Total policy loans and other investments $ 39,582,421 Short-term investments at amortized cost $ 16,915,808 Fixed Maturity Securities The following tables summarize unrealized losses on fixed maturity securities, which are carried at amortized cost, at March 31, 2016 and December 31, 2015. The unrealized losses were primarily related to interest rate fluctuations. The tables set forth unrealized losses by duration and number of investment positions, together with the fair value of the related fixed maturity securities: Unrealized Losses for Less than Twelve Months No. of Investment Positions Unrealized Losses for More than Twelve Months No. of Investment Positions Total Unrealized Loss At March 31, 2016 U.S. Treasury Securities and Obligations of U.S. Government Agencies $ - 0 $ - 0 $ - Obligations of states and political subdivisions - 0 455 1 455 Corporate securities including public utilities 2,267,982 70 2,729,923 25 4,997,905 Mortgage-backed securities 173,323 6 - 0 173,323 Total unrealized losses $ 2,441,305 76 $ 2,730,378 26 $ 5,171,683 Fair Value $ 21,751,797 $ 6,404,000 $ 28,155,797 At December 31, 2015 U.S. Treasury Securities and Obligations of U.S. Government Agencies $ 4,743 2 $ - 0 $ 4,743 Obligations of states and political subdivisions - 0 1,040 1 1,040 Corporate securities including public utilities 3,701,572 98 1,800,171 18 5,501,743 Mortgage-backed securities 75,580 4 - 0 75,580 Total unrealized losses $ 3,781,895 104 $ 1,801,211 19 $ 5,583,106 Fair Value $ 34,076,401 $ 3,809,957 $ 37,886,358 The average market value of the related fixed maturities was 84.5% and 87.2% of amortized cost as of March 31, 2016 and December 31, 2015, respectively. During the three months ended March 31, 2016 and 2015 an other than temporary decline in fair value resulted in the recognition of credit losses on fixed maturity securities of $30,000 for each reporting period. On a quarterly basis, the Company reviews its available for sale and held to maturity fixed investment securities related to corporate securities and other public utilities, consisting of bonds and preferred stocks that are in a loss position. The review involves an analysis of the securities in relation to historical values, and projected earnings and revenue growth rates. Based on the analysis, a determination is made whether a security will likely recover from the loss position within a reasonable period of time. If it is unlikely that the investment will recover from the loss position, the loss is considered to be other than temporary, the security is written down to the impaired value and an impairment loss is recognized. Equity Securities The following tables summarize unrealized losses on equity securities that were carried at estimated fair value based on quoted trading prices at March 31, 2016 and December 31, 2015. The unrealized losses were primarily the result of decreases in fair value due to overall equity market declines. The tables set forth unrealized losses by duration and number of investment positions, together with the fair value of the related equity securities available for sale in a loss position: 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 March 31, 2016 Industrial, miscellaneous and all other $ 798,607 180 $ 607,330 68 $ 1,405,937 Total unrealized losses $ 798,607 180 $ 607,330 68 $ 1,405,937 Fair Value $ 3,955,133 $ 1,154,812 $ 5,109,945 At December 31, 2015 Industrial, miscellaneous and all other $ 997,862 222 $ 676,232 74 $ 1,674,093 Total unrealized losses $ 997,862 222 $ 676,232 74 $ 1,674,093 Fair Value $ 4,177,709 $ 760,860 $ 4,938,569 The average market value of the equity securities available for sale was 78.4% and 74.7% of the original investment as of March 31, 2016 and December 31, 2015, respectively. The intent of the Company is to retain equity securities for a period of time sufficient to allow for the recovery in fair value. However, the Company may sell equity securities during a period in which the fair value has declined below the amount of the original investment. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. During the three months ended March 31, 2016 and 2015, an other than temporary decline in the fair value resulted in the recognition of an impairment loss on equity securities of $43,630 and $25,896, respectively. On a quarterly basis, the Company reviews its investment in industrial, miscellaneous and all other equity securities that are in a loss position. The review involves an analysis of the securities in relation to historical values, price earnings ratios, projected earnings and revenue growth rates. Based on the analysis a determination is made whether a security will likely recover from the loss position within a reasonable period of time. If it is unlikely that the investment will recover from the loss position, the loss is considered to be other than temporary, the security is written down to the impaired value and an impairment loss is recognized. The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements, are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments. The fair values for equity securities are based on quoted market prices. The amortized cost and estimated fair value of fixed maturity securities at March 31, 2016, by contractual maturity, are shown below. 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 Held to Maturity: Due in 2016 $ 4,298,647 $ 4,345,102 Due in 2017 through 2020 33,393,520 35,451,062 Due in 2021 through 2025 35,564,893 37,200,353 Due after 2025 66,075,305 69,492,760 Mortgage-backed securities 7,501,609 7,631,983 Redeemable preferred stock 612,023 659,834 Total held to maturity $ 147,445,997 $ 154,781,094 The cost and estimated fair value of available for sale securities at March 31, 2016, by contractual maturity, are shown below. 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. Equities are valued using the specific identification method. Cost Estimated Fair Value Available for Sale: Common stock $ 10,051,680 $ 8,941,232 Total available for sale $ 10,051,680 $ 8,941,232 The Company’s realized gains and losses and other than temporary impairments from investments and other assets, are summarized as follows: Three Months Ended March 31 2016 2015 Fixed maturity securities held to maturity: Gross realized gains $ - $ 85,997 Gross realized losses (24,795) (9,776) Other than temporary impairments (30,000) (30,000) Securities available for sale: Gross realized gains 63,495 87,720 Gross realized losses (23,878) (1,016) Other than temporary impairments (43,630) (25,896) Other assets: Gross realized gains 84,768 257,139 Gross realized losses (1,668) - Total $ 24,292 $ 364,168 The net carrying amount of held to maturity securities sold was $-0- and $257,962 for the three months ended March 31, 2016 and 2015, respectively. The net realized gain related to these sales was $-0- and $8,962 for the three months ended March 31, 2016 and 2015, respectively. There were no investments, aggregated by issuer, in excess of 10% of shareholders’ equity (before net unrealized gains and losses on available for sale securities) at March 31, 2016, other than investments issued or guaranteed by the United States Government. Major categories of net investment income are as follows: Three Months Ended March 31 2016 2015 Fixed maturity securities $ 2,050,569 $ 1,980,696 Equity securities 71,041 59,418 Mortgage loans on real estate 2,026,515 1,874,158 Real estate 2,838,484 2,120,650 Policy loans 182,206 188,546 Insurance assignments 3,104,788 2,789,006 Short-term investments, principally interest on sale of mortgage loans and other 1,863,144 1,511,095 Gross investment income 12,136,747 10,523,569 Investment expenses (3,144,556) (2,700,725) Net investment income $ 8,992,191 $ 7,822,844 Net investment income includes income earned by the restricted assets of the cemeteries and mortuaries of $87,976 and $92,922 for the three months ended March 31, 2016 and 2015, respectively. Net investment income on real estate consists primarily of rental revenue. Investment expenses consist primarily of depreciation, property taxes, operating expenses of real estate and an estimated portion of administrative expenses relating to investment activities. Securities on deposit for regulatory authorities as required by law amounted to $8,813,368 at March 31, 2016 and $8,815,542 at December 31, 2015. The restricted securities are included in various assets under investments on the accompanying condensed consolidated balance sheets. Real Estate The Company continues to strategically deploy resources into real estate to match the income and yield durations of its primary obligations. The sources for these real estate assets come through its various business units in the form of acquisition, development and foreclosures on delinquent mortgage loans. Commercial Real Estate Held for Investment The Company owns and manages commercial real estate assets as a means of generating investment income. These assets are acquired in accordance with the Company’s goals and objectives for risk-adjusted returns. Due diligence is conducted on each asset using internal and third party reports. Geographic locations and asset classes of the investment activity is determined by senior management under the direction of the Board of Directors. The Company employs full-time employees to attend to the day-to-day operations of those assets within the greater Salt Lake area and close surrounding markets. The Company utilizes third party property managers when the geographic boundary does not warrant full-time staff or through strategic lease-up periods. The Company generally looks to acquire assets in regions that are high growth regions for employment and population and in assets that provide operational efficiencies. The Company currently owns and operates 10 commercial properties in 7 states. These properties include industrial warehouses, office building and retail centers. The assets are primarily held without debt; however, the Company does use debt in strategic cases to leverage established yields or to acquire higher quality, or class, of asset. The following is a summary of the Company’s investment in commercial real estate for the periods presented: Net Ending Balance Total Square Footage March 31 December 31 March 31 December 31 2016 2015 2016 2015 Arizona $ 460,465 (1) $ 463,774 (1) 16,270 16,270 Arkansas 103,527 - 3,200 - Kansas 11,720,154 11,537,335 222,679 222,679 Mississippi 3,152,040 - 21,521 - New Mexico 7,000 (1) 7,000 (1) - - Texas 3,755,070 3,768,542 23,470 23,470 Utah 17,194,441 17,403,746 233,244 253,244 $ 36,392,697 $ 33,180,397 520,384 515,663 Residential Real Estate Held for Investment The Company owns a portfolio of residential homes primarily as a result of loan foreclosures. The strategy has been to lease these homes to produce cash flow, and allow time for the economic fundamentals to return to the various markets. Once the market for these homes return, the Company engages in the disposition of these assets at prices above the book value or at a discount far less than what would have been realized at the time of foreclosure. The Company established Security National Real Estate Services (“SNRE”) in 2013 to manage the residential portfolio. SNRE cultivates and maintains the preferred vendor relationships necessary to manage costs and quality of work performed on the portfolio of homes across the country. As of March 31, 2016, SNRE manages 141 residential properties in 10 states across the United States which includes a newly constructed apartment complex, Dry Creek at East Village, in Sandy Utah. The following is a summary of the Company’s investment in residential real estate for the periods presented: Net Ending Balance March 31 December 31 2016 2015 Arizona $ 940,537 $ 944,614 California 5,929,061 6,158,253 Colorado 549,214 553,230 Florida 9,082,242 9,203,624 Illinois - 165,800 Oklahoma 99,264 99,862 Oregon 120,000 120,000 South Carolina 676,200 823,872 Texas 1,279,327 1,198,860 Utah 61,346,004 62,117,738 Washington 286,181 286,182 $ 80,308,030 $ 81,672,035 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. Currently, the Company occupies nearly 70,000 square feet, or 13% of the overall commercial real estate holdings. As of March 31, 2016, real estate owned and occupied by the company is summarized as follows: 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% 3935 I-55 South Frontage Road, Jackson, MS (1) Life Insurance Operations 12,300 100% (1) These two assets are included in property and equipment on the Condensed Consolidated Balance Sheet Mortgage Loans Mortgage loans consist of first and second mortgages. The mortgage loans bear interest at rates ranging from 2.0% to 10.5%, maturity dates range from three months to 30 years and are secured by real estate. Concentrations of credit risk arise when a number of mortgage loan debtors have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. Although the Company has a diversified mortgage loan portfolio consisting of residential mortgages, commercial loans and residential construction loans and requires collateral on all real estate exposures, a substantial portion of its debtors’ ability to honor obligations is reliant on the economic stability of the geographic region in which the debtors do business. At , the Company had , of its mortgage loans from borrowers located in the states of Utah, California Florida respectively. The mortgage loans on real estate balances on the consolidated balance sheet are reflected net of an allowance for loan losses of and $ at and December 31, 2015, respectively. The Company establishes a valuation allowance for credit losses in its portfolio. The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented: Allowance for Credit Losses and Recorded Investment in Mortgage Loans Commercial Residential Residential Construction Total March 31, 2016 Allowance for credit losses: Beginning balance - January 1, 2016 $ 187,129 $ 1,560,877 $ 100,114 $ 1,848,120 Charge-offs - (18,374) - (18,374) Provision - 249,202 - 249,202 Ending balance -March 31, 2016 $ 187,129 $ 1,791,705 $ 100,114 $ 2,078,948 Ending balance: individually evaluated for impairment $ - $ 508,655 $ - $ 508,655 Ending balance: collectively evaluated for impairment $ 187,129 $ 1,283,050 $ 100,114 $ 1,570,293 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - Mortgage loans: Ending balance $ 39,057,779 $ 53,488,217 $ 42,926,820 $ 135,472,816 Ending balance: individually evaluated for impairment $ - $ 5,091,409 $ - $ 5,091,409 Ending balance: collectively evaluated for impairment $ 39,057,779 $ 48,396,808 $ 42,926,820 $ 130,381,407 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - December 31, 2015 Allowance for credit losses: Beginning balance - January 1, 2015 $ 187,129 $ 1,715,812 $ 100,114 $ 2,003,055 Charge-offs - (123,942) - (123,942) Provision - (30,993) - (30,993) Ending balance - December 31, 2015 $ 187,129 $ 1,560,877 $ 100,114 $ 1,848,120 Ending balance: individually evaluated for impairment $ - $ 305,962 $ - $ 305,962 Ending balance: collectively evaluated for impairment $ 187,129 $ 1,254,915 $ 100,114 $ 1,542,158 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - Mortgage loans: Ending balance $ 33,522,978 $ 46,020,490 $ 34,851,557 $ 114,395,025 Ending balance: individually evaluated for impairment $ - $ 3,087,161 $ 93,269 $ 3,180,430 Ending balance: collectively evaluated for impairment $ 33,522,978 $ 42,933,329 $ 34,758,287 $ 111,214,594 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - The following is a summary of the aging of mortgage loans for the periods presented Age Analysis of Past Due Mortgage Loans 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days (1) In Foreclosure (1) Total Past Due Current Total Mortgage Loans Allowance for Loan Losses Net Mortgage Loans March 31, 2016 Commercial $ - $ - $ - $ - $ - $ 39,057,779 $ 39,057,779 $ (187,129) $ 38,870,650 Residential 151,779 354,152 726,159 5,091,409 6,323,499 47,164,718 53,488,217 (1,791,705) 51,696,512 Residential Construction - - 64,895 - 64,895 42,861,925 42,926,820 (100,114) 42,826,706 Total $ 151,779 $ 354,152 $ 791,054 $ 5,091,409 $ 6,388,394 $ 129,084,422 $ 135,472,816 $ (2,078,948) $ 133,393,868 December 31, 2015 Commercial $ - $ - $ - $ - $ - $ 33,522,978 $ 33,522,978 $ (187,129) $ 33,335,849 Residential 1,162,102 884,143 2,212,993 3,087,161 7,346,399 38,674,091 46,020,490 (1,560,877) 44,459,613 Residential Construction - - 64,895 93,269 158,164 34,693,393 34,851,557 (100,114) 34,751,443 Total $ 1,162,102 $ 884,143 $ 2,277,888 $ 3,180,430 $ 7,504,563 $ 106,890,462 $ 114,395,025 $ (1,848,120) $ 112,546,905 Impaired Mortgage Loans Impaired mortgage loans include loans with a related specific valuation allowance or loans whose carrying amount has been reduced to the expected collectible amount because the impairment has been considered other than temporary. The recorded investment in and unpaid principal balance of impaired loans along with the related loan specific allowance for losses, if any, for each reporting period and the average recorded investment and interest income recognized during the time the loans were impaired were as follows: Impaired Loans Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2016 With no related allowance recorded: Commercial $ - $ - $ - $ - $ - Residential - - - - - Residential construction - - - - - With an allowance recorded: Commercial $ - $ - $ - $ - $ - Residential 5,091,409 5,091,409 508,655 5,091,409 - Residential construction - - - - - Total: Commercial $ - $ - $ - $ - $ - Residential 5,091,409 5,091,409 508,655 5,091,409 - Residential construction - - - - - December 31, 2015 With no related allowance recorded: Commercial $ - $ - $ - $ - $ - Residential - - - - - Residential construction 93,269 93,269 - 93,269 - With an allowance recorded: Commercial $ - $ - $ - $ - $ - Residential 3,087,161 3,087,161 305,962 3,087,161 - Residential construction - - - - - Total: Commercial $ - $ - $ - $ - $ - Residential 3,087,161 3,087,161 305,962 3,087,161 - Residential construction 93,269 93,269 - 93,269 - Credit Risk Profile Based on Performance Status The Company’s mortgage loan portfolio is monitored based on performance of the loans. Monitoring a mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment. The Company defines non-performing mortgage loans as loans 90 days or greater delinquent or on non-accrual status. The Company’s performing and non-performing mortgage loans were as follows: Mortgage Loan Credit Exposure Credit Risk Profile Based on Payment Activity Commercial Residential Residential Construction Total March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Performing $ 39,057,779 $ 33,522,978 $ 47,670,650 $ 40,720,336 $ 42,861,925 $ 34,693,393 $ 129,590,354 $ 108,936,707 Nonperforming - - 5,817,567 5,300,154 64,895 158,164 5,882,462 5,458,318 Total $ 39,057,779 $ 33,522,978 $ 53,488,217 $ 46,020,490 $ 42,926,820 $ 34,851,557 $ 135,472,816 $ 114,395,025 Non-Accrual Mortgage Loans Once a loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and write off any income that had been accrued. Interest not accrued on these loans totals $440,000 and $268,000 as of March 31, 2016 and December 31, 2015, respectively. The following is a summary of mortgage loans on a nonaccrual status for the periods presented. Mortgage Loans on Nonaccrual Status As of March 31 2016 As of December 31 2015 Residential $ 5,817,567 $ 5,300,154 Residential construction 64,895 158,164 Total $ 5,882,462 $ 5,458,318 Loan Loss Reserve When a repurchase demand is received from a third party investor, the relevant data is reviewed and captured so that an estimated future loss can be calculated. The key factors that are used in the estimated loss calculation are as follows: (i) lien position, (ii) payment status, (iii) claim type, (iv) unpaid principal balance, (v) interest rate, and (vi) validity of the demand. Other data is captured and is useful for management purposes; the actual estimated loss is generally based on these key factors. The Company conducts its own review upon the receipt of a repurchase demand. In many instances, the Company is able to resolve the issues relating to the repurchase demand by the third party investor without having to make any payments to the investor. The following is a summary of the loan loss reserve that is included in other liabilities and accrued expenses: As of March 31 2016 As of December 31 2015 Balance, beginning of period $ 2,805,900 $ 1,718,150 Provisions for losses 586,778 6,295,043 Charge-offs (40,041) (5,207,293) Balance, end of period $ 3,352,637 $ 2,805,900 The Company believes the loan loss reserve represents probable loan losses incurred as of the balance sheet date. Actual loan loss experience could change, in the near-term, from the established reserve based upon claims that could be asserted by third party investors. SecurityNational Mortgage believes there is potential to resolve any alleged claims by third party investors on acceptable terms. If SecurityNational Mortgage is unable to resolve such claims on acceptable terms, legal action may ensue. In the event of legal action by any third party investor, SecurityNational Mortgage believes it has significant defenses to any such action and intends to vigorously defend itself against such action.

4) Stock-based Compensation

4) Stock-based Compensation	3 Months Ended
	Mar. 31, 2016
Notes
4) Stock-based Compensation	4) Stock-Based Compensation The Company has four fixed option plans (the “2003 Plan”, the “2006 Director Plan”, the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $84,452 and $85,545 has been recognized for these plans for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the total unrecognized compensation expense related to the options issued in December 2015 was $228,136 , which is expected to be recognized over the vesting period of one year. The Company generally estimates the expected life of the options based upon the contractual term of the options adjusted for actual experience. Future volatility is estimated based upon the a weighted historical volatility of the Company’s Class A common stock and three peer company stocks over a period equal to the estimated life of the options. Common stock issued upon exercise of stock options are generally new share issuances rather than from treasury shares. A summary of the status of the Company’s stock incentive plans as of March 31, 2016, and the changes during the three months ended March 31, 2016, are presented below: 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 March 31, 2016 589,801 $ 3.97 577,436 $ 3.54 As of March 31, 2016: Options exercisable 484,659 $ 3.45 498,686 $ 2.99 As of March 31, 2016: Available options for future grant 454,842 57,750 Weighted average contractual term of options outstanding at March 31, 2016 7.50 years 2.50 years Weighted average contractual term of options exercisable at March 31, 2016 7.03 years 2.16 years Aggregated intrinsic value of options outstanding at March 31, 2016 (1) $844,342 $1,096,391 Aggregated intrinsic value of options exercisable at March 31, 2016 (1) $844,342 $1,096,391 (1) The Company used a stock price of $5.09 as of March 31, 2016 to derive intrinsic value. A summary of the status of the Company’s stock incentive plans as of March 31, 2015, and the changes during the three months ended March 31, 2015, are presented below: Number of Class A Shares Weighted Average Exercise Price Number of Class C Shares Weighted Average Exercise Price Outstanding at December 31, 2014 512,795 $ 3.20 691,591 $ 2.00 Granted - - Exercised - (114,023) 2.14 Cancelled (8,846) 2.31 - Outstanding at March 31, 2015 503,949 $ 3.21 577,568 $ 2.62 As of March 31, 2015: Options exercisable 379,946 $ 2.75 471,943 $ 2.15 As of March 31, 2015: Available options for future grant 266,649 - Weighted average contractual term of options outstanding at March 31, 2015 7.57 years 2.93 years Weighted average contractual term of options exercisable at March 31, 2015 6.91 years 2.30 years Aggregated intrinsic value of options outstanding at March 31, 2015 (1) $1,076,880 $1,572,653 Aggregated intrinsic value of options exercisable at March 31, 2015 (1) $988,022 $1,506,415 (1) The Company used a stock price of $5.34 as of March 31, 2015 to derive intrinsic value. The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the three months ended March 31, 2016 and 2015 was $91,989 and $438,989 , respectively.

5) Earnings Per Share

5) Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Notes
5) Earnings Per Share	5) Earnings Per Share The basic and diluted earnings per share amounts were calculated as follows: Three Months Ended March 31 2016 2015 Numerator: Net earnings $ 1,793,532 $ 1,863,703 Denominator: Basic weighted-average shares outstanding 13,939,377 13,592,260 Effect of dilutive securities: Employee stock options 434,122 561,838 Diluted weighted-average shares outstanding 14,373,499 14,154,098 Basic net earnings per share $0.13 $0.14 Diluted net earnings per share $0.12 $0.13 Net earnings per share amounts have been adjusted for the effect of annual stock dividends. For the three months ended March 31, 2016 and 2015, there were 250,039 and 4,632 of anti-dilutive employee stock option shares, respectively, that were not included in the computation of diluted net loss per common share as their effect would be anti-dilutive.

6) Business Segments

6) Business Segments	3 Months Ended
	Mar. 31, 2016
Notes
6) Business Segments	6) Business Segments Description of Products and Services by Segment The Company has three reportable business segments: life insurance, cemetery and mortuary, and mortgage. The Company’s life insurance segment consists of life insurance premiums and operating expenses from the sale of insurance products sold by the Company’s independent agency force and net investment income derived from investing policyholder and segment surplus funds. The Company’s cemetery and mortuary segment consists of revenues and operating expenses from the sale of at-need cemetery and mortuary merchandise and services at its mortuaries and cemeteries, pre-need sales of cemetery spaces after collection of 10% or more of the purchase price and the net investment income from investing segment surplus funds. The Company’s mortgage segment consists of fee income and expenses from the originations of residential mortgage loans and interest earned and interest expenses from warehousing pre-sold loans before the funds are received from financial institutional investors. Measurement of Segment Profit or Loss and Segment Assets The accounting policies of the reportable segments are the same as those described in the Significant Accounting Principles of the orm 10 K for the year ended December 31, 2015. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation. Factors Management Used to Identify the Enterprise’s Reportable Segments The Company’s reportable segments are business units that are managed separately due to the different products provided and the need to report separately to the various regulatory jurisdictions. The Company regularly reviews the quantitative thresholds and other criteria to determine when other business segments may need to be reported. Life Insurance Cemetery/ Mortuary Mortgage Eliminations Consolidated For the Three Months Ended March 31, 2016 Revenues from external customers $ 22,075,134 $ 3,330,766 $ 40,608,415 $ - $ 66,014,315 Intersegment revenues 3,103,446 286,925 79,479 (3,469,850) - Segment profit before income taxes 1,065,168 469,055 1,316,542 - 2,850,765 Identifiable Assets 724,858,698 96,827,903 69,077,738 (133,414,858) 757,349,481 Goodwill 2,765,570 - - - 2,765,570 For the Three Months Ended March 31, 2015 Revenues from external customers $ 20,985,500 $ 3,098,238 $ 39,965,894 $ - $ 64,049,632 Intersegment revenues 2,818,867 311,998 88,487 (3,219,352) - Segment profit before income taxes 1,403,851 409,175 1,185,358 - 2,998,384 Identifiable Assets 677,059,957 104,778,721 62,765,551 (142,826,038) 701,778,191 Goodwill 2,765,570 - - - 2,765,570

7)_ Fair Value of Financial Ins

7): Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Notes
7): Fair Value of Financial Instruments	7) Fair Value of Financial Instruments Generally accepted accounting principles (GAAP) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. Fair value measurements are classified under the following hierarchy: Level 1: Level 2: 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. Level 3: The Company utilizes a combination of third party valuation service providers, brokers, and internal valuation models to determine fair value. The following methods and assumptions were used by the Company in estimating the fair value disclosures related to other significant financial instruments: The items shown under Level 1 and Level 2 are valued as follows: Securities Available for Sale and Held to Maturity : The fair values of investments in fixed maturity and equity securities along with methods used to estimate such values are disclosed in Note 3 of the Notes to Condensed Consolidated Statements. Restricted Assets : A portion of these assets include mutual funds and equity securities that have quoted market prices. Also included are cash and cash equivalents and participations in mortgage loans. The carrying amounts reported in the accompanying consolidated balance sheet for these financial instruments approximate their fair values. Cemetery Perpetual Care Trust Investments : A portion of these assets include equity securities that have quoted market prices. Also included are cash and cash equivalents. The carrying amounts reported in the accompanying consolidated balance sheet for these financial instruments approximate their fair values. Call and Put Options : The Company uses quoted market prices to value its call and put options. The items shown under Level 3 are valued as follows: Policyholder Account Balances and Future Policy Benefits-Annuities Future policy benefit reserves for interest-sensitive insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for interest-sensitive insurance products ranged from 4% to 6.5%. The fair values for the Company’s liabilities under investment-type insurance contracts (disclosed as policyholder account balances and future policy benefits – annuities) are estimated based on the contracts’ cash surrender values. The fair values for the Company’s insurance contracts other than investment-type contracts are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts. Interest Rate Lock Commitments The Company estimates the fair value of a mortgage loan commitment based on the change in estimated fair value of the underlying mortgage loan and the probability that the mortgage loan will fund within the terms of the commitment. The change in fair value of the underlying mortgage loan is measured from the date the mortgage loan commitment is issued. Therefore, at the time of issuance, the estimated fair value is zero. Following issuance, the value of a mortgage loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. Fallout rates derived from the Company’s recent historical empirical data are used to estimate the quantity of mortgage loans that will fund within the terms of the commitments. Bank Loan Interest Rate Swaps Other Investments Mortgage Loans on Real Estate : The fair values are estimated using interest rates currently being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values. Real Estate Held for Investment : It should be noted that for replacement cost, when determining the fair value of mortgage properties, the Company uses Marshall and Swift, a provider of building cost information to the real estate construction industry. For the investment analysis, the Company used market data based upon its real estate operation experience and projected the present value of the net rental income over seven years. The Company used 60% of the projected cash flow analysis and 40% of the replacement cost to approximate fair value of the collateral. In addition to this analysis performed by the Company, the Company depreciates Other Real Estate Held for Investment. This depreciation reduces the book value of these properties and lessens the exposure to the Company from further deterioration in real estate values. Mortgage Servicing Rights The Company’s subsequent accounting for MSRs is based on the class of MSRs. The Company has identified two classes of MSRs: MSRs backed by mortgage loans with initial term of 30 years and MSRs backed by mortgage loans with initial term of 15 years. The Company distinguishes between these classes of MSRs due to their differing sensitivities to change in value as the result of changes in market. After being initially recorded at fair value, MSRs backed by mortgage loans are accounted for using the amortization method. MSR amortization is determined by amortizing the balance straight-line over an estimated seven and nine year life. The Company periodically assesses MSRs for impairment. Impairment occurs when the current fair value of the MSR falls below the asset’s carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance. Management periodically reviews the various loan strata to determine whether the value of the MSRs in a given stratum is impaired and likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance. The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet at March 31, 2016. 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 $ 8,941,232 $ 8,941,232 $ - $ - Total securities available for sale $ 8,941,232 $ 8,941,232 $ - $ - Restricted assets of cemeteries and mortuaries $ 687,214 $ 687,214 $ - $ - Cemetery perpetual care trust investments 669,366 669,366 - - Derivatives - interest rate lock commitments 5,096,573 - - 5,096,573 Other investments 1,222,188 - - 1,222,188 Total assets accounted for at fair value on a recurring basis $ 16,616,573 $ 10,297,812 $ - $ 6,318,761 Liabilities accounted for at fair value on a recurring basis Policyholder account balances $ (50,451,491) $ - $ - $ (50,451,491) Future policy benefits - annuities (69,287,925) - - (69,287,925) Derivatives - bank loan interest rate swaps (11,210) - - (11,210) - call options (63,686) (63,686) - - - put options (12,102) (12,102) - - - interest rate lock commitments (422,490) - - (422,490) Total liabilities accounted for at fair value on a recurring basis $ (120,248,904) $ (75,788) $ - $ (120,173,116) Following is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs: Policyholder Account Balances Future Policy Benefits - Annuities Interest Rate Lock Commitments Bank Loan Interest Rate Swaps Other Investments Balance - December 31, 2015 $ (50,694,953) $ (69,398,617) $ 3,333,091 $ (13,947) $ 1,174,769 Total gains (losses): Included in earnings 243,462 110,692 - - - Included in other comprehensive income - - 1,340,992 2,737 47,419 Balance - March 31, 2016 $ (50,451,491) $ (69,287,925) $ 4,674,083 $ (11,210) $ 1,222,188 The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a nonrecurring basis by their classification in the condensed consolidated balance sheet at March 31, 2016. Quoted Prices in Active Significant Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Assets accounted for at fair value on a nonrecurring basis Mortgage servicing rights $ 1,499,786 $ - $ - $ 1,499,786 Real estate held for investment 1,242,000 - - 1,242,000 Total assets accounted for at fair value on a nonrecurring basis $ 2,741,786 $ - $ - $ 2,741,786 The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet at December 31, 2015. 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 $ 8,431,090 $ 8,431,090 $ - $ - Total securities available for sale $ 8,431,090 $ 8,431,090 $ - $ - Restricted assets of cemeteries and mortuaries $ 686,444 $ 686,444 $ - $ - Cemetery perpetual care trust investments 630,854 630,854 - - Derivatives - interest rate lock commitments 3,440,758 - - 3,440,758 Other investments 1,174,769 - - 1,174,769 Total assets accounted for at fair value on a recurring basis $ 14,363,915 $ 9,748,388 $ - $ 4,615,527 Liabilities accounted for at fair value on a recurring basis Policyholder account balances $ (50,694,953) $ - $ - $ (50,694,953) Future policy benefits - annuities (69,398,617) - - (69,398,617) Derivatives - bank loan interest rate swaps (13,947) - - (13,947) - call options (16,342) (16,342) - - - put options (28,829) (28,829) - - - interest rate lock commitment (107,667) - - (107,667) Total liabilities accounted for at fair value on a recurring basis $ (120,260,355) $ (45,171) $ - $ (120,215,184) Following is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs: Policyholder Account Balances Future Policy Benefits - Annuities Interest Rate Lock Commitments Bank Loan Interest Rate Swaps Other Investments Balance - December 31, 2014 $ (45,310,699) $ (65,540,985) $ 1,929,851 $ (31,370) $ - Purchases - - - - 1,200,000 Total gains (losses): Included in earnings (5,384,254) (3,857,632) - - - Included in other comprehensive income - - 1,403,240 17,423 (25,231) Balance - December 31, 2015 $ (50,694,953) $ (69,398,617) $ 3,333,091 $ (13,947) $ 1,174,769 The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a nonrecurring basis by their classification in the condensed consolidated balance sheet at December 31, 2015. Quoted Prices in Active Significant Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Assets accounted for at fair value on a nonrecurring basis Mortgage servicing rights $ 6,217,551 $ - $ - $ 6,217,551 Real estate held for investment 95,000 - - 95,000 Total assets accounted for at fair value on a nonrecurring basis $ 6,312,551 $ - $ - $ 6,312,551 Fair Value of Financial Instruments Carried at Other Than Fair Value ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at March 31, 2016 and December 31, 2015. The estimated fair value amounts for March 31, 2016 and December 31, 2015 have been measured as of period-end, and have not been reevaluated or updated for purposes of these Condensed Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at period-end. The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of March 31, 2016: Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Assets Mortgage loans: Residential $ 51,696,512 $ - $ - $ 55,117,152 $ 55,117,152 Residential construction 42,826,706 - - 42,826,706 42,826,706 Commercial 38,870,650 - - 40,272,245 40,272,245 Mortgage loans, net $ 133,393,868 $ - $ - $ 138,216,103 $ 138,216,103 Policy loans 6,892,022 - - 6,892,022 6,892,022 Insurance assignments, net 31,165,274 - - 31,165,274 31,165,274 Short-term investments 17,809,307 - - 17,809,307 17,809,307 Liabilities Bank and other loans payable $ (41,242,032) $ - $ - $ (41,242,032) $ (41,242,032) The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2015: Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Assets Mortgage loans: Residential $ 44,459,613 $ - $ - $ 47,193,950 $ 47,193,950 Residential construction 34,751,443 - - 34,751,443 34,751,443 Commercial 33,335,849 - - 34,778,136 34,778,136 Mortgage loans, net $ 112,546,905 $ - $ - $ 116,723,529 $ 116,723,529 Policy loans 6,896,457 - - 6,896,457 6,896,457 Insurance assignments, net 31,511,195 - - 31,511,195 31,511,195 Short-term investments 16,915,808 - - 16,915,808 16,915,808 Liabilities Bank and other loans payable $ (40,894,968) $ - $ - $ (40,894,968) $ (40,894,968) The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of financial instruments are summarized as follows: Mortgage Loans on Real Estate : The estimated fair value of the Company’s mortgage loans is determined using various methods. The Company’s mortgage loans are grouped into three categories: Residential, Residential Construction and Commercial. When estimating the expected future cash flows, it is assumed that all loans will be held to maturity, and any loans that are non-performing are evaluated individually for impairment. Residential – The estimated fair value of mortgage loans originated prior to 2013 is determined by estimating expected future cash flows of interest payments and discounting them using current interest rates from single family mortgages. The estimated fair value of mortgage loans originated in 2013 thru 2016 is determined from pricing of similar loans that were sold in 2014 and 2015 Residential Construction – These loans are primarily short in maturity (4-6 months) accordingly, the estimated fair value is determined to be the net book value. Commercial – The estimated fair value is determined by estimating expected future cash flows of interest payments and discounting them using current interest rates for commercial mortgages. Policy Loans and Other Investments : The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values. Short-Term Investments : The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values. Bank and Other Loans Payable The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values.

8) Allowance For Doubtful Accou

8) Allowance For Doubtful Accounts and Loan Losses and Impaired Loans	3 Months Ended
	Mar. 31, 2016
Notes
8) Allowance For Doubtful Accounts and Loan Losses and Impaired Loans	8) Allowance for Doubtful Accounts, Allowance for Loan Losses and Impaired Loans The Company records an allowance and recognizes an expense for potential losses from mortgage loans, other loans and receivables in accordance with generally accepted accounting principles. Receivables are the result of cemetery and mortuary operations, mortgage loan operations and life insurance operations. The allowance is based upon the Company’s historical experience for collectively evaluated impairment. Other allowances are based upon receivables individually evaluated for impairment. Collectability of the cemetery and mortuary receivables is significantly influenced by current economic conditions. The critical issues that impact recovery of mortgage loan operations are interest rate risk, loan underwriting, new regulations and the overall economy. The Company provides allowances for losses on its mortgage loans held for investment through an allowance for loan losses. The allowance is comprised of two components. The first component is an allowance for collectively evaluated impairment that is based upon the Company’s historical experience in collecting similar receivables. The second component is based upon individual evaluation of loans that are determined to be impaired. Upon determining impairment the Company establishes an individual impairment allowance based upon an assessment of the fair value of the underlying collateral. See the schedules in Note 3 for additional information. The allowance for losses on mortgage loans held for investment could change based on changes in the value of the underlying collateral, the performance status of the loans, or the Company’s actual collection experience. The actual losses could change, in the near term, from the established allowance, based upon the occurrence or non-occurrence of these events.

9) Derivative Commitments

9) Derivative Commitments	3 Months Ended
	Mar. 31, 2016
Notes
9) Derivative Commitments	9) Derivative Commitments Interest Rate Locks and Commitments The Company is exposed to price risk due to the potential impact of changes in interest rates on the values of mortgage loan commitments from the time a derivative loan commitment is made to an applicant to the time the loan that would result from the exercise of that loan commitment is funded. Managing price risk is complicated by the fact that the ultimate percentage of derivative loan commitments that will be exercised (i.e., the number of loan commitments that will be funded) fluctuates. The probability that a loan will not be funded within the terms of the commitment is driven by a number of factors, particularly the change, if any, in mortgage rates following the inception of the interest rate lock. However, many borrowers continue to exercise derivative loan commitments even when interest rates have fallen. In general, the probability of funding increases if mortgage rates rise and decreases if mortgage rates fall. This is due primarily to the relative attractiveness of current mortgage rates compared to the applicant’s committed rate. The probability that a loan will not be funded within the terms of the mortgage loan commitment also is influenced by the source of the applications (retail, broker or correspondent channels), proximity to rate lock expiration, purpose for the loan (purchase or refinance) product type and the application approval status. The Company has developed fallout estimates using historical data that take into account all of the variables, as well as renegotiations of rate and point commitments that tend to occur when mortgage rates fall. These fallout estimates are used to estimate the number of loans that the Company expects to be funded within the terms of the mortgage loan commitments and are updated periodically to reflect the most current data. The Company estimates the fair value of a mortgage loan commitment based on the change in estimated fair value of the underlying mortgage loan and the probability that the mortgage loan will fund within the terms of the commitment. The change in fair value of the underlying mortgage loan is measured from the date the mortgage loan commitment is issued. Therefore, at the time of issuance, the estimated fair value is zero. Following issuance, the value of a mortgage loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. Fallout rates derived from the Company’s recent historical empirical data are used to estimate the quantity of mortgage loans that will fund within the terms of the commitments. The Company utilizes forward loan sales commitments to economically hedge the price risk associated with its outstanding mortgage loan commitments. A forward loan sales commitment protects the Company from losses on sales of the loans arising from exercise of the loan commitments by securing the ultimate sales price and delivery date of the loans. Management expects these derivatives will experience changes in fair value opposite to changes in fair value of the derivative loan commitments, thereby reducing earnings volatility related to the recognition in earnings of changes in the values of the commitments. Call and Put Options The Company has adopted a strategy of selling “out of the money” call options on its available for sale equity securities as a source of revenue. The options give the purchaser the right to buy from the Company specified equity securities at a set price up to a pre-determined date in the future. The Company has adopted the selling of put options as a means of generating cash or purchasing equity securities at lower than current market prices. The Company receives an immediate payment of cash for the value of the option and establishes a liability for the fair value of the option. In the event an option is exercised, the Company recognizes a gain on the sale of the equity security and a gain from the sale of the option. If the option expires unexercised, the Company recognizes a gain from the sale of the option. The following table shows the fair value of derivatives as of March 31, 2016 and December 31, 2015. Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate lock and forward sales commitments other assets $5,096,573 other assets $3,440,758 Other liabilities $ 422,490 Other liabilities $ 107,667 Call options -- -- -- -- Other liabilities 63,686 Other liabilities 16,342 Put options -- -- -- -- Other liabilities 12,102 Other liabilities 28,829 Interest rate swaps -- -- -- -- Bank loans payable 11,210 Bank loans payable 13,947 Total $5,096,573 $3,440,758 $ 509,488 $ 166,785 The following table shows the gain on derivatives for the periods presented. There were no gains or losses reclassified from accumulated other comprehensive income (OCI) into income or gains or losses recognized in income on derivatives ineffective portion or any amounts excluded from effective testing. Net Amount Gain Recognized in OCI Three Months Ended March 31 Derivative - Cash Flow Hedging Relationships: 2016 2015 Interest Rate Lock Commitments $ 1,340,992 $ 2,487,891 Interest Rate Swaps 2,737 3,951 Sub Total 1,343,729 2,491,842 Tax Effect 524,055 971,819 Total $ 819,674 $ 1,520,023

10) Reinsurance, Commitments an

10) Reinsurance, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Notes
10) Reinsurance, Commitments and Contingencies	10) Reinsurance, Commitments and Contingencies Reinsurance Reinsurance Agreement with North America Life Insurance Company On May 8, 2015, the Company, through its wholly owned subsidiary, Security National Life, signed a paid-up business offer under the coinsurance agreement effective December 1, 2010 to reinsure certain life insurance policies from North America Life Insurance Company (“North America Life”). Pursuant to the paid-up business offer, North America Life ceded and transferred to Security National Life all contractual obligations and risks under the coinsured policies. Security National Life paid a ceding commission to North America Life in the amount of $281,908. As a result of the ceding commission, North America Life transferred $8,900,282 of cash and $9,182,190 in statutory reserves, or liabilities, to Security National Life. Reinsurance Agreement with American Republic Insurance Company On February 11, 2015, the Company, through its wholly owned subsidiary, Security National Life, signed a coinsurance agreement to reinsure certain life insurance policies from American Republic Insurance Company (“American Republic”). The policies were previously reinsured by North America Life under a coinsurance agreement between World Insurance Company (“World Insurance”) and North America Life entered into on July 22, 2009 which was commuted. World Insurance was subsequently purchased by and merged into American Republic. The current coinsurance agreement is between Security National Life and American Republic and became effective on January 1, 2015. As part of the coinsurance agreement, American Republic transferred all contractual obligations and risks to Security National Life and Security National Life took control of $15,004,771 of assets in a trust account held by Texas Capital Bank as the trustee. Mortgage Loan Loss Settlements Future loan losses can be extremely difficult to estimate. However, management believes that the Company’s reserve methodology and its current practice of property preservation allow it to estimate its potential losses on loans sold. The amounts expensed for loan losses for the three months ended March 31, 2016 and 2015 were $587,000 and $667,000 , respectively. The estimated liability for indemnification losses is included in other liabilities and accrued expenses and, as of March 31, 2016 and December 31, 2015, the balances were $3,353,000 and $2,806,000 , respectively. Inquiry Regarding FHA Insured Loans SecurityNational Mortgage has been cooperating with the U.S. Department of Justice and the Office of the Inspector General for the Department of Housing and Urban Development (HUD) in a civil investigation regarding compliance with requirements relating to certain mortgage loans insured by the Federal Housing Administration (FHA). No demand has been made from FHA and SecurityNational Mortgage has not established a liability for this matter absent a specific demand because it is not able to estimate a range of reasonably potential loss due to significant uncertainties resulting from: the absence of any specific demand from FHA, the potential remedies that SecurityNational Mortgage may have, including possible defenses, and the lack of information concerning the performance of its FHA insured originations, the majority of which SecurityNational Mortgage does not service. The investigation has focused on loans originated by SecurityNational Mortgage on or after January 1, 2006. The FHA mortgage loans that SecurityNational Mortgage originated between January 1, 2006 and May 21, 2013 total approximately 45,900 loans with an original principal balance of approximately $7.9 billion. Mortgage Loan Loss Litigation For a description of the litigation involving SecurityNational Mortgage and Lehman Brothers and Aurora Loan Services, reference is to Part II, Item 1. Legal Proceedings. Other Contingencies and Commitments The Company has entered into commitments to fund new residential construction loans. As of March 31, 2016, the Company’s commitments were $66,443,000 for these loans of which $42,927,000 had been funded. The Company will advance funds once the work has been completed and an independent inspection is made. The maximum loan commitment ranges between 50% and 80% of appraised value. The Company receives fees from the borrowers and the interest rate is generally 2% to 6.75% over the bank prime rate (3.50% as of March 31, 2016). Maturities range between six and twelve months. The Company belongs to a captive insurance group for certain casualty insurance, worker compensation and liability programs. Insurance reserves are maintained relative to these programs. The level of exposure from catastrophic events is limited by the purchase of stop-loss and aggregate liability reinsurance coverage. When estimating the insurance liabilities and related reserves, the captive insurance management considers a number of factors, which include historical claims experience, demographic factors, severity factors and valuations provided by independent third-party actuaries. If actual claims or adverse development of loss reserves occurs and exceed these estimates, additional reserves may be required. The estimation process contains uncertainty since captive insurance management must use judgment to estimate the ultimate cost that will be incurred to settle reported claims and unreported claims for incidents incurred but not reported as of the balance sheet date. At March 31, 2016, $261,168 of reserves was established related to such insurance programs versus $834,855 at December 31, 2015. The Company is a defendant in various other legal actions arising from the normal conduct of business. Management believes that none of the actions will have a material effect on the Company’s financial position or results of operations. Based on management’s assessment and legal counsel’s representations concerning the likelihood of unfavorable outcomes, no amounts have been accrued for the above claims in the consolidated financial statements. The Company is not a party to any other material legal proceedings outside the ordinary course of business or to any other legal proceedings, which, if adversely determined, would have a material adverse effect on its financial condition or results of operations.

11) Mortgage Servicing Rights

11) Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2016
Notes
11) Mortgage Servicing Rights	11) Mortgage Servicing Rights The following is a summary of the MSR activity for the periods presented. As of March 31 2016 As of December 31 2015 Amortized cost: Balance before valuation allowance at beginning of year $ 12,679,755 $ 7,834,747 MSRs proceeds from loan sales 1,499,786 6,217,551 Amortization (491,179) (1,372,543) Application of valuation allowance to write down MSRs with other than temporary impairment - - Balance before valuation allowance at year end $ 13,688,362 $ 12,679,755 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 $ 13,688,362 $ 12,679,755 Estimated fair value of MSRs at end of period $ 14,354,525 $ 13,897,160 The Company reports these MSRs pursuant to the accounting policy discussed in Note 7.

1) Basis of Presentation_ Accou

1) Basis of Presentation: Accounting Policy (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Accounting Policy	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 Q and Articles 8 and 10 of Regulation S X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto for the year ended December 31, 2015, included in the Company’s Annual Report on Form 10-K (file number 000-09341). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

1) Basis of Presentation_ Use o

1) Basis of Presentation: Use of Estimates Policy (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Use of Estimates Policy	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The estimates susceptible to significant change are those used in determining the value of interest rate locks and commitments, those used in determining deferred acquisition costs and the value of business acquired, those used in determining the value of mortgage loans foreclosed to REO, those used in determining the liability for future policy benefits and unearned revenue, those used in determining the estimated future costs for pre-need sales, those used in determining the value of mortgage servicing rights, those used in determining valuation allowances for mortgage loans on real estate, those used in determining loan loss reserve, and those used in determining deferred tax assets and liabilities. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

2) Recent Accounting Pronounc21

2) Recent Accounting Pronouncements: New Accounting Pronouncements, Policy (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
New Accounting Pronouncements, Policy	ASU No. 2014-09: “Revenue from Contracts with Customers (Topic 606)” - Issued in May 2014, ASU 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition”, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Insurance contracts are excluded from the scope of this new guidance. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2017. The Company is in the process of evaluating the potential impact of this standard, which is not expected to be material to the Company’s results of operations or financial position. ASU No. 2016-01: “Financial Instruments – Overall (Topic 825-10)” – Issued in January 2016, ASU 2016-01 changes the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income. Under current guidance, changes in fair value for investments of this nature are recognized in accumulated other comprehensive income as a component of stockholders’ equity. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments without readily determinable fair values; requires entities to use the exit price when estimating the fair value of financial instruments; and modifies various presentation disclosure requirements for financial instruments. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2017. The Company is in the process of evaluating the potential impact of this standard. ASU No. 2016-02: “Leases (Topic 842)” - Issued in February 2016, ASU 2016-02 supersedes the leases requirements in ASC Topic 840, “Leases”, and was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new authoritative guidance is effective for interim and annual periods beginning after December 15, 2018. The Company is in the process of evaluating the potential impact of this standard. The Company has reviewed other recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.

3) Investments_ Held-to-maturit

3) Investments: Held-to-maturity Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Held-to-maturity Securities	Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 31, 2016 Fixed maturity securities held to maturity carried at amortized cost: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies $ 3,558,169 $ 378,157 $ - $ 3,936,326 Obligations of states and political subdivisions 1,803,498 200,444 (455) 2,003,487 Corporate securities including public utilities 133,970,698 11,576,671 (4,997,905) 140,549,464 Mortgage-backed securities 7,501,609 303,697 (173,323) 7,631,983 Redeemable preferred stock 612,023 47,811 - 659,834 Total fixed maturity securities held to maturity $ 147,445,997 $ 12,506,780 $ (5,171,683) $ 154,781,094
AsOfDecember312015Member
Held-to-maturity Securities	Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2015 Fixed maturity securities held to maturity carried at amortized cost: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies $ 3,560,579 $ 292,869 $ (4,743) $ 3,848,705 Obligations of states and political subdivisions 1,805,828 182,073 (1,040) 1,986,861 Corporate securities including public utilities 134,488,108 9,836,355 (5,501,743) 138,822,720 Mortgage-backed securities 5,091,887 190,867 (75,580) 5,207,174 Redeemable preferred stock 612,023 29,675 - 641,698 Total fixed maturity securities held to maturity $ 145,558,425 $ 10,531,839 $ (5,583,106) $ 150,507,158

3) Investments_ Available-for-s

3) Investments: Available-for-sale Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Available-for-sale Securities	Equity securities available for sale at estimated fair value: Common stock: Industrial, miscellaneous and all other $ 10,051,680 $ 295,489 $ (1,405,937) $ 8,941,232 Total equity securities available for sale at estimated fair value $ 10,051,680 $ 295,489 $ (1,405,937) $ 8,941,232 Mortgage loans on real estate and construction loans held for investment at amortized cost: Residential $ 53,488,217 Residential construction 42,926,820 Commercial 39,057,779 Less: Allowance for loan losses (2,078,948) Total mortgage loans on real estate and construction loans held for investment $ 133,393,868 Real estate held for investment - net of depreciation $ 116,700,727 Policy loans and other investments are shown at amortized cost except for other investments that are shown at estimated fair value: Policy loans $ 6,892,022 Insurance assignments 32,149,213 Promissory notes 48,797 Other investments at estimated fair value 1,222,188 Less: Allowance for doubtful accounts (1,032,736) Total policy loans and other investments $ 39,279,484 Short-term investments at amortized cost $ 17,809,307
AsOfDecember312015Member
Available-for-sale Securities	Equity securities available for sale at estimated fair value: Common stock: Industrial, miscellaneous and all other $ 9,891,500 $ 213,683 $ (1,674,093) $ 8,431,090 Total securities available for sale carried at estimated fair value $ 9,891,500 $ 213,683 $ (1,674,093) $ 8,431,090 Mortgage loans on real estate and construction loans held for investment at amortized cost: Residential $ 46,020,490 Residential construction 34,851,557 Commercial 33,522,978 Less: Allowance for loan losses (1,848,120) Total mortgage loans on real estate and construction loans held for investment $ 112,546,905 Real estate held for investment - net of depreciation $ 114,852,432 Policy loans and other investments are shown at amortized cost except for other investments that are shown at estimated fair value: Policy loans $ 6,896,457 Insurance assignments 32,369,014 Promissory notes 48,797 Other investments at estimated fair value 1,174,769 Less: Allowance for doubtful accounts (906,616) Total policy loans and other investments $ 39,582,421 Short-term investments at amortized cost $ 16,915,808

3) Investments_ Schedule of Unr

3) Investments: Schedule of Unrealized Loss on Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Fixed Maturities
Schedule of Unrealized Loss on Investments	Unrealized Losses for Less than Twelve Months No. of Investment Positions Unrealized Losses for More than Twelve Months No. of Investment Positions Total Unrealized Loss At March 31, 2016 U.S. Treasury Securities and Obligations of U.S. Government Agencies $ - 0 $ - 0 $ - Obligations of states and political subdivisions - 0 455 1 455 Corporate securities including public utilities 2,267,982 70 2,729,923 25 4,997,905 Mortgage-backed securities 173,323 6 - 0 173,323 Total unrealized losses $ 2,441,305 76 $ 2,730,378 26 $ 5,171,683 Fair Value $ 21,751,797 $ 6,404,000 $ 28,155,797 At December 31, 2015 U.S. Treasury Securities and Obligations of U.S. Government Agencies $ 4,743 2 $ - 0 $ 4,743 Obligations of states and political subdivisions - 0 1,040 1 1,040 Corporate securities including public utilities 3,701,572 98 1,800,171 18 5,501,743 Mortgage-backed securities 75,580 4 - 0 75,580 Total unrealized losses $ 3,781,895 104 $ 1,801,211 19 $ 5,583,106 Fair Value $ 34,076,401 $ 3,809,957 $ 37,886,358
Equity Securities
Schedule of Unrealized Loss on Investments	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 March 31, 2016 Industrial, miscellaneous and all other $ 798,607 180 $ 607,330 68 $ 1,405,937 Total unrealized losses $ 798,607 180 $ 607,330 68 $ 1,405,937 Fair Value $ 3,955,133 $ 1,154,812 $ 5,109,945 At December 31, 2015 Industrial, miscellaneous and all other $ 997,862 222 $ 676,232 74 $ 1,674,093 Total unrealized losses $ 997,862 222 $ 676,232 74 $ 1,674,093 Fair Value $ 4,177,709 $ 760,860 $ 4,938,569

3) Investments_ Investments Cla

3) Investments: Investments Classified by Contractual Maturity Date (Tables)	3 Months Ended
	Mar. 31, 2016
Held-to-maturity Securities
Investments Classified by Contractual Maturity Date	Amortized Cost Estimated Fair Value Held to Maturity: Due in 2016 $ 4,298,647 $ 4,345,102 Due in 2017 through 2020 33,393,520 35,451,062 Due in 2021 through 2025 35,564,893 37,200,353 Due after 2025 66,075,305 69,492,760 Mortgage-backed securities 7,501,609 7,631,983 Redeemable preferred stock 612,023 659,834 Total held to maturity $ 147,445,997 $ 154,781,094
Available-for-sale Securities
Investments Classified by Contractual Maturity Date	Cost Estimated Fair Value Available for Sale: Common stock $ 10,051,680 $ 8,941,232 Total available for sale $ 10,051,680 $ 8,941,232

3) Investments_ Gain (Loss) on

3) Investments: Gain (Loss) on Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Gain (Loss) on Investments	Three Months Ended March 31 2016 2015 Fixed maturity securities held to maturity: Gross realized gains $ - $ 85,997 Gross realized losses (24,795) (9,776) Other than temporary impairments (30,000) (30,000) Securities available for sale: Gross realized gains 63,495 87,720 Gross realized losses (23,878) (1,016) Other than temporary impairments (43,630) (25,896) Other assets: Gross realized gains 84,768 257,139 Gross realized losses (1,668) - Total $ 24,292 $ 364,168

3) Investments_ Schedule of Maj

3) Investments: Schedule of Major categories of net investment income (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Major categories of net investment income	Three Months Ended March 31 2016 2015 Fixed maturity securities $ 2,050,569 $ 1,980,696 Equity securities 71,041 59,418 Mortgage loans on real estate 2,026,515 1,874,158 Real estate 2,838,484 2,120,650 Policy loans 182,206 188,546 Insurance assignments 3,104,788 2,789,006 Short-term investments, principally interest on sale of mortgage loans and other 1,863,144 1,511,095 Gross investment income 12,136,747 10,523,569 Investment expenses (3,144,556) (2,700,725) Net investment income $ 8,992,191 $ 7,822,844

3) Investments_ Residential Rea

3) Investments: Residential Real Estate Investment (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Residential Real Estate Investment	Net Ending Balance March 31 December 31 2016 2015 Arizona $ 940,537 $ 944,614 California 5,929,061 6,158,253 Colorado 549,214 553,230 Florida 9,082,242 9,203,624 Illinois - 165,800 Oklahoma 99,264 99,862 Oregon 120,000 120,000 South Carolina 676,200 823,872 Texas 1,279,327 1,198,860 Utah 61,346,004 62,117,738 Washington 286,181 286,182 $ 80,308,030 $ 81,672,035

3) Investments_ Schedule of All

3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Allowance for loan losses as a contra-asset account	Allowance for Credit Losses and Recorded Investment in Mortgage Loans Commercial Residential Residential Construction Total March 31, 2016 Allowance for credit losses: Beginning balance - January 1, 2016 $ 187,129 $ 1,560,877 $ 100,114 $ 1,848,120 Charge-offs - (18,374) - (18,374) Provision - 249,202 - 249,202 Ending balance -March 31, 2016 $ 187,129 $ 1,791,705 $ 100,114 $ 2,078,948 Ending balance: individually evaluated for impairment $ - $ 508,655 $ - $ 508,655 Ending balance: collectively evaluated for impairment $ 187,129 $ 1,283,050 $ 100,114 $ 1,570,293 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - Mortgage loans: Ending balance $ 39,057,779 $ 53,488,217 $ 42,926,820 $ 135,472,816 Ending balance: individually evaluated for impairment $ - $ 5,091,409 $ - $ 5,091,409 Ending balance: collectively evaluated for impairment $ 39,057,779 $ 48,396,808 $ 42,926,820 $ 130,381,407 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - December 31, 2015 Allowance for credit losses: Beginning balance - January 1, 2015 $ 187,129 $ 1,715,812 $ 100,114 $ 2,003,055 Charge-offs - (123,942) - (123,942) Provision - (30,993) - (30,993) Ending balance - December 31, 2015 $ 187,129 $ 1,560,877 $ 100,114 $ 1,848,120 Ending balance: individually evaluated for impairment $ - $ 305,962 $ - $ 305,962 Ending balance: collectively evaluated for impairment $ 187,129 $ 1,254,915 $ 100,114 $ 1,542,158 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - Mortgage loans: Ending balance $ 33,522,978 $ 46,020,490 $ 34,851,557 $ 114,395,025 Ending balance: individually evaluated for impairment $ - $ 3,087,161 $ 93,269 $ 3,180,430 Ending balance: collectively evaluated for impairment $ 33,522,978 $ 42,933,329 $ 34,758,287 $ 111,214,594 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ -

3) Investments_ Schedule of agi

3) Investments: Schedule of aging of mortgage loans (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of aging of mortgage loans	Age Analysis of Past Due Mortgage Loans 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days (1) In Foreclosure (1) Total Past Due Current Total Mortgage Loans Allowance for Loan Losses Net Mortgage Loans March 31, 2016 Commercial $ - $ - $ - $ - $ - $ 39,057,779 $ 39,057,779 $ (187,129) $ 38,870,650 Residential 151,779 354,152 726,159 5,091,409 6,323,499 47,164,718 53,488,217 (1,791,705) 51,696,512 Residential Construction - - 64,895 - 64,895 42,861,925 42,926,820 (100,114) 42,826,706 Total $ 151,779 $ 354,152 $ 791,054 $ 5,091,409 $ 6,388,394 $ 129,084,422 $ 135,472,816 $ (2,078,948) $ 133,393,868 December 31, 2015 Commercial $ - $ - $ - $ - $ - $ 33,522,978 $ 33,522,978 $ (187,129) $ 33,335,849 Residential 1,162,102 884,143 2,212,993 3,087,161 7,346,399 38,674,091 46,020,490 (1,560,877) 44,459,613 Residential Construction - - 64,895 93,269 158,164 34,693,393 34,851,557 (100,114) 34,751,443 Total $ 1,162,102 $ 884,143 $ 2,277,888 $ 3,180,430 $ 7,504,563 $ 106,890,462 $ 114,395,025 $ (1,848,120) $ 112,546,905

3) Investments_ Schedule of Imp

3) Investments: Schedule of Impaired Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Impaired Mortgage Loans	Impaired Loans Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2016 With no related allowance recorded: Commercial $ - $ - $ - $ - $ - Residential - - - - - Residential construction - - - - - With an allowance recorded: Commercial $ - $ - $ - $ - $ - Residential 5,091,409 5,091,409 508,655 5,091,409 - Residential construction - - - - - Total: Commercial $ - $ - $ - $ - $ - Residential 5,091,409 5,091,409 508,655 5,091,409 - Residential construction - - - - - December 31, 2015 With no related allowance recorded: Commercial $ - $ - $ - $ - $ - Residential - - - - - Residential construction 93,269 93,269 - 93,269 - With an allowance recorded: Commercial $ - $ - $ - $ - $ - Residential 3,087,161 3,087,161 305,962 3,087,161 - Residential construction - - - - - Total: Commercial $ - $ - $ - $ - $ - Residential 3,087,161 3,087,161 305,962 3,087,161 - Residential construction 93,269 93,269 - 93,269 -

3) Investments_ Schedule Of Cre

3) Investments: Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status:	Mortgage Loan Credit Exposure Credit Risk Profile Based on Payment Activity Commercial Residential Residential Construction Total March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Performing $ 39,057,779 $ 33,522,978 $ 47,670,650 $ 40,720,336 $ 42,861,925 $ 34,693,393 $ 129,590,354 $ 108,936,707 Nonperforming - - 5,817,567 5,300,154 64,895 158,164 5,882,462 5,458,318 Total $ 39,057,779 $ 33,522,978 $ 53,488,217 $ 46,020,490 $ 42,926,820 $ 34,851,557 $ 135,472,816 $ 114,395,025

3) Investments_ Schedule of Mor

3) Investments: Schedule of Mortgage loans on a nonaccrual status (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Mortgage loans on a nonaccrual status	Mortgage Loans on Nonaccrual Status As of March 31 2016 As of December 31 2015 Residential $ 5,817,567 $ 5,300,154 Residential construction 64,895 158,164 Total $ 5,882,462 $ 5,458,318

3) Investments_ Schedule of loa

3) Investments: Schedule of loan loss reserve which is included in other liabilities and accrued expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of loan loss reserve which is included in other liabilities and accrued expenses	As of March 31 2016 As of December 31 2015 Balance, beginning of period $ 2,805,900 $ 1,718,150 Provisions for losses 586,778 6,295,043 Charge-offs (40,041) (5,207,293) Balance, end of period $ 3,352,637 $ 2,805,900

4) Stock-based Compensation_ Sc

4) Stock-based Compensation: Schedule of stock inventive plan changes (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of stock inventive plan changes	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 March 31, 2016 589,801 $ 3.97 577,436 $ 3.54 As of March 31, 2016: Options exercisable 484,659 $ 3.45 498,686 $ 2.99 As of March 31, 2016: Available options for future grant 454,842 57,750 Weighted average contractual term of options outstanding at March 31, 2016 7.50 years 2.50 years Weighted average contractual term of options exercisable at March 31, 2016 7.03 years 2.16 years Aggregated intrinsic value of options outstanding at March 31, 2016 (1) $844,342 $1,096,391 Aggregated intrinsic value of options exercisable at March 31, 2016 (1) $844,342 $1,096,391 (1) The Company used a stock price of $5.09 as of March 31, 2016 to derive intrinsic value. A summary of the status of the Company’s stock incentive plans as of March 31, 2015, and the changes during the three months ended March 31, 2015, are presented below: Number of Class A Shares Weighted Average Exercise Price Number of Class C Shares Weighted Average Exercise Price Outstanding at December 31, 2014 512,795 $ 3.20 691,591 $ 2.00 Granted - - Exercised - (114,023) 2.14 Cancelled (8,846) 2.31 - Outstanding at March 31, 2015 503,949 $ 3.21 577,568 $ 2.62 As of March 31, 2015: Options exercisable 379,946 $ 2.75 471,943 $ 2.15 As of March 31, 2015: Available options for future grant 266,649 - Weighted average contractual term of options outstanding at March 31, 2015 7.57 years 2.93 years Weighted average contractual term of options exercisable at March 31, 2015 6.91 years 2.30 years Aggregated intrinsic value of options outstanding at March 31, 2015 (1) $1,076,880 $1,572,653 Aggregated intrinsic value of options exercisable at March 31, 2015 (1) $988,022 $1,506,415 (1) The Company used a stock price of $5.34 as of March 31, 2015 to derive intrinsic value.

5) Earnings Per Share_ Schedule

5) Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31 2016 2015 Numerator: Net earnings $ 1,793,532 $ 1,863,703 Denominator: Basic weighted-average shares outstanding 13,939,377 13,592,260 Effect of dilutive securities: Employee stock options 434,122 561,838 Diluted weighted-average shares outstanding 14,373,499 14,154,098 Basic net earnings per share $0.13 $0.14 Diluted net earnings per share $0.12 $0.13

6) Business Segments_ Schedule

6) Business Segments: Schedule of Revenues and Expenses by Reportable Segment (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Revenues and Expenses by Reportable Segment	Life Insurance Cemetery/ Mortuary Mortgage Eliminations Consolidated For the Three Months Ended March 31, 2016 Revenues from external customers $ 22,075,134 $ 3,330,766 $ 40,608,415 $ - $ 66,014,315 Intersegment revenues 3,103,446 286,925 79,479 (3,469,850) - Segment profit before income taxes 1,065,168 469,055 1,316,542 - 2,850,765 Identifiable Assets 724,858,698 96,827,903 69,077,738 (133,414,858) 757,349,481 Goodwill 2,765,570 - - - 2,765,570 For the Three Months Ended March 31, 2015 Revenues from external customers $ 20,985,500 $ 3,098,238 $ 39,965,894 $ - $ 64,049,632 Intersegment revenues 2,818,867 311,998 88,487 (3,219,352) - Segment profit before income taxes 1,403,851 409,175 1,185,358 - 2,998,384 Identifiable Assets 677,059,957 104,778,721 62,765,551 (142,826,038) 701,778,191 Goodwill 2,765,570 - - - 2,765,570

7)_ Fair Value of Financial I38

7): Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables)	3 Months Ended
	Mar. 31, 2016
AsOfMarch312016Member
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	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 $ 8,941,232 $ 8,941,232 $ - $ - Total securities available for sale $ 8,941,232 $ 8,941,232 $ - $ - Restricted assets of cemeteries and mortuaries $ 687,214 $ 687,214 $ - $ - Cemetery perpetual care trust investments 669,366 669,366 - - Derivatives - interest rate lock commitments 5,096,573 - - 5,096,573 Other investments 1,222,188 - - 1,222,188 Total assets accounted for at fair value on a recurring basis $ 16,616,573 $ 10,297,812 $ - $ 6,318,761 Liabilities accounted for at fair value on a recurring basis Policyholder account balances $ (50,451,491) $ - $ - $ (50,451,491) Future policy benefits - annuities (69,287,925) - - (69,287,925) Derivatives - bank loan interest rate swaps (11,210) - - (11,210) - call options (63,686) (63,686) - - - put options (12,102) (12,102) - - - interest rate lock commitments (422,490) - - (422,490) Total liabilities accounted for at fair value on a recurring basis $ (120,248,904) $ (75,788) $ - $ (120,173,116)
AsOfDecember312015Member
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	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 $ 8,431,090 $ 8,431,090 $ - $ - Total securities available for sale $ 8,431,090 $ 8,431,090 $ - $ - Restricted assets of cemeteries and mortuaries $ 686,444 $ 686,444 $ - $ - Cemetery perpetual care trust investments 630,854 630,854 - - Derivatives - interest rate lock commitments 3,440,758 - - 3,440,758 Other investments 1,174,769 - - 1,174,769 Total assets accounted for at fair value on a recurring basis $ 14,363,915 $ 9,748,388 $ - $ 4,615,527 Liabilities accounted for at fair value on a recurring basis Policyholder account balances $ (50,694,953) $ - $ - $ (50,694,953) Future policy benefits - annuities (69,398,617) - - (69,398,617) Derivatives - bank loan interest rate swaps (13,947) - - (13,947) - call options (16,342) (16,342) - - - put options (28,829) (28,829) - - - interest rate lock commitment (107,667) - - (107,667) Total liabilities accounted for at fair value on a recurring basis $ (120,260,355) $ (45,171) $ - $ (120,215,184)

7)_ Fair Value of Financial I39

7): Fair Value of Financial Instruments: Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs (Tables)	3 Months Ended
	Mar. 31, 2016
AsOfMarch312016Member
Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs	Policyholder Account Balances Future Policy Benefits - Annuities Interest Rate Lock Commitments Bank Loan Interest Rate Swaps Other Investments Balance - December 31, 2015 $ (50,694,953) $ (69,398,617) $ 3,333,091 $ (13,947) $ 1,174,769 Total gains (losses): Included in earnings 243,462 110,692 - - - Included in other comprehensive income - - 1,340,992 2,737 47,419 Balance - March 31, 2016 $ (50,451,491) $ (69,287,925) $ 4,674,083 $ (11,210) $ 1,222,188
AsOfDecember312015Member
Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs	Policyholder Account Balances Future Policy Benefits - Annuities Interest Rate Lock Commitments Bank Loan Interest Rate Swaps Other Investments Balance - December 31, 2014 $ (45,310,699) $ (65,540,985) $ 1,929,851 $ (31,370) $ - Purchases - - - - 1,200,000 Total gains (losses): Included in earnings (5,384,254) (3,857,632) - - - Included in other comprehensive income - - 1,403,240 17,423 (25,231) Balance - December 31, 2015 $ (50,694,953) $ (69,398,617) $ 3,333,091 $ (13,947) $ 1,174,769

7)_ Fair Value of Financial I40

7): Fair Value of Financial Instruments: Schedule of Fair Value Measurements, Nonrecurring (Tables)	3 Months Ended
	Mar. 31, 2016
AsOfMarch312016Member
Schedule of Fair Value Measurements, Nonrecurring	Quoted Prices in Active Significant Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Assets accounted for at fair value on a nonrecurring basis Mortgage servicing rights $ 1,499,786 $ - $ - $ 1,499,786 Real estate held for investment 1,242,000 - - 1,242,000 Total assets accounted for at fair value on a nonrecurring basis $ 2,741,786 $ - $ - $ 2,741,786
AsOfDecember312015Member
Schedule of Fair Value Measurements, Nonrecurring	Quoted Prices in Active Significant Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Assets accounted for at fair value on a nonrecurring basis Mortgage servicing rights $ 6,217,551 $ - $ - $ 6,217,551 Real estate held for investment 95,000 - - 95,000 Total assets accounted for at fair value on a nonrecurring basis $ 6,312,551 $ - $ - $ 6,312,551

7)_ Fair Value of Financial I41

7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Financial Instruments Carried at Other Than Fair Value	Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Assets Mortgage loans: Residential $ 51,696,512 $ - $ - $ 55,117,152 $ 55,117,152 Residential construction 42,826,706 - - 42,826,706 42,826,706 Commercial 38,870,650 - - 40,272,245 40,272,245 Mortgage loans, net $ 133,393,868 $ - $ - $ 138,216,103 $ 138,216,103 Policy loans 6,892,022 - - 6,892,022 6,892,022 Insurance assignments, net 31,165,274 - - 31,165,274 31,165,274 Short-term investments 17,809,307 - - 17,809,307 17,809,307 Liabilities Bank and other loans payable $ (41,242,032) $ - $ - $ (41,242,032) $ (41,242,032) The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2015: Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Assets Mortgage loans: Residential $ 44,459,613 $ - $ - $ 47,193,950 $ 47,193,950 Residential construction 34,751,443 - - 34,751,443 34,751,443 Commercial 33,335,849 - - 34,778,136 34,778,136 Mortgage loans, net $ 112,546,905 $ - $ - $ 116,723,529 $ 116,723,529 Policy loans 6,896,457 - - 6,896,457 6,896,457 Insurance assignments, net 31,511,195 - - 31,511,195 31,511,195 Short-term investments 16,915,808 - - 16,915,808 16,915,808 Liabilities Bank and other loans payable $ (40,894,968) $ - $ - $ (40,894,968) $ (40,894,968)

9) Derivative Commitments_ Sche

9) Derivative Commitments: Schedule of Derivative Assets at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Derivative Assets at Fair Value	Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate lock and forward sales commitments other assets $5,096,573 other assets $3,440,758 Other liabilities $ 422,490 Other liabilities $ 107,667 Call options -- -- -- -- Other liabilities 63,686 Other liabilities 16,342 Put options -- -- -- -- Other liabilities 12,102 Other liabilities 28,829 Interest rate swaps -- -- -- -- Bank loans payable 11,210 Bank loans payable 13,947 Total $5,096,573 $3,440,758 $ 509,488 $ 166,785

9) Derivative Commitments_ Sc43

9) Derivative Commitments: Schedule of Gains and Losses on Derivatives (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Gains and Losses on Derivatives	Net Amount Gain Recognized in OCI Three Months Ended March 31 Derivative - Cash Flow Hedging Relationships: 2016 2015 Interest Rate Lock Commitments $ 1,340,992 $ 2,487,891 Interest Rate Swaps 2,737 3,951 Sub Total 1,343,729 2,491,842 Tax Effect 524,055 971,819 Total $ 819,674 $ 1,520,023

11) Mortgage Servicing Rights_

11) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Mortgage Servicing Rights	As of March 31 2016 As of December 31 2015 Amortized cost: Balance before valuation allowance at beginning of year $ 12,679,755 $ 7,834,747 MSRs proceeds from loan sales 1,499,786 6,217,551 Amortization (491,179) (1,372,543) Application of valuation allowance to write down MSRs with other than temporary impairment - - Balance before valuation allowance at year end $ 13,688,362 $ 12,679,755 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 $ 13,688,362 $ 12,679,755 Estimated fair value of MSRs at end of period $ 14,354,525 $ 13,897,160

3) Investments_ Held-to-matur45

3) Investments: Held-to-maturity Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
AmortizedCost	$ 147,445,997	$ 145,558,425
Held-to-maturity Securities, Unrecognized Holding Gain	12,506,780	10,531,839
Held-to-maturity Securities, Unrecognized Holding Loss	(5,171,683)	(5,583,106)
HeldToMaturitySecuritiesEstimatedFairValue	154,781,094	150,507,158
US Treasury and Government
AmortizedCost	3,558,169	3,560,579
Held-to-maturity Securities, Unrecognized Holding Gain	378,157	292,869
Held-to-maturity Securities, Unrecognized Holding Loss		(4,743)
HeldToMaturitySecuritiesEstimatedFairValue	3,936,326	3,848,705
US States and Political Subdivisions Debt Securities
AmortizedCost	1,803,498	1,805,828
Held-to-maturity Securities, Unrecognized Holding Gain	200,444	182,073
Held-to-maturity Securities, Unrecognized Holding Loss	(455)	(1,040)
HeldToMaturitySecuritiesEstimatedFairValue	2,003,487	1,986,861
Corporate Debt Securities
AmortizedCost	133,970,698	134,488,108
Held-to-maturity Securities, Unrecognized Holding Gain	11,576,671	9,836,355
Held-to-maturity Securities, Unrecognized Holding Loss	(4,997,905)	(5,501,743)
HeldToMaturitySecuritiesEstimatedFairValue	140,549,464	138,822,720
Collateralized Mortgage Backed Securities
AmortizedCost	7,501,609	5,091,887
Held-to-maturity Securities, Unrecognized Holding Gain	303,697	190,867
Held-to-maturity Securities, Unrecognized Holding Loss	(173,323)	(75,580)
HeldToMaturitySecuritiesEstimatedFairValue	7,631,983	5,207,174
Redeemable Preferred Stock
AmortizedCost	612,023	612,023
Held-to-maturity Securities, Unrecognized Holding Gain	47,811	29,675
HeldToMaturitySecuritiesEstimatedFairValue	$ 659,834	$ 641,698

3) Investments_ Available-for46

3) Investments: Available-for-sale Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Available-for-sale Securities, Amortized Cost Basis	$ 10,051,680
AvailableForSaleSecuritiesEstimatedFairValue	8,941,232
Mortgage loans on real estate and construction	133,393,868	$ 112,546,905
Mortgage loans on real estate and construction, allowance for losses	(2,078,948)	(1,848,120)
Real estate held for investment, net of depreciation	116,700,727	114,852,432
Loans held for sale policy loans	6,892,022	6,896,457
Loans held for sale insurance assignments	32,149,213	32,369,014
Loans held for sale promissory notes	48,797	48,797
Other investments at estimated fair value	1,222,188	1,174,769
Loans held for sale allowance for doubtful accounts	(1,032,736)	(906,616)
Total policy loans and other investments	39,279,484	39,582,421
Short-term investments at amortized cost	17,809,307	16,915,808
Residential Mortgage
Mortgage loans on real estate and construction	53,488,217	46,020,490
Residential Construction
Mortgage loans on real estate and construction	42,926,820	34,851,557
Commercial Loan
Mortgage loans on real estate and construction	39,057,779	33,522,978
Common Stock
Available-for-sale Securities, Amortized Cost Basis	10,051,680
AvailableForSaleSecuritiesEstimatedFairValue	8,941,232
Industrial, miscellaneous and all other equity securities
Available-for-sale Securities, Amortized Cost Basis	10,051,680	9,891,500
Available-for-sale Securities, Gross Unrealized Gain	295,489	213,683
AvailableForSaleSecuritiesGrossUnrealizedLosses	(1,405,937)	(1,674,093)
AvailableForSaleSecuritiesEstimatedFairValue	8,941,232	8,431,090
Equity Securities
Available-for-sale Securities, Amortized Cost Basis	10,051,680	9,891,500
Available-for-sale Securities, Gross Unrealized Gain	295,489	213,683
AvailableForSaleSecuritiesGrossUnrealizedLosses	(1,405,937)	(1,674,093)
AvailableForSaleSecuritiesEstimatedFairValue	$ 8,941,232	$ 8,431,090

3) Investments_ Schedule of U47

3) Investments: Schedule of Unrealized Loss on Investments (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Held-to-maturity Securities, Unrecognized Holding Loss	$ 5,171,683	$ 5,583,106
Fair Value	5,109,945	4,938,569
US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	455	1,040
Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	4,997,905	5,501,743
Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	173,323	75,580
Industrial, miscellaneous and all other equity securities
AvailableForSaleSecuritiesGrossUnrealizedLosses	1,405,937	1,674,093
Equity Securities
AvailableForSaleSecuritiesGrossUnrealizedLosses	1,405,937	1,674,093
Less than 12 months
Held-to-maturity Securities, Unrecognized Holding Loss	$ 2,441,305	$ 3,781,895
No. of Investment Positions	76	104
Held-to-maturity Securities, Fair Value	$ 21,751,797	$ 34,076,401
Fair Value	$ 3,955,133	4,177,709
Less than 12 months | U.S. Treasury Securities
Held-to-maturity Securities, Unrecognized Holding Loss		$ 4,743
No. of Investment Positions	0	2
Less than 12 months | US States and Political Subdivisions Debt Securities
No. of Investment Positions	0	0
Less than 12 months | Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 2,267,982	$ 3,701,572
No. of Investment Positions	70	98
Less than 12 months | Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 173,323	$ 75,580
No. of Investment Positions	6	4
Less than 12 months | Industrial, miscellaneous and all other equity securities
No. of Investment Positions	180	222
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 798,607	$ 997,862
Less than 12 months | Equity Securities
No. of Investment Positions	180	222
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 798,607	$ 997,862
More than 12 months
Held-to-maturity Securities, Unrecognized Holding Loss	$ 2,730,378	$ 1,801,211
No. of Investment Positions	26	19
Held-to-maturity Securities, Fair Value	$ 6,404,000	$ 3,809,957
Fair Value	$ 1,154,812	$ 760,860
More than 12 months | U.S. Treasury Securities
No. of Investment Positions	0	0
More than 12 months | US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 455	$ 1,040
No. of Investment Positions	1	1
More than 12 months | Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 2,729,923	$ 1,800,171
No. of Investment Positions	25	18
More than 12 months | Collateralized Mortgage Backed Securities
No. of Investment Positions	0	0
More than 12 months | Industrial, miscellaneous and all other equity securities
No. of Investment Positions	68	74
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 607,330	$ 676,232
More than 12 months | Equity Securities
No. of Investment Positions	68	74
AvailableForSaleSecuritiesGrossUnrealizedLosses	$ 607,330	$ 676,232
Total
Held-to-maturity Securities, Unrecognized Holding Loss	5,171,683	5,583,106
Held-to-maturity Securities, Fair Value	28,155,797	37,886,358
Total | U.S. Treasury Securities
Held-to-maturity Securities, Unrecognized Holding Loss		4,743
Total | US States and Political Subdivisions Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	455	1,040
Total | Corporate Debt Securities
Held-to-maturity Securities, Unrecognized Holding Loss	4,997,905	5,501,743
Total | Collateralized Mortgage Backed Securities
Held-to-maturity Securities, Unrecognized Holding Loss	$ 173,323	$ 75,580

3) Investments (Details)

3) Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Average market value over amortized cost	84.50%		87.20%
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease)	$ 30,000	$ 30,000
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	116,700,727		$ 114,852,432
Commercial Real Estate 1
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 36,392,697		$ 33,180,397
Square Footage	520,384		515,663
Commercial Real Estate 1 | ArizonaMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 460,465		$ 463,774
Square Footage	16,270		16,270
Commercial Real Estate 1 | ArkansasMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 103,527
Square Footage	3,200
Commercial Real Estate 1 | KansasMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 11,720,154		$ 11,537,335
Square Footage	222,679		222,679
Commercial Real Estate 1 | MississippiMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 3,152,040
Square Footage	21,521
Commercial Real Estate 1 | NewMexicoMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 7,000		$ 7,000
Commercial Real Estate 1 | TexasMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 3,755,070		$ 3,768,542
Square Footage	23,470		23,470
Commercial Real Estate 1 | UtahMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 17,194,441		$ 17,403,746
Square Footage	233,244		253,244

3) Investments_ Equity Securiti

3) Investments: Equity Securities - Additional (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Average Market Value of Security over initial investment	78.40%		74.70%
Equity Securities
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities	$ 43,630	$ 25,896

3) Investments_ Investments C50

3) Investments: Investments Classified by Contractual Maturity Date (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
AmortizedCost	$ 147,445,997	$ 145,558,425
HeldToMaturitySecuritiesEstimatedFairValue	154,781,094	150,507,158
Available-for-sale Securities, Amortized Cost Basis	10,051,680
AvailableForSaleSecuritiesEstimatedFairValue	8,941,232
Collateralized Mortgage Backed Securities
AmortizedCost	7,501,609	5,091,887
HeldToMaturitySecuritiesEstimatedFairValue	7,631,983	5,207,174
Redeemable Preferred Stock
AmortizedCost	612,023	612,023
HeldToMaturitySecuritiesEstimatedFairValue	659,834	$ 641,698
Common Stock
Available-for-sale Securities, Amortized Cost Basis	10,051,680
AvailableForSaleSecuritiesEstimatedFairValue	8,941,232
DueIn2016Member
AmortizedCost	4,298,647
HeldToMaturitySecuritiesEstimatedFairValue	4,345,102
DueIn2017Through2020Member
AmortizedCost	33,393,520
HeldToMaturitySecuritiesEstimatedFairValue	35,451,062
DueIn2021Through2025Member
AmortizedCost	35,564,893
HeldToMaturitySecuritiesEstimatedFairValue	37,200,353
DueAfter2025Member
AmortizedCost	66,075,305
HeldToMaturitySecuritiesEstimatedFairValue	$ 69,492,760

3) Investments_ Gain (Loss) o51

3) Investments: Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fixed maturity securities held to maturity:	$ 24,292	$ 364,168
Held-to-maturity Securities
Gross Realized Gains		85,997
Gross Realized Losses	(24,795)	(9,776)
Other than Temporary Impairments	(30,000)	(30,000)
Available-for-sale Securities
Gross Realized Gains	63,495	87,720
Gross Realized Losses	(23,878)	(1,016)
Other than Temporary Impairments	(43,630)	(25,896)
Other Assets
Gross Realized Gains	84,768	$ 257,139
Gross Realized Losses	$ (1,668)

3) Investments_ Net carrying am

3) Investments: Net carrying amount of held to maturity securities (Details) - Held-to-maturity Securities	3 Months Ended
	Mar. 31, 2015USD ($)
Net carrying amount for sales of securities	$ 257,962
Net realized gain related to sales of securities	$ 8,962

3) Investments_ Schedule of M53

3) Investments: Schedule of Major categories of net investment income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Gross investment income	$ 12,136,747	$ 10,523,569
Investment Income, Investment Expense	(3,144,556)	(2,700,725)
Net Investment Income	8,992,191	7,822,844
Fixed Maturities
Gross investment income	2,050,569	1,980,696
Equity Securities
Gross investment income	71,041	59,418
Mortgage loans on real estate
Gross investment income	2,026,515	1,874,158
Real Estate
Gross investment income	2,838,484	2,120,650
Policy, Student and other loans
Gross investment income	182,206	188,546
Short-term investments, principally gains on sale of mortgage loans
Gross investment income	$ 1,863,144	$ 1,511,095

3) Investments_ Net Investment

3) Investments: Net Investment Income - Additional (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Net Investment Income	$ 8,992,191	$ 7,822,844
Securities on deposit for regulatory authorities	8,813,368		$ 8,815,542
Cemeteries and mortuaries
Net Investment Income	$ 87,976	$ 92,922

3) Investments_ Residential R55

3) Investments: Residential Real Estate Investment (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 116,700,727	$ 114,852,432
Residential Real Estate 1
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	80,308,030	81,672,035
Residential Real Estate 1 | ArizonaMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	940,537	944,614
Residential Real Estate 1 | CaliforniaMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	5,929,061	6,158,253
Residential Real Estate 1 | ColoradoMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	549,214	553,230
Residential Real Estate 1 | FloridaMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	9,082,242	9,203,624
Residential Real Estate 1 | IllinoisMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015		165,800
Residential Real Estate 1 | OklahomaMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	99,264	99,862
Residential Real Estate 1 | OregonMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	120,000	120,000
Residential Real Estate 1 | SouthCarolinaMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	676,200	823,872
Residential Real Estate 1 | TexasMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	1,279,327	1,198,860
Residential Real Estate 1 | UtahMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	61,346,004	62,117,738
Residential Real Estate 1 | WashingtonMember
Real estate held for investment, net of accumulated depreciation of $12,940,497 and $12,210,346 for 2016 and 2015	$ 286,181	$ 286,182

3) Investments_ Mortgage Loans

3) Investments: Mortgage Loans - Additional (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Details
Mortgage loans on real estate balances, net of allowance for losses	$ 2,078,948	$ 1,848,120

3) Investments_ Schedule of A57

3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses, Beginning Balance	$ 1,848,120	$ 2,003,055
Allowance for credit losses, Charge-offs	(18,374)	(123,942)
Allowance for credit losses, Provision	249,202	(30,993)
Financing Receivable, Allowance for Credit Losses, Ending Balance	2,078,948	1,848,120
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	508,655	305,962
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,570,293	1,542,158
Mortgage loans	135,472,816	114,395,025
Financing Receivable, Individually Evaluated for Impairment	5,091,409	3,180,430
Financing Receivable, Collectively Evaluated for Impairment	130,381,407	111,214,594
Commercial Loan
Financing Receivable, Allowance for Credit Losses, Beginning Balance	187,129	187,129
Financing Receivable, Allowance for Credit Losses, Ending Balance	187,129	187,129
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	187,129	187,129
Mortgage loans	39,057,779	33,522,978
Financing Receivable, Collectively Evaluated for Impairment	39,057,779	33,522,978
Residential Mortgage
Financing Receivable, Allowance for Credit Losses, Beginning Balance	1,560,877	1,715,812
Allowance for credit losses, Charge-offs	(18,374)	(123,942)
Allowance for credit losses, Provision	249,202	(30,993)
Financing Receivable, Allowance for Credit Losses, Ending Balance	1,791,705	1,560,877
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	508,655	305,962
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	1,283,050	1,254,915
Mortgage loans	53,488,217	46,020,490
Financing Receivable, Individually Evaluated for Impairment	5,091,409	3,087,161
Financing Receivable, Collectively Evaluated for Impairment	48,396,808	42,933,329
Residential Construction
Financing Receivable, Allowance for Credit Losses, Beginning Balance	100,114	100,114
Financing Receivable, Allowance for Credit Losses, Ending Balance	100,114	100,114
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment	100,114	100,114
Mortgage loans	42,926,820	34,851,557
Financing Receivable, Individually Evaluated for Impairment		93,269
Financing Receivable, Collectively Evaluated for Impairment	$ 42,926,820	$ 34,758,287

3) Investments_ Schedule of a58

3) Investments: Schedule of aging of mortgage loans (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans during period		$ (2,078,948)	$ (1,848,120)
Mortgage Loans, Allowance for Loan Losses		133,393,868	112,546,905
Commercial Loan
Mortgage Loans during period		(187,129)	(187,129)
Mortgage Loans, Allowance for Loan Losses		38,870,650	33,335,849
Residential Mortgage
Mortgage Loans during period		(1,791,705)	(1,560,877)
Mortgage Loans, Allowance for Loan Losses		51,696,512	44,459,613
Residential Construction
Mortgage Loans during period		(100,114)	(100,114)
Mortgage Loans, Allowance for Loan Losses		42,826,706	34,751,443
Past due 30 to 59 days
Mortgage Loans during period		354,152	884,143
Past due 30 to 59 days | Residential Mortgage
Mortgage Loans during period		354,152	884,143
Past due 60 to 89 days
Mortgage Loans during period		791,054	2,277,888
Past due 60 to 89 days | Residential Mortgage
Mortgage Loans during period		726,159	2,212,993
Past due 60 to 89 days | Residential Construction
Mortgage Loans during period		64,895	64,895
Past due 90 or more days
Mortgage Loans during period	[1]	5,091,409	3,180,430
Past due 90 or more days | Residential Mortgage
Mortgage Loans during period	[1]	5,091,409	3,087,161
Past due 90 or more days | Residential Construction
Mortgage Loans during period	[1]		93,269
In Foreclosure
Mortgage Loans during period	[1]	6,388,394	7,504,563
In Foreclosure | Residential Mortgage
Mortgage Loans during period	[1]	6,323,499	7,346,399
In Foreclosure | Residential Construction
Mortgage Loans during period	[1]	64,895	158,164
Total Past Due
Mortgage Loans during period		129,084,422	106,890,462
Total Past Due | Commercial Loan
Mortgage Loans during period		39,057,779	33,522,978
Total Past Due | Residential Mortgage
Mortgage Loans during period		47,164,718	38,674,091
Total Past Due | Residential Construction
Mortgage Loans during period		42,861,925	34,693,393
Current
Mortgage Loans during period		135,472,816	114,395,025
Current | Commercial Loan
Mortgage Loans during period		39,057,779	33,522,978
Current | Residential Mortgage
Mortgage Loans during period		53,488,217	46,020,490
Current | Residential Construction
Mortgage Loans during period		$ 42,926,820	$ 34,851,557
[1]	There was not any interest income recognized on loans past due greater than 90 days or in foreclosure.

3) Investments_ Schedule of I59

3) Investments: Schedule of Impaired Mortgage Loans (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Residential Mortgage
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 5,091,409	$ 3,087,161
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	5,091,409	3,087,161
Impaired Financing Receivable, Related Allowance	508,655	305,962
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	5,091,409	3,087,161
Total Residential Mortgage
Impaired Financing Receivable, with Related Allowance, Recorded Investment	5,091,409	3,087,161
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	5,091,409	3,087,161
Impaired Financing Receivable, Related Allowance	508,655	305,962
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	$ 5,091,409	3,087,161
Residential Construction
Impaired Financing Receivable, with Related Allowance, Recorded Investment		93,269
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance		93,269
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment		93,269
Impaired Financing Receivable, with No Related Allowance, Recorded Investment		93,269
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment		$ 93,269

3) Investments_ Schedule Of C60

3) Investments: Schedule Of Credit Risk Of Mortgage Loans Based On Performance Status (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Mortgage loans	$ 135,472,816	$ 114,395,025
Performing Financing Receivable
Mortgage loans	129,590,354	108,936,707
Nonperforming Financing Receivable
Mortgage loans	5,882,462	5,458,318
Commercial Loan
Mortgage loans	39,057,779	33,522,978
Commercial Loan | Performing Financing Receivable
Mortgage loans	39,057,779	33,522,978
Residential Mortgage
Mortgage loans	53,488,217	46,020,490
Residential Mortgage | Performing Financing Receivable
Mortgage loans	47,670,650	40,720,336
Residential Mortgage | Nonperforming Financing Receivable
Mortgage loans	5,817,567	5,300,154
Residential Construction
Mortgage loans	42,926,820	34,851,557
Residential Construction | Performing Financing Receivable
Mortgage loans	42,861,925	34,693,393
Residential Construction | Nonperforming Financing Receivable
Mortgage loans	$ 64,895	$ 158,164

3) Investments_ Summary of Inte

3) Investments: Summary of Interest not accrued on non-performing mortgage loans (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Details
Interest not accrued on non-performing loans	$ 440,000	$ 268,000

3) Investments_ Schedule of M62

3) Investments: Schedule of Mortgage loans on a nonaccrual status (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 5,882,462	$ 5,458,318
Residential Mortgage
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	5,817,567	5,300,154
Residential Construction
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 64,895	$ 158,164

3) Investments_ Schedule of l63

3) Investments: Schedule of loan loss reserve which is included in other liabilities and accrued expenses (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Details
Beginning, Loan Loss Reserve	$ 2,805,900	$ 1,718,150
Loan loss reserve, Provisions for losses	586,778	6,295,043
Loan loss reserve, Charge-offs	(40,041)	(5,207,293)
Ending, Loan Loss Reserve	$ 3,352,637	$ 2,805,900

4) Stock-based Compensation (De

4) Stock-based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Details
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 84,452	$ 85,545
Unrecognized compensation expense related to the options issued in December 2014	228,136
Total intrinsic value	$ 91,989	$ 438,989

4) Stock-based Compensation_ 65

4) Stock-based Compensation: Schedule of stock inventive plan changes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Sep. 30, 2014	Dec. 31, 2013
Class A Common Stock
Shares, Outstanding	589,801		618,261	503,949	512,795
Shares outstanding	$ 3.97		$ 3.89	$ 3.21	$ 3.20
Shares Exercised	(28,460)
Per Share Shares Exercised	$ 2.15
Shares Cancelled		(8,846)
Per Share Shares cancelled		$ 2.31
Options Exercisable	484,659			379,946
Options exercisable	$ 3.45			$ 2.75
Available options for future grant	$ 454,842	$ 266,649
Weighted average contractual term of options outstanding	7.50 years	7.57 years
Weighted average contractual term of options exercisable	7.03 years	6.91 years
Aggregated intrinsic value of options outstanding	$ 844,342			$ 1,076,880
Aggregated intrinsic value of options exercisable	$ 844,342			$ 988,022
Class C Common Stock
Shares, Outstanding	577,436		577,436	577,568	691,591
Shares outstanding	$ 3.54		$ 3.54	$ 2.62	$ 2
Options Exercisable	498,686			471,943
Options exercisable	$ 2.99			$ 2.15
Available options for future grant	$ 57,750
Weighted average contractual term of options outstanding	2.50 years	2.93 years
Weighted average contractual term of options exercisable	2.16 years	2.30 years
Aggregated intrinsic value of options outstanding	$ 1,096,391			$ 1,572,653
Aggregated intrinsic value of options exercisable	$ 1,096,391			$ 1,506,415

5) Earnings Per Share_ Schedu66

5) Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Details
Net earnings	$ 1,793,532	$ 1,863,703
Weighted-average Class A equivalent common share outstanding (1)	13,939,377	13,592,260
GrantOfEmployeeStockOptions	$ 434,122	$ 561,838
Diluted weighted-average shares outstanding	14,373,499	14,154,098
Net earnings per Class A Equivalent common share (1)	$ 0.13	$ 0.14
Net earnings per Class A Equivalent common share-assuming dilution (1)	$ 0.12	$ 0.13

5) Earnings Per Share (Details)

5) Earnings Per Share (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Details
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount	$ 250,039	$ 4,632

6) Business Segments_ Schedul68

6) Business Segments: Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenue from customers	$ 66,014,315	$ 64,049,632
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	2,850,765	2,998,384
Identifiable Assets	757,349,481	701,778,191
Goodwill	2,765,570	2,765,570	$ 2,765,570
Life Insurance Segment
Revenue from customers	22,075,134	20,985,500
SegmentReportingInformationIntersegmentRevenue	3,103,446	2,818,867
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	1,065,168	1,403,851
Identifiable Assets	724,858,698	677,059,957
Goodwill	2,765,570	2,765,570
Cemetery and Mortuary
Revenue from customers	3,330,766	3,098,238
SegmentReportingInformationIntersegmentRevenue	286,925	311,998
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	469,055	409,175
Identifiable Assets	96,827,903	104,778,721
Mortgage
Revenue from customers	40,608,415	39,965,894
SegmentReportingInformationIntersegmentRevenue	79,479	88,487
SegmentReportingInformationIncomeLossBeforeIncomeTaxes	1,316,542	1,185,358
Identifiable Assets	69,077,738	62,765,551
Significant Reconciling Items
SegmentReportingInformationIntersegmentRevenue	(3,469,850)	(3,219,352)
Identifiable Assets	$ (133,414,858)	$ (142,826,038)

7)_ Fair Value of Financial I69

7): Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Assets accounted for at fair value on a recurring basis
Available-for-sale Securities	$ 8,941,232
Restricted assets of cemeteries and mortuaries	687,214	$ 686,444
Cemetery perpetual care trust investments	669,366	630,854
Derivatives - interest rate lock commitments	5,096,573	3,440,758
Assets, Fair Value Disclosure	16,616,573	14,363,915
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	(50,451,491)	(50,694,953)
Future policy benefits - annuities	(69,287,925)	(69,398,617)
Derivatives - bank loan interest rate swaps	(11,210)	(13,947)
Derivatives - Call Options	(63,686)	(16,342)
Derivatives - Put Options	(12,102)	(28,829)
Derivatives - Interest rate lock commitments	(422,490)	(107,667)
Liabilities accounted for at fair value	(120,248,904)	(120,260,355)
Non-redeemable preferred stock		8,431,090
Trading Securities, Equity		8,431,090
Fair Value, Inputs, Level 1
Assets accounted for at fair value on a recurring basis
Available-for-sale Securities	8,941,232
Restricted assets of cemeteries and mortuaries	687,214	686,444
Cemetery perpetual care trust investments	669,366	630,854
Assets, Fair Value Disclosure	10,297,812	9,748,388
Liabilities accounted for at fair value on a recurring basis
Derivatives - Call Options	(63,686)	(16,342)
Derivatives - Put Options	(12,102)	(28,829)
Liabilities accounted for at fair value	(75,788)	(45,171)
Non-redeemable preferred stock		8,431,090
Trading Securities, Equity		8,431,090
Fair Value, Inputs, Level 3
Assets accounted for at fair value on a recurring basis
Derivatives - interest rate lock commitments	5,096,573	3,440,758
Assets, Fair Value Disclosure	6,318,761	4,615,527
Liabilities accounted for at fair value on a recurring basis
Policyholder account balances	(50,451,491)	(50,694,953)
Future policy benefits - annuities	(69,287,925)	(69,398,617)
Derivatives - bank loan interest rate swaps	(11,210)	(13,947)
Derivatives - Interest rate lock commitments	(422,490)	(107,667)
Liabilities accounted for at fair value	$ (120,173,116)	$ (120,215,184)

7)_ Fair Value of Financial I70

7): Fair Value of Financial Instruments: Schedule of Changes in the consolidated balance sheet line items measured using level 3 inputs (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value Balance	$ 1,174,769
Fair Value, Losses (Gains) included in other comprehensive income	47,419	$ (25,231)
Fair Value Balance	1,222,188	1,174,769
Policyholder Account Balances
Fair Value Balance	(50,694,953)	(45,310,699)
Fair Value, Losses (Gains) included in earnings	243,462	(5,384,254)
Fair Value Balance	(50,451,491)	(50,694,953)
Future Policy Benefits - Annuities
Fair Value Balance	(69,398,617)	(65,540,985)
Fair Value, Losses (Gains) included in earnings	110,692	(3,857,632)
Fair Value Balance	(69,287,925)	(69,398,617)
Interest Rate Lock Commitments
Fair Value Balance	3,333,091	1,929,851
Fair Value, Losses (Gains) included in other comprehensive income	1,340,992	1,403,240
Fair Value Balance	4,674,083	3,333,091
Bank Loan Interest Rate Swaps
Fair Value Balance	(13,947)	(31,370)
Fair Value, Losses (Gains) included in other comprehensive income	2,737	17,423
Fair Value Balance	$ (11,210)	$ (13,947)

7)_ Fair Value of Financial I71

7): Fair Value of Financial Instruments: Schedule of Fair Value Measurements, Nonrecurring (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Assets accounted for at fair value on a nonrecurring basis - Mortgage servicing rights	$ 1,499,786
Real estate held for investment	1,242,000	$ 95,000
Assets accounted for at fair value on a nonrecurring basis	2,741,786
Assets accounted for at fair value on non-recurring basis
Mortgage servicing rights		6,217,551
Assets, Fair Value Disclosure, Nonrecurring		6,312,551
Fair Value, Inputs, Level 3
Assets accounted for at fair value on a nonrecurring basis - Mortgage servicing rights	1,499,786
Real estate held for investment	1,242,000	95,000
Assets accounted for at fair value on a nonrecurring basis	$ 2,741,786
Assets accounted for at fair value on non-recurring basis
Mortgage servicing rights		6,217,551
Assets, Fair Value Disclosure, Nonrecurring		$ 6,312,551

7)_ Fair Value of Financial I72

7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Carrying Value	$ (41,242,032)	$ (40,894,968)
Estimated Fair Value	(41,242,032)	(40,894,968)
Residential Mortgage
Carrying Value	51,696,512	44,459,613
Estimated Fair Value	55,117,152	47,193,950
Residential Construction
Carrying Value	42,826,706	34,751,443
Estimated Fair Value	42,826,706	34,751,443
Commercial Loan
Carrying Value	38,870,650	33,335,849
Estimated Fair Value	40,272,245	34,778,136
MortgageLoansNet1Member
Carrying Value	133,393,868	112,546,905
Estimated Fair Value	138,216,103	116,723,529
PolicyLoanMember
Carrying Value	6,892,022	6,896,457
Estimated Fair Value	6,892,022	6,896,457
Insurance assignments
Carrying Value	31,165,274	31,511,195
Estimated Fair Value	31,165,274	31,511,195
ShortTermInvestments1Member
Carrying Value	17,809,307	16,915,808
Estimated Fair Value	17,809,307	16,915,808
Fair Value, Inputs, Level 3
Estimated Fair Value	(41,242,032)	(40,894,968)
Fair Value, Inputs, Level 3 | Residential Mortgage
Estimated Fair Value	55,117,152	47,193,950
Fair Value, Inputs, Level 3 | Residential Construction
Estimated Fair Value	42,826,706	34,751,443
Fair Value, Inputs, Level 3 | Commercial Loan
Estimated Fair Value	40,272,245	34,778,136
Fair Value, Inputs, Level 3 | MortgageLoansNet1Member
Estimated Fair Value	138,216,103	116,723,529
Fair Value, Inputs, Level 3 | PolicyLoanMember
Estimated Fair Value	6,892,022	6,896,457
Fair Value, Inputs, Level 3 | Insurance assignments
Estimated Fair Value	31,165,274	31,511,195
Fair Value, Inputs, Level 3 | ShortTermInvestments1Member
Estimated Fair Value	$ 17,809,307	$ 16,915,808

9) Derivative Commitments_ Sc73

9) Derivative Commitments: Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Details
Fair Value of Asset Derivatives, Interest rate lock and forward sales commitments	$ 5,096,573	$ 3,440,758
Fair Value of Liability Derivatives, Interest rate lock and forward sales commitments	422,490	107,667
Fair Value of Liability Derivatives, Call Options	63,686	16,342
Fair Value of Liability Derivatives, Put Options	12,102	28,829
Fair Value of Liability Derivatives, Interest Rate Swaps	11,210	13,947
Fair Value of Asset Derivatives, Total	5,096,573	3,440,758
Fair Value of Liability Derivatives, Total	$ 509,488	$ 166,785

9) Derivative Commitments_ Sc74

9) Derivative Commitments: Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Details
Gain (Loss) on Derivatives, Interest Rate Lock Commitments	$ 1,340,992	$ 2,487,891
Gain (Loss) on Derivatives, Interest Rate Swaps	2,737	3,951
GainLossOnDerivativesSubTotal	1,343,729	2,491,842
TaxEffect-GainLossOnDerivatives	524,055	971,819
Gain (Loss) on Derivatives, Total	$ 819,674	$ 1,520,023

10) Reinsurance, Commitments 75

10) Reinsurance, Commitments and Contingencies: Mortgage Loan Loss Settlements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Details
Amounts accrued for loan losses	$ 587,000	$ 667,000
Funds reserved and accrued to settle investor related claims	$ 3,353,000		$ 2,806,000

10) Reinsurance, Commitments 76

10) Reinsurance, Commitments and Contingencies: Other Contingencies and Commitments (Details)	Mar. 31, 2016USD ($)
Details
Commitments to fund new residential construction loans	$ 66,443,000
Commitments to fund new residential construction loans funded	$ 42,927,000

11) Mortgage Servicing Rights77

11) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Details
Balance before valuation allowance at beginning of year	$ 12,679,755	$ 7,834,747
MSRs proceeds from loan sales	1,499,786	6,217,551
Amortization	(491,179)	(1,372,543)
Balance before valuation allowance at year end	13,688,362	12,679,755
Mortgage servicing rights, net	13,688,362	12,679,755
Estimated fair value of MSRs at end of period	$ 14,354,525	$ 13,897,160